Jun 27, 2018
John Lewis looks to play to its strengths
John Lewis Partnership, the owner of Waitrose, on Wednesday said that in response to what it called "a period of generational change" in retail, it would redouble its efforts to underline points of difference rather than pursuing scale for its own sake. His comments came as the group warned that profit before exceptional items will fall to near zero in the first half of the year and that for the full year, it will be lower than in 2017. For the year to January, bonuses fell to 5 per cent of salary, their lowest in six decades, having fallen two-fifths the previous year. Historically, the generosity of the John Lewis pension scheme has been an asset in attracting and retaining staff. New partners pay into a more conventional "Defined contribution" scheme for five years before becoming eligible for the defined benefit scheme.
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