HMV, which is celebrating its th anniversary this month, said online sales had more than doubled over the past year, with sales tripling in some weeks. Private equity specialist Neil Debenham said that whether or not the expansion plans mean the retailer goes back into administration depends entirely on how willing HMV is to diversify and adapt.
Store closures, job losses, job creation and expansion plans are all part of the evolution of the high street. That said, some retailers will be able to expand their store estates more effectively than others. One thing the online revolution has made clear is that customers want to feel a close connection with the brands they are aligned with.
Therefore, an independent store sourced with fully local artisan products may well be able to successfully expand their local presence post pandemic. For traditional or chain retailers however, it is a different story. John Lewis, one of the most successful department store chains in the UK, for instance, recently announced the permanent closure of eight more outlets after its first-ever full year loss.
Although HMV can be credited for bringing pop culture to the high street, in latter years fought to weather the arrival of downloads and streaming. The question remains whether vinyl sales are enough to keep it going. When stores started to reopened in mid-April following the winter lockdown, footfall was up by per cent in comparison to when they reopened post-lockdown in June last year.
Music in all its forms is part of everyday life and a product that is not expected to fall out of favour. The key to success is selling it in the form that people want to buy it, be it vinyl, downloadable or something new.
Why should I go back? What is enticing me to go back? I can get everything I want from a simple download. It has been reported that KPMG have filed a notice of intention of appoint administrators. The firm currently employs 2, people and this will be the second time in 6 years that the business has gone into administration. They will become the first post-christmas victim of the high street! Online sales of downloaded music and videos have soared in recent months.
HMV's management have been making lots of changes to try and turn around the company with new store designs and product ranges. They have sold off their live music business and extracted better terms from their suppliers in exchange for some equity.
Music industry sources said the rise of streaming services had "decimated" HMV's business and made its future operation unsustainable. Brexit has been said to have much blame, yet it should not be suggested as the only cause. And here's our guide to the best record players.
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