Outgoing John Lewis boss remains optimistic for Christmas despite market pressure

Outgoing John Lewis Managing Director Peter Ruis remains optimistic about Christmas trading despite a subdued economic situation. 

Ruis, who will leave the employee-owned retailer on 6 September to pursue new projects, said customers still had money to spend despite continued pressure on household spending, but were becoming more selective about purchases.

“I’m pretty optimistic about Christmas", he said, even though "the permacrisis externally isn’t going to go away.”

Ruis added that economic pressures were affecting the families of core John Lewis customers, especially those including supporting graduate and teenage children, while concerns over interest rates were adding to uncertainty.

“John Lewis sells lots and lots of things and I think you have to be very careful with what you buy,” Ruis said. “The beauty is that people are still buying really good stuff but it isn’t an economy where you’re going to splurge, when you’ve got that inflation swirling around you.”

His comments follow news last week that searches for festive products rose by more than 33% week-on-week following the FIFA Men’s World Cup final, with seasonal interest appearing three weeks before it did in 2025. In response, John Lewis moved forward the launch date of its 2026 online Christmas shop. 

Notably, the early Christmas opening gives the retailer a longer period to convert online interest before seasonal activity expands across its 36-store estate. 

The optimistic forecast marks a change in tone from the cautious outlook set out in the partnership’s annual results in March, which was recently reinforced by John Lewis Partnership Chairman Jason Tarry, who warned that profits across John Lewis and Waitrose were being squeezed by lower sales and increased costs.

Ruis will be succeeded by Partnership board member Will Kernan in mid-September, placing the incoming Managing Director in charge ahead of the peak Christmas trading period.

Ruis urges government to not hike business rates 

Ruis also urged the government not to hike business rates on large retailers and warned that the rumoured tax rise would be “terrible” for the high street. He added that the high street is already "out of kilter" and that it was “really, really critical” that Labour not add to the business rates burden. 

This tax change would have a “terrible impact for all retailers,” Ruis said, adding that: “No-one wants those city centres, those town centres and those high streets [to have] closed shops."

The Box Studio targets social discovery

Ruis spoke at the launch of The Box Studio inside the chain’s Oxford Street flagship store, which will provide a hub for video and social content in a trial that will run until Christmas. The first Box Studio production is 'Gift List', a vodcast hosted by broadcaster and presenter Angela Scanlon that is launching today, 3 September. Each episode will feature celebrity conversations about giving and receiving gifts, with the very first episode featuring much-loved documentarian, Louis Theroux. 

“Nobody does gifting quite like John Lewis, and 'Gift List' is a celebration of all the special, funny and unforgettable moments that are created by gifting," said Rosie Hanley, John Lewis Marketing & Loyalty Director. "Angela Scanlon’s effortless humour and infectious energy make every interview feel like a catch-up over coffee with a close friend. We know our customers will be hooked from episode one."

At the launch, John Lewis noted that a growing number of its 13 million customers are now first encountering new products via video, while digital assistants and social platforms are now the fastest-growing channels through which customers find products, rather than traditional searches. The retailer also shared that around 60% of its sales are now online.

The Box Studio launch is part of a wider £800 million multi-year transformation programme that includes John Lewis' stores, technology, services and hospitality. Part of the programme saw a £50 million investment into five of its stores this year, including its Oxford Street branch, which gained a 300-seat Platter John Lewis restaurant and a new sport and wellness department.