HMV to leave Oxford Street flagship after rent rise
The retailer says it will close the store in March while searching for a new West End location.
_-_2025-05-29.jpg){kind=link}
HMV plans to close its Oxford Street flagship in March 2027 after saying the landlord proposed doubling the rent and requiring substantial renovation work. The retailer says the store remains commercially unsustainable despite strong trading across the wider business.
The closure will affect just over 50 staff at the central London shop. HMV says it plans to redeploy employees to two other London branches and head-office roles while looking for a replacement flagship somewhere in the West End.
The company has described the proposed rent increase as the decisive factor, alongside the cost of renovations. The landlord’s position has not been independently described in the reports reviewed, so the explanation currently rests on HMV’s account of the negotiations.
The announcement comes despite reported growth elsewhere in the business. HMV says like-for-like sales rose by 15 per cent across the group during the first nine months of 2026, while revenue from its shops and online operations is expected to exceed £240 million this year, compared with £212 million in 2025.
The Oxford Street site reopened in November 2023 after a four-year absence. HMV first opened there in 1921, and the location has long been associated with record releases, artist appearances and the sale of physical music and film. The company entered administration in 2019 before being rescued by Canadian businessman Doug Putman’s Sunrise Records.
The current store reflects HMV’s attempt to make physical retail more than a place to buy discs. Its range includes vinyl, CDs, DVDs, books, merchandise and pop-culture products, while the shop has also hosted signings and other events. The strategy was designed to create an experience that online retailers and streaming services cannot easily reproduce.
The case illustrates the pressure on flagship retail spaces even when a business is growing. A prominent address can provide publicity, footfall and cultural visibility, but its rent, rates, staffing and maintenance costs may not be justified by the sales generated at that particular site.
HMV says it remains committed to physical high-street shops and wants to retain a significant presence in London. The search for a new West End location will show whether the company is leaving Oxford Street altogether or simply seeking a more sustainable base for its music and entertainment offer.
One story, several perspectives
What is established
- HMV plans to close its Oxford Street flagship in March 2027.
- HMV says the landlord proposed doubling the rent and that substantial works are needed.
- More than 50 staff are affected, with redeployment planned.
- HMV reported strong group trading while seeking another West End site.
Left
Arguments A flagship cultural retailer should not be priced out of a major public high street when it provides jobs, events and access to physical music and film. Policymakers should examine commercial rents, business rates and measures that protect diverse cultural uses.
Values Cultural access, community, worker security and a mixed high street.
Consequences Intervention could preserve cultural venues and reduce vacancies, but it might also distort property markets or shift costs to other businesses and taxpayers.
Centre
Arguments The closure is primarily a commercial decision: HMV needs a site whose costs match its sales and should be supported in finding one. Councils can improve the area through transport, public-realm and planning policies, but should not guarantee a private retailer’s rent.
Values Commercial viability, proportionate public policy and sustainable town-centre planning.
Consequences A new West End site could preserve HMV’s presence without subsidising one address, although the replacement may be smaller or less visible.
Right
Arguments Landlords should be free to seek market rents and retailers should decide whether a flagship generates enough value. HMV’s reported growth suggests the business can adapt by choosing cheaper premises, expanding online and focusing on profitable products and events.
Values Property rights, market discipline, private investment and consumer choice.
Consequences Allowing rents to adjust may encourage more efficient use of prime space, but it can accelerate the loss of distinctive cultural shops if only the highest-paying uses remain.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Priya Shah — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The closure announcement and the financial and staffing figures are supported by current public reporting, with HMV clearly identified as the source of several claims. The landlord’s position and any future replacement site remain unresolved and are explicitly qualified.
- confirmed HMV plans to close its Oxford Street flagship in March 2027. — Reported by The Independent and Retail Gazette on 12 October 2026. source
- confirmed HMV says the landlord proposed doubling the rent and substantial renovation works are also required. — Reported as HMV’s explanation by The Independent. source
- confirmed Just over 50 staff are affected and HMV aims to redeploy them. — Reported by The Independent. source
- confirmed HMV reported 15 per cent like-for-like sales growth in the first nine months of 2026. — Figure attributed to HMV in The Independent’s report. source
- confirmed HMV expects group revenue to exceed £240 million in 2026, compared with £212 million in 2025. — Reported by The Independent. source
- confirmed The Oxford Street store reopened in November 2023 after a four-year absence. — Reported by The Independent and documented in Retail Gazette’s coverage of the reopening. source
- confirmed HMV is searching for another West End location. — Reported by The Independent and Retail Gazette. source
- uncertain The landlord has not publicly detailed its position in the sources reviewed. — This is a limitation of the search rather than a confirmed fact about all possible statements. source
Editor's note
The planned March 2027 closure, rent proposal, staffing impact and trading figures are reported by The Independent and Retail Gazette. HMV’s account is clear, but the landlord’s response and the identity of a replacement West End site were not available.Sources
- HMV to close flagship Oxford Street store due to soaring rent — The Independent
- HMV to quit Oxford Street flagship after just three years — Retail Gazette
- What’s next for HMV after its Oxford Street return? — Retail Gazette
- Live events at HMV Oxford Street — HMV
More on this in other media
- BBC News — „hmv oxford street”
- The Guardian — „hmv oxford street”
- Sky News — „hmv oxford street”