HMV Returns to Cork with New Merchant’s Quay Store
- After a decade-long absence, the iconic music and entertainment retailer, HMV, is poised to reopen in Cork City, securing a 10-year lease at Merchants Quay.
- HMV is making a comeback to the heart of Cork City, establishing a new store on Merchants Quay just in time for the bustling Christmas market.
- The new store is scheduled to open next week, offering a welcome boost to the city's retail landscape.
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HMV Returns to Cork City Center with New Merchants Quay Store
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After a decade-long absence, the iconic music and entertainment retailer, HMV, is poised to reopen in Cork City, securing a 10-year lease at Merchants Quay. This move signals a resurgence for the brand in Ireland and forms part of a wider European expansion.
The Return to cork: A Decade Later
HMV is making a comeback to the heart of Cork City, establishing a new store on Merchants Quay just in time for the bustling Christmas market. The deal, facilitated by property firms Savills and Bannon, sees HMV taking over the 3,000 sq ft unit previously occupied by Dealz, which closed earlier in 2023.
The new store is scheduled to open next week, offering a welcome boost to the city’s retail landscape. Savills reports only two units remain vacant on the mall, indicating a strong recovery in occupancy rates.
Lease Details and Financial Implications
The 10-year lease agreement stipulates an annual rent of €90,000 for the Merchants Quay location. This represents a significant investment by HMV in the Cork market and demonstrates confidence in the city’s economic potential. Lia Dennehy and daire Brennan of Savills, along with Daniel Murphy of Bannon, brokered the deal.
HMV’s Broader European Growth Strategy
The Cork store is HMV’s third location in the Republic of Ireland, following existing stores in Dublin. This expansion is part of a larger European strategy that has also seen new stores open in the UK and the netherlands. The company is capitalizing on a renewed interest in physical media and a desire for experiential retail.
According to Statista, while digital music dominates, physical sales (including vinyl) have seen a resurgence in recent years, accounting for approximately 19% of total music revenue in 2022.
| Year | Global Music Revenue (USD billions) | Physical Sales % |
|---|---|---|
| 2018 | 19.1 | 22% |
| 2020 | 21.6 | 18% |
| 2022 | 26.2 | 19% |