Senior Buyer, Retail Salary
Senior Retail Buyers in the United States are often veterans in their line of work, with nearly three in four bringing more than 10 years of experience to the table. Salaries slide in at $74K annually on average but can range from $40K to $121K per year. Experience level is the biggest factor affecting pay for this group, followed by geography. Unfortunately, some people in this line of work are without benefits — just over a fifth lack coverage. On the flip side, a strong majority have medical insurance and just over two-fifths receive dental plans. Senior Retail Buyers survey participants are largely women, dominating at 63 percent. The majority of workers are highly satisfied with their job. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
|Salary||$44,500 - $107,500|
|Bonus||$450.00 - $32,500|
|Total Pay (||$40,075 - $120,805|
Job Description for Senior Buyer, Retail
Retail stores have a limited space for storage and displays related to the items they carry. This may be especially relevant for department stores and clothing retailers, where there are regular seasonal and style changes that need to be made. The senior retail buyer makes decisions about what items the retail store will buy to sell in its own floor space.The buyer must be aware not only of market trends throughout the industry, but his or her store's brand as well. The buyer typically consults market research data, and they may work with branding managers to ensure that all new merchandise fits with the store and its customers.Read More...
Retail buyers may also be used to assess brand strategy. They must be aware of which items are selling better than others and tailor purchasing strategy based on this data. Additionally, the senior buyer must maintain relations with vendors and wholesalers, as well as make sure the store gets prompt service to replenish stock in a timely manner.
To work as a senior retail buyer, a person typically must have some schooling after high school, such as a bachelor's degree in business or fashion design. Additionally, practical experience as an assistant or associate buyer in retail is often required, as the senior-level position is at a managerial level. Senior retail buyers typically split time working in an office, in a retail space, and in frequent job-related travel.
Senior Buyer, Retail Tasks
- Evaluate existing products and customers and seek new merchandise, and negotiate for the best price and quality.
- Request and evaluate bids, contextualizing products in line with overall brand.
- Assess and evaluate industry trends and sales, and provide analytics and forecasts to support decisions.
- Define requirements and timing for new merchandise purchasing and distribution.
Pay by Experience Level for Senior Buyer, Retail
Pay by Experience for a Senior Buyer, Retail has a positive trend. An entry-level Senior Buyer, Retail with less than 5 years of experience can expect to earn an average total compensation of $54,000 based on 48 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Senior Buyer, Retail with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $70,000 based on 16 salaries. An experienced Senior Buyer, Retail which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $79,000 based on 22 salaries. A Senior Buyer, Retail with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $82,000 based on 14 salaries.
Related Job Salaries
Key Stats for Senior Buyer, Retail
Rated 5 out of 5
based on 5 votes.