Forget about compact discs. Best Buy is clearing out shelf space for vinyl at its retail stores.
The New York Post reports that all of Best Buy's 1,020 stores will dedicate eight square feet of space for the ageing music format, allowing for just under 200 albums per store.
A test run in 100 Best Buys was successful, the Post reports. That's because vinyl is a growing market, even as CD sales plummet. Nielsen SoundScan data found that vinyl and LP sales rose by 89 percent from 2007 to 2008, with 1.88 million LPs sold last year. A recent Los Angeles Times article detailed the vinyl resurgence, and discussed how record store owners are finding new success with the format.
CD sales, meanwhile, have dropped at a rate of roughly 20 percent for several years now. Vinyl will represent only 5 percent of Best Buy's overall music sales, but that's growth the retailer otherwise wouldn't be seeing; it's not as if CD sales will magically improve.
There is risk involved. Apparently, unsold inventory can't be returned as it can with CDs, but Best Buy says the benefits outweigh the potential pitfalls. Elsewhere, store owners are finding that vinyl can sell for more money than CDs because of their iconic status and sound quality. The LA Times article notes that some records at an Echo Park music store cost $100.
As for the appreciation of vinyl itself, that can't grow forever. The explosion seems to be the result of more labels producing vinyl copies and more retailers selling them, leading to a renewed interest from old and young listeners. That's bound to peak eventually, but at least vinyl is becoming more viable and more available for those who are interested.
