HMV to close Singapore store
British music retailer HMV is to close its store at Singapore mall [email protected] on November 4.
That would leave just one store remaining in Singapore, located at Marina Square.
While no official reason has been provided, it is most likely the closure is due to poor sales, a challenge faced by most music and movie retailers around the world as more and more people turns to digital alternatives.
HMV’s businesses in Asia are owned by private equity firm AID Partners which agreed to buy the chain’s six stores in Hong Kong, two in Singapore and brand rights in Macau, Taiwan and China from the UK brand parent’s administrator Deloitte.
Kelvin Wu, principal partner of AID Partners, said in March that they would expand the business and compete with online music retailers like Apple’s iTunes.