The Issa brothers’ £6.8bn swoop on Asda may be an exception that proves the rule. While the forecourt convenience retail entrepreneurs have put their money into a primarily bricks-and-mortar business, other people’s cash is increasingly going elsewhere.
That applies to consumers, and therefore it is the choice too of investors, who peer over the tops of their face masks to gauge not just where the money came from yesterday, nor where it will be made today – but where the best returns will come from in future.
Investors are swinging ever more behind businesses that have strong online and multichannel operations.
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