The end of the CD? Virgin closing more Megastores
If the obituary hasn't already been written for the compact disc, then it will be soon.
The New York Virgin Megastore in Union Square is closing in late May or early June (a closing sale has already begun) and the Times Square Megastore is closing in April, according to a New York Times story. Across the country, the Virgin Megastore in downtown San Francisco, a three-story store full of music CDs, is closing in April.
Falling CD sales have caused Virgin and other music retailers to close in recent years. Virgin will be left with just three stores -- in Orlando, Denver and Hollywood, according to its Web site.
Virgin Entertainment Group North America started closing most of its stores after it was bought by the real estate companies Vornado and Related in 2007.Its New York stores were said to be profitable, and were big tourist attractions. The Times Square store is across the street from MTV's Total Request Live, where artists appearing would often go across the street to the Virgin store for another appearance.
I've been in the San Francisco store enough times and have always seen plenty of people inside. It's in a great location downtown that takes up a lot of space.
But with CD sales plunging, maybe these stores could turn into something more popular, like an iTunes store.