HMV to reopen original flagship store after turnaround in music retailer’s fortunes | Business News

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 Avenue, the place HMV opened its first store in 1921, was the “newest signal of a dramatic turnaround” after bouncing again to revenue final yr.

The location has been run as an American candy store for the reason that closure.

The shop will function the corporate’s new brand and a revamped format.

Within the face of declining demand for CDs and DVDs, the corporate has shifted its focus to merchandise, vinyl, music know-how, resembling headphones, and reside music and signings in shops.

HMV stated it’s going to deliver the format, known as HMV Store, to 24 new websites and 14 present shops by the tip of the yr.

Mr Putman stated: “The enlargement of our fan-focused popular culture provide is absolutely working for us and the reopening of our flagship represents the end result of an excellent few years of onerous work.

“We’re additionally opening shops in Europe this yr, so whereas it’s the end result of 1 section of labor, extra excitingly we see it because the launch pad for an thrilling new period for HMV.”

Councillor Geoff Barraclough, Westminster Metropolis Council’s cupboard member for planning and financial growth, stated: “It is incredible to see this iconic model again on Oxford Avenue, the place it stood as a driver of music and popular culture within the capital for thus lengthy.

“It is also significantly pleasing it’s changing one of many many US sweet shops which sprang up in the course of the pandemic.”

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

M&S chief govt, Stuart Machin, stated in a letter to the Night Commonplace: “The excessive avenue which is supposed to be the jewel in London’s crown immediately is a nationwide embarrassment, with a proliferation of cheesy sweet shops, delinquent behaviour and footfall remaining within the doldrums, 11% down on pre-pandemic ranges.”