Home Retail Group to open new smaller Argos stores in London
HOME Retail Group announced yesterday it will trial two new formats of its Argos stores as well as extend its new digital concept stores and ramp up its home delivery offer as the retailer continued to turn itself around.
The group, which reported a 27 per cent rise in full-year profit yesterday, said it will open 20 Argos concessions within its Homebase stores this year.
It is also in talks to open five or six smaller format Argos stores in London this year, which will have stock delivered from larger stores in the area under its new “hub and spoke model”.
Chief executive John Walden said Argos can differentiate itself from its traditional rivals with its advanced digital offering and described Amazon as a close competitor .
Sales rose three per cent to £4.05bn in the year to March. Argos like-for-like sales rose 3.3 per cent and by 5.9 per cent at Homebase.