HMV will launch Europe’s largest music and entertainment store this morning as new owner Doug Putman vows to put “experience” at the heart of the business.
The retailer will open HMV Vault in Birmingham later today – a 25,000 sq ft space that will stock 80,000 CDs, 25,000 vinyl records and features a permanent stage area to host live acts.
HMV said the performance space was designed to “lure internationally renowned and up-and-coming artists” to perform in Birmingham.
Liam Payne and James Arthur are already slated to perform over the store’s opening weekend.
HMV Vault will become the first bricks-and-mortar retailer to offer “every film available on 4K UHD”, alongside 7,000 music-related books, fashion and merchandise.
The bold opening comes eight months after Putman’s sunrise records rescued HMV from administration in February, fending off competition from Mike Ashley to secure the acquisition.
Putman told Retail Week at the time of the deal that he would make the chain profitable again “by the end of the year”.
HMV hasn’t made a pre-tax profit at group level for nearly a decade. In its 2010/11 financial year, it registered a pre-tax profit of £3.3m, but has been in the red ever since.
Speaking ahead of the HMV Vault opening, Putman said he wanted the retailer’s stores to be “at the heart of a community of music and film fans” and become a place where they can “meet each other and discover new artists”.
Putman added: “I am a firm believer in the potential for British high street retail and HMV will play a fundamental role in ensuring that our shopping districts continue to thrive.
“Retail offers two things a purely digital experience of music simply can’t – the opportunity to experience the biggest acts live in our stores and our ability to offer a platform to new artists in the communities where we operate, as well as opportunities for fans to come together and share their passion for music and film with our dedicated staff.
“The HMV Vault has been built with the needs of the modern music and film fan at its heart with a permanent live performance space and an unparalleled range catering to the full breadth of our customers’ tastes.”
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