Everything you could ever want to know about Retail Management in 7 facts read on to see if a career is Retail Management is for you
1) You could earn £20,000 – £45,000 per annum (pending on experience)
This figured is based on the 2016 salary survey, the salary may also include on target bonuses and commission as well as a London weighting.
2) As varied as the people who work in it
The good news is the transferable skills you will pick up doing this role mean you can challenge yourself and change the environment you work in. Retail management is more than just driving sales it is promoting your brands , training staff and delivering customer service to name but three.
As a retail manager you could manage any number of shops from high end designer boutiques to sports cars dealerships to high streets fashion to the latest technology even over seeing trade counters.
3) Key Skills the industry says you need
According to the national careers service that asked 1000, people who work in and around retail management they identified the following as the key skills.
- the ability to lead and motivate a team
- excellent communication and ‘people’ skills
- the ability to work under pressure and handle challenging situations
- confidence, drive and enthusiasm
- decision-making ability and sense of responsibility
- the ability to understand and analyse sales figures
4) Not A 9 -5 job
Unlike most office jobs you will not be working Monday to Friday 9-5 at a desk indeed your time will be split between the floor and the office, you will go from serving a customer to completing sales forecasts weekend work is very common in retail.
5) Under threat from the internet
2016 was a bad year for retail with :
BHS, the clothing-based variety chain, went into administration on 25 April 2016, the largest retail collapse since Woolworths
My Local, the 120-branch convenience chain formed from Morrisons’ M Local foray into small stores, went into administration at the end of June. There are around 2,000 employees in total.
Banana Republic, the fast-fashion subsidiary of Gap, is to close most of its UK stores by the end of December 2016 and supply the UK solely from its website.
Internet sales are booming at the cost of direct shop sales. 2016 saw young people spending their money more on technology and turning to the internet to get the best deal. Warm weather played a role in 2016 with winter coats boots ect not selling.
6) Other areas in retail that might interest you
Retail is a huge diverse sector there are other roles you might be interested in why not have a look into the following to start with:
- Pricing: https://nationalcareersservice.direct.gov.uk/job-profiles/retail-buyer
- Merchandising: https://nationalcareersservice.direct.gov.uk/job-profiles/retail-merchandiser
Personality MBTI or Myers Briggs personality type indicator is a theory that concluded there are 16 different personality types each will have their own strengths and weaknesses. This measures many things including if someone is an introvert or an extravert or if they are more person or task orientated.
What type are you? http://icould.com/buzz/
Arguably the best personality types for retail management are INTJ, ENFJ and ESTJ. However you will find plenty of retail managers not in those 3 ‘types’
Would you like to know more?