The retail industry of India is the 5th most appealing and emerging market globally and is projected to grow at a 30% compound rate in the coming 5 years. Retail Management is the rapidly evolving career option with tremendous economic growth in the retail industry.
With huge expansion in retail industries like Departmental Stores, Brand outlets and huge shopping malls, there are a plethora of job opportunities.
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What is Retail Management?
A career in Retail Management gives you the authority to make your store function from the top corporate level to the interactions on the sales floor.
This helps customers to purchase their desired products or services from retail stores, easy location of goods and saves their time.
It is the task of managing the supermarkets and hypermarkets in the strict business model. It is an integrated aspect of supply chain management by promoting sales and customer satisfaction.
Some years back, retail has only be considered as selling of goods in marketplaces or stores with door-to-door or hand delivery. But now the retail market has changed completely and is using network marketing by online shopping from their websites and apps through electronic payment and home deliveries.
Responsibilities
The following are some of the responsibilities of a Retail Manager:
- Monitoring the vendors and the buying process along with inventory management.
- Analyze the market trends and researching potential competitors.
- Monitoring of budgets, control of expenses and profits maximizations.
- Management of employee schedules and opening and closing of the store.
- Development of business strategies and plans for short and long term goals.
- Attend to customers and assist them pleasantly along with managing their queries, complaints and comments.
Education and Eligibility
- Completion of 10+2 in any stream from a recognized board.
- Pursue graduation in relevant fields and score a minimum of 45% to get admission in post-graduate courses.
- Qualify the universal entrance exams like CAT, MAT, XMAT, GMAT, XAT etc for admission into post-graduation courses like MBA in Retail Management.
- The following are the retail management courses available In India that aspirants can pursue like:
- Diploma in Retail Management.
- Bachelor of Fashion Retail Management.
- MBA in Retail Management.
- PG Diploma in Retail Management.
- PG Diploma in Fashion Retail Management.
Required skills
To be successful in this field, you will need a strong knowledge of retail business operations and retail experience. You should also possess the following skills.
- Negotiation and strong customer service skills.
- Mathematic and analytical skills.
- Professionalism and excellent communication skills.
- Motivate, train and develop your team.
- Result-oriented and efficient leader.
- Strategy oriented and operational abilities.
Top colleges in India for courses in this field
The following are the top leading institutes in India that offer Retail Management courses.
- National Institute of Retail Management.
- International Institute of Fashion Technology.
- Birla Institute of Management Technology.
- Footwear Design and Development Institute (FDDI).
- Indian Institute of Management, Kozhikode.
- Indian School of Business, Hyderabad.
- Amity Business School, Noida.
Top Universities in abroad
The following list is of top universities in abroad that are offering Retail Management Courses.
- Florida International University.
- Purdue University.
- University of Minnesota.
- Eastern Kentucky University.
Career options in Retail Management
The following are the job roles, professionals can opt for:
- Retail Manager
- Store Manager
- Retail Buyer
- Merchandiser
- Analyst
- Supply Chain Distributer
- Marketing Executive
- Warehouse Manager
- Brand Manager
- Customer Care Executives
- Image Promoter
- Merchandise Manager
- Department Manager.
Top companies for Retail Management graduates
The following are some of the leading companies that hire professionals in retail management.
- Retail Industries.
- ITC Retail.
- Spencers
- Pantaloons
- Shoppers Stop
- Aditya Birla group.
- Ebony Retail holdings.
- RPG Retail.
- Piramal Group.
- Lifestyle Group
Salary and Job Prospects
In retail management, the pay is good. An entry-level professional can expect to earn an average of INR 2-3 LPA. After you gain the necessary experience in customer handling, supply and floor management, you can earn an excellent package of INR 6-7 LPA.
In the retail industry, salary is dependent on factors like company, job profile, work location, products and shops. Abroad, the salary of these professionals annually is $ 36,000 to $45,000.
The job prospects for graduates are really good. Big companies such as Big Bazaar, J.C. Penny, Tesco, Shopper’s Stop, Reliance, Subhiksha, I.T.C, and MNCs such as Wal-Mart are making their presence felt by the creation of an ample number of job opportunities in roles such as:
- Retail Manager.
- Floor manager.
- Inventory manager.
- Shopping operational manager for stock replacement.
- Customer service.
– Samiya Firdous
