Retail Management

A retailer is an agent who links the manufacturer and the final consumer. He or she is involved in buying,grading and selling of the products.

Importance of retail management

1. It makes it easy for customers to get their desired merchandise due to proximity of the retail stores.
2. It ensures efficiency and no commotion and chaos while shopping.
3. It minimizes shop lifting due to close monitoring of clients while shopping.
4. It breaks the bulk as producers sell in small quantities.
5. Ensures prices are stable as the retailers hold manufacturers stock, creating stability in the availability of products.
6. Customers are able to access facilities such as home delivery and credit.
7. The retailers are located in critical areas making accessibility easy.
8. To ensure effective retail management, the retailers should;
9. Keep good records of the stocks for good inventory.
10. Plan the store layout well.
11. Organize and categorize the items according to sizes, uses and brands.
12. Allocate a code to each item for ease in tracking.
13. Label the shelves for the customers to locate the items easily.
14. Categorize similar products into small groups. This facilitates client self-service.
15. Serve customers fast and in an appropriate way.
16. Ensure there is enough stock in the store.
17. Keep the store clean
18. Carry out training and development of the employees.
19. Track the cash flow daily.

Retail management challenges.

1. Cost of adopting new technology is high.
2. New entrants into the market lead to increased competition and price wars.
3. Acquiring, retaining and growing talent is difficult.
4. Innovation and competitive advantage is vital in retail though hard to get.