![]() ![]() What isn’t selling is tying up your money.” Overstocking has historically been one of the biggest problems for museums, says Jill Fenwick, the managing director of the Association for Cultural Enterprises (ACE): “Museums often fall in the trap of buying too much but less is more. There are two key points made repeatedly on stock management – do not buy too much and always keep a record of what you still have and what you have sold. The figure left is money the shop has made. Only include costs that are directly attributable to the shop. Simply note down the shop’s total sales then take away the value of stock bought at cost price, staff costs, running costs, and any discounts. This is simply a record of the sales minus costs. Retail Toolbox, a resource produced by Museum Development North West to help venue’s maximise the potential of their retail offer, advises the easiest way to monitor performance is by creating a balance sheet. In the past too much emphasis was placed on sales or turnover but that does not indicate how much money a shop is actually generating. It is impossible to run a successful shop of any kind without knowing if you are making a profit. It is essential that any retail offer is tailored specifically to the venue it resides in and the visitors it attracts.īut best practice from established museum shops, larger venues with multi-retails offerings and the wider retail sector can offer guidance on how to successfully manage a shop. While this is true for all retailers, it is especially true in museums they may have a captive audience, but converting footfall into sales is not guaranteed. ![]() To open a shop is easy, to keep it open is an art, according to a Chinese proverb. ![]()
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