The power of the disruptive web is biting.
Storied American music retailer filed for bankruptcy in 2004; Music Zone and Fopp closed in 2007 and Zavvi in 2008.
Now HMV is gasping for breath. Borders has gone too in the face of competition from Amazon and e-readers.
Also in the UK, the internet continues to disrupt businesses, where the operating margins at Dixons (which owns Curry’s and PC World) have shrunk from about 7 per cent in 1999 to 2 per cent. Its share price has almost halved this year, according to the Financial Times. Shares in rival Kesa Electricals (Comet) have fallen by 30 per cent.
In the face of this highly disruptive technology, stability is not a sensible policy for executives. This is not a well-mannered economy. The time to be innovative and act is now.