Newsteer has reshaped John Lewis & Partners’ business rates strategy, developing a new valuation approach to reduce excessive property costs and accelerate savings across the portfolio.
The client’s challenge
Established appeal methods were taking too long and were not delivering sufficient refunds, creating a need for a different approach to valuation and settlement.
Our solution
Working as part of the JLP team, Newsteer devised a valuation methodology reflecting structural changes in market demand and negotiated portfolio-wide settlements, including prior agreements where possible.
Beyond advice: how we added value
Rather than processing store appeals one by one, the team challenged the underlying valuation methodology and used portfolio evidence to create a more efficient route to settlement.
Outcomes and impact
Reductions were agreed on all department stores for the 2017 Rating List and on the majority of the portfolio for 2023, with Newsteer retained to engage with the VOA on 2026 values and advise on new formats.
