Mini case study
HMV is a Retail company, originally known as His Master's Voice. The stores are currently the largest in the UK music retail industry. In 1921 the Gramophone Company opened its first HMV shop in London. In 1998, HMV media acquired Waterstone's for £300 million. Three years later HMV Group plc was floated on the London stock exchange.
HMV focuses on providing its customers with access to the widest possible range and in-depth selection of recorded music, DVDs and computer games to suit all tastes from the past and the present.
Looking at HMV's activities in the retail industry, it can be said that certain strategic decisions implemented by HMV have been the result of modify made by other competitors. As for example, Apple stores have leading sales in the MP3 market, in the stores all products are available on show to be tested out and played with. HMV has taken this idea and applied it in to the new Hubs. . Make the customers enjoy the store and have access to the products, thus moving along in the transition from a traditional music store to an entertainment retailer. Changes to the HMV stores have already begun. New gaming zones and hubs have been built in Edinburgh and The West Midlands this year and are already proving to be a success. HMV's hopes are that these new look stores will help reverse the decline in profits shown over the previous year.
HMV has a well established and respected reputation within the retail industry. It is well known for the expertise and the knowledge of the staff, the quality of service and products that are provided and the loyalty given to its customers. This brilliant reputation has allowed HMV to become an international retailer, with many worldwide stores. Currently HMV have approximately 680 stores in 7 different countries including Ireland, Canada, Hong Kong and Singapore. After closing or selling the ones in Australia, Japan, the USA and Germany.
The world of technology has changed a...