Introduction
‘Retail Management’ is one of the newest specializations of management study.
Retail means sale of goods, service & satisfaction for consumers. Management means the proper utilization of the resources.
Retail management is an integrated part of the supply chain management. A few years back, retail has been just the selling of goods in market places, stores, door-to-door and by hand delivery. But now, the trend has been changed in the retail market.
Now, the retail industries are establishing the network marketing by online shopping, through the websites and other technology, electronic payments and delivery through the courier and other services. Now, the retail management has come in the form of separate specialization.
In a line about the retail management, we must say that:
The “Retail Management” is a process of promoting sales and customer satisfaction by using the retail methods and technology”.
The word “Retail” comes from French word “Retailer” that’s means “to cut a piece off”.
In these days, shopping has become a hobby for a new generation. Retail Management saves the time & ensures that customers easily locate their preferred merchandise and return home satisfied.
Courses & Duration
The students, who are pursuing the course of retail management are taught about the introduction and concept of retail management, retailing trends, pricing and merchandising, segmentation, relationship marketing and information technology in retailing. There are various options to pursue degree & diploma programme in retail management.
The courses leading the retail management after 12th standard are as the following:
- Certificate course in Retail Management – 6 months
- Diploma in Retail Management – 1 year
- Bachelor of Science (B.Sc) in Retail Management – 3 year
- Integrated degree (MBA) in Retail Management –5 year
- B.Sc. in Fashion Merchandising and Retail Management (B.Sc-FMRM)
- M.Sc. in Fashion Merchandising and Retail Management (M.Sc-FMRM)
There are many institutions and universities offering the retail management study through the online and distance learning to facilitate the working professionals.
The whole course is divided into six modules:
- Front Office Management
- Inventory Management
- Merchandising Management
- Shop Floor Management
- Store Management
- Supply Chain Management
Specializations:
- Merchandising
- Marketing
- Customer Relation
- Mall Management
- Operations
- Marketing Strategies
- Accounting
- Buying
- Pricing
- Personnel
- Business Mathematics
- Competitive Analysis and Planning
Eligibility
Students have to meet the given eligibility criteria to pursue a retail management programme:
- For UG courses, students must have to pass 10+2 examination in any stream.
- For PG courses, students have to qualify the bachelor’s degree in relevant discipline.
Retailers Association of India (RAI) is the first independent body of retailers in India.
Admission
To get the admission you should have clear the 12th examination with minimum 50% in any stream. For MBA (Integrated) you may have to appear the entrance examination conducted by the universities.
The CAT 2024 (Common Admission Test), MAT 2024 (Management Aptitude Test), XAT 2024 (Xavier Aptitude Test) are some of the universal entrance examination for the management study in any stream. The admission is done based on the scores of these entrance examinations.
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Jobs & Career
Retail Industry is one of the fastest growing & challenging industries in the world & contributes the economic growth of the country. During the past few years in the retail sector, the demand for skilled professionals has increased. The retail management is the right career for those having the interest in merchandise, market & marketing, sales, advertising, campaigning and market research.
The Job opportunities are available in this field such as departmental stores, advertising agencies, supply chains, supermarkets, etc. Retailing involves a direct communication with the customer & coordinating the business activities. Those are specialists in retail management are known as Retail Managers.
Retail Managers are concerned with problem solving, analyzing the supply, monitoring retail orders, merchandising, human resources & stocks, etc. You can work in manufacturing companies as a retail manager to help the customers about the products. Retail Managers are also required by other companies such as Insurance, Banking, Education, Healthcare, etc.
In retail career you may get the job opportunities by the big bazaar, supermarket and other related big retail industries. You may start your career as a sales executive and gain the higher post as the mall manager or store manager after getting the experience.
So many foreign retail industries are expanding in Indian market and you may get the opportunity to work with them. You can start career in client communication, sales, supervisory, merchandise shipment, management & administrative services.
Some of the job titles in this field are:
- floor managers
- floor executives
- lobby managers
- sales managers
- marketing managers
- Retail Manager
- Supply Chain Distributor
- Customer Care Executives
- Marketing Executive
- Merchandiser
- Store Manager
- Image Promoter
Recruiters
The job sectors & recruiters in Retail Management are as the following:
- Malls
- Movie Theatres
- Super Markets
- Hyper Markets
- Shopper’s Stop
- Westside
- Pantaloons
- Lifestyle
- RPG Retail
- Crossword
- Wills Lifestyle
- Globus
- Piramals
- Ebony Retail Holdings
- Reliance
- Big Bazaar
- Vishal Mega Mart
- Regal
- Metro
- Bata
Skill Required
- Good Communicator
- Patience
- Good Listener
- Strong Customer Service Skills
- Professional
- Problem-Solving Skills
- Self-Confident
- Strong Negotiator
- Ability to motivate, train and develop others
Salary & Remuneration
A fresher in retail management as a sales executive can earn the 2 lakh to 3 lakh per annum. Once you have got the experience to handle the customer, supply and floor management, you may earn the handsome pay packet. After gaining an experience, you can earn approx. Rs. 6 to 7 Lakh per year.
In retail Industry, the salary depends upon the qualification, company, area where you work & job profile. The bonus, incentives & special packages are offered as part of this career. In abroad, the salary also varies depending upon several factors such as shops, places & products. You can get a handsome of $36,000 to $45,000.
Books & Study Material
- Retail Marketing Management by David Gilbert
- Fundamentals of Retailing by V. S. Madaan
- Retail Management: A Strategic Approach by Berman Berman
- Strategic Marketing for Success in Retailing by Coskun Samli
- Retail Marketing and New Retail Idea – Marks & Spencer by Sven Hallbauer
- Retail Management by C. Bhatia
- Merchandising Math For Retailing by Cynthia R. Easterling, Ellen L. Flottman, Marian H. Jernigan, Beth E. S. Wuest
For any information about Retail Management, you can ask your query in the comment box.