Industry Analysis & Industry Trends
Continued shifts in consumer preferences and competition from large discount and digital music retailers have dampened consumer demand for the Record Stores industry. With increased accessibility to high-speed internet, music streaming and less expensive CD-burning hardware, album sales have declined significantly over the past five years. While consumer sentiment is expected to improve in the next five years, this industry will fail to experience revenue growth. Consumers who are accustomed to digital music are not likely to return to making regular purchases at record stores... purchase to read more
Industry Report - Industry Locations Chapter
As with most retail industries, the location of stores falls broadly in line with population trends in each US region. The Record Stores industry is largely concentrated in the Southeast and Mid-Atlantic regions, which account for 21.2% and 20.0% of total establishments, respectively. The US population of each region is 25.4% and 15.5%, respectively. The Southeast's share of the industry has been relatively low for its population size of 25.4% due to the region's older population. The number of establishments in the Southeast will remain relatively stable, though, since older populations are slower to adopt new ways of consuming music.
The percent of establishments located in the West and the Mid-Atlantic regions are higher than their respective populations... purchase to read more