HMV to Close Oxford Street Flagship Over Rent Hikes
HMV will close its historic 363 Oxford Street store in March 2027 due to unsustainable rent and renovation costs despite reporting strong overall sales growth.
Entertainment retailer HMV will close its flagship store at 363 Oxford Street in March 2027. The company announced the decision on October 12, 2026, citing a proposal from landlords to double the rent alongside a bill for substantial renovation works. These combined costs rendered the location commercially unviable.
The site holds significant historical value as the location of the company's first store opened in 1921. After closing in 2019 during administration, the site was reopened in November 2023 under the ownership of Doug Putman's Sunrise Records. The upcoming closure affects more than 50 staff members, whom the company intends to redeploy to its head office or other London stores.
Despite the closure of the flagship site, HMV reports robust financial performance. Like-for-like sales increased between 15 percent and 25 percent in the first nine months of 2026, with projected annual revenues exceeding £240 million. The retailer is currently searching for a new flagship location in London's West End to maintain its presence in the capital.
