RETAIL MANAGEMENT

Retail management pertains to the task of managing supermarkets and hypermarkets in strict business terms. In India, the retail industry has seen a great upsurge in the past decade. From adopting new marketing strategies to diversifying into businesses, companies have tried all gimmicks to impress the customer. This is one industry that works clearly on the paradigm, “Customer is King”. The next time you enter a Reliance Fresh supermarket or a Big Bazaar Market to buy a commodity of your choice, try and analyze the various discount prices being offered. The systems these days are super fast and dynamic and totally computerized.

Unlike in the past where you had a grocery or a kirana shop selling you products and commodities at higher prices, now almost everything comes for a discount! It is the sale season for no proper reason. Right from factory outlets to supermarkets, some brand or the other would offer you discounts to beat and win the competition.Retail Industry, one of the fastest changing and vibrant industries in the world, has contributed to the economic growth of many countries,especially India. The term 'retail' is derived from the French word retailer which means 'to cut a piece off' or 'to break bulk'. Retailing is a vital part of the business industry that involves selling products and services to consumers for their individual or family use. Retailing can also be defined as the timely delivery of goods demanded by consumers at an affordable and competitive price. It is a vertical and people-oriented business industry.

Retail business in India boomed in the 80's and within a short span of time, Indian retail sector has been rated as the fifth most attractive, emerging retail market in the world. Indian retail sector which accounts for over 10 percent of the country's GDP (gross domestic product) and around eight percent of employment, is expected to grow at a compound rate of 30 per cent over the next five years. Retailing process involves a direct interface with the customer and the coordination of business activities from the design stage of a product to its delivery and post-delivery service. Generally, retail business can be classified into several types depending on their size, shape, product lines, amount of service they offer and prices they charge, etc.

Some among them are specialty stores, supermarket/ malls, factory outlets, franchisees, chain stores, discount stores, lifestyle and personal products, furnishing household appliances and groceries stores, etc. With the tremendous growth of economy, retail management has emerged as one of the fastest growing careers in India. The enormous expansion in the retail sector during the past few years has thrown up a big demand for skilled professionals in the field. It is an industry looking for people at all levels, from the school pass-out with basic skills, to the well qualified supply chain and retail management professionals. One can take up a job depending on one's interest and aptitude, since retail industry is an array of activities starting from marketing to branding.

This makes retail profession one of the most demanding careers of the era. The working time and atmosphere all depends upon the company one works for. One could start his career as a management trainee, and with hard work and right attitude, could reach the manager posts of different departments. Advertising agencies, Airlines, insurance companies, banks, etc are some other areas where one can find jobs, apart from retail shops. One can even start one's own business and be an entrepreneur. Accordingly, retail management is a subject that requires you to be fully aware of brands, marketing strategies, and retail philosophies behind winning the customer.




You will basically need to clear the CAT (Common Aptitude Test) for getting into prestigious colleges such as the IIM's or clear GMAT (General Management Aptitude Test) to get admitted to foreign universities for pursuing MBA. Some of the best institutes offering courses in retail management are: MDI Gurgaon and NMIMS University, Mumbai. You would have to appear for entrance exams to get admitted to these colleges.

As a student, pursuing a course in retail management would equip you with knowledge in the following areas overall:

1. Introduction to Retail Management and Concepts

2. Retailing trends

3. Retail Market Segmentation

4. Retail Pricing and merchandising

5. Relationship Marketing in Retailing

6. Role of Information Technology in Retailing

All other topics are a subset of either of these or are related subtopics.



The best option for getting education loans is from State Bank of India, which offers up to a maximum loan of 7.5 lacs. Other banks offer education loans too but you must check on the pay back interests being charged. Several colleges offer scholarships to brilliant students. However, this is rare in India. Though colleges abroad offer full funding for students who score very well in GMAT exams or CAT exams, yet you must be prepared for meeting additional expenses such as boarding and lodging. The GMAT and CAT scores are taken into account for funding in universities abroad.



Companies such as Reliance, Big Bazaar, Vishal Mega Mart, and the newly started Star Bazaar make millions of rupees per day owing to the sheer volume of products and commodities they sell. Besides these companies, apparel leaders such as Westside and Pantaloons, shoemakers such as Regal, Metro and Bata use different strategies to market their products and come up with creative methods to sell their brands. In this context, the summer, spring, winter sales and discounts hold much importance. The rise and fall of stocks and shares of these brands entirely depends on the monthly and annual sales.



The concept of supermarkets and hypermarkets have been borrowed by India from abroad from brand names such as Wal Mart andd the like. A company like Wal Mart uses advanced supply chain strategies to market and sell its products. Much to the satisfaction of Indians, brands such as Ray-Ban, Bose, Gucci and Mango that sell fashion products have also entered the Indian market long time ago to provide the high end Indian customer with quality products. In the Information, Communication and Entertainment (ICE) age, shopping has become a hobby for the new generation. The whole concept of shopping has altered with time, in terms of format and consumer buying behaviour. Thanks for the rapid urbanization and sprawling shopping malls, Multi formats of retail stores and huge complexes that have emerged at an ever increasing speed in every upcoming city, retailing has grown into one of the largest sectors in the global economy.



Customer Sales Associate: It is the entry-level post of retail business. But as every retail shop is completely dependent upon the sales they get, this is one of the important posts in this profession. To be a good sales person, one should have good knowledge about the products, the shop, the customers etc.

Store Manager: they are sometimes called General Manager or Store Director and are responsible for managing an individual store and its day-to-day functioning. The store manager is in charge of the employees of the store and he himself may report to a District or Area manager or the store's owner.

Retail Operation Manager: It is the duty of a retail manager to plan and coordinate the operations of the outlet. This involves the layout of merchandise, monitoring the retail orders and stock, analysing the supply, etc. Candidates with Master Degree can start off as retail managers.

Retail Buyers and Merchandisers: They are the persons who select and buy the goods for the retail shop. They should understand the needs of the customer, should be aware of the trends in the market, and should possess great enthusiasm and energy.

Visual Merchandisers: These people give the brand a face, so they hold one of the very important positions in the industry. Being a part of concept and design one could also be a technical designer, product developer and store planner.

• Manager Back-end Operations


• Logistics and Warehouse Managers


• Retail Communication Manager


• Manager Private label Brands

Retail Marketing Executives: Trained and talented retail management professionals are always in great demand not only in India but abroad also. Big brands have opened retail chains throughout the cities and rural areas that offer huge job openings. A professional with excellent communication skills and a flair for convincing people can be recruited as store managers, customer care executives, merchandise officers, public relations executive and so on, in a multinational company.



There are options for taking up a degree or diploma in retail management, for those who choose the career. Various institutes offer courses in retail management such as MBA in retail management, Post Graduate Diploma in Retail Management and so on. Candidates having a high school, graduation or its equivalent, plus two or degree can apply for certificate, diploma or bachelors courses in Retail Management respectively. Retailers Association of India (RAI), is the first independent body of retailers in India. A course in retail management helps one to learn the concepts of retailing, which would be helpful for future undertakings as well as practical experiences. Marketing strategies, Accounting, Business mathematics, Ethics and law, Customer relation, Visual Merchandising, Merchandising, Retail communication, Mall Management and Retail buying and operations are some of the topics related to Retail management courses. The courses will also provide information on merchandising, finance management, electronic retail, supply chain management, etc.



Many institutes in India and abroad offer several online courses which are exclusively meant for retail Management. Now a days most of the Business schools and Government Institutes offer Retail management as a subject of specialization. IGNOU offers certificate/diploma programme in Retailing with the collaboration of Retail's Association of India (RAI). A number of institutes conduct industrial training during the time of the course itself, with stipends.

Retail Management B.Sc. in Fashion Merchandising and Retail Management (B.Sc.-FMRM) M.Sc. in Fashion Merchandising and Retail Management (M.Sc.-FMRM) M.B.A. -Retail Management Bachelor of Fashion Retail Management Post Graduate Certificate in Retail Management (P.G.C.R.M) Post Graduate Diploma in Marketing and Retail Management (P.G.D.M.R.M) Post Graduate Diploma in Retail Management (P.G.D.R.M) Post Graduate Programme in Fashion Retail Management Talented, dedicated people, who possess a wide variety of skills, are needed to effectively run a large retail business. In order to excel in the retail profession, it is more importantto have personal skills than having professional certificates. The most essential ability needed is an analytical mind along with good leadership qualities and positive attitude.

The remuneration in the retail industry depends upon the company, nature of work and the area where you work. The average starting salary of a sales person in the retail industry is Rs 5,500 per month. Depending on various post, the salary range varies Rs.6000 to Rs.22000 per month. The special packages, bonus, incentives offered are part of this career. The remuneration outside India also varies depending upon many factors such as shops, products and places.