Home
Distressed Businesses
  • All Distressed Businessess
  • Administrations
  • Liquidations
  • Winding Up
  • Insolvency Advice  New
Buy a Business
  • All Businesses for Sale
  • Find a Business for Sale
  • Raising Business Finance
  • Buyer Acquisition Service   New
  • Escrow Service   New
Sell a Business
  • Sell Your Business
  • List your Business
  • Seller Accounts
  • Need Help Selling?
  • Help With Finance New
  • Corporate Services  New
  • Business Valuation
  • Business Wanted Adverts
Insights & News
  • View All News
  • View All Insights
  • Exclusive Insights New
Lens
  • Search all UK Companies  New
Log in
Join Now

Home / News / John Lewis to close eight stores as COVID-19 accelerates shift to online

John Lewis to close eight stores as COVID-19 accelerates shift to online

Thu, 09 Jul 2020 | BUSINESS NEWS



Department store chain John Lewis has said that eight of its stores will permanently close after the coronavirus pandemic accelerated the company’s shift from in-store to online retail. The company added that the stores in question had been identified as struggling prior to the pandemic

The stores to close are full-size department outlets in Birmingham and Watford, travel hub stores at Heathrow Airport and St Pancras Station and four At Home shops in Croydon, Newbury, Swindon and Tamworth.

Around 1,300 staff members at the employee-owned chain will now enter into consultations over potential redundancies. John Lewis has pledged to attempt to offer alternative roles within the business to staff made redundant.

Sharon White, John Lewis Partnership chairman, said: "Closing a shop is always incredibly difficult and today's announcement will come as very sad news to customers and partners.”

"However, we believe closures are necessary to help us secure the sustainability of the Partnership - and continue to meet the needs of our customers however and wherever they want to shop. Redundancies are always an absolute last resort and we will do everything we can to keep as many Partners as possible within our business."

Touching on the increasing importance of online retail, the company said that, previously, 40 per cent of its sales were made online but that this could rise to 60 to 70 per cent of total sales for 2020 and 2021. However, this increase in online sales is not enough to make up for store closures, with the balance of purchases tilted towards smaller items.

The company had previously said that not all of its 50 stores would reopen following lockdown. Alongside the announcement of the eight closures, however, John Lewis has set out a timetable for reopening some stores. Outlets in Aberdeen, Ashford, Brent Cross, Chichester, Oxford, Peterborough, Reading, Sheffield, Swindon and White City Westfield are set to open on July 30.

A historic and prominent retailer in the UK, John Lewis is sometimes seen as a bellweather for the wider performance of the British high street. The store closures serve to illustrate the problems afflicting high street retailers and department stores, such as declining footfall and high rents.

In this Insight piece published towards the outset of the UK’s lockdown, BSR identified how the pandemic could speed up the shift from brick and mortar to online retail.

While in this recent Insight, we forecast that changing retail trends in the wake of coronavirus could see online retail emerge as a strong M&A performer after the pandemic.


Find businesses for sale here.

If you are looking for an exit, we can help!


Share this article



Latest Businesses for Sale

Commercial Vehicle Business For Sale
UK Wide

• Leasehold premises – 8 years left • Well-presented Website • 20ft x 8ft Portable Office • 10ft x 8ft Store room container • Water & electric on site • Site can hold 40 vehicles • Vehicles not included in sale – can be purchased on top of sal...

Asking Price: £270,000
Turnover: £701,493

LEASEHOLD


Supplier of Outdoor Sporting Equipment
UK Wide

Supplies a comprehensive range of specialist high-end sporting equipment, with individual models retailing at up to £5k. Primarily sells to the general public, holiday parks and activity centres, with additional revenue generated by the film and TV p...

Asking Price: Offers Invited
Turnover: £392,000

RELOCATABLE


E-Commerce Provider of Printed Garments & Accessories
UK Wide

Rapidly expanding online retailer of distinguished garments and accessories serving a diverse client base comprising both B2B and B2C custom. Using in-house printing and manufacturing software the company has cultivated a unique portfolio of clothing...

Asking Price: Offers Invited
Turnover: £4,584,000


View more businesses for sale

News Search

Latest News

 
20
 
May
 

Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION

Bournemouth-based instant foods brand Mr Lee’s Pure Fo...

 
19
 
May
 

Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE

Legal services company Knights has acquired Portsmouth-headq...

 
18
 
May
 

Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS

Businesses in the UK look set to come under continuing press...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news


About Us

Business Sale Report is the UK's leading independent business for sale & distressed business listing service. Established in 1995, the report offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.

Our Services

Businesses for Sale
Distressed Companies
List a Business
Help with Finance
Buyer Acquisition Service
Small Businesses for Sale

Company

About Us
Insights
News
FAQs
Reviews
Terms & Conditions
Privacy Policy

Get In Touch

020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm


Sign up to our free newsletter



© 1995-2022. Business Sale Report Ltd. All rights reserved. www.business-sale.com.