HMV Retail (UK)


HMV remains the UK's leading traditional retailer of music and home entertainment, though it is now a much smaller business than it was a decade ago, with 128 stores in the UK (down from over 200), and another 110 stores in Canada. By 3Q 2016, HMV had reclaimed around 15% of the UK music & video retail market, behind Amazon (at around 20%) but above Tesco (13%). It reclaimed the #1 position in sales of physical music products during that year. This recovery marks an impressive turnaround from virtual collapse four years earlier. During the 1990s and 2000s the group diversified widely, acquiring the UK's biggest bookseller Waterstones and also moving into live entertainment with the bolt-on of several leading music venues and summer festivals as well as their associated ticketing services. However the group was caught off-guard by a sudden slump in offline entertainment sales which started in 2010, prompting the sell-off of many of these additional divisions to protect the core business. Poor trading over Christmas 2012 was the last straw, and HMV was forced to call in administrators in early 2013. With the support of its suppliers, it was rescued by private equity firm Hilco Capital, and more than a third of outlets were closed. It has clawed its way back to operating profit since then, with UK sales of 325m for 2015. Ian Topping is chief executive, with Paul McGowan as chairman. The HMV brand has been a pioneer in popular music in the UK since 1899, originally as the badge for sheet music and gramophone records produced by a forerunner of what was later EMI. The first HMV retail outlet opened in London in 1921, and but didn't really establish a national presence until the 1970s. EMI demerged the business as an independent company in 2002. Adbrands does not currently offer a business profile for this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.

Capsule checked 14th November 2016

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