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Another blow to the music industry, Professional Music Technology (PMT) went into receivership yesterday. All 11 guitar stores throughout the U.K. closed its doors permanently and laid off hundreds of employees.
Whilst turnover last year was £43 million, the company unfortunately still made a loss. The emerging picture appears to be that people are still buying guitars and associated equipment however ever-decreasing small margins and changing buying habits towards online purchases are the two main reasons why PMT now no longer exists.
A sad day indeed.Richard
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About 30% of the New Zealand population is of Polynesian ancestry, and Polynesians love guitars. Plus the young people here are mostly into modern and classic rock and love the sound of guitars. So I’ve got my fingers crossed that our guitar shops here will survive at least until AI takes over the world and the humans die off.
Sunjamr Steve
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GAK (which stood for Guitars and Keyboards), a big retailer based in Brighton on the UK’s south coast, shut earlier this year too. I think they just had the one outlet and it’s rumoured that although they made the jump to online retailing, the cost was too much for the business to cope with.
I would have thought PMT had a strong online presence though so surprised they couldn’t make it work. -
I was bummed out when Sam Ash closed there doors after 100 years in the US. The local shop employed talented and helpful musicians and luthiers. Several became friends over the years. The main reason I got from them was inability to compete with Sweetwater. GC is the leader in brick and mortar now but not even close to Sweetwater.
Mike
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