UK retailer John Lewis Partnership has plans to convert some of its outlets and a warehouse into homes through a £500m ($611m) joint venture with investment company Abrdn.

This move is a strategy of the retailer to diversify its business and forms part of a plan in 2020 to generate 40% of its earnings from outside retail segment by the end of this decade, reported Reuters.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The deal with abrdn will lead to creation of 1,000 rental homes in Bromley and West Ealing in London, and Reading, southern England.

This will enable the retailer delivering 10% of its plan to develop 10,000 new homes over the next 10 years.

Of the 10,000 homes, 5,000 would be developed on land of John Lewis’ current estate.

See Also:

These homes would range from one to three-bedroom apartment units.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The outlets of Waitrose, the upmarket grocery chain owned by the John Lewis Partnership, would be redeveloped in Bromley and West Ealing, into provide new homes and improved stores.

The vacant warehouse of employee-owned partnership would also be redeveloped.

With the government’s “help to buy” scheme coming to an end, John Lewis Partnership expects a shortfall in rental accommodation in the country.

In London, it expects a shortfall of 75,000 rental accommodation.

John Lewis Partnership executive director for strategy and commercial development Nina Bhatia said: “Our partnership with abrdn is a major milestone in our ambition to create much-needed quality residential housing in our communities.”

————————————————————————————————————–

Image: The deal with abrdn will lead to creation of 1,000 rental homes in Bromley and West Ealing in London, and Reading, southern England. Credit: John Lewis Partnership.