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Retail Management

Summary

Retail Management is a career which involves endorsing final goods to increase customer satisfaction and increasing sales by understanding the needs and demands of the customers. The customers come and buy the products they need from the retail stores and the retail manager is the one who manages all the demands of the customers. It opens up doors of opportunities in various fields such as administrative, marketing, sales, merchandise shipment, etc. Retail managers view everything as to how a store works, from all the back end functions such as buying merachandise, etc to sales such as customer service etc. A student of retail management would study about retailing, marketing, advertisement, administration, international retailing, etc. Retail management is the perfect job for those who are interested in marketing, marketing research, merchandising, advertising etc.

Career Opportunities in Retail Management

  • Healthcare
    Retail managers are required in the healthcare as there are various products which are involved in it such as skin care cream, medicines, skin care face wash, etc. The job role of retail managers is to understand the needs of the customers and make products according to their demand such as making creams which protects individuals against pollution.
  • Fashion
    Retail managers are hired in this domain with the aim of handling the merchandise and placing it in such a manner that they attract customers, this is where your fashion sense comes in play. Retail managers also have to take into consideration that which type of good is required in what amount.
  • Departmental Stores
    There are various departmental stores some of them are operating at a very small level and some at big level, retail managers are required to manage sales, organization of the goods, attending to the customer needs, etc.
  • Academics
    Career in retail management can also open up careers in the field of academics or education sector wherein they are appointed as a teacher in a college and communicate their knowledge about the retail management to the students.
  • Sports
    There are various sports equipments which are liked and bought by the customers. Management of those equipments is done by retail managers. They are also involved in evaluating the quality of equipments required, sport gear manufacturing and advertising of them.

How to Pursue a Career in Retail Management

Stream Graduation After Graduation After Post Graduation
Path 1
Class XII with any stream Pursue BBAPursue MBA in retail managementPursue Phd. In retail management
Path 2
Class XII with any stream Pursue Bachelors in any discipline (at least 50% marks)Pursue MBA in retail management Pursue Phd. In retail management
Path 3
Class XII with any stream Pursue Bachelor in any discipline (at least 50% marks) Pursue Diploma (post graduate) in retail management -

Important Facts

  • A candidate must have passed class 12th or equivalent with at least 50% marks including English as one of the subjects.
  • An aspirant needs to be a graduate in any discipline with at least 50% marks
  • An aspirant needs to crack exams like CAT, MAT, XAT, etc in order to get into a management course at Masters level.
  • An offline/online certification course in retail management would be an advantage for your profile.

Leading Institutes

Top Retail Management Institutes in India
College Location Website
Indian Institute of Management Ahmedabad www.iima.ac.in
Indian Institute of Management Bangalore www.iimb.ac.in
Advance Institue of Mangament and Technology (AIMT) Delhi www.aimtdelhi.in/(S(dtirdkghq4avkutx30kstysl))/Index.aspx
University of Mumbai Mumbai www.mu.ac.in/portal
University of Delhi Delhi www.du.ac.in/du
Narsee Monjee Institute of Management Studies Mumbai www. http
Indraprastha University Delhi www. http
Christ University Bangalore www.christuniversity.in
XLRI jamshedpur Pune www.xlri.ac.in
Xavier Institute of Management Mumbai www.ximr.ac.in
Symbiosis Institute of Management Pune www.sibm.edu
Top Retail Management Institutes in the World
Institution Location Website
London Business School United Kingdom www.london.edu
Harvard University United States www.harvard.edu
Copenhagen Business School Denmark www.cbs.dk/en
INSEAD France www.insead.edu/master-programmes/mba
Stanford University United States www.stanford.edu
London School of Economics and Political Science United Kingdom www.lse.ac.uk
University of Hong Kong Hong Kong www.hku.hk

Work Description

  • Job of retail managers involve attenting to customer needs, finance, accounting, sales, etc of the retail stores.
  • Managing the finished products in accordance with the demands of the customers.
  • Directly involved in managing of the retail outlet or the store from back end functioning to the front sales.
  • After the completion of the MBA in retail management one can also get into the education sector wherein they can become teacher at a college.
  • Work of retail managers is spread across various domains where in they are majorly involved in managing of the outlet or the store.
  • Retail managers have to ensure that the staff gives excellent service and that the customers are happy.

Pros & Cons of a Career in Retail Management

Pros
  • The job role of retail manager involves people interaction as you will be in interaction with a wide range of people.
  • Retail management involves working at different levels such as in selling, floor head, store management, etc. which allows you to remove stagnation from the job as there is greater capacity for promotion if you do your job with full dedication.
  • It allows you to do varied work such as dealing with customers, handling finance and accounts, marketing, merchandising etc.
Cons
  • It’s a difficult job as it requires immense amount of effort and energy throught the day.
  • As it involves handling various jobs at one point of time, internse work pressure comes with it.
  • It also involves long working hours.
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