In a move to boost its offering in-store offerings for physical products, HMV will introduce in-store pick-up for online purchases.
Commenting on predictions that the ‘plastic music market’ will decrease by a fifth this year, an HMV spokesperson said: “The directors expect this trend to continue over the next three years as both physical music sold by internet mail order and digital downloads continue to take market share.”
They went on to say that they are developing HMV’s online and multichannel offerings, particularly in light of the removal of LVCR (tax-free imports of CDs from the Channel Islands), in order to compete with internet-only competitors and improved services such as click-and-collect in stores is part of that.
This announcement follows the news that HMV Group posted a £38.6m pre-tax loss for the 12 months ending April 2012. It also revealed 19.7 per cent drop in annual sales.
The group is facing a wider period of change as personnel shifts at the top will see a new CEO and finance director take charge from September 3.
Source: Paid Content
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