Oct 10, 2019

HMV to return to profit this year and open new stores

Music shop chain HMV said it will return to profit this year and aims to open new stores in 2020, having been rescued from near-bankruptcy in February. HMV has closed 15 stores where it had been unable to agree new terms with landlords. At 25,000 square feet, it is bigger than many supermarkets and contains a large live music space as well as more than 100,000 vinyl albums and CDs. Mr Putman said the new venue would allow HMV to try out ideas. HMV stores have hosted 600 events since February but there are plans for around 2,000 in 2020. Despite this, Mr Putman said that HMV was financially viable even in an industry where sales are under pressure from downloads and streaming; 71 per cent of music sold last year was in streamed or downloaded form, according to the Entertainment Retailers Association.

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