New John Lewis boss to launch strategic review
Struggling department store chain John Lewis is expected to launch a strategic review in a bid to rescue the business as it announces its full-year results later this week.
Former Ofcom boss Sharon White, who took over as chairman of John Lewis and Waitrose last month, and newly appointed strategy and commercial development director Nina Bhatia are preparing to unveil the review on Thursday, according to reports.
In January the partnership said full-year profits will be “substantially down” on last year and indicated that it could scrap its employee bonus
The strategic review is expected to probe the retailer’s Never Knowingly Undersold pledge and its store portfolio.
The retailer is set to announce write-downs on the value of its properties when it releases its latest financial results, according to the Sunday Times.
The newspaper also reported that White is in talks with several consultancies, including McKinsey, about undertaking the review.
A strategic plan to closer align the John Lewis and Waitrose businesses is already underway after being launched by White’s predecessor Sir Charlie Mayfield.
The shift to integrate the top teams of the two businesses has cut one in three senior management roles.
Former John Lewis boss Paula Nickolds and Rob Collins, the former head of Waitrose, have also left the business.
The retailer declined to comment.