RETAIL & COMMERCE
Retail shapeshifters
Long-term challenges are forcing retailers to rethink their core offers, with some diversifying into novel areas.
THE FUTURE 100 140
Few sectors have had a more turbulent couple of years than retail. The story of
2020 was one of deserted high streets, shuttered shops and plummeting sales. Fast-forward to today, and retailers are burdened by disrupted supply chains and labor shortages. These crises are hastening a realignment.
In times of uncertainty, adaptability is key. Enterprising retailers are
shifting gears, finding creative ways to diversify that go beyond the borders of their business.
In July 2021, John Lewis Partnership—British parent company of retail brands John Lewis & Partners and Waitrose & Partners—revealed plans to become a private landlord. With the company posting the first full-year loss since it was
founded in 1864, for the period to January 2021, diversification is a crucial plank in its turnaround strategy. A survey of its land portfolio identified excess space