The company, which also owns Woolworths.co.uk, has invited its incumbent agencies to pitch for the combined account.
VCCP, the incumbent on Very.co.uk and Woolworths.co.uk, said that it will not repitch for the business.
The incumbent on the Littlewoods creative account is Contagious Content, while Addiction handles advertising for Isme.
Shop Direct is hoping the review will result in work that clearly differentiates the brands, with the pitch expected to be completed by June.
VCCP won the Very.co.uk account after a pitch in 2009 and went on to pick up Woolworths.co.uk after Shop Direct shifted it out of The Brooklyn Brothers last year.
Littlewoods came under fire for its Christmas ad last year, which was one of the most-criticised campaigns in 2011. It previously worked with Leo Burnett, which declined to repitch when a review was called a year ago.
Gareth Jones, Shop Direct’s group retail director, said: "Differentiation is key for us, so it makes real sense to create a space where our agencies can work simultaneously across our portfolio."
He added: "We are more than pleased with the results we have achieved so far with our incumbent agencies, so it is right and natural we have invited them to pitch. We believe they have the capability to help us drive our brands forward."