Around 200 John Lewis staff could lose their jobs after the retailer announced plans to close its in-store money exchange services and dedicated gift wrapping areas, citing falling demand and changing customer habits.
The proposed cuts, which would affect 30 shops for foreign exchange and 25 for gift wrapping, are yet to be finalised. The redundancies will happen in the autumn if the consultation with staff leads to approval. A spokesperson said the company would support affected employees “throughout the consultation process and support redeployment where possible”.
“John Lewis plans to cut around 200 jobs by closing in-store bureaux de change and gift wrapping services.”
“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,” they added. “As a result, we’re regretfully consulting with partners who currently deliver these services.”
The decision comes as John Lewis undergoes a series of changes under its chair, Jason Tarry, who took over in 2024. The retailer has already cut jobs and closed several stores in recent years. In February it shut its housebuilding arm, leading to more job losses, but in March it announced it would award staff a bonus for the first time in four years after profits and sales improved.
The company’s latest results show a pre-tax loss of £21m, largely due to £120m in one-off costs related to write-downs on old technology systems. However, underlying profits rose 6% to £134m, while sales across the business increased by 5% to £13.4bn. The stronger performance came from Waitrose, where supermarket sales grew 7% to £8.5bn, compared with a 3% rise to £4.9bn at John Lewis department stores.
Customers are increasingly ordering foreign currency online and collecting it in store, the retailer said, while others use credit cards or digital payments abroad. Gift wrapping will move from a specialised area to the tills, which John Lewis said would make the service more accessible. The question now is whether the proposed cuts will be enough to balance the books as the chain continues to adapt to a rapidly changing retail landscape.