Is the John Lewis Partnership about to become a major player in the property market?

After years of struggling in the retail sector, John Lewis is making a bold move, aiming to build thousands of homes across the UK.

The company has already secured planning permission to build 353 flats above a Waitrose store in Bromley, south London. This £200 million project will see three towers, the tallest being 24 storeys, replacing the existing store.

A Big Gamble?

This move has sparked debate, with some critics urging the company to focus on its core retail business. But John Lewis is clearly looking beyond the traditional department store model, seeing property as a potential key to future success.

This project is just the beginning. The John Lewis Partnership is aiming to build 10,000 homes in the next decade, and is already working on a second development in west London.

A Deal with Abrdn

To help fund this ambitious plan, John Lewis has struck a deal with Abrdn, a major investment firm. The partnership will see them develop around 1,000 rental homes together.

But Not Everyone is Happy

While the Bromley project has been approved, plans for the west London development are facing opposition from local residents. The planning inspector will have the final say on this project.

Is it a Good Investment?

This is a big question for potential investors. The property market is notoriously volatile, and John Lewis is entering a competitive space. But, the company has a long history and a strong brand, which could give them a competitive edge.

The Bottom Line

John Lewis is taking a big gamble. Whether this bet will pay off remains to be seen. But one thing is certain: the company is no longer just a retailer, it is now a major player in the property market.