The moat here is the entry barrier in this business and deep pockets of the promoter.
However renting store was never dmart working style and now they going that way as there are pockets where even though how deep your pockets are entering not easy and Reliance is present by being a part of the brand shakari bhandar.
One need to closely monitor the numbers. Maintain growth is the key and taping new markets must be the need.
My belief on Dmart is that every country has a 10 Bn USD grocery retailer (revenue). For the same reasons, I believe Dmart is going to be India's 10B USD retailer. Which means that it will still quadruple from current valuations (or at least double). Once it reaches this scale it can probably continue growing stronger and further or may stagnate.