Rapid growth in the retailing sector has created new pastures for people seeking a career in retail management. Growing number of consumers and the proliferation of shopping malls and supermarkets has thrown up new avenues for students of retail management. Check out various career options if you want to pursue retailing management.
Retailing management career
Retail is an active part of any economy; retail industry is the second-largest industry in the US with respect to the number of organizations and the number of employees. A survey by the U.S. Department of labor proves that 15 million Americans are employed in the retail sector. Career in the field of retailing management is swift, interesting, and motivating. Retail career is broadly classified as:
Apart from the above two areas, employees are trained in the field of financial management, supply chain management, electronic retailing, marketing and business communication, customer relationship, etc. Once you choose a career in retail management you have various options to choose from. Depending on the individual qualification and experience people can be placed as:
- Merchandizing – Purchasing goods offered for sale
- Selling goods to the public
- Store manager
- Central manager
- Merchandising managers
- On-line retailing (e-tailing) using technology in retailing and marketing
- Small business owner
- Mall manger
- Retail operations director
Retail management skills
- People with a flair for service will fit in perfect in the retail management industry.
- People who wish to work in the service industry.
- People who wish to become entrepreneurs.
- People who love to interact with people as this job involves a lot of interaction with both customers and sellers depending on your job profile.
- People who wish talk their way to success, you should talk in a pleasing manner with everybody.
- People who love selling.
- People who are enthusiastic and full of energy, as interacting with people and selling requires a lot of enthusiasm and energy levels.
Retailing management opportunities
Working part time: People who want to check if they will fit into a career in retailing management can choose to work part time and move to this career later on.
Working as management trainees: Colleges and institutions send students for on-the-job training. Students who join the retail industry get a feel of the work environment and what the work demands out of them. With this exposure, they are able to make a decision on whether they fit into this career option.
Working full time: People complete their formal training in the field of retailing management and opt to work for this industry.
Retail management jobs
There are plenty of job opportunities in the retail management field; all you have to do is choose the one that fits you right. Malls, departmental stores, shopping arcades, located anywhere require people for retail management. As there are plenty of jobs in this field, finding one is relatively easy. Retailing management jobs are available in shopping malls, music stores, processing food industry, garment industry, books and publishing industry, etc. Retail management is not restricted to selling alone; it includes a variety of other jobs at work. The various job opportunities include:
Human resources: People in human resources involve themselves in recruitment, training, employee compensation and promotions.
Finance: Maintaining financial records, accounts, banking, investment, money management of retail organizations.
Store operations: Should supervise the store, staff and overall administration.
Marketing and advertising: In charge of marketing, promotional activities, public relations, statistical research.
Sales: Generating sales and dealing with customers.
Logistics, supply chain management: Work includes managing distribution centers, traffic management, imports/exports, logistics, etc.
Merchandising/buying: Selection and allocation of merchandise to select stores, follow-up, etc.
IT and E-commerce: Developing and maintaining web-sites, maintaining credit systems etc.
Retail management education
It is a myth that people employed in the retail sector are not qualified as there are a variety of courses offered in the field of retail management. People pursue degrees in the field of retailing management to gain entry at managerial positions. Diploma courses are also available but they will place people in entry level retailing jobs. Few people opt to pursue a master’s degree in retailing management; such people are offered high level jobs in the retail sector.
Skills required for a career in retailing management
- Strong communication skills to interact clearly with the consumers.
- Focus on consumer satisfaction and service and evaluate consumer requirements.
- Fair knowledge in advertising and merchandising systems.
- Good work ethics and team worker.
- Should take initiatives at work and should enjoy retail work.
- Fair knowledge in accounting and book keeping.
- Should possess good negotiating skills.
- Should be smart and intelligent and have the ability to take quick and valuable decisions.
- Eager to learn new things and implement them at work.
- Should be self driven - a drive to achieve for self and the company.
- Should educate co-workers and keep them abreast with information.
Compensation will depend on the qualifications of the individual and the turnover of the store. Salaries vary from store to store and individual to individual. Apart from regular pay, staff receives incentives based on their sales performance.