Mutual businesses are often lumped together, but not all mutuals are created equal. Nationwide Building Society is owned by its 16 million members. SponsoredJohn Lewis is owned by its 78,000 staff, or “partners”. In the good times, when mid-market high-street retailing was a profitable endeavour, this created a virtuous circle. Happy staff gave great customer service; customers loved the brand and spent more; and John Lewis made decent money

Source: The Times February 28, 2021 00:08 UTC