HMV TO CLOSE OXFORD STREET FLAGSHIP STORE AFTER RENT DISPUTE

HMV has announced plans to close its flagship Oxford Street store in March 2027, just over three years after reopening the site. The company said the closure will affect more than 50 staff at the 363 Oxford Street branch. HMV said landlords had proposed doubling the rent, while the company also faces a bill for "substantial" renovation work, which together make the store "commercially unsustainable". The retailer said it is searching for an alternative site in London's West End and intends to keep a "significant presence" in the capital.

The Oxford Street site first opened under the HMV name in 1921. HMV closed the branch in 2019 after falling into administration and cutting shops and jobs across the UK, before reopening it in November 2023 following a deal with landlords. The retailer was rescued from insolvency by Canadian businessman Doug Putman's Sunrise Records. Phil Halliday, HMV's managing director, said the shop was "where we began 100 years ago" and called its 2023 reopening "a big moment", adding that it was "frustrating" the store had since become commercially unviable.

HMV said it would try to redeploy affected staff to its other two London stores and to head office roles while it searches for a new flagship site. The company operates 113 UK stores, including six under the Fopp brand, plus eight stores in Europe. It said like-for-like sales rose by 15% across the group in the first nine months of 2026, with combined shop and online revenue on course to exceed £240 million this year, up from £212 million in 2025. Halliday said HMV's focus was on "exciting steps" for the company in 2027 while it works to minimise the impact on jobs.