John Lewis Partnership is planning to buy back some of its Waitrose supermarkets under a renewed retail focus led by chair Jason Tarry.
Bosses of the upmarket supermarket are understood to be considering buying out landlords of its Waitrose shops after accumulating a £1.5bn cash pile, The Telegraph reported.
The move marks a significant change in the partnership’s fortunes, which saw the retail giant forced to sell a dozen Waitrose supermarkets in 2023 to raise £150m to help fund its turnaround.
The grocer has more than 300 stores across the UK, which rises to over 400 when including sites at service stations, airport shops and outposts in John Lewis department stores. Many of the stores are in the process of being upgraded as part of a £1bn investment programme.
It is not clear how many Waitrose supermarkets the partnership wants to buy back. However, a senior source told The Telegraph that it was taking an “opportunistic” approach.
The news comes after John Lewis announced last week that it was withdrawing from its build-to-rent property business.
The partnership said that due to rising costs and inflation, the business model “no longer met its investment criteria”.
John Lewis had made progress with schemes for 1,000 homes in Bromley, West Ealing and Reading, despite backlash from local residents and services.
The partnership said last month that it had acquired the freehold of the Hersham Green Shopping Centre in Surrey.
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