Home Retail Group to discontinue Argos format in India
Home Retail Group has announced that it will discontinue trialling the Argos format in India. Following an initial two year development period, the decision has been taken mutually by Home Retail Group, Shoppers' Stop and HyperCITY. The trial had not met the planned performance levels to support the investment required in the current Indian economic climate. The existing retail operations will be wound down, at minimal cost to Home Retail Group. The company added that, at some point in the future, the Indian retail market may still present an attractive long-term growth opportunity for the Argos multi-channel model.
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