HMV to Close Flagship Oxford Street Store in 2027 Over Rent Increase

In March 2027, HMV will shutter its prominent location at 363 Oxford Street, just three years after its revival, due to a proposed rent increase and significant renovation costs that make the store financially unviable. Over 50 employees will be impacted; however, the company intends to relocate them to its two other London outlets and its headquarters while searching for a new flagship site in the West End. Managing director Phil Halliday expressed frustration over the situation, highlighting the store's legacy, as HMV originally opened on Oxford Street in 1921 and returned in November 2023 after a four-year hiatus. The shop had previously closed in 2019 due to administration. HMV currently runs 113 stores in the UK, including six under the Fopp brand, and eight in Europe, reaffirming its dedication to high street retail.