Update on John Lewis Business News: Sales Figures and Expansion Plans
John Lewis has been a household name for over a century, with its roots tracing back to 1864. It is one of the largest department store chains in the UK and has been a key player in the retail industry for many years. However, in recent times, John Lewis has faced tough competition from the rise of e-commerce and declining high street footfall, which has affected its sales. In this article, we will provide an update on John Lewis’ business news, including their sales figures and expansion plans.
Sales Figures
Sales figures are an important indicator of a company’s performance. Unfortunately, John Lewis has been struggling to keep up with the competition, and the company has seen a decline in sales in recent times. In 2019, the company announced a loss of £25.9m, and things did not improve in 2020, with a two-thirds drop in its half-year profits. However, there is some good news; the company’s digital sales have increased by 73% in the first half of 2020, which has been a positive outcome in face of the pandemic.
Expansion Plans
John Lewis has traditionally been known for its UK-based brick-and-mortar stores, but the company is now looking to expand its reach beyond its home turf. In 2018, John Lewis launched its first international store in Dubai. In addition, the company has recently announced its plans to expand to Australia, with plans to open seven stores over the next few years.
The company is also planning to expand its product offerings, with a focus on homeware and furniture. John Lewis has already added to its line-up with collaborations with designers such as Lulu Guinness, Mary Quant and Preen by Thornton Bregazzi. These collaborations and new product ranges will help the company diversify and reach new customers.
Conclusion
In conclusion, John Lewis’ sales figures may have taken a hit in recent years, but the company’s digital sales and expansion plans show that it is not down and out just yet. The company’s move towards international expansions and new product offerings could help it stay relevant in an increasingly competitive retail environment. John Lewis must adapt to stay relevant and meet the demands of modern consumers, but with 157 years of history, the company has shown the ability to adapt to changing times.
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