Sunset Strip, LA (L) Concord, CA (R)
In today’s business section, I saw this jaw-dropping headline:
Tower Records to Sell Off Inventory
Liquidation specialist Great American Group, which bought the bankrupt music retailer for $134.3million, plans to close all 89 stores.
I’ve been going to Tower since, well, I was a kid. And like a bank, the electric company, and my late father’s wardrobe, it was always there and never really changed. Sure they added CDs and DVDs when the market changed, but they were a music store where you would browse the stacks and buy a few albums by groups that you knew and maybe a couple you didn’t, but were willing to give it a try.
But with the rise of our pal the Internet, downloading music was pretty much the death knell for brick and mortar stores like Tower. I stopped going on a regular basis when CD prices never dropped to a pricepoint that looked good to me. And with iTunes, the Russian mafia, My Space, and a bunch of other sites that offer music either cheap or free, it was only a matter of time for Tower to call it quits. I’m surprised they lasted this long, but starting today you can finally get CDs at the price you’ve been wanting for a long time.* Alas, it took bankruptcy to get us to that point.
So long Tower…thanks for the memories of hanging out in the parking lot on Fridays with fellow music geeks back in the day!
–PK
* UPDATE!!! J and I just got back from the Concord, CA store and here’s the deal: 10% off on CDs and DVDs. 20% off on book, and 30% off on magazines. So, it’s not that great of a deal at this point. My guess is that they’re going to discount the DVDs and CDs as the holiday season ramps up. I bought a new CD case (holds 400!) and J bought the new Panic! At The Disco. Was $19.99, but she got it for $17.99 + tax for a total of$19.47. See? Not that great of a deal. Oh, and all sales are final). Â
10 thoughts on “I Read the News Today…Oh Boy”
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Damn! I don’t think there is a Tower any closer than the one on Sunset over here. They closed a lot of their other locations a long time ago. Wait! There might be one not too far, I’m off to check…
This could be the perfect opportunity to add to my classic 80’s collection!
Thanks Py!
Might want to hold off for a bit, Gina. As you can see from my update, it’s not quite the deal…yet.
My two favorite Tower memories…
We used to get $10 in our Christmas stocking, and Tower was open on Christmas…sometimes we could go and get a record or two. Awesome!
Working at Mr. Steak, in Stockton (pit town), walking home with tip money in my pocket. Stop at Tower and see what was new.
And those days first dissapeared with the CDs, because they are so expensive, it’s hard to ‘try out’ music…and now with the internet, yeah, I can see why they’re going under. Sigh.
I wouldn’t be so quick to blame the Internet for Tower’s demise. The company has had problems with its books for quite awhile now, and more than anything, I think it’s the rise of the big box loss-leaders like Fry’s Electronics and Best Buy, along with insanely out-of-touch MSRPs from the labels, that have eaten into Tower’s profits. Like the rest of you, I used to shop there religiously, but over the last six or seven years, their prices have really started to suck. $19.99? Ridiculous.
The clerk at Tower echoed what you said, Jefito. However, the Internet has had a pretty large impact on CD sales because the music industry, being the stubborn beast that it is, jacked up the price on CDs to make up for the loss from downloading music on the Internet. So, with stores like Tower — which sells mostly CDs — they weren’t able to make the books balance because their store didn’t stock a lot of non-music product (except for a smattering of books, magazines, and a good collection of DVDs). Best Buy, Fry’s, Wal-Mart, and the like are much more diverse in their product offerings, so even though CD prices went up, they could negotiate deals with the labels to get an $11.99 pricepoint on some new releases (still a high price compared to free or 99 cents per song on the Internet), which in turn cut into Tower’s customer base since the Big Box stores not only offered music, but other products that would bring in foot traffic on a daily basis. Big Box stores changed the buying habits of Americans when it came to music, and the Internet just added to that change since people didn’t have to go to the “record store” anymore to find music. They could get it at more and more places, so why bother with Tower and their high prices and snooty clerks when you can either download a recording, or toss a CD into the shopping cart when buying Huggies, clothes, toys, chips, and soda.
So, while I agree that Big Box stores are also to blame, the Internet has been a big factor, too.
Sorry to say it, but from a consumer stand point the internet is so much more convenient for making purchases. It is sad that music stores are feeling the crunch though. I have fond memories of buying 45’s, cassettes, and CD’s also.
On Saturday, Eric and I were walking by the Tower in North Beach, SF. We thought about going in, but like you noted, saw the sign that said “Up to 30% off”, so we’ve decided to hold off on our Tower shopping spree for a few more months.
So sad. I spent soooo many late nights browsing through Tower. Almost everynight after work we’d go there and just wander, and this was before they put in those listening stations. Tower was one of the only places open until midnight that a teenager could go to hang out.
But I admit, that I stopped going to Tower when Target opened, because I could easily get a CD for $5 less. I then only went to Tower for those obscure albums, and then good ol’ Amazon.com took my business.
Oh I hate it when stores closed down. Especially ones that have been around for a while. Oh my. I am so sorry to see it go.
Tower Records started out in Sacramento. The original store is still there as well as the Tower Theater (A nice old theater) that plays foreign films. It is sad to see this happen. I have a neighbor who works for Tower. He said that down loads and first issues to Wal Mart and other big box stores really hurt Tower. I found that mismanagement and lack of foresight in the leadership was also another factor.
I like the comment of Big Eddy’s wardrobe not changing. So true. My suit wardrobe hasn’t changed much either.
Bummer about Tower closing down. I remember going there when I lived in CA. Actually, I remember going there with you! Your fav place to shop up and ting for music.