HMV opening 10 new stores

[Wayne]

It’s been saved by a Canadian company!

100 stores will stay open and 1,500 staff will keep their jobs.

This company has 9 lives - pleased it’ll see its centenary.

[Artoo]

Well I didn’t see that coming. As much as I love the idea of a music store remaining on the high street, I still won’t be using it as I’ve abandoned all physical media.

Just under 600 jobs will still be lost though, which is still a large percentage decrease in staff. Reading the statement, it would appear they’ve only managed to pull this off by landlords agreeing to reduce the rent in 100 stores (which is why they’re getting rid of 27 - the landlords refused).

The new owner seems big on vinyl so probably going to turn HMV into an even bigger vinyl shop. I’m not convinced vinyls resurgence is here to stay, but good luck to them all.

[heppolo]

Vinyl is now more a memorabilia merchandise format, but I am glad hmv has been saved...for now.

[trebor]

Good news that the brand will continue.
They need to revamp and relaunch HMV into the digital age, though.

[Noahh]

Amazing news! I always love to visit the HMV stores when I'm in the UK.

[Blondini]

It’s been saved by a Canadian company!

100 stores will stay open and 1,500 staff will keep their jobs.

This company has 9 lives - pleased it’ll see its centenary.

An Oxford Street store opened 97 years ago is closing immediately. 26 other stores. Hope Boro is safe or i'm stuck with Amazon.

[Blondini]

Oh, the actual article and the full list: https://www.bbc.co.uk/news/business-47132310

[Artoo]

No room for sentiment in business I suppose.

[Thriller]

Let’s hope the new owners know how to have an online presence.

I think vinyl will be around a while yet.

[heppolo]

No room for sentiment in business I suppose.

except for the companies which are streaming-oriented

[topopMAC1]

I've felt really sad today! My three local HMV's have gone - Wimbledon, Westfield and Oxford Street. Gutted! Particularly about the Wimbledon branch. The staff there have been SO great. Such a shame.


Thank goodness Fopp remains. The only other London area HMV stores that haven't closed are Kingston and Bromley.


Glad HMV Newcastle has survived though. That was my first ever job and I still know some of the staff there.

[Preyoncé]

HMV rescued from administration by Canadian firm Sunrise Records and entrepreneur Doug Putman

https://www.officialcharts.com/chart-news/hmv-rescued-from-administration-by-canadian-firm-sunrise-records-and-entrepreneur-doug-putman__25485/

[brian05]

Belfast's HMV store is once again under threat just over a month after it was taken over by Canadian music retailer Sunrise Records.

The Donegall Arcade outlet was included in the portfolio of shops sold as part of a rescue deal with Doug Putman's firm at the start of February. But the Belfast Telegraph now understands that the potential closure of the last HMV in Northern Ireland is not linked to the music chain's administration, but instead stems from a failure to agree new terms with Donegall Arcade's landlord, Sports Direct.

Just weeks after heaving a sigh of relief when Sunrise rescued their jobs, staff at HMV were yesterday left to erect prominent closing down signs in the windows of the city centre premises. Announcing to customers that 'Everything must go', staff informed shoppers that the store is earmarked for closure on April 28, or sooner if all the stock is sold. At this stage it appears unlikely that HMV will seek another premises in Belfast.

[MintSound]

After HMV difficulties in the latest years with some remembered HMV shops like London Oxford St. Now HMV new owner, Doug Putman is waiting to bring back some HMV shops in Central London.


The location of the old Virgin Megastore in Piccadilly Circus is still available?


HMV's Doug Putman on opening new stores

by Andre Paine
July 7th 2020 at 7:02AM

HMV’s revival under new owner Doug Putman has taken a hit from the Covid-19 pandemic.

But with the entertainment chain now trading on the High Street again after the easing of lockdown measures, Putman is ready to look at new opportunities.

Last year he launched the HMV Vault store in Birmingham, the biggest music and entertainment store in Europe.

However, the famous retail brand is still lacking a London flagship as it approaches its 100th anniversary in 2021. The historic HMV Oxford Street branch was shuttered last year, because of the high rents and rates.

“Birmingham has been great,” said Putman. “It was definitely the best store we opened up, it’s doing phenomenally well for us. We’re always talking about more London stores because we know we're really under-indexed in London.

“The problem is the [business] rates are just crazy. I know there's a [rates] holiday until April 2021, but what happens after that? So we're very cautious. We'd love to have a flagship in London and we'd loved to have a few more smaller shops throughout London. I think we're going to look at those, and if we can get the right kind of deal you will see us open more of those stores.”

However, Putman suggested that any new stores in the capital may have a different product mix.

“Those stores may be a little bit different than a normal HMV,” he said. “The great thing about HMV is, if you talk to a music customer they believe we’re a music store; if you talk to a visual DVD Blu-ray customer they believe that we are a movie store; and if you talk to our pop culture customers, they believe that's what we are. So it's really interesting that the store, depending on who you are and how you view it, is really three things. I've never really seen anything like that, usually most people look at a store and they believe it is one thing. And that gives me a lot of hope with HMV that we can pivot into many directions, which feels really good to me.”

It's a unique time where suppliers are very aggressive on that pop culture side to do business with HMV

Doug Putman

In his recent Music Week interview, Putman spoke about the need for the industry and suppliers to support the chain. While physical music sales are now back up above 20% of the overall market, CD sales have seen a sharp downturn during the pandemic because of store closures and a lighter release schedule.

Putman has expressed his belief that the format has a future.

But he also acknowledged that HMV could expand its pop culture, apparel and merchandise business. Putman’s Canadian chain Sunrise Records is active in this area, while his family business is in the toy, games and gift sector.

Putman is even considering open a separate retail brand – previous working title of Cherrybomb – to capitalise on pop culture sales.

“It's a unique time where suppliers are very aggressive on that pop culture side to do business with HMV, and also to grow their business,” he told Music Week. “So I think we should harness that and look at that. We probably do need more apparel and more of those things.

“We're still looking at that separate store concept as well. I think right now is a great time that you can really partner with pop culture suppliers, they need more outlets. It's a time when landlords definitely need some help in getting stores leased. It may be the right time this Christmas to have that secondary shop open up that's not HMV, but is the pop culture side of that business. If the landlords are on board and suppliers are going to really support you, then it's up to us to deliver on that. So there are definitely opportunities out there for us.”

https://www.musicweek.com/labels/rea...stores/080312#

[ludichris]

HMV backs High Street with plans for 10 new stores

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.

"I do believe... you're going to get more people trying to open up different stores and have different ideas.

"I'm still very optimistic on the [HMV] business and business as a whole on the High Street. I still think the High Street is just something so special."

The new store plans were announced as HMV commemorates opening its first store on London's Oxford Street 100 years ago.

He said he could not give any details as to where the replacement flagship store in London would be as they were still taking a "very hard look" trying to find the best site.

However, Mr Putman added that the long-term viability of the new stores was dependent on what the government did about business rates, which are currently being levied at a reduced rate until April next year.

HMV would not be signing "any long-term deals" for the new stores, he said, given the level of uncertainty in the retail sector.

An HMV spokesman added: "We're continuing to expand with new sites, looking at a combination of factors before making a decision. The upcoming business rates review will no doubt have an impact, not only on HMV, but on the wider British High Street. In some locations, even with good deals from landlords, rates make stores unviable."

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."


https://www.bbc.co.uk/news/business-57899065

[Wayne]

It’s such a risky thing to do at a really unstable time - but good on HMV for having faith in their brand and customer loyalty I suppose.

[Artoo]

HMV is such a British high street icon, but as a retail store that only distributes products made by others, they really messed up by not adapting their distribution method to serve both their industry partners and customers.

Such a big name should have been right at the forefront of digital media and offering a platform to deliver it. It should have been right there selling MP3s and branching out into streaming before others got there.

HMV once had the clout to go head-to-head with Apple and Netflix but instead they’ve spent the last 20 years desperately trying to cling on to what they’ve always been - I honestly don’t know how they make any money now.

[greek_boy]

wow great news!

[Wayne]

HMV once had the clout to go head-to-head with Apple and Netflix but instead they’ve spent the last 20 years desperately trying to cling on to what they’ve always been - I honestly don’t know how they make any money now.

These are its most recent set of financial results announced in November 2020…

// HMV says is it on the path to recovery after booking a marginal loss of £198,000 despite lockdown restrictions

// It also recorded £187m worth of sales and underlying profits for the period came in at £457,948

// HMV says it is robust enough to handle further lockdowns under its new owner

https://www.retailgazette.co.uk/blog...marginal-loss/

Its really quite remarkable that they weren’t a victim of the lockdowns - that they are on track to make money is amazing considering the decline in physical media. I wonder how much of their sales physical music or DVD’s even are anymore.

[Thriller]

Their latest owner seems super confident in the business, a lot think it’s misplaced but time will tell.

I think post-lockdowns the shops that were closed always have a boost. HMV and the high-street’s journey over the next few years will be interesting.

Their online presence is shocking though. It could be their undoing.