HMV to quit Oxford Street flagship over doubled rent demand
HMV is to close its 363 Oxford Street flagship following a landlord proposal to double the rent.
The entertainment retailer is due to vacate the site in March 2027 and is now seeking a new location in the area,
Subscribe to TRBHMV returned to its historic home in November 2023 after a four-year absence. However, its management has concluded that the proposed rent increase, together with a requirement to fund substantial renovation works on the building, would make the store commercially unsustainable.
The retailer is now actively exploring new locations for a flagship presence in London’s West End.
The decision comes despite a strong trading period for the Oxford Street store, where sales are up 25% year-on-year.
Across the company, like-for-like sales have increased by 15% in the first nine months of 2026. The retailer said it expects UK revenues to exceed £240 million this year across its stores and website, up from £212 million in 2025 and £165 million in 2019. HMV currently operates 123 stores across the UK.
Once the Oxford Street store closes, HMV hopes to redeploy affected team members at other London stores and its head office while it seeks a new flagship site.
Phil Halliday, managing director of HMV, said: “This is a special store, it’s where we began 100 years ago and bringing it back to life in 2023 was a big moment in our recent history. It’s frustrating that it has been made commercially unviable. However, we are looking ahead, and our focus is now on what we do to make exciting steps for hmv in 2027.”
“We’ve worked hard to make 363 Oxford Street a destination for pop-culture fans, bringing live performances, artist signings and a huge range of music and entertainment back to the heart of London. However, regardless of how much a location means to us, it has to make commercial sense.”
