Thursday 22 March 2018

Retail sector survivor finally waves white flag

MOST of you will have at one stage rooted through the Argos catalogue and queued patiently for the item you have picked out to be handed to you at the counter.

It was long a successful business model for parent company Home Retail.

The party is over now though, and yesterday long-time chief executive Terry Duddy seemed to wave the white flag as he said he would resign.

Mr Duddy was one of the survivors of the retail sector but even he has had no answer for the growth of internet shopping, which has decimated conventional retailing.

Profits at Home Retail, which counts the DIY retailer Home Base among its many brands, have been declining for the last five years and show little sign of turning around.

Of course, the company said his departure was long planned, but it's hard to imagine the 57-year-old would be out the door if the bottom line was more robust.

Irish Independent

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