UK cultural attractions earning £100m a year from retail
by Jessica Tasman-Jones | 11 Apr 2013
Almost a third of visitors to the London Transport Museum buy from its shop
British cultural attractions are earning more than £100m a year through retail sales generating essential additional income as many institutions face funding cuts.
The figure, from the Association for Cultural Enterprises (ACE), comes as many stores struggle through the tough economic climate, with a recent Deloitte study predicting four out of 10 high street shops will shut in the next five years.
ACE chairman John Stachiewicz said the cultural sector's retail offer was succeeding because of their unique and relevant products and clever visual merchandising.
At this year's Best Product Awards, hosted by ACE, the National Theatre won best new range for its War Horse merchandise and at St. Paul's Cathedral cufflinks incorporating rubble from renovations are helping to fund an ongoing restoration project.
The London Transport Museum experienced retail turnover of £1.5m in the last year, up six per cent on the previous year, while its year-on-year growth online is running at almost 30 per cent.
Popular merchandise, available at the store and online, includes posters, decommissioned luggage rails and destination blinds, and furniture and cushions created from fabrics used on London's transport vehicles.
Twenty nine per cent of visitors to the museum buy from the shop and the average spend is £20 per visitor group.
British cultural attractions are earning more than £100m a year through retail sales generating essential additional income as many institutions face funding cuts. The figure, from the Association for Cultural Enterprises (ACE), comes as many stores struggle through the tough economic climate, with a recent Deloitte study predicting four out of 10 high street shops will shut in the next five years. ACE chairman John Stachiewicz said the cultural sector's
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