HMV planning more new stores, profits up

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HMV enjoys a profitable 2022, with more store openings and the firm enjoying a boost in sales: more on the news here.

There was a time just a few years ago when it all looked bleak for the HMV chain. The latest major chain of shops selling DVDs and Blu-rays in the UK, the firm was on the verge of going out of business until a rescue package came in and put the business back on its feet.

That was back in 2019, and remarkably, this time things have really turned around.

Last year, the chain opened 15 new stores, albeit closing some to make way for them. That notwithstanding, the company has now reported a revenue increase of over 66% to £150.8m in 2022, and there was £2m of profit banked at the end of it all. That, and the total number of stores has gone from 106 to 115.

Granted, HMV – and its sister Fopp stores – have expanded more and more into vinyl (and in the case of our local, into memorabilia and Japanese and American toys too). Still, there are still discs at the back of the store, and I ain’t grumbling that somewhere’s still selling them. The online store is still very much alive and kicking too.

It’s music driving the business, but there’s still clearly room for films in there too. The plan is for more stores to open in the years ahead it seems, and to keep giving us somewhere to buy our physical media. This is good news, and we’ll keep you posted as we hear of more store openings.

Image: BigStock

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