The credit crunch could be about to take its toll on John Lewis’ expansion plans.
According to a report in this week’s Independent on Sunday, the department store retailer may be forced to scale back the number of new outlets it hopes to open because of the downturn in the property market.
Managing director Andy Street told the newspaper: “Yes, the brakes could be put on our rollout of stores across the UK, but it’s not down to us – it’s down to the property companies.”
With property firms cutting back on their own developments in the current economic climate, and therefore looking for fewer anchor tenants, John Lewis may not be able to realise its plans to open 11 new branches.
The retailer is opening a new department store in Leicester this Thursday, as the anchor in the new £350m Highcross Quarter scheme.