Retail Management

Shopping has become a hobby for the new generation.. The whole concept of shopping has altered with time, in terms of format and consumer buying behavior. Thanks to rapid urbanization and sprawling shopping centres, multi-storeyed malls and huge complexes that emerge at an ever increasing speed in every upcoming city, retailing has grown into one of the largest sectors in the global economy, and a booming industry in the present century. Retail Industry, one of the fastest changing and vibrant industries in the world, has contributed to the economic growth of many countries. The term 'retail' is derived from the French word retailer which means 'to cut a piece off’ or ‘to break bulk'. Retailing is a vital part of the business industry that involves selling products and services to consumers for their individual or family use. Retailing can also be defined as the timely delivery of goods demanded by consumers at an affordable and competitive price. It is a vertical and people-oriented business industry. Retail business in India boomed in the 80's and within a sport span of time, Indian retail industry has been rated as the fifth most attractive, emerging retail market in the world. Indian retail industry which account for over 10 percent of the country’s GDP (gross domestic product) and around eight percent of employment, is expected to grow at a compounded rate of 30 per cent over the next five years. Retailing process involves a direct interface with the customer and the coordination of business activities from the design stage of a product to its delivery and post-delivery service. Generally, retail business can be classified into several types depending on their size, shape, product lines, amount of service they offer and prices they charge etc. Some among them are specialty stores, supermarket/ malls, factory outlets, franchises, chain stores, discount stores, lifestyle & personal products, furnishing & house hold appliances etc. As a career, retail management is a dynamic field that offers affluent employment opportunities for talented youth. It offers around 2 million job opportunities worldwide. Basic educational qualifications, as well as personal skills like good communication and analytical mind is needed to outshine in this profession. Even though related with selling, not all the job opportunities in this field is in the stores/outlets themselves. In this career, one will get openings in sales and marketing, operation, concept and design, buying and merchandising and also in administration. The economic boom and the enormous expansion in the retail sector make this career most sought after. As the competition in this field is very tough, nowadays the shopping malls are doubling up as leisure and entertainment centers, to attract customers. Those who wish to be in this field must be creative and should have new ideas to promote their business. Many multinational companies have come forward in the retailing business. Reliance Group, ITC Retail, Aditya Birla Group, Tata Groups Trent & Westside, Subhiksha, Shoppers Stop, Future Groups Big Bazaar & Pantaloons, Apparel Chains, Raymond's, Arvind Brands, Lifestyle International, Spencers etc. are some of the top companies. Eligibility There are options for taking up a degree or diploma in retail management, for those who choose the career. Various institutes offer courses in retail management such as MBA in retail management, Post Graduate Diploma in Retail Management and so on. In some institutes, retail management is offered as a specialised paper with MBA or other subjects. Candidates having a high school graduation or its equivalent, plus two or degree can apply for certificate, diploma or bachelors courses in Retail Management. The MBA in retail Management is more like a specialization than general MBA. The selection procedure for these courses is as same as that of MBA. Retailers Association of India (RAI), the first independent body of retailers in India, conducts a Common Admission Retail Test (CART) on national basis for admission to Postgraduate Program in Retail Management (PGPRM) offered in 15 B-Schools across India. Candidates applying for CART must hold a bachelors degree with 50% marks. Final year students can also apply. The objective of the test is to assess the candidate's aptitude for retail management education, including Quantitative Aptitude, Logical Reasoning and Consumer Comprehension. The participating institutes in CART are : • Asian School of Business Management, Hyderabad • Banglore Management Academy, Banglore • Chennai Business School, Chennai • Chennai Business School, Mumbai • C.T. Group of Institute, Jalandhar • IFIM Business School, Banglore • Institute of Management and Information Science, Bhubaneswar • International School of Business & Media, Banglore • KLE Society College of Business & Administration, Belgaum • MERC School of Business and Retail Management, Pune • NSHM Center of Management & Development Studies, Durgapur • NSHM Center of Management & Development Studies, Kolkata • Rustomjee Business School, Mumbai • Vasavi Institute of Management & Advanced Studies, Banglore A course in retail management help one to learn the concepts of retailing, which would be helpful for future undertakings as well as practical experiences. Marketing strategies, Accounting, Business mathematics, ethics and law, Customer relation, business communication and Retail buying and operations are some of the topics related to Retail management courses. The courses will also provide information on merchandising, finance management, electronic retail, supply chain management etc. Abroad, there are institutes that offer four year Bachelor of Science courses in Retail Management. Personal skills Talented, dedicated people, who possess a wide variety of skills are needed to effectively run a large retail business. In order to excel in the retail profession, it is more important to have personal skills than having professional certificates. The most essential ability needed is an analytical mind along with good leadership qualities and positive attitude. They must possess good communication and problem solving skills, knack for convincing people and the ability to mingle with people at varied levels. They must be self confident and always be updated with the changes in the retail market and be familiar with advertising and merchandising techniques. Enthusiasm and creativity will be always countable in this career. Apart from these, one should have tact, patience, an interest in sales work, a neat appearance and the ability to communicate clearly.