So… The Hop Festival is over for another year.
Prior to this year’s festival there was some controversy regarding the funding for the festival with shops and businesses being asked to donate £100 to aid paying for the weekend. It was suggested that the Festival brings a lot of trade to the town and £100 was “nothing” (not a term used officially by the organisers we might add) for a business to spend.
So… Without divulging any financial information here is what the Hop Festival did for us at The Hobby Shop…
Compared to the previous Saturday (which was a “good” day), on Hop Festival Saturday we had twice as many customers, but took 10% less money. The stall that we were allowed to have outside took 10% of that money from 25% of the customers.
On the Sunday we opened from 10 until 4 which, compared to a “normal” day, is 80% of the usual opening hours. But we took only 25% of a normal days takings.
As an alleged 45000 people attended this year’s festival, we had approx 1 in 400 of those purchase something.
From our weekend it can be surmised that, yes for the pubs and cafes in town, the Hop Festival brings in a lot of trade. For the general businesses in town however, the Hop Festival doesn’t bring in a substantial amount of extra money.
Knowing our profit levels, £100 is certainly not “nothing” and this year’s event certainly didn’t generate the necessary additional income to cover that expense.
What for the Hop Festival’s future? We guess we’ll see… (Just not from a business standpoint on Sunday!!)