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It feels like déjà vu, but HMV is closing its doors, again. Three years after it made a comeback, the music and entertainment retailer’s flagship store on Oxford Street has announced it will shut its doors once more in March 2027.
The HMV of yesteryear was a mainstay on British high streets, where every teenager could be found sifting through CDs after school. But with the popularity of music streaming platforms the chain went into administration in 2019, and with it its Oxford Street store had to shut down.
Canadian businessman Doug Putman came to the rescue, buying the brand through his company Sunrise Records, and saving over 100 stores in the UK (although sadly not its flagship store).
After four years on hiatus, HMV reopened its historic shop at 363 Oxford Street, the same address which housed its first ever store in 1921. Since it flung open its doors in 2023, the megastore has seen a number of artists visit for signings and performances, including pop darlings Troye Sivan and Addison Rae, and singer-songwriter Jamie T.
Now, HMV’s managers have said its landlords have proposed to double their rent. This increase, along with costly bills for renovation works would make it financially unviable, despite the music emporium saying sales were up 25 percent year on year.
‘This is a special store,’ Phil Halliday, managing director of HMV, said. ‘It's where we began 100 years ago and bringing it back to life in 2023 was a big moment in our recent history.
‘It’s frustrating that it has been made commercially unviable. However, we are looking ahead, and our focus is now on what we do to make exciting steps for HMV in 2027.’
The retailer said it is ‘actively’ searching for another flagship space to keep up its presence in the West End, so watch this space.
Halliday added that the affected staff, which is more than 50 people, will hopefully be employed by their other London stores and at their head office. He said: ‘We believe passionately in the future of the high street and in the importance of places where people can discover music, meet artists and share their passions, and that hasn’t changed.’
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