HMV will close its flagship store at 363 „Oxford Street“ in London in March 2027, just around 3 years after reopening the site. The company cites the landlord's plans to double the rent, as well as the need for „significant“ renovation of the building as reasons.
According to HMV, the combination of the higher rent and the renovation costs makes the store „commercially unviable“. The company will seek a new location for its flagship store in the West End and says it will maintain a significant presence in the British capital.
The 363 „Oxford Street“ site is the company's first store. It opened in 1921 as The Gramophone Company, from which the HMV brand later evolved.
The history of the address includes several moves. Between 1937 and 1939, the store temporarily operated on “Bond Street“ after being damaged in a fire. In 1986, HMV moved to a larger site at number 150 “Oxford Street“, and in 2013 returned to its original address.
The store closed in 2019 when HMV entered insolvency proceedings. The company reopened the site in November 2023, transforming it into a flagship music and entertainment store.
“It is disappointing that the store has been rendered commercially unviable. However, we are looking ahead and our focus is now on the exciting steps we will take in 2027“, says HMV Managing Director Phil Halliday.
Sources: propertyweek.com, retailgazette.co.uk
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