Staff of the John Lewis Partnership are expected to share a £140 million bonus pot this week as the retailer reveals strong full-year results boosted by its Waitrose supermarkets.
About 70,000 employees should receive bonuses worth 14% of salary, up from 13% last year. The expected bonus is equivalent to eight weeks' pay and will range from £1,500 for part-time shop staff to more than £100,000 for Charlie Mayfield, the partnership's executive chairman.
The John Lewis Partnership, which was set up in 1928 when the son of the business's founder began sharing profits with employees, is seen as a bellweather of the high street. It stood out as a success story among recession-weary retailers in last year's second half as its sales rose amid economic gloom.
Why is John Lewis so successful? It is run democratically and everyone who works within the organisation has a personal stake and thereby interest in its future. It is a success because it listens to its customers and provides them with what they want. It is an example of people working together for their common good.
John Lewis intends to extend a trial of stand-alone home and electricals stores. They currently have two; one in Poole and another in Croydon and the board gave the go-ahead for a further two stores, although locations have not yet been disclosed.
Unfortunately Waitrose only have 3 stores in Scotland at the moment and although I thought they may buy the old Somerfield stores, they are not large enough for their requirements. Perth could accommodate a John Lewis as well as a Waitrose as the catchment area is vast and ease of access and parking makes it a most desirable shopping city.
Congratulations to the John Lewis Partnership who regularly show that working together pays in more ways than one.