So it was announced earlier that Virgin Megastore in Times Square (NY) was closing its doors. The location will be replaced by… a FOREVER 21. WTF?!? This just goes to show the nature of this business and industry right now…
This closing does more than just affect the 200 store employees, it also has affected jobs at the corporate offices in Southern California, as the Times Square location did far and away the most business out of any of the Virgin stores. Be on the look-out for more store closings throughout the year.
At one point, the Virgin chain, in 2007 had 11 stores. It’ll be down to just five (two in California) locations.
For more information, check out the New York Times article here
People aren’t buying music anymore. Transworld (FYE) continues to close down smaller locations every year, Circuit City is in the dumps… and Borders Books & Music might be on the heels of the aforementioned retailers.
What happened to music fans? Where are the “career” artists that people flock to? What happened to people going to retail on Tuesdays and getting excited about music? Was it the fault of the majors who perpetuated the singles-driven model of having only one hit on a record, and then rushing to release an album so fans would buy it? Was music-overpriced in the late-90s and early 2000s? People begged for a lower price-point, and Universal obliged, helping the competition to do the same…
My opinion? Music became too much like water. It’s everywhere, people take advantage when they can, and the people willing to pay are few and far between.
Seeing Virgin go through these changes because people I know are losing their jobs, but also because it’s a scary time in this business.
With that said… it’s also exciting, and only the smart will survive. Something will change, and I plan on being a part of it.