hmv has announced that it will leave its iconic flagship store at 363 Oxford Street. The retailer will depart the space in March 2027 after landlords have proposed doubling the rent on the property and lease negotiations have concluded.
The music and popular culture retailer returned to its historic home in November 2023 after a four-year absence. However, the management has agreed that the proposed increase – coupled with a requirement to fund substantial renovation works on the building itself – would make the store commercially unsustainable, leaving it with no choice but to seek an alternative site.
hmv is now actively exploring new locations for a flagship presence in London’s West End, reaffirming its commitment to maintaining a significant presence in the capital.
The decision comes despite an exceptionally strong trading period for hmv’s Oxford Street flagship, where sales are up 25% year on year. The store is set to close on a high note, having once again established itself as a major destination since reopening in 2023.
Its success reflects the wider resurgence of hmv, which has seen like-for-like sales grow by 15% in the first nine months of 2026. The retailer expects UK revenues to exceed £240 million this year across the stores estate and website, up from £212 million in 2025 and £165 million in 2019, continuing a sustained period of growth.
Today, hmv operates 123 stores across the UK, alongside a growing online business expected to generate £50 million in sales alone this year. Separately, European operations are forecast to contribute a further £15 million. The retailer continues to invest in its future, with a new website and supporting warehouse facility due to launch in March 2027.
Phil Halliday, Managing Director of hmv, said: “This is a special store, it’s where we began 100 years ago and bringing it back to life in 2023 was a big moment in our recent history. It’s frustrating that it has been made commercially unviable. However, we are looking ahead, and our focus is now on what we do to make exciting steps for hmv in 2027.”
“We’ve worked hard to make 363 Oxford Street a destination for pop-culture fans, bringing live performances, artist signings and a huge range of music and entertainment back to the heart of London. However, regardless of how much a location means to us, it has to make commercial sense.”
hmv’s search for a new central London flagship is progressing and forms part of a continued commitment to physical retail. While much will depend on current negotiations, hmv’s management hopes existing staff will be able to transition to a new site opening its doors in 2027.
Phil Halliday concludes: “We hope to redeploy affected team members through other London stores and Head Office roles and are exploring ways to minimise the impact on jobs while we seek a new flagship site.”
“We believe passionately in the future of the high street and in the importance of places where people can discover music, meet artists and share their passions, and that hasn’t changed. We’re actively looking for a new location in the West End and are determined to give London a store that music fans can be proud of.”
