The John Lewis Partnership (JLP) has received unanimous approval from Reading Borough Council for its £70 million plan to build 170 rental apartments in the town centre. This project, which will see the demolition of a former JLP warehouse on Mill Lane, marks a major step in the company's new strategy to diversify its revenue by entering the "build-to-rent" housing market as a landlord. The development will offer a mix of one, two, and three-bedroom energy-efficient flats, with 16% designated as affordable housing (though this is below the council's target). By regenerating an underused brownfield site and promising high-quality design, communal amenity spaces (like a gym and co-working area), and a long-term commitment to the community, JLP aims to leverage the trust associated with its retail brand to provide much-needed, high-standard rental accommodation.
BBQ - Explain a reason why a large retail business might choose to diversify its operations by moving into a completely different market, such as property and housing.
