HMV to reopen authentic flagship retailer after turnaround in music retailer’s fortunes

HMV is to reopen its authentic flagship store after a four-year absence.

The music retailer shut the central London retailer in 2019 after collapsing into administration earlier than a rescue takeover by Canadian Doug Putman’s Sunrise Records.

The agency stated the return to 363 Oxford Street, the place HMV opened its first store in 1921, was the “latest sign of a dramatic turnaround” after bouncing again to revenue final 12 months.

The web site has been run as an American candy store because the closure.

The retailer will function the corporate’s new emblem and a revamped format.

In the face of declining demand for CDs and DVDs, the corporate has shifted its focus to merchandise, vinyl, music expertise, reminiscent of headphones, and dwell music and signings in shops.

HMV stated it would deliver the format, referred to as HMV Shop, to 24 new websites and 14 current shops by the top of the 12 months.

Mr Putman stated: “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 additionally opening shops in Europe this 12 months, so whereas it’s the end result of 1 part of labor, extra excitingly we see it because the launch pad for an thrilling new period for HMV.”

Councillor Geoff Barraclough, Westminster City Council’s cupboard member for planning and financial improvement, stated: “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 additionally significantly pleasing it’s changing one of many many US sweet shops which sprang up throughout the pandemic.”

It comes days after the boss of Marks & Spencer described the landmark procuring road as a “national embarrassment”.

M&S chief govt, Stuart Machin, stated in a letter to the Evening Standard: “The high street which is meant to be the jewel in London’s crown today is a national embarrassment, with a proliferation of tacky candy stores, antisocial behaviour and footfall remaining in the doldrums, 11% down on pre-pandemic levels.”