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The remaining three stores in the US will see out the remainder of their existing leases, meaning that over the next six years the chain will probably disappear from the territory altogether. A spokesperson commented: "[HMV] continues to review the longer term viability of operating its three remaining legacy stores in the US alongside our more profitable and market-leading Canadian business" In the UK, Tower Records have now completely withdrawn and Our Price is going the same way.
DIScuss: Could it be that downloading technology such as Kazaa and iPods are partially responsible to the perceived state of the worldwide music business? HMV would not be signing "any long-term deals" for the new stores, he said, given the level of uncertainty in the retail sector. An HMV spokesman added: "We're continuing to expand with new sites, looking at a combination of factors before making a decision.
The upcoming business rates review will no doubt have an impact, not only on HMV, but on the wider British High Street. In some locations, even with good deals from landlords, rates make stores unviable. Mr Putman said HMV's online business had done well throughout the pandemic, helping to offset the loss of sales in stores. Music stores have been particularly affected by the shift to digital over the years.
The challenges from music downloading and streaming have added to the general shift to online sales affecting most retailers. Earlier this month, supermarket giant Sainsbury's said it had stopped selling CDs and DVDs as its customers increasingly went for music and films online.
There aren't many companies that have continued to trade on our High Streets for a century. That HMV survives may surprise many who wonder how a bricks-and-mortar retailer of physical media survives in a world of downloads and streaming. Among them was George Martin, who signed the Beatles. It did not become a national chain until the s, when CDs made music retailing very profitable.
It reached stores in , and grew to more than by The deal saves HMV from collapse for the second time in six years, after the restructuring firm Hilco bought the business in KPMG was tasked with either finding a buyer for the business or closing it down. Its acquisition by Canadian group Sunrise will ensure the iconic British brand stays on the high street.
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