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Retail Store Management

Notes
key sales information which feeds into staffing costs. The Financial Manager will be
consulted when problems arise with these systems and will take responsibility for decisions
which have to be made. They will be responsible for data protection and computer security.
The team of managers within the store are not there all of the time, particularly when
there is late opening. From time-to-time, therefore, the Financial Manager takes
responsibility for the whole store, dealing with operational problems wherever they
arise within the store, such as a customer problem, a distressed member of staff or a stock
issue. The Financial Manager takes joint responsibility for legal requirements within the
store, such as temperature issues, pricing issues, hygiene and waste disposal.
Problem Solving
Problem solving is not just about day-to-day issues. It also involves understanding the
complex relationship between variables so that the Financial Manager can respond flexibly
to locally-based issues and problems as and when they arise. This may include feasibility
issues, such as advising about the costs and benefits of working on Sundays, which may
require considerable research and planning. The Financial Manager may also advise about
general opening times.
Acting as an Auditor
The Financial Manager acts as an internal auditor responsible for many different areas
within each store. Every year, the store will be audited by the Company’s internal audit
team from Head Office. The Financial Manager will therefore develop an audit trail for
key issues which show the paperwork and procedures followed in responding to a
particular problem to prove the integrity of the Company’s procedures.

Conclusion

The Financial Manager has a vital role which impacts directly on the activities of the
Commercial and Personnel team. It is a very varied role, involved in every area of operation.
Financial Managers are sometimes called the ‘conscience of the store’. Their work involves
helping to develop better practices and improving the ways in which Marks & Spencer’s
stores serve their customers.
Questions:

1. Analyze the case and interpret it.
2. Write down the case fact.
3. What do you conclude from it?

Source: http://businesscasestudies.co.uk/marks-and-spencer/financial-management-in-a-retail-setting

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