Dive Brief:
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Manhattan-based J&R Music and Computer World shuttered its doors yesterday after 43 years of business.
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The sudden close comes as electronics retail sales have fallen, leaving chains like RadioShack and Best Buy struggling to revamp physical stores and online sales strategies.
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Despite the heavy price pressures from the likes of Amazon and other web retailers, several independent electronics stores nationwide like J&R have fared better than the big box retailers, with many attributing that to their high level of customer service.
Dive Insight:
The closing of one of New York City’s most enduring retailers is a sign of how even independent electronics stores, which have managed to find success where big box retailers like Best Buy haven’t, are struggling with price competition. Officially, J&R Music and Computer World isn’t giving up; owners Joe and Rachelle Friedman say they're looking for partners to help them revamp their store into what they say will be “an unprecedented retailing concept and social mecca.” There are many inside and outside of New York who will be pulling for them, watching closely to see if (and how) they can do it.
