Davy my understanding is that none of the stores are freehold - so there is no room to look at valuation of property alone as driving share price (as you could have done with UK coal some time ago) or sale and leaseback.
I also believe that many of the stores, given age, have asbestos tiles in ceiling, which although not hazardous to public, means removing them takes a lot of time and money. This makes any revamp of stores difficult. Can anyone give any more detail on this second point?
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