Top 10 Highest Paying Retail Jobs 2024 (Inc Salaries)
Discover the top 10 highest paying retail jobs for 2024, including salaries and hourly wages. See which retail positions offer the best pay in the industry.
It's true that dealing with difficult customers and being on your feet almost all the time makes working in retail physically and emotionally exhausting. However, the common knowledge that this industry only pays minimum wage and offers no hope for career development is a huge misconception.
A survey conducted in 2023 even showed that 34% of retail workers want a salary increase. The truth is that 66% of those retail workers were satisfied with their wages.
Not only that, but there are also many opportunities for a long-term, rewarding, and high-paying retail career with the right work environment and company culture. In fact, average annual wages for the best retail jobs can reach upwards from USD 100,000 or USD 60 per hour.
And if you don't excel in academics, no need to worry! You can get hired for best paying retail jobs even with a high school diploma or associate degree.
If you have a knack for engaging and serving people, you might find fulfillment in the land of retail, which offers a unique blend of benefits. All you need to do is work hard and be open to possibilities.
If you’re still not convinced, let’s look at some of the highest- paying retail jobs available for you in 2024.
Top 10 Highest Paying Retail Jobs 2024 (Inc Salaries)
1. District Loss Prevention Manager
One of the highest paid retail positions, loss prevention managers protect a company by preventing or minimizing the loss of its assets while also increasing profits. They implement company policies against fraud, shoplifting, and theft.
Depending on the retail location, you can be an area, district, or regional loss prevention manager. Regional managers are in charge of a larger scope.
In case of loss or theft, they participate in investigations or in confronting persons of interest. Then, action plans and strategies are developed, or existing ones are modified to prevent such incidents in the future.
BLS categorizes this position under management occupations. According to them, the projected overall employment in management occupations will grow faster than the average for all occupations from 2022 to 2032, with about 1.1 million openings per year.
You will need at least a General Education Development (GED) certificate, a high school diploma, or an equivalent for a loss prevention manager position.
Some companies may also require an associate's or bachelor's degree in business, criminal justice, etc.
Two or more years of experience in security, loss prevention, or management is ideal. Most positions may also require training or certifications like a Certified Protection Professional (CPP) certificate.
Proficiency in computer software for administrative work and knowledge of operating security system technologies is a plus.
A District Loss Prevention Manager earns an average salary of USD 106,346 annually.
2. Purchasing Manager
A purchasing manager studies and carefully selects what and how many of each item gets to each rack.
He oversees the procurement process, screen suppliers, and coordinate with them. He also evaluates offers to get the best deals for their employer's product and work out delivery schedules.
In addition, he develops the company's procurement policies, study sales records, keep inventory in one location, and stay updated with changes in supply and demand. Lastly, he is also responsible for hiring and training new purchasing staff.
The US Bureau of Labor Statistics projects that the employment of purchasing agents, buyers, and purchasing managers could decline by 6% from 2022 to 2032. However, an average of about 45,000 purchasing positions are still expected to open annually over the decade.
To become a purchasing manager, five years or more of work experience in procurement is necessary. A high school diploma may be enough for some, but many businesses require a bachelor's degree in finance, business, or supply management.
You might also need certifications like CPP, Certified Supply Chain Professional (CSCP) credential, and Senior Professional in Supply Management (SPSM) certification.
On average, a Purchasing Manager earns an annual salary of USD 83,224
3. Retail Franchise Development Coordinator
A retail franchise development coordinator oversees franchise applications to new franchise applicants and owners. They represent the company and may seek out potential franchise owners as well.
Being a retail franchise development coordinator may require an associate degree or equivalent, proficiency in an area of discipline, one or more years of relevant experience with a franchise company, and additional specialized training and certification.
A bachelor's degree in communications, business, social science, or related fields will also benefit you. For managerial positions, you need a master's degree in human resources management, training and development, organizational development, or business administration (MBA).
BLS classifies this position under Training and Development Managers. The employment for this cluster of jobs is projected to grow 6% from 2022 to 2032, which is faster than average for all occupations.
This means there will be an average of 3,500 job openings yearly.
Retail Franchise Development Coordinators make an annual median wage of USD 80,510.
4. Retail Account Manager
Retail account managers are in charge of maintaining businesses and maximizing the profits of every retail account under them.
They maintain a positive relationship between a manufacturing company or supplier and the retailer that sells the products.
Retail account manager job duties include strategic account planning such as setting profit and revenue targets. They also identify potential store branches that could carry their company’s product or negotiate with those that sell competitor products.
BLS classifies this position under sales managers, whose employment is projected to grow 4 percent from 2022 to 2032, with an average of 43,000 openings expected each year.
Most retail account managers have at least 1 to 5 years of work experience in other related positions, such as a retail salesperson, purchasing agent, or sales representative.
A bachelor's degree is typically required, but some retail employers only require a high school diploma or equivalent. Having a background in management, finance, business law, accounting, statistics, and marketing is preferred.
A Retail Account Manager earns an average of around USD 69,388 per year.
5. Retail Store Manager
While the retail account manager maintains the supplier-retailer relationship, the retail store manager acts as the liaison officer between the customers and the retail staff. Retail store managers oversee the operations in-store and ensure that all guidelines and protocols are being observed.
They are responsible for addressing customer complaints and making appropriate decisions based on company policies. They also hire new staff and supervise on-the-job training.
The BLS categorizes retail store managers under business operations managers and projects a 4.2 percent employment increase for the position between 2022 to 2032. Within the decade, there are an estimated 147,300 job openings.
To become a retail store manager, you need a bachelor's degree in business administration, marketing, or a related field.
Having a master's degree in the same areas and an up-to-date Retail Management Certificate can also be a great advantage.
You may also need to complete special certification requirements if you plan on managing stores that sell hot food, tobacco or alcohol, states may also have certain certification requirements.
Enrolling on an online MBA program will provide you a competitive edge when applying for this position.
According to BLS, Retail Store Managers in the US make an average annual salary of USD 58,040.
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6. Apple Genius
Apple Genius employees offer technical support, troubleshooting and repair services, and assistance for customers to make the most of their Apple products, like iPhones, iPads, and Macbooks.
They ensure customer satisfaction by recommending devices that fit specific needs, lifestyles, and interests.
There are several roles in the Apple Genius Bar, ranging from Specialist to Expert, up to Business Pro. These Apple product experts cater to professionals, entrepreneurs, communities, and individuals through their technical knowledge and skills.
BLS classifies Apple Genius positions under computer support specialists, a sector that is projected to grow 5 percent from 2022 to 2032.
This means that there will be approximately 66,500 job openings every year in this industry.
A high school diploma and relevant work experience is enough to land an Apple Genius position.
However, an associate, bachelor's, or master's degree in Information Technology (IT) or business administration can speed up your promotion to the Pro levels.
More than the educational background, knowledge in technology is the employer’s main consideration, so it’s important that you’re technology savvy and preferably experienced in customer service, information and communications technology, and sales.
Apple provides its own rigorous Genius Training focused on teaching all the skills and knowledge you need, so being a fast and willing learner will give you an edge.
An Apple Genius earns an average annual salary of USD 56,891, with most stores paying at least USD 20 per hour for entry-level positions.
7. Customer Service Manager
A customer service manager or customer support manager oversees a company or store’s customer service department.
They hire, train, and teach representatives. They are also responsible for creating and implementing policies and objectives in coordination with administrative management.
Customer services fall under the category of Training and Development Managers.
BLS predicts that the employment for these positions will grow 6 percent from 2022 to 2032, with 3,500 job openings estimated each year.
On the other hand, the employment of customer service representatives is projected to decline by 5 percent in the same period. However, it will still produce about 373,400 job openings per year.
Typically, one should have a bachelor’s degree, preferably in business administration, to become a Customer Service Manager. A background in management, finance, and administrative functions is another plus.
As for experience and training, five to ten years as a customer service supervisor, team leader, or representative will likely land you a managerial position. You must also have excellent communication, problem-solving, and negotiation skills.
8. Sales Associate
A sales associate drives the sales of services or products through suggestive selling, customer engagement, and showcasing product expertise.
In a department store, they usually do what a cashier does, such as processing payments, monitoring inventory, and restocking shelves.
Sales associate positions are among entry-level retail jobs that focus on helping customers find what they need for specific concerns.
According to BLS, the overall employment of retail sales workers is projected to decline by 2 percent from 2022 to 2032.
Despite declining employment, about 563,000 job openings for retail sales workers are projected each year, on average, over the decade.
There are usually no formal education requirements for retail sales workers, but some employers prefer applicants with at least a high school diploma or equivalent.
Most sales associates then undergo their on-the-job training to learn more about the products or services they will sell.
More experience or higher commissions and earnings allow associates to advance into higher positions. After a few years, they usually end up with managerial or supervisory positions for which a college degree will serve them well.
9. Beauty Consultant
Beauty consultants do more than just sell beauty products such as makeup, skincare, hair care, body care, and cosmetics in Ulta or similar stores. They also consider their clients' skin tone, skin type, concerns, and preferences to suggest product options for their beauty supply or even do makeovers.
They are responsible for communicating and demonstrating product benefits and perks while being prepared to answer questions. Not only that, they also monitor sales, organize fun displays, manage inventory, and perform clerical duties.
The employment of skincare specialists, where beauty consultants fall under, is projected to grow 9 percent from 2022 to 2032. This means there is an estimated average of 12,400 job openings each year.
The basic requirement for a beauty consultant position is at least a high school diploma or an associate degree in business and extensive product knowledge.
Applicants should have pleasing personalities and excellent communication skills. Previous experience in retail or customer service and training as a beauty advisor, esthetician, or cosmetologist is a plus.
Beauty consultants typically earn a median wage of USD 41,246 per year.
10. Pharmacy Technician
Being a pharmacy technician is both a medical and retail job. They work under the guidance of pharmacists in dispensing prescriptions for customers or health professionals.
They also collect information for prescription forms, organize inventory, order supplies and medication, and direct customers to talk with pharmacists when needed. They also measure, package, and label medicines based on prescriptions.
Sometimes, pharmacy technicians may also serve customer service and cashier roles.
BLS projects the employment of pharmacy technicians to grow 6 percent until 2032. This rate means there will be about 44,900 openings for this position each year.
The usual requirements for pharmacy technicians include a high school diploma or equivalent or a post-secondary pharmacy technology program. Learning the ropes of the job often comes through on-the-job training.
Most states also have unique regulatory procedures for pharmacy technicians, typically requiring them to complete a formal training or education program or pass a qualifying exam.
Pharmacy Technicians make an average earning of USD 41,230 every year and an hourly wage of around $18-$20.
Aside from those mentioned here, the next high-paying retail jobs are retail cashiers, grocery clerks, Starbucks baristas, customer service representatives, and warehouse workers.
Working in retail is a challenging job, but it is necessary. You'd be surprised by what even entry-level jobs in retail could offer. With competitive pay, minimal educational requirements, amazing perks, and benefits, you can achieve the work-life balance you dream of.
However, if you really want to stand out, getting a BBA or MBA degree is the way to go. Nexford offers online courses to help you expand your career in retail, without ever having to leave your house.
Frequently Asked Questions (FAQs)
What is the highest paying job in retail in 2024?
A loss prevention manager position is the highest paying retail job in 2024.
Average annual salaries vary depending on the area, but according to Glassdoor, district loss prevention managers get paid the most, with an average yearly earning of USD 106,346 and a total pay range from USD 103,000 to USD 174,000.
According to the Bureau of Labor Statistics, what's the job outlook of retail jobs in 2024 and beyond?
US BLS projects that job openings for retail jobs, specifically retail sales workers, will decline by 2 percent by 2032. However, there will still be an estimated 563,000 job openings every year.
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Is retail a good career path?
Yes, retail is a good career path. However, the work experience and environment and job satisfaction varies greatly depending on the company that you’ll work for, so it’s important that you choose good retail stores that offer competitive pay and standard benefits, not to mention some exciting perks.
Here are some examples:
The Container Store provides benefits and employee discounts as well as paid time off, medical, dental, and vision benefits
CVS offers lavish, personalized well-being and health packages to their employees
Trader Joe's offers free tastings, store discounts, a health savings account, a retirement plan, paid time off, and performance-based bonuses and promotions.
Costco employees get multiple free store memberships
Patagonia gives paid time off, paid parental leave, health insurance, retirement plans, and an environmental internship program
Aritzia gives tuition reimbursements, health insurance, paid time off, a retirement plan, and dental and vision insurance
Saks Fifth Avenue offers paid time off and sick leaves, employee discounts, commuter benefits, and vision, dental, health, and life insurance.
Bergdorf Goodman, a store owned by the Neiman Marcus Group, provides full-time employees paid time off, health insurance, and retirement benefits.
Best Buy offers disaster and personal hardship relief pay, incentives, and employee discounts.
What skills or expertise is required for high-paying retail jobs?
The most helpful soft skills for high paying retail jobs are eagerness to help, a friendly and approachable attitude, teachability, resilience, good time management, and multitasking skills.
On the other hand, useful hard skills include in-depth product knowledge, proficiency in MS Office applications, excellent communication skills, basic math and cash handling skills, and physical fitness.
If you want to know if you have the skills it takes to excel at the retail industry, Download Our Free Report here.
What qualifications are required for high paying retail jobs?
Most high-paying retail jobs call for at least a high school diploma, associate degree, or bachelor's degree in business administration or related fields. However, what sets an applicant apart is their ability to learn the working systems and policies quickly and sufficient knowledge about the products and services.
Why is it beneficial for retail professionals to gain a BBA/MBA degree?
Getting a BBA/MBA degree gives a retail professional an advantage. A BBA degree equips you with the foundational attitudes and know-how to perform well in the industry. Then, an MBA degree gives you advanced skills and knowledge for leadership roles such as strategic thinking, organizational management, and policy development.
If you want to know if you have the skills it takes to excel at the retail industry, Download Our Free Report here.
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