Retail Management Reviewed by Momizat on . The retail industry has witnessed a trend of burgeoning shopping malls and increasing entrants across cities in India. As more players enter the market the care The retail industry has witnessed a trend of burgeoning shopping malls and increasing entrants across cities in India. As more players enter the market the care Rating: 0
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Retail Management

Retail Management

The retail industry has witnessed a trend of burgeoning shopping malls and increasing entrants across cities in India. As more players enter the market the career landscape in this area is throwing up the need for specialists.

Retail management offers a plethora of opportunities for talented individuals with a keen understanding of customer needs and related processes that go into making the buying experience worth their time and money. Companies that have created a unique space for their go into making the buying experience worth their time and money. companies that have created a unique space for their products and line of offerings in the retail arena include Reliance group , ITC retail, Aditya Birla group, ITC retail, Aditya Birla group, Tata groups Trent &Westside, shoppers stop , future group’s big Bazeer &Pantaloons, Raymond’s Arvind Brands, Lifestyle International, Spencers etc.

Pursuing a career in retail allows individuals to choose in retail allows individuals to choose their specific area of interest. An individual taking a step in this direction can start with an entry level position of sales personnel, whose responsibility is to understand customer, requirement and match that with the best product on offer and eventually result in a ale. Graduates in any discipline can opt for this post.

Graduates with one or two years of experience can work as store managers. They manage a team of sales personnel and also set sales and profit targets for the particular store.

Those keen on the design and branding side of the retail business can work as viual merchandisers. They should have an eye for detail thus creating an atmosphere that attracts consumers to the store.

Supply chain and inventory managers are involved with sourcing and procurement, customer service, inventory management, demand / supply planning material handling , order fulfillment etc.

A more technical area in retail is product development and these managers are entrusted with the taskn of creating merchandise, developing marketing oplans and working with designers to give final shape to the product. This requires a certain level of experience in relevant area.

Graduates with relevant experience can also work as retail buyers. They take into consideration the specific consumer requirements and help in maintaining variety in products and help in maintaining variety in products and proper raw materials, selection of merchandise and buying of goods is one of their responsibilities. They can move to other responsibilities. They can move to other areas like store and merchandise management, product development and planning.

Key skills

In addition to the above roles the area of retail management is emerging as a separate discipline. This profile provides s a holistic view of the business with a focus on consumption patterns, inventory management and budgeting. This field requires individuals to possess good communication skills and leadership qualities. They must have the dynamism and stamina to work for long hours and the ability to think on their feet. An analytical mind and organizational skills would go a long way in determining the success of personality, positive attitude and tactful handling of grain from the chaff in the line of work.

Institutes

To work in the field of retail management individuals can pursue an MBA and gain experience with companies operating in the retail space. In addition with an eye on the pulse of this industry several educational institutions have created courses that fous on retail management.

  • The apex body in retail sector in India retail association of India (RAI) offers postgraduate programme in retail management (PGPRM). Rai conducts the common admission retail teast (CART0 on a national basis for admission to this programme.

http://www.rai.net.in/

  • Institute for integrated learning in management (IILM) : two – year full time course in retail management with pantaloon retail india limited www.igsm.in
  • India retail school :one year advanced programmes in retail management and  retail entrepreneurship and two- year programme in lifestyle retailing .

www.indianretailschool.com

  • Mudra Institute of communications Ahmadabad: twelve-mouth full-time post-graduate  certificate programme in retail communication management.www.weligkar.org
  • KJ Somaiya institute of management studies &research , management http://cvsdu.com

Remuneration

Entry level salaries range from Rs 75,00 to 1 lakh per annum and can go to Rs 2.5 lakh in one or two years. MBA’s or other with professional qualification in retail can earn between Rs 4 lakh–6 lakh.

Remuneration is tied to relevant experience, company and individual performance.

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