Senior Buyer, Retail Salary
With between two-thirds and three-fourths of Senior Retail Buyers in the United States reporting more than 10 years of experience in the field, this area is heavily weighted toward experienced professionals. Pay ranges from $46K to $125K per year and averages out to $75K annually. Career length is the biggest factor affecting pay for this group, followed by geography. Women Senior Retail Buyers who took the survey just slightly outnumber men. Job satisfaction is reported as high by the vast majority of workers. Medical benefits are awarded to a strong majority, and a little less than half earn dental coverage. This report is based on responses to the PayScale salary survey.
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
- 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.
- 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.
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Pay by Experience Level for Senior Buyer, Retail
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Senior Retail Buyers, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Relatively untried employees who have less than five years' experience make $54K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $68K. Senior Retail Buyers who work for 10 to 20 years in their occupation tend to earn about $82K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $85K.