Ann: 10 mths to 30-4-2017 agg sales by hn, dm & jm franchisees, page-258

"If a company uses profit/cash flow to invest in more assets which in turn will increase future profitability, then this should be a good thing (unless they overpay for the real estate/assets)."

Sums it up perfectly

The property portfolio has been one of the major differentiation points between HVN and competitors over the decades, insulates them in times of slow sales and the results over the years speak for themselves.
I never have said HVN were the best retailer, not even particularly good but they are a damn good business and poor operation at the retail and supply chain end mean there is more potential to improve.