CMT ’ s 2021
Dealer Roundtable
Morgan : Only one answer ; e-commerce . Your online presence is absolutely critical and now fundamental to survival in retail . We are also reconsidering the value of our physical location and the cost of our lease . A reconciliation is coming to the commercial property markets .
Trachilis : Over the years I have met with my team countless times to motivate and train them . Many times , I have felt that all the preparation that was put into creating a positive work environment fell on deaf ears . I was wrong . These are the days that you will see your team rise to the occasion and hold you up when you have lost your strength . Nothing matters more in this business than the community you have inspired to be a part of your life . The passion , the drive , the hard work , and focus . These are the core values that keep it all together .
Travaglione : The biggest lesson learned is that “ no one is bigger than the industry .” The current situation has made it that the current physical size of the business is not as important as having had the insight of ordering and stocking the proper items .
Wentworth : The biggest lesson that I ’ ve learned is to order early and order lots . Being on the west coast , we were already used to ordering inventory weeks in advance , as most of our suppliers are in Ontario and Quebec . But now , we are looking three to six months in advance .
Wilson : The biggest lesson learned is to keep your website information up to date . With this , online shopping and education will continue to grow !
CMT : Overall , looking towards 2021 , are you feeling more worried or hopeful about your business now as compared to the earlier months of the pandemic ? Why ?
Morgan : In the early months of the pandemic the thinking was that we would close down for a month ( or two ) and then the world would get back to normal . Now we know how wrong that was and fundamental changes are taking place all around us . So , in general we are more worried for the future as the government supports are withdrawn , and the mountainous debt levels are revealed , more businesses will fail and jobs will be lost . The economic fallout of these changes will take years to resolve and the extreme government debt levels will be with us for generations .
Trachilis : I don ’ t really know what is going to happen as far as business goes in 2021 . The fear of COVID is paralyzing to so many of us . There should be a ban on bad news ! The beauty of musicians is we go to the well for inspiration . Music ! So maybe it will all be okay .
Travaglione : The worried aspect of the pandemic will always be there , not so much for our personal business but for all the mom and pop retailers and the industry in general . We have taken a big hit and it will take some time to recover from this .
Wentworth : Overall , I ’ m feeling hopeful . Hopeful that the worst is now behind us , and that we can take what we have learned during the past six months and use this knowledge to be prepared for what could come next .
Wilson : I ’ m remaining hopeful for 2021 . Income areas may shift . Professional musicians and educators have been hit the hardest in this pandemic . But as we move into the second half of 2021 and concerts and live performances return , I ’ m looking forward to their business as we head out of the pandemic . I also expect in-studio lessons , books , and accessories to increase and return to more normal levels .
CMT : In terms of the health of Canadian MI retail industry as a whole , what are your feelings and predictions for 2021 ?
Morgan : These are unprecedented times and no one could possibly have an accurate view of 2021 . The MI retail industry is small in relative terms , but is threatened just like every retail industry .
My predictions : Businesses will fail , especially as the government supports are withdrawn ; older owners of small shops will exit faster , giving up rather than fighting through this ; the viability of starting a new music store will be highly questionable ; the push to e-commerce and online sales will continue ; public schools will have a hard time adjusting and making what they have left for music to be relevant to kids ; budgets will come under even more pressure as they spend to cope with the pandemic and then governments pull back spending due to extreme debt levels ; and gigging musicians at all levels will continue to have a tough time making money as small venues , bars , clubs , pubs , etc . struggle to survive , and the large events and venues are prevented from running .
Trachilis : I personally feel that the MI industry has been on life support for a long time . Every year there is one less independent music store serving this fine community . Over the last 25 years that Quest has been in business , I have seen a lot of stores fade away . We all have a part to play , we need to start playing our part better , I think . We do that , and there ’ s no one that can hold us down . Let ’ s hope and pray for a good year . Amen !
Travaglione : I ’ m hoping for nothing but a fast recovery for the industry . Too many people have lost way too much emotionally and financially . It would be great if there was more communication between retailers to be able to transition to a new era of doing business in Canada ....
Wentworth : I feel like the MI industry is going to be stronger than ever . My hope is that music stores run by musicians will not become a thing of the past , being replaced by robots and bean counters that are more concerned about their bottom line rather than a long-term passion for selling musical dreams .
Wilson : I feel our industry is going to remain strong going forward to 2021 and beyond . If you work on your website and social media platforms , our industry has many ways of being pandemic-proof !
26 CANADIAN MUSIC TRADE