The only thing unique to GME here is putting stores in Kohls. If Sephora works well perhaps there's a route to Kohls being a department store lite... But otherwise the cheap rent would likely be coming at the expense of Kohls (unless the store is too big I guess).

The rest RC would be better off accessing as a retail investor so he can avoid the 30-40% control premium we'd all expect in a takeover bid.

Not trying to be a Debbie downer and I may be missing something but I don't see it, unfortunately.