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Old 01-05-2011, 05:19 AM   #1
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HMV to close 60 stores as sales and shares slump

"Shares in music and books retailer HMV Group have fallen 24% after revealing falling sales, weak profits and trouble meeting the terms of a bank loan."

"The firm - which also owns Waterstone's bookshops - plans to close 60 stores in the next 12 months in order to get costs under control."

BBC News 5 January 2011 HMV to close 60 stores as sales and shares slump

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Old 01-05-2011, 07:00 AM   #2
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I didn't know that HMV owned Waterstones. I hope it's music shops that are going to close, rather than bookshops.
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Old 01-05-2011, 07:17 AM   #3
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HMVs closures are hardly a big surprise... in Birmingham city centre alone we have 4 or 5 separate HMV stores... and when they say HMV stores that is what they mean, it may be Waterstones parent company but Waterstones is run as an independent retail arm...
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Old 01-05-2011, 09:10 AM   #4
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I'm surprised that there are any HMV stores left in Ontario. They're rarely ever busy and they sell more movie posters, movies and action figures than actual music. And their prices for a lot of items are ridiculous.
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Old 01-05-2011, 09:26 AM   #5
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still and all, the ability to stroll around the racks and listen to cds from bands you never heard of will be sadly missed
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Old 01-05-2011, 09:33 AM   #6
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Originally Posted by Pookeysgirl View Post
I'm surprised that there are any HMV stores left in Ontario. They're rarely ever busy and they sell more movie posters, movies and action figures than actual music. And their prices for a lot of items are ridiculous.
The near my old house used to always be busy, I'll be sure to give it a gander when I go visit my parents next month. Their prices are quite high, but I used to love the great selection.
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Old 01-05-2011, 03:50 PM   #7
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"HMV (HMV.L) may need to close hundreds of stores and sell its Waterstone's book chain to provide the money to accelerate its shift away from declining CD and DVD markets and secure its long-term survival."

Analysis - HMV needs to shrink and speed change to survive

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Old 01-05-2011, 04:01 PM   #8
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Originally Posted by HarryT View Post
I didn't know that HMV owned Waterstones. I hope it's music shops that are going to close, rather than bookshops.
They appear to have updated the article since I read it earlier, and now it states:

Quote:
The 60 stores set to close represent roughly 10% of the group's UK High Street presence, which comprises 285 HMV shops and 312 Waterstone's outlets.

It is understood that 40 HMV branches will close along with 20 Waterstone's bookshops.
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Old 01-05-2011, 05:36 PM   #9
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Interesting article and also an amusing one...

"[HMV's] core music and DVD market is falling faster than expected," said retail analyst Nick Bubb of stockbrokers Arden Partners, despite attempts to change their sales mix, offering iPods and live music.

He describes the snow impact as a "silly excuse" noting that the strong showing by John Lewis gives the lie to many retailers' claims that Christmas sales suffered because of poor weather conditions."

Yes, it's a really silly excuse when the weather effectively closes down Birmingham city centre for the latter half of what should have been one of the busiest days of the year, another weekday in the same period sees the city covered in dense freezing fog and less people than you'd normally see on a Sunday... guess weather effects are imaginary if you're a retail analyst but then as you're an analyst, you probably don't have to deal with reality anyway...
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Old 01-06-2011, 05:05 AM   #10
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(Reuters) - Winter weather that hit Britain in December sent a fresh chill through the retail sector on Thursday.

"... On Wednesday, fashion chain Next had blamed the weather for a 6.1 percent drop in underlying sales at its shops in the 21 weeks to December 24, while music, books, DVD and games group HMV also said it was a factor behind its latest profit warning ..."

(The Bookseller.com) - Waterstone's confirms 20 store closures

"Waterstone's has confirmed that 20 stores will close over the next twelve months as part of cost-cutting measures across the wider HMV Group ..."

"... The group comprises 285 HMV shops and 312 Waterstone's outlets ..."

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Old 01-06-2011, 06:19 AM   #11
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"Shares in music and books retailer HMV Group have fallen 24% after revealing falling sales, weak profits and trouble meeting the terms of a bank loan."

"The firm - which also owns Waterstone's bookshops - plans to close 60 stores in the next 12 months in order to get costs under control."

BBC News 5 January 2011 HMV to close 60 stores as sales and shares slump
If Waterstones sold ebooks overseas it might help them. But no, they had to bar sales, didn't they?
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Old 01-06-2011, 08:54 AM   #12
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Actually the publishers pointed out that Waterstones site was allowing overseas sales of geo-restricted items and that's why things changed...


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If Waterstones sold ebooks overseas it might help them. But no, they had to bar sales, didn't they?
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Old 01-06-2011, 09:55 AM   #13
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If the HMV brand is in trouble, would it not be wise for them to keep the Waterstone's brand as seperate as possible, particularly if they are considering selling it as a going business concern at some point in the future?

As Pookeysgirl said, there are too many HMV stores in the UK as a result of their strategy of aggressively forcing independents out of business during the eighties and early nineties. You can't try out any new artists in the HMVs I've seen in the UK (unlike Andy's Records - you are missed), where a stack-'em-high sell-em-low ethos prevails.

They look busy whenever I go past, but perhaps noone's buying anything. HMV stores tend to be unpleasant places to shop: narrow, cramped aisles, poor selection of anything other than chart music, DVDs and games, long-queues at the cash-desk, no customer service to speak of. Waterstones are pretty much the opposite, although there are two massive stores within five minutes walk of each other in Lincoln. I think the idea was originally that one would be the general use store, and the other would serve the University. They now seem to have exactly the same stock.

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