HMV to expand into Middle East as turnaround continues
HMV's turnaround seems to be gathering apace with the news it is set to expanding into the Middle East.
Hilco, which bought the majority of the music and film retailer's stores in 2013, has signed a licensing agreement with Al Mana Lifestyle Trading to open outlets in Qatar, Bahrain, Kuwait, Oman and the United Arab Emirates.
It is also on the hunt for partners to take the brand to Egypt, Algeria, Tunisia, and Morocco.
Hilco chief executive Paul McGowan told the Sunday Telegraph: "We are happy with where we are at this point in time. We are consolidating market share in all the markets we are in. It makes sense to look overseas."
He said that international expansion was proving a hugely popular idea, with approaches having been made by "so many people" and that talks were being held about moving into other regions.
McGowan, who is also planning to launch five new UK stores this year, said that physical sales are "holding their own and even fighting back".