Superstore to drastically cut its inventory, but not totally delete the embattled format
As many in the United States were mourning the final day in retail for Toys R Us this past weekend, Gen Xers and Boomers alike were further crestfallen upon hearing the news that onetime music retail giant Best Buy was going to stop the sale of compact discs entirely on July 1.
However, in a recent public statement, the company has denied the draconian measures it’s taking in regards to their one-time chief moneymaker.
“The way people buy and listen to music has dramatically changed and, as a result, we are reducing the amount of space devoted to CDs in our stores,” the company said in a written statement. “However, we will still offer select CDs, vinyl and digital music options at all stores.”
According to the RIAA, 65 percent of total music sales derive from streaming services, while CDs and vinyl sales made up only 17 percent of the overall revenues. However, while shipments of CDs were down 3 percent to $431 million, vinyl albums were up 3 percent to $182 million.