Retail Management | Global Edu Consulting

Retail Management

Overview 

Retail management is a vocation that entails approving final items in order to boost customer happiness and sales by understanding customers' requirements and desires. Customers visit retail stores to purchase the things they require, and the retail manager is responsible for managing all customer requests. It opens doors to chances in administrative, marketing, sales, and item distribution, among other disciplines. Retail managers have a comprehensive understanding of how a business operates, from all back-end operations such as purchasing merchandise to front-end functions such as customer service. A retail management student would learn about retailing, marketing, advertising, administration, and international retailing, among other things. Retail management is ideal for those with a passion for marketing, market research, retailing, and advertising.

Career Scope in Retail Management

  • Health Care
    • Retail managers are needed in the healthcare industry because it involves a variety of products such as skincare creams, medicines, skincare face wash, and so on. Retail managers' jobs entail understanding customers' wants and creating items that meet those demands, such as pollution-protecting lotions.
  • Fashion
    • Retail managers are engaged in this field to handle merchandise and arrange it in such a way that it attracts clients; this is where your fashion sense comes in handy. Retail managers must also examine what type of product is required and in what quantity.
  • Departmental Store
    • There are many departmental stores, some of which operate on a small scale and others that operate on a large scale, and retail managers are responsible for managing sales, inventory management, customer service, and so on.
  • Academics
    • ​​​​​​​A career in retail management can lead to opportunities in academia or the education sector, where they can be hired as a teacher in a college and share their expertise of the industry with students.
  • Sports
    •  Customers are interested in and purchase a variety of sports equipment. Retail managers are in charge of that equipment. They are also involved in analyzing the quality of essential equipment, as well as the production and marketing of sports equipment.

How to Opt for a Career in Retail Management

Options  Stream Graduation After Graduation After Post Graduation
1 Class XII with any stream Pursue BBA Pursue MBA in retail management Pursue Ph.D. In retail management
2 Class XII with any stream Pursue Bachelors in any discipline (at least 50% marks) Pursue MBA in retail management Pursue Ph.D. In retail management
3 Class XII with any stream Pursue Bachelor in any discipline (at least 50% marks) Pursue Diploma (postgraduate) in retail management  

 

Quick Facts

  • An applicant must have received a minimum of 50% in class 12th or equivalent, with English as one of the courses.
  • A candidate must have completed a bachelor's degree in any field with a minimum of 50% marks.
  • In order to enroll in a Masters's level management program, an aspirant must pass tests such as the CAT, MAT, XAT, and others.
  • A retail management certification course, whether offline or online, would be beneficial to your resume.

Top Retail Management Colleges in India

College Location
Narsee Monjee Institute of Management Studies Mumbai
Indraprastha University Delhi
Christ University Bangalore
XLRI Jamshedpur Pune
Xavier Institute of Management Mumbai
Symbiosis Institute of Management Pune
Indian Institute of Management Ahmedabad
Indian Institute of Management Bangalore
Advance Institue of Management and Technology (AIMT) Delhi
University of Mumbai Mumbai
University of Delhi Delhi

 

Top Retail Management Colleges in the World

Institution Location
Harvard University United States
Copenhagen Business School Denmark
INSEAD France
Stanford University United States
London School of Economics and Political Science United Kingdom
University of Hong Kong Hong Kong
London Business School United Kingdom

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Job Description

  • Retail managers' responsibilities include attending to client demands, finance, accounting, sales, and other aspects of retail stores.
  • Managing final items in compliance with customer requirements.
  • Directly involved in the management of a retail outlet or store, from back-end operations through front-end sales.
  • After completing an MBA in retail management, one can pursue a career in education as a college professor.
  • Retail managers' responsibilities span a variety of areas, with the majority of their time spent operating a shop or outlet.
  • Retail managers must ensure that their employees provide exceptional customer service and that their consumers are satisfied.

 

Pros & Cons of a Career in Retail Management

Pros

  • Because you will be interacting with a diverse group of people, the work of retail manager entails people interaction.
  • Working in retail management at various levels, such as selling, floor management, and store management, allows you to avoid career stagnation because there is more room for advancement if you give your job your all.
  • It enables you to perform a variety of tasks, including dealing with customers, managing finances and accounts, marketing, and merchandising.

Cons

  • It's a demanding profession that necessitates a great deal of effort and energy throughout the day.
  • Intense work pressure is inevitable because it entails juggling multiple tasks at once.
  • It also necessitates lengthy hours of effort.