Classic Films

http://news.yahoo.com/s/nm/20090114/music_nm/us_virgin

This is sad but not unexpected. Too soon to see what the going out of business sale will be like. I personally am not a fan of these sales. I will miss this store.

dex14

Wow that sucks....I would always try to hit up the store when I was in the city. I'm going to a concert there at the end of Feb. maybe theyll have good sales. Someone should keep us posted.

matome

That's too bad. Really nice store and kinda a semi-landmark now.

bookcase3

I agree. Tower was always my favorite, but I figured of all the b&m record stores, this one would survive because of its location -- it's always packed. But it's probably the location that's causing it to close -- I can't imagine how high the real estate is.

consoleman

Actually, from what I've read, Virgin is closing particularly because they can get a lot more per square foot than what Virgin currently pays. It will be sad to see this store go. Along with the Toys r us, those were the main shopping attractions for me at Time Square.

jjcool

Tower was always a late night stop for me. The one enarest my house was open until midnight. Used to cruise in at 11 and wander around. Found many cool things on those shelves.

mw390

Not surprised. Although they have an INCREDIBLE selection their sales were awful. 20% of list is not gonna make sales. There used to be one out here on Long Island but it was a mere shadow of the one in Manhattan, closed after 2 years or something like that

macnorton

Wow that blows. I have found sooooo many awesome obscure finds in that store. I am going to have to go in there before it goes out.

Classic Films

The store is successful and did make money. It is just that the owner of Virgin Mega Stores, a real estate firm, who is also the landlord of this location feels they can make more money with a different tenant.

"The store has been at the center of speculation since August 2007 when the Virgin Entertainment Group North America was acquired by two real estate companies -- the Related Cos. and Vornado -- in a joint venture.

Last June, a Vornado executive told Reuters that the store would shut down in the first quarter of 2009. The decision to close the store appears related to real estate and the value connected to the location. That executive was quoted as saying that Virgin pays only $54 per square-foot when the market rent in the area is about $700 a square foot.

So, while the store, which does an estimated $55 million in annual volume, is profitable to the tune of $6 million, according to sources, the space would be even more profitable for its owner with a higher rent tenant. Vornado bought the 180,000 square foot retail component of the Bertelsmann building, which houses the Times Square store, in 2006, and will lease the space to Century 21, according to reports."

consoleman

Still, you have to question that anything would be a bigger tourist draw than Virgin. The fact that the store is always crowded is a testament to the store even if their prices are exactly the lowest. Hopefully the Union Square store will stay open permanently and not share the same fate.

Pizza

Game over, man. . .game over.
Very sad news to this CD collector.

Ajay C

This is going to fucking kill me.

With all the media chain closures over the past few years (Tower, Suncoast, Sam Goody, etc.), it's become increasingly difficult to find all the releases that come out each week. Places like Best Buy, Circuit City, Target or Wal-Mart will have all the big mainstream titles on release date, but they're not as likely to carry the less popular stuff. FYE/Coconuts might carry some, but they'll likely only have one copy per store, and then reorder only if someone asks for it. This is especially problematic for me personally, since I am rather particular about the condition of my DVD packaging. With so many DVDs these days coming in cardboard cases or slipcovers, finding an unmarred specimen is often like trying to find a needle in the proverbial haystack. I used to be able to hit one of the several Tower Records locations in the NY/NJ area and take advantage of their deep stock on stuff like this, but with them gone, Virgin has been my final fallback for the past few years. If I can't find something elsewhere (or if I can't find a copy in acceptable condition), I'll make a quick trip from NJ into midtown Manhattan, where Virgin will usually have 20 copies for me to pick from. True, the downtown location will remain open for now, but it's much less convenient for me to visit regularly and it too will likely close within the year (so says a friend who works there). Admittedly, I'm probably somewhat unique in my predicament but Virgin has really been the saving grace of my collection in recent years and I have absolutely no idea what I'll do once it's gone.

Pity me, people. And thanks for letting me vent.

Mosskeeto

I'd be a little skeptical of any estimates of current market values as they are in a state of flux with downward pressure. True, there appears to be a huge margin of difference between those 2 numbers and that location is a gem, but retailers are beginning to shut down everywhere in Manhattan.
Century 21, the discount "dept. store"? Paying top dollar? Show me the(ir)money. The Cortland St. location can be unpleasant to shop in, with it tight aisles and chaos reigning and the damaged goods still on the selling floor.

Alan Smithee

The music business is now officially fucked BEYOND repair.

tpockets

I used to always go there and pick the UK import cd singles when I was in the city. I was in NYC 2 weeks before Christmas. The city and store was packed. I had a dinner reservation and saw it was packed and decided to skip going in the store. I'll be in that area in Feb. hopefully they will have some things left at a good discount but sad to see it go.

dex14

You think Criterions will be on sale?

bookcase3

They're actually leasing it to Forever 21:

http://www.nytimes.com/2009/01/15/ny...n.html?_r=1&em

marty888

They are all at full list price. They don't appear to have been restocking them, so the selection is limited. Even if they start doing a general discount on all stock, I seriously doubt it will match the prices we find at some of the on-line stores, especially when on-line sales take place.

I'm sure there will be some bargains along the way, and some nice finds - but I think anyone going there with very specific want lists will probably walk away unsatisfied.

macnorton

Yeah, I hear that. And when CD World got bought out by FYE, that really ended it for me. There was one right next to Best Buy in East Hanover...that place was fucking awesome. Sample the music before you buy it...kick ass. And this was open the item, put it on the player, and listen all the way through. You didn't like it, you weren't obligated to buy it. Seriously how can you go wrong? Then FYE comes in and closes all but three stores (last count...not sure now) in the entire state. Bummer. At least Vintage Vinyl is still around.

islandclaws

I used to love hitting this store up anytime I was staying in the city. Even though I rarely bought anything because of the retarded prices it was always fun to spend some time browsing their massive selection. If more retailers learned to match their pricing to reflect online sales maybe all of these closures would have been avoided.

kristina

I had an NYC inernship last summer and spent one of my weekends going to two of the Virgin Mega NYC locals...picked up some nice deals on some movies...Girl Interrupted, The Craft, Legaly Blond... all were around 9.99 at the time if I remember right.

hindolio

forever 21 is taking over the world.

dmkb

The thing I liked about this store was browsing - it's a totally different experience than browsing online and I really like the sense of discovery. Tower on Sunset in LA was a similar experience.

Mickactual

I feel Your pain kids. I'm in northern NJ, and the closing of this Virgin is a major nail in the CD/DVD coffin for me. We already lost CD World, Tower, HMV, Sam Goody, & Suncoast. Now Circuit City & Virgin Times Sq.
I LOVED CD World! There were (that I knew of), CD Worlds in Paramus, Little Falls, and Cherry Hill. The Paramus store (and the Paramus Tower) were my 2nd homes. The Little Falls CD World is the sole remaining one, but they were bought by FYE. It's now basically a FYE with a "CD World" sign outside the store (IE: the stock is generic & the prices are wayyyyy overboard).
Amen to Vintage Vinyl Fords still being around. They also had a 2nd store (gone now). It's a hike for me, but I'm finding myself going there weekly now (Virgin Union Sq. too) cos they're all that's left.
Sad.

BuckNaked2k

WTF is "Forever 21"???