> I don't see this as a winning strategy. I wonder if most of their storefronts are leased or outright carried on their books (shades of McDonald’s strategy).

> I don't see this as a winning strategy. I wonder if most of their storefronts are leased or outright carried on their books (shades of McDonald’s strategy). If they own the dirt most of their storefronts sit upon (they have someone in corporate who manages real estate, but I can’t tell if that is just overseeing corporate property like distribution centers and offices or they pulled a McDonald’s), in some circles the real estate play is the asset and anything else is cash flow to keep the lights on.