The store manager should have final say on pricing decisions. Though the store manager will work closely with the marketing manager to develop a pricing strategy, the decision belongs to the store manager. Another of the main responsibilities of the store manager is eliminating shrink, whether it is due to employees or customers. Shrink is any loss of product, whether it is damaged, defective, or stolen. Shrink is a major concern for the business, and as such is a major responsibility of the store manager.
While the store manager is not tasked with acquiring customers or luring them to the store, they are responsible for both their and their employees’ ability to close sales. Closing a sale is perhaps the most crucial stage of the business, as you can do everything right up until that point and still come away empty-handed. That means the store manager must effectively communicate with both employees and customers. These two types of interactions can be very different, so communication skills are important for the store manager.
Organization is another important skill for the store manager to have. Not only will strong organization help to eliminate shrink, it is vital for bookkeeping purposes. Invoices and sales receipts must be kept organized so that they can be handed off to the controller. The store manager must be able to execute the business’s strategy with respect to inventory, employees, and consumers, which is difficult without organizational skills.
Overseeing all departments of a retail store
The product line being sold to consumers
Who the competition is and how to create a competitive advantage