- HMV has announced it will close its flagship Oxford Street store in March next year after facing a proposed doubling of rent demands.
- The retailer stated the site has become commercially unsustainable due to the rent hike alongside substantial renovation costs.
- HMV aims to redeploy the 50 affected staff members to its other London branches and head office while actively searching for a replacement West End location.
- The decision to close comes despite strong trading performance, with total group revenues expected to top £240 million this year.
- The historic Oxford Street location originally opened in 1921 and was only reopened by HMV in November 2023 following a four-year absence.
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