John Lewis is creating 10,000 homes in car parks and above Waitrose, all of which will be equipped with their own merchandise.
JOHN LEWIS intends to develop 10,000 homes in the UK over the next ten years, transforming the company into a residential landlord as well as a large British corporation.
Many of the dwellings will be placed in existing parking lots, over supermarkets like Waitrose, or near distribution centers.
Homes can be rented with John Lewis department store furnishings.
A concierge will be on hand, and a Waitrose convenience store may be located at the entrance.
Studio flats to four-bedroom houses will be available.
The first is set to take place in southeast England.
Employees of John Lewis can also rent properties at a reduced cost.
John Lewis already owns a large portion of the Hampshire village of Leckford.
The corporation owns every home in the village with a green door.
The company aspires to diversify its revenue streams.
In a blow to the company’s fortunes, John Lewis has been forced to close a number of department stores.
Another eight locations were confirmed to close in the most recent closure notice, resulting in 1,465 job losses.
“The John Lewis Partnershipâ€TMs objective is that 40 percent of profits will come from new, so non-retail, areas of business by 2030,” Andrew Murphy, executive director of operations for the John Lewis Partnership, told City A.M.
Across its existing property holdings, the company has identified space for 7,000 rental properties.
It also intends to build new sites for the massive property.
On social media, Britons reacted to the news.
“How is John Lewis accomplishing more than the government has done in the last 15 years?” one Twitter user wondered.
“This is huge news,” said another. @JohnLewisRetail’s investment in social purpose and long-term financial stability is absolutely bang on.”
“However, will the #JohnLewis housing enterprise mean rental charges as exorbitant as the prices in their stores?” one queried.
“Then it’s not social housing,” one said.
Following a successful pilot, John Lewis has announced a large furniture service.
The collection sold out in 48 hours during the first testing of the furniture rental service.