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John Lewis predicts 40% of future profits could come from housebuilding
Meanwhile M&S sparks outcry with Pilbrow & Partners plan to demolish Oxford Street landmark
Department store John Lewis has said it is expecting 40% of its profit to come from non-retail activities including housing within the next 10 years.
Last year the firm identified 20 of its current John Lewis and Waitrose sites for the building of “quality and sustainable housing” as it seeks to diversify from high street retail activities.
John Lewis made the pledge as it reported a £517m pre-tax loss for 2020, after being forced to write down £648m in the value of its high street stores because of the speed of the move online within the retail sector.
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