Woolworths doesn't own the property for the majority of their stores.
When I last checked, Woolworths Limited would buy land and develop a supermarket or shopping centre with their stores in it, set a contract between itself and their new supermarket/stores, then sell the property, which the new owner will pick up the contract that Woolworths Limited had already established for their new supermarket/store.
This frees up Woolworth's capital and allows them to focus on their specialty, which is retail, not property.
Woolworths next strategic move?, page-3
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