Retail mergers and acquisitions present a unique opportunity for private equity investors - not just to acquire brands, but to unlock value in their store portfolios. However, too often, store performance is assessed based on current financials rather than future potential. To maximise returns, taking a strategic, location-driven approach to evaluating growth potential is key. The relatively inflexible nature of real estate investments means that location strategy is not just a short-term consideration - it’s one of the most significant decisions a company will undertake, with long-term consequences for success or failure.