The collapse of National Car Parks (NCP) has been widely attributed to the sales & lease back of its estate (to facilitate the extraction of cash by private equity owners), whose programmed-in rent rises eventually outpaced revenue growth for reasons outside NCP's control.

The Q. is whether the supermarket sector (where around 50% of stores have been sold & leased back) might be subject t the same problem if the cost of living crisis continues?

Time will tell.

#supermarkets #business
h/t FT