About 75 Argos stores will be closed or relocated over the next five years as part of Argos’s drive to reduce costs, increase efficiency and improve profits. The plan is underpinned by a three-year investment programme during which Argos aims to transform itself from a “catalogue-led business to a digitally led business”, it said in a statement. As well as reducing the store portfolio, Argos is also planning to shift the catalogue to a more supporting role. Circulation of the Argos catalogue will reduce as consumers increasingly migrate to digital channels, it says. As such, this Christmas will see Argos launch its first digital catalogue. In January 2013, the first regional trial will be conducted to test a smaller catalogue with a more heavily edited range that directs customers online for the latest prices and the full range. The move follows the conclusion of a six-month review into the Argos business. It was announced at the same time as the parent company’s financial results, which revealed a 29 per cent decline in benchmark operating profit, to £19 million in the 26 weeks to 1st September.
Online bags and shoes retailer Spartoo has secured €25 million (approximately £20.4 million) in a third round of funding led by investment company Sofina alongside existing investors. Spartoo says it will use the cash to accelerate its expansion across Europe.
The London Olympics and an “excellent” back-to-school period helped Sports Direct deliver a sales rise of 18 per cent in the nine weeks ended 30th September-reaching £402.7 million. Gross profit was up 21.7 per cent to £167.4 million during the period.
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