Sainsbury’s has confirmed that Argos are to close more stores in the coming months which will take place in the upcoming financial year.
Sainsbury’s are to incorporate the Argos brand inside their supermarkets and in the coming months a total of nine stores will close.
Sainsbury’s revealed in their interim results in the 28 weeks to 14 September that Argos sales dropped 5% and the supermarket giant said clothing sales fell by 1.5% in the period.
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.”
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.”
Lisa Hooker, the leader of Industry for Consumer Markets at PwC said, “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.”
For solvent businesses considering strategic closures as part of restructuring or cost-saving measures, it’s crucial to consult with the best insolvency advisor in the city. Professional guidance ensures that closures are managed efficiently, legally, and with minimal disruption to operations or reputation, helping protect long-term business interests.
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