Latest / Omni Talk Retail / Oliver Wyman's Bobby Gibbs on The Future of Grocery Retail & Walmart’s Digital Domination

Transcript

Oliver Wyman's Bobby Gibbs on The Future of Grocery Retail & Walmart’s Digital Domination · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  everyone.
• 0:00
  Welcome
• 0:01
  back.
• 0:01
  This
• 0:01
  is
• 0:01
  Omnitalk
• 0:02
  Retail.
• 0:02
  I'm
• 0:03
  Chris
• 0:03
  Walton.
• 0:03
  And
• 0:03
  I'm
• 0:04
  Anne
• 0:04
  Mazinga.
• 0:04
  And
• 0:04
  we
• 0:05
  are
• 0:05
  coming
• 0:05
  to
• 0:05
  you
• 0:05
  live,
• 0:06
  day
• 0:06
  two
• 0:06
  from
• 0:07
  FMI,
• 0:07
  from
• 0:08
  the
• 0:08
  Simbi
• 0:08
  booth,
• 0:08
  booth
• 0:09
  108,
• 0:09
  where
• 0:10
  Simbi
• 0:10
  and
• 0:10
  Omnitalk
• 0:11
  are
• 0:11
  retail's
• 0:12
  single
• 0:12
  source
• 0:13
  of
• 0:13
  truth.
• 0:14
  You
• 0:14
  brought
• 0:14
  it
• 0:14
  back
• 0:14
  today.
• 0:15
  Yep,
• 0:15
  brought
• 0:16
  it
• 0:16
  back.
• 0:16
  I'm
• 0:16
  running
• 0:16
  with
• 0:16
  that
• 0:17
  the
• 0:17
  rest
• 0:17
  of
• 0:17
  my
• 0:17
  life.
• 0:18
  I
• 0:18
  know
• 0:18
  you
• 0:18
  will.
• 0:18
  The
• 0:18
  rest
• 0:18
  of
• 0:18
  my
• 0:18
  life.
• 0:19
  I
• 0:19
  have
• 0:19
  no
• 0:19
  doubt.
• 0:19
  I
• 0:19
  actually
• 0:20
  like
• 0:20
  that
• 0:20
  tagline.
• 0:20
  It's
• 0:20
  really
• 0:21
  sharp.
• 0:22
  Yeah,
• 0:22
  Shocker.
• 0:23
  He
• 0:23
  loves
• 0:23
  it.
• 0:23
  Good
• 0:23
  job.
• 0:24
  But
• 0:24
  without
• 0:24
  further
• 0:25
  ado.
• 0:25
  What's
• 0:26
  that?
• 0:26
  I
• 0:26
  said,
• 0:26
  good
• 0:26
  job,
• 0:26
  Simbi
• 0:27
  marketing
• 0:27
  team.
• 0:27
  Yes,
• 0:27
  good
• 0:28
  job,
• 0:28
  Simbi
• 0:28
  marketing
• 0:28
  team.
• 0:29
  Well
• 0:29
  done.
• 0:29
  Well
• 0:29
  done.
• 0:30
  All
• 0:30
  right.
• 0:30
  But
• 0:30
  without
• 0:31
  further
• 0:31
  ado,
• 0:31
  I
• 0:31
  want
• 0:31
  to
• 0:31
  introduce
• 0:32
  our
• 0:32
  next
• 0:32
  guest.
• 0:32
  Today
• 0:33
  we
• 0:33
  have
• 0:33
  Bobby
• 0:33
  Gibbs.
• 0:34
  Bobby
• 0:35
  is
• 0:35
  a
• 0:35
  partner
• 0:36
  at
• 0:36
  Oliver
• 0:37
  Wyman.
• 0:37
  Bobby,
• 0:38
  thanks
• 0:38
  for
• 0:38
  coming
• 0:38
  to
• 0:39
  join
• 0:39
  us
• 0:39
  today
• 0:39
  at
• 0:39
  omnitalk
• 0:40
  and
• 0:40
  being
• 0:40
  with
• 0:40
  us
• 0:40
  at
• 0:41
  fmi.
• 0:41
  Thank
• 0:41
  you
• 0:42
  for
• 0:42
  having
• 0:42
  me.
• 0:42
  And
• 0:42
  it's
• 0:42
  really
• 0:42
  wonderful
• 0:43
  to
• 0:43
  be
• 0:43
  here
• 0:43
  at
• 0:43
  Midwinter.
• 0:44
  It's
• 0:44
  a
• 0:44
  real.
• 0:45
  It's
• 0:45
  a
• 0:45
  real.
• 0:45
  Just
• 0:46
  amazing
• 0:46
  gathering
• 0:47
  of
• 0:47
  all
• 0:47
  the
• 0:47
  leaders
• 0:47
  of
• 0:48
  the
• 0:48
  industry.
• 0:48
  That's
• 0:48
  right.
• 0:48
  I
• 0:48
  forgot
• 0:49
  they
• 0:49
  call
• 0:49
  it
• 0:49
  Midwinter.
• 0:50
  Yes.
• 0:50
  It's
• 0:51
  very,
• 0:51
  like,
• 0:51
  Shakespearean
• 0:52
  of
• 0:52
  them.
• 0:53
  It
• 0:53
  feels
• 0:53
  like.
• 0:54
  Like
• 0:54
  we're
• 0:54
  going
• 0:54
  to
• 0:54
  a
• 0:55
  play.
• 0:55
  Well,
• 0:55
  and
• 0:55
  it's
• 0:56
  a
• 0:56
  reminder
• 0:56
  of
• 0:56
  why
• 0:56
  you
• 0:56
  really
• 0:56
  want
• 0:57
  to
• 0:57
  be
• 0:57
  in
• 0:57
  South
• 0:57
  Florida,
• 0:58
  because
• 0:58
  it
• 0:58
  is
• 0:58
  Midwinter.
• 0:59
  If
• 0:59
  it
• 0:59
  was
• 0:59
  mid
• 0:59
  summer,
• 1:00
  you
• 1:00
  would
• 1:00
  want
• 1:00
  to
• 1:00
  be
• 1:00
  middle.
• 1:01
  Not
• 1:01
  so
• 1:01
  close
• 1:01
  to
• 1:01
  selling
• 1:02
  100%.
• 1:03
  That's
• 1:03
  right.
• 1:03
  That's
• 1:03
  true.
• 1:03
  Good
• 1:04
  point.
• 1:04
  Good
• 1:04
  point.
• 1:04
  Bobby,
• 1:05
  let's
• 1:05
  start
• 1:05
  by
• 1:05
  giving
• 1:06
  our
• 1:06
  listeners
• 1:06
  just
• 1:06
  a
• 1:07
  little
• 1:07
  bit
• 1:07
  of
• 1:07
  background
• 1:08
  on
• 1:08
  you
• 1:09
  and
• 1:09
  your
• 1:09
  role
• 1:09
  at
• 1:10
  Oliver
• 1:10
  Wyman.
• 1:11
  Sure.
• 1:11
  So
• 1:11
  my
• 1:12
  role
• 1:12
  is
• 1:12
  to
• 1:12
  work
• 1:12
  with
• 1:13
  our
• 1:13
  clients
• 1:13
  to
• 1:14
  improve,
• 1:14
  mostly
• 1:15
  improve
• 1:15
  their
• 1:15
  customer
• 1:16
  value
• 1:16
  proposition.
• 1:17
  So
• 1:17
  what
• 1:18
  they
• 1:18
  sell,
• 1:18
  how
• 1:19
  they
• 1:19
  sell
• 1:19
  it,
• 1:19
  what
• 1:20
  they
• 1:20
  set
• 1:20
  the
• 1:20
  prices
• 1:20
  for,
• 1:21
  what
• 1:21
  goes
• 1:21
  on
• 1:21
  the
• 1:21
  shelf,
• 1:22
  what
• 1:22
  goes
• 1:22
  online,
• 1:23
  really
• 1:23
  help
• 1:23
  them
• 1:24
  drive
• 1:24
  growth
• 1:24
  and
• 1:24
  improve
• 1:25
  performance.
• 1:25
  So,
• 1:26
  Bobby,
• 1:26
  are
• 1:27
  there
• 1:27
  any
• 1:27
  macro
• 1:27
  trends
• 1:28
  when
• 1:28
  you
• 1:28
  look
• 1:28
  across
• 1:29
  all
• 1:29
  your
• 1:29
  clients
• 1:30
  that
• 1:31
  you're
• 1:31
  seeing
• 1:31
  people
• 1:32
  try
• 1:33
  to
• 1:33
  do
• 1:33
  in
• 1:33
  regards
• 1:34
  to
• 1:34
  what
• 1:34
  you
• 1:35
  just
• 1:35
  said?
• 1:35
  Yeah.
• 1:36
  So
• 1:37
  last
• 1:37
  year
• 1:37
  was
• 1:37
  really
• 1:38
  the
• 1:38
  return
• 1:38
  of
• 1:38
  growth
• 1:38
  into
• 1:39
  food
• 1:39
  retail.
• 1:40
  So
• 1:40
  overall
• 1:41
  units
• 1:41
  were
• 1:41
  up
• 1:41
  1.1%
• 1:43
  after
• 1:43
  a
• 1:43
  year
• 1:43
  of
• 1:43
  decline
• 1:44
  and
• 1:44
  kind
• 1:44
  of
• 1:45
  giving
• 1:45
  share
• 1:45
  away
• 1:45
  into
• 1:46
  food
• 1:46
  service.
• 1:47
  And
• 1:47
  so
• 1:47
  really
• 1:47
  the
• 1:48
  theme
• 1:48
  is
• 1:48
  growth.
• 1:48
  And
• 1:49
  the
• 1:49
  big
• 1:50
  way
• 1:50
  we're
• 1:50
  talking
• 1:50
  about
• 1:50
  doing
• 1:51
  that
• 1:51
  is
• 1:51
  by
• 1:51
  winning
• 1:51
  more
• 1:52
  eating
• 1:52
  and
• 1:52
  meal
• 1:52
  occasions
• 1:53
  and
• 1:54
  by
• 1:54
  capturing
• 1:54
  more
• 1:54
  of
• 1:55
  the
• 1:55
  times
• 1:55
  of
• 1:55
  day
• 1:56
  and
• 1:56
  the
• 1:56
  times
• 1:56
  of
• 1:56
  year
• 1:57
  that
• 1:57
  people
• 1:57
  are
• 1:57
  eating
• 1:57
  and
• 1:58
  putting
• 1:59
  food
• 1:59
  retail
• 1:59
  at
• 1:59
  the
• 2:00
  center
• 2:00
  of
• 2:00
  that.
• 2:01
  Bobby,
• 2:02
  you
• 2:02
  talk
• 2:02
  to
• 2:03
  a
• 2:03
  lot
• 2:03
  of
• 2:03
  clients
• 2:03
  in
• 2:04
  this
• 2:04
  space.
• 2:04
  You've
• 2:05
  been
• 2:05
  doing
• 2:05
  this
• 2:05
  for
• 2:05
  a
• 2:05
  while.
• 2:07
  Is
• 2:07
  there
• 2:07
  anything
• 2:08
  this
• 2:08
  past
• 2:08
  year
• 2:08
  that's
• 2:09
  kind
• 2:09
  of
• 2:09
  surprised
• 2:10
  you
• 2:10
  about
• 2:11
  a
• 2:11
  direction
• 2:11
  that
• 2:12
  a
• 2:12
  company
• 2:12
  was
• 2:12
  taking,
• 2:13
  good
• 2:14
  or
• 2:14
  bad,
• 2:15
  or
• 2:15
  just
• 2:16
  something
• 2:16
  that
• 2:17
  you
• 2:17
  feel
• 2:17
  like
• 2:18
  you
• 2:18
  weren't
• 2:18
  expecting
• 2:19
  as
• 2:20
  you
• 2:20
  take
• 2:20
  a
• 2:20
  look
• 2:20
  back
• 2:21
  at
• 2:21
  the
• 2:21
  last
• 2:21
  year?
• 2:21
  So
• 2:22
  I
• 2:22
  think
• 2:22
  for
• 2:22
  me,
• 2:23
  probably
• 2:23
  the
• 2:23
  biggest
• 2:23
  surprise,
• 2:24
  and
• 2:24
  probably
• 2:24
  not
• 2:24
  a
• 2:24
  surprise
• 2:25
  to
• 2:25
  you
• 2:25
  guys
• 2:25
  though,
• 2:25
  is
• 2:25
  just
• 2:26
  the
• 2:26
  way
• 2:26
  in
• 2:26
  which
• 2:26
  Walmart
• 2:26
  has
• 2:27
  really
• 2:27
  doubled
• 2:27
  down
• 2:27
  its
• 2:28
  digital
• 2:28
  strategy
• 2:29
  and
• 2:29
  the
• 2:29
  way
• 2:29
  in
• 2:29
  which
• 2:29
  that
• 2:30
  they
• 2:30
  have
• 2:30
  brought
• 2:30
  in
• 2:31
  so
• 2:31
  many
• 2:31
  new
• 2:31
  incremental
• 2:32
  shoppers
• 2:32
  into
• 2:33
  the
• 2:33
  store.
• 2:34
  And
• 2:34
  we
• 2:34
  say
• 2:34
  into
• 2:34
  the
• 2:34
  store,
• 2:35
  really
• 2:35
  into
• 2:35
  the
• 2:35
  store
• 2:35
  area
• 2:36
  through
• 2:37
  the
• 2:38
  buy
• 2:38
  online
• 2:38
  pickup
• 2:38
  and
• 2:39
  store.
• 2:39
  Not
• 2:40
  necessarily
• 2:40
  in
• 2:40
  the
• 2:41
  store.
• 2:41
  Right?
• 2:42
  Yeah,
• 2:42
  in
• 2:42
  the
• 2:42
  ecosystem.
• 2:43
  Right.
• 2:43
  So
• 2:44
  how
• 2:44
  do
• 2:44
  you.
• 2:44
  So
• 2:45
  we've
• 2:45
  been
• 2:45
  talking
• 2:45
  about
• 2:45
  that
• 2:45
  a
• 2:45
  lot.
• 2:46
  In
• 2:46
  fact,
• 2:46
  we
• 2:46
  were
• 2:46
  just
• 2:46
  talking
• 2:47
  about
• 2:47
  it
• 2:47
  before
• 2:47
  you
• 2:47
  even
• 2:47
  showed
• 2:48
  up
• 2:48
  here,
• 2:48
  like
• 2:48
  literally
• 2:49
  before
• 2:49
  you
• 2:49
  came
• 2:49
  in.
• 2:50
  And
• 2:50
  so
• 2:51
  what
• 2:52
  is
• 2:52
  the
• 2:52
  long
• 2:52
  term
• 2:53
  implication
• 2:53
  of
• 2:53
  that?
• 2:53
  Like,
• 2:54
  if
• 2:54
  they
• 2:54
  continue
• 2:54
  to
• 2:55
  do
• 2:55
  that,
• 2:55
  what
• 2:56
  fallout
• 2:56
  will
• 2:56
  there
• 2:57
  be
• 2:57
  on
• 2:57
  the
• 2:58
  rest
• 2:58
  of
• 2:58
  the
• 2:58
  grocery
• 2:58
  industry,
• 2:58
  do
• 2:59
  you
• 2:59
  expect?
• 2:59
  Well,
• 2:59
  I
• 3:00
  mean,
• 3:00
  I
• 3:00
  think
• 3:00
  the
• 3:00
  big
• 3:00
  thing
• 3:00
  is
• 3:00
  if
• 3:01
  you
• 3:01
  look
• 3:01
  at
• 3:01
  how
• 3:01
  different
• 3:02
  food
• 3:02
  retailers
• 3:02
  make
• 3:03
  money,
• 3:03
  so
• 3:03
  many
• 3:04
  retailers
• 3:04
  now,
• 3:05
  their
• 3:05
  profit
• 3:05
  doesn't
• 3:05
  come
• 3:06
  from
• 3:06
  selling
• 3:06
  products.
• 3:06
  It
• 3:07
  comes
• 3:07
  from
• 3:07
  membership
• 3:08
  and
• 3:08
  affinity
• 3:08
  programs.
• 3:09
  It
• 3:09
  comes
• 3:09
  from
• 3:09
  data
• 3:10
  monetization.
• 3:11
  And
• 3:11
  so
• 3:11
  the
• 3:11
  idea
• 3:12
  of
• 3:12
  selling
• 3:13
  product,
• 3:13
  you
• 3:14
  know,
• 3:14
  to
• 3:14
  break
• 3:15
  even
• 3:15
  and
• 3:15
  then
• 3:16
  making
• 3:16
  money
• 3:16
  off
• 3:16
  of
• 3:17
  all
• 3:17
  of
• 3:17
  the
• 3:17
  ancillary
• 3:18
  fees.
• 3:18
  Think
• 3:18
  about
• 3:19
  the
• 3:19
  way
• 3:19
  an
• 3:19
  airline,
• 3:20
  airlines
• 3:20
  don't
• 3:21
  make
• 3:21
  money
• 3:21
  flying
• 3:21
  people.
• 3:22
  Airlines
• 3:23
  make
• 3:23
  money
• 3:23
  by
• 3:24
  having
• 3:24
  planes
• 3:24
  and
• 3:25
  selling
• 3:25
  points
• 3:25
  to
• 3:26
  banks.
• 3:26
  Retailers
• 3:27
  are
• 3:27
  now
• 3:27
  making
• 3:28
  money
• 3:28
  by
• 3:28
  having
• 3:29
  customers
• 3:29
  buy
• 3:29
  products
• 3:30
  and
• 3:30
  monetizing
• 3:31
  that
• 3:31
  data
• 3:31
  and
• 3:32
  collecting
• 3:33
  affinity
• 3:33
  program
• 3:33
  dollars
• 3:34
  and
• 3:34
  providing
• 3:35
  more
• 3:35
  than
• 3:35
  just
• 3:35
  products.
• 3:36
  But
• 3:36
  is
• 3:36
  that
• 3:36
  a
• 3:36
  sustainable
• 3:37
  model,
• 3:38
  particularly
• 3:38
  if
• 3:38
  you're
• 3:38
  losing
• 3:39
  or
• 3:40
  draining
• 3:40
  customers
• 3:41
  off
• 3:41
  to
• 3:41
  Walmart
• 3:42
  more
• 3:43
  frequently?
• 3:43
  So
• 3:44
  if
• 3:44
  you're
• 3:45
  kind
• 3:45
  of
• 3:45
  a
• 3:45
  regional
• 3:46
  chain,
• 3:46
  the
• 3:46
  answer
• 3:47
  is
• 3:47
  yes,
• 3:47
  because
• 3:47
  there's
• 3:47
  lots
• 3:48
  of
• 3:48
  places
• 3:48
  growth
• 3:48
  can
• 3:48
  come
• 3:49
  from.
• 3:49
  Growth
• 3:50
  doesn't
• 3:50
  just
• 3:50
  have
• 3:51
  to
• 3:51
  come
• 3:51
  from
• 3:51
  another
• 3:51
  retailer.
• 3:52
  It
• 3:52
  comes
• 3:52
  from
• 3:52
  people
• 3:52
  today
• 3:53
  going
• 3:53
  into
• 3:53
  food
• 3:53
  service.
• 3:54
  It
• 3:54
  comes
• 3:54
  from
• 3:55
  having
• 3:55
  people
• 3:55
  spend
• 3:56
  more
• 3:56
  on
• 3:56
  the
• 3:56
  indulgence
• 3:57
  of
• 3:58
  wonderful
• 3:58
  meal
• 3:59
  preparation.
• 3:59
  So
• 4:00
  kind
• 4:00
  of
• 4:00
  adding
• 4:01
  more
• 4:01
  variety
• 4:01
  into
• 4:02
  what
• 4:02
  you're
• 4:02
  eating.
• 4:02
  There's
• 4:03
  lots
• 4:03
  of
• 4:03
  ways
• 4:03
  to
• 4:03
  grow,
• 4:04
  and
• 4:04
  I
• 4:04
  think
• 4:04
  that
• 4:05
  you'll
• 4:05
  see
• 4:05
  the
• 4:05
  strong
• 4:05
  regional
• 4:06
  players
• 4:06
  continue
• 4:07
  to
• 4:07
  grow
• 4:08
  at
• 4:08
  the
• 4:08
  expense
• 4:08
  potentially
• 4:09
  of
• 4:09
  those
• 4:09
  regional
• 4:09
  players
• 4:10
  who
• 4:10
  aren't
• 4:10
  able
• 4:10
  to
• 4:10
  keep
• 4:11
  up.
• 4:11
  So
• 4:11
  if
• 4:11
  you
• 4:11
  were
• 4:11
  to
• 4:11
  advise
• 4:12
  the
• 4:12
  regional
• 4:12
  players,
• 4:12
  what
• 4:13
  would
• 4:13
  you
• 4:13
  be
• 4:13
  telling
• 4:13
  them
• 4:13
  to
• 4:13
  do?
• 4:14
  I
• 4:15
  think
• 4:15
  that
• 4:15
  the
• 4:15
  top
• 4:15
  thing
• 4:15
  is
• 4:16
  to
• 4:16
  keep
• 4:17
  investing
• 4:17
  your
• 4:17
  digital
• 4:17
  proposition.
• 4:18
  You
• 4:18
  know,
• 4:19
  keep
• 4:19
  finding
• 4:19
  ways
• 4:20
  to
• 4:20
  bring
• 4:20
  customers
• 4:20
  in
• 4:21
  and
• 4:21
  keep
• 4:21
  finding
• 4:21
  that
• 4:22
  differentiation.
• 4:22
  You
• 4:23
  know,
• 4:23
  so
• 4:23
  many
• 4:23
  Retailers
• 4:24
  we
• 4:24
  talk
• 4:24
  to
• 4:25
  who
• 4:25
  are
• 4:25
  kind
• 4:25
  of
• 4:25
  in
• 4:26
  that
• 4:26
  kind
• 4:26
  of
• 4:26
  middling
• 4:27
  set,
• 4:27
  they
• 4:28
  say,
• 4:28
  well,
• 4:28
  we
• 4:28
  went
• 4:28
  on
• 4:28
  value,
• 4:29
  we
• 4:29
  went
• 4:29
  on
• 4:29
  convenience,
• 4:30
  we
• 4:30
  went
• 4:30
  on
• 4:30
  fresh.
• 4:31
  The
• 4:31
  problem
• 4:32
  is
• 4:32
  if
• 4:32
  every
• 4:32
  single
• 4:32
  retailer
• 4:33
  is
• 4:33
  trying
• 4:33
  to
• 4:33
  win
• 4:33
  on
• 4:34
  value,
• 4:34
  convenience
• 4:34
  and
• 4:34
  fresh,
• 4:35
  no
• 4:36
  one's
• 4:36
  gonna
• 4:36
  win
• 4:36
  because
• 4:37
  they're
• 4:37
  all
• 4:37
  gonna
• 4:37
  have
• 4:37
  the
• 4:37
  same
• 4:38
  proposition.
• 4:38
  Right?
• 4:38
  Right.
• 4:39
  Bobby,
• 4:40
  one
• 4:40
  thing
• 4:40
  that
• 4:40
  you
• 4:40
  mentioned
• 4:41
  as
• 4:41
  a
• 4:41
  way
• 4:41
  to
• 4:42
  get
• 4:42
  incremental
• 4:43
  revenue
• 4:44
  is
• 4:44
  food
• 4:44
  service
• 4:45
  in
• 4:45
  the
• 4:45
  store.
• 4:45
  It's
• 4:45
  something
• 4:46
  that
• 4:46
  we've
• 4:46
  been
• 4:46
  hearing
• 4:46
  from
• 4:47
  a
• 4:47
  lot
• 4:47
  of
• 4:47
  retailers
• 4:49
  that
• 4:49
  they're
• 4:49
  looking
• 4:50
  into,
• 4:50
  like
• 4:50
  to
• 4:51
  differentiate
• 4:51
  themselves
• 4:52
  from
• 4:52
  the
• 4:52
  Walmarts,
• 4:52
  to
• 4:53
  get
• 4:53
  people
• 4:53
  to
• 4:53
  come
• 4:54
  back
• 4:54
  to
• 4:54
  their
• 4:54
  stores,
• 4:55
  to
• 4:55
  use
• 4:55
  their
• 4:55
  stores
• 4:55
  as
• 4:56
  community
• 4:56
  connection
• 4:57
  places.
• 4:58
  What
• 4:59
  would
• 4:59
  your
• 4:59
  advice
• 4:59
  be
• 5:00
  for
• 5:00
  those
• 5:00
  retailers
• 5:01
  who
• 5:01
  are
• 5:02
  pretty,
• 5:02
  they're
• 5:03
  even
• 5:03
  taking
• 5:03
  product
• 5:04
  off
• 5:04
  the
• 5:04
  floor
• 5:05
  pad
• 5:05
  in
• 5:05
  some
• 5:05
  cases
• 5:05
  to
• 5:06
  make
• 5:06
  more
• 5:06
  room
• 5:06
  for
• 5:06
  these
• 5:07
  community
• 5:07
  spaces
• 5:07
  that
• 5:08
  then
• 5:08
  have
• 5:08
  to
• 5:08
  be
• 5:08
  activated.
• 5:09
  They
• 5:09
  have
• 5:09
  to
• 5:10
  have
• 5:10
  traffic
• 5:10
  too.
• 5:11
  What
• 5:11
  would
• 5:12
  you
• 5:12
  advise
• 5:12
  them
• 5:13
  as
• 5:13
  they're
• 5:13
  kind
• 5:13
  of
• 5:13
  embarking
• 5:14
  on
• 5:14
  that
• 5:14
  journey
• 5:14
  for
• 5:14
  differentiation?
• 5:15
  You
• 5:15
  know,
• 5:16
  I
• 5:16
  think
• 5:16
  for
• 5:16
  me
• 5:16
  it's
• 5:16
  less
• 5:17
  about
• 5:17
  the
• 5:17
  food
• 5:17
  service
• 5:18
  and
• 5:18
  more
• 5:18
  about
• 5:18
  thinking
• 5:18
  about
• 5:19
  the
• 5:19
  job
• 5:19
  that's
• 5:20
  to
• 5:20
  be
• 5:20
  done.
• 5:20
  In
• 5:20
  this
• 5:20
  case,
• 5:21
  it's
• 5:21
  putting
• 5:21
  something
• 5:21
  that
• 5:21
  you're
• 5:22
  proud
• 5:22
  of
• 5:22
  on
• 5:22
  the
• 5:22
  table
• 5:23
  for
• 5:23
  your
• 5:24
  family,
• 5:24
  for
• 5:24
  your
• 5:24
  friends,
• 5:25
  even
• 5:25
  for
• 5:25
  yourself.
• 5:26
  Okay.
• 5:27
  It
• 5:27
  is
• 5:27
  a
• 5:27
  real
• 5:28
  challenge
• 5:28
  for
• 5:28
  food
• 5:28
  retailers
• 5:29
  to
• 5:29
  help
• 5:29
  people
• 5:30
  regain
• 5:30
  the
• 5:31
  love
• 5:31
  of
• 5:31
  cooking,
• 5:31
  the
• 5:31
  love
• 5:32
  of
• 5:32
  preparation
• 5:33
  and
• 5:33
  be
• 5:34
  convenient
• 5:34
  at
• 5:34
  the
• 5:34
  same
• 5:34
  time.
• 5:36
  People
• 5:36
  are
• 5:36
  time
• 5:37
  starved
• 5:37
  and
• 5:37
  people
• 5:38
  want
• 5:38
  to
• 5:38
  put
• 5:38
  something
• 5:38
  really
• 5:38
  great
• 5:39
  on
• 5:39
  the
• 5:39
  table.
• 5:40
  And
• 5:40
  I
• 5:40
  think
• 5:40
  food
• 5:40
  retailers
• 5:41
  who
• 5:41
  do
• 5:42
  can
• 5:42
  solve
• 5:42
  both
• 5:42
  of
• 5:42
  those
• 5:43
  or
• 5:43
  are
• 5:43
  well
• 5:43
  positioned
• 5:44
  to
• 5:44
  grow.
• 5:44
  So
• 5:44
  do
• 5:44
  you
• 5:45
  see
• 5:45
  that
• 5:45
  taking
• 5:46
  place
• 5:46
  in
• 5:46
  own
• 5:47
  brands
• 5:47
  trying
• 5:48
  to
• 5:48
  create
• 5:48
  better
• 5:48
  products,
• 5:49
  better
• 5:49
  partnerships,
• 5:50
  assortment?
• 5:51
  I
• 5:51
  see
• 5:51
  it
• 5:52
  as
• 5:52
  more
• 5:52
  about
• 5:52
  cross
• 5:52
  merchandising.
• 5:53
  So
• 5:53
  thinking
• 5:53
  about
• 5:54
  bringing
• 5:54
  your
• 5:54
  fresh
• 5:55
  product,
• 5:56
  your
• 5:56
  grocery,
• 5:57
  into
• 5:58
  parts
• 5:58
  of
• 5:58
  the
• 5:58
  store
• 5:58
  that
• 5:59
  aren't
• 5:59
  just,
• 5:59
  okay,
• 6:00
  pasta
• 6:00
  aisle,
• 6:00
  pasta
• 6:01
  sauce
• 6:01
  aisle,
• 6:01
  cereal,
• 6:02
  but
• 6:03
  here's
• 6:03
  my
• 6:03
  dinner
• 6:04
  part
• 6:04
  of
• 6:04
  the
• 6:04
  store
• 6:05
  and
• 6:05
  it's
• 6:05
  my
• 6:05
  fresh,
• 6:06
  it's
• 6:06
  my
• 6:06
  protein
• 6:07
  in
• 6:07
  the
• 6:07
  center.
• 6:08
  And
• 6:08
  I'm
• 6:08
  going
• 6:08
  to
• 6:08
  have
• 6:09
  some
• 6:09
  national
• 6:09
  brand
• 6:09
  products
• 6:10
  in
• 6:10
  there
• 6:10
  that
• 6:10
  are
• 6:10
  funded.
• 6:10
  I'm
• 6:10
  going
• 6:11
  to
• 6:11
  have
• 6:11
  some
• 6:11
  private
• 6:11
  brand,
• 6:12
  but
• 6:12
  really
• 6:12
  kind
• 6:13
  of
• 6:13
  building
• 6:13
  your
• 6:13
  merchandising
• 6:14
  strategy
• 6:14
  around
• 6:15
  the
• 6:15
  entire
• 6:16
  plate.
• 6:16
  Okay.
• 6:17
  Going
• 6:17
  back
• 6:17
  to
• 6:17
  differentiated
• 6:18
  product
• 6:18
  too.
• 6:18
  So,
• 6:19
  you
• 6:19
  know,
• 6:19
  some,
• 6:20
  you
• 6:20
  know,
• 6:20
  you
• 6:20
  said
• 6:20
  that's
• 6:20
  a
• 6:20
  key
• 6:21
  piece
• 6:21
  for
• 6:21
  the
• 6:22
  regional
• 6:22
  grocers.
• 6:23
  And
• 6:23
  going
• 6:24
  kind
• 6:24
  of
• 6:24
  coming
• 6:24
  off
• 6:25
  Anne's
• 6:25
  question
• 6:25
  too.
• 6:26
  Does
• 6:26
  it
• 6:26
  differentiate
• 6:26
  product?
• 6:27
  Given
• 6:27
  the
• 6:27
  rise
• 6:28
  of
• 6:28
  online
• 6:28
  and
• 6:28
  the
• 6:28
  rise
• 6:29
  of
• 6:29
  online
• 6:29
  marketplaces
• 6:30
  and
• 6:30
  how
• 6:30
  easy
• 6:30
  available
• 6:31
  products
• 6:31
  are
• 6:31
  these
• 6:31
  days,
• 6:32
  does
• 6:33
  it
• 6:33
  almost
• 6:33
  necessitate
• 6:34
  that
• 6:34
  that
• 6:34
  product
• 6:35
  differentiation
• 6:35
  get
• 6:35
  created
• 6:36
  in
• 6:36
  house
• 6:36
  through
• 6:37
  the
• 6:37
  own
• 6:37
  brands
• 6:37
  versus
• 6:38
  trying
• 6:38
  to
• 6:38
  Go
• 6:39
  and
• 6:39
  partner
• 6:39
  with
• 6:39
  the
• 6:39
  national
• 6:40
  brands
• 6:40
  for
• 6:40
  those
• 6:40
  types
• 6:41
  of
• 6:41
  goods.
• 6:42
  Does
• 6:42
  it
• 6:42
  necessitate.
• 6:43
  No.
• 6:43
  I
• 6:43
  mean,
• 6:44
  you're
• 6:44
  always
• 6:44
  going
• 6:44
  to
• 6:44
  have
• 6:44
  companies
• 6:45
  like
• 6:45
  Trader
• 6:45
  Joe's
• 6:46
  that
• 6:46
  are
• 6:46
  just
• 6:46
  really
• 6:47
  differentiated
• 6:47
  in
• 6:47
  what
• 6:48
  they
• 6:48
  offer
• 6:48
  in
• 6:48
  the
• 6:48
  market.
• 6:49
  But
• 6:49
  every
• 6:50
  retailer
• 6:50
  doesn't
• 6:50
  have
• 6:50
  to
• 6:51
  be
• 6:51
  Trader
• 6:51
  Joe's.
• 6:51
  Now,
• 6:52
  if
• 6:52
  they
• 6:52
  can
• 6:52
  find
• 6:53
  some
• 6:53
  element
• 6:53
  that
• 6:53
  fits
• 6:54
  them,
• 6:54
  all
• 6:54
  the
• 6:54
  better.
• 6:55
  But
• 6:55
  there
• 6:55
  are
• 6:55
  a
• 6:55
  lot
• 6:55
  of
• 6:56
  great
• 6:56
  innovations
• 6:56
  coming
• 6:57
  out
• 6:57
  of
• 6:57
  national
• 6:57
  brand
• 6:58
  products.
• 6:58
  What
• 6:58
  you
• 6:59
  need
• 6:59
  is
• 6:59
  the
• 6:59
  right
• 6:59
  merchandising
• 7:00
  strategy
• 7:00
  to
• 7:00
  link
• 7:01
  that
• 7:01
  into
• 7:02
  a
• 7:02
  great
• 7:02
  fresh
• 7:03
  assortment.
• 7:03
  Again,
• 7:03
  you
• 7:03
  can't
• 7:04
  win
• 7:04
  just
• 7:04
  with
• 7:04
  fresh,
• 7:05
  but
• 7:05
  you
• 7:05
  still
• 7:06
  fresh
• 7:06
  as
• 7:06
  the
• 7:06
  bar.
• 7:07
  Exactly.
• 7:07
  Yeah.
• 7:07
  Right,
• 7:07
  right.
• 7:08
  Like
• 7:08
  Sprouts
• 7:08
  is
• 7:08
  a
• 7:09
  good
• 7:09
  example
• 7:09
  of
• 7:09
  that.
• 7:09
  Like,
• 7:09
  they
• 7:10
  find
• 7:10
  the
• 7:10
  national
• 7:10
  brand
• 7:11
  really
• 7:12
  cool.
• 7:12
  New
• 7:12
  brands
• 7:12
  that
• 7:13
  they
• 7:13
  come
• 7:13
  in,
• 7:13
  they
• 7:14
  put
• 7:14
  them
• 7:14
  in
• 7:14
  the
• 7:14
  store,
• 7:14
  have
• 7:14
  a
• 7:15
  merchandise
• 7:15
  team
• 7:15
  for
• 7:15
  that,
• 7:16
  and
• 7:16
  have
• 7:16
  great
• 7:16
  fresh,
• 7:16
  too.
• 7:17
  And
• 7:17
  I
• 7:17
  think
• 7:18
  you
• 7:18
  spoke
• 7:18
  to
• 7:19
  Stan
• 7:19
  from
• 7:19
  Sprouts
• 7:20
  earlier,
• 7:21
  and
• 7:21
  I'm
• 7:21
  sure
• 7:21
  you
• 7:22
  talked
• 7:22
  about
• 7:22
  this.
• 7:22
  Their
• 7:22
  real
• 7:23
  challenge
• 7:23
  is
• 7:23
  the
• 7:24
  number
• 7:24
  of
• 7:24
  in
• 7:24
  and
• 7:24
  outs
• 7:25
  that
• 7:25
  they
• 7:25
  do
• 7:25
  throughout
• 7:25
  the
• 7:25
  year
• 7:26
  to
• 7:26
  kind
• 7:26
  of
• 7:26
  keep
• 7:26
  up
• 7:26
  that
• 7:26
  innovation.
• 7:27
  There's
• 7:28
  lots
• 7:28
  of
• 7:28
  rooms
• 7:28
  to
• 7:29
  win.
• 7:29
  They
• 7:29
  found
• 7:29
  one.
• 7:30
  Most
• 7:31
  retailers
• 7:31
  will
• 7:31
  struggle
• 7:32
  with
• 7:32
  that
• 7:32
  amount
• 7:32
  of
• 7:32
  innovation.
• 7:33
  What's
• 7:33
  really
• 7:33
  great
• 7:33
  about
• 7:34
  Sprouts
• 7:34
  is
• 7:34
  they
• 7:35
  found
• 7:35
  a
• 7:35
  way
• 7:35
  to
• 7:35
  do
• 7:35
  that.
• 7:35
  Yeah,
• 7:36
  right.
• 7:37
  Across
• 7:37
  multiple
• 7:37
  states,
• 7:38
  too.
• 7:38
  Right?
• 7:38
  Yes.
• 7:39
  Well,
• 7:39
  Bobby,
• 7:40
  let's
• 7:40
  conclude
• 7:41
  with
• 7:42
  some
• 7:42
  of
• 7:42
  your
• 7:42
  predictions
• 7:43
  for
• 7:43
  kind
• 7:43
  of
• 7:44
  where
• 7:44
  the
• 7:44
  grocery
• 7:44
  industry
• 7:45
  is
• 7:45
  headed
• 7:45
  here
• 7:46
  in
• 7:46
  2025.
• 7:47
  What
• 7:47
  do
• 7:47
  you
• 7:47
  think
• 7:48
  some
• 7:48
  of
• 7:48
  the
• 7:48
  biggest
• 7:48
  things
• 7:49
  are
• 7:49
  that
• 7:49
  we'll
• 7:49
  be
• 7:49
  talking
• 7:50
  about?
• 7:50
  That
• 7:51
  happened
• 7:51
  in
• 7:51
  2025,
• 7:52
  when
• 7:52
  we're
• 7:52
  at
• 7:53
  Midwinter
• 7:53
  in
• 7:53
  2026.
• 7:54
  Yeah.
• 7:54
  So
• 7:55
  I
• 7:55
  think
• 7:56
  a
• 7:56
  year
• 7:56
  from
• 7:56
  now,
• 7:56
  we're
• 7:56
  going
• 7:56
  to
• 7:56
  look
• 7:57
  back
• 7:57
  and
• 7:57
  be
• 7:57
  really
• 7:58
  surprised
• 7:58
  by
• 7:58
  somebody's
• 7:59
  healthcare
• 7:59
  play,
• 7:59
  whether
• 8:00
  that
• 8:00
  be
• 8:01
  another
• 8:01
  clinic
• 8:01
  offering,
• 8:02
  whether
• 8:02
  that
• 8:02
  be
• 8:03
  a
• 8:03
  new
• 8:03
  partnership
• 8:03
  with
• 8:04
  a
• 8:04
  major
• 8:04
  healthcare
• 8:05
  plan.
• 8:05
  There's.
• 8:05
  There's
• 8:06
  just
• 8:06
  so
• 8:06
  much
• 8:06
  interest
• 8:07
  from
• 8:07
  the
• 8:07
  health
• 8:07
  care
• 8:07
  industry,
• 8:08
  which
• 8:08
  is
• 8:08
  a
• 8:08
  $4
• 8:08
  trillion
• 8:09
  business,
• 8:10
  to
• 8:10
  find
• 8:10
  ways
• 8:11
  to
• 8:11
  drive
• 8:11
  down
• 8:11
  costs
• 8:12
  through
• 8:12
  food
• 8:12
  retail.
• 8:13
  I
• 8:13
  just.
• 8:13
  I
• 8:13
  think
• 8:13
  we're
• 8:14
  going
• 8:14
  to
• 8:14
  see
• 8:14
  a.
• 8:14
  New
• 8:14
  partnership
• 8:14
  and
• 8:15
  explain
• 8:15
  that
• 8:15
  a
• 8:15
  little
• 8:15
  bit
• 8:15
  more.
• 8:16
  Like,
• 8:16
  what
• 8:16
  is
• 8:16
  that?
• 8:16
  How
• 8:17
  does
• 8:17
  that
• 8:17
  take
• 8:17
  shape
• 8:18
  in
• 8:18
  a.
• 8:18
  In
• 8:18
  a.
• 8:19
  In
• 8:19
  a
• 8:19
  retail
• 8:20
  store?
• 8:21
  Yeah,
• 8:21
  so.
• 8:22
  So
• 8:22
  there's
• 8:22
  a
• 8:22
  few
• 8:22
  programs.
• 8:23
  The
• 8:23
  biggest
• 8:23
  one
• 8:23
  is
• 8:24
  something
• 8:24
  like
• 8:24
  a
• 8:24
  Medicare
• 8:25
  Advantage
• 8:25
  supplemental
• 8:26
  benefit.
• 8:26
  That's
• 8:26
  a
• 8:27
  card
• 8:27
  you
• 8:27
  get,
• 8:27
  you
• 8:27
  know,
• 8:28
  issued
• 8:28
  by
• 8:28
  your
• 8:28
  Medicare
• 8:29
  Advantage
• 8:29
  plan
• 8:30
  that
• 8:30
  gives
• 8:30
  you
• 8:31
  the
• 8:31
  ability
• 8:31
  to
• 8:31
  buy
• 8:31
  OTC
• 8:32
  products,
• 8:32
  increasingly
• 8:33
  food.
• 8:34
  So
• 8:34
  that.
• 8:34
  That
• 8:35
  in
• 8:35
  itself
• 8:35
  is
• 8:35
  pouring,
• 8:36
  you
• 8:36
  know,
• 8:36
  some
• 8:37
  20
• 8:38
  and
• 8:38
  30
• 8:38
  billion
• 8:38
  dollars
• 8:39
  of
• 8:39
  revenue
• 8:40
  into
• 8:40
  food
• 8:40
  retail
• 8:41
  today.
• 8:41
  So
• 8:42
  you
• 8:42
  see
• 8:42
  that
• 8:42
  going
• 8:42
  from,
• 8:43
  like,
• 8:43
  I
• 8:43
  know
• 8:44
  right
• 8:44
  now
• 8:44
  in
• 8:45
  the
• 8:45
  state
• 8:45
  of
• 8:45
  Minnesota,
• 8:46
  we
• 8:46
  Have
• 8:46
  those
• 8:46
  programs
• 8:47
  funding
• 8:47
  like
• 8:48
  $75
• 8:49
  of
• 8:49
  meat
• 8:50
  produce,
• 8:51
  certain
• 8:52
  dairy
• 8:52
  items
• 8:53
  for
• 8:53
  every
• 8:53
  six
• 8:54
  months.
• 8:54
  You
• 8:54
  see
• 8:55
  something
• 8:55
  like
• 8:55
  that
• 8:55
  increasing
• 8:56
  or
• 8:56
  somebody
• 8:56
  coming
• 8:57
  in
• 8:57
  to
• 8:57
  make
• 8:57
  that
• 8:58
  more
• 8:58
  significant.
• 8:59
  Exactly.
• 8:59
  And
• 8:59
  a
• 8:59
  lot
• 8:59
  of
• 8:59
  that
• 9:00
  today
• 9:00
  happens
• 9:00
  between
• 9:01
  like
• 9:01
  a
• 9:01
  program
• 9:01
  administrator
• 9:02
  and
• 9:02
  a
• 9:02
  retailer.
• 9:03
  I
• 9:03
  think
• 9:03
  what
• 9:03
  we're
• 9:03
  going
• 9:04
  to
• 9:04
  see
• 9:04
  is
• 9:04
  more
• 9:04
  of
• 9:04
  a
• 9:04
  partnership
• 9:05
  between
• 9:05
  the
• 9:05
  payer
• 9:06
  who
• 9:06
  has
• 9:06
  the.
• 9:07
  The
• 9:07
  actual
• 9:07
  funds
• 9:08
  and
• 9:08
  the
• 9:08
  retailer
• 9:09
  in
• 9:09
  partnership
• 9:10
  with
• 9:10
  the
• 9:11
  administrator
• 9:11
  who
• 9:11
  actually
• 9:12
  you
• 9:12
  need
• 9:12
  to
• 9:12
  get
• 9:12
  the
• 9:12
  card
• 9:13
  to
• 9:13
  work.
• 9:13
  Right,
• 9:13
  but
• 9:14
  I
• 9:14
  just.
• 9:14
  Retailers
• 9:15
  are
• 9:15
  so
• 9:15
  good
• 9:15
  at
• 9:16
  driving
• 9:16
  consumer
• 9:16
  engagement
• 9:17
  and
• 9:17
  the
• 9:17
  healthcare
• 9:17
  industry
• 9:18
  desperately
• 9:18
  needs
• 9:18
  that.
• 9:19
  Right.
• 9:19
  So
• 9:19
  is
• 9:19
  it
• 9:19
  more
• 9:20
  that
• 9:20
  or
• 9:20
  is
• 9:20
  it
• 9:20
  like
• 9:20
  clinics
• 9:21
  too?
• 9:21
  Because
• 9:21
  you
• 9:21
  mentioned
• 9:21
  clinics
• 9:22
  as
• 9:22
  well.
• 9:23
  Clinics
• 9:23
  is
• 9:24
  part
• 9:24
  of
• 9:24
  it.
• 9:24
  I
• 9:24
  think
• 9:24
  there's
• 9:24
  a
• 9:25
  bunch
• 9:25
  of
• 9:25
  different
• 9:25
  elements
• 9:25
  that
• 9:26
  you
• 9:26
  can
• 9:26
  build
• 9:26
  more
• 9:26
  of
• 9:26
  a
• 9:26
  health
• 9:27
  ecosystem.
• 9:28
  You've
• 9:28
  got
• 9:28
  some
• 9:29
  retailers
• 9:29
  who
• 9:29
  have
• 9:29
  pulled
• 9:30
  back
• 9:30
  on
• 9:30
  clinics
• 9:31
  because
• 9:31
  they
• 9:31
  haven't
• 9:31
  made
• 9:31
  it
• 9:32
  work,
• 9:32
  but
• 9:32
  there's
• 9:32
  a
• 9:33
  few
• 9:33
  that
• 9:33
  are
• 9:33
  working.
• 9:33
  And,
• 9:34
  you
• 9:34
  know,
• 9:34
  H
• 9:34
  E
• 9:34
  B
• 9:35
  has
• 9:35
  clinics
• 9:35
  that
• 9:35
  they're
• 9:36
  expanding
• 9:37
  slowly.
• 9:37
  You
• 9:37
  know,
• 9:38
  Kroger
• 9:38
  has
• 9:38
  actually
• 9:38
  expanded
• 9:39
  clinics
• 9:39
  in
• 9:39
  a
• 9:39
  new
• 9:39
  market
• 9:40
  focused
• 9:40
  on
• 9:40
  Medicare
• 9:40
  Advantage
• 9:41
  as
• 9:41
  a
• 9:41
  specific
• 9:41
  population.
• 9:42
  So
• 9:43
  again,
• 9:43
  you
• 9:43
  know,
• 9:44
  Albertsons
• 9:44
  with
• 9:44
  Sincerely.
• 9:45
  Health
• 9:46
  in
• 9:46
  a
• 9:46
  lot
• 9:46
  of
• 9:46
  ways.
• 9:46
  Yeah.
• 9:47
  But
• 9:47
  Albertsons
• 9:47
  with
• 9:47
  Sincerely
• 9:48
  Health
• 9:48
  is
• 9:48
  an
• 9:48
  app
• 9:48
  that's
• 9:49
  focused
• 9:49
  on
• 9:49
  health
• 9:49
  and
• 9:50
  well
• 9:50
  being
• 9:50
  that,
• 9:51
  you
• 9:51
  know,
• 9:51
  isn't
• 9:51
  paid
• 9:51
  for
• 9:52
  by
• 9:52
  insurers.
• 9:52
  You
• 9:53
  know,
• 9:53
  might
• 9:53
  we
• 9:53
  see
• 9:54
  a
• 9:54
  partnership
• 9:54
  between
• 9:54
  Sincerely
• 9:55
  Health
• 9:55
  and
• 9:55
  a
• 9:55
  health
• 9:55
  payer?
• 9:56
  Maybe,
• 9:57
  you
• 9:57
  know,
• 9:57
  might
• 9:58
  we
• 9:58
  see
• 9:58
  another
• 9:58
  retailer
• 9:59
  launch
• 9:59
  a
• 9:59
  program
• 9:59
  like
• 9:59
  that?
• 10:00
  Amazing.
• 10:01
  Well,
• 10:01
  thank
• 10:02
  you
• 10:02
  so
• 10:02
  much,
• 10:02
  Bobby.
• 10:03
  We've
• 10:03
  learned
• 10:04
  so
• 10:04
  much
• 10:04
  from
• 10:04
  you
• 10:05
  expect.
• 10:05
  To
• 10:05
  go
• 10:05
  in
• 10:05
  that
• 10:05
  last.
• 10:06
  I
• 10:06
  know.
• 10:06
  At
• 10:07
  all.
• 10:07
  I
• 10:07
  know.
• 10:07
  Thanks
• 10:07
  for
• 10:08
  taking
• 10:08
  the
• 10:08
  time.
• 10:09
  Thank
• 10:09
  you
• 10:09
  to
• 10:10
  all
• 10:10
  of
• 10:10
  you
• 10:10
  who've
• 10:10
  been
• 10:11
  staying
• 10:11
  here,
• 10:11
  hanging
• 10:12
  out
• 10:12
  with
• 10:12
  us
• 10:12
  all
• 10:13
  day.
• 10:13
  We've
• 10:13
  got
• 10:13
  a
• 10:14
  couple
• 10:14
  more
• 10:14
  interviews
• 10:14
  coming
• 10:15
  up
• 10:15
  and
• 10:15
  until
• 10:15
  then,
• 10:16
  be
• 10:16
  careful
• 10:16
  out
• 10:16
  there.