LeadershipIndependently confirmed2 publishers2 min readPublished
HMV will leave its Oxford Street flagship in March 2027, three years after reopening it
HMV will close its Oxford Street flagship in March 2027, three years after reopening it, after landlords proposed doubling the rent. The company reports 15% like-for-like sales growth this year, so the loss is one lease inside a business that is still growing.
The Board Room · Leadership desk
Three separate figures. The BBC says the Oxford Street closure affects more than 50 staff. HMV says it has 15% like-for-like sales growth so far this year. HMV projects it is on track for £240m revenue this year, a 13% improvement on last year's £212m, City AM reports.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Staff affected by closure, over | 50 staff | 4 | |
| HMV-reported like-for-like sales | 15 % growth so far | 12 | |
| HMV-projected revenue, this year | 240 £m | HMV: up 13% on last year's £212m | 13 |
What happened
- HMV also faces a bill for "substantial" renovation works at 363 Oxford Street, and says that with the rent proposal it makes the shop "commercially unsustainable".
- HMV reopened the store in November 2023 after a four-year absence, following a deal with landlords; it first opened on the site in 1921.
- Doug Putman, whose Sunrise Records rescued the chain, had hailed the 2023 return as a "great moment" in its recovery, City AM reported.
Why it matters
- decision HMV has fixed a March 2027 exit while still searching for a West End replacement. It says it is "actively looking", so a gap between London flagships is possible if no site is secured by then.
- exposure Staff placement depends on openings at two other London stores and head office roles. HMV says it hopes to redeploy, and has not guaranteed places.
- precedent Retailers pressing government on rents and taxes now have a growing chain that walked away from a flagship site. HMV's own stated causes are narrower: this site's rent proposal and renovation bill.
HMV says revenue is on track for £240m this year against £212m last year [13], a gain of £28m [14], or 13.2% [15]. The closure is one site in a business HMV describes as growing. By store count the Oxford Street shop is a small part of the estate: 0.8% on City AM's figure of 123 UK locations, 0.9% on the BBC's figure of 113 UK stores [c13, c14, d3]. The two outlets give different estate sizes without explaining the gap.
On HMV's account, staying meant paying the doubled rent the landlords proposed and funding the renovation works. Leaving costs the site where the chain first opened in 1921 [6] and affects more than 50 staff [4]. Managing director Phil Halliday said: "It's frustrating that it has been made commercially unviable." [7] The BBC reports that the group treated the rent proposal and the renovation bill as a pair that together made the shop "commercially unsustainable" [3].
The two accounts word the rent differently. City AM reports that HMV blamed a doubled rent bill [10]. The BBC reports that HMV said its landlords had proposed doubling the rent [2]. All of it traces to HMV's statement. Neither report gives the current rent, the renovation cost, the shop's sales or any response from the landlords, so we do not know whether HMV countered or where the talks would have ended.
What to watch
- Whether HMV announces a West End replacement site before the Oxford Street shop closes in March 2027.
- Whether the landlords at 363 Oxford Street respond, and whether their account of the rent proposal differs from HMV's.
- Whether HMV's year-end figures confirm the projected £240m revenue and the 15% like-for-like growth it cites.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence45
- Adoption
- Insufficient
- Hype gap+15
- Incentives60
- Confidence62
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
HMV said it will shut its flagship Oxford Street store at 363 Oxford Street in March 2027, three years after it reopened the site.
ReportedSupportedSource: BBC, reporting an HMV statement2 sources— create a free account to open themView cited source - [2]
HMV said its landlords had proposed doubling the rent on the Oxford Street site at 363 Oxford Street.
ReportedSupportedSource: BBC, reporting an HMV statement2 sources— create a free account to open themView cited source - [3]
HMV said it was also facing a bill for 'substantial' renovation works at the store, which together with the proposed rent doubling would make the shop 'commercially unsustainable'.
ReportedSupportedSource: BBC, reporting an HMV statement2 sources— create a free account to open themView cited source - [4]
The closure affects more than 50 staff.
- [5]
HMV said it would look to transfer affected workers to its two other London stores and head office while it looked for a new site; City AM quotes Halliday as saying the company hopes to redeploy affected team members through other London stores and head office roles.
ReportedSupportedSource: BBC and City AM, reporting HMV statements2 sources— create a free account to open themView cited source - [6]
HMV reopened its Oxford Street store in November 2023 after a four-year absence, following a deal secured with landlords; it first opened the Oxford Street site in 1921.
- [7]
Phil Halliday, HMV's managing director, said: "It's frustrating that it has been made commercially unviable."
ReportedSupportedSource: Phil Halliday, HMV managing director, quoted by City AM2 sources— create a free account to open themView cited source - [8]
Halliday said: "We're actively looking for a new location in the West End and are determined to give London a store that music fans can be proud of."
ReportedSupportedSource: Phil Halliday, HMV managing director, quoted by City AM2 sources— create a free account to open themView cited source - [9]
HMV said it planned to maintain a 'significant presence' in London and is looking for a new flagship site in the West End.
ReportedSupportedSource: BBC, reporting an HMV statement2 sources— create a free account to open themView cited source - [10]
City AM reports that HMV blamed a doubled rent bill and the cost of 'substantial' renovations for the closure.
- [11]
Doug Putman, whose Sunrise Records rescued the chain, had hailed HMV's 2023 return to Oxford Street as a 'great moment' in its recovery.
- [12]
HMV said its recovery is gaining momentum, pointing to 15 per cent like-for-like sales growth so far this year.
- [13]
HMV is on track for £240m revenue across its in-store and online estate this year, a 13 per cent improvement on last year's £212m.
- [14]
HMV's projected revenue this year is £28m above last year's.
- [15]
The projected revenue increase is 13.2% on last year's £212m.
- [16]
HMV now operates at 123 locations across the UK.
- [17]
HMV has 113 stores across the UK, including six sites under the Fopp brand, as well as another eight in Europe.
- [18]
The Oxford Street shop is about 0.8% of HMV's UK estate by store count on City AM's figure of 123 locations and about 0.9% on the BBC's figure of 113 UK stores.
- [19]
The departure comes as retailers urge the government to help high street businesses weather soaring rents and taxes.
Sources
2 independent publishers whose own reporting we read for this story.
- bbc.co.ukHMV to close Oxford Street store after three years
1 article · October 12, 2026
- cityam.comHMV shuts flagship Oxford Street store just three years after comeback
1 article · October 12, 2026
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