London‘s Oxford Street will lose its iconic HVM flagship store, following a 96-year residence.

Landlords of the building are reported to have commenced negotiations to surrender the lease through property agent Savills, according to Property Week.

The famous high street staple opened in 1921 as HMV‘s first-ever store, then named The Gramophone Company.

Aside from the two years between 1937 and 1939 where the building was fire damaged, HMV has retained a presence on Oxford Street ever since.

READ MORE: HMV overtake Amazon in physical music sales

It moved from its current location in 1986, to the larger 150 Oxford Street, but returned to its original 363 Oxford Street address in 2013 during its decline into administration.

Following its decline into administration four years ago, restructuring specialist Hilco Capital purchased the ailing company.

Despite topping Amazon as the leading physical entertainment seller last year, it has struggled to regain its former glory amid a challenging market.

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