John Lewis is set for a big shake up. The 91-year-old partnership, which includes Waitrose, has seen a slump in profits and has been forced to cancel the staff bonus for the first time since 1953.
With more shoppers having moved online during the pandemic, John Lewis is now looking to offer more virtual services to reach new customers and aims to do 70% of its business online.
But it is also banking on a range of new services to deliver growth, from renting furniture to becoming a residential landlord, and sees an increasing shift from retail sales to services, eventually seeing 40% of its profits coming from such provision.
In her first broadcast interview, the chairman Sharon White, has been speaking to our business correspondent Emma Simpson.