HMV has announced it will shut its flagship Oxford Street outlet just three years after reopening the location, blaming a doubling in rent demands for the decision.
The entertainment retailer said it would vacate the premises in March next year, but is searching for an alternative West End location for its new flagship store, pledging to maintain a "significant presence" in the capital.
Rent doubling and refurbishment costs
The company said landlords have put forward proposals to double the rent at 363 Oxford Street, while also facing costs for "substantial" refurbishment works at the premises, which combined would render the shop "commercially unsustainable".
HMV said it would seek to relocate affected staff to its two remaining London outlets and headquarters while it searches for fresh premises.
History of the store
The chain triumphantly relaunched its historic Oxford Street shop in November 2023 following a four-year hiatus after securing an agreement with landlords.
HMV closed the store in 2019 after the retail business collapsed into administration and was compelled to cut shops and positions. The retailer – which originally launched the Oxford Street premises in 1921 – was saved from collapse by Canadian entrepreneur Doug Putman's Sunrise Records empire.
Strong sales despite closure plans
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."
HMV operates 123 outlets throughout the UK. The retailer said the Oxford Street closure plans come despite strong performance, with like-for-like sales rising 15% across the business in the first nine months of 2026 and combined shop and online revenues on track to exceed £240 million this year, up from £212 million in 2025.
The company emphasised its continued dedication to high street retail. 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."
