John Lewis and Waitrose, two prominent retail brands in the UK, have announced their decision to close over 300 stores on Boxing Day and New Year’s Day this upcoming holiday season. This move comes amidst a growing trend of supermarkets and retailers allowing their employees to take time off to spend with their families during key holiday dates.
The decision to close a significant number of stores on Boxing Day and New Year’s Day reflects a shift towards prioritizing the well-being and work-life balance of employees. Brands like Home Bargains have also chosen to close all of their branches on these key holiday dates, showing a commitment to giving their staff a well-deserved break.
While John Lewis and Waitrose will be closing over 300 stores on Boxing Day and New Year’s Day, some premium Waitrose sites attached to petrol stations will remain open during the Christmas period. Additionally, certain John Lewis stores, such as those in Trafford and Stratford shopping centers, will also stay open to cater to shoppers during the festive season.
The decision to close stores on Boxing Day raises the question of whether supermarkets should open on this day at all. It prompts a discussion about the importance of allowing employees time off to rest and recharge during the holiday season, rather than prioritizing sales and profits.
Subheadings:
John Lewis and Waitrose Prioritize Employee Well-being
Financial Performance of the John Lewis Partnership
Future Outlook and Bonus Decision
Financial Performance of the John Lewis Partnership
The John Lewis Partnership, which operates both the department store chain and Waitrose supermarket arm, reported improved financial performance in the first half of the year. Despite pre-tax losses of £30 million for the six months to July 27, down 49% from the previous year, the group expressed confidence in significantly higher annual profits as their transformation efforts begin to yield results.
The department store business of John Lewis saw a 3% decline in half-year sales, amounting to £2 billion, while Waitrose experienced a 5% growth in sales with a slight increase in average prices. The group’s cost-cutting measures, including the elimination of £78 million in costs and the reduction of 300 jobs, contributed to narrowing losses and improving financial performance.
While the consumer and economic environment remains uncertain, the John Lewis Partnership remains optimistic about a marked improvement in underlying profits by the end of the year. However, the decision regarding the reinstatement of the annual staff bonus, which has not been distributed for two consecutive years, will be made in March next year.
Future Outlook and Bonus Decision
Nish Kankiwala, the chief executive of the John Lewis Partnership, emphasized the group’s commitment to maintaining financial momentum and delivering consistent results from their ongoing transformation efforts. With a positive outlook for full-year pre-exceptional profits expected to surpass the £42 million reported in the previous year, the group remains confident in their financial performance.
Mr. Kankiwala noted that the “buzz is back at John Lewis,” indicating a renewed sense of energy and optimism within the organization. The decision on whether to reinstate the annual staff bonus will be made in due course, reflecting the group’s focus on rewarding and supporting their employees.
As the holiday season approaches, the closure of over 300 John Lewis and Waitrose stores on Boxing Day and New Year’s Day underscores a commitment to employee well-being and work-life balance. This decision aligns with a broader trend of retailers prioritizing their staff’s needs and recognizing the importance of rest and relaxation during the festive period.