A big high street chain with over 1,200 locations is preparing to shut another store within hours, as part of its plan to close 100 stores across the UK. Argos, owned by Sainsbury's, has already closed a number of its standalone stores and is shifting its focus towards expanding its presence in supermarkets.
Another Store Closure
Argos is set to close another standalone store tomorrow, marking the latest closure in its strategy to move away from the high street. The popular retailer has already shut over 45 branches in the past year and has opened more than 25 branches within Sainsbury's stores.
Transformation Plans
The company's spokesperson stated that the transformation of Argos' store and distribution network has been ongoing for several years, with the aim of improving availability, convenience, and service for customers. The closure of standalone stores is accompanied by the opening of new Argos stores and collection points within Sainsbury's supermarkets.
Previous Store Closures
Argos has already closed stores in several locations this year, including Coventry, Nottingham, Lanarkshire, Birkenhead, Grimsby, Scunthorpe, Hull, and Bridgend. Additionally, all 34 stores in the Republic of Ireland were closed on June 24 due to the investment required for development, which the company deemed unviable.
Future Store Closures
In addition to the upcoming closure in Swansea's Morfa Shopping Park, Argos plans to close stores in Newport and Cardiff Bay later this year. By March 2024, Sainsbury's expects to have 160 standalone Argos stores and between 430 and 460 Argos counters inside Sainsbury's supermarkets.
Challenges Facing the High Street
The high street has faced significant challenges in recent years, particularly with the rise of online shopping and changes in consumer spending habits during the pandemic. Rising cost of living and a lack of footfall have also impacted brick-and-mortar stores. Several popular chains, including M&Co and Paperchase, have announced the closure of all their stores in 2023. Other sectors, such as food and pub chains, have also been affected, as seen with the closures of Wetherspoons and Frankie & Benny's.
Some Chains Defying the Odds
Despite the challenges, some chains are defying the high street slump and planning to open new stores. Discount retailers like Poundland are set to open 15 shops in the coming weeks, while Greggs aims to open 150 new sites this year.
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