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Retail giant John Lewis has unveiled plans to build 10,000 homes for rent over the next few years.
Roughly 7,000 of the homes are to be built on sites already owned by John Lewis, ranging from studio flats to houses.
The first homes are to be built in the South East of England, however the department store chain believes there are opportunities across the country.
Residents will have the option of renting flats furnished with John Lewis products and all developments will include a Waitrose convenience store near the entrance.
The announcement comes almost a year after the department store chain said it was looking for partners as it mulled converting some of its empty stores into affordable housing.
Housing was one of a number of ways in which John Lewis said it was looking to diversify the business as the COVID-19 pandemic and longer-term decline of high street retail hit profits.
John Lewis reported a £517m pre-tax loss for the year to 30 January 2021.
In March, the mutual said it expects 40% of its profits to come from non-retail activity by 2030, with other sources of income including financial services and gardening.
Over the course of the pandemic it has announced the closure of 16 of its high street department stores.
In October, Inside Housing reported that John Lewis had identified 20 sites on which it plans to build new housing, two of which it said it planned to submit planning applications for this year.
The retailer said the sites would include both social and private housing.
Nina Bhatia, executive director – strategy and commercial development at John Lewis Partnership, said: “As a business driven by social purpose, we have big ambitions for moving into property rental to address the national housing shortage and support local communities.
“It will also provide a stable, long-term income for the partnership, new employment opportunities for our partners and plays to our strength as a trusted brand known for strong service."
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