Most reports indicate the factory is working to improve execution which I believe is the best way to raise value. If they wish to beat the market, they have to focus on value. The best information available to me indicates that Steinway’s recent sales numbers are reflected in the piano market as a whole. The full factors at play in Chicago are unknown, but there is the symbolic effect of an iconic brand in flux…others look to them to see what they are doing. When stores open and close frequently, part of the support structure for local piano culture is lost. In an online forum, someone’s reaction to the Chicago new was to complain that Steinway’s high prices were to blame, but I don’t see it that way. Is this just another in a long list of prominent piano dealerships to lose their footing in this long recession or is it a reflection on the viability of iconic brands? Or is it something deeper? Quite a few established Steinway and Yamaha piano dealers around the country have closed, and I think it is worth evaluating. I recently learned that Steinway of Chicago is closing. Steinway of Chicago Closes: Symbolic or Not?
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