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Nigel TAYLOR Published
September 29, 2025
In its pursuit of a major cost-saving and fund-building strategy, John Lewis Partnership is understood to be in talks about raising as much as £150 million from a sale and leaseback of 12 Waitrose supermarkets.
The department store’s sister brand will begin marketing the stores from next week, which are predominantly located in the south of England with 20-year inflation-linked leases, Bloomberg has reported.
CBRE is understood to be acting as property agent, but sources told the publication that there was no certainty a deal would take place.
The Partnership, which this month announced a half-year loss of £57.3 million, aims to triple its target for cost savings to £900m by January 2026. But the firm recently said it had delayed completion of its turnaround plan by two years, with chair Sharon White blaming high inflation and the cost-of-living crisis for slowing its progress.
A further plan to cut costs includes dramatically downsizing its London headquarters, searching for new offices in central London.
The Partnership is also diversifying into property to help turn itself around, last year setting set up a ‘Build to Rent’ business to create 1,000 homes, with hopes are that this could account for 40% of the group’s profits by 2030.
John Lewis Partnership, which owns 35 department stores as well as the 329 Waitrose stores, was also considering selling a minority stake in the group to raise at least £1 billion for investment. However, White said the business would not step away from its staff-owned model after the idea of selling a stake was widely criticised.