Video Games Help Virgin Megastore “Defy Market Gravity,” Turn Profit

4/7/08, 12:34 pm EST

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.


Comments

bchrunr | 5/9/2008, 6:30 pm EST

I love the store in Hollywood & Highland- you can find any rock or pop culture tee shirt or cap you can think of. I always find something I have to have.

mfingninja | 4/7/2008, 6:49 pm EST

That is weird because the one in Chicago was awesome and it has been gone for like 6 months already…

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