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He is probably right. So many businesses have become financialized now. In the UK, John Lewis, which is/was an upmarket department store (and also owns Waitros
by nly 4y ago
He is probably right.
So many businesses have become financialized now. In the UK, John Lewis, which is/was an upmarket department store (and also owns Waitrose, a grocery store), is a mutual, owned by it's employees, but is now in the built-to-rent property market. Its literally burning the reputation and diversifying in to all kinds of gimmicks as it dies.
Sainsbury's, one of the biggest supermarket chains in the UK, has been in to lending (credit cards, loans) for decades now.
- jen20 4y agoDoes Sainsbury's lend directly or does it put its name on credit cards issued by (e.g.) MBNA like many other companies? I've never looked too much at what they're up to.
- rcarr 4y agoNot only that, it was in the paper the other day that the CEO of John Lewis wants to sell a chunk of the company to a private investor so it won't even be a full mutual any more.