Citing a "rapid decrease in sales" due to shifting consumer behaviors, music store chain HMV has decided to shutter all of its locations in Hong Kong. HMV Digital China Group, which operates the stores, said recent reforms to update its 25-year retail business in the former British colony were "no match against the digital tide."
There are seven HMV locations in and around Hong Kong, including a kids store and an outlet, according to the company's website. In its announcement, HMV said revenue was down 41 percent this year compared to 2017, and specifically cited several recent "drastic" developments for its downturn, including an Apple product.
"The emergence of AirPods has resulted in a significant drop in sales for our bestselling earphones," the company said, adding that a "seemingly saturated market for speakers, the lack of improvement in the traditional audio-visual sales and a general change in the economic environment... led to an overall decline in stores sales" in recent months."