The pitch is being handled by the AAR and the intermediary is currently putting a shortlist of agencies together.
Lowe picked up the business in 2006 following a pitch against the incumbent, Burkitt DDB, and Delaney Lund Knox Warren & Partners.
Craig Inglis, the head of brand communications at John Lewis, said: "Our relationship with Lowe has been a happy one and they have delivered some outstanding work for us. However, as we are carefully evaluating all our costs in the current economic climate, we feel that this is the right time to put our account out for review."
Manning Gottlieb OMD and Kitcatt Nohr Alexander Shaw, John Lewis' media and direct agencies, will not be affected by the review.
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