HMV decline boosts January record sales

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HMV’s recent decline has seen a boost of record sales during January, figures say.

Statistics show a 11.6% increase and the best start to a year for the UK music industry in three years.

It is thought that the rallying of support for independent stores and chains alike in the aftermath of HMV’s financial troubles has been the cause for this rise.

Kim Bayley of the Entertainment Retailers Association told CMU:

“This is an extremely positive result and a great start to the year. It certainly demonstrates that there is far more robust demand for music than is often assumed. There has been a significant public reaction to the threat to HMV. Stores have been inundated with customers concerned that they may lose their local store and this appears to have translated into sales.”

In other news, Retail Week report that Dragons Den businessman, Theo Paphitis is interested in buying some of HMV’s stores.

Paphitis, who owns both Ryman Group and Robert Dyas, is said to be interested in making possible bids for the music chain’s disused shops, as well as those of other recently solvent companies such as Jessops and Blockbuster.

HMV originally went into administration earlier in the month. The chain employs around 4,000 workers and has 230 UK stores.