"Tower Records" filed for bankruptcy. Most, however, feel that music stores will somehow remain viable. What would be a change that record stores must adopt in order to adapt?
If Tower Records sought to remain viable, I think that one specific change would be to "reinvent" itself to be more appreciated by the consumer with more discriminating taste. Consider the Tower Record model for reference. In New York, Tower Records started to stock more CD's than Vinyl Albums. Rather than simply toss out or even liquidate the stock, they moved the Vinyl Albums to a smaller store called the Tower Record Annexe. There, more collectors and consumers with a more specialized palette were able to scour over the records and purchase them. Tower Records might want to consider taking this model and applying it to all of their stores. Instead of seeking to be a megastore, causing it to remain non- competitive with the other venues out there, Tower can become synonymous with more refined tastes and more specialized preferences. For example, Tower Records could feature rare recordings that connoisseurs of music would appreciate. One of the reasons why internet purchasing of music is so rampant is because one can find whatever they like out there. If I want a rare Jimi Hendrix album, I can probably search the internet for someone willing to sell it to me. If Tower Records could serve as the collection point for these rarities that collectors like me would want, this could be a path to pursue in order to restore Tower Records as representative of music taste and develop its capital in this light into real capital for its bottom line.