Guitar Center, the retail giant of the music industry, is struggling. At least they are according to Eric Garland. In his most recent article, Garland explores the history of the company and his observations for why Guitar Center will fail.
Guitar Center is finished. Now the musical instrument industry can get back to business.
Guitar Center’s debt is huge, and the company has seen vast mismanagement which has created a downward spiral that is bordering on bankruptcy.
What does this mean for the future of the music retail industry? We’ll have to wait and see. But Guitar Center’s time is coming to a close, and I look forward to seeing the change in the market.
But what about all of their employees?
That’s thousands of lost jobs. Surely that can’t be a positive note for the market, right? Guitar Center’s turnover rate is so high to begin with, that closing their doors really won’t affect their current employees all that much.
But it’s Guitar Center! Isn’t it fun to work there?
Fun? Perhaps sometimes. But it’s a corporate retail environment with nothing but the bottom line as it’s focus. It’s a tyrant that cares nothing for its employees or customers. How do I know this? Because like so many musicians, I’ve worked there. I’ve experienced first hand the evil that men do (see what I did there?). They used strategies to pay workers as little as possible. Though legal, these means were highly unethical.
I may be biased, but the numbers don’t lie. Guitar Center is doomed, and I look forward to seeing what the music industry will do once the giant is gone.