But the gadgets gotta go!
HMV has today been sold for £50m in a deal which will protect 141 stores and around 2500 jobs. The music chain has been bought by restructuring experts Hilco, which already own HMV Canada. The deal will see 141 stores continue trading, including 25 which had been slated for closure, which leaves 80 stores that will remain closed.
The UK chain will be led by Ian Topping, formerly chief executive of the South African retail group Steinhoff. Topping has stated that he plans to take HMV back to it’s roots by refocusing on music and visual rather than offering devices like tablets.
Personally, I think they need to refocus the complete business model, as the current model in the UK simply cannot work in this day and age. We are seeing more and more high street stores close and I doubt just going back to being a music store will help them, as surely the decision to start selling tech in the first place was to help them make money due to lower music sales.
What changes would you make to HMV to ensure it’s future survival?