High street shop closures 2026: what HMV and Typo exits mean

UK high street shop closures in 2026 have a fresh pair of examples this week. HMV has said it will shut its flagship Oxford Street store in March 2027, and the Australian brand Typo has confirmed it will close every UK shop and its UK website by early 2027. For shoppers, the immediate effect is fewer places to browse and closing-down sales. For staff, it means uncertain jobs.

One point needs setting out. None of the reports we reviewed describe either company as owned by a private equity firm, so this article does not suggest that. It sticks to what the companies and the reporting say.

High street shops closing down in 2026: the change in plain English

HMV said its landlords proposed doubling the rent at 363 Oxford Street, and that it also faced a bill for “substantial” renovation work. Together, the company said, those costs would make the shop “commercially unsustainable”. The store will close in March 2027, three years after it reopened, according to the BBC and the Evening Standard. HMV first opened on the site in 1921.

Typo’s decision is wider. Its owner, Cotton On Group, said: “Despite the efforts of our teams, ongoing high rent and operating costs, combined with softer sales, mean there is no sustainable path today for Typo in the UK.” AOL reported that the chain has around 13 UK stores left, and that its Newcastle Eldon Square shop closed on Friday 9 October. No closing date has been announced for the Metrocentre branch in Gateshead.

The two cases differ. HMV is shutting one shop and looking for another West End site. Typo is leaving the country.

Who pays more, and who loses out

Staff face the most direct impact. HMV said more than 50 staff are affected at Oxford Street, and that it will try to move them to its two other London stores and its head office while it looks for a new site. Phil Halliday, HMV’s managing director, said the company hopes to redeploy team members and is “exploring ways to minimise the impact on jobs”. Cotton On Group said Typo’s UK team already know of the decision and that its priority is to support them.

Shoppers lose choice rather than money, at least directly. Typo’s online store will go as well, so there is no web option for its UK customers. Other Cotton On Group brands, including Cotton On, Cotton On Body and Cotton On Kids, will keep trading in the UK through online and wholesale channels, the company said.

Landlords carry risk too, because an empty unit earns no rent. Neither company’s statement says what the landlords have said in response, so that side of the story is not yet told.

A worked example: what a doubled rent does to a shop

HMV has not published the rent on its Oxford Street shop, so the following is an illustration only, not its figures. Suppose a shop pays £100,000 a year in rent and the landlord asks for £200,000. That is £100,000 more each year. If the shop takes £1 million a year, the extra rent alone swallows 10% of its takings.

Strong sales do not automatically cover that. The Evening Standard reported that HMV’s like-for-like sales rose 15% across the group in the first nine months of 2026, and that revenues from shops and online are set to pass £240 million this year, up from £212 million in 2025. That is a rise of at least £28 million, or about 13%. Yet on our £1 million example, 15% growth would add £150,000 of takings, and the shop still has to pay for stock and staff before any of that helps with rent.

This is why a company can report growing sales and still call one shop unviable. The problem HMV names is a single site’s costs, not demand for its products.

Which UK retailers are closing next?

The sources do not name any other retailer at risk, and we will not guess. What they do show is the pattern of pressures that companies cite: rent, operating costs and softer sales. Typo said all three. HMV pointed to rent and renovation costs.

The timetable gives some certainty. Typo’s closures will come in phases, and AOL reported that some locations have closed with little or no notice. HMV leaves Oxford Street in March 2027. The Evening Standard also reported that from Monday 26 October, almost a kilometre of Oxford Street between Orchard Street and Great Portland Street will be closed to general traffic as the first phase of a long-awaited transformation begins. The reports do not link that work to HMV’s decision.

HMV said it remains committed to high street stores. The BBC put its estate at 113 UK shops, including six Fopp sites, while the Evening Standard said 123. We have not been able to reconcile the difference.

What to do now

If you hold a Typo or HMV gift card or voucher, use it sooner rather than later, particularly for Typo, whose stores and website are both going. Check the retailer’s own terms for expiry dates and any refund rules, because the sources say nothing about them.

If you have an order or return in progress with Typo, keep your receipts and confirmation emails. Closing-down sales can be genuine bargains, but returns policies may be tighter, so read the conditions before buying.

If you work for either company, ask your manager in writing what redeployment or support is on offer. HMV has said it wants to move Oxford Street staff to other London sites. If you work in a shop in a similar position, a union or Citizens Advice can explain your rights.

Your questions answered

Is private equity behind these closures?

The reports we reviewed do not say so. The Evening Standard said HMV was rescued from insolvency by Doug Putman’s Sunrise Records business, and AOL said Typo is owned by Cotton On Group. Neither is described as a private equity deal.

Is HMV closing all its shops?

No. HMV said it will keep a “significant presence” in London, is looking for a new West End flagship site and remains committed to high street stores. Only the Oxford Street shop is due to close, in March 2027.

When will Typo’s UK shops close?

Cotton On Group said all stores and online trading will close by early 2027. Closures are happening in phases, and the Gateshead Metrocentre branch has no announced date yet.