HMV the music and film retailer is due to re-open in Croydon on September 4. The new store will be located at 38 – 40 North End, the same street it traded in for over 20 years before closing 14 months ago.
HMV was a victim of the economic downturn and changes in the entertainment market leading to declining sales of CDs, DVDs and video games. The chain had 223 stores across the UK, employing 4,123 when it collapsed in 2013 with debts of £176 million.
In April last year, it was rescued by the restructuring firm Hilco in a deal to save 144 stores. However, the Croydon store was not originally on this list. But in the past year, Hilco has made big changes to the business and according to a report in Retail Week from July 10 this year, HMV saw UK sales of £470m in the first year out of administration.
An HMV spokesperson said: “Croydon is a very important area for HMV so after a short break, we’re looking forward to welcoming customers back to a brand new store.”
The ambitious project will have three floors: a 2,720 square foot basement, a ground and first floor both 3,014 square foot. Most of the staff will be relocated from other stores.
There are a number of independent record stores across the ELL boroughs.
As of Tuesday, September 9, the store in Croydon was still not open. An HMV spokesperson said: “The store opening got pushed back by a few days. It will be open on the 11th.”