no idea that most of browse a catalogue and then order online
really?? Most?? I suspect they may have done their research before making this move.
Anyway, they have a potentially great business model, cheap-cheapish pricing generally, e.g. some camera prices can be the best out there, and they offer instant collection or even same day delivery for most of the population. In some ways, they trump amazon. The additional services they offer e.g. a collection point for parcels from other retailers is a great concept.
As someone mentioned above, pricing needs to be so fluid these days in the market which Argos operates – a printed catalogue is outdated.
Screwfix/Toolstation etc… operate in a more specialised market IMO and thus the catalogue model works for them, and yet they even need to publish quite frequently.