Virgin Megastores Report Solid Sales
January 18, 2007 at 5:46 AM (PT)
While the majority of music retail chains saw a 12% decline in music sales over the holiday season, VIRGIN MEGASTORES are announcing new records set by the brand. The NORTH AMERICAN chain of stores saw 12% growth in retail sales over last year's holiday period.
VIRGIN MEGASTORES contribute some of the growth to having a strong market share on new releases as well as the largest selection of specially priced CDs. The stores saw expansive sales spikes in several departments, including a 28% increase in electronic sales. The entire year of 2006 was a strong sales year for the chain, up 5% nationally since last year and up 10% in the NEW YORK CITY market since 2005.
"It's been a fantastic year for the VIRGIN MEGASTORE brand, and it was the best holiday season we've seen in the past five years," said CEO SIMON WRIGHT. "Our music and game sales outperformed our expectations and those in the industry. We focused on staying in stock in both new titles and deep catalog, and we saw every genre from Jazz to Classic Rock increase in sales from the 2005 holiday period."