John Lewis and Partners have confirmed that they have identified 20 of their sites which they plan to use to benefit local communities through the ‘build to rent’ market while providing a stable income for the Partnership. A statement outlining how they propose to reach more customers said “The nature of the Partnership model allows us to invest with a longer-term perspective than a conventional business, even in challenging times and amidst a very uncertain economic outlook. With this in mind, our five-year plan is self-funding and takes into account uncertain trading.”
Their goal is for 40% of their profits to come from new areas by 2030. As well as rented housing, other new areas include financial services, outdoor living and rental/resale/recycle.
Sharon White, Chairman of the John Lewis Partnership, said: “We’ve seen five years of change in the past five months and Waitrose and John Lewis have responded with great agility. Our plan means the John Lewis Partnership will thrive for the next century, as it has the last.”