HMV to return to its Oxford Street flagship store
The retailer is reportedly in negotiations to move back into the London location, which is currently owned by Footlocker
The retailer, which is currently controlled by restructuring specialists Hilco after it went into administration earlier this year, is in negotiation to move back into the 20,000 sq ft store at 363 Oxford Street. The site is currently occupied by the US chain Footlocker. According to the Evening Standard, HMV has exchanged contracts on the shop's lease, subject to landlord approval. The newspaper also reports that the retailer is also considering leaving its 150 Oxford Street store, which is too big for its current requirements.
A relaunch of the retailer, which went into administration in January saddled with £176 million debt, is expected later this year. While no exact details have been confirmed, it is expected that a new HMV website will focus on a music and film streaming service similar to The Vault, the digital streaming platform offered by its sister company in Canada. Previously, HMV UK lost money selling CDs and DVDs from its website because of distribution and postage costs.
Hilco completed the acquisition of the chain in April, and now operates 141 stores.