HMV to close historic Oxford Street flagship in 2027

HMV has announced it will close its flagship store at 363 Oxford Street in London in March 2027. The decision follows negotiations with landlords who proposed doubling the rent for the property. Additionally, the retailer would have been required to fund substantial renovation works on the building, a combination that management deemed 'commercially unviable'.

The site holds significant historical value for the company, serving as its original location under The Gramophone Company in 1921. After a period of insolvency and closure, HMV had reopened the flagship in November 2023. Despite the upcoming closure, the store has performed well, with sales increasing 25% year-on-year.

HMV remains in a period of growth, with UK revenues expected to exceed £240 million this year. The company is currently searching for a new flagship location within London’s West End to maintain a significant presence in the capital.