Guitar Center

From Wikipedia, the free encyclopedia

Guitar Center, Inc.

Type	Public (NASDAQ: GTRC)
Founded	1961
Headquarters	Westlake Village, California
Key people	Marty Albertson, CEO Erick Mason, CFO John Zavada, CIO William Deeney, CLO
Industry	Specialty Retail: Musicial Instruments
Products	Musicial instruments, Recording equipment, accessories
Revenue	$ 1.78 billion USD
Employees	10,000
Website	www.guitarcenter.com

Guitar Center is the largest chain of musical instrument retailers located throughout the United States. Its headquarters is in Westlake Village, California.

Founded in Hollywood by Wayne Mitchell in 1961 as The Organ Center, a retailer of electronic organs for home and church usage, it became a major seller of Vox electric guitars and guitar amplifiers, changing its name to The Vox Center in 1964. Toward the end of the 1960s, Vox's line—whose sales derived largely from its association with The Beatles, who made extensive use of its amplifiers—fell in popularity as Marshall amplifier users Eric Clapton and Jimi Hendrix captured musicians' imaginations. Accordingly, Mitchell once again changed its name, to Guitar Center.

The popularity of rock and roll in the 1970s allowed Mitchell to open stores in San Francisco and San Diego, as well as several suburbs of Los Angeles. Ray Scherr purchased the company from Mitchell in the early 70's and Scherr owned and operated it until 1996 from its Westlake Village headquarters. Although synthesizer-driven disco and New Wave pop sapped rock's audience in the late 1970s, the 1980s "guitar rock" revival led by Van Halen and a concurrent influx of Japanese-produced unplayable instruments brought guitar sales to unprecedented levels. Guitar Center took full advantage of this sales bonanza, and by the end of the decade began an ambitious program of expansion across the entire United States. Using its size as leverage over the musical instrument business, it developed into the largest musical instrument retailer in the country, and made an initial public offering of stock in 1997. Soon after, it purchased mail order and Internet retail house Musician's Friend, further consolidating its dominance over the sector. Its position was strengthened further by the 2003 demise of one of its two principal rivals, MARS Music, leaving only Sam Ash as competition. In 2005, Guitar Center Inc. acquired Music & Arts Center, and merged their subsidiary Band and Orchestral chain American Music Group into Music & Arts Center. In mid summer 2006 Guitar Center purchased 4 stores in Texas from the popular South Texas and Central/South American company, Hermes.

Guitar Center on Sunset Blvd. Home of the Rock Walk

Also in 2005, Guitar Center, Inc., started The Guitar Center Music Foundation, a non profit organization that supports music education.

[edit] Hollywood's Rock Walk

Rock Walk

Rock Walk detail

The Sunset Boulevard location in Los Angeles hosts Hollywood's Rock Walk, a hall of fame honoring notable musical artists ranging from Chuck Berry and Bill Haley and His Comets to Queen and Stevie Ray Vaughan. Artists are invited to place their handprints into cement blocks that are put on display at the Guitar Center. For a list of artists who have placed their handprints into cement at the Rock Walk, see here.