Business

HMV backs High Street with plans for 10 new stores

Written by The Frontier Post

LONDON (BBC News): Music and entertainment retailer HMV has said it is looking to open 10 new stores this year as it continues to put its faith in High Street stores.
The plans include a search for a new London flagship site.
Its former London landmark store on Oxford Street closed along with many others after HMV fell into administration more than two years ago.
It was bought by Canadian music retail executive Doug Putman, who says he still thinks stores have a future.
“People obviously love going out shopping, they like touching and feeling and that’s something that online is not going to replace,” he told the BBC.
“I do believe… you’re going to get more people trying to open up different stores and have different ideas. “I’m still very optimistic on the [HMV] business and business as a whole on the High Street. I still think the High Street is just something so special.”
The new store plans were announced as HMV commemorates opening its first store on London’s Oxford Street 100 years ago.
He said he could not give any details as to where the replacement flagship store in London would be as they were still taking a “very hard look” trying to find the best site.
However, Mr Putman added that the long-term viability of the stores was dependent on what the government did about business rates, which are currently being levied at a reduced rate until April next year.
HMV would not be signing “any long-term deals” for the new stores, he said, given the level of uncertainty in the retail sector.

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