While most people in a similar position would probably want to focus more on ensuring the same mistakes don’t happen twice and keeping stable position in the market so shortly after a near-total collapse, the current owner of physical media specialists HMV has suggested the company can take back the crown they once had as the UK’s ‘leading music and entertainment retailer’.
Though such ambition should be praised, it should also be noted that the company that currently have that status are American online retail giants Amazon, who long since claimed the place at the top whilst showing no signs of slowing down in any market.
HMV’s leader Paul McGowan, however, responsible with his company Hilco in 2013 for saving 125 HMV stores and over 2,500 staff whilst the company was in administration, believes that HMV can ‘eventually’ overtake Amazon in sales figures.
Through his comments and context, it appears as though this is focused on the two companies’ performances in the music sales industry, with the more ‘physical’ store in a boost of confidence after a 21% sales boost on CD & vinyl products over the past two months, along with an industry-wide 3% rise for physical music sales in the UK from through to June 2014.
McGowan said of what he believes could be HMV’s potential future circumstances: “It’s only a matter of time before we overtake Amazon. HMV is re-engaging with music shoppers and getting them back into shops. This is about being an authority in music, not selling music as a commodity.”
As the company looks to slowly build back towards its former glories with the planned opening of 4 new UK stores and 8 locations (alongside 46 new ‘concession stores’), HMV appear to have done enough to stave off the threat of extinction, but is attempting to match Amazon even in one section of the market too much of a task for them?
