From the Times
Vinyl sales have helped to bring Ireland’s oldest chain of record shops back from the brink .
Golden Discs, which was founded in 1962, reported a turnover of €17.9 million last year, which it said was driven in part by new store openings and a taste for the traditional format.
The company returned a profit of €172,878 after reporting losses of €466,000 in 2015.
Golden Discs opened a store in Dundrum town centre and a pop-up store on Henry Street, Dublin, at Christmas. It also reported significant growth in vinyl sales, which were up over 100 per cent on the previous year.
Stephen Fitzgerald, the company’s chief executive, said that sales of vinyl records were continuing to grow.
“Vinyl sales are at a 25-year high,” he said. “Vinyl’s renaissance proves the desire to own music in the physical format remains strong.”
In April the company opened the Vinyl Lounge, a record shop, café, exhibition space and music venue in its Cork flagship store on Patrick Street. It has a new shop in Limerick and is looking into the possibility of opening more nationwide.
“The project has been well received and the company is looking for suitable space in Dublin to expand the concept,” Mr Fitzgerald said of the Vinyl Lounge. “The branch network is under continual appraisal and where we find opportunities we will open additional stores.”
Golden Discs is also expanding its digital presence, with an online shop launching later this month.
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