The company says it wants to be 'the number one destination for vinyl on the High Street'
HMV has stated its intent to focus on the vinyl format in light of their recent financial recovering.
The high street music and entertainment chain went into administration in January 2013 after it built up £170 million in debt, with 223 shops and more than 4,000 jobs put at risk. However, 144 of the shops were bought by restructuring company Hilco three months later.
Following Hilco’s acquisition, HMV later reported profits of nearly £17 million during 2013. Earlier this year, it was announced that the company has overtaken Amazon to become Britain’s most successful retailer of physical music.
Now, having originally “squeezed out” the large majority of their vinyl stock due to space restrictions, HMV music manager John Hirst has told Music Week that the company is intent on “taking vinyl back to the masses”.
“The [independent stores] still do an incredible job with vinyl,” Hirst said. “Their share reflects that. But what we do, which the indies don’t, is provide that consistently over 120 different locations all across the country. We’ve got to be the number one destination for vinyl on the High Street. While the indies are catering to more specialist customers, we’re taking vinyl back to the masses.”
HMV recently announced a list of exclusive vinyl releases available at their stores nationwide later this month, including records from Morrissey, Nirvana, Royal Blood, The Velvet Underground, Black Sabbath, Joni Mitchell and The Charlatans.
Hirst spoke about the reasons behind the releases to Music Week: “Last year, outside of Christmas, Father’s Day week was our biggest week on vinyl. We’ve identified that week as an opportunity to really go for it and we wanted to distance ourselves from Record Store Day so that it didn’t seem like a response to not being a part of it.
“It is really about us raising awareness that we’ve got vinyl in our stores again, that we’re priced competitively and that the availability is good,” he said.
HMV recently announced plans to relaunch their online store for the first time since entering administration in 2013.