HMV's flagship store on Oxford Street is set to close again just three years after it reopened, affecting just over 50 workers. The entertainment chain said it will leave the shop in March next year, blaming a doubling in site rent demands and a bill for 'substantial' renovation works at the store, which combined would make the shop 'commercially unsustainable'.
Rent and renovation costs blamed
The store at 363 Oxford Street is one of three HMV sites in London. Bosses are now looking to transfer affected workers while searching for a new location. HMV has vowed to keep a 'significant presence' in the capital and is hunting for a site in London's West End district.
Phil Halliday, managing director of HMV, 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. It's frustrating that it has been made commercially unviable.'
Strong trading despite closure plans
The closure plans come despite robust trading. Like-for-like sales were up 15% across the group in the first nine months of 2026, and revenues for both shops and online trading are set to reach over £240 million this year, up from £212 million in 2025. HMV, which has 113 stores across the UK, including six sites under the Fopp brand, as well as another eight in Europe, said it remained committed to high street stores.
Halliday added: 'We hope to redeploy affected team members through other London stores and head office roles and are exploring ways to minimise the impact on jobs while we seek a new flagship site. We're actively looking for a new location in the West End and are determined to give London a store that music fans can be proud of.'
History of the store
HMV first opened the Oxford Street site in 1921. It shut in 2019 after the retail chain tumbled into administration and was forced to axe shops and jobs. The retailer was salvaged from insolvency by Canadian Doug Putman's Sunrise Records business, which is the parent company of Fopp. Putman rescued 100 stores and 1,487 jobs for an undisclosed sum, but a further 455 people were made redundant.
HMV made a grand reopening of the store in November 2023 after a four-year absence following a deal secured with landlords. The reopening created 70 new jobs and was described at the time as the creation of 'a hub for entertainment in the capital' as a sign of a 'dramatic turnaround' of the business.
