Event Network
Operator of gift shops for aquariums, museums, science centers and botanical garden.
| Date | Investors | Amount | Round |
|---|---|---|---|
N/A | Growth Equity VC | ||
| Total Funding | 000k | ||
Event Network, founded in 1998 by lifelong entrepreneur Larry Gilbert, operates as a leading manager of specialty retail for cultural attractions and lifestyle resorts across North America. The company's inception traces back to a 1997 partnership to run gift shops for the traveling RMS Titanic artifact exhibition, with the first store opening in Boston in July 1998. Prior to establishing Event Network, Gilbert gained experience in international business at Price Club. His entrepreneurial drive has been recognized with awards such as the Ernst & Young Entrepreneur Of The Year.
The firm provides a comprehensive, turnkey retail solution for its partners, which include museums, zoos, aquariums, botanical gardens, and historical sites. This business model involves Event Network managing every facet of the retail operation, from store design and construction to product development and staffing, assuming all financial risks and responsibilities at no cost to the partner institution. Revenue is generated through a revenue-sharing agreement where the partner venue typically receives a percentage of sales. This approach has proven successful, evidenced by a 97% partner renewal rate with over 100 partners.
Event Network's service extends beyond simple retail management; it focuses on creating an immersive shopping experience that aligns with the partner's brand and mission. The company develops custom products, often in collaboration with its partners and by accessing their archives, to ensure the merchandise reflects the unique story of the venue. In addition to physical stores, the company provides a complete e-commerce solution, including digital marketing, fulfillment, and a cloud-based platform. To optimize pricing and inventory for a vast and highly seasonal range of products, the firm has adopted a data-driven approach, partnering with technology companies to implement responsive pricing and markdown tools that analyze historical sales and external market data. This strategy has led to significant margin increases and sales growth.
Keywords: experiential retail, cultural attraction retail, museum gift shops, zoo retail solutions, aquarium stores, outsourced retail management, turnkey retail solutions, venue merchandising, visitor experience, retail partnership, attraction merchandise, e-commerce for attractions, sustainable retail, store design for attractions, product development, dynamic pricing, retail operations, guest services, brand extension, Larry Gilbert