There are very few spots as synonymous with Oxford Street as the historic HMV store that – aside from a fleeting four year hiatus between 2019 and 2023 – has stood proudly on Europe’s busiest shopping street since 1921.
The iconic entertainment outlet set up shop courtesy of Sir Edward Elgar, and swiftly became the one-stop shop for all things music, movies, and media. But now, mere moments away from the three year anniversary of the store’s triumphant revival, the chain has announced that it will be closing its flagship Oxford Street store next year.
According to the BBC, HMV has said that its landlords have proposed doubling the rent on the site at 363 Oxford Street. The sky-rocketing rent along with a reportedly ‘substantial’ renovation bill has meant that the running of the store will become ‘commercially unsustainable’.
The closure of HMV’s flagship store is set to take place in March 2027, and will affect around 50 staff members. HMV has said that it will look at transferring impacted staff members to its two other London stores whilst scouring the city for a suitable new site.
Phil Halliday, managing director of HMV, said: “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.
“We are looking ahead, and our focus is now on what we do to make exciting steps for HMV in 2027.”
