Update: The Evolution of HMV Canada’s Business Model

TORONTO, Nov. 3, 2011 /CNW/ - In forecasting the continued evolution of how consumers purchase entertainment, HMV Canada announces today that it will close both its Robson Street Vancouver Superstore and Richmond, BC locations in early 2012. HMV Canada is responding to the changing nature of commercial retail, moving away from superstore spaces to smaller boutique retail spaces while enhancing its online/digital offering to its customers. According to President of HMV Canada, Nick Williams, "Although we're sad to part with an incredible space like Robson that our customers cherished, a store of that magnitude unfortunately does not fit into our long-term real estate strategy. We will continue to evolve and focus on selling our customers entertainment how they want it, where they want it and when they want it, a reflection of the new realities in the marketplace."

HMV Canada intends to offer its loyal customers a new subscription-based streaming music service, coming soon in early 2012. "In the meantime", continued Williams "we look forward to offering great entertainment options nationally via PureHMV's rewards program, online via hmvdigital.ca and through our 116 store chain across Canada, of which nine are located in British Columbia. As a thank you to our longstanding customers in the Vancouver area, we are offering an incredible year-end sale starting November 5th, celebrating the tremendous history of the Robson Superstore."

HMV Robson and Richmond locations are offering customers the chance to purchase CDs, DVDs and other entertainment-related accessories, up to 50% off the original retail prices. HMV Canada will also offer its customers discount vouchers that they can use in any of the other locations throughout the province.

About HMV Canada

With 116 stores nationwide, HMV is Canada's premier entertainment retailer of music, Bluray's, DVDs, videogames, accessories and more. HMV opened its digital service hmvdigital.ca in 2009, offering over 10 million MP3 tracks for download and launched the customer rewards program PureHMV in June of 2010, which currently boasts over 800,000 paid memberships. HMV has proven itself as an innovative leader in Canada since 1986 and has been named Canadian Music Retailer of the Year for the past 19 years and has also been recognized as the Canadian Entertainment Network DVD Retailer of the Year. HMV focuses on providing an authoritative range and depth of selection that is superior to that of its competitors, including hard-to-find recordings and a large number of back catalogue titles for all its categories.

SOURCE hmv Canada

For further information:

Media contact:
Geoff Vokes - elevator communications inc.
416.363.6444 x.233
geoff@elevatorinc.com

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