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Tuesday, May 15, 2007

A new era for Millennium Music

Posted by Patrick Sharbaugh on Tue, May 15, 2007 at 4:27 PM

Interesting news from the gang at Millennium Music a few minutes ago. About two years ago, building owners PrimeSouth Real Estate made much of their annnounced plans to dynamite the building at King and Calhoun and put up — surprise! — a new condo development with some ground-floor retail (which didn’t include Millennium). The music store’s been treading water ever since, trying to figure out how and where to move in the middle of their big transition from a standard retail model to their online and previously-owned model. Now, it seems, Millennium’s been granted a full pardon. Partner Kent Wagner writes:

“After two years of uncertainty and conflicting messages concerning the development on the corner of King and Calhoun Streets, Millennium Music has been told that there is no definitive timetable and that we should expect to operate at this location for the duration of our lease. Therefore, Millennium is thrilled to finally be able to announce once and for all that we will likely be operating out of the 372 King Street location for at least the six years remaining on the lease.”

While he’s gloating, Wagner mentions some plans to ratchet up the volume at the store. Downloading kiosks, he says, will soon allow customers to burn songs, compilations, or entire albums to CDs or export them to their portable music players. They’ll also be reintroducing a new in-store CD “ripping” service that can load music directly onto customers’ iPods. They plan to start stocking hundreds of vinyl titles, and part of the store’s real estate will soon be give over to a high-end videogame arcade called GameFrog. (Wonder if that means the Classical/Jazz room is headed for the dustbin of history?)

Wagner wraps up with word that Millennium Music also has plans to sublet a portion of its location to a prominent, as yet unnamed national tenant that’s “leading the current changes in the music industry.” Who? He’s not saying until the deal’s been inked.

But it’s a safe bet it ain’t Tower Records.

Topics: Retail, Concert Music

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Wagner may be gloating on the outside, but I would bet that he is crying on the inside. Millennium Music wasn't being kicked out. They have 6 remaining years on their lease. There would have been a buyout offer on the table. A decent offer would have been an easy out for Wagner. Now he is stuck with 6 more years at $30,000 per month (I'm guessing). If the biz was profitable he wouldn't be scrambling looking for additional sublease tenants. The only way they can survive for 6 years will be to turn the space into a mini-mall.

Posted by archie bates on May 31, 2007 at 10:29 AM | Report this comment
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Wagner may be gloating on the outside, but I would bet that he is crying on the inside. Millennium Music wasn't being kicked out. They have 6 remaining years on their lease. There would have been a buyout offer on the table. A decent offer would have been an easy out for Wagner. Now he is stuck with 6 more years at $30,000 per month (I'm guessing). If the biz was profitable he wouldn't be scrambling looking for additional sublease tenants. The only way they can survive for 6 years will be to turn the space into a mini-mall.

Posted by archie bates on May 31, 2007 at 10:29 AM | Report this comment

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