Scope of Retail Management in India is Growing: Survey

Compiled by: Ruchi Shrimali

According to the 2010 A.T. Kearney Global Retail Development Index (GRDI), Indian retail market is one of the top three most attractive ones worldwide. The Business Monitor International (BMI) India Retail Report for the second quarter of 2011 predicts that total retail sales in India will increased from Rs. 18.85 trillion (USD 392.6 billion) in 2011 (33 to 35% of India's GDP) to Rs. 26.64 trillion (USD 674.37 billion) by 2015!

Strong population growth, growing wealth, change is consumer attitudes, liberal government policies, improvement in infrastructure and technology, and an increasing customer base in middle class and upper class families in the second and third tier cities of India is fuelling this growth. Still, the retail industry in India is at its nascent stage.

According to a report by McKinsey & Company, the organized retail sector (which includes departmental stores, hypermarkets, supermarkets, malls, and specialty stores) had the total market share of 5% in 2008 which will grow to 14-18% by 2015. The compounded growth rate of Indian retail industry for last three years is 46.64%, and the retail sector in India has emerged as the largest employer after agriculture.

Job Prospects in Retail Management

Organized retail sector is quite complex. The skills it requires range from sales and market analysis to inventory and store management to customer relationship management. Retail management may require you to work with retail market, wholesale market as well as Internet Sales. Analyzing competition, market and customers; supplier collaboration; and pricing strategies are some of the other skills that are critical to success of a retail manager.

Shortage of talented professionals, especially at the middle-management level, is one of the most grievous challenges for the retail sector in India. Leading Indian retail players such as Shoppers' Stop, Reliance, Pantaloon (Big Bazaar), Lifestyle, and RPG Retail (Foodworld, Musicworld) are under pressure to make their supply chains more efficient and meet stringent demands of their consumers. Unlike IT and BPO sectors, retailing is yet to become a preferred career option for Indian youth and thus, offers excellent opportunities to those who have the right skills and aptitude for the sector.

Top Institutes for Retail Management

There are various diploma and degree programmes in Retail Management but the most popular one is of course the MBA programme in Retail Management from one of the good institutes. Some of the best known institutes for Retail Management in India are:

• Birla Institute of Management Technology, New Delhi 
• IILM Graduate School of Management, Greater Noida 
• Indian Institute of Jewelry
• Indian Institute of Retail, New Delhi 
• Indian Retail School
• Institute of Management Studies, Mumbai 
• Institute of Technology and Management 
• K J Somaiya Institute of Management Studies & Research, Mumbai 
• Mudra Institute of Communications Ahmedabad (MICA) 
• Pearl Academy of Fashion 
• RPG Institute of Retail Management 
• SP Jain Institute of Management and Research, Mumbai 
• Symbiosis Centre for Distance Learning (SCDL) 
• The Retail Academy, Ahmedabad
• Welingkar Institute of Management, Mumbai

Find Top Retail Management Institutes on Shiksha!

Salary and Career Growth

In the retail industry, one usually starts off at Rs 6,000 to Rs 15,000 per month as a fresher. However, in three or four years, one can easily earn around Rs 25,000 to Rs 40,000 per month.