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London record store set to close its doors

It comes despite vinyl sales reaching 25 year high

London record store Lucky Seven is set to close after the shop was put for sale.

Store owner Jason Gore blamed rapid rent increases over the last few years for its closure.

“The rent went up by a third in 2009 and if it goes up again there’s only one way it’s going to go,” he said. “I’ve given it until August and then I’m thinking of calling it quits.”

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The boom in vinyl collecting has also been a “double-edged sword”, claims Gore.

“The demand is there but I can’t get hold of it as easy as I used to,” he told the Hackney Gazette.

“Prices have doubled in the last four years because of the increase in interest. It’s a bit of a double-edged sword for me.”

Gore said he is keen for Lucky Seven to remain a record shop.

“If someone came in with fresh eyes and a bit of capital they could really take it forward. I’d hope they don’t paint it grey,” he added.

Meanwhile vinyl sales have reached a 25 year high, with David Bowie’s final album ‘Blackstar’ the highest-seller.

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UK vinyl sales reached a high of 3.2million in 2016 – a massive increase of 53% from the previous year, reports the BPI.

Bowie’s ‘Blackstar’ was the most popular vinyl release of last year, selling more than double the number of copies of 2015’s biggest-seller, Adele’s ’25’.

Amy Winehouse had the second best selling release of 2016 with her final album ‘Back To Black’, while the ‘mixtape’ soundtrack for the movie Guardians Of The Galaxy came in third and Radiohead’s acclaimed, Mercury-nominated ‘A Moon Shaped Pool’ was at Number Four. The rest of the top 10 was filled by ‘classic’ and legacy albums from the likes of Fleetwood Mac, The Stone Roses, The Beatles, Nirvana and the late Prince.

However, vinyl only accounts for 2.6% of overall music sales, with CDs and download sales dropping rapidly. CD sales dropped by 11.7% and downloads fell by 29.6%.

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