Number of HMV stores in the United Kingdom (UK) 2010-2017
HMV used to be the superstar of the UK highstreet but this is no longer the case. The slumping number of HMV stores confirms this. Since 2010, the number of stores the music retailer owns declined dramatically from 293 to 131. The slashing of more than half of HMV stores had quite a lot to do with the fact that the retailer fell into administration in 2013 and was subsequently bought. Since then, things have not improved much for HMV. HMV under Hilco UK announced insolvency yet again in December 2018, bringing about more uncertainty and turbulence.
Leadership changes hand in entertainment retail
It is no secret that the market for physical music and entertainment media has been hit badly by the prevalence of digital formats. In the UK, online dominates entertainment retail sales by a large proportion. This trend is reflected in the leading names of the UK entertainment market. In 2017, Amazon ranked as the top retailer in this market ahead of traditional retailers such as HMV.
Is the physical music store still relevant?
As a traditional retailer, HMV may be struggling amidst the digital revolution in the way we consumer music and entertainment now, but the 98-year-old store is certainly not giving up the ghost. HMV was recently bought by Sunrise Records, the Canadian retailer who highlighted the value of HMV as a heritage brand in the UK. The rebranding of HMV is already underway with its new owner, yet whether it will stay relevant for music consumers remains to be seen.
Leadership changes hand in entertainment retail
It is no secret that the market for physical music and entertainment media has been hit badly by the prevalence of digital formats. In the UK, online dominates entertainment retail sales by a large proportion. This trend is reflected in the leading names of the UK entertainment market. In 2017, Amazon ranked as the top retailer in this market ahead of traditional retailers such as HMV.
Is the physical music store still relevant?
As a traditional retailer, HMV may be struggling amidst the digital revolution in the way we consumer music and entertainment now, but the 98-year-old store is certainly not giving up the ghost. HMV was recently bought by Sunrise Records, the Canadian retailer who highlighted the value of HMV as a heritage brand in the UK. The rebranding of HMV is already underway with its new owner, yet whether it will stay relevant for music consumers remains to be seen.
