Megastore Us Virgin
Megastore Us Virgin
Virgin Megastores is an international chain of record shops, founded by Sir Richard Branson on London's Oxford Street in January or February 1971 (exact date uncertain). Virgin Megastores are best described today as entertainment retailers.
In 1979 the company opened their first Megastore at the end of Oxford Street and Tottenham Court Road. The company expanded to hundreds of stores worldwide in the 1990s, but has lost a large number of stores in recent years, largely with the sale, and eventual closing, of the UK and US stores. Current operations are mainly in France, Australia and the Middle East, consisting of over 100 stores.
History
Branson's early business ventures
Richard Branson & Nik Powell had initially run a small record shop called Virgin Records and Tapes on Notting Hill Gate, London, specialising particularly in "krautrock" imports, and offering bean bags and free vegetarian food for the benefit of customers listening to the music on offer. After making the shop into a success, they turned their business into a fully fledged record label, Virgin Records. The name Virgin , according to Branson (in his autobiography), arose from a colleague of his when they were brainstorming business ideas. She suggested Virgin - as they were all new to business - like "virgins". The first release on the label was the progressive rock album Tubular Bells by multi-instrumentalist Mike Oldfield in 1973.
Virgin Megastores
Virgin's first formal store opened on London's Oxford Street in January or February 1971 (exact date uncertain). In 1979 the company opened their first Megastore at the end of Oxford Street and Tottenham Court Road. Virgin Megastores and Virgin Records operate as entirely separate entities, like many of the other Virgin companies. Throughout the 1980s and 1990s Virgin Megastores opened over 100 stores in the UK, and many others around the world. Simon Wright - Chief Executive of the Virgin Entertainment Group from 1999 to 2007 was very instrumental in the worldwide growth of the stores in particular developing the stores in Asia, the Middle East, Australia and North America before their eventual disposals under license detailed under Ownership.
Ownership
Like many of Branson's Virgin brands, Virgin Megastores is not wholly owned by the Virgin Group. During the early to mid 2000s Virgin Group decided to sell off most of its Virgin Megastores to various companies, including the Lagardere Group. By 2001 the Virgin Megastores worldwide were split between the Virgin Group and the Lagardère Group. The Virgin Group kept the UK, Ireland, USA and Japan outlets while the Lagardère Group obtained the shops in France and travel retail locations globally including Australia, China, United Arab Emirates, Qatar, Greece, Egypt and Lebanon.
Virgin Megastores in the Middle East currently trades as V Star Multimedia LLC. Culture Convenience Club owns what was Virgin Megastores Japan, which have since been rebranded as Tsutaya. The Australian stores are operated by Sanity; Sanity also run some of their stores under the HMV banner, and their own brand. In December 2007 Butler Capital Partners announced their intention to mount a majority takeover of the French arm of Virgin from Lagardère. This deal was finalised in February 2008.
In 2007 the real estate company Related Companies and Vornado Realty Trust acquired Virgin Megastores North America. They have since made the decision to close all of the American stores.
The UK and Irish underwent a management buy-out in September 2007 which resulted in the Managing Directors taking the company on as the largest independent entertainment retailer in the UK. Extensive rebranding to "Zavvi" took place in November 2007. In late 2008 Zavvi entered administration, and then closed the majority of its stores, selling some to rival HMV, and a few to Head Entertainment, which then announced their closure in December 2009.
Store experience
Product range
Virgin shops have a wide selection of CDs, games, books, DVDs, vinyl records, MP3 players, magazines, accessories and additional products such as calendars, board games, and Virgin branded items. Note that not all of these products (e.g. vinyl) are stocked by all Virgin shops, though the larger stores do stock the full product range. All US Stores have increased their focus on fashion. Other categories of fashion (Pop culture, Street, Urban, Movie & TV) complement the music, DVD and video games offers. Virgin Mobile products can also be found in separately run Virgin Mobile Concessions within most Virgin Megastores. Some shops also house cafes/coffee shops run by external companies.
Technology
In 2005, Virgin Digital was launched to cater for those that bought their music digitally or wanted to rip and burn their current music collection. This is designed to add to the services provided by Virgin, rather than replace the Megastores. The download service has faced some criticism from consumer groups due to its incompatibility with the popular iPod music players. The service has since been discontinued. Around the world there are other Virgin branded digital music retail websites, such as VirginMega.fr, France's number 2 music download website.
Operations
Europe
France
There are 35 Virgin Megastores in France. 12 additional stores in France are branded Furet du Nord, and about 10 international stores are owned by the same company.
Lagardère Group bought the chain in 2001. In December 2007 Butler Capital Partners announced their intention to mount a majority takeover of the French arm of Virgin from Lagardère. This deal was finalised in February 2008. According to the Lagardère 2007 report, 80% of the Virgin stores was to be sold by Lagardère Services at a value of €76.4 million, and 20% would be kept. Prior to this sale 51% of VirginMega, France's number 2 music download website, was transferred to the Virgin Stores company (sold to Butler), and the remaining 49% was kept by Lagardère Active.
In March 2008 the French Megastores enlisted Kyriba Corporation's real-time, on-demand cash and treasury management solution.
Germany
See also: Virgin StoreVirgin Megastore withdrew from the German market in 1994, amid complaints that the country's shop-closing law was too restrictive. However, Virgin returned to Germany with a new store (not a "Megastore") that opened in the Berlin Hauptbahnhof central station in Berlin in May 2006. There are now 4 Virgin Stores in Germany, operated by HDS Retail.
Greece
As of June 2005 there are 15 Virgin Megastores in Greece, and on the island of Crete, operated by Vivere Entertainment. Currently only 6 remain open.
The Netherlands
Virgin Megastores entered the Dutch market in the 1990s and operated four stores (Amsterdam, Rotterdam, The Hague and Maastricht). In 2000, it decided to exit the market. Three stores were sold to the Free Record Shop group, while the Maastricht branch was closed. Free Record Shop also acquired three Virgin Megastores in Belgium.
Spain
In June 1998 the 9 Virgin Megastores closed including its southern European flagship store in Barcelona. Currently this building is occupied by Zara clothes store.
UK / Ireland
Main article: Zavvi (2007–2009)The first Virgin Megastore opened in the United Kingdom in 1979.
Between the 1980s and 1990s, the chain grew, most notably through its merger with Our Price whilst under the ownership of WH Smith. By the 1990s Virgin Megastores had become an international franchise as part of the Virgin Group.
In 2007 the Virgin Group was looking to sell the UK and Ireland stores. On 17 September 2007, it was announced that the UK and Ireland arm of the Virgin Megastores brand was to break away from the Virgin Group. A management buy-out offer was accepted. EUK, the company's main stock supplier, also the supplier to shops like Woolworths and Sainsbury's, have helped out with the MBO by investing heavily to support the new management team. With the change of ownership the Virgin Megastores disappeared and were replaced with a new name 'Zavvi'. All 125 stores remained trading and the change was fully implemented by late November 2007. In January 2008 the online system was also rebranded to "zavvi.co.uk" and Virgin Megastores Ireland changed to 'Zavvi Ireland'.
On Christmas Eve, 24 December 2008, the "Zavvi UK" group went int
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