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January 17, 2018, 06:24:09 AM

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Author Topic: HMV going out of Business  (Read 3178 times)

Canadian Jedi

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HMV going out of Business
« on: January 27, 2017, 10:40:56 PM »

HMV must close all stores by April 30th.  The first round of sales are everything up to 30% off. 
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ambasah

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Re: HMV going out of Business
« Reply #1 on: January 28, 2017, 08:04:06 AM »

what a shame. I remember when their flagship store first opened in Toronto on Yonge St. It was spectacular. But the writing was on the wall. I was surprised to hear they still have so many stores still running.

they were apparently LOSING $100k every week before the decision was made to shut down.
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DarthDerek

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Re: HMV going out of Business
« Reply #2 on: January 28, 2017, 08:07:26 AM »

I thought they were already gone. Good bye HMV. Just like Sam, A&A, and Tower.
« Last Edit: January 28, 2017, 10:11:26 AM by DarthDerek »
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jjreason

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Re: HMV going out of Business
« Reply #3 on: January 28, 2017, 09:26:48 AM »

Physical entertainment media is truly a dinosaur - as someone who still "needs" physical copies of music cds & movies I'm saddened by the death of HMV. And I need to use my points!!!!
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bob

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Re: HMV going out of Business
« Reply #4 on: January 28, 2017, 06:55:13 PM »

 
coming from the eras of cassettes/cds, i cant picture myself buying a digital file :S like most others, i mostly listen to/store music on my computer. the jump up would be if whatever is available in 24 bit files. then i would consider not buying a physical cd which is only 16 bit.

 i bought a cd in Sept at a show i went too, we are still out their! :) sad to hear the last big music store is bye byes. i guess online retail is one of the last resorts for buying music you can hold in your hand. kinda sad but not surprising.
« Last Edit: January 28, 2017, 07:19:34 PM by bob »
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jjreason

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Re: HMV going out of Business
« Reply #5 on: January 28, 2017, 07:12:23 PM »

Spent my 55,000 plus points today & got $6 off  :rollfloorlaffsmiley: :rollfloorlaffsmiley: :rollfloorlaffsmiley: :rollfloorlaffsmiley: :rollfloorlaffsmiley:

Season 6 of Game of Thrones. $41 after taxes, can't complain too hard. Most stuff still at 10 percent off to start, but I would recommend walking by the store frequently over the next few weeks as the discount goes up - the selection is really going to go down.
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old man ben

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Re: HMV going out of Business
« Reply #6 on: February 05, 2017, 07:39:35 AM »

I walked through an HMV Friday but didn't really see anything that I had to have, even though I am an ardent fan of music on CD.  Most items were only 10% off, and the "two for" deals were not discounted at all.
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jjreason

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Re: HMV going out of Business
« Reply #7 on: February 05, 2017, 11:27:38 AM »

Yep, nothing great yet. Whomever said they were going the same route as target - gradually increase the sale until the items are all gone - was exactly right. The only times it will be worthwhile going are the first days of whatever new reductions they decide to implement - the more desirable items will be gone quickly.
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Canadian Jedi

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Re: HMV going out of Business
« Reply #8 on: February 07, 2017, 07:17:39 AM »

I am not sure about the days of physical media being dead.  What is old can become new again.   Corporations and technology and a generation of iPhone addicted kids got us here.  Music is a personal experience that tugs at your very soul - at least when you are young and then it imprints on you and as you walk through this life - it heals and turns grey days to sunshine and blue.    :sign0065:    :D    I think that as the evil corporations fight for control and profit of our love for music whether it be the newest marketing plan for Taylor Swift or an ad to get the new gotta get gadget that streams music into VR experiences so you do not have to ever go to concert again - you might find a new business opportunity for small business person who may eventually turn this great idea into a franchise.   The posters and pictures and memorabilia that are hung and dominate my daughter's room and son room tell me that there is a need and a want to personally touch and see what they are passionate about.   Let Apple kill HMV for now but don't let your passion for physical media go gentle into that night, rage rage against the dying light.   :u: :D :party0007: :party0007: :party0007: :party0007: :party0007: :party0007: :party0007: :party0007: :party0007: :party0007: :party0007:
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bob

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Re: HMV going out of Business
« Reply #9 on: February 08, 2017, 12:17:58 AM »


 good point Canadian Jedi!

 the internet has obvoiusly changed the music industry almost completely. the giant companies were making more off albums then the bands were so they finally got what was coming to them. touring is what makes bands money so any established band has always done better in that regard based on what ive heard in an interview with maynard from tool. i think he would know something right ? ha.

for unknown bands it is harder though which isnt good. that makes sense and seems all true to me. 

 physical media will problem never fully go away. its just weird that now to buy physical media u will probably have to go to online resources for it which is one step closer to that reality sorta. it will never fully die. like you said, young people can really get into music. i know i did. i was heavily influenced by the music i listened too. im older now so its diff but i was very much into the music i liked growing up. probably a little too much actually but thats how it was.
« Last Edit: February 08, 2017, 12:20:56 AM by bob »
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General Brashin

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Re: HMV going out of Business
« Reply #10 on: February 27, 2017, 08:14:47 AM »

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jjreason

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Re: HMV going out of Business
« Reply #11 on: February 27, 2017, 05:41:24 PM »

Alll 3 seasons of Deadwood today along with the one season of Entourage I was missing, all for $45.  :party0053:
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Canadian Jedi

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Re: HMV going out of Business
« Reply #12 on: February 27, 2017, 07:43:15 PM »

I thought anyone interested in the HMV story would like this.  Gotta love a guy raging against the dying light . :party0007:

TORONTO -- Sunrise Records is placing a major bet on Canadian music sales with plans to move into 70 retail spaces being vacated by HMV Canada.

The Ontario-based music retail chain has negotiated new leases with mall landlords across the country. Sunrise's expansion gives the company a quick foothold in the Canadian music scene just as the industry's largest retailer closes shop. Stores will begin to open this spring after HMV liquidates and removes its signs.

"It's a good opportunity for us to get a lot more stores open," Sunrise Records president Doug Putman told The Canadian Press in an interview. "We think there needs to be a great outlet across Canada to buy music." The 32-year-old executive's investment comes at a time when many are dismissing physical music sales as more listeners shift to streaming options.

Compact disc sales fell 19 per cent to 12.3 million units last year, according to data compiled by Nielsen Music Canada. Meanwhile, on-demand audio streams experienced dramatic growth, rising 203 per cent to 22 billion streams, helped by services like Apple Music and Spotify. Putman isn't convinced the data signals the end of physical media.

"A lot of the younger consumers still love having something tangible," he argued.
 


Putman has long believed in buying merchandise you can hold in your hands. He grew up working at the family business, Everest Toys, a manufacturer and distributor based in Ancaster, Ont. He bought the Sunrise chain from Malcolm Perlman in October 2014 just as streaming was going mainstream. Perlman had spent the previous few years shutting down most of the Sunrise stores in the Toronto area, often blaming higher rent.

When Putman gained control of the company, there were five Sunrise Records stores left. He's since doubled the number by opening in Ontario cities like Ottawa and North Bay. He said all of those stores are profitable. His approach is a departure from the financials at HMV Canada.

In court documents filed last month, HMV painted the image of a hemorrhaging business where sales were projected to slide to $190 million in 2016, after gradually weakening over the previous couple of years.

Overall, HMV said it was losing $100,000 a day. "It's an absolutely huge number," Putman said.  "But we've been able to find a way, working with landlords and our suppliers very closely, to mitigate that." Putman said his company won't lose $100,000 a day when the mall locations open, and he has set a goal of making all stores profitable in 2018.

Former HMV locations factored into the deal represent roughly $100 million in sales, Putman said. Locations included among the new lease agreements are the two-level store in West Edmonton Mall, as well as other malls in Burnaby, B.C., Winnipeg, Hamilton, Mississauga, Ont., and Saint Bruno, Que. The company will outline a more extensive list of stores as the full leases are signed, Putman added.

Sunrise Records will invite 1,340 former HMV employees to apply for 700 positions as it prepares to move into the new locations. The company was unable to reach new terms for about 30 of the closing HMV stores, Putman said, including the company's flagship location at Yonge and Dundas streets in Toronto. Some landlords weren't interested in a "pop culture" chain, he said.

Staying ahead of trends will be one of the biggest challenges Sunrise faces as it defines itself as a hybrid music retailer and cultural merchandiser.

Aside from CDs and DVDs, Sunrise will hedge its bets with board games, themed toys and a wide selection of music, film and TV apparel.

HMV tried that strategy too, but Putman believes he can do it better with a broader selection. He's also putting a major focus on growing interest in vinyl records, which will be placed at the front of stores.

Vinyl sales grew 29 per cent last year to over 650,000 units, and Nielsen figures show growth this year remains steady.

Sunrise will also tap into other popular slices of nostalgia, like audio cassettes. Sales of tapes jumped 79 per cent to about 7,000 copies last year. Putman said the company won't invest much in tapes, which he considers as a "niche market," but said Sunrise already stocks a number of cassettes and tape players.

Yet not every factor will be within the new owner's control. Record labels are making seismic shifts in their priorities with a stronger focus on how digital sales drive music charts.
Some of last year's biggest hits, including Beyonce's "Lemonade" and Drake's "Views," were released under a digital-first strategy. Streaming and download services had the album weeks before record stores.  Other albums, like Grammy winner Chance the Rapper's "Coloring Book" and Kanye West's "Life of Pablo," went without a physical release at all.
Putman hopes those examples remain anomalies, though he said those hurdles are just part of navigating an evolving industry.

"Is the business the same today as it was five years ago? Of course not," he said.

"And it's going to be very different in three years. It's up to us to adapt and change."
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fishfan

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Re: HMV going out of Business
« Reply #13 on: February 28, 2017, 07:22:53 AM »

The business model they're proposing isn't that impossible.  Seeing this news after having a chance to see an FYE store in Buffalo has me thinking that's what they are going after.  Records and CD's accounted for about 30% of the floor space.  Everything else was pop culture merchandise.  Sort of like a Hot Topic, but with music and less clothing.
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ambasah

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Re: HMV going out of Business
« Reply #14 on: February 28, 2017, 08:30:52 AM »

i think their biggest competitor will be ebgames. They have diversified immensely in the past couple of years and have a huge US owner to back them up.

It is a gusty (almost crazy) move in this environment. sure there is always a love of nostalgia, but will it be enough to pay your rent and make a profit in smaller markets over the long term?
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