John Lewis in talks to turn shop space into homes
The John Lewis Partnership is considering whether to convert excess retail space into mixed-use affordable housing, as part of its wider strategic review.
The retailer, which operates both the John Lewis & Partners department stores and Waitrose & Partners, is engaging with third parties on the prospect.
“As we repurpose and potentially reduce our shop estate, we want to put excess space to good social use,” said Sharon White, chairman at John Lewis Partnership.
The John Lewis Partnership is considering whether to convert excess retail space into mixed-use affordable housing, as part of its wider strategic review.
The retailer, which operates both the John Lewis & Partners department stores and Waitrose & Partners, is engaging with third parties on the prospect.
“As we repurpose and potentially reduce our shop estate, we want to put excess space to good social use,” said Sharon White, chairman at John Lewis Partnership.
White highlighted that the partnership needs to “expand beyond retail” for it to be “sustainable over the long-term”.
The mooted move into affordable rented housing is one of several ideas that John Lewis intends to develop further.
Other ideas include expanding its financial services offering; building a new horticulture business, potentially through new partnership and acquisitions; creating a new channel for renting products; and a new marketplace to sell used goods.
The retailer has also identified “significant scope” to grow its Waitrose food delivery services, and is “actively exploring early opportunities”.
White said that the retailer will continue to rebalance its Waitrose store estate, “potentially closing” outlets “where demand wanes”.
“As you all know, these are testing times, with profits this year and next likely to be challenged,” she said.
“But the beauty of being a partnership is that we are able to take a long-term view. The strategic review should see green shoots in our performance over the next nine to 12 months, and our profits recovering over the next three to five years.”
John Lewis & Partners operates 50 shops and one outlet in the UK. Waitrose & Partners has 337 shops in England, Scotland, Wales and the Channel Islands, including 61 convenience branches, and another 27 shops at Welcome Break locations.
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