// HMV will launch concept store The Vault in Birmingham city centre
// Sunrise Records boss Doug Putman signed a 5-year lease on a Hammerson site for £100,000 a year
// Putman bought HMV out of administration for just £883,000 in February
HMV has revealed it will be opening an experiential flagship store dubbed The Vault in Birmingham city centre.
The music and film retailer collapsed into administration just after Christmas and was bought by Canadian company Sunrise Records’ boss Doug Putman for £883,000 in February, beating Sports Direct boss Mike Ashley in the battle.
While Sunrise Records’ rescue of the retailer safeguarded almost 1500 jobs and 100 HMV stores, administrators from KPMG said 455 redundancies would result from the 27 under-performing store closures, including the iconic London flagship on Oxford Street.
More than 12 warehouse employees were also affected by the winding down process.
Sunrise Records has now signed a five-year lease on 40,600sq ft at the former Ikea order and collection point at 31 Dale End, Birmingham, at a rent cost of £100,000 a year, Property Week revealed.
The concept store will offer customers the opportunity to see and test HMV’s products in an interactive, experience-led space.
The vinyl-focused store will also include space for bands to perform live.
The Vault was originally a download and streaming music service launched by HMV Canada in 2012, a year before HMV Group first went into administration with £176 million in debt.
The retailer was bought by Hilco but collapsed again last year.