HMV backs the High Street by putting in place plans for 10 new stores

Music and entertainment retailer HMV has announced plans that it plans to open 10 new stores as it continues to show faith in the High Street.

It includes plans for a flagship London site.

Following its decline into administration two years ago its Oxford Street store – along with many others – were closed.

However, new owner Doug Putman, a Canadian music retail executive, bought the struggling business and believes there is a place for it upon the British High Street once again.

“People obviously love going out shopping, they like touching and feeling and that’s something that online is not going to replace,” he told the BBC’s Today programme.

The sale of CDs and DVDs in-store has fallen over the last 10 years owing to the rise of streaming services. Sainsbury’s announced that they would cease the sale of the products for that very reason.

HMV’s online business went well over the pandemic, Putman added.

“Our online business – very similar to most retailers – doubled, tripled throughout the pandemic,” he said.

But, he said, “it still doesn’t obviously make up for the loss of 100-plus stores.”