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
- Develop rapport and make connections with the retail team and customers.
- Set and track retail goals and objectives.
- Manage overall day to day operations of the store, including hiring, reviewing, and employee scheduling.
- Assist in planning annual or specific budgets.
Retail Store Manager Job Listings
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Popular Employer Salaries for Retail Manager
Dominating the field, Wal-Mart Stores, Inc, Target Corporation, Dollar General Corporation, Dollar Tree Stores Inc, and Best Buy are top firms with a reputation for hiring a great number of Retail Managers. For Retail Managers, comfortable salaries can be found at CVS / Pharmacy; in fact, median earnings sit around $67K, the highest in the area. Best Buy, Cracker Barrel Old Country Store, and Macy's, Inc. also offer top salaries for Retail Managers. Workers at these firms can expect to earn about $62K, $52K, and $51K, respectively.
Lowe's Home Improvement Inc., Dollar General Corporation, and Sodexo, Inc. also rank near the bottom for pay, handing out $40K, $40K, and $42K-paychecks on average.
Popular Skills for Retail Manager
Retail Managers seem to exploit a large range of skills on the job. Most notably, skills in People Management, Sales Management, Operations Management, and Team Leadership are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Microsoft Word, Customer Service, and Retail. Most people experienced in Customer Service also know 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 do not generally earn higher incomes from more experience in the field. The average worker who claims fewer than five years of experience earns around $35K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $39K. Retail Managers see a median salary of $44K after reaching one to two decades on the job. Ultimately, more time spent in the workforce does seem to translate to bigger paychecks; seasoned veterans with more than 20 years of experience report a median income of $50K.
Pay Difference by Location
For Retail Managers, working in the bustling city of Boston has its advantages, including an above-average pay rate. Retail Managers will also find cushy salaries in San Francisco (+30 percent), New York (+24 percent), Houston (+23 percent), and San Diego (+22 percent). Miami is home to the smallest salaries in the field, lagging the national average by 18 percent.