[URBAN NOTE] On the survival of the HMV flagship store at Yonge and Dundas
blogTO’s Phil Villeneuve shares the good news that HMV is committed to the survival of its Yonge and Dundas space for music, in the broadest sense.
The music industry in Toronto is ever-changing, but 2016 was a particularly difficult year for HMV.
The Eaton Centre location announced its imminent closure when its lease came up for renewal, which was the same story at the Bloor Street store. A company that was once ubiquitous in Toronto is now down to a handful of stores.
It leaves many wondering about the future of 333 Yonge St., the 4,000 square foot flagship store near Yonge and Dundas. It’s been around for 30 years and can’t help but feel like a bit of a vessel for movie merch and bargain bin pop cultural items.
Nick Williams, the president and CEO of of HMV Canada has a status update about the store and the main message is that it’s not going anywhere.
“Every time we have to close a store or move a store we get lots of letters and emails from our core consumers who don’t like that change,” he says. “The reality is the problem in some of our downtown markets, the rental markets are so prohibitive for retail in the malls.
“The big landlords and Cadillacs of this world command such high rent that we just get to the point where we can’t afford to pay them anymore. Our business model doesn’t allow us to.”