Gateway Multichannel Retail (India) Ltd., a joint venture of Hypercity Retail (India) Ltd. and Shopper’s Stop Ltd., is shutting down and will discontinue its catalogue retail operations under the Hypercity-Argos brand.
Gateway Retail operates catalogue, stores and internet retail in India under franchise from the Home Retail Group, the holding company for the UK retail brands Argos and Homebase.
Shopper’s Stop said in a notice to the Bombay Stock Exchange (BSE) that a decision to discontinue the Hypercity-Argos multi-channel retail business operations was taken mutually by Gateway and Home Retail Group as the business did not meet the planned performance levels to support the investments required in the current economic climate.
The notice referred to the initial 2 years of Gateway Retail operations as a “trial” development period.
1 comment so far ↓
Why do u shut down no sooner the trend catches up with esp the middle class society of out metro-it’s such a shame to see good brands move out of our market when there is so much of buying power esp when a customer is satisfied for the durability and goods of a good standard and value got for the money paid.You know it works both ways.
Sad to see u go ARGOS
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