By Jonathan Davies
HMV will soon overtake Amazon as the UK’s leading music and entertainment retailer, according to its boss Paul McGowan.
The future of the retailer was in huge doubt last year when it fell into administration, putting around 4,000 jobs at risk.
But HMV was saved by Paul McGowan’s Hilco. And he now believes it won’t be long before it ousts Amazon from its place as the UK’s top music and entertainment retailer.
“It’s only a matter of time before we overtake Amazon,” said HMV chairman Paul McGowan. “HMV is re-engaging with music shoppers and getting them back into shops. This is about being an authority in music, not selling music as a commodity.”
Like-for-like sales at HMV were up 13.8% in the past two months, with a 21% rise in CD and vinyl sales and 6% increase in DVD sales.
It means that HMV now has a market share of slightly less than Amazon’s 20%.
McGowan said HMV had been profitable ‘since day one’ of the takeover, which has helped it to recapture its position at the top much quicker and easier.
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