Published Jun 08, 2010Over the past few years, we've witnessed the downfall of the corporate record store. Tower Records and Sam the Record Man both went out of business, and Virgin Megastore closed all of its Canadian, American and British locations, making HMV the only major player in some of the world's largest markets.
Now, HMV is also feeling the strain of the decline of physical music mediums. Billboard reports that HMV Japan will be closing its flagship location, located in Tokyo's Shibuya district, on August 22.
The first and largest HMV in Japan, it has been in operation since 1990. This is doubtless a result of plummeting record sales in Japan - the industry reportedly shrunk by 27 percent in 2009.
It has already been a tumultuous year for HMV Japan. Culture Convenience Club, the company that previously purchased all Japanese Virgin Megastores, announced earlier this year that it had purchased HMV Japan, effective June 30.
After the Shibuya store is shut, there will still be 40 HMV locations in Japan. With new ownership and the collapse of the flagship store, however, it's hard to envision a bright future.