Career in Retail Management

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Retail Management rated as the fifth most attractive, emerging retail market in the world. India is viewed as a potential goldmine for global as well as domestic majors. India’s total retail market is estimated at Rs. 9,300 billion of which organized retail is at Rs. 300 billion and is expected to grow at a compounded rate of 30 per cent over the next five years. Currently estimated to employ nearly 15 per cent of educated Indian adults, the industry has the potential to employ over two million people in the next four to five years. The organized retail industry has grown from two to about 3.5 per cent today. There are 55 malls in operation and in the text couple of years, there should be 200 malls in operation across the country. With these levels of growth, there is high scope in this dynamic business.Retail is no longer considered as a New Age profession, but also has become an established one with high potential and high growth. Also, organized retail is not limited to major cities.Retailers having gained significant market share in Tier I cities, are eager to expand into unexplored Tier II cities. Comparatively, a low real estates price in tier II cities is one of the major attraction. Smaller cities like Lucknow, Kanpur, Amritsar, Ludhiana, Jaipur, Jodhpur, Chandigarh, Nasik, Nagpur and Indore are also expected to see a remarkable growth in the number of malls.

The government recently announced FDI in retail will go upto 51 % in single brand products, with prior government approval. This is aimed at attracting investment, technology and best global practices. This announcement is expected to provide a boost to premium and luxury brand retailers. Large Indian corporate groups like Reliance, Tatas, Piramal, Rahejas etc. are exploring opportunities in the retail sector.

There are a lot of career options in the retail industry today. A career in retail offers a more diverse range of occupations than most other industries. These include following…

Sales: Every retail store depends upon the sales force to sell its merchandise. The position is an entry-level one.

Store Manager: Store managers are responsible for managing an individual store. Most store managers take on the duty of running the day-to-day operations of the store.
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