The fastest growing segment of the music industry is recordings on Vinyl. Yeah, it is antique by today’s standards – but the audio quality far surpasses anything on the digital medias. Turntables and Tube Amps are back – big time, as Vinyl sales are rising at 50% a year.
So the death of this Chicago institution has more to do with merchandising than product. The costs of maintaining a brick and mortar retail outlet versus warehousing and distribution through the Internet. What will be interesting to see is whether the internet model will work in an industry where impulse buying is integral to sales. Last count, I had about 600 Albums in my personal collection. Fully half of those were “impulse buys” while looking for something else, where in thumbing through the bins I saw something such as a particular musician or group of musicians doing studio on the recording. Such “Liner Note” information is seldom provided on Internet sites – making searching for a “find” particularly vexing on the net.
Chicago is a bit smaller today.
The Jazz Record Mart, which long billed itself as “The World’s Largest Jazz and Blues Record Store,” closed its doors at 11:30 a.m. Monday, 10 minutes after a deal was completed to sell the business, according to manager/buyer Kent Richmond.
Wolfgang’s Vault – a Reno, Nev., operation that buys and sells music, film and other cultural items – has acquired the store’s inventory and the Jazz Record Mart name and web site.
“We had a lot of people knocking on the doors this morning,” said Richmond. “We did open at 10 and did a fair amount of business for the short time we were open.
“Once the deal was finalized, that’s when we had to close the doors.”
Also sold in the deal were “record bins, all the art work and everything,” said Richmond. The inventory will be shipped to Nevada…More…