Retail Management has become a very challenging job as the organisations are to face a rapidly changing socio-economic environment and to face stiff competition due to globalisation. Many universities in India have included retail management as a subject of study in the fields of Commerce at various levels.
Retail Management is universally relevant. The commerce curriculum is incomplete without a paper on retail management.
Important retail management concepts have been explained in simple terms. Charts and diagrams have been given wherever necessary.
Retail Management focuses on the entire organization from both a short and a long-term perspective. Management aims to increase the effectiveness of organizations.
The principles of retail management are flexible, not absolute, and must be usable regardless of perspective.
DEFINITION AND SCOPE OF RETAILING :
The word retail is derived from the French word retail, meaning to cut a piece off or to break bulk. In simple terms, it implies a first-hand transaction with the customer.
Retailing can be defined as the buying and selling of goods and services. It can also be defined as the timely delivery of goods and services demanded by consumers at prices that are competitive and affordable.
Retailing involves a direct interface with the customer and the coordination of business activities from end to end- right from the concept or design stage of a product or offering, to its delivery and post-delivery service to the customer. The industry has contributed to the economic growth of many countries and is undoubtedly one of the fastest changing and dynamic industries in the world today.
RETAILING PRINCIPLES In order to be sound, and effective, an organization must be governed by the following basic principles: 1. Clear definition of objectives and policies According to this principle of retail
Bibliography: Swapna pradhan, Retailing Management, Delhi, Tata McGraw-Hill Publishing Company Limited. Gibson g.vedamani , retail Management , Chennai, jaico publishing house Dr.harjit singh, retail Management, Delhi,s.chand WEB SITES : http://www.fibre2fashion.com/industry-article/free-retail-industry http://www.naukrihub.com/india/retail/top-companies/ http://www.thehindubusinessline.com