— Sam Walton, Founder Chairman, Wal-Mart
He went on to elaborate that it means:
- a wide assortment of good-quality merchandise;
- the lowest possible prices;
- guaranteed satisfaction with what you buy;
- friendly, knowledgeable service;
- convenient hours; free parking;
- a pleasant shopping experience.
This is what retail management is all about. Retail means providing a direct interface to the customers and coordination of business activities to sell your products/ services. These days multiple formats of retail stores are there from a small shop on the crossing to a big shopping mall open 24/7.
The operations and financial success of a retail store is the responsibility of Retail Store Manager. They supervise every aspect of the retail outlets and manage sales, staff, stock and resources. They are responsible for accurate promotions, proper merchandising and customer care. Also manage budgets and maintain records. They also have to ensure compliance with the laws. They have to prepare promotional materials and displays. Deal with customer queries and complaints, control stocks and pricing. Organize special promotions, displays and events and initiate activities to improve the business.