HMV has announced it is closing one of its stores later this month in a major blow for shoppers. The iconic music and entertainment retailer is permanently shutting its Cornmarket Street in Oxford on April 22 after the landlord decided not to renew its lease.
The shop is based in the Clarendon Centre, which is undergoing refurbishment that isn’t due to finish until 2029. HMV has said it will be actively looking for a new space in Oxford, but reports suggest staff at the Cornmarket Street store have been warned they are “regrettably” at risk of redundancy.
A spokesperson for HMV said: “It is with regret that following a decision by the landlord to not renew the shop’s lease, we are unfortunately having to close the HMV shop at 52 Cornmarket Street, Oxford. HMV first traded in Oxford over 30 years ago, and while we hoped that the landlord’s redevelopment plans would have allowed us to keep trading, this was unfortunately not possible.
“Regrettably, store colleagues are now considered at risk of redundancy and options are being discussed with everyone individually as part of the consultation process. HMV will do all it can to find roles for these colleagues in the existing store portfolio.
“As we have no intention to stop serving our loyal customers in Oxford, we are actively looking for a new unit to restart trading as soon as possible and would encourage landlords and agents in Oxford to get in touch with new potential sites.” Nearby HMV stores in Reading, High Wycombe and Banbury will all remain open.
HMV collapsed into administration in December 2018 for the second time in six years, blaming a growing trend of people streaming films and music for its struggles. The retailer was rescued by Canadian firm Sunrise Records and entrepreneur Doug Putman in a deal that saved 100 stores. HMV currently has around 120 stores across the UK.
But HMV isn’t the only retailer to be announcing store closures. WHSmith has agreed to sell its 480 UK high street chain to investment firm Modella Capital in a deal valuing £76million. The stores will eventually rebrand as TGJones – meaning the WHSmith name will disappear after 233 years from town centres.
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However, it will keep hold of its travel stores in airports and train stations and these will continue to operate under the WHSmith brand. Meanwhile, Poundland has hired advisory firm Teneo to oversee a sale of its business. Sources told The Telegraph that a number of the 825 stores owned by Poundland could be closed if the chain is sold.
Sainsbury’s and Morrisons have also announced plans to get rid of their supermarket cafés. Sainsbury’s will close 61 cafés, while Morrisons will shut 52 cafés along with 17 of its Morrisons Daily convenience stores. The supermarkets did not reveal exact closure dates for these cafés and shops.
13,479 retail stores closed in the UK in 2024, up 28% increase from 2023, according to The Centre for Retail Research. This is equivalent to about 37 stores closing each day.
More than 17,000 stores are set to close this year as retailers face higher costs from this April, in the form of higher employer National Insurance contributions and a rise in minimum wage.
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