Friday, January 16, 2009
::Virgin Megastore Closing Times Square Location::
Looks like the earlier reports were wrong. All wrong. Apparently the Union Square location is staying put while the perceivable money maker in Times Square bows out due to, you guessed it, rising rents and slumping record sales. It's rumored that the space will go to clothing retail outlet Forever 21. If this is true, this would be the third known instance where a clothier was able to foot higher rents than their less profitable music retail predecessors in NYC. HMV's 125th Street location surrendered its digs to Rainbow while the HMV at Herald Square made way for mainstream lingerie chain Victoria's Secret.
Oh, well. Can't say that I'll miss that location, seeing as that I loathe going to Times Square anyway. But I will most definitely make the trip when they have their liquidation sale around March/April and snatch up some vinyl on the cheap. I guess the old model really is dying after all. Right before our very eyes.
More info here and here.