HMV in administration AGAIN

DCFC79

As the title says HMV are in administration

https://www.bbc.co.uk/news/business-46699290


Its not looking good.

csgohan4

Like woolworths, they didn't change with the times, it is no longer the bricks and mortar that rule

stator

I visited their larger store in a major shopping centre yesterday and it was very busy, queues at the tills.
Of course I can't see if they are making money or losing it on every purchase.

My bet is that they will lose more stores but some will survive.


I really can't believe the government hasn't done something to seriously reform business rates. High street shopping is becoming worthless and time is running out to do anything about it.

They either need to scrap business rates altogether and implement a revenue tax, or flatten business rates completely so that shops pay the same per sq m as a warehouse does.

gardner1

Maybe when John Lewis start shutting shops will they finally do something

csgohan4

I like John Lewis, great for browsing but not for buying. Too expensive

gardner1

csgohan4 wrote: »

I like John Lewis, great for browsing but not for buying. Too expensive

Don't get wrong i love JL......not keen on House Of Fraser or Debenhams but would rather have them on the high street than empty units
Never shopped at Littlewoods or BHS not to much at Woolworth's but wish we still had them.....something needs to be done and quick...scrap business rates and have local sales tax who knows but if nothing is done the high street is dead

csgohan4

Government too short sighted, want more taxes in the short term, but with retailers leaving the high street, means possibly less money being spent and loss of income from the business rates.

Look at the Making tax digital fiasco, what a mess

kabayiri

What exactly was HMV's vision for the business in 2/5/10 years?

The new competitors, like Amazon or Spotify, they certainly have a vision.

Amazon is becoming your one stop shop now. Everything from grocery to electricals to music and film streaming.

On what basis does a tiddler like HMV compete with that?

Maybe Amazon might buy a view vacated retail premises as drop-shipping outlets, but not at high business rates.

PDC

I was surpised at the market share they apparently still have/had. News report said they sold 31% of all physical music in the UK in 2018 and 23% of all DVDs last year.

Herzlos

People still like browsing and instant gratification. HMV seemed to be branching out a lot too, exclusives, gaming spaces and so on.

But they sell purely luxury items so will be suspectible to wallet tightening.

Arklight

kabayiri wrote: »

What exactly was HMV's vision for the business in 2/5/10 years?

The new competitors, like Amazon or Spotify, they certainly have a vision.

Amazon is becoming your one stop shop now. Everything from grocery to electricals to music and film streaming.

On what basis does a tiddler like HMV compete with that?

Maybe Amazon might buy a view vacated retail premises as drop-shipping outlets, but not at high business rates.

It's probably hard to compete with Amazon when you have to pay tax on all your profits but they pay tax on a tiny percentage of their profits and base themselves in Luxembourg where the business tax rate is 3%.