Retail managers are responsible for delivering sales targets and a positive experience to customers that will encourage repeat custom and loyalty to the brand / business. It is a diverse role that includes leading and developing a team to achieve business objectives and work with a wide range of people, requiring excellent communication skills. Maximising income and minimising wastage are essential to the job and therefore individuals must develop a sound understanding of business and people management principles to support the achievement of the vision and objectives of the business. Retail managers champion the way for personal development, training and continuous improvement, encouraging their team to develop their own skills and abilities to enhance business performance and productivity.
Duration: 12 months minimum
What You Will Study
Knowledge and Understanding (Know it), Skills (Show it), Behaviours (Live it) in areas such as:
- Customer: Understand key drivers of customer journeys and how managing positive customer experiences increases sales, customer spend and loyalty, and the resulting financial impact on the business
- Business: Understand the vision of the business, its competitive position and own role and responsibility in the delivery of business objectives. Understand the market in which the business operates and how this impacts on the products / services it offers
- Financial: Understand the key drivers of profitable retail performance and the relationship of forecasting to the retail calendar; know how to analyse and use information for forecasting, and how to report on financial results. Identify the impact of different types of costs on the business and understand how to make effective use of resources
- Leadership: Understand different leadership styles used in retail businesses and when to use them effectively to motivate and inspire the team to do their best
- Marketing: Know the key factors influencing a marketing plan such as product launch and life cycle, pricing, discount and special offers and ways of marketing via physical and other media. Understand how own business has formed marketing plan and how own role can best utilise marketing strategies to address demand throughout the retail calendar
- Communication: Understand how to communicate and cascade information effectively at all levels and to a diverse audience. Know how to identify the information required for decision making, how it should be gathered and reported internally and externally
- Sales and Promotions: Understand how to set sales targets that are challenging but realistic and how to lead team members to achieve sales targets, maximising opportunities and reducing potential threats to sales across the retail calendar
- Products and Services: Keep up to date knowledge of product ranges, brand development, promotions, current and future trends. Understand how to analyse, interpret and share information and brief relevant stakeholders on products and services
- Brand Reputation: Understand the importance of upholding brand reputation, how brand reputation can become compromised and the impact on the business, and how threats can be managed. Identify the impact of social media on the industry and how it is used in own organisation
- Merchandising: Understand key features of merchandising and how these link with the business’ merchandising plan to achieve sales targets. Know the particular requirements of related activities such as seasonal peaks and troughs over the retail calendar year
- Stock: Monitor the stock management system to minimise the cost of damage to stock and the loss of stock to the business. Ensure audit compliance and react quickly to results to maintain business standards and stock requirements
- Technology: Understand the technology requirements of the business and how to manage them to achieve effective and efficient retail operations and service; identify commonly used and emerging technology in the retail industry and identify its current and potential impact on the business
- Developing Self: Identify a variety of ways to inspire and motivate team members, how to positively influence their approach to work and how to pass on knowledge and experience. Understand the importance of, and process for, ensuring team members’ and own development
- Team Performance: Know how to recruit, retain and develop the right people for the right roles. Know the key theories of performance management and how to apply them to retail teams using own organisation’s tools and protocols to support them
- Legal and Governance: Understand environmental, legislative, corporate, data protection and social responsibilities relating to retail businesses
- Diversity: Understand how local demographics impact on business, customers, staff and products and how this impacts the business policies on diversity and equal opportunities
How You Will be Taught
Employers will set their own entry requirements, but it is expected that the individual would have worked within a supervisory role to start on this apprenticeship standard.
What Can I Do Once I Have Completed the Course?
Progression from this apprenticeship would be into a retail store manager, senior retail manager, or area manager position.