It IS About Profit

It is about making a profit and producing that ever-elusive, positive net income! Every retailer struggles with this every day—how to attain it and how to increase it. It takes a strong retail team to build the foundation and put all of the pieces together to get there.

Do you have the right fixtures and does the lighting create a tone and environment that attracts and guides customers? If lighting highlights the merchandise properly, there is an ambiance that enables purchase decisions. New lighting and/or lighting design can increase your sales significantly! Alice McAuliffe of the Walters Art Museum recently shared that her average transaction increased seven percent in one year after redesigning the lighting. That’s a number you can take to your finance department!

Is your staff trained to sell? Does your store have a customer service and sales program that lays out the key ways that staff can help reach your store’s goals? A well-trained staff can have a positive impact on the bottom line by as much as 123 percent.

Do you have a product development and marketing program that supports your institution’s mission and uses every opportunity to make a brand statement? If not, you are missing valuable opportunities to educate visitors about your museum and you are losing sales. Visitors want mementos to take home with them.

Does your store have an event schedule? Trunk shows, featured artists, CD/DVD/book signings and vendor talks are opportunities to increase revenue and net income, and there is no carrying cost to the inventory you will be moving—it’s sold before it’s even received!

In this issue of Museum Store magazine, you will find articles that support your quest to have an impact on your museum’s financial objectives. This edition was specially created to help you discover ways to increase profit. I guarantee that if you become engaged and involved, read and reread this magazine and take advantage of the opportunities MSA offers, you will increase revenue and ultimately net income for your institution!