Changing ownership model would be ‘tragedy’, says ex-John Lewis boss
Andy Street believes the giant retailer needs to find alternative ways to navigate through its latest financial troubles
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Ex-John Lewis boss Andy Street said on Sunday that it would be a “tragedy” if the retailer changed its ownership model.
Speaking on BBC’s Sunday with Laura Kuenssberg, Street said he would not think changing the model would be a good idea because “John Lewis goes beyond a shop”.
It is reported that the current chair of the retailer Sharon White is considering selling a minority stake of the firm, which as of now is still 100% employee-owned.
According to the latest FY22 statements, John Lewis experienced a £234m loss and is currently exploring the possibility of raising money by selling shares.
However Street, who ran the company from 2007 to 2016, urged John Lewis to try and find different ways to navigate its financial troubles.
He said: “John Lewis was about a way of doing business, showing the market there was a better way almost and that’s potentially under threat. I would urge the leadership of John Lewis to think about what’s really at the heart of it, what makes it special, and hold on to that.
“Some of the best retailers at the moment, Next, Primark, Selfridges, all wonderfully successful businesses at the moment, are all proving that physical retail can still do that and that’s really the challenge to John Lewis and Waitrose.”
