Essentially, Retail Managers are the head of personnel in a retail store. They plan, organize, direct, control, and evaluate the operations of establishments that sell merchandise or services on a retail basis. Retail Managers are employed by retail sales establishments or they may be self-employed, owning and operating their own store.
As it happens with most retail-based jobs, a Retail Manager main goal is to ensure that the store earns a profit from its operations, while ensuring customer satisfaction.
- Planning, directing, and evaluating the operations of establishments specialized in retail sales or of certain departments in such establishments:
- Managing the staff and assigning their duties;
- making sure all customer complaints are addressed and handled in a professional and efficient manner;
- determining staffing requirements and hiring or overseeing the hiring of staff;
- implementing price and credit policies;
- assessing items being sold in the establishment;
- ensuring the establishment has adequate inventory, that it is merchandised properly, and that it is clean and well-maintained;
- driving sales through effective use of the retail space;
- setting sales goals;
- overseeing and managing staff members in order to ensure daily sales targets are met;
- reviewing the establishment’s performance in order to assess sales targets, labour costs, and return on sales;
- reviewing and using the monthly profit and loss statements to achieve revenue and cost budgeting; and
- completing weekly, quarterly, and monthly sales reports and ensuring sales targets are met.
- Analyzing market research and trends to determine consumer demand, potential sales volumes, and the effect of competitors’ operations on sales:
- Determining new and existing merchandise and services to be sold;
- determining the sales potential and inventory requirements of products and services;
- monitoring customers’ preferences;
- locating, selecting, and procuring merchandise for resale;
- developing and implementing marketing strategies (e.g. promotions, discounts, and sales);
- creating and implementing action plans in order to improve the store’s overall performance and maximize sales;
- projecting sales and determining the profitability of merchandise and services;
- developing and carrying out plans to acquire new customers (e.g. through direct sales techniques, cold calling, and business-to-business marketing visits);
- implementing feature displays and special events in the establishment;
- keeping up-to-date on the latest marketing and industry trends, as well as the competition’s activities; and
- understanding the local market and working to determine business growth opportunities.
- Working alongside other departments (e.g. Sales, Marketing, Operations, and Research) and managers in order to apply the best marketing strategies:
- Providing feedback to management and employees on marketing initiatives, customer trends, and product testimonials.
- Ensuring that all employees adhere to the company’s health, safety, and security policies and procedures.
- Resolving customer complaints regarding sales and service.
- Preparing budgets and approving expenditures.
- Monitoring customer preferences to determine the focus of sales efforts.
- Analyzing sales statistics.
- Applying discount rates or special pricing plans.
- Creating plans to acquire new customers.
- Managing, training, and overseeing staff.
The average Retail Manager salary is $41,430 per year or $21 per hour. This is around 1.3 times more than the Median wage of the country. Entry level positions start at $29,000 while most experienced workers make up to $58,000. These results are based on 1,677 salaries extracted from job descriptions.