HMV is to close its flagship Oxford Street store, the entertainment retailer has confirmed, three years after it brought the site back into use.
The chain said it will leave the shop in March 2027, a decision affecting more than 50 employees, and blamed a proposed doubling of the rent for the closure.
According to HMV, its landlords put forward a doubling of the rent at 363 Oxford Street, while the retailer also faced a bill for “substantial” renovation works at the premises. Together, the company said, those costs would make the store “commercially unsustainable”.
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.”
The retailer said it is searching for a new site in London’s West End to act as its flagship and intends to keep a “significant presence” in the capital. While that search continues, HMV said it will look to move affected workers to its two other London stores and its head office.
The chain reopened the historic Oxford Street shop in November 2023, following a four-year absence, after securing a deal with its landlords. HMV first opened at the address in 1921. The store was closed in 2019 when the company went into administration.
HMV operates 113 stores across the UK, including six trading under the Fopp brand, as well as another eight in Europe. The group said it remains committed to high street stores.
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