4/30/2023 0 Comments Chicago music exchange![]() ![]() An IBISWorld report pegs profit in musical instrument sales at a razor-thin 1.7 percent, down from 2.4 percent in 2008. Kalt expects the business will net between $500,000 and $800,000 this year.Ĭhicago Music Exchange’s success comes as competitors, both large and small, are watching margins tighten amid growing online sales, big-box competition and a market flooded with cheap imports. That approach has yielded results not often seen in the retail world - 243 percent growth in four years, from $3.5 million in revenue in 2010 to a projected $12 million by the end of this year. He pays his people well, shells out for a full-time videographer and blogger, carries a ton of inventory, and has a gleaming showroom where browsing is encouraged. Kalt appears to have landed on a formula. “So how do you figure out how to be a great retailer and deliver an experience that makes customers feel a certain way?” “The concept of selling products based on price and availability is a dying business because it’s just a race to the most efficient, where Amazon can kill just about anyone,” Kalt says. Looking at a heap of money and decades until retirement age, Kalt purchased the Chicago Music Exchange in 2010, as the weak economy was bleeding consumers’ discretionary income and e-commerce was chasing entrepreneurs away from brick-and-mortar businesses. Charles Schwab bought the retail brokerage firm in 2011 for $1 billion. A former trader, Kalt made his fortune by co-founding optionsXpress in 2000. ![]() ![]() Kalt is the owner of the Chicago Music Exchange, a guitar shop in Lakeview. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |