John Lewis to prioritise retail in new turnaround plan

John Lewis Partnership is going to update its turnaround strategy after chief executive Nish Kankiwala has told its staff that the business will focus on retail. 

Kankiwala, who joined the business in March, said that the Partnership has to operate under a “one retail mindset” for Waitrose, John Lewis, as well as its build-to-rent divisions and financial services. 

In the internal magazine seen by The Financial Times, Kankiwala said: “At the heart of what we want to do, we want to be a brilliant retailer that delights our customer . . . That is the strategy . . . and that’s what we’re really going to focus on, day in, day out, everywhere we go.” 

The fuller plan is believed to be presented later in January or February. 

In September, John Lewis announced that its turnaround plan had faced setbacks due to inflationary pressures, which caused a half-year loss of £57m.

The new plan will focus on four pillars – namely “We will be Distinctively Us, The Partner Difference, Simple and Productive, and Fix the Basics” – which will improve interactions with customers and increase productivity. 

Kankiwala concluded: “We don’t really want to be copying somebody else, or being a second version of something . . . the [new] strategy and plan is a partnership plan.”