Sunrise Records is re-entering the millennial music market with plans to move into 70 retail spaces being vacated by HMV Canada – its gutsy, but very interesting. Global News expands on how the Ontario-based music retail chain negotiated new leases with mall landlords across the nation. In the footprint exited by HMV, Sunrise’s expansion gives the brand an instant leg up in the Canadian music scene just as the industry’s largest retailer closes shop. Stores are promised to begin to open this spring after HMV fully liquidates and removes branding.
Compact disc sales fell 19% last year, according to data compiled by Nielsen Music Canada. On the other hand, on-demand audio streams experienced dramatic growth, rising 203% to 22 billion streams thanks to services like Apple Music and Spotify. Sunrise’s operators are holding out hope that the the current generation of music buyers want something tangible they can hold. This ranges beyond CDJs, extending to the riding presence of vinyl collectors and merchandize tied to entertainment brands.
Back in 2014, Sunrise exited Toronto’s storefront market and closed both its downtown locations. The company is one of the only Canadian-owned, independently operated record store chains left in all of Canada – it opened in 1977.
H/T Global News