UK retail giant set to ditch central London office space amid job losses
John Lewis is looking to cut its office space by over 50 per cent after the company seeks to drastically cut costs benefiting from a loose hybrid working approach.
The John Lewis Partnership, which also owns Waitrose, first announced its plans to move offices last year, waiting until the lease of its current Victoria HQ ran out.
Now sources have revealed that the company is looking for an office of 100,000 sq ft versus its current 220,000 sq ft residence, according to reports in The Times.
The partnership claims the move reflects the space its staff need. Fewer are coming into the office as there is no company-wide stipulation on the ratio of office to home-working days.
A spokesman for John Lewis said: “We announced last year that we’re moving to a new London office that better suits our needs when our current lease ends next year.
“Like many businesses,” he continued, “we don’t need as much space now we have a blended approach to working.”
John Lewis has been battling against inflation which “hit the company like a hurricane” according to chairman Dame Sharon White.
Losses have swelled to £230m.
In March it warned of job cuts and increased its cost-cutting target from £300m to £900m.
Dame Sharon said: “As we get more efficient, less time has to be spent on processes, things like replenishment of our shelves or night-time picking for online orders, that… inevitably means fewer partners.”