John Lewis plans to double its fashion business as part of a strategic growth initiative.
- Executive director Peter Ruis identifies market consolidation as a significant growth opportunity.
- John Lewis intends to enhance its premium assortments to attract more customers.
- The reintroduction of the ‘Never Knowingly Undersold’ pledge is aimed at boosting sales.
- Major refurbishments are planned for John Lewis stores, including the Peter Jones store.
John Lewis, the renowned department store, is embarking on a strategic initiative to enhance its fashion offerings. According to Peter Ruis, the executive director, the company aims to double its fashion business. This move is part of a broader effort to capitalise on market consolidation, which Ruis sees as a fertile ground for growth. He emphasised this point at the Drapers Inner Circle Summit 2024, stating the need for the company to assert its relevance in a competitive retail landscape.
Ruis cites a notable shift in consumer trends on Oxford Street, where there has been a consolidation from five department stores to just two over the past decade. This reduction underscores the importance of proving relevance amidst a shrinking market. John Lewis is focusing on this need by planning to ‘move our premium assortments upwards’, thereby converting traditional customers, who might have previously purchased household items, into fashion patrons.
Despite this shift towards more premium fashion offerings, Ruis reassured stakeholders that John Lewis would not desert high street brands. The store will continue to offer brands such as Mango, while also introducing new labels like Awake Mode. This balanced approach aims to retain existing customers whilst enticing new ones with diversified offerings.
A cornerstone of this strategic plan is the revamping of the ‘Never Knowingly Undersold’ pledge, now including price matching with major e-commerce platforms such as Asos and Amazon. Ruis describes this initiative as essential to maintaining the brand’s identity, akin to the iconic Burberry check, asserting that John Lewis’s commitment to competitive pricing distinguishes it in the marketplace.
In addition to these strategies, Ruis has outlined plans for extensive refurbishments across John Lewis’s retail estate over the next ten years. A focal point of these refurbishments is the Peter Jones store located on London’s Sloane Square, which Ruis envisions transforming into a world-class destination for shoppers globally.
John Lewis is poised to revitalise its fashion sector through strategic growth initiatives and substantial investments.
