HMV Issues Huge Update on Massive Flagship Store Just 3 Years After Reopening
Retail giant HMV has revealed 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, but 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. 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.
TL;DR
- HMV will close its Oxford Street flagship store in March due to a doubling in rent demands and significant renovation costs.
- The company is actively seeking a new flagship location in London's West End.
- Affected employees will be offered positions at other HMV stores in London or at the head office.
- HMV has 123 stores across the UK and reported strong trading performance.
- Like-for-like sales increased by 15% in the first nine months of 2026, with revenues projected to exceed £240 million.