HMV backs High Street with plans for 10 new stores

HMV

image copyrightGetty Images

Music and entertainment retailer HMV has said it is looking to open 10 new stores this year as it continues to put its faith in High Street stores.

The plans include a search for a new London flagship site.

Its former London landmark store on Oxford Street closed along with many others after HMV fell into administration more than two years ago.

It was bought by Canadian music retail executive Doug Putman, who says he still thinks stores have a future.

“People obviously love going out shopping, they like touching and feeling and that’s something that online is not going to replace,” he told the BBC’s Today programme.

“I do believe… you’re going to get more people trying to open up different stores and have different ideas.”

Doug Putnam

image copyrightHMV

Mr Putman said HMV’s online business had done well throughout the pandemic, helping to offset the loss of sales in stores.

“Our online business – very similar to most retailers – doubled, tripled throughout the pandemic… [but] it still doesn’t obviously make up for the loss of 100-plus stores.”

Music stores have been particularly affected by the shift to digital over the years. The challenges from music downloading and streaming have added to the general shift to online sales affecting most retailers.

Earlier this month, supermarket giant Sainsbury’s said it had stopped selling CDs and DVDs as its customers increasingly went for music and films online.

CD sales have shrunk in the past decade but were still worth £115m last year and vinyl sales continue to enjoy a revival of fortunes.