Best Buy to stop selling CDs by July 1
RICHFIELD, MN (WATE) – Best Buy plans to stop selling CDs by July 1, according to Billboard.
CD sales were down 18.5 percent in the U.S. and the company is generating $40 million for sales.
Best Buy will continue to sell vinyl for the next two years.
Sources told Billboard that Target is threatening music suppliers. The company wants to be able to switch to scanned-based trading in order to prevent an inventory risk.
Target sells less than 100 titles in many of its stores. According to Billboard, the retailer once sold as many as 800 titles.
“Entertainment has been and continues to be an important part of Target’s brand. We are committed to working closely with our partners to bring the latest movies and music titles, along with exclusive content, to our guests. The changes we’re evaluating to our operating model, which shows a continued investment in our Entertainment business, reflect a broader shift in the industry and consumer behavior,” said the retailer to Billboard.