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What is Retail Management and How Can You Build Your Career in It?

Indian retail scene is extremely robust and it’s expected to cross the US$ 1 trillion-mark in 2020. If you have been planning to make a career in the retail industry, this is perhaps the right time to press ahead with your plans. For a career in retail industry, a Retail Management degree, preferably PGDM in Retail Management and Marketing is your best bet. 

In this post, we will discuss Retail Management course, Best colleges for Retail Management, Retail Management and Marketing, and

Retail management syllabus.

What is Retail Management? 

A retail business in today’s globalised world can be as large and complex as any other industry. For example, retail chain Walmart has nearly 12,000 stores in 26 countries and employs over 2 million people. In 2019, its revenue was over $500 billion. 

Retail management entails managing the entire retail journey for products and stores -- from corporate planning to store management. Efficient management of procurement, inventory, sales, and overall customer satisfaction are some of the basic goals of retail professionals in an organization. 

Retail managers have to work both behind the scene and at the retail stores. For a successful career in the retail industry, a degree in retail management is desirable. This is because the modern retail industry involves a global supply chain that uses a variety of modern applications and solutions. As a retail professional, you need to be aware of them as much as you need to be able to use them. For this, you must study all relevant topics and try your hands at the frontier industry resources before you enter the job market. 

Besides, to be successful in the retail industry, you need to have a set of appropriate qualities and attributes. For example, it’s no brainer that you should be efficient, courteous, and customer-friendly to be a successful store manager. Apart from these basic character attributes, it will help your career if you are:  

  • Patient
  • Cheerful
  • Professional
  • Good listener
  • Strong negotiator
  • Good communicator
  • Trainer and motivator

What Are the Typical Jobs of Retail Managers? 

A retail manager’s job profile can be packed with functions that require quick decisions. After all, he has to oversee the entire range of functions that together ensures that the store runs successfully. The list of functions that a retail manager might have to carry out on a day-to-day basis may vary as per the organization. However, a brief list of these functions may include the following:  

  • Hiring, training, and managing retail staff
  • Buying process and inventory management
  • Planning, forecasting, monitoring, and achieving sales volumes
  • Keeping a watch on budget, expenses, and profits
  • Vendor development and management
  • Store displays, signage creation and installations
  • Developing sales plans, promotions
  • Keeping a tab on market trends and competitors

Retail stores are open till late evening and all 7 days of the week. As a retail professional, you may be required to work beyond the 9-to-5 timing and also on weekends. Depending on the company you are working for, your roles may require you to open the store and carry out most basic functions as well. It’s the attitude to serve the customers and send him or her back as happy and satisfied individuals that wins the day for you. As you gain experience and become more proficient about the processes, you will grow in hierarchy and see your remuneration and perks going up. 

How to Get Started? 

To get started on a career in the retail industry, you should join a retail management program and complete it with all sincerity. However, you would do better by joining a reputed institution with a proven track record of high-quality education. Quality of industry interface, internship, and placement assistance matter a lot. You should choose an institution that scores high on these parameters.

That said, we would like to recommend ITM Business School’s PGDM in Retail Management and Marketing. ITM is one of the finest educational institutions in the country with 3 decades of proven excellence in management education. The institute also offers a limited number of scholarships. 

Eligibility Criteria

For PGDM in Retail Management and Marketing, you should have a minimum of 50% marks in graduation. The admission process includes an Entrance Test followed by Group Discussion and Personal Interview. Typically, management schools accept all popular entrance tests meant for admission to management programs. These tests include CAT, MAT, XAT, GMAT, CMAT, ATMA, etc.

Concluding Thoughts

A degree in retail management can be your passport to a successful career in the retail industry. It is one of the largest as well as the fastest growing industries capable of creating and sustaining massive amounts of new jobs. A PGDM degree in Retail Management and Marketing from a reputed institution can be the best academic program for a rewarding career in the retail industry. 

If you have been thinking about doing a retail management program, don’t delay it any more. Reach out to a few institutions in this space, and find out more! 

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