Jun 9, 2022
John Lewis to build homes for rent in shift away from retail
John Lewis will become the first British retailer to build homes to rent after earmarking two Waitrose supermarkets and a former collection depot for redevelopment. The employee-owned partnership is pushing ahead with plans to build 10,000 homes for rent over the next decade despite an expected downturn in the UK economy, as it looks to diversify its revenues away from retail. John Lewis said homes would be built for different-sized households and offered with a variety of long and short-term tenures. John Lewis said the sites were chosen partly for their proximity to local transport links and high rental potential. Dame Sharon White, John Lewis chair, has argued that the partnership needs to diversify its revenue streams to ensure the group's survival as profit margins in its core retail business come under pressure.
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