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HMV Revenues Rise As Video Game Console Demand Increases
by Eric Caoili [PC, Console/PC, Exclusive]
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September 5, 2008
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Rising demand for video game consoles boosted UK music retailer HMV Group's 18-week revenue by 4.3 percent at stores open for at least a year, according to a report by the Bloomberg news agency.
Same-store sales were up 1.3 percent for the 18-week period ending August 30th, compared to the 10% gain reported for the 16-week period ending April 26th.
Taking advantage of this "increased participation in games," which now accounts for a fifth of the company's sales, HMV installed downloading terminals in several of its locations and is dedicating more space to video games.
HMV also revealed plans to launch a loyalty card scheme and a used games program by the end of the year. In addition, the company will debut an MP3 digital downloading service later this month.
The company also opened two "next-generation" stores during the period, which feature digital download hubs, gaming stations, and smoothie bars. Four U.K. outlets and eight Canadian stores were refitted as well.
HMV Group CEO Simon Fox says the company's initiatives are on track despite a "tough consumer environment."
"As we approach the peak selling period, our focus is on continuing to provide our customers with the very best offers, from what is shaping up to be a strong line-up across all product categories for Christmas," says Fox.
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