JOHN Lewis is planning to build 10,000 flats and homes to rent out – with many located near Waitrose stores.
It is understood that no existing John Lewis stores will be demolished in order for the new homes to be built, according to the PA news agency.
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The high street giant will build a range of homes for rent, including studio flats to houses, and around 7,000 will be built on land it already owns.
The first properties will be built in the South East, but more homes could be built across different parts of the country.
It comes as thousands of Brits up and down the country are being priced out of buying a home of their own.
Property prices have risen at the fastest pace since 2004 as the UK’s house buying frenzy continues, with the average house now costing £245,432.
Renters looking to move into one of the retailer’s new homes can choose to get it fully furnished in John Lewis furniture as well.
The new properties will be built with a Waitrose store near the entrance.
Nina Bhatia, executive director of strategy and commercial development at John Lewis Partnership, said: “As a business driven by social purpose, we have big ambitions for moving into property rental to address the national housing shortage and support local communities.
“It will also provide a stable, long-term income for (the) partnership, new employment opportunities for our partners and plays to our strength as a trusted brand known for strong service.”
It comes as the retailer announced a £517m pre-tax loss for the year to January 30 2021, and has announced a raft of store closures.
Eight shops did not open after Covid restrictions eased for non-essential shops in April 12.
It followed on from a separate eight John Lewis store closures last year, cutting around 1,300 jobs.
Staff have also been warned they shouldn’t expect a bonus until 2022/23, as the shop struggles to recover after the impact of Covid.
John Lewis isn’t the only retailer to have been hit by the pandemic.
A number of high street giants collapsed during the Covid crisis, including Debenhams, which officially entered administration in April last year.
Six months later, Philip Green’s retail empire Arcadia, which included brands such as Topshop, Miss Selfridge and Dorothy Perkins, collapsed in November.
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