The top three strategies museum stores use to help increase profits include implementing inventory controls, setting pricing controls and modifying store merchandise buying habits, according to responses reported in the recently released 2009 MSA Retail Industry Report from the Museum Store Association.
For the first time, the Report explores best practices in areas such as sales growth, marketing and merchandising. For example, stores reporting sales increases are significantly more likely to focus on inventory controls than those reporting sales declines. Similar correlations are examined between sales / profitability and other factors, such as store hours, recency of store renovations, sales goals, changes in the number of vendors used and the number of items for sale.
“Shortly after I first got into this business, the 2004 edition of the MSA Retail Industry Report was a godsend that helped me benchmark my store’s performance against comparable institutions. If you don’t have the 2009 edition yet, get one. It is an invaluable tool for the store manager whose boss may not understand the nuances of cultural commerce,” said John Lemke, store manager at the Wisconsin Historical Society.
The 140-page report is based on more than 400 completed surveys and identifies key financial, operations and staffing benchmarks. Statistics include average inventory, visitors per square foot, gross margin and employee salaries all broken down by museum type and annual revenue.
“Museum store managers need to know where they stand compared to their peers – today more than ever,” emphasized MSA President Meta Devine. “As a leader in the specialty retail industry, MSA believes it is critically important to identify benchmarks and share the strategies successful stores are using.”
The 2009 MSA Retail Industry Report is now available and retails for $249 for MSA members ($349 for non-members)
The 2009 MSA Retail Industry Report was brought to you in part by the following industry supporters: Champion Level – Andoniadis Retail Services, and Supporter Level – New York International Gift Fair and PartnerShip.
Contact:
Tina Eichner
Museum Store Association
4100 E. Mississippi Ave, Ste. 800
Denver, CO 80246
(303) 504-9223 x14
teichner@museumstoreassociation.org
http://www.museumstoreassociation.org
