Retail management skills

It is a fact that the retailing industry is in its starting phase in our country. The benefits of organised retailing will only be felt once an equitable scale is achieved. This to a large extent depends on the store size, the walkthroughs, bills per customer per year, average bill size and the revenue earned per sq. ft. But besides resources and bottomline, a variety of other aspects need to be in place for tasting success. The need for qualified and trained manpower is of utmost importance. The need for specialised skills is increasingly felt in the areas of:

Strategic management - strategising, targeting and positioning, marketing and site selection, among others
Merchandise management - Vendor selection, inventory management, pricing and so on
Store management - Layout, display, customer relationship, inventory management, etc.
Administrative Management - Human resources, finance, marketing and so on

With the need for specialised skill set, retailing has become a specialised area of knowledge and training. The RPG School of Retailing and the introduction of specialised retailing courses at various business schools, including the IIMs, stand testimony to this.

- Contributed by Nithin Narayanan