UK music retail group HMV late last week announced the planned closure of 60 stores in 2011 citing tough retail conditions. Here is a tell tale quote from CEO Simon Fox from the company’s press release:
The pace of change in the markets in which we operate underlines the urgency with which we must continue to transform this business.
Hopefully, newsagents reading this blog post will see the importance of the transformation of individual businesses and the channel which I bang on about here regularly. Print is a few years behind music but it is on the same path. We know that from events of the last year.