Whatever way you spin it, millennials couldn't save Sydney's oldest-surviving record store.

Lawson's Records, located on Pitt Street, first opened in 1964. Fifty-five years later, the small business is calling quits.

"Vinyls are coming back in but it's only a small little market," owner Jerry Pasqual said.

"It was only ever a niche for the young ones and a lot of them don't even have a record player," he laughed.

Official vinyl sales are up for the eighth consecutive year, totalling more than $21 million in 2018, according to data from the Australian Recording Industry Association (ARIA).

But the record renaissance wasn't enough to protect Mr Pasqual's store from the real killer — rent.

"We've been very successful until seven years ago when we had a new landlord and the rent jumped from $77,000 to $238,000 [per year]," Mr Pasqual said.

"Rent went from $1,450 a week to $5,000 a week."

"I'm already 77 so was going to retire in three years, but this closure is from the money factor," he said.

Jerry Pasqual says the rent increase for his Pitt Street store went from $77,000 to $238,000 per year, after a change in landlord. ( ABC Radio Sydney: Harriet Tatham )

A vinyl love affair

Mr Pasqual's love affair with vinyl began at age 10 and continued into adulthood when, in 1979, the successful engineer took a punt on a career change.

"I thought I'd give up my engineering job because I like records so much, so I asked the previous owner whether he wanted to sell the business."

"He said he'd think about it and I thought I'd better go and tell my wife who said, 'Try for a year and if it's not successful go back to engineering,'" he said.

"I've been here ever since."

Fans say the closure will be a huge loss to the music industry in Sydney. ( ABC Radio Sydney: Harriet Tatham )

Over the decades, Mr Pasqual observed the boom of vinyls and CDs.

"The 1980s were the best for vinyl," he said.

"By 1992 people really wanted CDs so that's when we called St Vinnies — they brought three trucks and took all the records away."

"Come 11 years later, everyone wants vinyls, so we had to start all over again," he said.

"It's going to be a trend for another 10 years and then I reckon everyone will be back to CDs again."

The store has seen the record boom of the 1980s and the CD boom of the 1990s. ( Supplied: Yuri Prado (@life_in_marvellous_times) )

Fans say the closure is a huge loss to the industry.

"This record store will be a big loss because it's different to other record shops," said Colin Ritchie, who believes he was Mr Pasqual's first customer.

"This store is so friendly.

"I still have drinks with Jerry here in the shop sometimes — probably in an hour's time," he said.

The store will officially close on April 27.