http://www.pianoworks.com/ Summary of the latest blogs published on PianoWorks en-gb Copyright © PianoWorks, 2012 Developer Fusion RSS Feed Generator v1.0 Owner PianoWorks Mon, 21 May 2012 19:10:52 GMT 20 http://www.pianoworks.com/blogs/Steinway-of-Chicago-Closes-Symbolic-or-Not.aspx I recently learned that Steinway of Chicago is closing.&nbsp; Is this just another in a long list of prominent piano dealerships to lose their footing in this long recession or is it a reflection on the viability of iconic brands?&nbsp; Or is it something deeper?&nbsp; Quite a few established Steinway and Yamaha piano dealers around the country have closed, and I think it is worth evaluating.&nbsp; In an online forum, someone's reaction to the Chicago new was to complain that Steinway's high prices were to blame, but I don't see it that way.<br /><br />The industry evolves with the economy.&nbsp; When stores open and close frequently, part of the support structure for local piano culture is lost.&nbsp; The full factors at play in Chicago are unknown, but there is the symbolic effect of an iconic brand in flux...others look to them to see what they are doing.&nbsp; I don't see price as the big issue.&nbsp; The best information available to me indicates that Steinway's recent sales numbers are reflected in the piano market as a whole.&nbsp; If they wish to beat the market, they have to focus on value.&nbsp; Most reports indicate the factory is working to improve execution which I believe is the best way to raise value.&nbsp; The Essex line offers good value (though best value is hotly debated) and I anticipate even more changes to the Boston line.&nbsp; When the economy finds new footing (at whatever level that is) Steinway should be better positioned than before this recession.&nbsp; A lot can go right or wrong, but I haven't seen a challenger for top dog emerge.&nbsp; Some other great makers captured significant market share before the global recession, but that's as far as it went.&nbsp; It's within Steinway's ability to stay on top if they do the right things.<br /><br />As it relates to pricing and demand, if Steinway grands were suddenly $10k less, the effect would be shortsighted.&nbsp; Of course, Steinway now has other lines to consider....<br /><br />For now, supply and demand need to find some predictable relationship.&nbsp; This would be good for everyone, not just Steinway dealers, but let us work on growing real demand.&nbsp; We dealers need to plant more seeds and nurture the seedlings so there will be something to harvest year in, year out.&nbsp; I've watched many dealers spend all there efforts harvesting, not planting, and guess what?<br /><br />25 years ago, few people could afford Steinways but nearly everyone aspired to have one.&nbsp; 10 years ago, few people could afford Steinways but among those who could, some discovered Schimmel or Estonia or Mason &amp; Hamlin.&nbsp; Steinway will never be affordable for everyone, but as another 10 years goes by, a generation could grow up dreaming of something other than Steinway.&nbsp; This is the challenge Steinway faces beyond the immediate downturn. &nbsp;<br /><br />As I write this, Atlanta is without a Yamaha piano dealer.&nbsp; Neighboring Birmingham lost their Steinway dealer of over 100 years.&nbsp; Phoenix Steinway has closed.&nbsp; The Denver Steinway dealer is closing.&nbsp; Even the piano store in Beverly Hills is closing.&nbsp; The economy will turn, and new businesses will take their place, but what lessons will be learned in the changeover.&nbsp; Will it be a Steinway dealer?&nbsp; Will it be another brand?&nbsp; Or will some other pasttime further displace the piano in our culture?&nbsp; For my part, I will run my business by continuing to plant seeds and nurture the next generation of pianists.<br /> Sam Bennett Wed, 05 Jan 2011 00:49:00 GMT Steinway of Chicago Closes: Symbolic or Not?