The catalogue retailer, Argos, owned by Home Retail Group, experienced a large drop in sales thanks to low consumer confidence and tough competition. The group reported that for the sales for Argos, Home Retailís largest and most profitable business arm, Argos fell 8.1 per cent as business was hit greatly thanks to a drop in demand for video games and televisions. Television sales for the retailer fell by 10 per cent during the first quarter, while the sales for video games fell 30 per cent in the same period. However, the same was not the case for personal computers, white good and toys as these products saw some growth. Argos endured a horrid time during the downturn when it faced intense competition from big supermarkets as they all tried to grab a bigger share of the non-food market. |
