HMV was once known as the leading music high street store throughout the UK but times have certainly changed Early in 2011 the chain revealed that it was struggling with trading due to decreases in music sales. Although now the band has further revealed that trading is not going well.
The high street store which once specialised in selling music CDs has now revealed that it will try and move away from music sales. In an attempt to boost the brand the chain will now diversify where possible.
The CEO of the firm stated that it would now try and compete on many different levels. PC World is likely to become a major competitor of the firm as it begins to offer music, film, games and electrical items.
HMV will now put technical products to the front of their stores and stores throughout the country are being redesigned. It has been stated that the firm will now be changing its name or rebranding.
Selling gadgets will now be the focus for the brand, this is a brave move considering that Best Buy has just closed down throughout the UK.
Music sales on formats such as CDs continue to decrease and the amount of digital downloads is on the increase.