Careers in Retail Management

If you want to become more involved in the retail world, or if you dream of one day owning your own store, a degree in retail management might be right for you. Retail managers deal with all managerial aspects of owning and/or running a store, including:
  • customer service
  • employee supervision
  • financial/data analysis
  • human resource management
  • loss prevention
  • marketing
  • product/inventory management
  • sales management.
 
Specific tasks of a retail manager may include:
  • analyzing and interpreting sales trends
  • enforcing and resolving health and safety issues
  • hiring and firing employees
  • promoting the business through special displays or events
  • researching local competitors
  • recognizing and initiating changes needed to increase sales efficiency or employee productivity.
 
Retail managers are responsible for the overall efficiency and success of the store's day-to-day operation. Their goal is to maximize profits, improve employee performance and improve customer relations.
 
The field of retail management covers varying degrees of management. Retail managers may be the owners of their own business or may work under a larger company or corporation. As you gain retail management experience, it is possible to advance into higher-level positions in business management.

Earning a Degree in Retail Management

A typical Bachelor's degree in Retail Management teaches students about:
  • buying, pricing and merchandising practices
  • developing, analyzing and implementing sales strategies.
 

Other important management retail principals include:

  • competitive analysis
  • cost analysis
  • inventory control
  • legal and ethical considerations
  • store operations.
 
Some programs also include information on the basics of marketing and finance.

Retail Management Specialties

Students can focus their studies on retail sales management specialties, such as:
  • business retail management : These programs include information on consumer behavior, product and brand management and personnel management, among other topics.

  • fashion and retail management : Students learn about coordinating runway shows, sales consultations and more for department stores, boutiques and designer showrooms.
 

Time and Costs

The time it takes to earn a bachelor's or master's degree will vary depending on the student's course load per semester. While most bachelors programs take three to five years to complete, most masters programs take one or two years.
 
The cost for each program also varies widely from college to college. Students may benefit from researching grants and scholarships available to them.
 
A few of the retail management jobs available for students with degrees in retail management include:
  • Buyer
  • Central Purchasing Marketing Manager
  • Relational Marketing Manager
  • Retail and Wholesale Sales
  • Retail Management Trainee
  • Retail Manager
  • Stylist
  • Unit Director
  • Visual Merchandiser.
 
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