Tuesday, 15 January 2013

The Demise of HMV

One of Britain's largest high street retailers HMV has at last called in the administrators which is being seen as significant not just because of the 4500 staff who will probably lose their jobs, but also as a key marker in the demise of the high street.
Having seen this moment on the cards for some time now I'd like to look at some of the areas where HMV failed, and I'm going to take a post on each of the following points:
  1. Failure to keep their customers hearts
  2. Being indistinct
  3. Lack of clarity of vision
  4. Lack of innovation
  5. Failure to take advantage of new technology
  6. Failure to develop their online business
  7. Not facing up to the changing nature of music distribution
  8. Not exploiting their key commercial advantage.
I may add others if they occur to me as I go on.

This list does not, of course, cover all the reasons behind HMV's demise - the challenge from the likes of Amazon, CDWow and the supermarkets was substantial - but it looks at the areas where a bit more creativity and strategy might have made a difference.

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