by Mays Business School

While many people may not see the direct correlation of a Retail Manager and being an Entrepreneur, the two are close in the same.  A Retail Store Manager is normally the individual that oversees the daily operations of a retail establishment, they over see many employees and have a responsibility to make them successful in their responsibilities and making sure that the customers have a good experience. As you read this just keep asking yourself “Are Retail Store Mangers the next Entrepreneurs?”

A Few Duties you may know

A few duties that you may be aware of are hiring, firing and daily maintenance of employees in their building, which includes making sure that each employee, is adequately trained to fulfill their job requirements. They are also training, coaching and building a team that inspires each other to succeed in their daily, monthly and yearly goals; whether it be the janitor or the Assistant Store Manager, the Retail Store Managers are the leaders in the store. Retail Store Managers are also responsible for inventory levels, customer service, and conferring with higher ups on any obstacles their team may be facing that is out of their control.

A Few Traits and Qualities

Superb Marketing Skills
Excellent Public Relations Skills
Positive Attitude, Great Enthusiasm and unmatched work flexibility
Normally willing to travel for future opportunities
Have a broad knowledge on business, merchandising and marketing
Superior Leadership and Interpersonal Skills

Training and Educational Requirements

The training and educational requirements for Retail Store Managers vary greatly based on the company they are looking to obtain employment from.  The good news is that many Retail Store Managers were able to start their career with as little as a high school diploma, although this entices the retailer to provide a much lower compensation plan; but allows the retailer to train them as they see fit. While this may seem bad, it does give the individual a “foot in the door” to get the much needed experience and guidance they will need to fulfill future aspirations. There are some big “box” retailers that require their Retail Store Managers to have college degrees that need a focus on marketing, finance, business or Human Resources. So could Retail Store Managers be the next Entrepreneurs that the world is looking to help us?

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The Retail Management Salary

As with many other companies there is no “set” pay for a title, the Retail Store Manager is no exception to this mentality. Some of the factors that could influence a Retail Store Managers compensation plan could be:

The size of the “box” that they will be managing
Their educational Background
Their expertise or specialty
How many years of experience they may have in the specific field
The location of the Store or business

To give you some of an idea on the pay scale or expectations for a Retail Store Manager

Entry Level – no experience – no schooling – 18,500.00 to 28,500.00
Experienced with some years and some schooling – 32,500.00 to 62,000.00
Top Level with 5+ years and a specialized degree – 62,5000.00 to 100,000+

There are some Retail Store Managers that start with a company and from day one they started at the bottom, worked their way up and took on new responsibilities and challenges. While many companies have mixed feelings about this, the loyalty individual to one company is a dying breed, they will soon be extinct. Like many other opportunities in life the more you know, that you actually put to use and become profitable, you will be compensated more.

In Today’s World to Save a Dollar

While many individuals look at the “experienced” Retail Store Manger salary and just wish for the opportunity. They should know that many times today when companies are looking for replacement Retail Store Managers they are looking to see how cheap they can obtain their services for, we are in that type of environment right now. While the previous Retail Store Manager may have been compensated 48,500.00 plus a company car, the retailer is looking to reduce expenses to become more profitable. This is a common practice right now; there is no set pay for these positions so while the previous Retail Store Manager and the new Retail Store Manager may have the same qualifications, there will be different pay. The biggest expense to any company is the payroll then their utilities, it’s really hard to control utilities but as you have turnover you can control the payroll.

So are Retail Store Managers the next Entrepreneurs?

Retail Store Managers go through year of team building, problem solving, team work, accountability and the ability to adapt to changes within minutes. They understand and enact the mentality that “it doesn’t matter if you are the president or the janitor. If the business goes belly up, you’re out of work” – author unknown.

So next time you see a Store Manager don’t count them out of the Entrepreneur World – they have the traits, passions, training and desire to win that you and I have.

Related Retail Articles

by Mays Business School

While many people may not see the direct correlation of a Retail Manager and being an Entrepreneur, the two are close in the same.  A Retail Store Manager is normally the individual that oversees the daily operations of a retail establishment, they over see many employees and have a responsibility to make them successful in their responsibilities and making sure that the customers have a good experience. As you read this just keep asking yourself “Are Retail Store Mangers the next Entrepreneurs?”

A Few Duties you may know

A few duties that you may be aware of are hiring, firing and daily maintenance of employees in their building, which includes making sure that each employee, is adequately trained to fulfill their job requirements. They are also training, coaching and building a team that inspires each other to succeed in their daily, monthly and yearly goals; whether it be the janitor or the Assistant Store Manager, the Retail Store Managers are the leaders in the store. Retail Store Managers are also responsible for inventory levels, customer service, and conferring with higher ups on any obstacles their team may be facing that is out of their control.

A Few Traits and Qualities

Superb Marketing Skills
Excellent Public Relations Skills
Positive Attitude, Great Enthusiasm and unmatched work flexibility
Normally willing to travel for future opportunities
Have a broad knowledge on business, merchandising and marketing
Superior Leadership and Interpersonal Skills

Training and Educational Requirements

The training and educational requirements for Retail Store Managers vary greatly based on the company they are looking to obtain employment from.  The good news is that many Retail Store Managers were able to start their career with as little as a high school diploma, although this entices the retailer to provide a much lower compensation plan; but allows the retailer to train them as they see fit. While this may seem bad, it does give the individual a “foot in the door” to get the much needed experience and guidance they will need to fulfill future aspirations. There are some big “box” retailers that require their Retail Store Managers to have college degrees that need a focus on marketing, finance, business or Human Resources. So could Retail Store Managers be the next Entrepreneurs that the world is looking to help us?

]]>

The Retail Management Salary

As with many other companies there is no “set” pay for a title, the Retail Store Manager is no exception to this mentality. Some of the factors that could influence a Retail Store Managers compensation plan could be:

The size of the “box” that they will be managing
Their educational Background
Their expertise or specialty
How many years of experience they may have in the specific field
The location of the Store or business

To give you some of an idea on the pay scale or expectations for a Retail Store Manager

Entry Level – no experience – no schooling – 18,500.00 to 28,500.00
Experienced with some years and some schooling – 32,500.00 to 62,000.00
Top Level with 5+ years and a specialized degree – 62,5000.00 to 100,000+

There are some Retail Store Managers that start with a company and from day one they started at the bottom, worked their way up and took on new responsibilities and challenges. While many companies have mixed feelings about this, the loyalty individual to one company is a dying breed, they will soon be extinct. Like many other opportunities in life the more you know, that you actually put to use and become profitable, you will be compensated more.

In Today’s World to Save a Dollar

While many individuals look at the “experienced” Retail Store Manger salary and just wish for the opportunity. They should know that many times today when companies are looking for replacement Retail Store Managers they are looking to see how cheap they can obtain their services for, we are in that type of environment right now. While the previous Retail Store Manager may have been compensated 48,500.00 plus a company car, the retailer is looking to reduce expenses to become more profitable. This is a common practice right now; there is no set pay for these positions so while the previous Retail Store Manager and the new Retail Store Manager may have the same qualifications, there will be different pay. The biggest expense to any company is the payroll then their utilities, it’s really hard to control utilities but as you have turnover you can control the payroll.

So are Retail Store Managers the next Entrepreneurs?

Retail Store Managers go through year of team building, problem solving, team work, accountability and the ability to adapt to changes within minutes. They understand and enact the mentality that “it doesn’t matter if you are the president or the janitor. If the business goes belly up, you’re out of work” – author unknown.

So next time you see a Store Manager don’t count them out of the Entrepreneur World – they have the traits, passions, training and desire to win that you and I have.

Related Retail Articles