Retail Management is so much more than managing a store or brand efficiently. It is a combined process of managing products and staff, and eventually providing the best experience to the customers.
Renowned retail managers who strived to provide a satisfactory purchase experience for consumers.
Kishor Biyani
He is famously known as the ‘Retail King’ and founder of the Future Group, and is amongst the first to start with modern Indian retail. He strategically launched mass-market formats like Big Bazaar and Pantaloons and came into the limelight of success. These brands catered very well to the Indian market audience and focused on value and a wide assortment.
Falguni Nayar
She is the founder of Nykaa, and transformed Indian retail by building an omnichannel beauty platform that strongly focused and catered the Indian market with its novelty and product authenticity. She strategically bridged the gap between online convenience and the physical shopping experience, successfully bringing global and domestic beauty brands to millions of Indian consumers.
Radhika Aggarwal
She co-founded ShopClues and is India’s first female Unicorn founder, revolutionising e-commerce by building a marketplace for unbranded and regional products. Her strategy was to empower small and medium enterprises to reach the mass market in Indian cities through a platform made for everyone. Her strategy changed the game of retail.
It connects the brand to the buyer. From deciding products to stock to the way of displaying them, to managing staff, promotions and even online sales, every small step in the process is a part of managing retail and plays a big role in how customers perceive a brand.
A route for qualification gives you a path to follow but doesn’t get you to the result desired. As for that, you have to put in your effort.
A career in managing retail begins with a formal understanding first. For that, there are colleges which offer undergraduate and postgraduate courses in the field. These colleges are known for offering good exposure to the field and providing future placements.
Management of retail caters to multiple domains which includes supply, logistics and so much more. Understanding and studying the field offers specialisations and these open doors to related career paths which are related to retail management.
Retail Management is a multidomain field that exposes you to the core areas of business — from merchandising and supply chain to customer relations and marketing — helping you build a strong foundation for a future in management. Since it consists of so much, it's best to start early if you have an interest. Some certifications are listed below which can offer you the advantage of being an early bird.
Retail Management is a dynamic career, creating connections between retailers and consumers and making the brands reach the customers. It incorporates strategically witnessing every process of retail right from purchasing inventory, displaying it creatively and planning everything around it. If you have a flair for strategy, creativity, and customer experience, this can be your gateway to shaping how the world shops.
Q. What are the 7 R's of retail management?
Ans. The 7 R's of retail management are: A retail manager has responsibilities that include Right Product, Right Place, Right Time, Right Quantity, Right Price, Right Condition, and Right Response.
Q. What are the benefits of quality retail management?
Ans. Some benefits of this field include efficient operations, reduced costs, better customer experience, data-driven decision-making, and increased sales.
Q. Is retail a good career for introverts?
Ans. Yes, especially in roles like inventory, planning or operations. Customer-facing roles may be challenging but manageable.
Q. What is the average salary of a retail manager in India?
Ans. Average salary typically ranges from ₹3 lakh to ₹8 lakh per year, depending on experience and company.
Q. What are the roles and responsibilities of a retail manager?
Ans. A retail manager has responsibilities like managing sales, inventory, store operations, staff, customer service, budgeting, and reporting.
