John Lewis Partnership has rolled out a three-year plan, internally called “Rise”, designed to return the employee-owned retailer to a market-leading position, according to internal staff communications reviewed by the Financial Times (FT).
Led by partnership chair Jason Tarry, the initiative is aiming for more than £100m ($135.1m) in additional profit through a “joined-up” strategy across the group’s John Lewis and Waitrose loyalty schemes, encompassing Little Treats and Beauty in My John Lewis.
The partnership is also pursuing £180m in annual profit from its retail media arm.
John Lewis intends to nearly double the number of customers using its money services, from 1.2 million to two million.
The group is also targeting roughly £500m in property portfolio growth over the next decade through freehold purchases and lease renegotiations.
The opening year of the strategy centres on “building the foundations”, covering upgrades to technology and process reliability, before the partnership works towards its goal of becoming “a market leader”.
Staff have been told that additional strategic pillars include John Lewis Leading Again, Tomorrow’s Value, Fuelled Today and Next Level Partnership Team, with further specifics on the John Lewis-focused plan expected in the third quarter.
The strategy has not been made public.
As cited in the report, Tarry told staff in May he would be “upping the ante on performance, expectations and management, speed of decision-making and execution”.
The plan arrives after ten years marked by store closures, leadership turnover and falling profits, signalling a return to core retail after former chair Dame Sharon White’s push into rental housing and financial services, both later discontinued or reduced under Tarry.
In July, Tarry described trading conditions to the partnership’s internal magazine as “really tough”, pointing to economic effects tied to the Iran war.
Recent changes noted by the FT include scrapping the budget Anyday range, refurbishing stores outside London, and rolling out the Platter café and restaurant concept across 32 stores.
In February, the retailer exited its build-to-rent business, citing a “fundamental shift” in economic conditions since 2020.
“John Lewis Partnership unveils three-year “Rise” turnaround strategy – report” was originally created and published by Retail Insight Network, a GlobalData owned brand.