Gleam of Career in Retail Management!

Do you take pleasure in working in sales? Are you comfortable interacting with people on a daily basis and meeting new folks? Do you thrive in a fast-paced environment with a high degree of responsibility offering a challenge and advancement possibilities? If this describes you, you may be interested in securing a Career in Retail Management!

Retailing has flourished into one of the largest sectors in the global economy and a booming industry in the present century. The whole concept of shopping has revolutionized with time in terms of format and consumer buying behavior. Owing to the rapid urbanization and sprawling shopping centers, multi-storied malls and huge complexes that emerge at an ever increasing speed in every upcoming city, retailing has been able to acquire an outstanding position in the global economy.

Today, retail is amongst the fastest rising sectors in India. Career in Retail Management has become one of the most sought after professions as it promises good wages along with growth potential.

Retail industry in India

The foundation of the Indian retail industry dates back to times where retail stores were found in village fairs or in the weekly markets. These stores were not at all systematic. The retail industry in India took a new shape only with the government intervention. Outlets for Public Distribution System, Cooperative stores and Khadi stores were set up. Moreover, setting up of various International brand outlets, super markets and shopping malls gave the retail industry a new dimension. Some of the key participants in the Indian retail sector include:

• Bata
• Big Bazaar
• Pantaloons
• Archies
• Caffe Coffee Day
• Landmark
• Khadims
• Crossword

The retail industry in India is hailed as a sunrise sector, and is estimated to double in value from US$ 330 billion in 2007 to $640 billion by 2015. In fact, India has topped AT Kearney's annual Global Retail Development Index (GRDI) for the third year in a row as the most attractive market for retail investment.

Eligibility

Students who are graduates in any subject can pursue numerous Degree and Diploma level programs in retail management like:

• MBA (Retail Management)
• Post Graduate Diploma Program in Retail Management (PGPRM)
• Diploma in Retail Management (DRM)

For MBA (RM) students have to crack all India entrance tests like:

• CAT
• XAT
• MAT

Personal Attributes:

Those eyeing a career in the retail management must ensure that they possess certain qualities that are the requisites for this line. He should enjoy working in sales and possess attributes such as:

• Analytical mind
• Good communication and problem solving skills
• Patience
• Good leadership qualities
• Knack for convincing people
• Positive attitude
• Self confident
• Ability to mingle with people at varied levels
• Updated with the changes in the retail market
• Neat appearance

Challenges before you.......

Retail managers are expected to fulfill numerous responsibilities depending on their profiles. The responsibilities range from management of a retail department or the entire store within the guidelines specified by the company to handling of inventory etc. He is also expected to achieve the sales goals and higher profit margins. Besides maintaining high quality staff and ensuring exceptional customer service, he should also be capable of handling security issues and complaints regarding the business. He must be able to assess the competency of each employee and implement staff training. He should have management skills, which include recruiting and selecting personnel and communicating with employees.

Job Prospects

As far as career options are concerned, retail management has proved to be a very active and dynamic field. There are numerous opportunities for those willing to enter this sector. Entry level positions like that of sales executive don't even require a degree. A formal retail management education opens doors to a wealth of career options. Several openings include:

• Retail manager
• Operations manager
• Sales manager
• Retail buyer
• Merchandise manager

Logically, as the level of job increases it demands more responsility and offers more remuneration. Many of these positions have excellent advancement possibilities. MBAs are increasingly being recruited, which marks a change of HR policy, from the traditional preference to hire those from the FMCG and hospitality sectors. In fact, senior executives in retail such as operations heads are extremely well looked after, and HR consultants believe they are paid in excess of Rs. 60 lakhs.

The sector being young and vibrant, offers rapid growth in career and these positions are very achievable in a compressed time period. Successful apprentices comprise of those who are dynamic, able to multi-task and are equipped with great communication skills.

Money Matters!!

Salaries for retail management positions vary depending on the size of the business and their overall revenue. For example, a small corner store will not be able to pay their managers as much as a larger retail store located in a large shopping complex or mall. In the retail industry, one usually starts off at Rs 6,000 to Rs 15,000 per month as a fresher In addition to this, bonuses, incentives and special packages are the peculiarities of the job in retail industry. The education and health care industry also absorb a large number of retail managers. Retail Management graduates normally start with a salary of Rs 20,000 to Rs 25,000 per month in private sector. With some quality experiences in retailing one can easily reaches up to 6-figure pay packages. Retail graduates from reputed institutes even touch 7-figure mark with 5-7 years of experiences.

The career options are many and limited only by the goals you set for yourself!!!

Source: Latika Leekha (Shiksha Team)