HMV, the music and entertainment retailer, reportedly intends to launch 10 new shops across the UK this year.
According to the BBC, the plans include the opening of a new London flagship site, following the closure of its former Oxford Street flagship as the group collapsed into administration over two years ago.
Announced alongside the firm’s 100-year commemoration of its first store, the openings represent a show of faith in the highstreet by owner Doug Putman.
He told the BBC that he is “still very optimistic” regarding HMV and wider business’ role on the high street, claiming that it is “just something so special”.
While Putman is taking a “very hard look” to find the best site for HMV’s new flagship, he added that the group would not be signing “any long-term deals” until the uncertainty surrounding future business rates is cleared.
An HMV spokesman told the publication: “We’re continuing to expand with new sites, looking at a combination of factors before making a decision.
“The upcoming business rates review will no doubt have an impact, not only on HMV, but on the wider British high street. In some locations, even with good deals from landlords, rates make stores unviable.”
Despite HMV’s online arm performing well during the pandemic, Putman added that it “still doesn’t obviously make up for the loss of 100-plus stores” that took place during the restrictions.
