John Lewis announces major City Centre investment

Department store operator John Lewis has today announced its backing for two of the country's most important city centre regeneration projects, in Liverpool and Sheffield.

The company, Britain's largest employee cooperative, has signed Heads of Terms with developers Grosvenor and Hammerson for two major new shops in the Paradise Street project in Liverpool and the New Retail Quarter in Sheffield respectively.  Both will be the largest shops in their regions and will represent the next generation of John Lewis department stores.

In both cases, John Lewis will be the principal anchor of the new scheme, with good access by public and private transport.  The new shops will also benefit from adjacent high quality car parking.  The schemes are seen as core to the regeneration plans of the cities.

It is anticipated that the new department store in Liverpool will open in 2008, and Sheffield in 2009. The existing shops will relocate without any disruption in trading. 

Luke Mayhew, Managing Director of John Lewis, said, “These multi million pound investments demonstrate our commitment to the regeneration of two City Centres where we have traded very successfully over many years. Both schemes are imaginative and will greatly improve the retail offer in the region.

“These investments reflect our confidence in the regeneration plans for these City Centres.   We have no doubt that the Urban Regeneration companies and the Local Authorities will deliver the step change necessary for both these Cities to regain their position as the primary shopping destinations within their regions.”

Rod Holmes of Grosvenor, said: “We are delighted that the John Lewis Partnership has now committed to a new store within the Paradise Street project.  Their decision highlights the positive progress that is being made on the project.  It also sends out a strong message about the huge importance of the project to Liverpool.”

David Henshaw, Chief Executive of Liverpool City Council, added: “John Lewis is one of the retail giants of the High Street with a well-deserved reputation for quality and service. Their commitment to the Paradise Street scheme underlines how it will transform Liverpool into a premier retail destination, bringing new investment, jobs and prosperity to the city. Today’s announcement is another huge boost to the city and more evidence of a dynamic new Liverpool.”

Bruce Isles, Development Director of Hammerson, added: “John Lewis is at the heart of our New Retail Quarter proposals and we have worked very closely with them, the City Council and Sheffield One to create an exciting and vibrant retail destination to serve the whole region.”

Chief Executive of Sheffield City Council, Bob Kerslake, said: “This is tremendous news for Sheffield.  The NRQ is a cornerstone of the City Centre Masterplan and will have a huge impact on changing the face of Sheffield and attracting investment and jobs.  John Lewis’ commitment to the project and to the city is a critical milestone in moving the development forward.”

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