British fashion retailer John Lewis Partnership has come out with a 5-year plan!
While revealing the plan earlier yesterday (16 October), the retailer said that it plans to return to profit. The plan will focus on helping the retailer record a profit of £400 million by the end of 5 years.
Reportedly, once the profit touches £200 million – expectedly by 2022 – it will pay all its partners the real living wage.
According to Internet Retailing report, bonuses will be paid once profits hit £150 million.
The retailer also announced that it plans to achieve net zero carbon emissions by 2035- that’s 15 years earlier than what was initially planned.
John Lewis will also focus on reviving its digital business and in this process will be investing £1 billion in e-commerce business.
By 2025, the retailer hopes that 70 per cent of its sales will be online. It plans to expand the digital delivery abilities of Waitrose.com in addition to enhancing internet sales of John Lewis.
John Lewis, in its plans, also made it distinct that going forward it will be investing in personal styling and home design as well.
The plan also talks about converting excess space rented housing. Besides, the retailer will also be building partnerships with firms in areas such as financial services, rental and recycling.
Expressing optimism and delight over the plan, Chairman Sharon White said “We have seen 5 years of change in the past 5 months and Waitrose and John Lewis have responded with great agility. Our plan means the John Lewis Partnership will thrive for the next century, as it has the last.”
The 156-year-old retailer currently has 42 stores.