How supermarkets bounced back
Who would have thought ahead of this terrible pandemic that as a result of structural adjustments to the grocery trade, UK supermarket impairments would be written back to the tune of a quarter of a billion pounds in the case of Morrisons and Tesco UK alone? But that is the outcome of the tumultuous times, the writebacks reflecting the material improvement in sales and cashflows per square foot witnessed by the superstore operators since the start of the pandemic in March 2020. Most notably, the leap in supermarket revenues is a manifestation of the structural shift to online grocery shopping...