HMV to reopen historic Oxford Street store as nostalgic staples of the music world get a revival

HMV is to reopen its Oxford Street store later this year.

But instead of CDs, the shelves will be stacked with vinyls, pop-culture merchandise, headphones and other tech-gear as the iconic music shop gets a retro-revival.

HMV shut its flagship store in 2019 after tumbling into administration before a rescue takeover by Canadian Doug Putman’s Sunrise Records.

The company said the return to 363 Oxford Street, where it opened its first shop in 1921, was the “latest sign of a dramatic turnaround” after its collapse, with the firm bouncing back to profit last year.

The retailer will transport music lovers back to its 1990s/2000s heyday, with vinyl records, pop culture merchandise, headphones and live performances filling the store.

HMV's revival is the latest previous staple of the music world to see a resurgence, following cassette tapes and vinyl records soaring in popularity in recent years.

During the 12-month period up until now, around 195,000 tapes were sold, representing a yearly growth of 5.2%, the British Phonographic Industry (BPI) said.

Chart-topping albums, including Florence + The Machine's Dance Fever and 5SOS5 by 5 Seconds of Summer, sold more copies on cassette than on vinyl when they debuted at the top of the charts.

However, vinyl records remain the more popular choice for nostalgic music fans.

The latest figures reveal a resurgence, with a rise of almost one-third in UK sales compared to last year, reaching £116.8 million in 2022.

Such was the popularity, apparently even megastar Adele had to wait six months for her album '30' to be processed, according to Variety magazine's recent report on the shortfall in 2021.

HMV however, will not be selling CDs as the business found demand was waning - last year in the UK records outsold the previously more popular smaller discs.

In 2019, when the Oxford Street store was shut, HMV was hit with a double blow.

First, the pandemic saw even the busiest areas dramatically drop in footfall, completely decimating high-street businesses.

The huge rise in streaming services also reduced demand for HMV's supply of CDs.

Spotify has seen a huge boost in popularity over the last decade. It recorded 515 million active monthly users as of the end of March.

However, as increasingly more people shift back to vinyls and tapes, the company posted a first-quarter operating loss of £137m, compared to an operating loss of £5.29m, a year earlier.

For its reopening, HMV has shifted its in-store model to align with the growing trend of people wanting to physically own music.

The new-look stores which have been named HMV Shop, will pop up in 24 new sites and 14 existing stores by the end of the year.

In terms of the Oxford Street branch, which is now an American sweetshop, it is understood HMV signed a deal to replace the current owner, whose lease is to expire in around six months.

HMV owner Doug Putman said: “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.

“We are also opening stores in Europe this year, so while it is the culmination of one phase of work, more excitingly we see it as the launch pad for an exciting new era for HMV.”

Councillor Geoff Barraclough, Westminster City Council’s cabinet member for planning and economic development, said: “It’s fantastic to see this iconic brand back on Oxford Street, where it stood as a driver of music and pop culture in the capital for so long.

“It’s also particularly pleasing it is replacing one of the many US candy stores which sprang up during the pandemic.”

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