CAREER OPPORTUNITIES IN RETAIL MANAGEMENT
Retailing in India is gradually inching its way to becoming the next boom industry. The whole concept of shopping has altered in terms of format and consumer buying behavior, ushering in a revolution in shopping. Modern retail has entered India as seen in sprawling shopping centres, multi-storeyed malls and huge complexes that offer shopping, entertainment and food all under one roof.
Shopping has become a hobby for the new generation. Thanks to rapid urbanization and emergence of malls 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.
Retailing involves a direct interface with the customer and the coordination of business activities from end to end- right from the concept or design stage of a product or offering, to its delivery and post-delivery service to the customer. Retail industry has contributed to the economic growth of many countries and is undoubtedly one of the fastest changing and dynamic industries in the world today.
Retail is a vital part of the business industry that involves selling products and services to consumers for their individual or family uses. It is a vertical and people-oriented business industry. Retail business in India boomed in the 80's and within a short span of time, Indian retail industry has been rated as the fifth most attractive, emerging retail market in the world. Indian retail industry accounts for over 10 percent of the country’s GDP (Gross Domestic Product) and around nine percent of employment. It is expected to grow at a compounded rate of over 30 per cent over the next five years.
The Indian retail industry is on the verge of a revolution! Market liberalization and increasingly assertive consumers are sowing the seeds of a retail transformation that is bringing bigger Indian and multinational retailers on the arena. Major retailers are entering this advancing market and retailing as an industry is coming alive in India! A sustained growth in the income and purchaising power of the Indian people has given a significant boost to the Indian retail industry.
There has been a significant change in retail trading over the years, a transition from traditional retailing to organized retailing. The business worth of Indian retail at present is more than US $
400 billion; by 2015 Indian retail business will be worth more than US $ 720 billion. With around 13% contribution to the GDP and 9% employment of the national workforce, retailing is undoubtedly a strong pillar of the Indian economy and a sector which is offering huge opportunities.
The fast evolving Indian organized retail scenario is looking forward to many strong regional and national players emerging across formats and products categories. Most of these players are now gearing up to expand far more rapidly than the initial years of their start-ups. Most have regained/improved profitability after going through their respective learning curves. Indian consumers too, are rapidly evolving and accepting modern formats overwhelmingly. They are shifting from simple living to luxurious living patterns. The Indian women who were confined to their homes till the recent past are now becoming independent thereby presenting more opportunities to the retailers.
CAREER PROSPECTS[/b]
With the tremendous growth of economy, retail management has emerged as one of the fastest growing career in the country. One could start the career as a management trainee, and with hard work and right attitude, could reach to manager post in different departments. One can even start his or her own business and be an entrepreneur.
The present scenario depicts that there will be very high demand for talented manpower in the retail business. It is predicted that retail employers in India will need more than 8 lakh skilled people in various specialized areas for the retail across the country. Retail is challenging, engrossing and dynamic. Quality education is required to advance and succeed in the retail industry today.
The career opportunities are in the areas of store Operations, Retail Marketing, Visual Merchandising, Buying & Merchandising, Brand Management, Store Location & Design, MIS in Retail, Human Resource Management, E- Tailing and Digital Retailing. There is a large growth opportunity in organized business that the country will see after a long time. Apart from the direct jobs, every retail job created adds further jobs in the support business.
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- JOB PROSPECTS[/b][/b]
The enormous expansion in the retail sector during the past few years has thrown up big demand for trained professionals in the field. It is an industry looking for people at all levels.
One can take up a job depending on the interest and aptitude, since retail industry is an array of activities starting from marketing to branding. This makes retail profession one of the most demanding careers. The retail sector is changing the perspective of people towards it. Brands world-wide are partnering with Indian retailers.
Last but not the least, are the emerging Malls in India, which have taken the country by storm. Retail space is no more a constraint for growth. With India on the radar of global retailers and suppliers, the retail arena today is very different and the opportunities are incredible. The brands like Zara, H&M and Ferragamo are planning to start their operations in India. A sustained growth in the income and purchasing power of the Indian customers has given a significant boost to the Retail Industry in India which has generated various jobs across different retailing verticals.
Some interesting job prospects in retail industry are as follows:
Retail Manager: A retail manager plans and coordinates the operations of the outlet. This involves the lay-outing of merchandise, monitoring the retail orders and stock, analysing the supply etc. Candidates with MBA can start off as retail manager.
Retail Buyers and Merchandisers: They select and buy the goods for the retail shop. They should understand the needs of the customer, should be aware of the various trends in the market, and should possess great enthusiasm and energy.
- Visual Merchandisers: These people give the brand a face, so they hold one of the very important positions in the industry. Being a part of concept and design one could also become a technical designer, product developer and store planner.
- Marketing Executives and Managers with Luxury Brands: Trained and talented retail management professionals are always in great demand not only in India but abroad also. Big brands like Cafe Coffee Day, Raymond, Shoppers Stop, Tommy Hilfiger, Wal-Mart, Marks & Spencer, Nine West, Dior, Louis Vuitton, Charles & Keith, Polo, DKNY etc. has opened retail chains throughout the cities that offer huge job openings.
A professional with excellent communication skills and a flair for convincing people can be recruited as store managers, merchandise officers, public relations executive and various other key positions in multinational companies like Mcdonalds, Dominos, Levis, Nike, Adidas, Benetton, Reebok, Espirit, French Connection etc.
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- REMUNERATION[/b]
The remuneration in the retail industry depends up on the company, nature of work and the area where you work. Depending on various post, retail management graduates normally start with a salary between Rs.20, 000 to Rs.25, 000 per month in private sector. With some quality experience and sustained deliverables in retailing one can reach up to 6-figure monthly pay packages after 5-6 years of work experience. However to start great career in retailing the aspirants need to have sound knowledge of various retail processes. [/b]
INSTITUTES OFFERING COURSES RETAIL MANAGEMENT[/b]
- Indian[/b] Retail School[/b][/b]
A-21/12, Naraina Industrial Area - Phase II
New Delhi – 110028
Ph.: +91 - 11 - 46769999 / 46769918 / 46769919
- Pearl Academy of Fashion
A - 21/13, Naraina Industrial Area - Phase II,
New Delhi – 110028
Phone: +91-11-51417693-94; 25703451 / 5478/8506
- Asia-Pacific Institute of Management
Opp. Pocket-E, Saritha Vihar,
New Delhi-110076
Phone: +91-11-26950549
- Birla Institute of Management Technology
Plot No. 5, Knowledge Park II,
Greater Noida – 201306,
Phone: +91-120-2323001-10
Dr. Tarun Panwar [/b][/b]
The author is the Chief Executive Officer of [/i]Indian[/i] [/i]RetailSchool[/i] (IRS)[/i], one of the premier retail management institutes in the country[/i]. He can be reached at [email protected][/i]