Uncertain future for Argos

Newmarket’s Argos store is facing an uncertain future after the retailer announced 75 of its 700 stores would be closed or relocated over the next five years.

Home Retail Group, which owns Argos, said it was too early to tell whether its branch in The Guineas shopping centre would be affected by the move.

The company revealed last week it planned to reinvent itself as a ‘digitally-led business’, focusing on online sales.

Early signals are that 10 stores will be closed this current financial year.

A Home Retail Group spokeswoman said: “We cannot at this stage give details of individual stores which may be affected by this because it will depend on lease negotiations at the time. We are committed to a national and local spread of stores.”

Terry Duddy, Home Retail Group chief executive, said that by concentrating its efforts on internet marketing, Argos would be able to achieve “long-term sustainable performance and profit recovery”.

He added: “Against a challenging consumer backdrop, Argos has had a solid first half of the year supported by its multi-channel performance.”