* distribution network
  * store stock
  * employees
  * high end real estate

Sounds like a great deal for Amazon

you can't really buy employees. They can choose to quit right after.

And they don't own the real estate so that point isn't valid either. Not sure about trucking but would be surprised if they own their whole distribution network.

But they do (in some cases anyway) own the liquor licenses.

It's not just per store, it should also include all the logistics infrastructure -- warehouses, truck fleet, etc.

Last I knew (a few years ago) whole foods outsourced most of their logistics. They do have distribution centers but don't own the trucks nor related tech. In general this is a good thing, you don't want to run/own trucks unless you really have to, it's a very thin margin game that is easy to lose your shirt playing.

That's an interesting way to view it. Apple's incredible revenue/profit per sq.ft. statistic comes to mind. This isn't a real estate investment. They're buying capital to increase profits. But it's Amazon, so don't hold your breath.

There's a lot more than real estate involved in this deal.

They only own 18 of those stores, anyway.

Are they all even owned or are some leased?