Welcome to Living Pianos! I’m Robert Estrin. Today, I want to share some fascinating insights about piano stores that might surprise you. Running a piano store in today’s world comes with its own set of challenges, especially with the piano’s popularity declining over the last century.
Did you know that most piano stores don’t actually own all the pianos you see in their showrooms?
It’s true! Many of these instruments are part of a financing arrangement called a “floor plan.” This system involves manufacturers, distributors, and finance companies, allowing stores to showcase a huge selection—sometimes worth hundreds of thousands or even millions of dollars—without the initial investment.
So, what does this mean for store owners? Well, their ability to negotiate prices isn’t as flexible as you might think. They need to sell the pianos to cover the costs, and the longer a piano sits unsold, the more interest they accrue. That’s why you’ll often see them eager to make a sale!
Many piano stores operate within protected territories.
This practice is one of the last bastions of traditional retail in the music industry. Essentially, if a store carries a specific brand—like Yamaha—they can’t quote prices over the phone. This helps prevent price wars among neighboring stores, ensuring that everyone has a fair shot at making a profit. But here’s the kicker: if a customer drives from one town to another, they can check prices in person, and the dealer can sell to them even if the customer lives outside of their territory.
You might wonder why there’s a notable markup on pianos. Are stores just trying to profit off you?
Not at all! The costs associated with selling pianos are substantial. There’s delivery, preparation, and tuning—all necessary to make a piano sound its best. Not to mention, not all stores offer the same level of preparation, which can lead to noticeable differences in sound quality even among identical models. Additionally, piano stores have other expenses: insurance, staffing, website development, and advertising. All of these factors contribute to the price you see on the tag.
Piano stores face a shrinking market.
Let’s talk about the market landscape. Piano stores are navigating a shrinking market filled with increasing online competition. While protected territories keep prices steady for new pianos, the market for used pianos is open for anyone to sell. This is where Living Pianos shines, as we specialize in high-quality used pianos, providing great value for customers. Selling new pianos today can be quite the challenge, especially when high-quality used options are just a click away!
Running a piano store is a tremendous challenge that requires organization, a knowledgeable team, and a lot of hard work.
I have immense respect for the people who manage these traditional stores. While our approach at Living Pianos is a bit different—operating on an appointment-only basis selling primarily restored pianos without restrictions, and focusing on online sales—I thought you’d enjoy learning about the realities most piano stores face. So, next time you step into a piano store, keep these insights in mind. There’s a lot more going on behind the scenes than meets the eye! Let’s keep the conversation going in the comments here at LivingPianos.com and on YouTube! I’m Robert Estrin here at LivingPianos.com, Your Online Piano Store. Thanks for joining me, and I’ll see you next time!
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Contact me if you are interested in private lessons. I have many resources for you! Robert@LivingPianos.com