Music and entertainment retailer HMV has announced it intends to open 10 new stores across the UK this year.

BBC News reports that the company plans to open a new London flagship site, following the closure of its former Oxford Street flagship store when the group fell into administration over two years ago.

The announcement was made alongside the 100-year commemoration of HMV’s first store and represents a show of faith in the high street by the company’s owner, Doug Putman, Canadian music retail executive, who bought the company following administration.

Putman said he is ‘still very optimistic’ regarding

and the wider business’ role on the high street, stating that it is ‘just something special’

While Putman is taking a ‘very hard look’ to find the best site for HMV’s new flagship, he added that the group would not be signing ‘any long-term deals’ until the uncertainty surrounding future business rates is cleared.

An HMV spokesman told the publication: “We’re continuing to expand with new sites, looking at a combination of factors before making a decision. 

“The upcoming business rates review will no doubt have an impact, not only on HMV but on the wider British high street. In some locations, even with good deals from landlords, rates make stores unviable.”

Despite HMV performing well online during the pandemic, Putman added that it ‘still doesn’t obviously make up for the loss of 100-plus stores’ that took place during the restrictions.

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