The Vinyl Pop! figures are actually really popular - and I think that probably IS the sort of thing that HMV should be pursuing - but it's done in a really half hearted way - I think Sheena's point about the staff attitude is one that seems to extend through the way the company operates.
Realistically a lot of people aren't going to go into HMV to buy CDs and DVDs, particularly not those who have embraced Spotify, Netflix, et al. But there are still LOADS of people who are passionate about music and TV/film. So I don't really get why they don't turn it into a place where someone who LOVES music could go and indulge their passion - they have t-shirts and merchandise but it's all really haphazardly placed throughout the store, but surely that's what people are MORE likely to buy if it's accessible and competitively priced. Just because Madonna (for example) doesn't sell as many albums as she used to, it doesn't mean she doesn't still have a rabid fanbase who would buy merchandise.
I suppose you can't cater for every taste, but they already theme their A-Z of CDs so why not go one further and theme parts of the store. Have your rock CDs in one section with merchandise from popular acts, the same with R&B, pop (and you could probably split that into various sections). Have some TVs up playing music videos with user generated playlists so people actually STAY in the shop (they do it in Burtons - or at least they used to). Make it visually LOOK like a place that you'd walk into and think "Yeah, these guys love music as much as I do".
I won't go into HMV and buy a Britney Spears CD, but if they had some merchandise, I'd be likely to pick up a t-shirt or a keyring, etc. because it's a bit of a novelty. And like him or not, people would probably buy Ed Sheeran merchandise - or whoever is currently popular. But the point is if they actually themed the stores you wouldn't even have to see merchandise from acts you have no interest in, whereas at the moment the music, movie and TV merchandise is all muddled together.
It just seems quite laxidasical - going back to the Vinyl Pop! figures, there are a lot of collectors of them and they're all numbered - but HMV don't order them by number, they're just scattered randomly throughout the store. If they're going to stock them, stock them and display them PROPERLY so that people can browse or know that they can get what they want - for example I bought two of the Golden Girls ones when I saw them in a different store and I want to get the other two, but I wouldn't know where to start in HMV because they're everywhere and in no real order.
One of my absolute favourite stores is Forbidden Planet and I see that more as the direction that HMV should go. Granted there aren't many of them but they completely GET their audience (and the staff are really knowledgable). They don't sell video games, but they sell loads of video game merchandise. They don't sell DVDs but they sell loads of movie/TV merchandise. The Vinyl Pop! figures are stocked in number order and they point out which ones are limited edition. They have quite a lot of comic books, but their main crux appears to be knowing that their market will get movies and games more cheaply than they could sell in-store, so instead they offer stuff you wouldn't see anywhere else - and it works.