John Lewis Partnership has entered the retail investment market for the first time as it seeks to generate more profits from outside traditional retail.
The retailer, owner of John Lewis department stores and grocer Waitrose, has unveiled three offers for customers – two ISAs and a general investment product – focused on companies that “score highly in the areas of carbon emissions, climate change, renewable energy, social impact and ethical practices”.
The products are designed to appeal to inexperienced investors and have been devised on the back of research that showed the pandemic prompted consumers to think more about their spending and savings, but often do not know where to start.
The service is being provided in partnership with online investment advisers Nutmeg.
John Lewis financial services director Amir Goshtai said: “The pandemic has been tough for many, but others have managed to save more every month. They’ve also reassessed how they want to spend their money – more than ever, they want to secure their financial future and that of their families.
“Our products allow people to put money aside and to take that first step into what is often perceived as the complicated world of investments.
“This is where the trust and love that customers have for our brand – combined with Nutmeg’s expertise – can make a difference, while making John Lewis even more relevant for life’s big moments, whether that’s saving for a home or preparing for the arrival of a new baby.”
The new financial services offer is part of a range of initiatives under way at the Partnership to generate 40% of profits to come from outside retail by 2030, including plans to build 10,000 rental homes in the next 10 years.
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