John Lewis plans to build homes
By Sarah Wood | 5th July 2021
Department store giant John Lewis plans to branch out as a residential landlord.
The retailer, which has a store in Cheltenham, wants to build 10,000 new homes over the next 10 years as a way of reviving its fortunes, as reported by The Sunday Times.
It has already identified space on its own land to build 7,000 homes - ranging from studio apartments to four bedroom houses. Locations include above Waitrose stores, in land occupied by department store car parks or close to its distribution centres.
Residents of a John Lewis home can opt to rent it complete with the chain's own furnishings. Developments may also feature a Waitrose convenience store on site.
The first homes are planned for the South East, but the retailer believes there are opportunities for development across the UK.
The company plans to put in its first planning applications early next year and say it aims to charge a fair rent.
John Lewis is struggling with sales and profits since lockdown and 16 of 51 stores have closed permanently since the start of the coronavirus crisis.
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