Musica sings its final song in South Africa Musica
Clicks have announced that entertainment store Musica will close its doors for good. The brand has been underperforming financially for years.
Despite trying to expanding into other avenues like sales of tech and gadgets, not just CDs, the brand has been struggling for a while.
Retail giant Clicks acquired the brand in 1992 when the brand was booming. Musica was a leading entertainment brand in South Africa for decades.
Clicks attributed the rise of online streaming and entertainment as a reason for the brand’s downfall. The pandemic has further exacerbated this, with a sharp decline in foot traffic.
“Musica has been operating in a declining market for several years owing to the structural shift globally to the digital consumption of music, movies and games from the traditional physical format.
“The inevitable demise of the brand has been accelerated by the Covid-19 pandemic which resulted in the rapid decline in foot traffic in destination malls where Musica stores are typically located,” Clicks said.
“In the stores which have been closed since September 2020, the Musica staff have been absorbed into the group’s expanding health and beauty store network. Management is committed to accommodating the remaining staff within the group where this is operationally feasible.
“Further detail on the financial and operational impact of Musica’s closure will be communicated to shareholders with the release of the group’s interim results in April 2021.”
Musica will close on May 31 2021.
Clicks have announced that entertainment store Musica will close its doors for good. The brand has been underperforming financially for years. Despite trying to expanding into other avenues like sales of tech and gadgets, not just CDs, the brand has been struggling for a while. Retail giant Clicks acquired the…
