John Lewis is gearing up to buy back some of its Waitrose supermarkets under a renewed retail push.

Bosses are looking into the option of buying out landlords after building up £1.5bn in cash, as they remain confident that the retailer’s turnaround is progressing, the Telegraph reported. 

It remains unclear how many Waitrose stores the department store chain wants to buy back. However, a senior source said that the company was taking an “opportunistic” approach. 

The news comes after John Lewis scrapped plans to build 10,000 homes last week.

The business’s discussions over a buyback of its supermarkets will be seen as part of a larger spending drive at John Lewis, which is seeking to shift funds into areas which are driving its turnaround.

In an internal memo to workers, the group said that it had set aside up to £12m to enable higher pay rises for its head office staff with crucial skills, or who were considered as key talent in its turnaround efforts.

All salaried staff are anticipated to be given a minimum 2 per cent pay rise, although John Lewis said it would also let managers decide where the grant additional salary increases.

The retailer said that investment would go “where the need is greatest,” with its managers able to draw funds from its £12m pot.

Retail Gazette has contacted John Lewis for comment. 

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