HMV opens largest store in Europe in Birmingham
By Caoimhe Toman
Date: Friday 11 Oct 2019
(Sharecast News) - HMV has opened the biggest music and movies store in Europe in Birmingham on Friday as Canadian owner Sunrise Records lays the foundations for its expansion.
The HMV Vault is the size of a supermarket and will stock 100,000 LPs and CDs, 20,000 Blu-ray and over 40,000 DVD titles, and offer a large performance area at its centre.
The expansion plans come as many high-street retailers are being forced to close their stores as consumers turn to online shopping and rent prices soar.
HMV has been struggling with the mass switch to online streaming which has brought down sales of physical entertainment products such as CDs and DVDs.
Doug Putman, boss of Sunrise Records, which rescued 100 HMV stores from administration in February, pledged to invest at least £10.0m in reviving the chain and wants to make his shops part of local communities, work with charities and - in a sideswipe at Amazon - has promised to "pay our tax".
Putman said: "The market is definitely down but we are way ahead of the market. I'm really happy." He said the chain had increased its movie sales despite the hefty downturn in the market.
He has already re-opened 14 of the 28 HMV stores that closed after the retailer went into administration in December last year, taking the chain back to 114 outlets.
"I believe we can grow the chain," he said. "A lot of high streets are challenged and struggling. The UK has got an amazing high street and we want to support that. There is something really special about it and when it's gone, it's gone."
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