On a crisp morning in Toronto, Doug Putman walked through the doors of a Sunrise Records store, his eyes scanning the aisles filled with vinyl records and CDs. For Putman, this was not just a store but a testament to his belief in the enduring appeal of physical media in a digital age. As he greeted the staff and chatted with customers, it was clear that his passion for retail and music kept Sunrise Records alive and helped it thrive in an era where many brick-and-mortar stores were closing their doors for good.
The Rise of Doug Putman
Doug Putman, a Canadian entrepreneur, is known for his bold ventures into the retail industry. Born and raised in Ancaster, Ontario, Putman grew up interested in business, often helping in his family’s stores. His entrepreneurial journey began in earnest when he acquired the Canadian music retailer Sunrise Records in 2014.
Sunrise Records: A Turnaround Story
When many believed that the days of physical music stores were numbered, Putman saw an opportunity. Under his leadership, Sunrise Records expanded from a single store to over 80 locations across Canada. This expansion was partly fueled by Putman’s acquisition of HMV Canada’s assets after it went into receivership in 2017.
According to Music Canada, physical music sales in Canada saw a resurgence, with vinyl sales increasing by 21% in 2018, thanks partly to Sunrise Records’ efforts. Putman’s strategy focused on creating an immersive shopping experience, offering a wide selection of vinyl records, CDs, and related merchandise and hosting in-store events.
Expanding Horizons: Acquiring HMV UK
In 2019, Putman made headlines again by purchasing HMV UK out of administration. The iconic British music retailer had been struggling with financial difficulties for years. Putman’s acquisition saved nearly 1,500 jobs and kept 100 stores open across the UK.
Putman’s vision for HMV UK involved revitalizing the brand with a focus on vinyl records, pop culture merchandise, and live events. He believed that by creating a unique and engaging shopping experience, HMV could regain its status as a beloved retail destination.
Retail Strategy and Vision
Putman’s success in reviving struggling retail brands can be attributed to his clear vision and innovative approach:
- Customer Experience: Putman emphasizes the importance of creating an enjoyable shopping environment. By offering a mix of products, interactive displays, and live events, his stores provide customers with more than a place to shop.
- Product Selection: Understanding the resurgence in vinyl and physical media, Putman ensures his stores offer various products that appeal to nostalgic and new customers.
- Community Engagement: Hosting events such as album signings, live performances, and meet-and-greets with artists fosters a sense of community and loyalty among customers.
Recent Ventures and Future Plans
Doug Putman’s business ventures have continued to grow. In 2021, he acquired the US-based retailer For Your Entertainment (FYE), further expanding his footprint in the music and entertainment retail. This acquisition added over 200 stores to his portfolio, solidifying his position as a significant player in the industry.
Looking ahead, Putman plans to continue enhancing the customer experience and expanding the product offerings in his stores. He believes that despite brick-and-mortar retail’s challenges, there is still a strong demand for physical stores that provide unique and engaging shopping experiences.
Conclusion
Doug Putman’s journey from a single Sunrise Records store to an international retail mogul is a testament to his vision, passion, and business acumen. As he walked out of the Sunrise Records store in Toronto, he knew that his work was far from over. With each new venture, Putman aims to prove that the future of retail can be bright with the right strategy and a commitment to customer experience.