John Lewis is a chain of departmental stores with operations in the United Kingdom. The store has concessions also in Australia and the Ireland Republic. The stores were founded by John Lewis in 1864. Keep reading to know more about the net worth of John Lewis in 2018.
John Lewis started a drapery shop in 1864 on Oxford Street which was later to become a flagship store. He acquired a second store in Sloane Square in 1905, by the name of Peter Jones. The idea of a partnership came in 1920 from John Spedan Lewis, who was the founders’ eldest son.
Their first purchase was the Jessop & Son in 1933. The store was situated in Nottingham. That was just the beginning, and they later got many other stores from different places. They included the ‘Selfridge Provincial Stores,’ which was a group of 16 department stores in the provincial and suburban areas.
The stores acquired many stores in London like ‘Peter Jones,’ ‘John Pound and Bon Marche,’ Robert Sayle,’ ‘John Barnes,’ ‘Tyrrel & Green’, and many others. ‘Heelas’ became part of the stores in 1953 but adopted the name in 2001.
In 1972, a John Lewis shopping store opened in Victoria Centre. Their partnership was the pioneer of central buying by launching a name for their branded merchandise in the UK, in 1937. They used ‘Jonell’ as their brand name for many years until 2001 when they replaced it with ‘John Lewis.’ Other own brands include ‘Collection Weekend by John Lewis,’ ‘Collection by John Lewis,’ and ‘John Lewis & Co.’
Most of the stores acquired by the John Lewis partnership retained their names for several years, but they have gradually rebranded to John Lewis. The only two companies that are yet to rebrand are ‘Knit & Lee’, located in Southsea, and ‘Peter Jones’, in the South West of London. Over the years, a lot of investment has been made to the stores which have cost millions of pounds. Such investment was on the original flagship store in Oxford which was refurbished in 2007 at the cost of 60 Million pounds.
They introduced ‘John Lewis at home’ stores in 2009 by opening the new one in Poole. The store was doing well, and they further began several others in three years. They also have a store in London Heathrow Airport.
As part of the achievement, John Lewis partner currently operates over 50 stores in Wales, Scotland as well as in England. They also have five stores in Australia and even in Ireland. It has over 38,100 employees in all its stores.
Net Worth & Earnings
The estimated net worth of this high-end department stores is $4.5 Billion. They have managed to accumulate this wealth from their operations in England as well as in other parts of the world. The stores are here to stay, and that means their net worth will continue to increase.
John Lewis department stores is today a name that is almost known by everybody, especially in London. It started as a small drapery store, and over the years, it has become a multinational company that is worth millions. The hard work and dedication of the founders and owners have contributed significantly to this. The sky is the limit for the John Lewis department stores.