The face of the British high street is set to change further with one of the most recognisable, and one of the last standing, entertainment retailer HMV announcing that in order to control costs they would close sixty of their high street stores, and twenty of the book retailers Waterstones which HMV Group also own.
Blaming seasonal weather and what the Group called ‘challenging trading conditions’ for the falling profits and it seems that the closure of HMV stores is the only way to stablise the company.
Almost exactly two years ago high street stalwart Woolworths closed its last stores and we’ve seen Virgin, then Zavvi also shut up shop, and walking down Oxford Street in London a few weeks before Christmas the absence of some of the larger stores was noticeable.
The BBC and The Guardian have a load of detailed analysis, and I suspect it’ll be a while before we see any real change on the high street. HMV are obviously putting a brave face on things, with the continuation of a strong brand being of paramount importance, but this is still disappointing news.
Early last year Curzon Cinemas announced plans were afoot to place small cinemas in some prominent HMV stores and a pilot was carried out in Wimbledon but no further stores were adapted and no more news has been forthcoming. The relative economic buoyancy and proactive nature of the move is evident in the report but now it seems this idea wasn’t carried through and didn’t signal a return to rising profits.
Whether it is the rental market gaining a foothold, relatively high prices of goods compared to the iTunes or Amazon, the piracy factor, or a move to streaming media (or more likely a combination of all of these) it seems a shame that stores such as HMV will be seen less and less, but it seems inevitable that the brand will continue, probably online, in some form or another. It is a turbulent time for many businesses and it is more a reflection of the changing face of media consumption as opposed to the public turning away from music, movies and books that will necessitate more change and force each retailer to adapt.
