The boss of HMV pledged to bring back the excitement of live music performances to Oxford Street as he reopened the retailer’s famed flagship after a four-year closure.
Owner Doug Putman, alongside the band Madness, let shoppers who had been queuing around the block back in to the five-storey building at its historic 363 Oxford Street site at 11.15am on Black Friday, one of the busiest shopping days of the year.
The return of the store, with a huge image of HMV's mascot, Nipper the dog, on the frontage, will be seen as one of the most encouraging signs yet of the revival of Oxford Street after years blighted by closures and an influx of tacky candy stores.
Putman, a Canadian businessman, bought the chain out of administration in 2019 after years of heavy losses.
The site, which had been an HMV store since 1921, stood empty during the pandemic before being turned into one of the biggest candy stores on London’s premier shopping street.
The 39-year-old said he had never given up hope of returning to HMV’s spiritual home, and a halving of business rates and a reduction in the rent of around 20 per cent had made it commercially viable.
The store was making a loss of around £3-£4 million a year before closure but is now expected to operate at around break even. The reopening comes after a six-month refurbishment and fit-out costing more than £1 million.
He said: “I always 100 per cent felt we had to get back in but even I was starting to get a bit pessimistic by 2022. So I’m super happy we have managed to come back.”
The 10,500 st ft store will have a floor of vinyl in the basement, “pop culture” products on the ground floor and DVDs, Blu-ray and 4k discs on the first levels.
The second floor has been turned into a performance space where artists will do live sets, just as in HMV’s heyday when the likes of
David Bowie, the Spice Girls, the Killers and Coldplay all gave instore concerts or appearances.
Mr Putman said: “We want the stars to come, we think we will see some big names come in, we need to make a bit more history here.”
Artists already booked to appear in the coming weeks include Miles Kane, Billy Bragg, and Bananarama.
Cllr Geoff Barraclough, Westminster City Council’s Cabinet Member for Planning and Economic Development, said: “HMV isreturning to its historic home on Oxford Street. I am excited to welcome the store back to where it stood for more than 90 years, replacing one of the largest American candy stores which has temporarily occupied the space.
“Its return along with numerous other brands is testimony that the buzz is back on nation’s most-loved high street. A string of other high street names will soon benefit from the planned upgrade of OxfordStreet which starts next year. The new hmv store represents exactly what we want Oxford Street to be all about - an experience beyond traditional retail."
Dee Corsi, Chief Executive of business group New West End Company, said: “The return of HMV to Oxford Street is amilestone moment – the latest of a series of high-profile openings which have included Footaslyum, Under Armour, Pandora, Kurt Geiger, Steve Madden and Rituals.
"Coupled with the £90 million regeneration programme, well underway, it’s fair to say that Oxford Street is experiencing a once-in-a-lifetime transformation.
“That HMV has chosen to return to its iconic storefrontafter an extended absence is an endorsement of Oxford Street’s enduring appeal."And the fact that it replaces the largest candy store on the street underlines the high street’s health: candy stores now make up just 1% of trading space on Oxford Street, with that number in steady decline."
Consumer confidence has bounced back despite the ongoing cost-of-living concerns as consumers look set to “loosen their purse strings” and enjoy the festive season, a survey said today. GfK’s long-running consumer confidence index rose by six points in November, although it still languishes firmly at minus 24.
