HMV was a highly successful brand in North America with a longstanding relationship for a generation of consumers buying records, cassettes and cds. However, they were highly reluctant to adapt to changes in the ways people interacted with their music, as the shift from analogue formats to digital occurred with the introduction of the mp3 player. As business began to decline, HMV had chosen to expand their product offering to dvds, popular band merchandise and electronics. This decision was highly unsuccessful, provided no value to their consumers and had effectively confused their brand and changed the perceptions of their company to a growing generation of customers whom had no interest in buying physical formats of music. The resulting store closures had led to loss for numerous stakeholders, leaving HMV highly vulnerable.
What this project intends to accomplish is to establish HMV as a knowledgeable member in the hi-fi retail industry, targeting a new and younger audience at an affordable price-point while offering a high quality product.
With a significant increase in interest towards purchasing vinyl as a primary medium for physical music within younger audiences, it has created a huge void for affordable hi-fi systems and accessories in the market. Those who currently do provide these products are unknowledgeable to what they are selling and the products themselves are potentially damaging to the vinyl played on it. HMV provides a benefit towards customers by hiring knowledgeable staff to help facilitate in the education process for our consumers, so they will return in confidence for future purchases of equipment as well as replacement parts.