“The news that HMV Retail Limited is entering into administration is obviously concerning, not least for its dedicated and passionate staff, and for suppliers who are likely to be affected. Everyone in the music community and music fans will be hoping that a reshaped future can be found for the business, which had been performing relatively well in the recorded music market, and has been an important part of the UK entertainment landscape for nearly a century.
“The music industry has returned to growth in recent years, with surging demand for streaming complemented by resilient sales of physical formats which had enabled HMV’s owners, with support from music labels, to restore the retailer to profitability following its earlier administration in 2013. However, fragile consumer confidence and challenging trading conditions on the High Street have clearly made life particularly difficult for many retailers in recent months. We hope that Government will look at whether there is more that can be done to help businesses like HMV confront these challenges, including by looking more closely at the impact of business rates on high street retail, so that a vibrant High Street can be maintained in our towns and cities.”
Geoff Taylor, Chief Executive BPI