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What Works At the Museum

-- Gifts and Dec, 2/1/2010 12:00:00 AM

• Sell the top categories. According to the 2009 Museum Store Association Retail Industry Report, the three top selling in-store items include: books and related items (23 percent), games and toys (13 percent) and jewelry (13 percent). However for the 48 percent who have ecommerce websites, top selling online items are different, including books and related items at 26 percent, but also custom products (13 percent) and apparel (10 percent).

• Set Positive Goals. When compared to projected goals, about 80 percent of stores projecting overall growth achieved their goal. Stores that specifically set goals to increase sales were more likely to achieve those goals. Stores that set goals to stem declines were not as likely to achieve their specific goals.

• Keep a hand on the reins: The top three strategies stores use to help increase profits include inventory controls (35 percent), pricing controls (21 percent) and store purchasing/buying habits (17 percent). Stores with sales increases are more likely to focus on inventory and pricing controls.

• Freshen Your Look: Stores that made renovations within the past five years showed a slightly higher tendency to sales growth.

Sales Goal	Projected Sales Goal	Actual Sales
Source: 2009 Museum Store Association Retail Industry Report
Increase	62%	48%
Remain the same	18%	11%
Stem decline	13%	37%
Not sure	2%	4%

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