Tabcorp Dividends, page-7

This stock has the same problem that the four major Banks had
Too much bricks and mortar, cost of the rental for Tab outlets is way too high and they do not seem to have implemented any strategy to reduce the size or number of the outlets
i have been past a number of outlets and they are way too big for the small number of customers (too many now converted to on line wagering) Not sure if the problem is too many unfavourable leases eg long terms and no chance of landlords giving way Until this can be solved the stock is dependant on the lottery’s business until they can reduce the size and number of the Tab outlets.
A major re rating would result if they can solve this problem (look at the small size of most bank branches compared to the past. Individual landlords could be in trouble if they find a way around this