It seems incredible, in the year of our lord 2026, that Argos still exists. And no, I don’t mean Odysseus’ dog; I mean the chain of catalogue-based stores that throng our high streets, although in considerably smaller quantities than they once did.
The comedian Bill Bailey aptly referred to their ‘laminated book of dreams’, the huge, printed catalogues that used to be displayed in their stores. Every shopper of a certain age will remember the tortuous process of having to find the item they wanted in the catalogue, filling in a form with a little blue pen, paying for their purchase, and then waiting to collect it after being given a number.
In retrospect, it seems utter madness that people would put themselves through such a complicated process in order to buy a digital watch, or children’s toy, or any of the other countless items on sale
In retrospect, it seems utter madness that people would put themselves through such a complicated process in order to buy a digital watch, or children’s toy, or any of the other countless items on sale. It was a convoluted means of buying something that made the equally notorious system at Foyle’s bookshop look almost sane by comparison. It was not as if there was any compensatory enjoyment from visiting the stores, either. The prices were pretty much the same as other high street shops, the items were often out of stock and, with the advent of Amazon and other online retailers, convenience and often lower prices far outweighed the need to trudge into town to pick up the little blue pen once more.
Now, it looks likely that the chain’s days are numbered. The remaining Argos stores may well be thinned out yet further now that their current owners, Sainsbury’s, have announced that they will be divesting themselves of the group, for a price of around £120 million. Which sounds impressive enough, until you consider that they paid more than ten times that amount back in 2016, to the tune of £1.4 billion.
Everyone is making brave noises about the sale, with Sainsbury’s claiming that they are flogging the retail group because they want to concentrate on being grocers. Argos has now passed into the custody of Swift Partners, a new firm that has been set up by figures including former Co-op boss Richard Pennycook. (Presumably the deal was signed with a little blue pen.) He has said that he believes ‘strongly in Argos’ future and see[s] real opportunities to invest and build on its progress.’ The question now is whether the 667 remaining stores – 450 of which are lurking in various Sainsbury’s, which could well create some awkwardness post-divorce settlement – can offer something different that will ensure the group’s survival, or whether Swift Partners will be losing their money with equal speed.
Argos have made some limited attempts to drag themselves into the 21st century. The laminated book of dreams has been replaced by tablet computers, allowing for a slicker, if not necessarily quicker, experience in store, and it has the usual accoutrements of apps and loyalty schemes, the so-called ‘Argos Plus’. Yet it is also a brand on closer terms with failure than is comfortable. Many of its non-retail initiatives of the past few years – a credit card service, a price comparison website and, bizarrely, a TV channel – have all been canned over the past few years. Three years ago, Argos pulled out of Ireland altogether, citing ‘challenging trading conditions’. Whether the conditions on the increasingly beleaguered British high street are any better, especially with the withdrawal of Sainsbury’s financial might, remains to be seen, but given the company’s steadily declining sales and influence, only the most optimistic would see a bright future for Argos.
Those who are nostalgic for the days when Woolworths and WH Smith ruled the high street might hope that the catalogue retailer can still come good and offer shoppers something that none of its rivals are doing. Quite what this might be remains to be seen.
Perhaps Swift Partners have both a plan and a clue about what to do. Yet precedent seems to suggest that this brand faces its Waterloo unless something wholly unexpected happens. If the laminated book of dreams is to be closed one final time, it will be a tragedy for those members of staff who lose their jobs, but I fear few shoppers will mourn the demise of Argos.
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