John Lewis is plotting a high street comeback with an £800 million project to revamp its branches – but has ruled out opening and new stores.
Managing Director Peter Ruis said expansion of the business is ‘definitely something we are looking at’ and suggested he wanted to see the firm expand in new parts of the country.
But the firm today ruled out that the expansion would see any new stores opening, which would have been the first new high street appearance for the chain since a John Lewis opened in Cheltenham in 2018.
Mr Ruis, who returned to the 161-year-old brand last year after a ten-year hiatus, is plotting a reboot which will see the firm spend £800 million on giving its current 36 outlets a boost by the end of 2029.
‘The store is a perfect invention, and we’ve seen only too well, coming back from Covid, how people have gravitated back to the stores,’ he told the Guardian.
He said there are ‘definitely’ no plans to close any stores.
His plans would mark a significant turn around from 2021, which saw 16 stores close their doors for good, putting around 1,400 jobs at risk.
But the measures saw John Lewis return to making a profit in 2023 following three years of loss – coinciding with the pandemic.
John Lewis is plotting a high street comeback and considering new department store openings for the first time in almost a decade
Managing Director Peter Ruis said expansion of the business is ‘definitely something we are looking at’ and suggested he wanted to see stores opening in new parts of the country
Since then store revamps have already got underway, with stores in Oxford Street, High Wycombe and Cheadle benefitting.
‘We are getting rid of the old stuffy department store and replacing it with something more experiential,’ Mr Ruis said.
It comes after the company made a £10 million profit in the year to January – but Mr Ruis faces an uphill battle after losses hit £88 million in the first half of the year.
It is hoped the busy Christmas shopping season will be enough to keep the company out of the red.
Future plans for the store range from the traditional to the modern.
Mr Ruis, who previously headed up fashion at the firm, plans to introduce new brands to appeal to customers of all ages, including Topshop and Carhartt.
Less predictable are plans to introduce pop-up Waterstone bookstores and expand a trial with Uber Eats.
This would see a 45-minute delivery service introduced in more stores that would enable customers to order products such as headphones and beauty items to their doors.
If successful, expansion of the business would give a new lease of life to the department store, with brands including Beales and Debenhams just two of the staples to disappear from the high street completely.
John Lewis has been contacted for comment.