Signals to Savour: what European grocery real estate looked like through the inflation shock
Food inflation in Germany hit 12.7% through 2022 and 2023, and the natural assumption was that grocery tenants were under pressure. However, the data says the opposite - headline inflation ran at roughly half that rate, and because rents index to the general price level while grocery turnover moves with food prices, tenants' occupancy costs actually fell. France and Spain followed the same pattern