HMV is preparing to close its flagship Oxford Street store in March 2027, three years after its re-opening at the site where it was founded over a century ago. The music and entertainment retailer stated that a doubled rent bill and the expense of "substantial" renovations are the reasons for the closure.
HMV's managing director, Phil Halliday, described the situation as a "frustrating" setback, noting the store's significance as its original location. The company is exploring options to redeploy affected staff to other London stores and head office roles.
Despite the Oxford Street closure, HMV reported a 15 per cent like-for-like sales growth this year and is projected to achieve £240m in revenue across its in-store and online operations, an increase from £212m last year. The retailer is actively searching for a new flagship site in the West End.