With supermarkets and shopping malls coming up at an ever-increasing pace, retail management is perhaps one of the fastest growing careers in recent times. The Indian retail sector is considered to be one of the largest in the world. Along with retailers such as Shoppers stop, Pantaloon, Westside even big business conglomerates like Reliance are getting onto the battlefield. Besides the Indian players we need to watch out for foreign retailers like Wal-Mart, Tesco and Carrefour who are waiting to take the plunge into the growing Indian market.
The retail boom seems here to stay, the major reasons being huge foreign direct investments (FDI) along with a rising standard of living and increased consumerism. This has resulted in various job prospects in the retail market awaiting Indians, from supply chain to managerial posts. Thus most B-schools in India have taken notice of this opportunity and have introduced new courses in the field of Retail Management.
Various B-schools in India like the Indian Institute of Social Welfare and Business Management (IISWBM) Kolkata (where the programme commences from this year onwards), Institute for Integrated Learning and Management (IILM) New Delhi, Mudra Institute of Communication Ahmedabad (MICA), K J Somaiya Institute of Management Studies and Research, Mumbai and Welingkar Institute of Management Development and Research, Mumbai are now offering Retail Management as an attractive career option to students.
What makes retail management different from a standard MBA?
According to Mr Hemant Trivedi, Head of Retail Communication Management at MICA “We did a full fledged research in the retail area on the basis of which we realized the need for such a specialized programme in retail. The standard MBA is a very general management course whereas this is more of a specialization. We teach them all the aspects of retailing and prepare them for the back office jobs like supply chain management, merchandising etc.”
“Retail is booming! It’s growing at a very fast pace with many Indian players like Reliance, Pantaloon and international players like Wal-Mart venturing into the Indian markets. Thus the job opportunities have increased for trained labour in the retail market,” reasons Mr Gairik Das, Coordinator, Post Graduate Program in Retail Management (PGPRM), IISWBM.
“A degree in retail management for a person who wants to exclusively specialize in retail is an absolute solution. One gets to learn the concepts of retailing, which would be helpful for future undertakings, at the same one gets practical experience as well. In case of a standard MBA one gets industry exposure only during the summer internships and there is more emphasis on classroom lectures,” states Ms Priyanka, Student, PGPRM, K J Somaiya.
About the Courses
The specialty of the course lies in the concept and the belief of providing extra skills and expertise to students who want to make a career in the retail sector. At MICA, it was a 12-month programme, which has been extended to 15 months from this year onwards. The programme commences with the ‘retail yatra’, wherein students are taken to various cities in India in order to interact with retailers all over the country.
“From this year onwards the students will be taken for an ‘International yatra’ as well where they will be provided with an opportunity to visit foreign retailers,” updates Mr Trivedi.
“We have increased the length of our course to 15 months in order to incorporate the international yatra as well as include more important and relevant issues related to the retail segment,” explains MICA’s Mr Trivedi.
Mr Amit Chaturvedi, in-charge of PGPRM, IILM states “At IILM the course is encompassed into two years wherein there are 15 months of class room sessions and nine months of on the job training. Beside this during the 15 months each week is divided into four days of classroom sessions and two days of floor training with the outlets.”
“The students receive Rs 5000 per month for the nine months of internship at the outlets. The outlets also reimburse them with Rs 200 per day during the two day on the job training, which is apart of the 15-month schedule,” adds Mr Chaturvedi.
“The Post Graduate Program in Retail Management at Welingkar is a 2-year full-time management program. The first year comprises of 3 trimesters followed by the first project for 3 months. The second year comprises of 2 trimesters followed by 2 projects of 3 months each,” informs Ms Shobha Rajkarne, Professor of PGPRM at Welingkar.
Eligibility
The eligibility criteria are similar to the standard MBA criteria comprising of good academics and over all past performance of students.
“Work experience is optional but it does act as a value addition with respect to the student’s probability for admission after the regular selection procedure,” says Mr Chaturvedi.
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Selection
At most B-schools the procedure of selection is quite similar. The differentiating factor between the processes is the difficulty levels and the way of conducting the process.
However at MICA similar things are done differently. As Mr Trivedi elaborates, “We have a written test called MICAT. Subsequent to the test we have a group exercise, wherein we gauge the skills of a student over and above the written test. In the group exercise students are given a situation along with options. According to their judgment they need to prioritize the option individually, it is then followed by an open discussion. The group has to reach a common consensus on basis of the priorities through discussion. After the group exercise we have a personal interview to know more about the students with respect to their attitude and aptitude for the course.”
The selection procedure at Welingkar is elaborate. The system not only includes a written test followed by a group discussion and personal interview; it also involves a psychometric test in order to choose the most appropriate students for the course.
Industry association
Retail chains like Pantaloon Retail India Limited are in search of talent, tailored particularly to their requirements. The increased competition in the retail sector has led to a surge in demand of trained personnel, which has further led to corporate and B-school tie ups.
The institutes IISWBM, IILM, K.J Somaiya and Welingkar have launched a course in Retail Management in association with retail chain Pantaloon.
“It’s a joint venture wherein Pantaloon is going to provide our college with faculty for lectures related to retail. Along with that the students will have an internship of three months at Pantaloon in the first year and six months in the second year. A stipend for these nine months will be provided by Pantaloon to the students,” reveals IISWBM’s Mr Gairik Das.
“The highlight of the programme is that Pantaloon will be offering all the students a job on successfully completing the course,” he adds.
Welingkar too has partnered with Pantaloon even after having a retail specialization in the standard MBA programme. The specialization in retail is like any other specialization of finance, marketing etc. Ms Rajkarne, explains the reason behind starting the special programme “The course offered in association with Pantaloon is a special course under which the students have to intern with Pantaloon during the course. Once the students successfully complete the course they are assured of a placement at Pantaloon. But if they wish they can turn down the offer and choose to work else where.”
“The students are guaranteed of a job with Pantaloon but they have the freedom to decline the offer at the end of two years. In such a situation the institute is not responsible for their placement. But so far no student has expressed a desire of declining the offer,” says Mr Srinivasan, PGPRM Coordinator at K J Somaiya.
The institutes as well as the students seem content with the idea of getting placed with the numero uno retailer in the country.
According to Mr. Kunal Poanda, PGPRM student at Welingkars “The tie up with Pantaloon provides a great opportunity for students in terms of an industry exposure while interning with Pantaloon along with receiving conceptual knowledge through classroom sessions”
“Doing this course also gives students a job guarantee with Pantaloon, one of the best retailers in the country, at the end of two years. The pay package at the end of the course solely depends on your individual performance, but work experience does play a key role”, supplements Kunal.
A noteworthy aspect is how much value additions are these courses providing to students? Are they really offering anything different from the existing MBAs? Or is it just old wine in a new bottle?