Iconic Perth music store 78 Records has announced its closure after almost 48 years in the vinyl business, blaming the rise of streaming services and declining retail conditions for its demise.

Key points: 78 Records was for years the go-to place for the latest music

78 Records was for years the go-to place for the latest music It will now close its doors on March 3 in news broken on its Facebook page

It will now close its doors on March 3 in news broken on its Facebook page Owners said even the recent rise in vinyl music couldn't save the shop

The store opened in Forrest Place in June 1971, stocking 300 mainly imported titles.

The business relocated several times to buildings along Hay Street, becoming an institution in Perth's local music scene, before eventually ending up in a laneway off Murray Street.

Current manager Andrew "Fang" de Lang started working at the store in 1986 as a 19-year-old.

"When I started we were in an old building next to His Majesty's [Theatre]," he said.

"The thing that attracted you to the shop was that it had this storefront window that you couldn't see through, but just had album covers in the windows so you couldn't actually see inside the store.

"You'd walk in through this big wooden door and see masses and masses of records in these racks.

"It was quite impressive."

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The compact disc revolution

Mr de Lang said back then the big selling artists included Paul Kelly, the Hoodoo Gurus and U2.

"That was just as the CD era was kicking in and CD players were quite expensive technology. They were out of the reach of the common person," he said.

"But it took off big time and it's just been such a trip since then.

"I'm 52 now, so it's all I know, basically."

The iconic 78 Records logo became known to generations of music fans. ( Facebook: 78 Records Perth )

He attributed the closure to the current economic and retail climate and a big increase in music streaming services.

"It's just things like the downturn in retail, rents in the city," he said.

"But when the streaming service thing kicked in, that had the biggest impact in physical product."

Vinyl renaissance not enough

A vinyl revival in recent years had given the business some hope, but Mr de Lang said it had not been enough.

"It hasn't kept pace with the way that things have been going economically," he said.

"It is very sad.

"Probably one of the great things I've enjoyed is just imparting knowledge and sharing music with people.

"It's a job I've loved and enjoyed and I've never had to sit in an office. It's been a massive thing in my life."

The store will close in early March.

Lou Reed, Bette Midler among customers

Geoff "Hud" Hudson started the business with two friends in 1971.

"People gravitated to it instantly because we were getting things in that none of the other stores had," he said.

"It was always successful for us because we had lots of fun."

78 Records was for decades a haven for Perth music lovers. ( Facebook: 78 Records Perth )

He only learnt of the closure of the business last night and said the news was still sinking in.

"I keep thinking of George Harrison, 'all things must pass'," he said.

"I don't think you can have a store of that size existing on vinyl, as time has proven. I think it can only happen in small niche markets."

Mr Hudson said the store had plenty of famous customers over the years including Bette Midler, Lou Reed and Elvis Costello.

'Celestial jukebox' the new norm

Associate Professor of internet studies at Curtin University Tama Leaver said the closure of 78 Records was a sign of the times.

"Most people don't carry physical media with them," he said.

"Streaming media, Spotify in particular, has eaten a lot of the music market.

"The reality for most young people is that they don't physically own music anymore, they own a subscription for the 'celestial jukebox', everything that's out there on Spotify rather than a specific album at a specific time."

Tama Leaver says music streaming doesn't offer the same quality of vinyl. ( ABC News: Rebecca Turner )

But Associate Professor Leaver said streaming music had its disadvantages.

"One of the challenges with streaming music is that the quality is reduced," he said.

"I think there is a demand for extremely high quality, high fidelity audio still.

"But I think the music cycle is much more deeply linked to live music now.

"That remains sustainable and a growth area in the era of streaming music."