HOMEBASE TO CLOSE 25% OF STORES
Decline in DIY cited
It was widely reported this week that the Home Retail Group intends to close one in four of their Homebase stores by 2018.
The Group said that they intend to close around 30 stores by the end of the current financial year, with the rest of the closures, totaling around 80, to occur within the next four years. This they say, will allow the chain to become more efficient and profitable.
A spokesman for Home Retail said "Although economic indicators have more recently improved, several structural factors continue to affect home improvement retailing, including an excess of retail space, the rise of a generation less skilled in DIY projects, and the growth of non-traditional digital and multi-channel competitors."
Read a detailed account of the Homebase situation at This Is Money
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