John Lewis hires Martin Gafsen who led Royal Mail’s push into housing

“With an extensive and valuable property portfolio, we have an important role to play in ensuring it continues delivering value for the long term benefit of customers and Partners for generations to come.”

John Lewis wants to build 10,000 rental homes by 2030 and wants 40pc of profits to come from activities outside of retail by that point. 

Mr Gafsen’s predecessor, Mr Harris, was a pivotal figure in Dame Sharon’s push into house building and helped engineer a £500m deal with fund manager Abrdn to finance the construction of 1,000 homes in Reading, Bromley, and West Ealing.

John Lewis’s property projects have been met with local opposition. Plans to build more than 400 flats above a Waitrose in West Ealing, London, face complaints from locals over the proposed height of the 20-storey development, while a development in Bromley has drawn criticism for offering fewer affordable homes than recommended by the town council.

Planning documents also revealed the company faces making a negative return of £57m on the West Ealing development.

Aside from house building, the partnership is also pursuing an overhaul of its Waitrose stores. Some will be moved to different locations and upgraded to make them more cost-effective and energy efficient.

Dame Sharon, who joined JLP in 2020, said this month she will not seek a second term as chairman when her five-year term runs out in 2025.