John Lewis has announced proposals to close its in-store foreign exchange bureaux and dedicated gift wrapping areas, potentially affecting around 200 staff members. The high street retailer has entered a consultation period with employees, with redundancies possible in autumn if the plans are approved.
Reasons behind the proposed closures
The company cited declining demand for in-store currency exchange as customers increasingly order foreign currency online for collection or use credit cards and digital payment methods abroad. Gift wrapping services would be relocated from specialist areas to checkout tills, eliminating dedicated roles.
A John Lewis spokesperson said: “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. As a result, we're regretfully consulting with partners who currently deliver these services.” The company pledged to support affected employees throughout the process and explore redeployment opportunities.
Impact across stores
The currency exchange closure would affect 30 branches, while the gift wrapping service closure would impact 25 locations. John Lewis operates one store in Wales, located in Cardiff.
The retailer has undergone significant transformation under chair Jason Tarry, who took over in 2024 after a period of job cuts and store closures. In February, the company shut its housebuilding division, leading to further redundancies.
Recent financial recovery and bonus
In March, John Lewis announced it would award employees a bonus for the first time in four years, following improvements in profits and sales. The bonus, set at 2%, had been suspended during the Covid pandemic, marking the first such suspension since 1953.
Mr Tarry commented: “Our multi-year plan to invest in customers and our brands for the long term is working. We have grown customer numbers and achieved record satisfaction. Despite a subdued market, a challenging lead into the crucial peak period and increased taxes, we took the decision to continue investing in the business, and have delivered cash and profit growth.” He added that the company remains on track to make further progress this year.
