British entertainment retailer HMV has reported more worrying sales figures for the last five weeks of 2011 – the crucial pre-Christmas period. Sales were down 8.2% year-on-year across its outlets around the UK. However, the company says that its strategy of shifting focus towards selling gadgets is working. “In the 144 stores refitted with an extended technology range of portable digital products, technology like for like sales were up 51%,” said the company in its financial statement. CEO Simon Fox added this: “We are seeing a combination of a slowing of the decline in music and film, and acceleration in the growth of technology”. The key question being whether the growth in gadgets is enough to make up for the decline in entertainment: a parallel to the music industry’s physical-digital transition.

Source: PaidContent

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