Home Retail Group shares rise as Argos announces web-focused overhaul

<p>Home Retail Group shares are up as Argos announces its web-focused overhaul.</p>

Shares in Home Retail Group on the London Stock Exchange (LSE) rose this morning (October 24th) after Argos announced a drastic web-focused overhaul.

The high street giant's plans would put its hefty catalogue behind its web operations as the company concentrates on boosting online sales in an effort to revive its struggling business.

This proposal would mean at least 75 of the organisation's 700 Argos outlets would be closed down over the next five years as part of its "five year transformation".

Home Retail stated that Argos will be "reinvented" as a business that is digitally-led.

Despite falling sales owing to the economic downturn, Argos remains popular, with more than 70 per cent of UK households shopping there at least once a year, while it is the second-most-visited internet retailer in the UK.

At 11:20 BST, Home Retail Group advanced by 4.9 per cent on the LSE to 109.20p per share.

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