HMV Oxford Street store to close just three years after reopening

HMV is set to close its iconic Oxford Street store in March 2027, just three years after its grand reopening in November 2023 ^[1]. The closure will impact over 50 staff and comes despite strong sales performance, with like-for-like sales increasing by 15% across the group during the first nine months of 2026 ^[2].

The retailer blamed a doubling in rent demands from landlords at 363 Oxford Street, combined with a 'substantial' bill for renovation works, which it says have made the site 'commercially unsustainable' ^[3]. Despite this, HMV reported revenues for shops and online trading are set to reach over £240 million in 2026, up from £212 million in 2025 ^[1].

The store, which first opened in 1921, was shuttered in 2019 after HMV entered administration, leading to the loss of hundreds of jobs ^[2]. It was rescued from insolvency by Canadian entrepreneur Doug Putman’s Sunrise Records, which also owns the Fopp brand ^[3]. The 2023 reopening was hailed as a 'dramatic turnaround' and created 70 new jobs ^[1].

Phil Halliday, HMV’s managing director, called the Oxford Street site 'a special store' and said its closure was 'frustrating' but necessary ^[2]. He confirmed the company is actively searching for a new flagship location in London’s West End and remains committed to a 'significant presence' in the capital ^[1].

HMV plans to redeploy affected employees to its two other London stores and head office roles, while exploring ways to minimise job losses ^[3]. The chain operates 113 stores across the UK, including six under the Fopp brand, and eight in Europe ^[1].

Halliday has previously stated that high street operators pay more in taxes than online rivals such as Amazon and Apple, according to ^[2], though this claim has not been independently confirmed. The story was first reported by Metro and Daily Mail.