HMV to close iconic Oxford Street flagship after just three years back

HMV confirmed that its Oxford Street flagship, the site where the chain first opened in 1921, will close in March after only three years of operation. The closure is attributed to a rent that has doubled and the need for extensive renovations, making the store financially unsustainable. Phil Halliday, HMV’s managing director, described the loss as frustrating given the store’s historic significance.

The retailer, which runs 123 outlets across the UK after being rescued by Sunrise Records owner Doug Putman, pointed to a 15% like-for-like sales increase this year and projected £240 million in revenue, up 13% from the previous year. HMV intends to reassign affected employees to other London locations or corporate positions while it searches for a new flagship venue in the West End. The move underscores ongoing challenges for high-street retailers facing rising rents and taxes.