Music retail giant HMV plans for 10 new stores
Music retailer HMV has announced its plans to open 10 new stores as it continues to put its faith in the High Street.
The new stores include plans for a London flagship site.
Two years ago HMV fell into administration and with that came the closing of many stores including its Oxford Street store.
However, new owner Doug Putman, a Canadian music retail executive, bought the struggling business and believes there is a place for it upon the British High Street once again.
“People obviously love going out shopping, they like touching and feeling and that’s something that online is not going to replace,” he told the BBC’s Today programme.
CDs and DVD sales have declined in-store over the last 10 years due to the rise in streaming services. It was recently announced that Sainsbury’s would stop selling CDs and DVDs due to the decline in sales.
HMV’s online business went well over the pandemic, Putman added.
“Our online business – very similar to most retailers – doubled, tripled throughout the pandemic,” he said.
But, he said, “it still doesn’t obviously make up for the loss of 100-plus stores.”
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