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Which ever way you look at it the internet is either a hinterland or a bogeyman. It's the place stores like HMV should decamp to or it's the thing that has made them uncompetitive on the high street.

Either way it begs the question - Do they need a high street presence at all? Or at least the number that they have. If not, their best alternative would be a pre-pack that dumps the stores and a resurrection as a pureplay website whilst retaining their distribution hubs.

That applies to a hell of a lot of other retailers now, and as we stare down the barrel of yet another hike in overheads costs next April I can't see much of a positive answer as far as physical stores go.

There's likely to be a lot of holes in the high street next year and I suspect a lot of bankers and investors starting to feel the cold wind of reality whistling round their ankles.

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