What next for HMV after flagship store closure announcement?

• HMV has announced it will close its flagship Oxford Street store in March next year after facing a proposed doubling of rent demands.
• The retailer stated the site has become commercially unsustainable due to the rent hike alongside substantial renovation costs.
• HMV aims to redeploy the 50 affected staff members to its other London branches and head office while actively searching for a replacement West End location.
• The decision to close comes despite strong trading performance, with total group revenues expected to top £240 million this year.
• The historic Oxford Street location originally opened in 1921 and was only reopened by HMV in November 2023 following a four-year absence.

IN FULL

HMV to close flagship Oxford Street store due to soaring rent