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Asda is selling off 24 stores and a distribution centre – and leasing them back – to raise £568m in what has been called a “sign of weakness” as sales continue to fall.

The Leeds-based supermarket group, which is expected to release its quarterly results next week, has continued to lose market share to rivals as sales have gone backwards, despite an effort to win over shoppers with price cuts and improved stores.

Sales fell 3.9% in the three months to 2 November, according to data from Worldpanel by Numerator (formerly Kantar), which indicated a one percentage point drop in market share from a year before.

Asda’s parent group slumped to a near-£600m loss last year as sales fell and the cost of servicing its debt pile increased.

Clive Black, a retail analyst at Shore Capital, said: “From the outside it looks like a sign of weakness that tangible fixed assets are being sold at this time.”

He said the deal might help Asda to pay off debt or allow more capital to invest in the business but would also mean higher rents, meaning less cash for day-to-day operations.

“If trading was hunky dory, that can be accommodated in the big scheme of things, but that is not the case. We had expected a more stable trading position from Asda by now,” Black said. “Recent market share data has been very poor for grocery. It all feels rather tight.”

Patrick O’Brien, an analyst at GlobalData, said Asda’s promise in March under its new chair, Allan Leighton, to stir up the market with a barrage of price cuts, did not appear to have hit home.

“There was a feeling that Asda were really going to bring out the big guns and we haven’t really seen that materialise,” he said. “We have not seen that aggressiveness on price as yet.”

Nadine Houghton, a national officer for the GMB union, which represents thousands of the retailer’s workers, said there were concerns about Asda’s future in the light of the latest lease-back deal: “Asda’s owners, TDR Capital, is selling off yet more assets to settle the debt liabilities heaped on the business by its own borrowing. Debt is up, lease liabilities are up, interest payments are up – but market share and staff morale are rock bottom.”

Asda, which has 579 supermarkets, 517 Express convenience stores and 29 Asda Living general merchandise and fashion outlets in total, said it would continue to operate from the latest batch of stores to be sold off. They have gone to two buyers: DTZ Investors and Blue Owl Capital.

The deal is part of plan to cut hefty debts at Asda since a highly leveraged £6.8bn takeover in 2020 by the billionaire Issa brothers and the private equity firm TDR Capital. TDR now controls the group after buying out one of the brothers, Zuber Issa, while Mohsin Issa retains a 22% stake.

Armarveer Singh, a credit analyst at CreditSights, said the deal would negatively affect Asda’s credit rating as it would increase leasehold exposure while the proceeds of the sale and leaseback would not be used for investment or cutting the group’s main debts. Bonds fell as it emerged that the money is to be used to pay off a debt to Walmart, the US retailer that previously owned Asda and retains a 10% stake, as first reported by the Financial Times.

Asda previously sold most of its warehouses for £1.7bn in 2021, and 25 supermarkets for £650m two years later, in similar deals in which it agreed to lease back the properties. It also signed a more unusual ground rent deal for £300m in 2023.

An Asda spokesperson said: “Asda’s property strategy is centred on maintaining a strong freehold base while also taking a considered and selective approach to unlocking value from our estate where appropriate. These transactions reflect that approach, enabling us to realise value from the sites while retaining full operational control.”

KINGSTON, R.I. – Nov. 20, 2025 – Most people can recall a favorite class or teacher who left an indelible mark on their lives. While subject matter plays a role, the deeper connection often stems from how that teacher made students feel.

Fictional characters such as Mr. Miyagi in The Karate Kid or John Keating in Dead Poets Society have inspired generations of teachers with their seemingly effortless, unconventional approaches to learning.

Teaching, however, is far from effortless. Meticulous planning is required to deliver lectures with confidence and clarity, while managing a room containing anywhere from 30 to 200 different personalities. 

“In the classroom you’re up on a stage, and students are looking at you waiting for you to do something,” says Mehmet Yalcin, an associate professor of supply chain management in the University of Rhode Island’s College of Business.

As any teacher will attest, the classroom shares a striking similarity with the big stage. The performative nature of teaching, especially when it comes to presence and delivery, can shape learning experiences as much as the content itself.

Viewing the classroom as a stage and teaching as a form of performance served as the foundation for a paper co-authored by several URI faculty members, including Yalcin and fellow College of Business Associate Professor of Accounting Anis Triki. Their paper, published in the Journal on Excellence in College Teaching, looks at the relationship between theatre skills and those assuming new teaching roles. 

“I took an acting course with our Theatre Department,” said Yalcin. “In fact, I had written a proposal about getting folks trained because I trained myself during my Ph.D. years to become a better instructor.”

As part of the initiative that led to this research project, a multidisciplinary team collaborated to explore graduate students’ experiences in the classroom. The project team consisted of colleagues Rachel Walsh and Max Ponticelli from the Theater Department; Anna Santucci, from the Office for the Advancement of Teaching & Learning, Rabia Hos and Stefanie Argus from the College of Education; and Triki and Yalcin from the College of Business.

The team hosted a workshop introducing graduate teaching assistants to theatre-based strategies. With the lead of Hos, the project team surveyed and interviewed graduate students about their confidence and preparedness before they stepped into the classroom.

In the authors’ findings, many graduate teaching assistants reported feeling unprepared, citing challenges in classroom management, content delivery and even language barriers. The assistants felt they needed training on managing a classroom. Their remarks reflected the abrupt transition from student to teacher that many graduate assistants face. Nearly a third felt they needed some form of professional development. One respondent expressed concern their anxiety would impact students’ ability to learn.

“What we saw was a lot of students felt a need to be better prepared in the classroom,” said Triki. “It’s like you’re a TA, and then you’re all of a sudden pushed into a student facing role.”

Yalcin says that theatrical techniques can enhance classroom engagement and instructor confidence. And the research bears that out. 

Based on surveys following the workshop, students expressed a greater level of security in their ability. The authors’ research suggests that even brief exposure to performance-based techniques can significantly boost self-assurance.

The workshop primarily centered on incorporating essential theatre performance skills to create better instructors. This included adlibbing, a skill essential in adapting to unpredictable classroom environments, as well as leadership skills to command a room when necessary. Students who applied some of these theatre performance skills therefore felt significantly more confident in their teaching ability to “perform” on stage in the classroom.

“Using a loud voice so that the back row can hear or using gestures in thoughtful way are the skills that you’re gaining at the end of the day,” said Yalcin.

Building on insights gained through the research, the College of Business and the Harrington School of Communication and Media have begun integrating theatre modules into graduate-level teaching practicums. The next phase of research will examine the financial implications of implementing theatre training programs for graduate assistants preparing to teach.