Retail Management is a relatively new area of PGDM specialization and it involves proper management of sales outlets. It aims to offer to the customers the value for their money through products and services in a professional manner is its essential feature.
What is the Retail Industry?
However, students who want to make a career in the retail industry should know that it is part of a large ecosystem. Retail involves, for example, supply chain management. Without goods being available in a reliable manner in the stores, the retail industry can’t function. Therefore, to run the retail outlets efficiently, the management must ensure that the supply network of the products are functioning smoothly.
However, the definition of retail management has been changing and evolving to include new realities and trends. For example, it now also includes online shopping, electronic payments, and postal and courier delivery networks.
From huge Walmart, Ikea, and Big Bazar stores in shopping malls to ecommerce sites such as Amazon and Flipkart, the meaning and scope of the retail industry has changed a lot over the years.
Changing Face of Retail Industry
Retail management works at many levels and through many departments to ensure that the customers have a great experience shopping at the stores -- physical or online. For example, a customer may not be able to locate a certain item in the large inventory maintained by the store. A helpful and well-informed staff can make it easy for him to locate what he is looking for. Similarly, an ecommerce site can turn out to be a puzzle if products are not listed in an organized manner. The Retail Management department of a company will ensure that the customers are well-served and return from the store with a positive vibe.
PGDM in Retail Management
Given the importance of retail management, many institutes have started training programs in this rapidly growing sector with huge employment possibilities. Retail management graduates are increasingly walking away with huge paychecks at campus placements. In many cases, they are offered the highest salary packages.
For example, in 2018-20, twp PGDM in Retail Management graduates at ITM Business School Kharghar, were offered the highest salary package of Rs 22 lakh per annum while only one student in marketing was offered Rs 22 lakh. This is an example how Retail Management graduates are beating even Marketing Management graduates in highest salary offers at campus placements.
From a 6-month certificate course to 1-year diploma, 2-year Post Graduate, 3-year B.Sc, and 5-year Integrated MBA or M.Sc., there are various programs in retail management.
ITM Business School offers a highly-respected 2-year PGDM in Retail Management and Marketing.
PGDM in Retail Management is an excellent academic program that trains fresh graduates from any discipline to become a proficient management professional with specialization in retail management. A retail management course can put you on a stable career path in this industry. ITM Business School is one of the best colleges for retail management. Retail management and marketing or any retail management course will have an interdisciplinary approach to other branches of management. For example, a retail management syllabus would invariably include some knowledge and understanding of manufacturing, marketing, and supply chain.
What is Taught in Retail Management?
Any PGDM program is divided into 4 semesters, and a period of internship. Usually, the first semester is devoted to the basics management principles. It spans all major branches of management studies such as Finance, Marketing, Accounting, HRM, and so on.
The specialization-related course content is taught from the 2nd semester onwards. The major areas of specialization study includes the following areas of management:
- Front Office
- Shop Floor
- Supply Chain
- Store Management
The scope of retail management studies is large. At the PGDM level, it may include the following areas of management studies with greater focus on one or some of them.
- Customer Relation
- Marketing Strategies
- Customer Relation
- Competitive Analysis
Admission and Eligibility Criteria
Admission to PGDM in Retail Management and Marketing is offered to graduates with at least 50% marks. However, the admission is granted through a selection process that involves entrance test, group discussion, and personal interview. There are many entrance tests held for admission to PG-level professional courses.
CAT, CMAT, GMAT, ATMA, XAT, CET, NMAT are some of the most common entrance tests for admission to PGDM level programs in India. ITM Business School accepts all these entrance tests for admission to its PGDM programs.
Where Do Retail Management Graduates Get Employment?
Retail management graduates get employment in many industries. Some of them include the following:
- Big Bazaar
- Vishal Mega Mart
- Movie Theatres
- Hyper Markets
- Super Markets
A career in retail management can lead to a highly successful and rewarding professional life. There are a lot of avenues for career growth. The industry earns a huge revenue and the salary standards are high for talented and ambitious management professionals.