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Games Workshop: 2019 Shareholder Letter

Download Annual Report The Brick & Mortar that Could When my business partner first put this shareholder letter / annual report on my desk, I thought he was crazy. Having a quick look at the report, I could see that this company focused primarily on brick and mortar retail shops as their growth strategy, and had absolutely zero ambitions for acquiring companies, selling any of their own, or doing anything outside of keeping it alive for "forever". It's no secret that there's been a growing graveyard of bankrupt storefront retailers. If you look at the figures, consumers spent ~$517 billion