HMV to open vinyl concept store in effort to keep brand spinning.
Byline: Stephan Shakespeare
MUSIC and film retailer HMV has revealed that it will be opening an experiential flagship store named The Vault in Birmingham's city centre. The vinyl-focused concept store will let customers see and try out physical products and also include a space for bands to perform live.
The opening of The Vault comes after the brand was rescued from administration this year by Canadian retailer Sunrise Records. The opening of a store focused around vinyl sales is in line with plans the new owner laid out in February.
Vinyl has seen a resurgence in popularity over the past few years, with sales of records and players gradually increasing. But will this one format - obsolete for decades - be enough to keep the shops going? YouGov data shows that current customers of HMV are much more likely than the average Brit to purchase vinyl records, and other music formats in general. One in 10 of HMV's current customers has bought a vinyl album in the past 30 days, while almost a third have bought a CD.
Comparatively, only three per cent of the UK has bought a vinyl album and seven in 10 haven't purchased any music at all in the past 30 days.
This is also seen in the difference in willingness to pay for music on vinyl; two-thirds of HMV customers would be willing to pay for a vinyl record (61 per cent) compared to just 38 per cent of the UK as a whole.
Since HMV was purchased, Consideration scores (whether someone would consider purchasing from the brand in future) for the brand have increased among current customers from an average of 64.3 over the month of February, steadily increasing to 76.3 over May, dipping to 65.8 in July then finally increasing to 78 over August.
This suggests, along with the fact that the music buying habits of HMV customers seem to support vinyl sales, that HMV's new venture will see good footfall among fans of the brand.
PS Stephan Shakespeare is the chief executive of YouGov VINYL RECORDS AND CDs ARE STILL IN DEMAND FOR HMV CUSTOMERS "In which of the following formats have you purchased music in the last 30 days, either for yourself or for someone else?" (%)
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|Title Annotation:||News; Teasers|
|Publication:||City AM (London, England)|
|Date:||Sep 4, 2019|
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