Career Information for a Degree in Retail Management and Merchandising
Retail management and merchandising is generally a major that discusses the management and marketing strategies for the retail industry. Continue reading for an overview of the training, as well as career and salary info for some job options for graduates.
Undergraduate degree programs are available in retail merchandising and management, retail management and fashion merchandising, or fashion merchandise management. The curriculum covers topics such as retail and business, international business, store management, promotions, e-business, financial accounting and textiles. Concentration areas may include buying and product management, fashion marketing, or store operations management. Master's degree programs are also available in this field, but many jobs are attainable with just a bachelor's degree.
|Career Titles||Retail Store Manager||Merchandiser||Purchasing Manager|
|Education Requirements||Bachelor's degree||Bachelor's degree||Bachelor's degree|
|Projected Job Growth (2012-2022)*||+8% for all sales managers||+4% for all purchasing managers, buyers, and purchasing agents||+4% for all purchasing managers, buyers and purchasing agents|
|Median Salary (2014)**||$41,270||$38,068 for retail merchandisers||$61,849|
Sources: *U.S. Bureau of Labor Statistics, **PayScale.com.
Retail managers oversee a store's operations and staff. Merchandisers use visual design strategies to improve the sales of products. Purchasing managers buy retail products that will be sold in stores. Most management positions in retail require candidates to hold bachelor's degrees, as well as possessing related work experience.
Retail Store Manager
A retail store manager is responsible for ensuring that a store operates efficiently and profitably and that its employees perform adequately. They are responsible for a store's sales and employee schedule, resolving problems that arise in the store and coordinating a store's activities. Some managers are in charge of a single department in a store. Others are identified as department store managers, where they are in charge of an entire store. Retail store managers may work at any type of store that sells products; professionals may choose to specialize by working at specific locations, such as electronics retailers, beauty supply shops, or clothing stores.
Merchandisers, sometimes called merchandise managers, are responsible for choosing looks and trends and matching colors for a product. They may supervise the purchase of products, but they're mainly concerned with the marketing of merchandise. Sometimes, they oversee a group of buyers or department managers.
These professionals work for retail stores and chains. They analyze customer spending habits and make forecasts about what types of products customers are more likely to purchase. They then start to buy those products from wholesale distributors. Purchasing managers try to get the best deals possible, because profits are significantly affected by how much purchasing managers pay wholesalers for each unit of product.
Job Outlook and Salary Statistics
The U.S. Bureau of Labor Statistics (BLS) predicted that open positions for sales managers in general would increase by 8% during the 2012-2022 decade. Projections for the same decade by the BLS show that new and open positions for purchasing managers, buyers, and purchasing agents, which could include merchandisers, would grow at a slower rate of only 4%.
According to September 2014 data from PayScale.com, retail store managers earned a median annual salary of $41,270, and the salary range for this career was listed as $28,278 - $62,469. Also in 2014, PayScale.com reported that the annual median salary for retail merchandisers was $38,068, and purchasing managers earned $61,849.