Sports Museum Of America Struggling To Attract Customers

SmA Cutting Staff, Dropping Admission Prices In Wake Of Disappointing Attendance Figures

The Sports Museum of America (SmA) in N.Y. "opened to fanfare" in May, but "hugely disappointing attendance and the economic downturn have forced the museum to lay off staff, slash its admission price and plan an aggressive marketing strategy to get people in the door," according to Miriam Kreinin Souccar of CRAIN'S N.Y. BUSINESS. Attendance "has been a staggering 60% less than anticipated," and in September the museum "defaulted on the $57[M] of Liberty Bonds that funded more than half of its costs." SmA now is "working on an agreement to restructure the debt." Meanwhile, SmA Founder & CEO Philip Schwalb stepped aside as CEO and was replaced by SmA BOD member and investor Caleb Koeppel. Koeppel: "The economy was our biggest problem. We opened in May, and people were already changing their spending habits." Souccar noted the museum's "eye-popping ticket prices of $27 for adults didn't help." SmA management recently "nearly halved entry prices," to $16 for adults and $9 for children, while kids under 6 get in free. Also, to "help control costs, the museum laid off a number of staffers," though Koeppel "wouldn't say how many" (CRAIN'S N.Y. BUSINESS, 1/12 issue).