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Retail Management is one of the newest specialisations of management study. It is an integrated part of the supply chain management. Decades back, organised retail has made its presence in Asia. In India, it was much later. In today's market the largest share of revenue in most businesses comes from the retail sales. Retail is just not limited to supermarkets and shopping malls but has much broader meaning and reach as whatever we get to see selling around us involves retail operations.
Retailing management took a rebirth with the opening of FDI in Retail. If large global retailers open their stores across India then, the global standard of retailing is expected to reach India soon with all its benefits including better industry practices and training, better salary packages and promising career opportunities in retail management. We may need to wait and watch to see how the FDI is transforming the Indian retail scene and what are the real prospects and scope of Retail management.
The market had big expectations from the retail sector both in terms of growth in business and in creating job opportunities with the inception of an open economy followed by boom in consumerism in India and growth of organised retailing.
In our country, tier II and tier III Indian cities are also witnessing the mushroom growth of shopping malls, fast food chains, supermarkets, etc. and retailing career is just not limited to these but also automobile showrooms, banking, insurance, healthcare, luxury stores, electronics and household stores, spa and wellness centres, restaurants and variety of branded lifestyle stores. Market research show that 90 million new jobs are expected to be created in next 5-7 years in India and 50% of these jobs (45 million) will be created in the service sectors. Retailing in various types and forms will be a major employing sector.
The School of Retail Management will offer various Certificate, Diploma and Degree programs relevant to the Retail sector.
The programs will aim to disseminate knowledge of the retail sector and develop skills that can mould students as per industry requirements. On offer will be a cosmopolitan mix of faculty for cross-cultural understanding and learning, extensive usage of global retailing videos and presentation for broader interest and exposure to various programs in the area of Retail Management. The students will be augmented with industry ready skills so as to enable them to deliver results.
The prime focus will be on bridging the gap between industry and academia. Practical projects covering retail store operations, training in leadership, team management, Soft Skills, retail essentials, personal selling, e-tailing, e-commerce, will form an integral part of program offering.
Retail will offer broader range of job opportunities in India and abroad, provided the candidate has the right attitude and skills for service industry.
With growing consumerism in India, the companies with greater retail strategies, culture, customer satisfaction and experience will bite the larger share of the market. Those trained in Retail management courses will surely have an edge over others as the preferred employees of the organised retailers and ideally they are the people who can expect better salary packages, greater career growth and will find broader career options in the future.
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