I wouldn't be too concerned about any perceived lack of scale. HLG is doing nicely within its "own skin" with steady, planned growth. Scale doesn't always mean too much - witness WHS, Myer, etc.
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A classic buy and hold while the cycle is running up, see where things are at in a couple of years, in the mean time just watch the SP climb and collect the big divvies.
I'm with you on this McDuffy. On my Melbourne "Feild trip" the prominent shopping bags were Top man, Glassons and H&m. Topman came with much pomp and ceremony a few short years ago and is now toast. Their store is significant with multi levels. H& m have a similar size area that takes up a small entire block with multi levels. hlg here is your more typical "mall" shop. It seems to me anything with such a large physical footprint in this slick online era is the modern dinosaur. Add to Mcduffys list of Myer, Whs, ...Topman, and I'll bet H&m.
Hlg have gone the other way and split Glassons away from Brothers. They seem To be the new "mammal" in this environment "small and neat" with an excellent online platform. The only caveat to this is managing to attract the punters in but from my two day observations hlg are somehow pulling it off.( and without discounting)
If Hlg starts increasing its physical store sizes significantly then I will be first down the escalators and out the multiple exit doors.
Really looking forward to celebrating that. Huge dividends fed from Australian consumers. Almost makes up for the underarm bowling incident doesn't it :)...actually mate, it wouldn't be a first, I heard a wee rumour the other day that A2 seem to be doing more than alright over there :D