HMV are still one of the most important contributors to the Official Chart as stores are set to remain open for business on high streets across the nation for the foreseeable future, despite news of its troubles which emerged this morning.
HMV, which currently operates 239 stores across the country, employing 4,500 people, announced plans to appoint an administrator last night as trading in its shares were suspended.
But HMV stores across the country were open for business this morning, offering 25% discounts across 1,000s of products via its “blue cross” sale. Queues trailed through the company’s flagship store in Oxford Street, London, this morning as hundreds of music and video fans lined up to support the retailer.
And HMV CEO Trevor Moore told Music Week magazine today that he hopes to lead the retailer out of administration and that a restructured HMV can have a future on the high street.
The Official Charts Company - which is co-owned by trade body the Entertainment Retailers’ Association (ERA) which in turn counts HMV as one of its members – collects data on sales of CDs, downloads, DVDs and Blu-rays from HMV’s stores, which then count towards the UK’s official music and video charts.
And as long as the chain - one of the most influential players in the retail market for music and video, as well as books, technology, t-shirts and other merchandise – continues to trade, it will also continue to be one of the main contributors of sales to the Official Charts.
ERA director general Kim Bayley says, “HMV has been part of the fabric of the music and entertainment business for decades. But there are signs that this may not be the end of the story. It would be wrong to underestimate the affection which HMV is held by consumers and the determination of music and video companies to see HMV survive in some form.
“We know there is consumer demand – in a poll last year HMV was ranked in the Top 10 of the stores people most want to see on their High Street. Data suggests they generated 170 million in-store visits last year and another 40 million online.”
Bayley added that ERA members – which span digital download stores, online mail order services, supermarkets, independent shops, among others - have been quick to express their support for the high street specialist retailer.
Geoff Taylor, Chief Executive of record labels’ association BPI – which co-owns the Official Charts Company with ERA - added, "HMV has been an institution at the heart of retailing music for as long as the industry itself. Consumer demand for CDs remains significant. The administrators have indicated that they intend to continue running the business, so we hope they can find a long-term solution that keeps the stores open and saves jobs."
Tell us below what you think of today’s sad news, what kind of things do you buy at HMV?Back