HMV is poised to reopen its flagship Oxford Street store later this year, as the tide continues to turn for the music retailer since its 2019 rescue from administration by Sunrise Records.
The Oxford Street branch was one of 27 HMV stores to close in February 2019 as Doug Putman’s Sunrise Records bought the chain for C$1.5mln, with the store having opened in 1921 as the company’s first.
HMV said the reopening represented a “dramatic turnaround” following the slip into administration in 2019 and subsequent return to profitability last year.
Since the takeover, HMV has focused on the sale of retro music such as vinyl records, alongside hosting live events and signings at stores.
“The expansion of our fan-focused pop culture offer is really working for us and the reopening of our flagship represents the culmination of a good few years of hard work,” Putman commented.
HMV penned a 64% rise in gross profit to £65.4mln last year, alongside a 66.8% increase in revenue to £150.8mln, pushing operating profits to £2mln.
HMV will now set its sights on opening stores in Europe, as part of a move to bring new concepts and designs to 24 new and 14 existing stores by the end of the year.
Reopening on Oxford Street will see HMV retake the spot from an American Candy store which appeared in 2019 but faces an expiring lease this year.