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John Lewis is facing the possibility of cutting around 200 jobs as it plans to shut down its in-store money exchange counters and eliminate dedicated gift wrapping areas. While no final verdict has been reached, these potential redundancies are expected to take place in the autumn, contingent upon approval of the current consultation process regarding these changes.
The company attributes the move to close its foreign currency exchange services to declining demand. Gift wrapping, previously handled in separate areas, is set to be relocated to checkout counters to improve accessibility. A John Lewis spokesperson assured that those impacted by the proposed closures would receive support throughout the consultation period, including help with redeployment where feasible.
Customers have increasingly preferred to order foreign currency online, collecting it from stores, or opting to use credit cards and digital payment methods when traveling abroad. The retailer noted that these evolving customer preferences have driven the need to modernise its service offerings. The closure of money exchange services will affect 30 stores, whereas the gift-wrapping service changes will impact 25 locations.
This announcement comes amidst ongoing shifts within John Lewis under the leadership of Jason Tarry, who assumed his role in 2024. The company has already undergone significant restructuring, including shutting down its housebuilding division in February, which also resulted in job losses. Despite past challenges, John Lewis recently reported improved financial results, with a 6% rise in underlying profits to £134 million and a 5% increase in sales to £13.4 billion. The supermarket chain Waitrose saw stronger sales growth at 7%, reaching £8.5 billion compared to a 3% sales increase for John Lewis stores. Additionally, the retailer plans to reward its staff with a bonus for the first time in four years, reflecting its progress following a period in which bonuses had been suspended due to the pandemic
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