The Exchange: A Half Century of Supporting the Arts

By Sue Cullen

The arts are so much a part of the community fabric here on the Cultural Coast that many are unaware of the determined effort it took to help budding arts organizations get established. Playing a consistent role in that effort for more than 50 years is The Exchange, which was founded in 1962 as a self-generating source of funding for the arts and arts education.

While quietly flying a little under the broader community’s radar regarding its arts-oriented mission, The Exchange—formerly the Woman’s Exchange—has long been a well-known destination store with an eclectic mix of upmarket consignment goods. Less widely known is that it has donated more than $8 million over 55 years to local arts organizations, and those dollars are not adjusted for inflation, meaning their actual impact is much larger.

“A number of major arts organizations are celebrating huge anniversaries, and we have been supporting them almost from the very beginning. In 1966, we gave $10,000 to what was, at that time, the Symphony Orchestra, which was the largest award it had received to date. When you look at it from that standpoint, it says a lot,” said Karen Koblenz, Executive Director/CEO. The Exchange has been a consistent source of funds for the arts, and total donations add up to $775,000 for the Asolo Repertory Theatre, $540,000 for The Players Centre for Performing Arts, $520,000 to the Sarasota Orchestra, $443,000 for the Sarasota Opera and $365,000 for Florida Studio Theatre, among others.

“We awarded a total of $250,000 in arts related grants and scholarships, and our goal is to increase that to $500,000 annually,” Koblenz said. “Our donations help with operating funds and one of the prerequisites is that it must benefit the public, which typically means a performance for which we often are the senior sponsor for the Westcoast Black Theatre Troupe, Florida Studio Theatre Cabaret and many others.”

The Exchange supports the next generation with scholarships that help send talented students to the best performing arts schools in the nation along with providing support for the Youth Orchestra and Youth Opera.

The Exchange has been undergoing an evolution of its own with its acquisition of the Short Stop Market directly adjacent to its downtown Sarasota location, 539 S. Orange Ave. The expansion created a separate building to house furniture and allowed for the addition of a men’s clothing department, a gallery to display work from local artists, and more room for its popular jewelry department. Expanding square footage from 12,000 to 15,000 is critical to being able to increase support for the arts because The Exchange already was selling 12,000 items per month on average.

“A lot of people don’t realize that, even though we sold $3.8 million in goods last year, $2.4 million was paid to our consigners, most of whom get 65 percent of the sales price,” Koblenz said. “We also have significant overhead as a retail business, so in order to grow to meet our $500,000 goal, we had to expand.” That expansion also brought 32 additional parking spaces, which is critical to accommodate shoppers flocking in for some retail therapy. The Short Stop Market acquisition included 14 additional spaces and an additional private lot that The Exchange is using for staff and volunteer parking.

“The four philanthropic women who founded The Exchange were looking for a self-sustaining business that would support the arts long after they were gone,” Koblenz said, “but The Exchange has a lot of impact beyond our arts grants, scholarships and payments to our consigners. We make thousands of items available for reuse that otherwise may wind up in the area’s waste stream, and last year we supported other nonprofits, such as The Pines of Sarasota and the Salvation Army, with $114,000 in donated goods, which they can use for their causes or to sell in their own shops. The synergy between the community and The Exchange is important.”

For more philanthropic inspiration, check out our other articles.