John Lewis Expands into Residential Development as Part of Diversification Strategy business, fashion, fashion news

The John Lewis Partnership (JLP) is actively pursuing its diversification strategy by expanding into residential development. Aiming to generate 40% of its annual profits from non-retail ventures by 2030, the partnership recently submitted plans for a £80 million housing project in Reading, Berkshire.

This ambitious scheme, located opposite the Oracle shopping centre, proposes the transformation of a former distribution warehouse into a vibrant residential community. The development aims to deliver 215 high-quality, energy-efficient homes comprising a mix of one, two, and three-bedroom units.

Beyond individual living spaces, the project prioritizes communal well-being with the inclusion of 6,000 sq ft of internal amenity space. This will encompass areas dedicated to fitness, home working, and socialising, fostering a sense of community among residents. Furthermore, two external garden spaces and improvements to the public realm will enhance the overall living environment.

The development aligns with JLP’s commitment to sustainability, incorporating high-performance materials and renewable energy resources. Adhering to a car-free concept with exceptions for accessible parking spaces, the project promotes environmentally conscious living. In line with its social responsibility, 10% of the homes will be offered at Reading Local Housing Allowance levels, ensuring affordability within the community.

The Reading project exemplifies JLP’s commitment to fostering community partnerships. Building upon existing relationships established by local Waitrose and John Lewis shops, the development seeks to integrate seamlessly into the fabric of the neighborhood.

This initiative was introduced by outgoing chairman Dame Sharon White five years ago as part of a broader diversification strategy.

In addition to Reading, JLP has recently secured planning consent for a similar project transforming a Waitrose site in Bromley, South London. Another application is progressing in West Ealing, though it faces some opposition from local residents.

These residential developments demonstrate John Lewis’s commitment to expanding its business portfolio beyond traditional retail while contributing to the creation of sustainable and inclusive communities.