HMV plans to open 15 new stores over the next financial year, after achieving an average cash payback of just 16 months for the 50 stores it has opened over the past five years.
During the past financial year, HMV opened a record 21 UK stores, which resulted in a 10.6 per cent rise in sales for the year to April 26. HMV now operates 166 outlets, primarily in the UK. Alongside the unveiling of HMV Group's first set of results since its flotation last year, HMV said it intends to focus its store expansion plans on the UK's medium-size towns.
HMV operates stores in all of the UK's top 50 retail locations, but does not have stores in half the UK's next 150 retail markets. As a result, HMV estimates it has no effective distribution to some 20 per cent of UK shoppers. Catchments it has opened in over the past year include Carlisle, Colchester, Grimsby, Putney, Winchester and Truro.
HMV Europe head of property Mark Bowles said the company would also continue to re-site stores in key towns, as well as testing new retail opportunities.
HMV has opened on railway concourses for the first time, at Manchester Piccadilly and London Victoria.
No comments yet