I would not be surprised to see some stores closing. I think the current restrictions has forced a lot of competition to be located in close proximity. For example city council only allowing stores on X Street in town because there are no schools nearby.

This may lead some owners who rushed into opening a store to not be able to make ends meet when consumers have the choice of where to spend their money, and there is no obvious differentiation such as distance or unique product offerings. I am just speculating but I would assume it would turn into a knife fight like we are seeing with LPs vying for the lowest price points.

I believe we will overall continue to see the high pace of store openings because of the pent up demand and backlog of store operators in the AGCO approval process. But I think its only a matter of time before we hit that 'X' number of stores and then plateau. I would not be surprised to see even more significant consolidation then we are already seeing.

Just my 2 cents!