John Lewis plans to build 10,000 rental homes on its land
Fascinating piece of lateral business thinking…..
John Lewis is considering plans to build 10,000 homes over the next decade as the high street store group looks to revive its flagging fortunes by becoming a landlord.
The employee-owned group, which comprises the upmarket John Lewis department stores and the Waitrose supermarkets, is understood to have identified enough excess space on the land it owns to build at least 7,000 homes.
The properties, which will range from studio flats to four-bedroom houses, will be built on sites owned by the chain, above Waitrose supermarkets or on land next to the company’s distribution centres.
Tenants of a John Lewis-owned home will have the option of renting the property fully furnished with the department store’s products or using their own. Some of its housing developments are expected to come with a concierge service, and many are expected to include a Waitrose convenience store as part of the development.