41.2 – Music Retail: Now and in the Future
The forced closure of record stores, particularly those that are independently operated, has been devastating to business owners who were already challenged to compete within a rapidly changing industry. Moreover, the timing couldn’t have been worse. Stores missed (for now) the opportunity to benefit from Record Store Day, an annual event that generates huge sales and foot traffic vital to the continued operations of participating stores. What other effects has the pandemic had on these retailers? How have they managed in the meantime? What will reopening look like, and what is the future for these stores that are in many cases landmarks in their communities?