Great article. I would like to add that in terms of purchasing vs. leasing, a purchase decision can sharpen the quality of decision by management, since the decision can not be reversed so easily. If I remember correctly, Jerònimo Martins (= Biedronka) is, to some extent, leasing their stores. Compare the number of stores they have closed every year to the number of closures of Dino stores.
That's a good framework to looking at retailers. Looks like my $FND ticks lots of boxes!
Also part of your article is in Spanish.
Great article. I would like to add that in terms of purchasing vs. leasing, a purchase decision can sharpen the quality of decision by management, since the decision can not be reversed so easily. If I remember correctly, Jerònimo Martins (= Biedronka) is, to some extent, leasing their stores. Compare the number of stores they have closed every year to the number of closures of Dino stores.
Great insight!!
thank you, great take!
Great write-up! Are you planning a deep dive into banks one day? I think that'd be extremly interesting too.