Buffett's bet on Store shows not all retail real estate is equal
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New York
WARREN Buffett is betting that some types of brick-and-mortar real estate will hold up better than others in the age of Amazon.
His Berkshire Hathaway Inc took a 9.8 per cent stake in Store Capital Corp, sending shares of the real estate investment trust surging on Monday. Unlike other retail landlords that have come under pressure as consumers shop more online, Store focuses on service properties: preschool facilities, health clubs, dine-in movie theatres and pet-care sites. Less than a fifth of its portfolio is invested in traditional retail - and even those it calls "Internet resistant", including furniture stores, hobby and craft centres, and hunting, fishing and camping shops.
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