The department store is looking to reduce their Oxford Street flagship store space by 40 per cent.
The news comes as John Lewis has reported a steep drop in West End footfall due to the Coronavirus pandemic, many tourists, visitors and office workers are all still not back in the city and this has massively affected performance. It has been reported that John Lewis would retain the basement, ground floor, first floor and second floor and would convert the six, seventh and eighth floor into offices.
CBRE, property adviser to John Lewis has commented: “The challenges confronting retailers are more pronounced given the Covid-19 situation, but it is important to stress that John Lewis and Partner are now leaving Oxford Street, and see the flexibility of a dual/alternative use as providing them with the opportunity to invest in the retail store for its long-term future.”
Just two months ago, the struggling retailer announced that it would be permanently closing eight of its UK stores.
