Industry: Museum
Scope: Feasibility Study, RFP, Event Rental Assessment, Retail Assessment
Project Description:
JGL Consultants has worked with the Morgan Library & Museum on food services since their Renzo Piano expansion in 2006 and on several other food service projects through the years. We were subsequently engaged to assist with another earned income area – the Morgan Shop.
The Morgan has a lovely retail shop located in the free zone of the Museum. Historically self-operated, the Morgan contacted JGL when their long- time store manager announced his retirement. Morgan leadership wanted an evaluation of shop practices, merchandising, product development, pricing, margins, e-commerce, and product mix.
Our retail consultant embarked upon a 360-degree review of the operation. He toured the current exhibitions on view, interviewed staff, crunched numbers, and evaluated metrics. Our assessment also included a review of capture rates, transaction averages, per capita sales, gross margin, and other key performance indicators.
The resulting assessment provided specific recommendations with respect to product assortment (more branded and exhibition related product), identified opportunities to increase sales (removal of barriers) and benchmarked the account (inventory shrinkage is low).
During his tour of the exhibitions, he found many beautiful and iconic exhibition touchpoints that would work well on apparel, ceramics, or glassware. JGL finds this kind of product with a personal connection to the museum very appealing to guests seeking a memento of their visit.
The retail assessment has served as a roadmap to the Morgan and their new retail leadership in building an enhanced retail operation.