Summary
John Lewis is closing its housebuilding and property management business due to higher building and borrowing costs. The company will focus on its retail brands, John Lewis and Waitrose, to simplify operations. The decision comes amid a challenging economic environment and issues within its retail division.
Key Facts
- John Lewis will stop plans to build 1,000 homes and exit its property management business.
- The company cites increased costs for borrowing and building as reasons for this decision.
- John Lewis plans to focus on its retail brands to improve finances.
- The company faced economic challenges, making the housebuilding business less viable.
- It had challenges obtaining permission and faced local opposition for some projects.
- John Lewis will complete existing management contracts before exiting property management.
- The decision is part of a broader trend affecting other housebuilders due to high costs and regulatory changes.
