BSR
BSR
  • 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
    • Seller Accounts
    • Need Help Selling?
    • Help With Finance New
    • Business Valuation
    • Business Wanted Adverts
  • Insights & News
    • View All News
    • View All Insights
  • Off-market
    • Source deals
  • Log In
  • Join Now
Join now
11111111

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

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

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

Leading Pet & Aquatic Retailer
Ickenham, South of England, UK

Established for approximately 6 years – this company has grown to become one of the leading pet and aquatic retail businesses in the area. It has a predominantly domestic customer base – the vast majority of its sales are to the domestic market.

Asking Price: £62,000
Turnover: £750,000

LEASEHOLD


E-commerce Supplier of Coffee Products
UK Wide

The company produces and supplies a wide range of coffee products created using ethically sourced beans from South America. The core products comprise wholebeans, grounds, single-origin roasts, blends, cold brews and compostable pods.

Asking Price: £300,000
Turnover: £200,000

LEASEHOLD


Luxury Vehicles Retailer Utilising a Showroom-free Business Model
UK Wide

The company offers an extensive range of luxury cars, including vehicles from prestigious manufacturers such as Aston Martin, Ferrari, Lamborghini and Rolls Royce. The business operates with a unique showroom-free approach, utilising a dedicated onli...

Asking Price: Offers Invited
Turnover: £97,000,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
07
 
Feb
 

Administrators exploring accelerated sale of telecoms contractor | ADMINISTRATION

Administrators from RSM UK Restructuring Advisory LLP are se...

 
06
 
Feb
 

M&Co brand bought out of administration, but 170 stores still to close | ADMINISTRATION

Scottish clothes retailer, M&Co has been bought out of admin...

 
06
 
Feb
 

Australian firm announced as preferred bidder for collapsed UK battery start-up | ADMINISTRATION

Recharge Industries has been named as the preferred bidder f...

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

logo
Our Services Distressed Businesses
  • Businesses for Sale
  • Distressed Companies
  • List a Business
  • Help with Finance
  • Buyer Acquisition Service
  • Small Businesses for Sale
Company Buy a Business
  • About BSR
  • Pricing
  • Insights
  • News
  • FAQs
  • Reviews
Get In Touch
020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm
About BSR
Business Sale Report is the UK's leading
independent business for sale & distressed business listing service.
Established in 1995, BSR offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.
Subscribe

Subscribe to our newsletter to receive news about the latest businesses for sale.

  • Terms
  • Privacy
  • linkedin
  • facebook
  • twitter
© 1995-2023. Business Sale Report Ltd. All rights reserved. www.business-sale.com.