Merchandise Planning Manager Salary
Job Description for Merchandise Planning Manager
The merchandise planning manager is a position that is often sought after by various companies in the retail industry. Most companies are looking for applicants that have a bachelor's degree. A few employers may be willing to consider applicants with a high school diploma or associate's degree as well. Most employers will require at least four years of experience in the retail industry, although some may require as many as seven years. The merchandise planning manager needs to be familiar with the Microsoft Office suite of products, especially Excel and Word. This is usually an indoor position unless the store the manager works for is outdoors, and the position usually involves quite a bit of walking throughout different departments.Read More...
The main responsibility of the merchandise planning manager is to improve and maintain inventory and planning, usually by helping create sales plans and keeping on top of inventory and margins. The planning manager will often be asked to forecast sales or to predict upcoming trends. They will often be meeting with other departments to collaborate on how to increase sales and to execute plans. They will need to be able to analyze sales data and graphs, as well as be able to understand business trends and calculate risks and oppurtunities as they arise. The merchandise planning manager may occasionally be asked to present their findings to the executive board. They will also be working with other employees under them, such as the merchandising department.
Merchandise Planning Manager Tasks
- Make decisions about what merchandise to buy based on past sales and current market trends.
- Monitor sales levels to identify sales opportunities and predict future sales.
- Meet financial objectives by deciding when to increase prices or put items on sale.
- Track the level of inventory compared to the number of sales.
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Pay by Experience Level for Merchandise Planning Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Although inexperienced employees take home approximately $83K, those who have five to 10 years under their belts benefit from a six-figure median of $102K. Merchandise Planning Managers claiming one to two decades of experience make an estimated median of $108K. People who have worked for 20 years or more actually report earning less than people who are in the middle of their careers; the veterans take home a mere $102K by contrast.
Pay Difference by Location
San Francisco is home to an above-average pay rate for Merchandise Planning Managers, 18 percent higher than the national average. Merchandise Planning Managers will also find cushy salaries in New York (+8 percent). Boston is the lowest-paying area, 12 percent south of the national average.