HMV to close Oxford Street store three years after reopening

Summarised from 6 outlets · 8 reports · Updated 12 Oct, 10:31 · Archive

HMV will close its flagship Oxford Street store in March next year, three years after reopening it, citing doubled rent and renovation costs.

HMV has announced plans to close its flagship Oxford Street store in March next year, just three years after reopening the historic site in November 2023. The closure comes after landlords proposed doubling the rent on the premises at 363 Oxford Street, and the company faces a bill for substantial renovation works. Together, these costs make the store commercially unsustainable, HMV said.

The closure will impact just over 50 workers. HMV said it would look to transfer affected staff to its two other London stores and its head office while searching for a replacement location.

HMV is hunting for a site in London's West End district for a new flagship shop, having vowed to keep a significant presence in the capital. The chain currently operates 123 stores across the UK and eight in Europe, including six sites under the Fopp brand.

The Oxford Street store holds historic significance for HMV, which first opened there in 1921. The retailer was forced to close the site in 2019 after the chain tumbled into administration, leading to widespread store closures and job losses. The business was rescued from insolvency by Canadian retail entrepreneur Doug Putman's Sunrise Records.

HMV secured a fresh deal with landlords to return to Oxford Street in November 2023, when members of the band Madness opened the shutters to mark the reopening. Despite this grand return, the renewed arrangement has proved short-lived.

Phil Halliday, managing director of HMV, said: 'This is a special store. It's where we began 100 years ago, and bringing it back to life in 2023 was a big moment in our recent history. It's frustrating that it has been made commercially unviable. However, we are looking ahead, and our focus is now on what we do to make exciting steps for HMV in 2027.' HMV said the closure plans come despite robust trading at the store.

HMV to close Oxford Street store three years after reopening — Image: Evening Standard

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How it is being reported

HMV to close Oxford Street store three years after reopening historic siteThe group said landlords have proposed doubling the rent on the site at 363 Oxford Street and is also facing a bill for renovation works.Evening Standard · 12 Oct, 10:21
HMV shuts flagship Oxford Street store just three years after comebackHMV 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. [...]City AM · 12 Oct, 10:21
HMV to close flagship Oxford Street store due to soaring rentEntertaiment retailer is searching for a new location in London’s West EndThe Independent · 12 Oct, 10:20
HMV to close 'unsustainable' Oxford Street store three years after reopeningHMV plans to close its flagship Oxford Street store just three years after reopening the site, blaming landlords for doubling its rent.This is Money · 12 Oct, 10:19
HMV issues huge update on massive Oxford Street flagship storeThe iconic retailer has made a major announcement about the future of the flagship store.Daily Express · 12 Oct, 10:16
HMV to close flagship Oxford Street store blaming soaring rent demandHMV makes closure announcement three years after reopening historic London siteEvening Standard · 12 Oct, 10:15
HMV on Oxford Street to close just three years after reopeningRemaining open would make the store 'commercially unsustainable'.Metro · 12 Oct, 10:15
HMV to close Oxford Street store three years after reopening historic siteThe group said landlords have proposed doubling the rent on the site at 363 Oxford Street and is also facing a bill for renovation works.Independent Business · 12 Oct, 10:15

In this story: HMV · Oxford Street · Phil Halliday · Doug Putman · Sunrise Records · London's West End · Madness · Fopp

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