Retail Manager Salary
Job Description for Retail Manager
Retail managers are in charge of overseeing the operation of a retail store, including hiring and firing store employees, overseeing inventory, and managing customer service. The responsibilities of a retail manger vary depending on the size of the store. Many times, managers in small stores have a wider range of responsibilities than managers in larger ones. Managers of small stores typically control inventory and set prices; in some cases, they are in charge of deciding when inventory goes on sale. Large retail shops usually have computers track their inventory and do not have much control on pricing or sales; in these cases, it is the manager’s responsibility to ensure that the inventory is priced correctly.Read More...
Retail managers are in charge of hiring staff, and they are expected to review all job applications and conduct interviews. They also are in charge of securing the store during times store is not in operation. Managers also are responsible for securely storing or depositing store revenue.
While no college degree is needed for this position, an associate's or bachelor’s degree may help a store manager acquire necessary skills in business. Previous management and retail experience typically required.
Retail Manager Tasks
- Manage overall day to day operations of the store, including hiring, reviewing, and employee scheduling.
- Assist in planning annual or specific budgets.
- Develop rapport and make connections with the retail team and customers.
- Set and track retail goals and objectives.
Retail Store Manager Job Listings
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Popular Employer Salaries for Retail Manager
Known for taking on a considerable number of Retail Managers, Wal-Mart Stores, Inc, Target Corporation, Dollar Tree Stores Inc, Dollar General Corporation, and Best Buy are leading firms in the industry. The biggest paychecks can be found at Best Buy — the median salary there is $62K; however, employees are subject to a wide range in pay, with the lowest salaries sitting near $42K and highest ones in the neighborhood of $105K. Cracker Barrel Old Country Store, Macy's, Inc., and Bed Bath & Beyond Inc also offer top salaries for Retail Managers. Workers at these firms can expect to earn about $52K, $51K, and $51K, respectively.
Workers also receive paychecks lighter than average at Ace Hardware Store ($38K), Dollar General Corporation ($39K), and Lowe's Home Improvement Inc. ($40K).
Popular Skills for Retail Manager
Retail Managers report using a large range of skills on the job. Most notably, skills in People Management, Operations Management, Sales Management, and Team Leadership are correlated to pay that is above average. At the other end of the pay range are skills like Microsoft Word, Customer Service, and Microsoft Office. Most people skilled in Customer Service are similarly competent in Merchandising, Sales Management, and Operations Management.
Pay by Experience Level for Retail Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Retail Managers with a lot of experience do not necessarily enjoy more money. Respondents with less than five years' experience take home $34K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $39K. Retail Managers who work for 10 to 20 years in their occupation tend to earn about $44K. After two decades in the workforce, the average Retail Manager generally earns more than ever; median pay for this group is estimated at $50K.
Pay Difference by Location
For Retail Managers, busy Boston offers a higher-than-average pay rate, 34 percent above the national average. Retail Managers will also find cushy salaries in New York (+23 percent), San Diego (+22 percent), Orlando (+13 percent), and Austin (+13 percent). Denver is the lowest-paying area, 12 percent south of the national average.
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