Retail management involves the distribution process of the product from manufacturers to ultimate consumers via short and convenient channels, i.e. retailers. It generally deals in providing retail firms with technical and technological knowledge, knowhow and practice. Retail managers are required to provide marketing or financial support aimed at improving the performance of retail outlets and stores.
Retail Management is one of the many career oriented courses available to students. It is also among the most sought after courses in MBA, owing to the growth of retail industry, which is now, the biggest trading industry in the country.
Courses & eligibility:
Various degree and diploma level programmes are offered in retail management like MBA (Retail Management), Post Graduate Diploma Program in Retail Management (PGPRM) and Diploma in Retail Management (DRM). The eligibility for most of these courses is graduation in any subject. For admissions in MBA (RM), students may have to go through entrance tests like CAT, XAT, MAT etc. Graduates from any background can pursue the diploma courses.
India is one of the top emerging retail markets all over the globe with the retail industry expected to grow at a staggering 14% by 2014.There are approximately 4.3 million retail outlets spread over the nation, which require about 3.25 million retail personnel at present. With such a huge potential retail management offers limitless job opportunities in supply chains, exporting houses and departmental stores. Manufacturing companies also recruit retail managers to reach out to the customers directly. Banking, finance and insurance companies also need professional retail managers to bring their products directly to the customer. IT and IT related companies particularly in the field of telecommunication also require large numbers of retail mangers considering the recent boom in this sector. Besides these, education and health care industry also absorb a large number of retail managers. Pantaloons, Spencer’s, Big Bazaar, Shopper’s Stop are some of the leading retail outlets that recruit retail professionals quite regularly.
Retail management graduates normally start with a salary of Rs 20,000 to Rs 25,000 per month in the private sector. Experienced graduates can even touch the 7-figure mark within a few years of experience.
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