HMV is returning to London's Oxford Street with the music retailer set to reopen in its former store, in a symbolic shot in the arm for Europe’s largest shopping street.
HMV, or His Masters Voice, closed the doors to 363 Oxford Street four years ago, but following a strategic turnaround for the business, it now reoccupy its former store to create a new flagship. The store comprises 16,000 square feet of retail in a prime position on the street, next to Bond Street station.
The move signifies the third time HMV has returned to 363 Oxford Street, with its first store opening in the building in 1921.
Sam Foyle, co-head of prime global retail at Savills, acting on behalf of the private landlord, said in a statement: “The return of HMV is a major milestone for Oxford Street. It shows the growth in belief and confidence for the street. The previous vacancy and short term candy store tenant was the focus of the challenges facing Oxford Street, however, HMV reopening, along with many other global transactions in progress, demonstrates that Oxford Street has recovered.”
Anthony Selwyn, co-head of prime global retail at Savills, added: “We are seeing a huge investment in the entirety of Oxford Street, including key redevelopments and infrastructure improvements. London continues to rebound strongly and HMV’s commitment and investment in Oxford Street is testament to this.”
Canadian firm Sunrise Records bought the famous chain out of administration in 2019. One hundred of HMV's stores were retained and 1,487 jobs while 27 stores closed, resulting in 455 redundancies, including its Oxford Street flagship.
There was surprise at the time that the jewel in the crown – HMV's historic home on Oxford Street – was slotted for closure. But HMV is understood to have paid around £3 million per annum in rent at the store, which would rise significantly when other related occupancy costs including business rates were added.