HMV shuts flagship Oxford Street store just three years after comeback
HMV is set to close its flagship Oxford Street store just three years after its comeback to the location where it was founded more than a century ago. The music and entertainment retailer said the site will shut its doors in March next year, blaming a doubled rent bill and the cost of “substantial” renovations. [...]
HMV is preparing to close its iconic Oxford Street store exactly three years after it reopened at the location where the company was founded over a century ago. The retailer attributes the closure to a rise in rent costs and the expense of significant renovations. This decision comes amid calls from other businesses for the government to assist high street stores grappling with increasing rents and taxes.
HMV first established its initial store on Oxford Street in 1921 but had to shutter it in 2019 when the company entered administration. The brand was revived by Sunrise Records, a Canadian retail magnate, who purchased 100 HMV stores, saving 1,500 jobs from 27 closures that left 455 people unemployed. After securing a new lease with landlords in 2023, HMV operated 123 locations in the UK, with CEO Phil Halliday hailing the return as a "great moment" in the company's recovery journey.
Regrettably, Halliday announced on Monday that the once-glorious flagship will soon close, lamenting that the store has become commercially unviable. Despite this setback, HMV remains optimistic about its future, citing a 15% increase in like-for-like sales this year and on track to generate £240m in revenue from its in-store and online operations.
Halliday pledges to redeploy affected staff to other locations and explore job opportunities within the head office, while actively seeking a new flagship store in London's West End to delight music enthusiasts.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
