Management Strategies for Managing the Retail MarketNewspaper headlines often give a clue to the state of the economy on a daily basis. We hear worrying news on the radio and television daily about the rise and fall of the market and almost every website carries news about the impending gloom in the economy, both locally and globally. Businesses cannot hide from budget cuts and organizational restructuring and it is inevitable that any improvements will be in the interest of preserving the business. Even though many changes occur during the transformation; leaders and managers will have to learn to stick to quality that satisfies employees and the consumer community. In the retail industry, the economy drives certain changes within an organization. Businesses must use management strategies to support business growth and development while maintaining the ethos of leadership within their workforce through technology, training and communication. The economy has affected many businesses recently, but for any business to stay on top of its game; they must manage change and create innovations with grace and instinct. There are many classifications in the retail world that encompass the everyday goods that the consumer needs, wants and buys. Different roles are present and active when it comes to moving a product from design to manufacturing to retailer as a salable product. The ever-changing economy has affected the retail industry, including service companies that help product manufacturers gain representation to big-box retailers. One specific business that has been affected is Premium Retail Services. This third ...... middle of paper ......roquest.umi.com/pqdweb?did=1469075051&sid=2&Fmt=2&clientId=74379&RQT=309&VName=PQDIvancevich, J.M. (2007). Human Resource Management (10th ed.). New York, NY: McGraw-Hill/Irwin. Jones, G.R. and George, J.M. (2007). Essentials of Contemporary Management (2nd ed.). United States: McGraw-Hill Companies, Inc. Kanter, R. M. (1999). The enduring skills of change leaders. From leader to leader, n° 13 (summer 1999). Retrieved from http://proquest.umi.com/pqdweb?did=55614266&sid=4&Fmt=4&clientId=74379&RQT=309&VName=PQDPearce II, JA, and Robinson, RB, Jr. (2009). Strategic management: formulation, implementation and control (11th ed.). New York, NY: McGraw-Hill/Irwin Companies. Premium retail services. (2007). Premium Retail Services Guidance Manual. Chesterfield, MO. Velasquez, M.G. (2006). Business Ethics: Concepts and Cases (6th ed.). United States: Pearson: Prentice Hall.