The museum shop

Jayne CartwrightThe Charity Retail Consultancy

Introductions

Increasing your museum’s profitability in 12 easy steps

What is profit?

• The income returned to the museum after all costs are accounted for

• Creating a profitable operation is the key reason for museum shops’ existence

1. Mission and goals• What are your museum’s values,

beliefs and mission?• Do you maximise these to support

and define your retail goals?• Develop your compelling cause• Stand out from the crowd• Develop corporate partnerships• Use print, TV, radio, social media

2. Research• When did you last conduct market research? • Who is your ideal customer? • What do they want from you? • What can they do for you? • How do you respond to high street changes?• Do you respond to customers’ changing needs? • Do you collect qualitative and anecdotal

information?

3. Positioning•Product•Price•Presentation• Service

4. Right people in the right places

Does your staffing structure reflects your needs?Are you confident in the abilities, numbers and motivation of your staff team?Are operational plans shared across the teams?

5. Range planningConstruct your range to suit your customer Focus on the bottom lineDo you have sufficient products and categories available? Shop floor analyses and checklistsStock rotationCalendar of eventsPromoting museum events via the shop

6. Operational reviewsData analysis: understand your average pricesnumber of items sold,peak and quiet periodsMarginsMystery shoppers

7. Minimise lossesAt times of austerity fraud occurs more frequentlyInternally:• Shop audits, shop checks• Prosecute and publicise your actions• Remind staff of the difference they make to the

museumExternally:• Work with the police and neighbouring trader• Eliminate dark spots, invest in equipment • Be vigilant but be safe

8. Location and channels•Where are your customers?•What are your options:

Permanent storePop-up storesOn-line?

9. Engage your customers – new and existing

• Attract• Convert• Retain • Recommend

10. Stock management

•Who are your suppliers?•Manage the relationship•Manage the logistics:• Inbound transportation• Storage

11. Back office

• Human Resources• Finance• Estates• IT

12. Network

• People – your staff and customers - are your most valuable asset - ensure they value you and they are a positive influence on their networks

Thank you for listening, and any questions?

Jayne@thecharityretailconsultancy.co.uk

@JayneCartwright