HMV and FOPP both suffer on high street
Music retailers have admitted sales are continuing to plummet following a rise in download sales.
Both HMV and FOPP have been struggling to keep up with the digital market, with the latter chain even having to close its stores for a day last week.
FOPP chairman David Montgomery has admitted that the company is experiencing difficulties and the stores are no longer taking orders online.
HMV also revealed a sharp fall in profits for the last year with figures down by around half of what they were in 2006.
“Our markets are changing profoundly,” said chief executive Simon Fox. “Entertainment is being generated and consumed in entirely different ways putting pressure on traditional retail space and traffic.”
The figures come despite the fact the company are selling two billion DVDs and CDs every year, reports BBC 6 Music.
The store is trying to tackle the problem by selling digital downloads in store and continuing to expand its online business
Digital music sales currently represent 10 per cent of all music sales.