Hmm... I think that might be a bit unfair.
It is too early to say if this initiative into owning their own stores makes sense. Though on the one hand, to have control over their rental future makes sense, and they clearly stay at the 1 location for a long time. But in terms of returns, potentially it is not the highest ROIC they could achieve - too early for mine.
Though for anyone who is critical of management (and buying property) I recommend you look at 2020-21 releases, when they bought (ex Masters property in Brisbane, only to resell and leaseback from charter hall less then 2 years later).... made a schtonking profit on that deal..... c. $10m from memory. Anyone who bought the ex-masters warehouses seems to have made out pretty well.
Hmm... I think that might be a bit unfair.It is too early to say...
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