This is hard to write. After agonising over this decision for some months, Narelle and I have decided to not renew the lease at 99 Kepler Street. Effectively we will be closing the shop.
2024 was a really tough year for us. Winter trade being the main culprit where there were days when we had no customers. The stress of it all was difficult. The economy is tough at the moment and a lot of our regular customers, just ain't as regular anymore. To keep up with our financial responsibilities, we had to drastically cut our purchases, hence why the shop has been looking "emptier" than usual. Festive and summer trade has been great, but not enough to stretch throughout the year.
It's OK, we understand. Records are a discretionary spend, and people don't have the spare cash to spend on luxuries when they need to ensure food, shelter and bills are covered. Our confidence in the economy is not positive, with interest rate cuts not guaranteed and a diving Australian dollar.
Another reason is the increased prices coming through on major label releases. Sure people want the latest albums, but aren't willing to spend $60 to $100. Even reissues that were for years in the mid $30 range are now generally $60. It's too much for the general consumer and discourages new young collectors. We've battled this by trying to get the best pre-loved stock we can, but consistent supply and good quality titles are not guaranteed.
So is this the end? Not exactly, we are currently working out some scenarios. The stall at the Mill Market in Geelong will continue as normal (and will be expanded) and we will continue to sell online. We are exploring some ideas for Warrnambool, but at this present time there are no suitable small premises available. We would also consider sharing space with another business in the CBD. But, without finding a new home Prehistoric Sounds will become a "side hustle" rather than a full time thing.
However, if someone is interested in taking over the business we are happy to discuss, there are certainly some opportunities for growth.
The lease finishes at the end of March 2025 and I expect our last trading day will be March 15th. If you have Gift Vouchers please use them before this date.
I know this will be a shock to some. There are some of you who drop in 2 or 3 times a week, even just for a chat. This is not what we wanted to happen, I hoped we would be here for longer. However, the numbers aren't stacking up at the moment and we feel a drastic change is a prudent decision for our future. If this happens to be the end of Prehistoric Sounds, we leave with no regrets, no debt and a lot of great memories, we've had a lot of fun over these 15+ years.
Cheers Shane
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