Virgin Megastore to close on Sunset in Hollywood

[best12bars]

Posted: 12/27/07 at 12:55pm

Reported in the paper today, as with the closing of Tower Records further down the street on Sunset Blvd. last year, Virgin Megastore in Hollywood will close its doors in January.

The brick-and-mortar music businesses are becoming a thing of the past.


LA Times link

[mateo]

Posted: 12/27/07 at 12:57pm

Except Amoeba. No one dare touch my Amoeba.

[Unknown User]

Posted: 12/27/07 at 12:58pm

I think Amoeba is safe for now- they have carved out a good niche with used & collectible records.

[best12bars]

Posted: 12/27/07 at 1:00pm

Well, as long as they keep paying $1-$4 for used DVDs and then selling them for $15-20, they ought to stay in business for a long while.

I just wonder how long before people find a better-paying way to sell their used stuff. When they do, Amoeba will be in trouble.

I personally don't like the scam, but I'm too lazy to throw everything up on eBay. Plus, eBay's additional fees are ridiculous now.

[best12bars]

Posted: 12/27/07 at 1:11pm

I'm sure it won't be long before the Times Square store and the big one in SF will close too.

I give 'em one year, max.

[Patronus]

Posted: 12/27/07 at 1:15pm

My wife used to work at corporate in LA and I don't believe that the Times Square store would be in any danger. The tourists keep that one open and it was extremely profitable even when other stores were dipping down.

[best12bars]

Posted: 12/27/07 at 1:17pm

Not yet.

*he says in his best Nostradamus voice*

[Patronus]

Posted: 12/27/07 at 1:23pm

Yeah, I hear you. I just think the tourists leaving the broadway shows who don't want to pay $30.00 for a cast recording when they can get it for the "steal" of $18.99 at Virgin and then impulse by along the way will keep it open for a while.

Or at least I'd like to think it will. I'll always have a soft spot in my heart for the Times Square store.

Edit: It does seems interesting that the drop occurred so quickly after opening the Hollywood and Highland store. I wonder if that's drawn some business away? Updated On: 12/27/07 at 01:23 PM

[Unknown User]

Posted: 12/27/07 at 1:25pm

I've heard gossip that Virgin is already seeking someone interested in subletting their Times Square space.

[best12bars]

Posted: 12/27/07 at 1:35pm

I just think it's sad. I liked getting off my rear and going into a physical store. Digging through the bins, interacting with other people.

I will miss the experience.

I doubt if ANY brick-and-mortar stores will be left in about 10 years. Even the mom-and-pop local stores. The won't be able to survive the change in buyer behavior.

[Elphaba]

Posted: 12/27/07 at 1:58pm

there is something ironically satisfying when big mega-stores close since they were the cause of so many mom-and-pop stores closing......

[Unknown User]

Posted: 12/27/07 at 2:21pm

Ten Years? Two years tops. I predict by 2010 downloads will be outselling CDs and Amazon is the only major retailer still selling them.

I used to think there would be a market for "Burn it yourself' kiosks where consumers could download music but I don't any more.

[best12bars]

Posted: 12/27/07 at 2:31pm

I also think that eventually, we'll see less and less "albums" by artists.

Individual song releases will eventually replace them altogether, since people don't need to buy the whole thing just to get the 1 or 2 songs they really want anymore.

I'm sure artists will still release them for a while. Until they don't sell anymore, and people are only buying the songs they want. Then record companies will stop financing albums.

[best12bars]

Posted: 12/27/07 at 2:41pm

I wonder what will take its place on Sunset? That's a prime location too.

The former location of Schwab's Drugstore.

FALSE: Lana Turner was "discovered" sitting at the counter.

TRUE: "Over the Rainbow" melody was written by Harold Arlen while his car was parked out in front of Schwab's. I always thought about that whenever I visited Virgin Megastore.

[mateo]

Posted: 12/27/07 at 2:45pm

In Japan, most artists release singles first, (around 5 -6) and then after a year or so compile them, add songs and create an album.

[Unknown User]

Posted: 12/27/07 at 2:48pm

I don't know what the music biz will look like in 5 years or so. Those who said that concert revenue would replace the loss of music sales should look at the list of 2007's most successful tours; Most of the artists on the list are over 50 or listened to by Senior Citizens.

The only platform I can imagine now is if corporations will continue to use music & concerts as a way to reach consumers to sell them stuff. NBC/Universal is exploring this now. You can watch this week's TV shows if you agree to sit through 3 minutes of commercials. Maybe Madonna's next download will be available free, but with an embedded Mercedes ad.

[Mr Roxy]

Posted: 12/27/07 at 7:01pm

I also believe it is a matter of time before Virgin in Times Square bites the bullet.

[Gothampc]

Posted: 12/27/07 at 7:36pm

What about Virgin in Union Square in NYC?

[Mr Roxy]

Posted: 12/27/07 at 9:21pm

I heard on the news a few nights ago it is to close in February 2009.

[winston89]

Posted: 12/27/07 at 9:28pm

I think that the Times square one will stay around for a good long while. The tourists comming in and out of it give it good buisness.

As for the one in Union Square. I think it will be around for awhile as well. Keep in mind that Union Square is pretty much in the same area where NYU has all of its student housing and thus considered an area for college aged kids.

That being said, union square's virgin is full of kids that go to NYU and has become almost a hang out spot.

But, the only time I really use the Virgin in Times Square is if I want to go somewhere and relax and have a coffee when I have time to kill before a show.

[fflagg]

Posted: 12/27/07 at 11:13pm

The Virgin store in Times Square is on its last legs and rumor is that it will become an IHOP next year if they continue to struggle to stay afloat.

An IHOP?

[best12bars]

Posted: 12/28/07 at 8:36am

I got news for you... the Virgin on Sunset that is closing was far from empty. They did a lot of business. But not enough to stay afloat.

Holiday sales were down 23 percent from last year.

[Unknown User]

Posted: 12/28/07 at 10:31am

Coincidentally. CD sales nationwide were down just about 20% compared to last year. That is a huge drop for a retailer to absorb.

[best12bars]

Posted: 12/28/07 at 10:36am

The "young folks" just aren't buying them anymore. They've already switched to downloads. And that's the biggest age group for music sales.

[Gothampc]

Posted: 12/28/07 at 11:18am

"The "young folks" just aren't buying them anymore. They've already switched to downloads. And that's the biggest age group for music sales."

That's too bad. I always enjoy going to the store and listening to the new cds. Virign was great because you could listen to the whole thing before buying it.