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Video Games Help Virgin Megastore "Defy Market Gravity," Turn Profit

April 7, 2008 12:34 PM ET

Virgin Megastores had what they describe as "one of the most successful years" the chain has ever had in 2007 by turning away from albums and focusing on other product. The store "defied market gravity" by transforming into a "lifestyle entertainment shopping destination," as sales of video games, DVDs, clothing and books all enjoyed increased sales over the preceding years while music continued to slump. Even the two Virgin Megastores in New York City — which are reportedly on the verge of shuttering in 2009 — posted combined increased sales of ten percent. "For the first time in five years our store traffic is up over plan," said Virgin Entertainment North America CEO Simon Wright. So it appears brick-and-mortar music stores may live on — just with a lot less music.

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Song Stories

“Long Walk Home”

Bruce Springsteen | 2007

When the subject of this mournful song returns home, he hardly recognizes his town. Springsteen told Rolling Stone the alienation the man feels is a metaphor for life in a politically altered post-9/11 America. “Who would have ever thought we’d live in a country without habeas corpus?” he said. “That’s Orwellian. That’s what political hysteria is about and how effective it is. I felt it in myself. You get frightened for your family, for your home. And you realize how countries can move way off course, very far from democratic ideals.”

More Song Stories entries »
 
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