John Lewis to build rental homes and launch savings accounts

File photo dated 16/01/12 showing the John Lewis store in London. The John Lewis Partnership (JLP) is to reveal the full impact of the mass closure of its department stores as partners will also eagerly await updates regarding its ongoing strategic review.
John Lewis plans to move ‘beyond retail.’ Photo: PA

John Lewis has set out a five-year plan to move “beyond retail,” including building homes for rent and offering new savings and insurance products.

The leading department store announced it would invest £400m ($518m) in new areas, and aim to make 40% of its profits from them by 2030. It is aiming for profits to reach £200m a year within the next two years, according to the plan published by John Lewis on Friday.

The new areas Britain’s biggest employee-owned business will expand in include:

  • Ramping up Waitrose’s delivery capacity from 55,000 orders a week before the pandemic to 250,000, with more partnerships like its current trial with Deliveroo, Another 25 Waitrose stores will now join the trial with the delivery company.

  • Working with developers to build new homes on up to 20 sites already owned by the partnership to provide

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