Monday 19 February 2018

Argos to close or relocate 75 stores over next five years

Colm Kelpie

Colm Kelpie

ARGOS is likely to close or relocate at least 75 of its stores over the next five years, the retailer has announced.

The move is part of a so-called transformation plan being carried out by parent company Home Retail.

A spokeswoman said there were 40 stores in the Republic of Ireland but could not comment on how many, if any, would be affected.

Home Retail said Argos would be reinvented from a catalogue-led business to a digitally-led one.

The details were announced as part of the retail chain’s half year results, which revealed sales were down 1pc to £2.5bn (€3.1bn).

Terry Duddy, Home Retail group chief executive, said its business review of Argos highlighted a clear opportunity to transform the business through increased investment in digital technologies.

“The transformation plan aims to deliver growth by repositioning Argos as a digitally-led business from a catalogue-led business, leading the market growth of digital commerce through online, mobile and tablet, and offering customers more products with the fastest, most convenient fulfillment options,” he said.

“This plan provides the right approach for Argos to achieve a long-term sustainable performance and profit recovery.”

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