UK trade body, the Music Industries Association, is forecasting further turbulence for the UK market, as it continues to reposition itself within a modern retail environment.
The overall message from the MIA is one of positivity though and, as it rightfully points out, even though economic conditions remain fairly unforgiving, there were few major casualties in the UK MI industry during 2014.
Chief executive Paul McManus believes there is every cause for optimism, telling members: “We must all remain clear that musical instrument shops do have an ongoing role in the communities that they serve, with the internet certainly playing a large part of today’s MI, but it is not the mainstay.
“For a physical shop to remain really viable, the customer now demands that their high(er) expectations are at least met, if not exceeded, and reputations are made and lost with far greater speed thanks to website and social media facilities. Customers have immediately accessible options of whom and where they buy from (as well as pricing information) to an extent that we have never seen before.
“In many ways, 2014 saw some serious ‘shifting of the sands’ for MI and I suspect, 2015 and the two or three years beyond, will see our landscape going through some fundamental change. Much of this we can probably say has not been a major surprise, but some of it is clearly gathering pace.”
McManus forecasts further specialization within stores as dealers look to offer a more complete offering to a niche audience, rather than hoping to compete with mass-merchandisers online.
“The days of musical instrument shops selling a ‘bit of everything’ are coming to an end. Many retailers are clearly heading towards selling fewer brands but in greater depth.”
Help on the high street is also crucial, with a record number of unoccupied UK retail outlets making some high streets unviable for even the most well run stores. Out of town retail parks and all-powerful supermarkets are squeezing the life out of traditional retail. But the Government rarely bats for the underdog.
“Business Rates are frozen for one more year and we must hope (and lobby) for the Government to finally flip the rate from being driven by property values to being driven by turnover,” adds McManus. “I remain totally convinced about the future success (and growth) of UK MI and as long as we continue to adapt and evolve, we will remain a vibrant and essential service to the millions of music makers we are here to serve!”
