Long ago, record stores functioned as open-mic venues, social hubs and locales at which to enjoy and discuss new music. HMV, in response to falling high street foot traffic, may revive that nostalgia with a new social media venture.

The retailer will re-open its branch in Cambridge on Saturday 18 August with a revived outlook on social media.

To capitalise on the majority of discussion about music taking place online, the new two-storey shop will feature a social media cafe with free wi-fi and charging points for mobiles, computers and tablets. In a nod to the old-school, though, a community blackboard will allow physical posts and flyers to reach non-linked customers.

"As the company continues with the transformation of its retail offer in response to the changing way that people now discover and enjoy entertainment content, HMV is increasingly developing a fully-fledged multi-channel offer across its combined store, online and digital estate," an HMV spokesman said.

Last week, for the first time since the company went public eight years ago, sales fell below £1 billion as customers seek their entertainment fixes online.

The Cambridge store hopes to attract live performers and business for its high-end tech department, but the cornerstone of the venture remains the potential for HMV to engage its customers both online and on the high street.