Despite reopening merely three years ago, HMV on Oxford Street will be closing its doors again, impacting just over 50 workers.

The flagship store is one of three HMVs in London, with bosses now looking to transfer affected workers while searching for a new site.

They’ve blamed a doubling in site rent demands for the closure, with the entertainment chain due to leave the shop in March next year.

Now, the hunt for a site in London’s West End district is on, as HMV has vowed to keep a ‘significant presence’ in the capital.

As well as increased rent at 363 Oxford Street, the group has said it was facing a bill for ‘substantial’ renovation works at the store, which, combined, would make the shop ‘commercially unsustainable’.

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.’

HMV, which has 113 stores across the UK, including six sites under the Fopp brand, as well as another eight in Europe, has said the Oxford Street closure plans come despite robust trading.

Like-for-like sales were up 15% across the group in the first nine months of 2026, and revenues for both shops and online trading are set to reach over £240 million this year, up from £212 million in 2025.

The group said it remained committed to high street stores.

Halliday added: ‘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’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.’

HMV made a grand reopening of its historic Oxford Street store in November 2023 after a four-year absence following a deal secured with landlords.

The reopening created 70 new jobs and, at the time, was described as the creation of ‘a hub for entertainment in the capital’ as a sign of a ‘dramatic turnaround’ of the business.

It previously shut in 2019 after the retail chain, which sells vinyl records, CDs, merchandise, books, and more, tumbled into administration and was forced to axe shops and jobs.

The retailer – which first opened the Oxford Street site in 1921 – was salvaged from insolvency by Canadian Doug Putman’s Sunrise Records business. Sunrise Records is the parent company of speciality entertainment retailer Fopp.

Entrepreneur Putman rescued 100 stores and roughly 1,600 jobs for an undisclosed sum, but a further 455 people were made redundant.

During the announcement, he declared he was ‘delighted to acquire the most iconic music and entertainment business in the UK’.

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