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DIY chain Homebase is to close around 25% of its 323 stores by 2018 as it aims to cut costs.
Parent company Home Retail Group – also owner of Argos – said: “Although economic indicators have more recently improved, several structural factors continue to affect home improvement retailing, including an excess of retail space, the rise of a generation less skilled in DIY projects, and the growth of non-traditional digital and multi-channel competitors,” said HRG.
“Homebase is a good business with the basis for future growth,’ said chief executive John Walden. ‘In this context, Homebase will pursue a three-year plan through to the end of FY18 to improve the productivity of its store estate, strengthen its propositions and accelerate its digital capabilities by leveraging Argos’ investments. This will position Homebase as a smaller but stronger business, ready for investment and growth.”
