The Welsh Government has raised the minimum unit price (MUP) of alcohol by 30%, a move that on the surface looks like a public health story but carries material consequences for anyone with exposure to licensed commercial property. Pubs, bars, off-licences, convenience stores and supermarket units that sell alcohol all operate within occupier businesses whose trading margins are now directly affected by Welsh pricing law, and that in turn feeds through to rent affordability, covenant strength and asset values for the landlords who own these premises.