In a statement issued today to the Stock Exchange, Home Retail Group said it had completed a review of its Indian operations and the decision to shut down the trial after a two-year period “has been taken mutually” with its Indian partners Shoppers’ Stop and HyperCity.
Home Retail Group said: “The trial had not met the planned performance levels to support the investment required in the current Indian economic climate”.
The existing operations will be closed “at a minimal cost to Home Retail Group”.
“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,” it added.
In December, Retail Week revealed that Argos had put the brakes on further international expansion.
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