Retail Refugees

In a sign of the times, the Metropolitan Museum of Art will be closing 23 of its satellite gift shops. According to Chairman James Houghton the museum estimates that its current endowment is around $2.1 billion which is a decrease of 25 percent since June 30, 2008. The NYT reports that the museum had 23 satellite gift stores scattered around a year ago, but already closed eight and will close another seven. Instead, the museum will focus on its online shop and mail-order business.