HMV has announced plans to close its flagship Oxford Street store just three years after reopening the site, blaming a doubling in rent demands. The entertainment chain said it would leave the shop in March next year in a move impacting just over 50 staff.
Rent and renovation costs cited
The group said landlords have proposed doubling the rent on the site at 363 Oxford Street, although it said it was also facing a bill for “substantial” renovation works at the store, which together would make the shop “commercially unsustainable”.
HMV said it would look to transfer affected workers to its two other London stores and head office while it looks for a new site. It is hunting for a site in London’s West End district for its new flagship shop as it vowed to keep a “significant presence” in the capital.
History of the store
HMV made a grand reopening of its historic Oxford Street store in November 2023 after a four-year absence following a deal secured with landlords. The retailer – which first opened the Oxford Street site in 1921 – shut the store in 2019 after the retail chain tumbled into administration and was forced to axe shops and jobs. It was rescued from insolvency by Canadian Doug Putman’s Sunrise Records business.
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. However, we are looking ahead, and our focus is now on what we do to make exciting steps for HMV in 2027.”
Trading performance and future plans
HMV has 113 stores across the UK, including six sites under the Fopp brand, as well as another eight in Europe. It said the Oxford Street closure plans come despite robust trading, with like-for-like sales up 15% across the group in the first nine months of 2026 and revenues for both shops and online trading set to reach over £240 million this year, up from £212 million in 2025.
The group said it remained committed to high street stores. Mr 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,” he added.
