Other Music, the alternative record store located in Manhattan’s East Village, will be closing its doors and mail order business for good on June 25th. According to a New York Times interview with Josh Madell, a co-owner of Other Music, published in today’s edition, business at the store has halved over the past 15 years. Rent, on the other hand, has more than doubled, and property taxes, which the store pays, have also increased significantly. According to Madell, the shop is closing before the economics of running it cease to work.
The following, which I noted when J&R Music World closed two years ago still seems to be the case:
I can see parallels between the music business and the stamp business. New York City once had a thriving community of stamp dealers (with a major part of it located on Nassau Street in lower Manhattan) and major stamp departments in Macy’s and Gimbles. As the popularity of stamp collecting waned, stamp stores closed. Today, the stamp business is mainly online and mail order, with just a single store left in Manhattan. Of course, the same thing has happened with record stores over the past decade and a half.