Guitar Center is the largest musical instrument retail company in the United States, with a strong online presence through its website, guitarcenter.com, and an extensive network of physical stores throughout the country. The company was founded in 1959 by Wayne Mitchell and initially operated as a single store called The Organ Center in Hollywood, California. The company’s focus shifted from organs to guitars, and it rebranded as Guitar Center in 1964. Over the years, the company has grown both organically and through acquisitions to become a major player in the musical instrument retail industry.
Product Offerings
Guitar Center offers a wide range of products, including guitars, basses, drums, keyboards, amplifiers, recording equipment, live sound gear, DJ equipment, and lighting, as well as various accessories for these instruments. The company’s product range caters to musicians of all skill levels, from beginners to professional musicians, and features products from numerous well-known brands such as Fender, Gibson, Yamaha, Roland, and others.
Funding Rounds
Throughout its history, Guitar Center has had several funding rounds and undergone significant changes in its ownership structure. In 1997, the company went public on the NASDAQ stock exchange under the ticker symbol GTRC. In 2007, private equity firm Bain Capital acquired Guitar Center in a leveraged buyout valued at $2.1 billion, taking the company private. In 2014, Ares Management, a private equity and asset management firm, acquired a majority stake in Guitar Center, with Bain Capital retaining a minority interest.
Partnerships
Guitar Center has formed numerous partnerships over the years to strengthen its market position and expand its product offerings. Some notable partnerships include a collaboration with Eric Clapton to establish the Crossroads Centre, an addiction treatment facility in Antigua, and the launch of the “Guitar Center Sessions” television series in partnership with DirecTV. The company has also partnered with various manufacturers to offer exclusive products, such as the “Fender Custom Shop Guitar Center 50th Anniversary Collection.”
Awards and Recognitions
The company has received several awards and recognitions for its contributions to the music industry. In 2011, Guitar Center was awarded the Music and Sound Retailer’s “Retailer of the Year” award, recognizing its excellence in retailing and customer service. Guitar Center’s Hollywood location was also honored with a “RockWalk” induction in 2009, where the company’s founders, Wayne Mitchell and Ray Scherr, were commemorated with a sidewalk plaque.
The company also operates Music & Arts, a subsidiary focused on band and orchestral instruments, with over 200 retail locations and over 150 affiliate locations. In addition to its retail presence, Guitar Center has also invested in various programs and initiatives aimed at fostering the growth and development of musicians. The company’s “Guitar Center Music Foundation” is a non-profit organization established in 2005 that supports music education programs and provides resources to individuals, schools, and communities in need. The foundation has since assisted thousands of music programs across the United States, donating instruments, funding scholarships, and supporting music therapy programs.
Guitar Center has also been instrumental in promoting and discovering emerging talent through various initiatives and contests. One such initiative is the annual “Guitar Center Drum-Off,” a nationwide drumming competition that has been running since 1988. This contest has helped launch the careers of several notable drummers, including Cora Coleman-Dunham, who has performed with artists such as Prince and Beyoncé. Another initiative, the “Guitar Center Singer-Songwriter” contest, has provided aspiring singer-songwriters with the opportunity to showcase their talent and receive mentoring from industry professionals.
In recent years, Guitar Center has expanded its services to cater to the evolving needs of musicians. The company introduced “Guitar Center Lessons,” a program that offers music lessons for various instruments and skill levels. These lessons are available both in-person at select store locations and online, providing convenient options for customers. Additionally, Guitar Center has ventured into the rental space, offering instrument and equipment rentals for various occasions, including live performances, studio sessions, and special events.
To better serve its customers, Guitar Center has implemented several customer-focused initiatives. The company’s “Pro Coverage” program offers extended warranty and protection plans for purchased instruments and equipment. Guitar Center also provides a “45-day price match guarantee,” ensuring that customers receive the best possible price on their purchases.
Guitar Center’s commitment to being a one-stop-shop for musicians extends to its online presence as well. The company’s website, guitarcenter.com, offers a seamless shopping experience with a vast selection of products, informative resources, and customer support. The website also features “GC Garage,” a hub that offers services such as instrument repair, maintenance, and customization.
In conclusion, Guitar Center has established itself as a leading musical instrument retailer in the United States, with a strong online presence and an extensive network of physical stores. The company’s history, wide range of products, partnerships, and commitment to supporting musicians at all levels have contributed to its success and recognition within the music industry.
