NEWS

Sainsbury’s to start selling off Argos stores

Published on: 7th October 2016

The retailer is starting the disposal of up to 425 Argos stores following its acquisition of Home Retail Group.

Argos-480Sainsbury’s is said to be close to appointing agents to advise on the disposal programme, with CBRE, Colliers and Savills understood to be in the running for the role.

After completing the £1.4bn deal last month, Sainsbury’s has announced its intention to open 20 new Argos concessions in its supermarkets before Christmas. The move to concessions, which have been trialled in 10 locations, will mean nearby standalone Argos stores are likely to be closed.

It’s believed that up to half of the 850-store Argos portfolio could be disposed of, and that the stores will be released gradually onto the market over the next two to three years, given the recent arrival on the market of 164 vacant BHS stores.

Argos stores occupy an average of 15,000 square-feet each, with the largest units standing at 30,000 square-feet. Almost half the stores in the portfolio have leases that come up for renewal within the next three to four years.

Figures from retail agent Harper Dennis Hobbs show that 245 Argos stores are within half a mile of a Sainsbury’s store.

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