Agent appointed on Argos Ireland store disposals

Argos has appointed Avison Young to assist with finding new occupiers and solutions for 24 of its stores in the Republic of Ireland, as the retailer withdraws from the market. Avison Young will act for the general merchandise retailer to seek new occupiers and real estate solutions for those sites. The store locations comprise a mix of high streets, retail parks and shopping centres. The closures, set to take place in June, are expected to affect 34 sites and 580 jobs in total. Sainsbury’s bought Argos for £1.1bn in 2016. Since the acquisition, its strategy has been to close the majority of Argos stand-alone stores and open concessions within its supermarkets. However, its business model in Ireland is different from that for its operations in England, Scotland, Wales and Northern Ireland. Avison Young has acted on behalf of Argos on numerous transactions since 2019. To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Photo © Maureen McLean/Shutterstock