Right is on the Reorganize submenu of the Outline menu. Right moves the selected headline to the right (that is, down one level). When you move a headline right one position, all its subordinate headlines and documents move with it.
NOTE: If you move a headline to the right of a headline that has collapsed subheadlines, then those subheadlines are automatically expanded to show the new position of the moved headline. Hold down the option key while moving to the right of a headline with collapsed subheadline, to "hide" the headline. The subheadlines won't automatically expand to show the new position.