In a significant move for physical retail in a digital age, British music store HMV is set to make a grand comeback to its original flagship location on London’s Oxford Street this Black Friday. The store, which first opened in 1921 by Edward Elgar, has been a landmark in British music and culture. HMV had vacated the 363 Oxford Street site in 2019 amidst financial struggles but is now returning, thanks to a deal by Canadian entrepreneur Doug Putman who rescued the firm from bankruptcy.
Putman, who managed to keep 100 stores operational while closing 27 key locations, expressed optimism about the future of physical stores. “Our customers love coming in. They like to browse,” he said, emphasizing the continued interest in physical music products.
The revitalized store will feature an extensive range of products including 8,000 vinyl albums, 12,000 CDs, and a vast selection of music merchandise. It will also cater to fans of popular franchises such as Pokemon, Star Wars, Marvel, and DC, offering over 4,000 related products and more than 750 T-shirt designs. “It’s about offering more than just music and movies. We’re expanding to accessory products to enhance the customer experience,” Putman explained.
A unique addition to the store is a purpose-built performance floor, which will host both famous and local artists, reviving the store’s historic role as a cultural hub. This move highlights the efforts retailers are making to create engaging in-store experiences in the face of growing online sales.
The store’s rich history includes moments with John Lennon, Elton John, Michael Jackson, and the Beatles, whose rise to fame was significantly influenced by a demo tape brought to the store’s recording studio in 1962.
Under Putman’s leadership, HMV has not only bounced back from financial woes but has also expanded its presence with over 120 outlets in the UK and profitable operations in 2022. The company has also marked its presence in Dublin and Antwerp and plans further expansion in Europe.
This resurgence aligns with the revival of the vinyl market, with HMV reporting sales growth outpacing the UK’s annual market growth of 18%. Vinyl now accounts for half of HMV’s physical music sales. “We expect vinyl sales to continue growing in the foreseeable future,” Putman remarked.
Westminster City Council’s Councillor Geoff Barraclough summed up the sentiment, noting that the HMV store embodies the council’s vision for Oxford Street – offering an experience that transcends traditional retail.
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