Argos is set to close nine more stores in the months, Sainsbury’s has confirmed in a recent update.
The supermarket chain, which also owns the retailers, has announced the wave of store closures will take place within the upcoming financial year.
According to the business, this is part of Sainsbury’s effort to move the Argos brand from Britain’s high streets to integrated concessions within its supermarkets.
This latest update comes as the supermarket giant’s interim results revealed Argos sales fell by five per cent in the 28 weeks to September 14.
Furthermore, Sainsbury’s general merchandise and clothing sales plummeted by 1.5 per cent over the period.
Despite the pending closures, the retail group has also confirmed it will open 13 concessionary Argos sites in Sainsburys stores.
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Argos is closing stores across the country
PA
In a statement, Sainsbury’s said: “For the full financial year we expect to open 13 Argos stores within Sainsbury’s and close nine standalone stores.”
Despite this confirmation, the retail group has yet to reveal the locations of the closures and where the new concessions will be placed.
Speaking to The Sun, a spokesperson for Argos said: “The transformation of our Argos store and distribution network has been progressing at pace for several years now, improving availability, convenience and service for customers.
“As part of this, we are continuing to open new Argos stores and collection points in many of our Sainsbury’s supermarkets, enabling customers to purchase thousands of technology, home and toy products from Argos while picking up their groceries.”
In the last two years, Argos has been forced to shut dozens of it sites amid a slew of store closures sweeping the UK.
By March 2023, Sainsbury’s has slashed the number of standalone stores from 385 to 213, a drop of 72.
To offset this, the company has increased the number of Argos stores located within Sainsbury’s supermarkets to 446.
Last year, all 34 Argos stores in the Republic of Ireland were closed down.
Lisa Hooker, the leader of Industry for Consumer Markets at PwC, highlighted the rate of closures is easing but warned of the “impact” on the UK economy.
She explained: “The good news is that the rate of net closures has stabilised and consumers will always want somewhere to grab a coffee, last minute present or enjoy the experience of in-store shopping.
“But there are still more closures than openings impacting our high streets, so we need all stakeholders including policy makers and communities to play a role in supporting, repurposing and investing in those struggling locations.
“Spaces need to adapt to the hybrid world and satisfy consumer trends for convenience, variety and fun, creating spaces that fill an immediate need or feel exciting for consumers to step into.”
