Well, May saw the biggest year-on-year rise in retails since 1986 – or so official data says (see Friday’s issue) – but John Lewis isn’t seeing any of it.
2007 was the year of John Lewis. Come to think of it, the noughties has been a pretty good time for the store. While all around there was woe, John Lewis boomed.
In fairness, John Lewis had a lot of catching up to do. Ten years ago it was closed on Sundays and Mondays and didn’t take credit cards. It felt like it was run for the pleasure of the staff who are its shareholders.
These days it’s different. So what do you get when you have a superb brand name, a network of large stores and an improved worth ethic? Answer – surging sales.
Maybe the company’s good spell was really down to unleashing potential that had been under lock and key for years.
Or maybe not. Maybe John Lewis has found a magic formula.
Well, if that is so, the formula seems to need a bit more work. Sales at the department store chain fell 4.4 per cent over the last year.
“Saturday in particular was a challenge with fine weather and concern about the fuel drivers’ strike combining to drive down footfall in the regional shopping centre branches,” it said.
Not everyone was convinced by the ONS figures last week showing the surprise surge in retail sales. And they will point to the John Lewis performance as evidence that the ONS got it wrong.
On the other hand, the ONS put the good performance down to a sunny May this year, compared to a wet May last year. Meanwhile, John Lewis saw sales of electronics dip, but fashion was up 3 per cent. This is not incompatible with the ONS finding.
Maybe our thirst for fashion will be the last thing to go.
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