Being put on hold at Treehouse Records means the phone receiver sits on the counter while the in-store customers are helped. It happened twice during a conversation with owner Mark Trehus last week, and each time the transactions I overheard were for concert tickets, not CDs.

"A sign of the times," groaned Trehus, who doesn't make money on ticket purchases (they're a way to bring people into the store).

A man known to readily spout off about something he doesn't like -- the Star Tribune's local music coverage, for one -- Trehus isn't complaining all that much about the sad, slumping, downloading-haunted state of the record industry, at least not as much as you'd think. And neither is Keith Covart, owner of Minneapolis' best-known independent record store, the Electric Fetus.

"It's always been a challenge," Covart said. "You just have to change with the times."

Perhaps the reason these two dinosaurian businessmen are still upbeat is because they finally have something to celebrate this year: Their stores' 40th anniversaries.

Treehouse Records is actually just seven years old, but Trehus is counting the life span of the record stores that preceded him at the corner of Lyndale Avenue S. and 26th Street in Minneapolis, most notably the fabled Oarfolkjokeopus. The two stores together were honored as one of five "legendary" record stores in the program of last month's Rock and Roll Hall of Fame induction ceremony.

Tonight's Treehouse anniversary party at the Turf Club -- with a lineup featuring store employees and associates past and present, including Chooglin', Paul Metzger, Vampire Hands and the Hypstrz -- could have been thrown as a fundraiser for the store and nobody would have batted an eye. Instead, Trehus turned it into a 100-percent fundraiser for the New Orleans community organization Common Ground Relief.

"We're weathering the storm," Trehus said of the store, which more and more specializes in vinyl, imports and hard-to-find indie releases. "We've gotten used to the gross [income] being less and less every year, and we've adjusted."

When Trehus went from Oarfolk manager to store owner in 2001, he also bought the building, which includes a couple of apartments and one other business. The property purchase proved to be the store's saving grace. He and store manager Dan Cote also run their own little record labels, Nero's Neptune and Heart of a Champion, respectively, although they're not money machines, either.

Since December, Trehus has enjoyed a faint glimmer of hope while watching his sales numbers rise ever so slightly from the previous year, led largely by demand for new vinyl.

"There are some reasons to remain optimistic," Trehus said, "but mostly I'm still here because I don't want to do anything besides work in a record store."

At the Fetus (in Minneapolis, as well as its Duluth and St. Cloud stores), the sharp decline in CD sales has been offset by a rise in sales of novelty items such as T-shirts, posters and other doohickeys. However, Covart -- like Trehus -- admits he still holds out hope that consumers will always want the age-old experience of walking into a record store and discovering their favorite new album in person. In fact, he and the staff will be asking customers to post/write in experiences like that as the store gets ready for its 40th-anniversary hoopla.

The Fetus' big bash is scheduled for June 13 at First Avenue and the Entry. Artists have yet to be named, but they will fall under a theme of music from each of the store's four decades. Also, look for in-store performances and specials at the store that week.

"We're really working hard on making it a big event," Covart said. "Maybe a little too hard, but it's nice to have something like that to look forward to."

"Both of us are frustrated jocks," George Scot McKelvey said, explaining the moniker for his newish duo with childhood buddy Billy Johnson, the B-Team. "Billy got cut from the hockey team, and I never perfected a decent jump shot. We never really got over it."

McKelvey (Soul Asylum's new bassist and a Hookers & Blow member) has known Johnson (ex-Hillcats, Billy Johnson's Roadshow) going back to their days at Burnsville High School two decades ago, but the two hard-working musicians didn't start performing together until about five years ago. They're finally releasing their first CD, "Suburban Boy Blues," with a party Saturday at the Hollow, the new music space at the Local Irish Pub, 931 Nicollet Mall, Minneapolis.

"A lot of what we do doesn't translate to the rock clubs we usually play, but in a way that makes it all the more interesting to us," said McKelvey, who also performs every week with Johnson at the Galleria's Crave restaurant in Edina.

"Suburban Boy Blues" is full of mostly mellow, harmonic, light-pop ditties, reminiscent of the Rembrandts' not-made-for-TV tunes and some of Jack Johnson's hits. The disc was produced with Ed Ackerson and features Noah Levy, Tommy Barbarello, some of the H&B gang and a cameo by the Dollys.

After dabbling in a few outside projects and suffering one bad bicycle accident, Zach (a k a New MC) and Unicus are back on the Kanser horse. The almost-veteran hip-hop duo finished off a new Kanser CD, "Future Retro Legacy," with help from Unknown Prophets co-leader Big Jess, who produced all the beats. As the title suggests, the 13-track collection goes back to the future, with loads of '70s R&B/soul flavor and a little hippie charm. There are many signs of maturity from the always-playful rappers, whether it's Unicus riffing on fatherhood in "Pleasent" or Zach's touching dedication to a deceased friend in "Interlude." But the guys haven't grown too serious: "Beaut-E" sounds like one long pickup line. Release party is Saturday at the Dinkytowner Cafe (10 p.m., $5).

Following his well-received 2007 mix-tape CD "HCMC," the coyest thug rapper in town, Träma, recently finished another mix tape that he's calling -- get this -- "Barack O-Träma." He's posting a new song from it every week at MySpace.com/tramagnum until the disc comes out May 13. This week's track, "Da Bridge Iz Ova," re-uses a KRS-One beat to riff on the Interstate 35 bridge collapse. ... KRS-One, by the way, has scheduled his first Minneapolis performance in I'm not sure how long (at least five years) April 11 at Trocaderos. ...

City Pages has gone through another music editor. Sarah Askari, who held the job since 2006, parted ways with the alt-weekly not long after returning from South by Southwest last month. CP is now accepting applications. Geez, too bad there aren't more out-of-work music writers out there. ...

Thursday's show by the Hold Steady on the University of Minnesota campus is for students only, but stay positive if that's not you. The band has finished its fourth album, titled "Stay Positive," and it should be back to support it by year's end. John Agnello was once again the band's producer of choice. ...

Tapes 'N Tapes is already tired of answering questions about "George Michael," one of the 12 songs on its sophomore album, "Walk It Off," which comes out Tuesday (release party is Thursday at First Ave). "I thought it was kinda funny, but not so much anymore," frontman Josh Grier said of the title, which comes from its "Faith"-like guitar riff and nothing more. Still, when the Wham! singer announced his first U.S. tour in 17 years, including a July 7 date at Xcel Center, bassist Erik Appelwick boasted, "We brought him back!" TNT is now hoping it's a shoo-in for the opening act.

chrisr@startribune.com • 612-673-4658