Yesterday, I wrote about how technology is changing the textbook publishing business. Today, it is time to shine the spotlight on the an endangered species – the independent neighborhood record store.

Click here to read The New York Times’ article, “Record Stores Fight to Be Long-Playing,” by Ben Sisario. Here is a brief excerpt:

“The hole-in-the-wall specialty shops that have long made Lower Manhattan a destination for a particular kind of shopper have never made a great deal of money. But in recent years they have been hit hard by the usual music-industry woes — piracy, downloading — as well as rising real estate prices, leading to the sad but familiar scene of the emptied store with a note taped to the door.”

So, if you thought that it was difficult to compete against “Free!” – as in illegal downloading and file sharing – try to compete against 300% rent increases:

“Rent is up, and sales are down,” Malcolm Allen of Jammyland said as he sold a few Jamaican-made 45s to a customer last weekend. “Not a good combination.”

One strategy for survival is to diversify the range of merchandise that you offer for sale. Another is to sponsor more in-store community events – concerts, meet-the-artists, lessons, clinics, etc.

One such (nation-wide) event took place yesterday – April 19, 2008 was proclaimed “Record Store Day.” And an impressive roster of artists, record labels and community organizers joined forces to create fun events to give visibility to the value of the neighborhood record store. Continue reading “When prices force you to move your business” »