John Lewis Partnership is focusing to acquire the build to rent market for expanding the business beyond retail. The new strategy is unveiled by chair Sharon White that aims to generate 40% of future profits from areas such as financial services and private and affordable housing by 2030.
The planning applications will be first submitted in the New Year for sites in London. This scheme is intended for John Lewis to become the landlord once housing is built. Besides, John Lewis is mainly planning to build flats above or around its stores.
Aiming at £1bn investments, John Lewis comes up with a five-year recovery and growth plan. The bifurcation of investments will be categorized into modernizing and refitting its shop estate and transforming its online offer.
Furthermore, a profit of £200m by the end of second year and £400m by end of fifth year respectively are the business targets, White added.
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