AN iconic high street brand with more than 1,000 UK locations is set to shut a popular branch in a major blow to a town’s trade.
Argos will be closing its large store in Plymouth city centre this month, delivering another hit to the already struggling high street.
Argos will be closing down its Plymouth store[/caption]
It will be a major blow to the city’s already struggling high street[/caption]
The standalone store in the former Derrys building on Royal Parade will close on the evening of October 17.
But a new Argos “store-in-store” will open the next day inside the nearby Sainsbury’s superstore at the Armada Centre.
Sainsbury’s, which acquired Argos in a £1.4 billion deal in 2016, has not yet commented on possible job losses, but reports suggest that up to 30 staff could face redundancy as part of the closure.
This is part of a broader trend, with Sainsbury’s gradually shutting standalone Argos outlets and relocating them inside its supermarkets.
Plymouth previously saw its New George Street Argos store close in 2016, with the Marsh Mills Sainsbury’s superstore hosting a replacement outlet.
With Argos sales falling, Sainsbury’s also discontinued Argos’ iconic printed catalogue in 2020 and has committed to closing 420 standalone stores by March 2024.
Since March 2023, 72 outlets have already shut, with 213 remaining.
Despite lower consumer demand for electronics and games, Sainsbury’s continues to expand its “store-in-store” Argos model, planning to close an additional 20 standalone stores this financial year while opening around 10 new in-supermarket branches.
Plymouth will retain another Argos store at Transit Way.
Argos, founded in 1972, became a high street staple with its catalogue-based model, and today operates around 1,230 outlets across the UK, including those inside Sainsbury’s.
While sales grew 1.7% to £4.23 billion in the year to March 2024, pre-tax profits dropped 15.3% to £277 million.
Argos has closed dozens of stores over the last two years.
The high street retailer has already closed 42 UK shops, including all 34 of its branches in the Republic of Ireland last June.
In July, Sainsbury’s issued a major update on plans to close more Argos stores.
