[pbnjay]

Much of these costs will be "built in" to the price per square foot. Land in Wyoming is cheap precisely BECAUSE it is empty and shopper-free - it has lower profit potential. No one will pay $10k/sq ft for space in Wyoming because it would take forever to make their money back. Simple economics - supply and demand - there is ample supply in wyoming but no demand.

Inventory is also a bad metric, Wal-Mart for example makes much of its profits by way of logistics (getting stuff onto the shelves as it sells), not by keeping inventory in stores.