What is the Salary of a Retail Store Manager
With such high expectations placed on one individual, a question arises on the compensation for such a position. The salary of a retail store manager is dependent upon education level, experience, market conditions and the individual retailer.
Education Level
Depending on the retailer, the minimum educational requirements include a Bachelor's degree. Seeking higher education increased the chances of securing a higher salary. A degree with a concentration in business, business management or finance allows the applicant to use their education to better understand the constant issues associated with the retail industry. The salary for a retail manager with an advanced degree is approximately $50,000 per year.
Experience
Experience transcends into a respectable salary for a retail store manager. As a former retail store manager, I began with working for the largest retail organizations more than 15 years ago. I started out as an hourly employee and worked my way up to a salaried management position. Gaining experience means working with qualified, tenured colleagues. Partner with colleagues to form a mentor/mentee relationship.
An additional way to gain experience is taking advantage of training offered by the company. Major businesses tend to provide additional training on job specific tasks. When classes are available, show initiative and sign up first.
Market Conditions
Major metropolitan cities offer higher salaries than suburban and rural communities. Having worked in the Las Vegas market, retailers offer a cost of living increase to the yearly compensation. The increase ranged from 10 percent up to 15 percent. My compensation was $72,000 with the cost of living added into the equation. The retailers recognize the cost of goods in the particular area cost more and pay accordingly. Having worked in rural Michigan communities, my compensation ranged from $35,000 to $50,000.
The goal of a retail store manager is competitive compensation based upon qualifications. The right job for a particular skill set increases the chances of securing a career as a retail store manager. Throughout my retail store manager career, I have used all three tips in order to secure the maximum salary possible.
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Published by Richard Banks
Retail business manager turned professional writer. More than 15 years in the retail business management field. Four years of music and business college education with a concentration of management and leade... View profile
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