All HMV articles
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InterviewInterview: HMV’s Doug Putman on stores, streaming and centenary celebrations
Having suffered tumbling profits and two administrations in the past decade alone, HMV has had to scrap its way to its 100th anniversary on the British high street.
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Prospect Analysis
HMV (Overview)
HMV is an iconic entertainment retailer, but has struggled to keep pace with the digital era. The business was snapped up by Canadian retail tycoon Doug Putman in February 2019, with just over 100 stores saved. Putman is hoping to spin HMV’s fortunes around by growing its share of the physical music market, which is likely to see it remain a relatively small and specialist operation.
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Prospect Analysis
HMV (SWOT)
HMV is the last remaining entertainment specialist on the UK high street. It remains the case that sales of physical entertainment has been in long-term decline, however there is an opportunity to develop entertainment stores and focus on events and experiences.
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Prospect Analysis
HMV (Strategy)
HMV was bought out of administration by Canadian retail tycoon Doug Putman in early 2019. This has seen its store network rationalised to just over 100 stores, with a refocused product offer prioritising physical music and particularly vinyl.
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Prospect Analysis
HMV (People)
Retail tycoon Doug Putman – the owner of music retailer Sunrise Records in Canada – took ownership of HMV in February 2019. Patrizia Leighton is marketing and commercial director. Darren Houghton is head of IT.
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Prospect Analysis
Stores at HMV
HMV was trading from just over 100 stores as of mid-2020. It is aiming to attract shoppers to stores with in-store events and a refocus on core physical music categories. In 2019 it opened a new flagship, The Vault, in Birmingham, focused on vinyl and live music.
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Prospect Analysis
Technology strategy at HMV
HMV has focused on improving efficiencies and the drive to improve operating costs is set to continue as the retailer battles its way back to profitability. The two areas where it is likely to be looking to invest are store technology and online.
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Prospect Analysis
HMV (Financials)
HMV achieved sales of £187m over the 16-month period to end-May 2020 following its acquisition out of administration. This was despite the enforced closure of all 108 of its stores over the last ten weeks of the extended financial period due to the pandemic.
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Prospect Analysis
Ecommerce at HMV
Online hadn’t been a massive focus under previous ownership, but new owner Doug Putman is keen to change that. The website has been revamped to accelerate the online channel, with new cross-channel capabilities including store stock visibility.
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Prospect Analysis
Customer and marketing at HMV
HMV is seeking to re-establish the relevance of the brand as the home of entertainment by creating a human experience that online-only rivals can’t replicate.
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Prospect Analysis
Supply chain at HMV
The support of its suppliers has been crucial to HMV’s survival. HMV is working to shore up its supply chain visibility to provide inventory levels by store.
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Prospect Analysis
HMV (Outlook)
As the UK’s last-remaining music and entertainment specialist, HMV should be able to secure a niche as a relatively small and specialist operation despite the physical market being in long-term decline.
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News
HMV eyes recovery under Putman’s ownership
HMV has announced marginal losses amid the coronaviurs pandemic and owner Doug Putman says he is “positive about the months and years to come”.
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News
HMV owner expands store estate with US acquisition
HMV and Sunrise Records owner Doug Putman has acquired US retailer For Your Entertainment.
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News
Debenhams and HMV to close swathe of stores this month
Debenhams and HMV will both shutter stores this month as the retailers grapple with rising rents and business rates.
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News
Music sales hit highest level since 2006 but CDs plummet
Music sales hit their highest level since 2006 in the UK last year, despite sales of physical CDs continuing to plummet.
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Gallery
Interview: HMV boss vows return to profit as Birmingham superstore unveiled
Nine months after being bought out of administration, HMV’s new boss Doug Putman talks to Retail Week about its newest store opening in Birmingham today.
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News
HMV launches Europe’s largest music store
HMV will launch Europe’s largest music and entertainment store this morning as new owner Doug Putman vows to put “experience” at the heart of the business.
