Music Store Business Plan

The privately held company has been on a perilous financial path, with analysts recently raising concerns that the Westlake Village-based retailer might run out of money.In mid-April, S&P Global Ratings lowered Guitar Center’s corporate credit rating to selective default, signaling that the world’s largest music-instrument retailer was at risk of bankruptcy.Guitar Center staved off those concerns for a few years when later that month it refinanced its The privately held company has been on a perilous financial path, with analysts recently raising concerns that the Westlake Village-based retailer might run out of money.In mid-April, S&P Global Ratings lowered Guitar Center’s corporate credit rating to selective default, signaling that the world’s largest music-instrument retailer was at risk of bankruptcy.Guitar Center staved off those concerns for a few years when later that month it refinanced its $1-billion-plus debt from a 2007 leveraged buyout. || The privately held company has been on a perilous financial path, with analysts recently raising concerns that the Westlake Village-based retailer might run out of money.In mid-April, S&P Global Ratings lowered Guitar Center’s corporate credit rating to selective default, signaling that the world’s largest music-instrument retailer was at risk of bankruptcy.Guitar Center staved off those concerns for a few years when later that month it refinanced its $1-billion-plus debt from a 2007 leveraged buyout. -billion-plus debt from a 2007 leveraged buyout.

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Failing to take these steps can result in fines and headaches from floods, leaks and non-working utilities.

Heed the real estate agent's mantra of "location, location, location." Great deals in low-rent neighborhoods mean nothing if your customers don't feel safe.

Don't depend on volume sales to drive business, since chain stores get heftier discounts that enable them to undersell their competition.

Instead, consider opening your space for lessons, guitar repair, training (such as using equipment, especially recording equipment), performances and other special events to build customer loyalty, and name recognition.

Study your competitors to see what makes them successful.

Don't limit yourself to retail music stores, since consignment shops, electronics outlets and pawnbrokers represent equally fierce competition for local dollars.

The company’s viability now depends on how well management can execute its turnaround strategy, which includes expanding into higher-margin services and growing its Music & Arts business, which sells band and orchestra equipment, according to an S&P analysis.

Guitar Center has seen some recent success: Same-store sales were positive the last two quarters of fiscal 2017 after negative trends for the previous two years.

It just gets through to everybody.”Little did he know it, but that’s the spirit Guitar Center executives are counting on as they try to engineer a turnaround of the retailer.

The plan is to make the stores more welcoming to budding and veteran musicians alike who are ready to spend money on equipment, supplies and other goods and services.

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