Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data
UK's John Lewis identifies rental home locations in diversification push
© Reuters. FILE PHOTO: People queue outside a John Lewis a store announcing a seasonal sale, in London, Britain, December 27, 2021. REUTERS/Peter Nicholls
LONDON (Reuters) - British retailer John Lewis Partnership announced the first three locations where it wants to build rental homes, part of its diversification plan to generate 40% of profit from outside its core business by 2030.
The employee-owned partnership, which runs John Lewis department stores and the Waitrose supermarket chain, said last July it would build 10,000 rental homes in the next decade with half of them being developed through its existing property portfolio.
It said on Thursday the first three proposed sites include building over Waitrose stores in Bromley and West Ealing in London, as well as replacing a vacant John Lewis warehouse in Reading, west of the capital.
The homes would be built for different sized households. Residents would have options for short- and long-term tenure and to have the homes furnished by John Lewis. Public consultations will be held over the coming months.
"Helping to create homes has always been at the heart of what we do and we now have a unique opportunity to use our expertise and skills in new ways to deliver much-needed new housing," said Nina Bhatia, John Lewis' executive director for strategy and commercial development.
Britain has a chronic shortage of affordable housing. Prices have soared over the last decade, pushing properties out of reach of first-time buyers.
The John Lewis Partnership was hit hard by the COVID-19 pandemic. It sunk to a loss, prompting it to close stores and cut jobs.
Chairman Sharon White detailed a five-year recovery plan in 2020 that included diversifying into property development, product rental and resale, expansion of its financial services business and seeking more partnerships.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.