Talking to a retailer in Ireland last week about how to spot a good investment opportunity, he suggested that there are three things to look for:

• elderly existing owners
• poor organisation of the shop
• tired-looking and dirty.

The list is useful as it also serves as a warning to shop operators that the basic disciplines of a good shop need to be maintained:

• clean floors
• good lighting.

Local shops are good at adapting to new opportunities but are they as good at letting go of the opportunities that have passed. Do brands that no longer sell stay on your shelves? Do you tell yourself that you are keeping this as a service to your shoppers? When you have to dust a stock-keeping unit that tells you something about its profit potential (expensive jewellery excepted!).