Dreaming Of A Bright Christmas

If HMV has a bad Christmas, it has no future, a retail restructuring expert told the Sunday Express as the chain announced another set of poor results.

Even company chief exec Simon Fox lamented the rise in supermarket domination as he revealed sales at HMV’s older stores – those that have been open for longer than a year – fell 15.1 percent in the 18 weeks to Sept. 3. In the same period, HMV closed a further 29 stores.

He quoted research that says one in seven High Street shops stands empty. He warned that further expansion of supermarket firms would threaten the survival of many national retailers.

HMV is also closing its Stratford store to move into the new shopping centre in the shadow of the Olympic Stadium in east London. It will be Europe’s largest shopping centre.

“It’s not all doom and gloom,” Fox pointed out. “Our customers will be there for Christmas.”

Many UK retailers have reported poor results for the summer but Fox was buoyed by the fact HMV’s festivals – Lovebox, Global Gathering and High Voltage – saw attendances rise by 30 percent.

It’s hard to say how much that’s put through the tills, as last year HMV’s inaugural High Voltage Festival drew about 17,000 to a 30,000-capacity site in London’s Victoria Park and reportedly lost £1 million.