Gone are the days of rushing to the store to buy the latest album from your favorite artist.
With music readily available to stream or purchase online, Best Buy says they will stop selling CDs on July 1 according to Billboard.com.
The site says CD sales are down 18.5 percent in 2017. Billboard says Best Buy has told music suppliers that they will continue to carry vinyl for the next two years.
Target is expected to follow suit. The retailer wants to reach a deal with music suppliers and switch to scanned-based trading.
According to Billboard, Target currently takes the inventory risk by agreeing to pay for any goods it is shipped within 60 days and has to pay to ship back unsold CDs for credit.
Scanned-based trading would mean Target would pay for DVDs and CDs after they are sold or scanned while being rung up at the register instead of paying upfront for inventory. Target has given moved their deadline to music suppliers on this plan to either April 1 or May 1.
Target released the following statement regarding these changes:
"Entertainment has been and continues to be an important part of Target’s brand. We are committed to working closely with our partners to bring the latest movies and music titles, along with exclusive content, to our guests. The changes we’re evaluating to our operating model, which shows a continued investment in our Entertainment business, reflect a broader shift in the industry and consumer behavior."
WFAA has reached out to Best Buy for comment but has not heard back.
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