Department store John Lewis has unveiled plans to become a landlord and build homes-to-rent over the shop.
It has earmarked three sites in Reading, Berkshire, Bromley, Kent and Ealing in west London in an ambitious scheme to create 10,000 rental properties over the next 10 years.
The chain - which has just ditched its “never knowingly undersold” - slogan said the Bromley and Ealing pads would be built above Waitrose stores while an empty John Lewis warehouse in Reading would be converted into flats.
All the sites would have rentals for different size families with short and long contracts and the chance to have the rooms furnished by the department store.
And des res facilities will include rooftop gardens, gyms and shared public spaces.
Locals will be consulted over the new homes which aim to “raise standards in rental property” with detailed plans ready to view later this year.
The project is also part of its bid to raise 40% of profit from outside the retail market by 2030.
Nina Bhatia, executive director for strategy and commercial development at the John Lewis Partnership, said: “Everything people love about our brand - quality, trust and service - we want to bring to the experience of renting a home with us.
“Our role as developer and operator, as well as an already established local business and employer, signals our ambition to bring long-term value to each of these communities.
“Helping to create homes has always been at the heart of what we do and we now have a unique opportunity to use our expertise and skills in new ways to deliver much-needed new housing.”
The announcement comes as a study by NatWest revealed 57% of renters believe they will not have enough cash saved to join the property ladder until they hit their forties.
Worryingly, 26% of Generation Rent feel they will not be able to buy their own home until they are in their fifties and 13% reckon they will be approaching pension age and still be renting.
The survey of 2,000 adults found two thirds of those renting have cut back on spending from holidays and going out to buying clothes and accessories to save for a deposit.
More than half said they wanted a place of their own as it made more financial sense to pay off a mortgage than hand over rental money
And a third wanted more space without the stress of sharing digs with difficult or untidy housemates.
