John Lewis Partnership is reportedly exploring plans to buy back a number of Waitrose supermarkets from landlords, as it doubles down on its core retail operations.
According to reports in a leading UK broadsheet newspaper, the employee-owned retailer is considering repurchasing certain stores after building up around £1.5bn in cash reserves. While the number of supermarkets under review has not been disclosed, sources close to the business suggest the approach is likely to be selective and opportunistic rather than part of a wholesale acquisition strategy.
The potential buyback forms part of a broader repositioning by the group, which has recently stepped away from its previously announced £500m build-to-rent housing programme. That scheme had been designed to diversify income streams, but was abandoned amid shifting economic conditions and a renewed focus on retail fundamentals.
Instead, John Lewis Partnership is understood to be concentrating investment on modernising its store estate, strengthening digital platforms and enhancing supply chain efficiency. Reacquiring certain Waitrose sites would give the business greater control over key trading locations and long-term asset strategy, while potentially improving balance sheet resilience.
The reported move comes as the retailer signals growing confidence in its turnaround strategy. Recent announcements include a 6.9 per cent pay rise for staff, lifting hourly rates to £13.25 nationwide and £14.80 within the M25. For full-time shop floor colleagues, this could equate to up to £1,600 in additional annual earnings, with the new rates taking effect from 1 April.
The renewed emphasis on core retail follows a period of strategic reassessment across the partnership, including the cancellation of large-scale residential development ambitions. By prioritising investment in established brands such as John Lewis and Waitrose, the group appears to be focusing on strengthening its competitive position on the high street and in food retail.
While formal details of any property transactions have yet to be confirmed, the reported buyback plans underline a shift towards consolidation and control within the partnership’s retail portfolio as it seeks to build momentum in its recovery strategy.
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