John Lewis chief stays upbeat for holiday sales amid ongoing economic headwinds

Peter Ruis, set to step down this month to pursue new projects, told staff he is "pretty optimistic" about the upcoming Christmas season even as the broader economy faces a "perma crisis". He pointed to tighter household budgets, especially among families with graduate-aged children, but said shoppers still value high-quality items. John Lewis is launching a new studio to create year-round social-media video content, reflecting the shift toward digital assistants and platforms as the fastest-growing discovery channels.

About 60% of its revenue now comes online, with many customers first seeing products via video. The retailer’s £800 million, five-year transformation plan includes a 300-seat restaurant with an in-house coffee roastery on Oxford Street and a £20 million redevelopment of its Glasgow store, the largest single-shop investment in recent years, alongside upgrades in Cambridge, Leicester, Reading and Liverpool.