John Lewis Partnership unveils three-year “Rise” turnaround strategy – report

John Lewis Partnership has unveiled a three-year strategy, internally dubbed "Rise," aimed at restoring the employee-owned retailer to a market-leading position, according to staff communications obtained by the Financial Times. The initiative will be spearheaded by partnership chair Jason Tarry and seeks over £100m additional profit through a unified approach encompassing John Lewis and Waitrose loyalty schemes, Little Treats, Beauty in My John Lewis, and its retail media arm.

The partnership targets nearly doubling customer engagement with money services, expanding from 1.2 million to 2 million users. Additionally, they aim to grow the property portfolio by approximately £500m over the next decade through freehold acquisitions and lease renegotiations. The first year of the strategy focuses on laying the groundwork, addressing technology upgrades and process reliability before aiming for market leadership.

Staff have been briefed on other strategic pillars, including "John Lewis Leading Again," "Tomorrow's Value," "Fuelled Today," and "Next Level Partnership Team." Further details on John Lewis-centric plans are expected in the third quarter. Former CEO Dame Sharon White's recent ventures into rental housing and financial services have been discontinued or scaled back under Tarry's leadership.

Tarry recently described the trading environment as "really tough," citing economic impacts from the Iran war. Recent adjustments in strategy include discontinuing the Anyday budget range, refurbishing stores outside London, and introducing the Platter café and restaurant concept across 32 stores. In February, John Lewis exited its build-to-rent business, attributing the decision to a fundamental shift in economic conditions since 2020.