Retail industry is the fastest emerging sector of the business industry and one of the vibrant sectors of the Indian economy. It is a booming industry thanks to rapid urbanization, sprawling shopping malls and huge commercial complexes that are coming up every other day. It is a consumer-oriented business industry that involves selling products and services to clients according to their individual and family needs at affordable prices.
Many MNC’s have entered the lucrative retailing business. Big names such as ITC, Aditya Birla Group, Reliance Group, Pantaloons Tata Group, Westside, Shoppers Stop, Future Groups, Big Bazaar, Raymond’s, Arvind Mills, Lifestyle International, Spencer etc. have emerged as successful leaders in the retail industry.
India is one of the top emerging retail markets globally and there are approximately 4.3 million retail outlets in the country and a demand of almost 3.25 million retail personnel in different positions. The Indian Retail Industry accounts for more than 10 percent of the country’s GDP (Gross Domestic Product). It can be very well understood that the job opportunities are limitless with huge potential in career growth. Almost all sectors require professionals with adequate qualification in retail management including the banking and finance sectors, export houses, departmental stores and insurance companies. The IT and telecommunication sector is another booming sector which regularly requires retail professionals to bring their products and services directly to the customer. The demand for retail managers in the education, hospitality and health care industry is also increasing rapidly who require individuals possessing a management degree in retail management.
The pay package is quite lucrative with a starting salary ranging anywhere between Rs.20, 000 – 40,000 or maybe even more. Reaching a 6-figure or 7-figure pay package is not an impossible task for experienced, hard-working and deserving candidates after spending a few years in the industry.
As a career option, retail management is a dynamic field with various institutes offering different courses for interested individuals. Programmes in reatial could include the options of a Diploma or Post Graduate Diploma in Retail Management. The eligibility for most of these courses is a graduation in any discipline. B-Schools offer industry-specific courses that helps develop special skillsets which can meet the demands of this active and competitive industry.