Technology products retailer Argos is planning to expand its retail presence by opening 200 new digitally enabled stores.
Of all the proposed stores, 80 will be located in Homebase and another 10 will be opened in Sainsbury’s stores.
Go deeper with GlobalData
Homebase is a DIY chain, which is also owned by Argos’s parent company, Home Retail Group.
The company plans to convert between 50 and 75 of its existing branches to the new digitally enabled store format. The move follows closure of over 30 Homebase stores last year.
Home Retail plans to close a further 35 Homebase stores this year.
Argos, which earlier thought of closing stores in the face of a dramatic shift to shopping online, is now planning to increase the number of its stores to 800 by next year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataHome Retail Group posted 1% increase in sales to £5,710m. On a like-for-like basis, Argos’ sales increased by 0.6%, while Homebase posted 2.3% increase in sales.
Home Retail Group CEO John Walden said: "The Group performed well in FY15 and ahead of consensus profit expectations, achieving 14% growth in benchmark profit before tax and 25% growth in benchmark EPS.
"Both Argos and Homebase contributed positive like-for-like sales and profit growth for the second successive year. I believe the strategic plans we are pursuing across the Group will enable us to innovate and lead in a rapidly changing retail market."
