Celebrated music store HMV, founded in 1921, has announced the reopening of its flagship store in central London by the end of 2023, following a four-year closure. The chain of shops it had closed in 2019 following bankruptcy administration but was taken over by Sunrise Records, who saw an investment opportunity in reviving the brand. The recovery of the shop on London’s busiest shopping street at 363 Oxford Street was announced following HMV’s success in 2022, with a “dramatic turnaround” leading to profit growth.
The new HMV Shop
The store will reopen with a new name, HMV Shop, and a new layout designed to reflect changing customer needs and music market trends. The company has expanded its product range in recent years to include merchandising, music technology and live music in response to declining demand for DVDs and CDs. This new store format is also set to roll out to an additional 24 sites and 14 existing stores by the end of 2023.
The meaning of reopening
The reopening of HMV’s flagship store is a major development for the music industry at a time when the pandemic has had a major negative impact on businesses at large. HMV is one of the most iconic music stores in the world, having seen some of the biggest artists in international music pass through its doors. The reopening therefore represents an important symbol of a return to normalcy and hope for the future of music.
The importance of the Oxford Street shop
HMV’s Oxford Street store has been a hotspot for international music since 1921. Situated on London’s busiest shopping street, it has attracted tourists from all over the world, who have visited the store to purchase records and musical gadgets , or just to admire the displays of the latest products. The shop has also hosted some of the biggest names in music, including the Spice Girls, who presented their first single in the Oxford Street shop.
The reopening of HMV’s store on London’s busiest shopping street is an important sign of recovery for the music industry, at a time when many businesses are struggling to survive. The reopening of the Oxford Street store is a sign of hope for music fans and enthusiasts around the world, who will finally be able to rediscover the pleasure of shopping in a historic and iconic store like HMV.
