Product life cycle - can independent record stores extend their life?

In case you missed it, last Saturday was Record Store Day. Around 100 UK independent record shops participated in a “worldwide” programme of events which included in-store gigs and one-off vinyl releases. But will sales promotions like this help extend what seems to be a rapidly shortening commercial life for the record store?

Some fascinating figures from the Entertainment Retailer’s Association suggest that the decline of the independent record store market is speeding up.

In 2005 there were 734 inde record shops. By the end of 2008 that figure had declined to 305. Clearly the viability of the traditional record store is under enormous pressure. Some can survive (and perhaps prosper) by focusing on highly specialist niches. For the rest, the combination of declining demand and high fixed costs is proving too much to bear.

Interestingly the ERA website is promoting a book about the record sector appropriately titled “Last Shop Standing”. The book is described as: “a celebration of the spirit of the independent record shop owner who has battled through everything and still gets great pleasure out of selling new music to the great British public.”. But when you click on the link to the book…it has disappeared.

Truly an embattled industry.