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John Lewis is reportedly planning to buy back several Waitrose supermarket freeholds to strengthen its core retail operations following a significant financial recovery, according to The Telegraph.
The move marks a shift from 2023, when the partnership raised £150m by selling 12 Waitrose sites. It now holds £1m cash reserves and intends to reduce long-term rental costs.
This strategy contrasts with competitors like Asda and Morrisons, which have raised billions by selling property assets.
Executive team members are said to be adopting an “opportunistic” approach to the buybacks. The group recently acquired the freehold for Hersham Green Shopping Centre in Surrey. This follows a decision by chairman Jason Tarry to abandon a plan to build 10,000 homes, refocusing instead on high street performance.
Waitrose currently operates more than 400 sites, including 300 supermarkets and various outposts in airports and service stations. The retailer is amid a £1bn investment programme to update 150 branches and open new locations.
According to internal documents, the partnership has allocated £12m for head office pay increases. While all salaried staff will receive a 2% rise, managers can distribute extra funds to retain “key talent” necessary for the turnaround. This follows years where head office pay growth remained below the 6.9% increase given to shop floor workers this year.
Waitrose managing director Tom Denyard, who joined from Tesco in early 2026, is overseeing the shop refresh. The partnership is prioritising funds for areas that directly fuel its retail recovery.
John Lewis has been approached for comment.
