Avg. Base Salary (USD)
The average salary for a Retail Store Owner is $60,035 in 2023
What is the Pay by Experience Level for Retail Store Owners?
An early career Retail Store Owner with 1-4 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of $50,000 based on 19 salaries. A mid-career Retail Store Owner with 5-9 years of experience earns an average total compensation of $41,500 based on 5 salaries. An experienced Retail …Read more
What Do Retail Store Owners Do?
Retail store owners usually fall into one of two categories. Either they are a franchisee or an independent store owner. The freedom allowed between the two varies vastly. As a franchisee, owners pay a substantial amount of money to a parent company in exchange for opening and operating a retail location. Franchisees have little decision-making power when it comes to inventory, items for sale, advertising, sales, and general operations. Independent retail store owners open on their own, …Read more
- Ensure compliance with licensing, taxation, and insurance regulations and completion of required paperwork.
- Develop and execute store's business and marketing plans and manage store finances.
- Oversee acquisition of store merchandise, communication with suppliers, and design displays.
- Hire, train, and supervise store employee team.
How do Retail Store Owners Rate Their Jobs?
FAQs About Retail Store Owners
What is the highest pay for Retail Store Owners?
Our data indicates that the highest pay for a Retail Store Owner is $123k / year
What is the lowest pay for Retail Store Owners?
Our data indicates that the lowest pay for a Retail Store Owner is $30k / year
How can Retail Store Owners increase their salary?
Increasing your pay as a Retail Store Owner is possible in different ways. Change of employer: Consider a career move to a new employer that is willing to pay higher for your skills. Level of Education: Gaining advanced degrees may allow this role to increase their income potential and qualify for promotions. Managing Experience: If you are a Retail Store Owner that oversees more junior Retail Store Owners, this experience can increase the likelihood to earn more.