On May 20, 2022, Universal Music Group increased the suggested retail price on more than 2500 vinyl records in their catalog. We have always tried to be as transparent as possible, as we simply believe that is the best way to do business. So here's what it means.
This list includes titles from The Beatles, Justin Bieber, Janet Jackson, Lana Del Rey, The Weeknd, Florence and the Machine, Kendrick Lamar, and so many more. This news came out of left-field to record stores as well as the consumer.
This means that the wholesale cost for a lot of these records is now higher than the old suggested retail price. As a result, you will start to see higher costs on a selection of vinyl records in the coming days and weeks.
Some records went up by a more modest $1-2. Others, however, went up by somewhere between $10-15. We knew it was only a matter of time before inflation crept into the vinyl resurgence with increasing labor costs, raw materials shortages, and increased demand.
At Cardinal Record Co, if it is in stock as of Friday, May 20th, we will sell it at the old cost until it sells out. When it restocks, we have no choice but to use the new MSRP recommended by the labels.
What this means for you:
- You may see a higher cost for records everywhere.
- You can, and should be more selective about what you shop for and more importantly, who you shop from. Local record stores will be hit the hardest by this and need your support the most.
- Continue to take advantage of our rewards programs and affiliate programs. This is the best way to bring some of these costs down. As of now, our rewards program remains unchanged.
- You can and should continue shopping at locally owned shops. Not only does what you buy matters, but where you buy it matters more. $1 spent at your local record store goes MUCH further in supporting your local economy and workers than a dollar spent at a mega-corporation like Urban Outfitters, Target, and Amazon. Here's what that means at Cardinal Record Co:
- We're committed to paying our entire staff a living wage. Our minimum wage at Cardinal Record Co. starts at $15/hour, more than 2x the minimum wage in Kentucky. Additionally, we offer our entire staff health, dental, and vision benefits because we believe in a healthy workforce.
- 1% of all purchases goes to non-profits that are supporting the LGBTQ+ community. For more information about who we give to, how we give, and why, click this link.