HMV to review stores in light of online developments
Retailer HMV Group has said that between 20 and 30 of its Waterstone's book shops are under review for possible sale as the firm struggles to compete with online sellers.
According to the company's chief executive, Simon Fox, a few HMV music stores could also be sold in order to make cost savings.
Changing trends in the music market, which has seen more and more consumers flocking to the Internet in order to download tracks or buy albums from websites such as Amazon, has hit HMV hard.
"Waterstone's and HMV are great brands but have not adapted quickly enough to the way customers are now buying and consuming media," Fox said. "Our performance has suffered as a consequence."
The company is also due to launch a music and film-related social networking site and to pour more money into its own online operations, which will inevitably include more Internet advertisements.
Before Christmas last year, HMV and other high street retailers issued profit warnings because of poor sales affected by the growth of online retail.
Source: Direct Traffic
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