Argos, part of UK-based home and general merchandise retailer Home Retail Group, has winded up its India operation. Argos entered India in 2007 after signing a franchise agreement with Gateway Multichannel Retail (India) Ltd — a JV formed between Shoppers Stop and Hypercity Retail India.
The decision to discontinue the operation was taken mutually by both the Groups as the business did not meet the planned performance levels to support the investments required in the current economic climate, said Shoppers Stop in its latest disclosure to Bombay Stock Exchange.
The catalogue retailer Agos was operating a pilot project in telephone and internet ordering service under the brand name Hypercity-Argos with six stores in Mumbai.
— Sarimul Islam Choudhury