Understand
HMV to close flagship Oxford Street store in March 2027
Overview
Entertainment retailer HMV has announced it will shut its flagship Oxford Street store in London in March 2027, affecting more than 50 staff. The closure is due to a proposed doubling of the rent and substantial renovation costs, making the site commercially unviable. HMV hopes to relocate affected workers to other London locations and is actively searching for a new site in the West End.
Key points
- HMV will close its flagship Oxford Street store in March 2027, three years after reopening it.
- The closure is driven by a proposed doubling of rent and substantial renovation costs.
- Over 50 staff members are affected, and HMV plans to transfer them to other London stores or its head office where possible.
- The company is currently looking for a new site in London's West End to maintain a significant presence in the capital.