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John Lewis and Waitrose chairman Jason Tarry has warned against a proposed "warehouse tax" on large commercial properties, arguing it would harm high streets rather than help them. Writing in The Telegraph, Tarry said the tax would affect more than 200 John Lewis and Waitrose stores but only 18 distribution centres. He warned that retailers forced to balance books would cut their most expensive operations — physical stores. The warning comes ahead of Chancellor John Healey's maiden Budget later this month. Prime Minister Andy Burnham is expected to fund a 20% business rate cut for pubs and music venues by increasing rates on large warehouses. John Lewis reported a £124m pre-tax loss in its first half results last month. The retailer pays around £170m annually in business rates, its largest tax bill after wages. Tarry called for Budget commitments that no high street shop should face higher taxes.

KEY PLAYER PROFILE How JLP is building a connected retail media ecosystem around first-party data. 26 Sep 2026 John Lewis Partnership (JLP) is tackling the challenge of finding customers in an increasingly fragmented market by treating its retail media offering not as an advertising channel, but as an extension of its customer data strategy. Working with Epsilon, JLP is allowing brands to extend campaigns beyond the John Lewis and Waitrose websites into offsite environments including CTV, streaming services, online video and display advertising. At the same time, its partnership with retail media technology provider Kevel is strengthening onsite capabilities through AI-powered targeting, self-service campaign management and closed-loop measurement that links digital advertising to purchases made both online and in-store. Taken together, the two partnerships reflect one of the central themes in retail media: consumers increasingly expect brands to recognise them consistently across different environments. RetailX consumer survey results show that more than 70% of consumers believe good personalisation means a brand gets it right consistently rather than only occasionally, while more than half believe loyalty memberships result in more relevant communications. Customers are signalling that they value recognition - but only when it delivers genuinely useful experiences rather than repetitive advertising. With millions of customers shopping across both John Lewis and Waitrose, supported by extensive loyalty data and purchase histories, JLP can begin to understand customer behaviour across very different purchase journeys. Grocery shopping typically involves frequent, habitual purchasing decisions, while purchases through John Lewis often involve longer periods of consideration and research. Combining those behavioural signals creates a more complete picture of customer intent than either business could generate independently. Stay ahead of the ad curve. Get the latest retail media news, opinion and insight delivered straight to your inbox As Jemma Haley, Retail Media Lead for the John Lewis Partnership, explains: "This move is a big step forward in creating an insight-led retail media offer that spans both grocery and non-grocery. It helps us build a detailed understanding of audiences across vastly different purchase journeys, from immediate necessities to more considered items. This will enable brand partners to target smarter audiences, powered by first-party data, helping our customers discover more relevant brands." JLP's investment in measurement is equally significant. Connecting online marketing activity with offline purchasing behaviour is a persistent challenge. Traditional digital attribution often ends when a customer leaves a website, making it difficult for brands to understand whether online advertising ultimately influenced store sales. The introduction of ROPO (research online, purchase offline) measurement also begins to close that gap. By combining onsite retail media exposure with loyalty data, advertisers can understand whether customers who researched products digitally subsequently purchased in-store. The investment in AI-powered targeting through Kevel illustrates how retail media is evolving. Rather than targeting broad demographic groups, brands can build campaigns around behavioural signals, purchase intent and shopping context, and delivering more relevant communications. For Kaitlin Craig, Digital Retail Media Lead at the John Lewis Partnership, the objective is to use customer understanding to improve experiences for both shoppers and brands. "With over 160 years in retail, we hold really rich customer insights - and we're now able to share this with trusted partner brands. By targeting our retail media, we can improve the experience for brands and customers alike - whether that's reminding customers of old favourites, or helping them connect with exciting new brands. The early results are exciting, and we're only getting started." Tim Frankcom, President of Europe and APAC at Epsilon, adds: "The offsite opportunity is enormous and connecting onsite and offsite media remains a key challenge. It's all too easy to rely on retail media partners that lean heavily on third-party data, but this can result in fragmented targeting and a disjointed customer experience. JLP is taking a different approach, giving brands access to real identity - not guesswork - and campaigns that truly reflect the customer."

John Lewis losses widen to £124m amid rising costs. John Lewis Partnership has seen its pre-tax loss widen to £124 million in its first half, from £88 million a year earlier. The partnership was hit by increased costs in the period as operating became more expensive. This was attributed to increased employment costs, including the annualisation of last year's National Insurance rise, technology modernisation, and the cost of managing operations through the summer heatwaves to maintain service levels for customers. The partnership also increased staff pay by £108 million. Across the John Lewis Partnership, sales grew by 2% to £6.3 billion in the 26 weeks to 1 August, after Waitrose sales rose by 4% to £4.3 billion. Adjusted operating profit at the supermarket was £103 million, down £7 million, after it incurred the extra cost of running its operations through the heatwaves and increased investment in loyalty and lowering prices. Meanwhile, sales at John Lewis department stores declined by 2% to £2 billion, as the retailer faced a more "challenging" market. The partnership said John Lewis engaged in more promotional and clearance activity in the half year, supported by disciplined stock management, which contributed to full-price sales growing by 5.5%. The retailer's adjusted operating loss was £83 million compared to £53 million last year, following softer trading, cost growth, and the partnership's decision to continue investing in the transformation of the brand. John Lewis Partnership's pre-tax loss before exceptional items was £89 million, compared to £34 million last year. September 8, 2026 Jason Tarry, chairman of the John Lewis Partnership, said: "Its first half results reflect its continued investment in its transformation, a more challenging trading environment and the increased costs of doing business. "Partnership sales grew, customer satisfaction remains strong and the stores we've transformed are outperforming the rest of our estate. That gives us confidence in the commercial headroom for both Waitrose and John Lewis." John Lewis Partnership said it is remaining cautious in its outlook for its second half, adding that its full-year outcome will be determined by peak trading. Tarry said: "The Retail Bulletin is managing the business with discipline and have chosen to keep investing in its customers, Partners and the long-term strength of its brands. "While losses grew in the half, its employee-owned model allows The Retail Bulletin to take that longer-term view, supported by its financial strength. "As in every year, our profit is earned in the second half so our focus now is on serving customers brilliantly through our peak trading period. I'm grateful to all our partners for everything they continue to deliver."