John Lewis has announced plans to potentially cut around 200 jobs as the retailer considers closing its in-store bureaux de change and dedicated gift wrapping services. This decision, expected to be finalized in the autumn, comes as the company responds to declining demand for these services.
Job Cuts Linked to Service Closures
The proposed job cuts will impact 30 stores where the money exchange services are currently offered and 25 stores that provide gift wrapping. A spokesperson for John Lewis stated that the closures are part of a strategy to modernize their offerings to meet evolving customer preferences. “As we focus on modernizing this proposition to meet our customers' changing needs, we’re proposing to close our in-store foreign exchange bureaux as well as our gift wrapping service,” they said.
John Lewis has seen a shift in consumer behavior, with more customers opting to purchase foreign currency online and collect it in-store. Additionally, many customers are increasingly using credit cards or digital payments while traveling abroad, leading to reduced demand for physical currency exchange services.
Impact on Staff and Company Strategy
The planned redundancies reflect ongoing changes within John Lewis, which has faced challenges in recent years under the leadership of Jason Tarry, who became chair in 2024. This follows other significant adjustments, including the closure of its housebuilding arm earlier this year, which also resulted in job losses.
