Understanding the Retail Management Process for a Career in Retail

The retail management process

Key Step 01: Planning

• Market research
• Logistics
• Expenses
• Profit margins
• Staffing
• Inventory management

Key Step 02: Buying

• Sourcing – this involves finding the right sellers for you to buy from. It would be smart to have several suppliers that you can rely on, rather than just one, unless there is no other choice. This will give you better control over your business.
• Procedures –   in order to buy there are some processes that need to be followed and these can really impact your business when speed is needed. At the same time, your processes need to go through stringent checks and balances so that you can sustain the business.

Key Step 03: Moving

• Receiving bought goods
• Storage of goods
• Shelf and product arrangements
• Pricing of goods

Key Step 04: Selling

• In-store assistance
• Customer service
• Handling complaints
• Using best practices – these best practices are targeted to attract more customers to your retail store and increase your sales.

• Department Manager, Retail Store – £21,871 per annum
• Strategy Manager – £50,891 per annum
• Finance Manager – £38,138 per annum
• Company Secretary – £19,554 per annum
• Policy Manager – £32,000 per annum
• Management Consultant – £47,523 per annum
• Project Manager – £38,254 per annum