Retail Musical Instrument Store
Industry Overview
Customer sales at retail musical instrument stores, in general, continue to be healthy. Purchases of expensive instruments, however, have slowed and school district purchases are inconsistent.
Most retail musical stores across the United States handle a full-range of musical instruments. These are designed to appeal to different customers. Full-line stores typically carry a selection of keyboard instruments, school band and orchestra instruments, guitars, amplifiers, sound reinforcement, electronic audio components, drums and other percussion instruments, sheet music, along with accessories for the variety of instruments. About one-third of musical instrument stores specialize in a specific segment of the market - keyboard instruments, combo instruments (guitars and drums), sound reinforcement, sheet music or school instruments.
Company Perspective
Weathers Music Corp. is holding steady in a questionable economy. The varied selection of products it offers to different market segments helps the store. When purchases from one customer area are off, another area typically is stronger. School purchases tend to be inconsistent and variable, depending upon the budgets of the individual districts. Sales of pianos and other expensive instruments have slowed.
Company Issues/Concerns
The music store originally requested the assistance of the George S. May International Company to help in improving its personnel policies and training, along with help in restructuring to better help utilize the existing employees.
Solutions
In addition to the retailer's initial interest in improving and restructuring personnel, the consulting work grew to include programs that are helping the retailer trim expenses and be more efficient.
"I have found the consultant's responses and recommendations to be very insightful and practical," noted Mr. Weathers. "I have decided to participate in an additional three-month Retainer Program, with the objective of monitoring our progress with the expense documentation and to assist us as we prepare new budgeting materials for our upcoming fiscal year."
