HMV to close Oxford Street store after three years

Key points

• HMV will close its Oxford Street flagship store in March 2027, affecting over 50 staff.
• The closure is blamed on a proposed doubling of rent and substantial renovation costs.
• HMV plans to find a new West End site and transfer affected workers to other London locations.

HMV has announced it will shut its flagship store on Oxford Street in March 2027, just three years after reopening the site. The entertainment chain said the decision was driven by a proposed doubling of the rent and a bill for substantial renovation works, which together made the shop commercially unsustainable.

The closure will affect more than 50 staff. HMV said it is looking for a new site in London's West End for its flagship shop and plans to maintain a significant presence in the capital.

Reasons for the closure

HMV said its landlords had proposed doubling the rent at 363 Oxford Street. The company also faced a bill for substantial renovation works at the store. It said these costs combined to make the shop commercially unsustainable.

The store originally opened in 1921 and was reopened by HMV in November 2023 after a four-year absence. Phil Halliday, managing director of HMV, called the situation frustrating and said the Oxford Street shop was commercially unviable.

This is a special store, it's where we began 100 years ago and bringing it back to life in 2023 was a big moment in our recent history.

— Phil Halliday, managing director of HMV

Staff and future plans

HMV said it would look to transfer affected workers to its two other London stores and head office while it searches for a new flagship site. The group has 113 stores across the UK, including six under the Fopp brand, and another eight in Europe.

The company said it remained committed to high street stores. Halliday said the Oxford Street location was where HMV began 100 years ago and bringing it back to life in 2023 was a big moment in its recent history.