John Lewis is proposing to close its in-store foreign exchange bureaus and dedicated gift wrapping services, a move that could lead to the loss of around 200 jobs. The company is currently consulting on redundancy plans, with potential job cuts slated for the autumn if the proposals are approved.
The decision stems from declining customer demand for these services. According to a spokesperson, customers are increasingly opting to order foreign currency online for in-store collection or utilize digital payments and credit cards while traveling abroad. The retail group also noted a shift in gift-wrapping preferences, leading to the proposal to move the service from specialized areas to store tills.
"As we focus on modernising this proposition to meet our customers' changing needs, we're proposing to close our in-store foreign exchange bureaus as well as our gift wrapping service," a spokesperson stated. "As a result, we're regretfully consulting with partners who currently deliver these services."
The closure of money exchange services would affect 30 John Lewis shops, while the gift wrapping service changes would impact 25 stores. The company has committed to supporting affected staff throughout the consultation process, including offering redeployment opportunities where possible.
These proposed changes are part of ongoing modernization efforts under the leadership of Chair Jason Tarry, who took over in 2024. The retailer has undergone significant transformations in recent years, including job cuts and store closures. In February, John Lewis closed its housebuilding arm, which also resulted in job losses. However, the company has also seen positive developments; in March, it announced plans to award staff a bonus for the first time in four years, following an improvement in profits and sales. The bonus had been suspended during the COVID-19 pandemic.
Recent financial results for John Lewis showed a pre-tax loss of £21 million, largely due to £120 million in one-off costs related to the devaluation of outdated technology systems. Despite this, underlying profits increased by 6% to £134 million, with overall sales rising 5% to £13.4 billion. Sales growth was stronger at Waitrose, John Lewis's supermarket arm, which saw a 7% increase to £8.5 billion, compared to a 3% rise to £4.9 billion at its department stores in the year ending January.