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HMV out of administration? Takeover may save thousands of jobs
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So it looks like HMV may be about to come out of administration - good news for all the people who work there.
Do you think its enough to make it survive? Seems to me it may be a temporary solution for a long term problem of the dying high street...
http://www.watchmywallet.co.uk/news/2013/january/hmv-out-of-administration-gift-cards-vouchers-valid-hilco/
Do you think its enough to make it survive? Seems to me it may be a temporary solution for a long term problem of the dying high street...
http://www.watchmywallet.co.uk/news/2013/january/hmv-out-of-administration-gift-cards-vouchers-valid-hilco/
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http://www.bbc.co.uk/news/business-21141209
It's going to have to change if it wants to survive. Providing a better music selection rather than a little bit of everything may be the best way forward.
Overpriced you say? The weekend before HMV went into administration I bought the Jawbone Jambox speakers in red for £98 at Oxford Street. On Amazon they are £121 new, same story Play.com.
I think the future of the company lies in it becoming an "everything under one roof" home entertainment centre, they were heading that way with technology sections.
As the article calls the buyers a 'restructuring specialist', it sounds highly unlikely - doesn't that essentially mean 'we buy up poorly performing companies and strip any assets they might have'?.
It's going to have to change if it wants to survive. Providing a better music selection rather than a little bit of everything may be the best way forward.[/QUOTE]
Take it you don;t go to HMV Online?
Would say that online it competes well.
I think if I did anything, 200+ stores? Maybe cup down stores to key markets.
Most muisc/dvd retail is around Christmas so if it is 'pop up' stores, so be it.
Looking at 10 nearest stores, 4 I think may be in doubt. Just average market towns, not major destination shopping centres.
Although it sounds likely that there won't be much of HMV left after "restructuring" what they really need is to be run by a retail expert with the vision to make the stores relevant to the modern era. People flock to Apple stores despite the high prices and that's the model HMV should follow: forget all the silly clutter, comedy mugs and t-shirts and become a serious specialist retailer with enthusiastic and knowledgable staff. The prices are a problem because people perceive music and films as a cheap commodity, so either only sell what will make a profit at low prices, or send out the message (as Apple does) that what you sell is worth the money.
I have bought from HMV online but I can never find anything there. The categories are poor compared to Amazon. HMV could do well in this area, but they need to greatly improve a very sluggish and user-unfriendly website.
The addition of click n' collect would also be a good way to drive online shoppers into the store and making impulse buys on their way to the customer service desk.
Doubt you will get much outside the Top 10 with a offer.
It costs more in store due to things like rent.
Just like Comet were safe when Op Capita bought them over :eek:
Expect closures. They will run it into the ground and strip the bones clean.
Yep, I can't help thinking that 20-30 years ago, when i was young, HILCO as "restructuring specialists" would have been described as "asset strippers"...
It may not be the case as the same company bought HMV Canada 2 years ago using the same technique of buying the debt then buying the name later.
(bbc news website is the source)
HMV need a total overhaul and a new strategy. Make their shops pleasant to browse in. Provide barcode readers and headphones so that customers can listen to tracks. Add sofas, serve coffee, make it an experience not available online.
A agree with a previous poster they need to be run by a retail expert and there business modeling needs an overhaul.
However I will refuse to shop at HMV unless they change the prices.
In the past when ever I have walked into HMV I instantly think to myself. I shouldn't be here, as I can get what I want from Amazon £10-20 cheaper.
Unless they change, and I doubt they will they wont have my custom back.
And that's what they should start concentrating on. That and band merchandise like posters, T-shirts etc. They could also start selling gig/festival tickets. Would that work?
What makes Amazon better online than HMV?
I have had no trouble using HMV, find it simple to use.
Example from June last year I got Buffy the Vampire Slayer complete DVD collection off amazon for £40 HMV were selling it for £80 online.
It is like that for a lot of TV box sets. I would never use HMV for purchases like that, Maybe the odd CD, but nothing more,
There'll be closures and scaling back but they are only doing what HMV management should have done years ago. I think little will change though as Hilco will only work alongside current management as opposed to on top of.
I'd say about 30% of stores will go eventually, probably up to 50% if they can't get landlords to agree to new lease terms
Yep it's inevitable. I'll bet the cat on it.