Looking further into the posted article, here’s some comments from managing editor of Money (UK). Lewis is having problems with online competition, not from Brexit.
Martin Lane, managing editor of money.co.uk, is alarmed that profits across John Lewis’s business have all but evaporated so far this year.
“It’s no surprise John Lewis have seen a fall in consumer demand, but to make close to no profit is worrying to say the least. John Lewis are struggling to soak up rising costs whilst improving their own infrastructure. The strategic move to close a few Waitrose stores is part of a wider plan to innovate rather than expand.
“With numerous high street retailers going into administration since Christmas, this news will surely have the John Lewis board members in crisis talks.
Lane believes that Waitrose are losing out to cheaper rivals, as consumers cut back.
John Lewis’s department stores face an even bigger nemesis - the internet.
With lack of wage growth and rising living costs it’s become evident that shoppers are tightening their purse strings and saving where they can. Cheaper supermarkets like Aldi and Lidl are growing in popularity which leaves Waitrose out in the cold. John Lewis on the other hand are battling an even bigger battle - the online retail market.