HMV has returned to Oxford Street after a four year absence following a dramatic turnaround under new owner Doug Putman.
Having taken the music retail chain out of administration in 2019, Putman chose HMV’s Oxford Street store as one of 27 to close in February of that year.
A renewed focus on the sale of retro music such as vinyl records, however, has seen the chain’s stores slowly return to high streets. The strategy also helped HMV record a profit last year.
"In 2019 I wasn't able to take on the store when I took on the chain, so this is our first time coming back to Oxford Street since I've owned it,” Putman commented on Friday.
"I walked here as a customer in 2015 [...] and I just kept thinking ‘Man, I don't know who owns this, but this is pretty amazing’. Now to be here and to be a part of it is just unbelievable.”
HMV reported a 64% rise in gross profit to £65.4 million last year, alongside a 66.8% increase in revenue to £150.8 million, pushing operating profit to £2 million.
Across the sector, vinyl albums generated sales of £150.5 million in 2022, up 11% on a year earlier.
Sales of CDs - on which HMV also relies - generated £150.5 million across the industry, representing the continued value of physical music sales despite the rise of streaming.
HMV’s return to Oxford Street marks a boost for the shopping hub as the century-old chain took the spot of an American candy store after its lease ran out.
Given cost-of-living pressures and ongoing macroeconomic uncertainty, Oxford Street has struggled to attract footfall this year in line with pre-pandemic figures.
Oxford Street has appeared to run the risk of losing another iconic name, as plans from M&S to bulldoze and rebuild its flagship store in the London hub were rejected by the government.
M&S has since looked to overturn the decision - made by levelling up secretary Michael Gove - with a ruling this week allowing a judicial review of the government's decision.
HMV's return offers a glimmer of positivity, with the chain having also seemingly gone 'One Step Beyond’ - as per the song - as it looks to attract shoppers by recruiting pop band Madness to unveil the new store.