Business · Companies · 7 hrs ago
HMV to close Oxford Street flagship in March 2027 over proposed rent rise
HMV plans to close its flagship store on Oxford Street in London in March 2027.
The chain says landlords have proposed doubling the rent, making the shop commercially unviable.
The site first became an HMV store in 1921, and the company reopened it in 2023 after a four-year closure.
The closure will affect more than 50 staff.
HMV hopes to move affected workers to its other London stores or its head office.
It is looking for a new flagship location in London’s West End and says it plans to maintain a significant presence in the capital.
The decision comes despite strong sales across HMV’s stores and online business.
HMV plans to close its flagship store at 363 Oxford Street next March, citing a proposed doubling of the rent and substantial renovation costs.
The closure would affect just over 50 staff, whom HMV hopes to redeploy to other London branches and its head office.
The retailer is seeking a replacement flagship location in London’s West End and says it remains committed to high street stores.
The store reopened in November 2023 after a four-year hiatus and was first opened at the site in 1921.
HMV said the decision came despite like-for-like sales rising 15 per cent across the group in the first nine months of 2026.
- Who
- HMV plans to close the store; just over 50 staff would be affected.
- What
- HMV plans to leave its Oxford Street flagship and is looking for a replacement site in the West End.
- When
- The planned closure is next March.
- Where
- 363 Oxford Street, London.
- Why
- Landlords proposed doubling the rent, and HMV also faces substantial renovation costs, which it says make the store commercially unsustainable.
This story does not have two clearly opposing sides.
It’s frustrating that it has been made commercially unviable.
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.
HMV first opened at the Oxford Street site.
HMV closed the shop when the company entered administration.
HMV reopened the Oxford Street store after a four-year hiatus.
HMV plans to leave the store.
- Address
- 363 Oxford Street
- Affected staff
- Just over 50
- Proposed rent change
- Landlords proposed doubling the rent
- Sales growth
- Like-for-like sales rose 15 per cent in the first nine months of 2026
- UK store count
- 123 stores
Sources
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