Commenting on how Homebase is set to close 42 stores putting around 1,500 jobs at risk, Felicia Rosenzweig, Partner at brand and marketing consultancy, Prophet said: “Homebase is clearly under some serious pressure despite being bought in May for £1 by restructuring company, Hilco. The business has already cut 17 stores earlier this year and this announcement is reflective of high street retailers increasingly struggling to connect with consumers.
“The Prophet Brand Relevance Index (BRI), which is the only survey-led barometer to rank the most relevant brands in consumers’ lives, positioned Homebase as 178 in its 2017 index in its first appearance initially showing signs that the brand held some relevance to consumers. However according to the BRI, it seems to have struggled to connect with consumers.
“The 2018 BRI is set to be launched next month and PROPHET anticipates that Homebase position will weaken amongst consumers.”