John Lewis reveals plans to enter property market

Retail firm John Lewis is considering all of its department stores and Waitrose supermarkets as possible sites to build new homes.

The company, the John Lewis Partnership (JLP), has set a target of 10,000 new homes over the next 10 years.

And it has announced that all of its 365 retail sites are being considered for private property development – a move which has shocked many industry leaders.

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JLP has identified 20 sites for build-to-rent properties and is expected to submit its first two planning applications early next year. 

The move into build-to-rent and property development follows years of struggling to stem a fall in profits. It has also been hit with the forced closure of its department stores during the pandemic. 

JLP’s presidents Dame Sharon White wants to diversify the brand away from retail into a range of new areas including financial services, gardening and private housing.

She has said that her plan is to put “excess space to good social use” by offering affordable housing to tackle the current crisis.

The apartments will be kitted out with John Lewis furniture, and bosses hope residents will become Waitrose customers, or buy products such as home insurance.

The developments will range from studio flats to houses and John Lewis is expected to sign up with a building developer to construct the homes.

 

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