Around 200 John Lewis staff could lose their jobs as the retailer plans to shut its in-store money exchange services and dedicated gift wrapping areas. No final decision has been made, but the redundancies will happen in the autumn if the proposals are approved.
The move comes as the department store chain says demand for foreign currency exchange has fallen, with customers increasingly ordering money online and collecting in store – or skipping cash altogether in favour of credit cards and digital payments while abroad. Gift wrapping, currently offered in separate areas, will be moved to the tills to make it more accessible.
“Around 200 John Lewis jobs are at risk as the retailer plans to close in-store money exchange and gift wrapping services.”
A John Lewis spokesperson said the company would support affected staff “throughout the consultation process and support redeployment where possible”. They added: “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. As a result, we’re regretfully consulting with partners who currently deliver these services.”
The closure of money exchange will affect 30 shops and the end of dedicated gift wrapping will hit 25 shops.
The decision is the latest in a series of changes under chair Jason Tarry, who took over in 2024 after a turbulent period that saw job cuts and store closures. In February, John Lewis closed its housebuilding arm, leading to further redundancies. But in March the retailer announced it would award staff a bonus for the first time in four years, after scrapping the payout during the Covid pandemic – the first time since 1953.
Its latest results show a pre-tax loss of £21m, driven by £120m in one-off costs mainly linked to write-downs on old tech systems. But underlying profits rose 6% to £134m, and group sales grew 5% to £13.4bn. Waitrose outperformed, with sales up 7% to £8.5bn, compared with a 3% rise to £4.9bn at John Lewis department stores.
The redundancy consultations will determine how many of the 200 staff will be redeployed or leave. For a retailer only just returning to profitability and staff bonuses, the cuts underline the ongoing pressure to modernise in a shifting retail landscape.