Introduction: For a long time, the corner grocery store was the only choice available to the consumer but steadily this has given way to international formats of retailing. The traditional food and grocery segment has seen the emergence of supermarkets/grocery chains (Food World, Nilgiris, and Big Bazaar), convenience stores (Convenio, HP Speed mart) and fast-food chains. Malls and big stores have revolutionized the whole retail sector, as it is now more organized and efficient.
Defining Retail: Retailing involves selling products and services to consumers for their individual or family use. As the final link between consumers and manufacturers, retailers are a vital part of the business world. Retailers add value to products by making it easier for manufactures to sell and consumers to buy.
Retailing, one of the largest sectors in the global economy, is going through a transition phase not only in India but the world over. 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.
In this scenario, the demand for a retail manager is going to be phenomenal and a career in retail is going to be a lucrative one. The rising boom in the retail industry has led many academic institutions in India to offer Retail Management courses. Retail Management is a professional program which prepares graduates to enter in the field of retailing.
Personality: The effective management of such a large service sector industry like retailing in India calls for the services of properly trained managers endowed with imagination and innovative skills. They should have good managerial talent and satisfy the tastes and desires of customers.
Various Retail Management Courses Offered in India: The new courses include Postgraduate Diploma in Retail Management, Master of Business Administration in Retail Management and Bachelor of Business Administration in the same specialization.
Some top Retail houses also offer diploma courses in Retail Management through which the candidate is taught about the general aspects of the Retail industry as well as groomed to cater to respective organization-specific needs.
Eligibility for Retail Management Courses: If you want to study a Bachelors degree program in Retail Management, you can enroll soon after completing 10+2 exam. After completing education till 10+2 level, you can also enroll in Retail Management diploma courses. Candidates with graduation degree or equivalent diploma are considered eligible for postgraduate Retail Management Courses.
Institutes Offering Retail Management courses in India: It is necessary that you pursue this course from a good institute to bag a decent job in the Retail industry. The following are top notch institutes offering varied courses in retail management:
- Welingkar Institute of Management, Mumbai
- K J Somaiya Institute of Management Studies & Research, Mumbai
- Mudra Institute of Communications (MICA), Ahmadabad
- Indian Retail School
- Pearl Academy of Fashion, New Delhi
- RPG Institute of Retail Management
- SP Jain Institute of Management and Research, Mumbai
- Birla Institute of Management Technology, New Delhi
- Indian Institute of Jewelry
- Institute of Technology and Management
- Indian Institute of Retail, New Delhi
- Symbiosis Centre for Distance Learning (SCDL)
- Institute of Management Studies, Mumbai
- The Retail Academy, Ahmadabad
- National Institute of Fashion Technology (NIFT)
- RGIIM, Shillong
Course Fee: Welingkar Institute of Mumbai offers a two-year specialized course in retail, which costs Rs 3, 50,000. The other course offered by the institute is a postgraduate course in retail management and this two-year course is worth Rs 2,50,000. Other then this, you can also do a course from the Institute of Working Professionals, which organizes a one-year diploma for Rs 50,000. The fee may differ from institution to institution and course to course.
Course Highlights: The course covers trends in retailing that include:
- Accounting and Finance in Retail Business
- Principles of Management
- Business Economics
- Marketing Management
- Business Communication
- Quantitative Methods in Retailing
- Business Law and Taxation
- Retailing Environment in India
- Human Resource Management
- Retail Operations Management
- Supply Chain Management
- Merchandise Management
- Retail Shoppers Behavior
- Store Planning and Layout
- Information Systems in Retail Business
- Electronic Retailing
- Customer Relationship Management
- International Retailing Practices
- Event Management & Sales Promotion
- Retail Brand Management
Retail Management Course Benefits: Students learn about sales promotion with public relation, inventory management, customer relationship, business ethics, retail brand management, business communication, management and organizational behavior, quantitative methods in retailing. Retail management courses open up job prospects in the books and publishing industry, music stores, multiplexes, shopping malls, garment industry and even in the processed foods industry.
Career Opportunities: There is a huge demand for retail management professionals for processing of all merchandise shipments, achieving store sales and profitability, communication with the clientele to gain their satisfaction and administration of stores.
Job prospects in Current Market Climate: A retail management course from reputed career institutes may fetch a dream job. With the spurt of shopping malls and departmental stores, huge employment opportunities are opening up in India and abroad. However, with the recession and current economic climate as it is, industry biggies have acknowledged that the retail shimmer has dimmed somewhat. Sanjay Jog, Chief People Officer, Future Group (Pantaloon, Big Bazaar), admits, "There is a slowdown in recruitment, but recruitment for front end operations (floor manager and below), are in full flow, as much as last year. We are not hiring in merchandising, HR, finance, accounting and supply chain management. We had actually frozen recruitment six months ago, before recession, and were leveraging the resources we had." Jog clarifies that the value retail side (supermarkets) are not as affected as the lifestyle segment, although there is rationalization of employee costs, like travelling economy instead of first, or staying at a guest house instead of a hotel. Prof Dr Uday Salunkhe, Group Director, Welingkar Institute of Management, agrees, saying, "Certain verticals within the retail sector may be impacted more so than others: consumer electronics for instance.''
Anusha S, who works with a major retail chain, reveals, "There are salary cuts in some organizations, and layoffs in support areas like IT, or in specialty formats, which companies believe are not working out as planned."
Job profile: Jobs of department managers, assistant store managers, buyer trainee, merchandising assistant, customer service representative, and management trainees are available in the retail sector.
Retail Management professionals are involved in the processes of merchandise shipments, client communication, sale and administration of stores. With the surge in shopping malls and one-stop stores across the world, it is needless to say how much Retails professionals are in demand today.
Retail Management, Scope Abroad: There are also opportunities for retail management professionals abroad. They can work as store manager, inventory monitoring officer or as marketing and sales executive.
CART: The popularity of retail management courses in India has promoted the Retailers Association of India to conduct a common admission test called Common Admission Retail Test or CART. CART is the first countrywide entrance examination for admission to Postgraduate Programme in Retail Management.
It is conducted by Retailers Association of India for admission to RAI's Postgraduate Program in Retail Management (PGPRM) offered in 15 institutes that RAI has currently tied up with.
Application forms for CART: Application forms for CART are made available at the 15 B-schools, Career Launcher centers, selected Axis Bank branches and retail outlets of Rai member organizations like Shoppers' Stop, Big Bazaar, Croma, Viveks, Vishal Mega Mart, Odyssey Bookstore, Landmark Bookstore and Kirtilals at the cost of Rs. 1000/- One can also apply online for CART from Retailers Association of India's website.
Eligibility for CART: Candidates applying for CART must hold a bachelors degree of any statutory university with minimum 50% marks. Students who are in their final year of bachelor's degree education may also apply.
Test Centers of CART: CART is held at Bangalore, Chennai, Cochin, Coimbatore, Hubli, Hyderabad, Vijaywada, Ahmadabad, Baroda, Indore, Mumbai, Nagpur, Pune, Chandigarh, Dehradun, Jaipur, Lucknow, National Capital Region, Bhubaneshwar, Guwahati, Jamshedpur, Kolkata, Patna and Ranchi.
Affiliated Institutes: While filling up the form for CART, one would have to choose one of the following 15 Retail Management Colleges in India that have tied up with Retailers Association of India.
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