HMV to reopen iconic Oxford Street store after 'dramatic' turnaround

28 April 2023 , 08:15

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HMV is reopening its London Oxford Street store (Image: PA)

HMV is set to reopen its central London store in Oxford Street later this year - four years after closing.

The music and entertainment retailer shut the doors on its flagship site in 2019 after collapsing into administration.

But the iconic shop - which is located on 363 Oxford Street and was subsequently taken over by a US candy store - will now reopen under a revamped “HMV shop” concept.

The “HMV shop” layout focuses more on merchandise, music technology, live music and in-store signings, following a huge decline in the sale of CDs and DVDs.

The concept will be introduced in 24 new sites – and retrofitted to 14 of the existing estate – by the end of the year.

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Half of the HMV estate will be converted by 2024 following a “dramatic turnaround” of the business.

HMV collapsed into administration in December 2018 for the second time in six years, before being rescued by Sunrise Records in 2019.

But its change in direction has seen the struggling retailer open more stores in recent years, having first announced a huge expansion of ten new shops in July 2021.

In the past year, its shops have welcomed artists such as Charli XCX, Stormzy, Shania Twain, Raye and Ellie Goulding for signings, as part of the new concept.

HMV - which first opened in 1921 and stands for His Master's Voice - had long blamed the rise in streaming music and films for its struggles.

HMV currently has 120 shops across the UK

Doug Putman, owner of Sunrise Records said: “The expansion of our fan-focused pop culture offer is really working for us and the reopening of our flagship represents the culmination of a good few years of hard work.

“We are also opening stores in Europe this year, so while it is the culmination of one phase of work, more excitingly we see it as the launchpad for an exciting new era for HMV.”

Cllr Geoff Barraclough, Westminster City Council’s Cabinet Member for Planning and Economic Development, said: “It’s fantastic to see this iconic brand back on Oxford Street, where it stood as a driver of music and pop culture in the capital for so long. It’s also particularly pleasing it is replacing one of the many US candy stores which sprang up during the pandemic.

Sam Foyle, co-head of prime global retail at Savills, acting on behalf of the private landlord for 363 Oxford Street, said: “The return of HMV is a major milestone for Oxford Street.

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"It shows the growth in belief and confidence for the street. The previous vacancy and short term candy store tenant, was the focus of the challenges facing Oxford Street."

Levi Winchester