What: John Lewis leadership reaffirmed this Christmas that their focus was exclusively on retail.

Why it is important: They have tried hard for the past 4 years to diversify. Is that a sign that retailers can not evolve into new industries?

The leadership of John Lewis and Waitrose, including outgoing chair Dame Sharon White and CEO Nish Kankiwala, has committed to prioritizing retail in their strategy to revitalize the struggling group. Emphasizing a "one retail mindset," they aim to enhance customer experience and operational simplicity across their divisions. This shift in focus comes after efforts to diversify into financial services and build-to-rent projects under White's tenure since 2020. The company, facing increased competition, also seeks to streamline and become more productive, as indicated by changes like flexible working hours at Waitrose. Despite posting a significant loss and anticipating a longer turnaround time, the leadership is determined to maintain its unique employee-owned structure and avoid mimicking competitors or adopting typical corporate strategies. This approach mirrors Marks and Spencer's successful back-to-basics turnaround. However, internal resistance was noted earlier this year when White considered selling a minority stake, a plan later abandoned. White is set to step down by February 2025, marking a brief tenure as chair.

John Lewis CEO says turnaround will focus on making a ‘brilliant retailer’