One Company Now Owns The Only Record Store Chains Left In US, UK and Canada
One company is single handled trying to save chain record store retailing, and so far they seem to be succeeding.
This week, Sunrise Records announced that it was buying FYE, America’s last remaining nationwide record and entertainment retail chain from Trans World.
That means that with the exception of a few much smaller operations, a single company now owns the only major record stores chains left in the United States, United Kingdom and Canada.
FYE currently has 206 stores scattered across America and employs more than 2500. Sunrise already owns 114 HMV record stores in the UK and 85 namesake Sunrise stores in Canada bringing total record store owned 405.
“bringing retail theatre to these outlets that make them a destination”
Sunrise chief Doug Putman said in a statement:
“The addition of For Your Entertainment fits with what we are doing with HMV in the UK and Sunrise Records in Canada. There is a space for recognized retail brands that can cater to a new audience of entertainment-hungry consumers”.
Getting the right mix of product across culture and entertainment – and bringing retail theatre to these outlets that make them a destination – has already proven a winning formula as we’ve turned around and grown Sunrise and HMV since we acquired them. We now intend to grow this chain in the USA and open more new stores starting this year. We are very excited about the opportunity to own such an amazing brand”.
Between 2000 and 2010 nearly 4000 US record stores closed leaving an estimated 1400, with most operating independently or in chains of less than 10 stores.