Careers in Retail Management
The word retail means ?to sell in small quantities to the final consumer.? Retail Management is a career program designed to prepare professional graduates for the field of retailing at the managerial level.
Retail careers mainly fall into two main categories: those involved in merchandizing, which means purchasing the goods offered for sale, and those involved in selling goods to the public.
Career in retail management is fast becoming one of the highly sought after career options in India. Individuals, who are interested in a service-oriented, entrepreneurial profession, should consider retailing as better career option. By doing a professional course in retail management one can go for store management, buying, merchandising, central management, and the booming area of e-tailing (online retail) which bridges the technology, marketing and retail sectors.
The retailing sector is expected to become a 24 billion dollar industry by 2010 in India. It will require trained manpower to run hypermarkets, super stores and wholesale cash and carry facilities. Those aspiring to make a career in retail industry feel that a management institute gives them all that is needed to become successful.
Many management institutes and universities in India and abroad are offering Diploma, Bachelor's, Master's and Doctoral programs in marketing and sales. A Bachelor?s degree in marketing and sales will lead to careers in areas such as retail and wholesale sales, marketing management, product planning, market research, small business management, and product display, promotion, and distribution etc.
Graduates in any stream can apply for postgraduate diploma course in retail management. Almost all institutes for retail management conduct written entrance test followed by GD and interview. One can also pursue masters program in retail management with the same qualification.
The Indian retailing sector has been buzzing with job opportunities. Some of the big players of the field like the Big Bazaar, J.C. Penny, Tesco, Shopper?s Stop, Reliance,? I.T.C., are all competing in the retail chains business. The Government?s nod, recently, for the entry of multi national companies like Walmart etc. in the Indian retail sector has opened up a plethora of job opportunities in this field.
There are numerous opportunities in this field. Apart from becoming a Retail Manager one can look for becoming floor managers where the job is to maintain the individual floor, inventory manager looking and managing the inventory in the store, shopping operational manager looking towards the replacement of the stock and customer service.
Remuneration in this field is generally high. A fresher from an average retail school/management institute can expect a starting monthly salary of Rs 10, 000 which may increase subsequently after gaining experience and skills. However, the package differs from company to company. The retail giants like Reliance, I.T.C, Wallmart offers Rs 2 ? 3 lakhs per annum to fresh passouts from reputed institutions