HMV to close Oxford Street store after three years

HMV to close Oxford Street store after three years

HMV says it is looking for a new site in London's West End

HMV has announced that it will close its flagship Oxford Street store three years after reopening it, saying a proposed doubling of the rent is behind the decision.

The entertainment chain said it will vacate the shop in March 2027, affecting more than 50 staff.

It said it is searching for a new site in London's West End district for its flagship shop and intends to keep a "significant presence" in the capital.

Phil Halliday, managing director of HMV, said it was "frustrating" that the Oxford Street shop was "commercially unviable".

He said: "This is a special store, it's where we began 100 years ago and bringing it back to life in 2023 was a big moment in our recent history.

"We are looking ahead, and our focus is now on what we do to make exciting steps for HMV in 2027."

HMV shut its Oxford Street store in 2019 after it went into administration

The group said its landlords had suggested doubling the rent at the site at 363 Oxford Street, and it was also facing a bill for "substantial" renovation works at the store, which together would make the shop "commercially unsustainable".

HMV said it would try to move affected workers to its two other London stores and head office while it searched for a new site.

The chain reopened its historic Oxford Street store in November 2023 after a four-year absence following a deal secured with landlords. It first opened the Oxford Street site in 1921.

HMV has 113 stores across the UK, including six sites under the Fopp brand, as well as another eight in Europe. The group said it remained committed to high street stores.