John Lewis could soon be seen above residential property doors.John Lewis announced plans to enter the residential property market and build 10,000 homes over the next few decades.The department store chain stated that it wants to address the housing shortage in the country and help local communities.The company stated that the plans would provide a steady, long-term income for the firm as well as new job opportunities.Tenants have the option of renting furnished with John Lewis products, or their own furniture.Nina Bhatia is the executive director of strategy for John Lewis Partnership. She stated that "as a business driven to social purpose, our big ambitions are for property rental."She said that the move was "a testament to our strength and trust as a brand that is known for providing strong service."According to the company, 7,000 of its initial 10,000 homes will be located on properties in its existing portfolio of property. These sites include studio flats and houses.It also stated that some homes could be constructed on completely new sites.The developer also stated that all developments would include a concierge service, and a Waitrose convenience shop near the entrance.The Sunday Times first reported that some homes could be built on car parks in department stores, near Waitrose supermarkets, or close to distribution centers.Although the first John Lewis homes will be in south-east England, the partnership stated that it believes there are opportunities all over the country.John Lewis's traditional department stores retail business is under increasing pressure due to the decline in UK High Streets and rise of an increasingly competitive internet market.The chain has now closed approximately a third of its stores since Dame Sharon White assumed control in February 2020. It currently has 35.
