MOUNT VERNON – Changes in the way movies are marketed, along with a COVID-19-inspired economic chill, led to the demise of the Family Video chain.
The store, a major movie and game merchandiser that has served Ohio since 1978, last week announced plans to shutter more than 250 locations, effective immediately.
It's a sad fall for a chain whose retail footprint bested Sears or Barnes & Noble as recently as 2018, industry website RetailDive.com said.
The Mount Vernon News asked Derek Dye, senior brand manager for Highland Ventures, whether Family Video's closure could be attributed exclusively to the pandemic or if other pressures were at work.
"A combination of lack of Hollywood movie releases, COVID-19 restrictions and streaming popularity (are to blame)," Dye said.
Due to the COVID-19 pandemic, most major blockbuster releases have been put on hold until 2021 and 2022, creating a scant field of viewing options, Dye said. In addition, streaming platforms like Netflix and Prime Video have decimated the traditional movie industry.
On top of increasing competition, Family Video saw foot traffic in its stores virtually vanish with the onset of the COVID-19 pandemic, a virus that has laid waste to a plethora of retail firms across the country.
"Our stores being closed for 45-60 days in the spring was not good for business, and it was hard to get customers back after a shift in preference," Dye said.
Family Video is currently undergoing liquidation sales of its movies, games, CBD products, store fixtures and other miscellaneous products. The company is owned by Highland Ventures LTD., which also owns Hoogland Foods (dba Marcos Pizza), Stay Fit 24, Family Vet Group, Highland Pure Water and Ice, and Legacy Commercial Properties.
"We are very thankful to have been able to provide entertainment for many family movie nights and want to thank the people of the Midwest and our incredible staff for the many years of support and service," Keith Hoogland, CEO of Highland Ventures, said in a press release.
Although Family Video will be closing all of its stores, customers can still browse remaining inventory on the Family Video website located at familyvideo.com.
All 250 locations will be up for new leases. Interested persons looking to sign a lease should contact Legacy Commercial Properties at info@legacypro.com or by calling 847-904-9002.
