Virgin Megastores: Difference between revisions
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The first Australian Megastore was launched in 1988 by Richard Branson and Ian Duffell, CEO Virgin Megastores Asia-Pacific. Between 1988 and 1992 Megastores were opened in [[Sydney]], [[Melbourne]] and [[Adelaide]]. In 1992, the Virgin Group and [[Blockbuster Inc.]] entered into a joint venture.{{citation needed|date=September 2018}} This lasted until Virgin sold their interest in the six stores to Blockbuster, who promptly rebranded them in 1993 to Blockbuster Music.<ref name="AP News"/><ref>{{cite web |url=http://www.fundinguniverse.com/company-histories/blockbuster-inc-history/ |title=Blockbuster Inc. History |publisher=Funding Universe |access-date=17 February 2013 |date=<!--undated--> |author=<!--Staff writer(s); no by-line.-->}}</ref><ref name="The Age">{{cite web |url=http://www.theage.com.au/articles/2002/04/15/1018333481104.html |title=Virgin plays to youth in rebirth of music Megastores |first=Annie |last=Lawson |work=[[The Age]] |date=16 April 2002 |access-date=23 September 2012}}</ref> |
The first Australian Megastore was launched in 1988 by Richard Branson and Ian Duffell, CEO Virgin Megastores Asia-Pacific. Between 1988 and 1992 Megastores were opened in [[Sydney]], [[Melbourne]] and [[Adelaide]]. In 1992, the Virgin Group and [[Blockbuster Inc.]] entered into a joint venture.{{citation needed|date=September 2018}} This lasted until Virgin sold their interest in the six stores to Blockbuster, who promptly rebranded them in 1993 to Blockbuster Music.<ref name="AP News"/><ref>{{cite web |url=http://www.fundinguniverse.com/company-histories/blockbuster-inc-history/ |title=Blockbuster Inc. History |publisher=Funding Universe |access-date=17 February 2013 |date=<!--undated--> |author=<!--Staff writer(s); no by-line.-->}}</ref><ref name="The Age">{{cite web |url=http://www.theage.com.au/articles/2002/04/15/1018333481104.html |title=Virgin plays to youth in rebirth of music Megastores |first=Annie |last=Lawson |work=[[The Age]] |date=16 April 2002 |access-date=23 September 2012}}</ref> |
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In October 2001, Ian Duffell, managing director of Brazin Limited (owner of Australia's largest entertainment retailer, [[Sanity (music store)|Sanity]]) reintroduced Virgin Megastores in the country via two related transactions with the Virgin Group,<ref name="standard.co.uk"/> acquiring 77 troubled [[Our Price]] music stores in the UK for a symbolic £2, and in turn gaining exclusive license rights in Australia for Virgin Entertainment,<ref>{{cite news |url=https://www.smh.com.au/business/brazin-lifts-its-profit-in-virgin-territory-20020823-gdfkfj.html |title=Brazin lifts its profit in Virgin territory |newspaper=[[The Sydney Morning Herald]] |date=23 August 2002 |author=<!--Staff writer(s); no by-line.-->}}</ref> initially setting up the first Virgin Megastore on [[Chapel Street]]'s, [[The Jam Factory]] in April 2002. Brazin also intended to use the Virgin brand to open 45 new Megastores in addition to converting 55 of its existing small-scale IN2 Music stores that had not already been rebranded as Sanity. Yet, the programme stalled as Brazin battled internal disruptions and struggled to separate the target-markets for Virgin and its chain of more than 200 Sanity stores (at the time). As a result, the company's entertainment division posted a $27 million loss in financial year, 2002–03, and by mid-2004, Brazin had only managed to open 12 Virgin Megastores.<ref name="The Age"/><ref name="The Sydney Morning Herald 1">{{cite web |title=Brazin to call tune in Myer stores |url=http://www.smh.com.au/articles/2004/07/27/1090693964231.html |work=[[The Sydney Morning Herald]] |first=Leonie |last=Wood |date=28 July 2004 |access-date=11 June 2012}}</ref><ref name="MuzInk">{{cite web|title=Myer, Brazin in Virgin Entertainment deal |url=http://www.muzink.com/afrn?articleid=170 |work=MuzInk.com |first=Eva |last=Wiland |date=29 July 2004 |access-date=11 June 2012 |url-status=dead |archive-url=https://web.archive.org/web/20110309003048/http://www.muzink.com/afrn?articleid=170 |archive-date=9 March 2011 }}</ref><ref>{{cite web |url=http://news.bbc.co.uk/2/hi/business/1605961.stm |title=BBC News: Virgin sheds Our Price stores |publisher=[[BBC News]] |access-date=11 June 2012 |date=18 October 2001 |author=<!--Staff writer(s); no by-line.-->}}</ref> |
In October 2001, Ian Duffell, managing director of Brazin Limited (owner of Australia's largest entertainment retailer, [[Sanity (music store)|Sanity]]) reintroduced Virgin Megastores in the country via two related transactions with the Virgin Group,<ref name="standard.co.uk"/> acquiring 77 troubled [[Our Price]] music stores in the UK for a symbolic £2, and in turn gaining exclusive license rights in Australia for Virgin Entertainment,<ref>{{cite news |url=https://www.smh.com.au/business/brazin-lifts-its-profit-in-virgin-territory-20020823-gdfkfj.html |title=Brazin lifts its profit in Virgin territory |newspaper=[[The Sydney Morning Herald]] |date=23 August 2002 |author=<!--Staff writer(s); no by-line.-->}}</ref> initially setting up the first Virgin Megastore on [[
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