April 5, 2013
Future of the retail world

Employees prepare a branch of struggling music retailer HMV as it opens on Oxford Street in London With the sad news a couple of weeks ago that major high street store HMV were filing for administration, a sense of optimism entered the air this morning in the retail world when it was announced that restructuring specialist Hilco have come into save the entertainment retailer in a deal worth £50m. Saving 113 stores throughout the UK with around 2,500 jobs being saved, this can only come as good news for the high street with already a number of high profile chains falling victim to the axe of the recession. What is unclear though at this point is what direction the HMV stores will take? Will there be a more centralised focus on entertainment in its simplest form be it DVD, CD, Blu-Ray, and less of a focus on home electronics and other accessories, which was argued to be one contributing cause to its struggle as a retailer. Or will there be a more intensive focus on its online market? With the continued success of online retailers the likes of Play and Amazon, will we see HMV become a store more known now for its online exploits rather than offline. A huge question mark still appears to loom over the future of the high street and retail world in general. There will undoubtedly always be a demand for things to be purchased on the high street in person, but with the eventual battle for the high street shoppers' pennies, who will come out triumphant and who will be left behind? With the onset of online shopping, is there still room for the independent store to make an impact? Let us know your thoughts and how you see the future of HMV playing out now it has been saved?