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Thursday 17 January 2019

HMV to replace amazon as top uk music seller

music

HMV is about to reclaim the title of the UK's biggest entertainment retailer less than 18 months after it was saved from oblivion by the turnaround specialists Hilco.

The music retailer which has also opened up stores in many Irish towns and cities including Dublin will replace Amazon as the biggest retailer of CDs and DVD within months, Hilco chairman Paul McGowan told London-based newspapers.

"It's only a matter of time before we overtake Amazon," he said.

"HMV is re-engaging with music shoppers and getting them back into shops. This is about being an authority in music, not selling music as a commodity."

Mr McGowan said the legendary music retailer, which was set up by composer Elgar, has been profitable for Hilco "since day one" of the takeover.

Hilco bought HMV out of administration in April of 2013, saving 2,500 jobs and 125 of the chain's 400 stores.

Last month HMV reclaimed second place in the British entertainment retail market.

"HMV appears to be making a comeback on the high street following a strong performance over the past quarter," said Fiona Keenan of Kantar Worldpanel. "It has increased its share of the entertainment market from 13.6pc to 14.7pc."

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