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Burberry (Baa2 Neg, NR) store refurbishments

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Some of the £208m in capex credit help fund last year (7% of sales vs. normal ~5%) as it "prioritised store refurbishments" - even comes with a art gallery, see here.

Ex. CEO was intent on store refurbishments as a strategic priority playing down online growth in the post-covid era. We are hoping to hear some different - and hopefully not capital intensive - ideas next month from his replacement.

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Some of the £208m in capex credit help fund last year (7% of sales vs. normal ~5%) as it "prioritised store refurbishments" - even comes with a art gallery, see here.

Ex. CEO was intent on store refurbishments as a strategic priority playing down online growth in the post-covid era. We are hoping to hear some different - and hopefully not capital intensive - ideas next month from his replacement.