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image credit: Reuters John Lewis has revealed plans to enter the residential real estate sector, with plans to create 10,000 rental houses over the next three years. The department store chain stated that it intended to help local communities and address the national housing problem. It said that the plans will provide the company with a secure, long-term income as well as additional job prospects. Tenants will have the option of renting a completely furnished apartment from John Lewis or bringing their own furniture. “We have high goals for getting into home rental as a business driven by social purpose,” said Nina Bhatia, executive director of strategy and commercial development for the John Lewis Partnership. The change, she continued, “plays to our strength as a trusted brand known for exceptional service.” The CEO of John Lewis claims that his young employees lack basic abilities. Eight additional John Lewis stores will be permanently closed. 7,000 of the initial 10,000 homes will be built on properties in the business’s existing property portfolio, ranging from studio flats to houses, according to the company. Some homes, however, could be erected on whole new locations, according to the report. All property complexes will include a concierge service and a Waitrose convenience store near the entrance, according to the company. Some residences might be built in department store parking lots, above Waitrose supermarkets, or adjacent to distribution centers, according to The Sunday Times, which broke the story first. Although the first John Lewis homes will be built in south-east England, the alliance believes there are prospects all over the country. The news comes as the traditional department store retail operation of John Lewis has been under increasing strain due to the demise of UK high streets and the advent of a more competitive internet market. The chain has closed almost a third of its outlets since Dame Sharon White took over as CEO in February 2020, leaving it with 35. Housing Companies of John Lewis/nRead More

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