Overcast

Overcast

max temp: 11°C

min temp: 9°C

ESTD 1874 Search

The pigs are coming. Find out more about

Pigs Gone Wild

here.

UK: Argos to axe 75 stores under digital overhaul

11:01 24 October 2012

Argos is to get a digital overhaul, owner Home Retail Group revealed today

Argos is to get a digital overhaul, owner Home Retail Group revealed today

RETAILER Argos is to undergo a digital overhaul that will see its catalogue take a back seat and at least 75 stores closed or relocated over the next five years.

Parent company Home Retail Group said today it would reduce the circulation of the traditional Argos catalogue, launched in 1973, as it refocuses the chain as a digital-led retailer.

It also plans to trim its 739-strong store estate and move shops into shorter leases to be able to relocate as part of a plan to use stores as pick-up points for online orders.

Home Retail stressed that having a “strong local presence” remained important but said that the role of its stores would “be adapted in order to support a digital offer”.

The news comes after a six-month review of the Argos chain to revive the business.

In half-year results also announced today, Home Retail said underlying earnings at Argos were 3% down at £3.3million with a return to like-for-like sales growth, up 0.6% in the six months to September 1.

Underlying earnings at the group’s DIY and gardening business Homebase also fell, by 18% to £24.5m, with like-for-like sales across the 340-store chain down 6.2% after being hit by the wash-out summer weather.

Overall, Home Retail’s profits for the half year were 37% down at £18m, although this was towards the upper end of City expectations.

Argos, which has already cut the print run for its twice-yearly catalogue by 18% over the past two years, will launch its first digital catalogue before Christmas.

However, it said it was unlikely the printed version would be axed entirely in the short term as around 85% of customers currently viewed its catalogue before buying.

0 comments

From left, Monthind partner Simon Biggs, Paul Prime, managing director of Atkins Gregory, Greg Gregory, founder of Atkins Gregory, and Monthind partner Tony Felgate. shaking hands of Monthind's acquisition of Atkins Gregory.

East Anglia cleaning company Monthind has expanded with thea acquisition of Cambridge-based commercial cleaning contractor Atkins Gregory.

Innovators, investors and entrepreneurs from the East of England at the Venturefest East event at Newmarket Racecourse.

More than 800 innovators, investors and entrepreneurs gathered in Newmarket to showcase what the region’s technology sector has to offer.

Some of the current apprentices at Ransomes Jacobsen in Ipswich.

Turf maintenance equipment manufacturer Ransomes Jacobsen will be taking its apprentice recruitment drive to the Suffolk Show at the start of next month.

The Bentley Fire Shop team with the company's International Gold Distributor Sales Achievement Award from Central Boiler, presented at the US company’s biennial dealer convention in Las Vegas.

An Essex-based stoves, fireplaces and heating specialist has received recognition as a leading distributor for a range of US-built outdoor wood furnaces.

EDF Chief Executive Vincent de Rivaz appears before the Energy and Climate Change Committee to answer questions over the delay in making a final investment decision on the Hinkley Point nuclear power project. Picture: PA Wire

MPs have been promised the sister project of a proposed third nuclear power plant on the Suffolk coast will go ahead despite a fresh delay in making a final investment decision.

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Most commented

HOT JOBS

Show Job Lists

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24