Retail management may prepare you in many facets of business administration such as merchandising, branding, bookkeeping, tracking inventory, marketing and advertising, and human resource management.* Your skills as a leader or a supervisor play a vital role in establishing your growth within the industry. Adapting quickly to a management role generally guides you effectively in the right direction.
Educational Requirements and Experience
While several retail outlets do not require a college degree for retail management positions, an Associate’s degree may continue your growth within the industry. ** Furthermore, several positions within retail establishments may require the skills and knowledge that come with a college degree. For example, a business degree covers vital subjects like business management, purchasing, sales, finance, logistics management and relevant computer applications. Combined with additional training offered by the employer, these skills are essential for those seeking higher retail positions.
Employers generally look for prior sales experience or relevant experience in retail managment if you do not have a college degree.
Responsibilities of a Retail Manager
The role of a retail manager is generally multi-faceted. While the focus typically remains on increasing profits and reducing costs, managers may also be in charge of the everyday administrative duties. This includes managing the staff, stocking inventory, marketing and product promotion, and above all, customer care. In addition, their role calls for excellent leadership, planning and crisis management skills. Other duties and responsibilities of a retail manager may also include:***
- Driving the sales team with a strategy in place
- Studying sales pattern and estimating future trends
- Employing information technology to create a reliable database that contains sales information, stock appraisal, employee details, etc.
- Setting the parameters for quality assessment
- Establishing and maintaining customer support services
- Recruiting staff based on the outlet’s requirements and managing the payroll
- Organizing workshops and training programs
- Analyzing stock levels and ensuring that products constantly in demand are in stock
- Ensuring that the store’s premises meet with all relevant health and safety codes and are not in violation of any regulations
- Staying on top of trends in the market and staying ahead of the competition
- Exploring new promotional strategies and avenues for improving sales
- Warehousing and logistics
- Organizing the work flow and shift timings for employees
- Creating a feedback and complaints forum and managing it efficiently
The Bureau of Labor Statistics has forecasted a marginal growth in the sales and management workforce between 2008 and 2018. To be precise, the BLS has predicted a 5% growth in employment opportunities in this sector. Among these opportunities, those with a college degree are considered the best fit for most jobs. Statistics from 2009 reveal that retail supervisors in departmental stores were paid on an average $33,150 annually.****
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