Before we venture to understand of what does it mean by the term retail management let us first know what retail is. Retail is the selling process to the ultimate buyer who purchases the product with the objective of using the product rather than reselling it. The complete opposite functional meaning of retail is the term wholesale which means the buyer is not the end user buyer and the objective of the purchase of the goods is to resell it.
Retail management is the management discipline that looks after the business and administrative process in the retail business store. Retail management is also called as store management and the professionals in the retail management responsibility is also called store manager.
The job responsibilities of Retail Management
The basic job responsibilities in the retail management include human resource oriented responsibilities like, hiring, recruiting, selection, training and development of the retail staffs, store business operations like, managing staffs, profit and loss management, safety and security, loss management, banking responsibilities, etc., cataloguing and product management including pricing, display, promotional activities, handling damaged products, etc., manpower development responsibilities like team development, facilitating staffs, etc., retail information system coordinating responsibilities and other day to day usual management responsibilities like handling unusual circumstances and crises.
The importance of retail management as an educational discipline
Retail is one of the most speedily growing sectors in the present business scenario of the world. Especially in the developing countries with the improvement of buying capacities of people for past few decades after the onset of globalization as the world business and economic order retail became one of the key business sector to contribute to the gross economic growth of the countries in a unprecedented way. Retail as a fast moving industry is viewed as one of the most likely perpetrator of growth for the coming future. Naturally this growth and expansion of retail sector is going to expand huge opportunities for the prospective management staffs with a degree in retail management. This is the reason why retail management is considered to be one of the major disciplines across the map of management education.