Article written by Peter Chapman.
Published on 30/06/2011 at 04:17 PM.
UK entertainment retail giant, HMV, have disclosed a £121.7 million loss. That’s a huge swing after the previous year’s profits of £49.2 million and represents a like for like sales drop of 11 per cent. This announcement leaves HMV’s total debt up to £170.6 million.
HMV have blamed an underperforming games market for the drop with competition from high street and supermarkets indicated as possible reasons for the decline.
All this comes against the backdrop of some significant refinancing and the promise of far reaching change for the company who have shed Waterstones and HMV Canada from their group to stanch those losses. They’re expected to close stores and restructure their retail space to include more technology as well as focus on live music and ticket sales.
Is this another indication that the supermarket price wars are really hitting specialist retailers hard? Will HMV’s new focus still have so much room for the games market which they focussed on quite heavily for the past couple of years?
Source: MCV
HMV prices are usually stupid thats probably why
Couldn’t have put it better myself
true they do really stupid things. i bought the entire collecting of the peep show from them for 25 quid when just one series was 30. . . doesn’t make sense
Exactly. I have zero sympathy for these behemoths. Maybe if they were a bit more dynamic with their pricing, they would increase their takings. Beyond very rare decent deals, only idiots or those without monetary concerns buy games at HMV.
I actually saw Crysis 2 on sale for the full RRP there. £49.99 for a game that even Game were selling at £39.99…
I agree. HMV very often sell games at the full RRP and dont run promotions when other dealers such as GAME and Gamestation usually have good deals on, like game of the week etc
In Ireland, HMV regularly match or better the other shops.
Only online and supermarkets seem to beat them here…
Not surprised, everything in those shops is overpriced normally. Music and Films I never buy in there, especially after they don’t refund if you accidentally buy the wrong present etc.
Games they are fairly decent, same as Game normally, but still more expensive than online.
Nothing to do with music being downloaded then instead of people buying CDs?
Exactly, they blame the ‘underperforming games market’ but wasn’t it a gramophone next to the dog last time I checked? Maybe someone should throw him a control pad!
Needs more Metal, deals and shock deals that isn’t 2 for £30. Although I can’t really complain I like HMV although the 1st floor which is music is meh and the lack of choice of Metal is weak compared to Head Music.
HMV is ok but I’d rather go for Game for pre-owned 3 for 2 cheapest stuff… and ironically that’s besides Game in Belfast City Centre.
Then there’s the difference in pricing between hmv online & their own high street stores!
Most folk will buy games at stores (including online) that have the cheapest price.
I buy nearly all my games at ShopTo as it’s usually the cheapest, and they are normally delivered the day before release date.
Strange as HMV seem a lot better pricewise than they used to be. I can usually walk into my local HMV with 20quid in my pocket and come out with a couple of games or dvds, something I would have never thought possible a few years ago
The best thing about HMV is their trade in prices i use my wifes Ipod for checking trade in prices i took in Splinter cell ps3 game and Tony hawks Proving Ground and got £9 each.
HMV have been on my no-go list for a LONG time; their used games practices are shocking, and otherwise their pricing structure just isn’t competitive in the slightest. They’re a relic from a by-gone age refusing to move with the times, and while the loss of jobs would be terrible for those involved, I look forward to the day I read of HMV closing for good.
They’re not that bad?
In my own personal experience on multiple occasions they are; my opinion though should in no way be considered a common consensus.
I must admit i very rarely buy games from HMV, their prices aren’t very competitive and their selection is usually quite poor.