REH moat, page-159

Perhaps more of a threat to the Reece empire may be the poaching of management staff from their branches. I have long considered that key management at a branch level will strive to address poor performance, including stocking, hours, customer service etc etc. Where else would you go to find key staff but the market leaders.
Combined with strong executive management change, this may preclude the need to close many of the underperforming stores and help them build acceptable return levels. Quite often it only takes a few senior staff to change teams, they then know the right managers to tap on the shoulder.
It doesn't / may not happen overnight with such a sizeable footprint, but just throwing out some possibilities.
GLTAH