Walmart deal sees musicMagpie shares up 17%

musicMagpie shares rose 17% in value after its announcement of a new partnership with American retail giant, Walmart.

Investors have reacted positively to the news that musicMagpie is set to expand its market penetration in the USA with the launch of the new channel.

The partnership, which will see decluttr, the Stockport circular economy pioneer’s US brand, sell pre-owned DVDs, CDs and games via the Walmart.com ecommerce site, with refurbished tech products set to follow later this year. The move mirrors musicMagpie’s UK success in selling disc media in Asda supermarkets, itself formerly owned by Walmart, which also hosts the company’s SMARTDrop kiosks.

The 17% share price rise follows strong year-end performance for the Stockport company, which saw continued growth of its device rental subscription offer, as well as seeing record-breaking Black Friday sales despite the squeeze on household spending.

The news comes amid other success stories for Northern retailers. Bolton headquarted AO.com, a white goods ecommerce retailer, has this week raised its profit outlook after a successful turnaround strategy since issuing a profit warning in mid 2022. Across the Pennines, Wakefield-headquartered Card Factory has also lifted its profit guidance after strong Christmas trading that saw in-store sales rise 7% on December 2021.