John Lewis makes a pact to prioritise retail amid turnaround plan

The John Lewis Partnership is set to update its turnaround strategy. Meanwhile, the newly appointed Chief Executive, Nish Kankiwala, told staff that he was operating with a "one retail mindset" for John Lewis and Waitrose to make it a "brilliant retailer".

Not only will Kankiwala prioritise retail for Waitrose and John Lewis, but also the company’s property and financial services.

According to the Partnership’s internal magazine, reported 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."

When Sharon White joined the company in 2020, she has set out to increase profits from financial services and building rental homes on its property, in a move away from its core retail business amid increased competition in the sector. However, with White stepping down at the end of her current five-year term the company turned to the newly appointed Chief Executive to follow in M&S' footsteps and issue a comprehensive turn around plan.

John Lewis partners will be presented with a fuller plan "in January or February".

The updated strategy will centre around four pillars — "Distinctively Us, The Partner Difference, Simple and Productive, and Fix the Basics" — which are meant to improve interactions with customers, simplify the Partnership and increase productivity.

Kankiwala told staff: "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."

Back in September, The John Lewis Partnership said its five-year transformation plan launched in 2020 will take two years longer than planned as it posted another half-year loss.

Nevertheless, the group saw pre-tax losses narrow by 41% to £59 million for the six months to 29 July.