Retail management refers to running a store or starting a retail business. The store manager accomplishes the day-to-day management tasks in a store.
Retail management is a combination of business, merchandising, finance and retail. It’s a management career for those with leadership skills and business acumen, not to mention retail experience. If you want to become part of the planning, optimization and purchasing decisions for a store, then this is the direction to take.
Minimum requirement for this field is typically a certificate in retail management combined with on-the-job experience. However, a degree in business administration could improve your earning potential. You can earn a degree in retail management — which can range from an associate degree to a four-year bachelor’s degree. Coursework may include the basics of store management, including: purchasing inventory, pricing seasonal items, and predicting retail trends. You could pursue a degree in retail management via an online program, giving you the flexibility to attend classes at your own pace.
The store manager facilitates the efficient and profitable operation of the store, performing tasks that may include:
According to the U.S. Bureau of Labor Statistics, median annual earnings of retail managers were $34,900 in 2009. The middle 50 percent earned between $27,030 and $45,650. The lowest 10 percent earned less than $21,690, and the highest 10 percent earned more than $60,400.