By James Davey
LONDON (Reuters) – British music retailer HMV returned to its former flagship store on London’s Oxford Street on Black Friday after a four-year absence, selling records, clothing and merchandise – a vote of confidence in brick-and-mortar stores in an increasingly online age.
363 Oxford Street was the site of the very first HMV store, opened by composer Edward Elgar in 1921. He played a central role in the development of British popular music and culture. Pop band Madness reopened the store on Friday.
The retailer, known for its trademark dog and gramophone, exited the site in 2019 when Canadian music entrepreneur Doug Putman struck a deal to rescue the bankrupt company, closing 27 prime locations and keeping 100 stores open.
Until recently, it stood empty or sold American sweets in the middle of Britain’s most famous shopping street.
Thanks to cheaper rental and trade tax packages, HMV is now coming home.
“When I first came to London in 2015, I walked through this shop and kept thinking, ‘Wow, whoever owns this, this is really incredible.’ Eight years later, it’s mine and we’re reopening it,” Putman said in an interview with Reuters.
He is optimistic about the future of brick-and-mortar retail.
“You have to have a reason for people to come into your store. For us, it’s a wide selection, it’s browsing,” he said. “If you can’t make it a fun shopping experience, ultimately no one is going to come into your store.”
The store will sell 8,000 different vinyl albums, 12,000 CDs, music items and a wide range of music technology.
It also offers over 4,000 products from franchises such as Pokemon, Star Wars, Marvel and DC, as well as over 750 t-shirt designs.
The new store has a purpose-built event space in-store, which also hosts performances by big name and local artists, showing how hard retailers have to work to ensure the success of brick-and-mortar stores as more and more commerce moves online.
Singer Rachel Chinouriri will perform at the store on Friday.
CHER TO BLUR
The venue is rich in history. His clients included John Lennon, Cher, Elton John and Michael Jackson, and he hosted numerous British bands in the shop and on the roof, including Echo & The Bunnymen and Blur. He also played a key role in the Beatles’ rise to fame.
HMV filed for bankruptcy in 2013 and again in 2018, but under Putman’s ownership it has grown to over 120 stores in the UK and returned to profitability in 2022. A store opened in Dublin in June, one in Antwerp on Thursday, and further expansion in Europe is planned.
“We can fill a gap in the market in many European countries,” said Putman.
Its resurgence mirrors that of the vinyl market. HMV says its vinyl sales are comfortably outpacing the UK market’s 18% annual growth and account for half of its physical music sales.
“Vinyl has attracted a lot of younger audiences,” Putman said, adding that he expects continued growth.
Geoff Barraclough, Westminster councillor responsible for Oxford Street, said the HMV store represents what the area wants to offer: “an experience that goes beyond traditional retail”.
(Reporting by James Davey; Editing by Jan Harvey)
