Be a commercial success, do a course in retail!

The moment you think shopping, a plush mall is the first place that comes to your mind. The convenience of shopping, availability of all products in all sizes, that too on time, are few things we have taken for granted.

Little do we realise the hard work and meticulous detailing that has gone behind it. These are the retail brains. The retail sector in India is worth USD 425 billion and is growing rapidly, resulting in many new job opportunities.

Garima Upadhayay Rawat of Shiksha.com spoke to Dr Tarun Panwar, CEO at Indian Retail School and HOD, Fashion Retail, Pearl Academy of Fashion, about the nuances of retail management as a career.

How has the Retail sector fared in the past one year?

The retail sector in India is emerging as one of the largest sectors in the economy, with a total market size of USD 425 billion in 2010. The industry has been expanding at a compound annual rate of 6.4 per cent since 1998. In 2010, textiles accounted for the largest share (38.1 per cent) in Indian retail business, followed by food and grocery 911.5 per cent) and consumer durables (9.1 per cent). Health and beauty segment contribute the lowest (0.8 per cent) of total sector revenue. (Source: PWC - Jan2011, Aranca Research)

 What is Retail management all about?

Retail Management is about imparting the theoretical concepts necessary to understand the dynamics of working of the retail sector. It will help students to understand modern approaches to decision making techniques, so that they can suc¬cessfully operate as practitioners of Retail Management.

What are the growth prospects in this industry?

Retail has emerged as one of the most dynamic and fast paced industries with several big brands foraying into the market. Indian retail industry is expanding very aggressively, which has resulted in a huge demand for foreign brands, and variety for customers. Indian retailers' preferred means of expansion continues to explicitly work on customer experiences and move on to better and systematic ways of retail processes and also increase the number of their outlets.

What does a Retail manager do?

A store manager is responsible for the running and commercial performance of a retail outlet. This could be anything ranging from a large supermarket right through to a small, individually owned shop. S/he is responsible for the overall functioning of the store, a single department or a specific area such as the checkout area in a supermarket.

His/Her areas of work will involve reaching sales targets and increasing profits, dealing with customer service issues such as queries and complaints, plus health and safety and security issues. S/he will also be involved in staff management, including interviewing and recruiting, supervising departmental managers and organising training.

S/he will also oversee stock control, ensuring quality is of the right standard and that supplies are re-ordered in time.

How will a retail management course add value to a student's life?

A course in retail managementwill help students to imbibe basic analytical and research skills to formulate strat¬egies in Retail Sector, as a practitioner. Course will equip students with the necessary knowledge and skills to achieve the appropriate entry level in the industry and continue their lifelong learning development. It will also help in developing comprehensive and advanced knowledge of the retail business concepts.

What are the specific skills required for the job?

Retail professionals must possess a passion for deep interest in the art of shopping, love for the dynamic shop floor, deep connect with customers, flair for judging customer needs as differentially as they arise, creative instincts to generate customer allure and delight, knack for effective sales conversions, patience in customer handling and tenacity to work for extended hours.

Steps to become a Retail manager

After completing Class 12, students can go for any bachelor's degree or a diploma in retail management. Degree courses like Bachelor of Business Administration (BBA) in Retail Operations / Retail Management are an added advantage. Then, you can either choose to get into the industry or pursue academics further by doing an MBA in sales or retail management.

Few institutes to study Retail management

• Indian Retail School
• Pearl Academy of Fashion
• National Institute of Fashion Technology (NIFT)
• Birla Institute of Technology
• NMIMS University
• Footwear Design and Development Institute

In a nutshell

Money to expect

Like most other industries, salary in the retail industry depends on the company for which you work, nature of your work and your personal merits.

Depending on the various posts you start at, the salary range varies between Rs 6000 to Rs 22000 per month. The store managers earn upwards of Rs 4 lakh per annum.

Specialisations under retail management

• Retail Operations
• Visual Merchandising
• Store Operations
• Buying and Merchandising
• Marketing etc.

 Pros and cons of the job

Pros - Authority, Responsibility, Pride, Pay etc

Cons - Odd working hours, No leaves on weekends and holidays, etc

Other interesting reads:

- Essence of Retail Merchandising

- Career as a Brand Consultant