Latest / Omni Talk Retail / Kroger's New Boss, The AI Ad War & Target's Smoke-Filled Plans To Reinvest In Stores | Fast Five

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Kroger's New Boss, The AI Ad War & Target's Smoke-Filled Plans To Reinvest In Stores | Fast Five · Omni Talk Retail

• 0:01
  This
• 0:01
  episode
• 0:01
  of
• 0:01
  The
• 0:01
  OmniTalk
• 0:02
  Retail
• 0:02
  Fast
• 0:03
  5
• 0:03
  is
• 0:03
  brought
• 0:03
  to
• 0:03
  you
• 0:03
  by
• 0:04
  the
• 0:04
  A
• 0:04
  and
• 0:04
  M
• 0:04
  Consumer
• 0:05
  and
• 0:05
  Retail
• 0:05
  Group.
• 0:05
  The
• 0:05
  A
• 0:06
  and
• 0:06
  M
• 0:06
  Consumer
• 0:06
  and
• 0:06
  Retail
• 0:07
  Group
• 0:07
  is
• 0:07
  a
• 0:07
  management
• 0:07
  consulting
• 0:08
  firm
• 0:08
  that
• 0:08
  tackles
• 0:09
  the
• 0:09
  most
• 0:09
  complex
• 0:10
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• 0:10
  and
• 0:11
  advances
• 0:11
  its
• 0:11
  clients,
• 0:12
  people
• 0:12
  and
• 0:12
  communities
• 0:13
  toward
• 0:13
  their
• 0:14
  maximum
• 0:14
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• 0:15
  CRG
• 0:16
  brings
• 0:16
  the
• 0:16
  experience,
• 0:16
  tools
• 0:17
  and
• 0:17
  operator
• 0:18
  like
• 0:18
  pragmatism
• 0:19
  to
• 0:19
  help
• 0:19
  retailers
• 0:19
  and
• 0:20
  consumer
• 0:20
  products
• 0:20
  companies
• 0:21
  be
• 0:21
  on
• 0:21
  the
• 0:22
  right
• 0:22
  side
• 0:22
  of
• 0:22
  disruption
• 0:24
  and
• 0:24
  Miracle,
• 0:25
  the
• 0:25
  catalyst
• 0:25
  of
• 0:25
  Commerce.
• 0:26
  Over
• 0:26
  450
• 0:27
  retailers
• 0:28
  are
• 0:28
  opening
• 0:28
  new
• 0:29
  revenue
• 0:29
  streams
• 0:29
  with
• 0:29
  marketplaces,
• 0:30
  dropship
• 0:31
  and
• 0:31
  retail
• 0:31
  media
• 0:32
  and
• 0:32
  succeeding.
• 0:33
  With
• 0:33
  Miracle,
• 0:34
  you
• 0:34
  can
• 0:34
  unlock
• 0:34
  more
• 0:34
  products,
• 0:35
  more
• 0:35
  partners
• 0:35
  and
• 0:36
  more
• 0:36
  profits
• 0:36
  without
• 0:37
  the
• 0:37
  heavy
• 0:37
  lifting.
• 0:38
  So
• 0:38
  what's
• 0:38
  holding
• 0:38
  you
• 0:39
  back?
• 0:39
  Visit
• 0:39
  Miracle.com
• 0:40
  to
• 0:40
  learn
• 0:41
  more.
• 0:41
  That's
• 0:41
  M
• 0:41
  I
• 0:42
  R
• 0:42
  A
• 0:42
  K
• 0:43
  L.com
• 0:44
  and
• 0:44
  Corso.
• 0:45
  Your
• 0:46
  stores
• 0:46
  are
• 0:46
  full
• 0:46
  of
• 0:46
  data,
• 0:47
  but
• 0:47
  are
• 0:47
  your
• 0:48
  teams
• 0:48
  acting
• 0:48
  on
• 0:48
  it?
• 0:49
  Corso
• 0:50
  turns
• 0:50
  retail
• 0:50
  data
• 0:51
  into
• 0:51
  personalized
• 0:51
  daily
• 0:52
  to
• 0:52
  dos
• 0:52
  that
• 0:52
  drive
• 0:53
  sales,
• 0:53
  reduce
• 0:53
  waste
• 0:54
  and
• 0:54
  improve
• 0:55
  execution.
• 0:56
  No
• 0:56
  fluff,
• 0:56
  just
• 0:57
  action.
• 0:57
  Help
• 0:58
  your
• 0:58
  managers
• 0:58
  focus
• 0:59
  on
• 0:59
  what
• 0:59
  matters
• 0:59
  most.
• 1:00
  Visit
• 1:00
  corso.com
• 1:01
  to
• 1:02
  see
• 1:02
  Intelligent
• 1:02
  management
• 1:03
  in
• 1:03
  motion.
• 1:03
  Ocean
• 1:04
  and
• 1:04
  Infios.
• 1:05
  At
• 1:05
  Infios,
• 1:06
  they
• 1:06
  unite
• 1:06
  warehousing,
• 1:07
  transportation
• 1:07
  and
• 1:08
  order
• 1:08
  management
• 1:08
  into
• 1:09
  a
• 1:09
  seamless,
• 1:09
  adaptable
• 1:10
  network.
• 1:11
  Infios
• 1:11
  helps
• 1:11
  you
• 1:12
  stay
• 1:12
  ahead
• 1:12
  from
• 1:13
  promise
• 1:13
  to
• 1:13
  delivery
• 1:14
  and
• 1:14
  every
• 1:14
  step
• 1:14
  in
• 1:15
  between.
• 1:15
  To
• 1:16
  learn
• 1:16
  more,
• 1:16
  visit
• 1:17
  infios.com
• 1:18
  and
• 1:19
  Ocampo
• 1:19
  Capital.
• 1:20
  Ocampo
• 1:20
  Capital
• 1:21
  is
• 1:21
  a
• 1:21
  venture
• 1:21
  capital
• 1:21
  firm
• 1:22
  founded
• 1:22
  by
• 1:22
  retail
• 1:23
  executives
• 1:23
  with
• 1:24
  the
• 1:24
  aim
• 1:24
  of
• 1:24
  helping
• 1:25
  early
• 1:25
  stage
• 1:25
  consumer
• 1:26
  businesses
• 1:26
  succeed
• 1:27
  through
• 1:27
  investment
• 1:28
  and
• 1:28
  operational
• 1:29
  support.
• 1:29
  Learn
• 1:30
  more@ocampo
• 1:31
  capital.com
• 1:33
  and
• 1:33
  finally,
• 1:33
  Voloc.
• 1:34
  Voloc
• 1:34
  is
• 1:34
  a
• 1:35
  proven
• 1:35
  e
• 1:35
  grocery
• 1:36
  technology
• 1:36
  built
• 1:36
  by
• 1:36
  grocers
• 1:37
  for
• 1:38
  grocers.
• 1:38
  Exactly
• 1:39
  the
• 1:39
  type
• 1:39
  of
• 1:39
  technology
• 1:39
  we
• 1:40
  like.
• 1:40
  Here
• 1:40
  at
• 1:40
  Omnitalk.
• 1:41
  They
• 1:41
  unite
• 1:42
  proprietary
• 1:42
  software
• 1:43
  with
• 1:43
  right
• 1:43
  size
• 1:44
  automation
• 1:44
  to
• 1:44
  make
• 1:45
  same
• 1:45
  day
• 1:45
  delivery
• 1:46
  profitable.
• 1:46
  To
• 1:47
  learn
• 1:47
  more,
• 1:47
  visit
• 1:47
  veloc.com
• 1:48
  that's
• 1:49
  V
• 1:49
  E
• 1:49
  L
• 1:50
  O
• 1:50
  q.com
• 1:52
  hello,
• 1:52
  you
• 1:53
  are.
• 1:53
  Listening
• 1:53
  to
• 1:53
  the
• 1:53
  OmniTalk
• 1:54
  Retail
• 1:54
  Fast
• 1:54
  5.
• 1:55
  Ranked
• 1:55
  in
• 1:55
  the
• 1:55
  top
• 1:55
  10%
• 1:56
  of
• 1:56
  all
• 1:56
  podcasts
• 1:57
  globally
• 1:57
  and
• 1:57
  currently
• 1:58
  the
• 1:58
  only
• 1:58
  retail
• 1:59
  podcast
• 1:59
  ranked
• 1:59
  in
• 1:59
  the
• 1:59
  top
• 2:00
  100
• 2:00
  of
• 2:00
  all
• 2:01
  business
• 2:01
  podcasts
• 2:01
  on
• 2:02
  Apple
• 2:02
  Podcasts.
• 2:03
  The
• 2:03
  Retail
• 2:03
  Fast
• 2:04
  Five
• 2:04
  is
• 2:04
  the
• 2:04
  podcast
• 2:04
  that
• 2:05
  we
• 2:05
  hope
• 2:05
  makes
• 2:05
  you
• 2:05
  feel
• 2:05
  a
• 2:06
  little
• 2:06
  smarter,
• 2:06
  but
• 2:07
  most
• 2:07
  importantly,
• 2:08
  a
• 2:08
  little
• 2:08
  happier
• 2:08
  each
• 2:09
  week
• 2:09
  too.
• 2:09
  Today
• 2:10
  is
• 2:10
  February
• 2:11
  11,
• 2:11
  2026.
• 2:12
  I'm
• 2:12
  one
• 2:12
  of
• 2:13
  your
• 2:13
  hosts,
• 2:13
  Anne
• 2:13
  Mazinga.
• 2:14
  And
• 2:14
  I'm
• 2:15
  Chris
• 2:15
  Walton.
• 2:16
  And
• 2:16
  we
• 2:17
  are
• 2:17
  here
• 2:17
  once
• 2:17
  again
• 2:18
  to
• 2:18
  bring
• 2:18
  you
• 2:19
  all
• 2:19
  the
• 2:19
  top
• 2:20
  retail
• 2:20
  headlines
• 2:21
  making
• 2:21
  waves
• 2:21
  in
• 2:22
  the
• 2:22
  world
• 2:22
  of
• 2:23
  omnichannel
• 2:23
  retailing.
• 2:24
  This
• 2:25
  week,
• 2:25
  Chris,
• 2:26
  we
• 2:26
  have
• 2:26
  a
• 2:26
  very
• 2:27
  special
• 2:27
  edition
• 2:27
  of
• 2:28
  the
• 2:28
  Fast
• 2:28
  5.
• 2:30
  We
• 2:30
  get
• 2:30
  to
• 2:30
  be
• 2:31
  joined
• 2:31
  by
• 2:31
  Shop
• 2:32
  Talk's
• 2:32
  head
• 2:33
  of
• 2:33
  content
• 2:33
  and
• 2:34
  insights
• 2:34
  for
• 2:34
  the
• 2:34
  US
• 2:35
  Joe
• 2:36
  Laszlo.
• 2:36
  Joe
• 2:37
  is
• 2:37
  fresh
• 2:37
  off
• 2:38
  of
• 2:38
  Shop
• 2:38
  Talk
• 2:39
  Luxe,
• 2:39
  which
• 2:39
  I'm
• 2:39
  dying
• 2:40
  to
• 2:40
  hear
• 2:40
  all
• 2:40
  about
• 2:42
  and
• 2:42
  will
• 2:43
  share
• 2:43
  with
• 2:43
  us
• 2:43
  a
• 2:43
  little
• 2:43
  bit
• 2:44
  about
• 2:44
  what
• 2:44
  we
• 2:44
  can
• 2:44
  expect
• 2:44
  this
• 2:45
  year
• 2:45
  at
• 2:45
  Shop
• 2:45
  Talk
• 2:46
  Springs.
• 2:46
  So,
• 2:46
  Joe,
• 2:47
  welcome
• 2:47
  back
• 2:48
  to
• 2:48
  omnitalk.
• 2:49
  Oh,
• 2:49
  thank
• 2:50
  you
• 2:50
  so
• 2:50
  much
• 2:50
  for
• 2:50
  having
• 2:50
  me
• 2:50
  back.
• 2:51
  I
• 2:51
  am
• 2:51
  always
• 2:51
  psyched
• 2:52
  to
• 2:52
  talk
• 2:52
  with
• 2:52
  you
• 2:52
  guys.
• 2:53
  It
• 2:53
  makes
• 2:53
  my
• 2:53
  brain
• 2:54
  work
• 2:54
  a
• 2:54
  little
• 2:54
  faster
• 2:55
  and
• 2:55
  try
• 2:55
  to
• 2:56
  keep
• 2:56
  up
• 2:56
  with
• 2:56
  you.
• 2:57
  Well,
• 2:57
  we're
• 2:57
  super
• 2:58
  excited
• 2:58
  to
• 2:58
  have
• 2:59
  you.
• 2:59
  You
• 2:59
  make
• 2:59
  our
• 2:59
  brains
• 3:00
  work
• 3:00
  faster
• 3:00
  too.
• 3:01
  So
• 3:02
  effort.
• 3:04
  Well,
• 3:04
  Joe,
• 3:05
  if
• 3:06
  you
• 3:06
  don't
• 3:06
  mind,
• 3:06
  before
• 3:06
  we
• 3:07
  jump
• 3:07
  into
• 3:07
  the
• 3:07
  headlines,
• 3:08
  maybe
• 3:09
  give
• 3:09
  the
• 3:10
  audience
• 3:10
  who
• 3:10
  might
• 3:10
  be
• 3:11
  meeting
• 3:11
  you
• 3:11
  might
• 3:11
  be
• 3:11
  meeting
• 3:12
  Shop
• 3:12
  Talk
• 3:12
  for
• 3:12
  the
• 3:13
  first
• 3:13
  time,
• 3:13
  just
• 3:13
  a
• 3:14
  quick
• 3:14
  bit
• 3:14
  about
• 3:14
  what
• 3:15
  you
• 3:15
  oversee
• 3:15
  in
• 3:15
  your
• 3:16
  role
• 3:16
  at
• 3:16
  Shop
• 3:16
  Talk
• 3:17
  and
• 3:17
  then
• 3:17
  what
• 3:18
  we
• 3:18
  can
• 3:18
  expect.
• 3:18
  Give
• 3:19
  us
• 3:19
  the
• 3:19
  headlines
• 3:19
  for
• 3:19
  Shop
• 3:20
  Talk
• 3:20
  2026,
• 3:21
  the
• 3:21
  10th
• 3:22
  anniversary.
• 3:24
  10Th
• 3:24
  Shop
• 3:24
  Talkiversary.
• 3:25
  Yeah.
• 3:26
  So
• 3:26
  I'm
• 3:26
  head
• 3:26
  of
• 3:26
  content
• 3:27
  at
• 3:27
  Shop
• 3:28
  Talk,
• 3:28
  which
• 3:28
  means
• 3:28
  I
• 3:28
  look
• 3:29
  after
• 3:29
  the
• 3:29
  agenda
• 3:29
  and
• 3:30
  speakers
• 3:30
  and
• 3:31
  the
• 3:31
  content
• 3:31
  narrative
• 3:32
  for
• 3:33
  our
• 3:33
  shows
• 3:33
  primarily
• 3:34
  in
• 3:34
  the
• 3:34
  US
• 3:34
  Although
• 3:35
  I
• 3:35
  help
• 3:35
  our
• 3:36
  Europe
• 3:36
  based
• 3:37
  team
• 3:37
  with
• 3:38
  the
• 3:38
  two
• 3:38
  shows
• 3:38
  that
• 3:38
  we
• 3:39
  do
• 3:39
  abroad
• 3:39
  these
• 3:40
  days.
• 3:40
  So
• 3:40
  Shop
• 3:41
  Talk
• 3:41
  is
• 3:41
  an
• 3:41
  events
• 3:41
  company.
• 3:42
  We
• 3:42
  put
• 3:42
  on
• 3:43
  a
• 3:43
  series
• 3:43
  of
• 3:44
  conferences
• 3:44
  around
• 3:44
  the
• 3:44
  world
• 3:45
  all
• 3:45
  on
• 3:45
  the
• 3:45
  future
• 3:45
  of
• 3:46
  retail
• 3:46
  and
• 3:46
  consumer
• 3:47
  brands,
• 3:47
  how
• 3:47
  technology
• 3:48
  is
• 3:48
  changing
• 3:48
  the
• 3:49
  way
• 3:49
  people
• 3:49
  connect
• 3:50
  with
• 3:50
  brands,
• 3:50
  the
• 3:50
  way
• 3:50
  they
• 3:50
  shop,
• 3:51
  the
• 3:51
  way
• 3:51
  they
• 3:51
  buy
• 3:52
  and
• 3:53
  their
• 3:53
  expectations.
• 3:55
  Weeks
• 3:55
  ago,
• 3:55
  as
• 3:55
  you
• 3:55
  pointed
• 3:55
  out,
• 3:56
  we
• 3:56
  did
• 3:56
  our
• 3:57
  first
• 3:57
  ever
• 3:57
  luxury
• 3:57
  focused
• 3:58
  show
• 3:58
  in
• 3:58
  Abu
• 3:59
  Dhabi,
• 3:59
  which
• 3:59
  was
• 3:59
  super
• 4:00
  fun.
• 4:01
  And
• 4:01
  in
• 4:01
  about
• 4:02
  five
• 4:02
  weeks
• 4:03
  from
• 4:03
  now,
• 4:03
  we
• 4:03
  will
• 4:03
  be
• 4:04
  in
• 4:04
  Las
• 4:04
  Vegas
• 4:04
  for
• 4:04
  Shop
• 4:05
  Talk
• 4:05
  Spring.
• 4:06
  The
• 4:06
  theme
• 4:07
  of
• 4:07
  the
• 4:07
  show
• 4:07
  this
• 4:07
  year
• 4:08
  is
• 4:08
  Retail
• 4:08
  in
• 4:09
  the
• 4:09
  age
• 4:09
  of
• 4:09
  AI
• 4:10
  Trying
• 4:11
  to
• 4:11
  be
• 4:11
  comprehensive
• 4:12
  and
• 4:12
  grounded
• 4:13
  in
• 4:13
  our
• 4:13
  view
• 4:13
  of
• 4:14
  how
• 4:14
  artificial
• 4:15
  intelligence,
• 4:15
  and
• 4:15
  especially
• 4:16
  generative
• 4:17
  and
• 4:17
  agentic
• 4:18
  AI
• 4:18
  are
• 4:18
  changing
• 4:19
  the
• 4:19
  ways
• 4:19
  that
• 4:20
  again,
• 4:20
  people
• 4:20
  connect
• 4:21
  with
• 4:21
  brands,
• 4:22
  the
• 4:22
  ways
• 4:22
  that
• 4:22
  corporate
• 4:23
  workers
• 4:23
  do
• 4:23
  their
• 4:24
  jobs,
• 4:24
  the
• 4:24
  way
• 4:24
  that
• 4:24
  frontline
• 4:24
  workers,
• 4:25
  people
• 4:25
  who
• 4:26
  help
• 4:27
  customers,
• 4:27
  are
• 4:27
  also
• 4:27
  leveraging
• 4:28
  AI
• 4:28
  to
• 4:28
  become
• 4:29
  better
• 4:29
  at
• 4:29
  what
• 4:29
  they
• 4:30
  do.
• 4:30
  But
• 4:31
  I
• 4:31
  guess
• 4:31
  I'd
• 4:31
  say
• 4:31
  it's
• 4:31
  really
• 4:32
  important
• 4:32
  to
• 4:32
  Note
• 4:32
  that
• 4:32
  while
• 4:32
  AI
• 4:33
  is
• 4:33
  right
• 4:33
  there
• 4:33
  in
• 4:33
  the
• 4:34
  title
• 4:34
  of
• 4:34
  ShopDoc
• 4:34
  this
• 4:35
  year,
• 4:35
  it's
• 4:35
  not
• 4:35
  the
• 4:35
  only
• 4:35
  thing
• 4:36
  that's
• 4:36
  going
• 4:36
  on
• 4:36
  as
• 4:36
  far
• 4:37
  as
• 4:37
  retail
• 4:37
  transformation
• 4:38
  goes.
• 4:38
  And
• 4:38
  so
• 4:39
  we're
• 4:39
  also
• 4:39
  programming
• 4:40
  quite
• 4:40
  a
• 4:40
  bit
• 4:40
  about
• 4:41
  keeping
• 4:42
  retail
• 4:42
  human
• 4:42
  in
• 4:43
  the
• 4:43
  age
• 4:43
  of
• 4:43
  AI
• 4:43
  too.
• 4:44
  Nice,
• 4:44
  Joe.
• 4:45
  I
• 4:45
  can't
• 4:45
  believe
• 4:45
  it's
• 4:45
  been
• 4:45
  10
• 4:46
  years.
• 4:46
  That's
• 4:46
  crazy
• 4:49
  when
• 4:49
  you
• 4:49
  say
• 4:49
  that
• 4:50
  out
• 4:50
  loud.
• 4:50
  What
• 4:50
  comes
• 4:50
  to
• 4:51
  mind
• 4:51
  for
• 4:51
  you?
• 4:51
  What's
• 4:51
  the
• 4:52
  first
• 4:52
  thing
• 4:52
  that
• 4:52
  pops
• 4:52
  into
• 4:52
  your
• 4:53
  head?
• 4:53
  10
• 4:53
  years
• 4:53
  of
• 4:53
  shop
• 4:54
  Talk.
• 4:54
  That's
• 4:55
  pretty
• 4:55
  wild.
• 4:56
  Yeah.
• 4:56
  So
• 4:58
  I
• 4:58
  was
• 4:58
  not
• 4:58
  on
• 4:58
  the
• 4:59
  team
• 4:59
  when
• 4:59
  Shop
• 4:59
  Talk
• 5:00
  2016
• 5:01
  happened,
• 5:01
  but
• 5:02
  I
• 5:02
  was
• 5:02
  certainly
• 5:02
  around
• 5:03
  from
• 5:03
  2018
• 5:03
  onwards,
• 5:04
  so
• 5:04
  early
• 5:04
  enough
• 5:06
  the
• 5:06
  founders
• 5:07
  of
• 5:07
  Shop
• 5:07
  Talk
• 5:07
  saw
• 5:08
  this
• 5:08
  opportunity
• 5:09
  to
• 5:09
  create
• 5:09
  an
• 5:10
  event
• 5:10
  that
• 5:10
  was
• 5:10
  about
• 5:11
  retail
• 5:11
  innovation
• 5:12
  without
• 5:13
  either
• 5:13
  a
• 5:14
  legacy
• 5:14
  of
• 5:15
  just
• 5:15
  being
• 5:15
  for
• 5:15
  the
• 5:16
  bricks
• 5:16
  and
• 5:16
  mortar
• 5:17
  world,
• 5:17
  or
• 5:18
  just
• 5:18
  being
• 5:18
  about
• 5:19
  E
• 5:19
  comm
• 5:19
  or
• 5:20
  disruptive
• 5:21
  upstart
• 5:22
  D2C
• 5:23
  brands.
• 5:23
  And
• 5:23
  truly
• 5:24
  kind
• 5:24
  of
• 5:24
  regardless
• 5:25
  of
• 5:25
  where
• 5:25
  the
• 5:25
  innovation
• 5:26
  was
• 5:26
  coming
• 5:26
  from,
• 5:26
  kind
• 5:27
  of
• 5:27
  be
• 5:27
  a
• 5:27
  place
• 5:27
  where
• 5:27
  everybody
• 5:28
  who
• 5:28
  was
• 5:28
  challenged
• 5:29
  by,
• 5:29
  but
• 5:29
  also
• 5:29
  excited
• 5:30
  by
• 5:30
  all
• 5:30
  the
• 5:31
  change
• 5:31
  that
• 5:31
  technology
• 5:31
  was
• 5:32
  bringing
• 5:32
  to
• 5:32
  the
• 5:32
  industry
• 5:33
  could
• 5:33
  get
• 5:33
  together
• 5:33
  and
• 5:34
  have
• 5:34
  a
• 5:34
  conversation
• 5:35
  that
• 5:35
  didn't
• 5:35
  just
• 5:36
  reflect
• 5:36
  to
• 5:36
  the
• 5:37
  future
• 5:37
  of
• 5:37
  the
• 5:37
  industry,
• 5:37
  but
• 5:38
  helped
• 5:38
  shape
• 5:38
  it.
• 5:39
  So
• 5:40
  I
• 5:40
  don't
• 5:40
  know,
• 5:41
  in
• 5:41
  2016,
• 5:42
  I
• 5:42
  remember
• 5:42
  opening
• 5:43
  remarks
• 5:43
  or
• 5:44
  read
• 5:44
  opening
• 5:44
  remarks
• 5:45
  that
• 5:45
  kind
• 5:45
  of
• 5:45
  talked
• 5:45
  about
• 5:46
  this
• 5:46
  unprecedented
• 5:47
  pace
• 5:47
  of
• 5:47
  change.
• 5:48
  And
• 5:48
  I
• 5:48
  don't
• 5:49
  know,
• 5:49
  I
• 5:49
  think
• 5:49
  back
• 5:49
  to
• 5:49
  2016,
• 5:50
  we
• 5:50
  probably
• 5:50
  all
• 5:50
  think,
• 5:50
  you
• 5:51
  know,
• 5:51
  if
• 5:51
  only
• 5:51
  we
• 5:51
  could
• 5:52
  go
• 5:52
  back,
• 5:52
  things
• 5:52
  were
• 5:52
  so
• 5:52
  much
• 5:53
  slower
• 5:53
  and
• 5:53
  easier
• 5:54
  than
• 5:54
  relative
• 5:55
  to
• 5:55
  today.
• 5:55
  So
• 5:55
  I
• 5:55
  think
• 5:56
  they
• 5:56
  were
• 5:56
  certainly
• 5:57
  ahead
• 5:57
  of
• 5:58
  their
• 5:58
  time
• 5:58
  in
• 5:58
  terms
• 5:58
  of
• 5:58
  being
• 5:59
  aware
• 5:59
  that
• 5:59
  the
• 6:00
  pace
• 6:00
  of
• 6:00
  change
• 6:00
  was
• 6:00
  only
• 6:01
  going
• 6:01
  to
• 6:01
  accelerate.
• 6:02
  I
• 6:03
  was
• 6:03
  just
• 6:03
  looking
• 6:03
  at
• 6:03
  the
• 6:03
  agenda
• 6:04
  from
• 6:04
  2016.
• 6:05
  You
• 6:05
  know,
• 6:05
  there
• 6:05
  were
• 6:05
  things
• 6:05
  on
• 6:06
  it
• 6:06
  like
• 6:06
  AR
• 6:07
  and
• 6:07
  VR
• 6:07
  that
• 6:08
  haven't
• 6:08
  quite
• 6:08
  come
• 6:08
  to
• 6:08
  pass.
• 6:09
  Autonomous
• 6:09
  delivery
• 6:10
  that
• 6:10
  we're
• 6:10
  still
• 6:11
  working
• 6:11
  on.
• 6:11
  And
• 6:12
  there
• 6:12
  was
• 6:12
  indeed
• 6:12
  a
• 6:13
  lot
• 6:13
  about
• 6:13
  AI,
• 6:13
  which
• 6:14
  it
• 6:14
  was
• 6:14
  more
• 6:15
  around,
• 6:15
  like
• 6:15
  data
• 6:16
  analytics
• 6:16
  and
• 6:16
  machine
• 6:17
  learning
• 6:17
  back
• 6:17
  in
• 6:17
  2016
• 6:18
  than
• 6:18
  it
• 6:18
  was
• 6:18
  about
• 6:20
  things
• 6:20
  that
• 6:20
  we
• 6:20
  talk
• 6:20
  to,
• 6:21
  like
• 6:21
  they're
• 6:21
  people.
• 6:22
  But.
• 6:22
  But
• 6:23
  AI
• 6:23
  has
• 6:23
  been
• 6:23
  with
• 6:24
  us
• 6:24
  for
• 6:24
  a
• 6:24
  while
• 6:24
  now
• 6:24
  and
• 6:25
  just
• 6:25
  continues
• 6:25
  to
• 6:26
  be
• 6:26
  one
• 6:26
  of
• 6:26
  those
• 6:26
  factors
• 6:27
  driving
• 6:27
  change.
• 6:28
  Yeah,
• 6:28
  well,
• 6:28
  I,
• 6:28
  I
• 6:28
  know
• 6:29
  for
• 6:29
  me
• 6:29
  personally,
• 6:29
  Joe,
• 6:30
  I
• 6:30
  mean,
• 6:30
  that's
• 6:30
  one
• 6:30
  thing
• 6:30
  I
• 6:30
  love
• 6:30
  about
• 6:31
  Shop
• 6:31
  Talk
• 6:31
  and
• 6:31
  one
• 6:31
  thing
• 6:31
  I
• 6:32
  love
• 6:32
  about
• 6:32
  our
• 6:32
  relationship
• 6:33
  with
• 6:33
  you
• 6:33
  too,
• 6:33
  is,
• 6:34
  is
• 6:34
  you
• 6:34
  guys
• 6:34
  take
• 6:34
  a
• 6:35
  very
• 6:35
  personalized
• 6:36
  approach
• 6:37
  to
• 6:37
  the
• 6:37
  content
• 6:37
  that
• 6:38
  you
• 6:38
  try
• 6:38
  to
• 6:38
  create
• 6:38
  to
• 6:39
  this
• 6:39
  show.
• 6:39
  Like,
• 6:39
  you've
• 6:39
  put
• 6:40
  a
• 6:40
  lot
• 6:40
  of
• 6:40
  thought
• 6:40
  and
• 6:40
  effort
• 6:41
  into
• 6:41
  it.
• 6:41
  I
• 6:41
  mean,
• 6:41
  you're
• 6:41
  always
• 6:41
  bouncing
• 6:42
  ideas
• 6:42
  off
• 6:42
  of
• 6:43
  me.
• 6:43
  I
• 6:43
  mean,
• 6:43
  I
• 6:43
  can
• 6:44
  remember
• 6:44
  six
• 6:44
  months
• 6:44
  ago
• 6:44
  having
• 6:45
  a
• 6:45
  conversation
• 6:45
  with
• 6:45
  you
• 6:45
  about
• 6:46
  a
• 6:46
  thread
• 6:46
  or
• 6:46
  a
• 6:46
  theme
• 6:46
  that
• 6:47
  you
• 6:47
  were
• 6:47
  thinking
• 6:47
  about
• 6:47
  pursuing
• 6:48
  for
• 6:48
  the
• 6:48
  show.
• 6:49
  And
• 6:49
  so.
• 6:49
  So,
• 6:50
  yeah,
• 6:50
  so
• 6:50
  we
• 6:50
  love
• 6:50
  that
• 6:50
  relationship
• 6:51
  and
• 6:52
  we're
• 6:52
  excited
• 6:52
  to
• 6:52
  put
• 6:52
  you
• 6:53
  to
• 6:53
  the
• 6:53
  test
• 6:53
  this
• 6:53
  week
• 6:54
  too,
• 6:54
  Joe.
• 6:54
  So
• 6:54
  are
• 6:54
  you
• 6:55
  ready?
• 6:55
  I'm.
• 6:56
  I
• 6:56
  am
• 6:57
  ready.
• 6:58
  Do
• 6:58
  my
• 6:58
  best.
• 6:59
  All
• 7:00
  right.
• 7:00
  I'm
• 7:00
  sure
• 7:00
  you'll
• 7:00
  do
• 7:01
  very,
• 7:01
  very
• 7:01
  well.
• 7:02
  All
• 7:02
  right,
• 7:02
  in
• 7:02
  this
• 7:02
  week's
• 7:03
  Fast
• 7:03
  Five,
• 7:03
  we've
• 7:03
  got
• 7:04
  news
• 7:04
  on
• 7:04
  target.
• 7:04
  Cutting
• 7:05
  500
• 7:06
  jobs
• 7:06
  while
• 7:06
  quote,
• 7:07
  unquote,
• 7:07
  investing
• 7:08
  in
• 7:08
  store
• 7:09
  level
• 7:09
  customer
• 7:10
  experiences.
• 7:10
  Anthropic.
• 7:11
  Taking
• 7:11
  shots
• 7:12
  at
• 7:12
  OpenAI
• 7:12
  with
• 7:13
  a
• 7:13
  super
• 7:13
  bowl
• 7:13
  ad
• 7:14
  campaign.
• 7:14
  Promising
• 7:14
  cloud
• 7:15
  will
• 7:15
  Remain
• 7:16
  ad
• 7:16
  free
• 7:16
  as
• 7:17
  Albertson's
• 7:17
  testing
• 7:18
  cart
• 7:18
  tracking
• 7:19
  technology
• 7:19
  to
• 7:19
  measure
• 7:20
  retail
• 7:20
  media
• 7:20
  effectiveness
• 7:21
  and
• 7:22
  Spotify
• 7:22
  making
• 7:23
  a
• 7:23
  surprising
• 7:23
  move
• 7:24
  into
• 7:24
  physical
• 7:25
  books.
• 7:25
  But
• 7:26
  we
• 7:26
  begin
• 7:26
  today
• 7:26
  with
• 7:27
  some
• 7:27
  major,
• 7:27
  major,
• 7:28
  major
• 7:28
  leadership
• 7:29
  news
• 7:29
  out
• 7:29
  of
• 7:30
  Cincinnati.
• 7:31
  And
• 7:32
  yeah,
• 7:32
  this
• 7:32
  was
• 7:33
  kind
• 7:33
  of
• 7:33
  a
• 7:33
  shocker.
• 7:35
  We
• 7:35
  have
• 7:35
  headline
• 7:36
  number
• 7:36
  one,
• 7:36
  which
• 7:36
  is
• 7:36
  that
• 7:37
  Kroger
• 7:37
  has
• 7:37
  named
• 7:38
  former
• 7:38
  Walmart
• 7:38
  executive
• 7:39
  Greg
• 7:39
  Foreign
• 7:40
  as
• 7:40
  its
• 7:40
  new
• 7:41
  CEO,
• 7:42
  effective
• 7:42
  immediately.
• 7:43
  According
• 7:43
  to
• 7:44
  CNBC,
• 7:44
  Forin
• 7:45
  led
• 7:45
  Walmart
• 7:45
  US
• 7:46
  for
• 7:46
  C6
• 7:46
  years
• 7:46
  until
• 7:47
  2019,
• 7:48
  where
• 7:48
  he
• 7:49
  oversaw
• 7:49
  a
• 7:49
  turnaround
• 7:50
  of
• 7:50
  the
• 7:50
  company's
• 7:50
  largest
• 7:51
  division,
• 7:52
  accelerated
• 7:52
  digital
• 7:53
  capabilities,
• 7:54
  introduced
• 7:55
  ordering
• 7:56
  online
• 7:56
  and
• 7:57
  online
• 7:57
  pickup,
• 7:58
  and
• 7:58
  delivered
• 7:58
  positive
• 7:59
  comparable
• 7:59
  sales
• 8:00
  growth
• 8:00
  for
• 8:00
  20
• 8:01
  consecutive
• 8:01
  quarters.
• 8:02
  Foreign
• 8:03
  replaces
• 8:03
  interim
• 8:04
  CEO
• 8:04
  Ron
• 8:05
  Sargent,
• 8:05
  who
• 8:05
  stepped
• 8:06
  in
• 8:06
  after
• 8:07
  former
• 8:07
  CEO
• 8:08
  Rodney
• 8:08
  McMullen
• 8:09
  resigned
• 8:09
  in
• 8:09
  March
• 8:10
  2025
• 8:10
  following
• 8:11
  an
• 8:11
  investigation
• 8:12
  into
• 8:12
  his
• 8:12
  personal
• 8:12
  conduct
• 8:13
  that
• 8:13
  violated
• 8:14
  the
• 8:14
  company's
• 8:15
  ethics
• 8:15
  plan
• 8:15
  policy.
• 8:16
  Most
• 8:16
  recently,
• 8:17
  Foreign
• 8:17
  served
• 8:18
  as
• 8:18
  CEO
• 8:18
  of
• 8:18
  Air
• 8:18
  New
• 8:19
  Zealand
• 8:19
  for
• 8:19
  five
• 8:20
  years
• 8:20
  where
• 8:20
  he
• 8:20
  led
• 8:21
  an
• 8:21
  end
• 8:21
  to
• 8:21
  end
• 8:21
  digital
• 8:22
  transformation
• 8:23
  and
• 8:23
  guided
• 8:23
  the
• 8:23
  airline
• 8:24
  through
• 8:24
  the
• 8:24
  pandemic
• 8:25
  while
• 8:25
  managing
• 8:26
  union
• 8:26
  negotiations
• 8:27
  and
• 8:28
  supply
• 8:28
  chain
• 8:28
  crises.
• 8:30
  Joe,
• 8:30
  what
• 8:30
  intrigues
• 8:31
  you
• 8:31
  most
• 8:31
  about
• 8:32
  Kroger's
• 8:33
  new
• 8:33
  CEO
• 8:34
  pick?
• 8:35
  Yeah,
• 8:35
  I
• 8:36
  think
• 8:37
  it's
• 8:38
  so
• 8:38
  interesting
• 8:38
  to
• 8:38
  see
• 8:38
  a
• 8:39
  company
• 8:39
  like
• 8:39
  Kroger
• 8:39
  pick
• 8:40
  somebody
• 8:40
  who
• 8:40
  is
• 8:41
  about
• 8:41
  as
• 8:42
  outsider
• 8:43
  as
• 8:43
  you
• 8:43
  can
• 8:43
  get
• 8:44
  while
• 8:44
  still
• 8:44
  having
• 8:45
  a
• 8:45
  lot
• 8:45
  of
• 8:46
  relevant
• 8:46
  experience.
• 8:48
  I
• 8:48
  think
• 8:48
  it
• 8:48
  kind
• 8:48
  of
• 8:48
  speaks
• 8:49
  to
• 8:49
  Kroger
• 8:50
  wanting
• 8:51
  to
• 8:52
  make
• 8:52
  some
• 8:53
  changes
• 8:53
  and
• 8:54
  bring
• 8:54
  somebody
• 8:54
  in
• 8:54
  who's
• 8:54
  not
• 8:55
  going
• 8:55
  to
• 8:55
  be
• 8:55
  afraid
• 8:55
  to
• 8:55
  make
• 8:55
  some
• 8:56
  changes.
• 8:57
  I
• 8:57
  guess
• 8:57
  if
• 8:57
  I
• 8:57
  had
• 8:57
  to
• 8:57
  pick
• 8:58
  one
• 8:58
  thing
• 8:58
  though,
• 8:58
  it's
• 8:58
  interesting,
• 8:59
  you
• 8:59
  know,
• 8:59
  during,
• 8:59
  during,
• 9:01
  during
• 9:01
  Ferran's
• 9:02
  time
• 9:02
  at
• 9:02
  Walmart,
• 9:03
  he
• 9:03
  really
• 9:03
  thought
• 9:04
  a
• 9:04
  lot
• 9:04
  about
• 9:04
  how
• 9:04
  Walmart
• 9:05
  stores
• 9:05
  tied
• 9:06
  to
• 9:06
  the
• 9:06
  online
• 9:06
  experience
• 9:07
  and
• 9:07
  kind
• 9:07
  of
• 9:08
  making
• 9:08
  E
• 9:09
  commerce
• 9:10
  work
• 9:11
  for
• 9:11
  Walmart.
• 9:12
  And
• 9:12
  I
• 9:12
  think
• 9:13
  that
• 9:13
  expertise
• 9:13
  you're
• 9:14
  given
• 9:14
  that
• 9:14
  Kroger
• 9:14
  has
• 9:14
  already
• 9:14
  been
• 9:15
  talking
• 9:15
  about
• 9:16
  making
• 9:16
  its
• 9:16
  E
• 9:16
  commerce
• 9:17
  business
• 9:17
  profitable
• 9:17
  by
• 9:17
  the
• 9:18
  end
• 9:18
  of
• 9:18
  the
• 9:18
  year.
• 9:19
  I
• 9:20
  think
• 9:20
  maybe
• 9:20
  that's
• 9:20
  the
• 9:20
  thing
• 9:20
  that's
• 9:21
  most
• 9:21
  intriguing
• 9:21
  to
• 9:21
  me
• 9:21
  is
• 9:22
  like,
• 9:22
  what's
• 9:22
  he
• 9:22
  going
• 9:23
  to
• 9:23
  bring
• 9:23
  to
• 9:23
  the
• 9:23
  table
• 9:23
  that's
• 9:24
  going
• 9:24
  to
• 9:24
  help
• 9:24
  them
• 9:24
  achieve
• 9:24
  that
• 9:25
  goal,
• 9:26
  right?
• 9:26
  Yeah,
• 9:26
  Joe.
• 9:27
  I
• 9:28
  kind
• 9:28
  of
• 9:28
  feel
• 9:29
  like
• 9:29
  I'm
• 9:30
  in
• 9:30
  the
• 9:30
  same
• 9:30
  vein
• 9:31
  or
• 9:31
  thinking
• 9:31
  in
• 9:31
  the
• 9:31
  same
• 9:31
  vein
• 9:32
  as
• 9:32
  you
• 9:32
  are.
• 9:33
  He
• 9:33
  seems
• 9:33
  like
• 9:34
  a
• 9:34
  good
• 9:34
  person,
• 9:35
  especially
• 9:35
  with
• 9:35
  some
• 9:36
  of
• 9:36
  the
• 9:36
  initiatives
• 9:36
  that
• 9:37
  Kroger
• 9:37
  has
• 9:37
  been
• 9:37
  talking
• 9:38
  about
• 9:38
  on
• 9:38
  the
• 9:38
  store
• 9:39
  front
• 9:39
  too.
• 9:40
  Bigger
• 9:40
  boxes,
• 9:41
  having
• 9:41
  more
• 9:42
  general
• 9:42
  merchandise
• 9:42
  inside
• 9:43
  there.
• 9:43
  Like
• 9:44
  on
• 9:44
  paper,
• 9:45
  Greg
• 9:45
  seems
• 9:46
  like
• 9:46
  the
• 9:46
  right
• 9:46
  kind
• 9:47
  of
• 9:47
  person
• 9:47
  to
• 9:47
  kind
• 9:47
  of
• 9:48
  take
• 9:48
  Kroger
• 9:49
  into
• 9:50
  a
• 9:50
  position
• 9:51
  now
• 9:51
  of,
• 9:51
  you
• 9:52
  know,
• 9:52
  just
• 9:52
  kind
• 9:52
  of
• 9:52
  laying
• 9:53
  a
• 9:53
  good
• 9:53
  foundation
• 9:53
  and
• 9:54
  getting
• 9:54
  stable
• 9:55
  and
• 9:55
  trying
• 9:55
  to,
• 9:56
  you
• 9:56
  know,
• 9:56
  focus
• 9:56
  the
• 9:57
  right
• 9:57
  teams
• 9:57
  and
• 9:58
  the
• 9:58
  right
• 9:58
  people
• 9:59
  on
• 9:59
  the
• 9:59
  initiatives
• 10:00
  that
• 10:00
  they
• 10:00
  have
• 10:00
  coming
• 10:00
  forward
• 10:01
  with
• 10:01
  them
• 10:01
  to
• 10:01
  really
• 10:02
  be
• 10:02
  competitive
• 10:03
  with
• 10:03
  a
• 10:04
  Walmart
• 10:04
  out
• 10:04
  there.
• 10:06
  My
• 10:06
  questions
• 10:07
  are
• 10:07
  too,
• 10:07
  and
• 10:07
  Chris,
• 10:07
  I'm
• 10:08
  curious
• 10:08
  to
• 10:08
  get
• 10:08
  your
• 10:09
  take
• 10:09
  on
• 10:09
  that
• 10:09
  is,
• 10:09
  you
• 10:10
  know,
• 10:10
  can
• 10:10
  he,
• 10:11
  he
• 10:11
  take
• 10:11
  his
• 10:11
  team,
• 10:12
  he
• 10:12
  has
• 10:12
  a
• 10:12
  legacy
• 10:13
  executive
• 10:14
  team
• 10:14
  that's
• 10:14
  been
• 10:14
  at
• 10:14
  Kroger
• 10:15
  for
• 10:15
  a
• 10:15
  long
• 10:15
  time
• 10:16
  around
• 10:16
  him.
• 10:16
  And
• 10:17
  can
• 10:17
  they
• 10:17
  really
• 10:17
  start
• 10:18
  to
• 10:18
  plan
• 10:18
  then
• 10:18
  for
• 10:18
  the
• 10:19
  future?
• 10:19
  And
• 10:19
  is
• 10:19
  he
• 10:20
  kind
• 10:20
  of
• 10:20
  a
• 10:20
  long
• 10:21
  term
• 10:22
  CEO
• 10:22
  for
• 10:23
  Kroger
• 10:23
  or
• 10:23
  is
• 10:24
  this
• 10:24
  more
• 10:24
  of
• 10:24
  like
• 10:25
  another
• 10:25
  interim
• 10:26
  position
• 10:26
  who
• 10:26
  will
• 10:26
  stabilize
• 10:27
  things
• 10:27
  and
• 10:27
  then
• 10:27
  get
• 10:28
  it
• 10:28
  ready
• 10:28
  for
• 10:28
  the
• 10:28
  next
• 10:28
  one?
• 10:28
  Chris,
• 10:29
  what
• 10:29
  are
• 10:29
  your
• 10:29
  thoughts
• 10:29
  on
• 10:30
  that?
• 10:30
  Yeah,
• 10:31
  I
• 10:31
  think
• 10:31
  that's
• 10:31
  a
• 10:32
  really
• 10:32
  insightful
• 10:32
  point.
• 10:33
  You
• 10:33
  know,
• 10:33
  I
• 10:33
  think,
• 10:33
  you
• 10:33
  know,
• 10:34
  I
• 10:34
  find,
• 10:34
  you
• 10:34
  know,
• 10:35
  to
• 10:35
  answer
• 10:35
  the
• 10:35
  question
• 10:35
  too
• 10:36
  at
• 10:36
  the
• 10:36
  top,
• 10:36
  like,
• 10:36
  I
• 10:36
  think
• 10:36
  this
• 10:37
  is
• 10:37
  an
• 10:37
  intriguing
• 10:37
  announcement
• 10:38
  for
• 10:38
  a
• 10:38
  number
• 10:38
  of
• 10:38
  reasons.
• 10:39
  First,
• 10:39
  his
• 10:39
  background
• 10:39
  is
• 10:39
  Pedigrees,
• 10:40
  Woolworths
• 10:40
  Australia,
• 10:41
  Walmart.
• 10:41
  I
• 10:42
  mean,
• 10:42
  you
• 10:42
  know,
• 10:42
  on
• 10:43
  paper
• 10:43
  the
• 10:43
  guys,
• 10:44
  the
• 10:44
  guy,
• 10:44
  the
• 10:44
  guy
• 10:45
  meets
• 10:45
  all
• 10:45
  checks
• 10:45
  all
• 10:45
  the
• 10:46
  boxes,
• 10:46
  right?
• 10:46
  And
• 10:46
  I
• 10:47
  mean
• 10:47
  he,
• 10:47
  you
• 10:47
  know,
• 10:48
  he
• 10:48
  seems
• 10:48
  like
• 10:48
  a
• 10:48
  merchant
• 10:48
  through
• 10:49
  it,
• 10:49
  through
• 10:49
  the
• 10:49
  way
• 10:49
  he
• 10:49
  approaches
• 10:50
  store
• 10:50
  visits
• 10:50
  and
• 10:51
  everything.
• 10:52
  You
• 10:52
  know,
• 10:52
  he's
• 10:52
  coming
• 10:52
  from
• 10:52
  Walmart,
• 10:53
  Kroger's
• 10:53
  biggest
• 10:54
  competitor.
• 10:54
  So
• 10:54
  that
• 10:54
  has
• 10:55
  to
• 10:55
  mean
• 10:55
  something.
• 10:55
  You
• 10:56
  know,
• 10:56
  having
• 10:56
  that
• 10:56
  intelligence
• 10:57
  in
• 10:57
  the
• 10:57
  CEO
• 10:58
  suite
• 10:58
  has
• 10:58
  got
• 10:59
  to
• 10:59
  be,
• 10:59
  you
• 10:59
  know,
• 11:00
  very
• 11:00
  valuable.
• 11:02
  I
• 11:02
  do
• 11:02
  think
• 11:02
  though,
• 11:02
  with
• 11:03
  all
• 11:03
  that
• 11:03
  said,
• 11:03
  I
• 11:03
  think
• 11:03
  he's
• 11:04
  getting
• 11:04
  a
• 11:04
  little
• 11:04
  too
• 11:04
  much
• 11:04
  credit
• 11:05
  in
• 11:05
  the
• 11:05
  media
• 11:05
  for
• 11:05
  the
• 11:06
  digital
• 11:06
  turnaround
• 11:06
  at
• 11:06
  Walmart.
• 11:07
  I
• 11:07
  mean,
• 11:07
  if
• 11:07
  I'm
• 11:07
  not
• 11:07
  mistaken,
• 11:08
  he
• 11:08
  had,
• 11:09
  he
• 11:09
  was
• 11:09
  the
• 11:10
  one
• 11:10
  under
• 11:10
  his
• 11:10
  tenure
• 11:10
  where
• 11:10
  they
• 11:11
  had
• 11:11
  two
• 11:11
  apps,
• 11:11
  one
• 11:12
  for
• 11:12
  gm,
• 11:12
  one
• 11:12
  for
• 11:13
  grocery,
• 11:13
  that
• 11:13
  didn't
• 11:13
  get
• 11:14
  changed
• 11:14
  till
• 11:14
  much
• 11:14
  after
• 11:15
  he
• 11:15
  left.
• 11:15
  So
• 11:15
  I'm
• 11:15
  curious,
• 11:16
  like
• 11:16
  how
• 11:16
  much
• 11:16
  that
• 11:17
  of
• 11:17
  that
• 11:17
  is
• 11:17
  real.
• 11:18
  But
• 11:19
  I
• 11:19
  think
• 11:19
  going
• 11:19
  back
• 11:19
  to
• 11:19
  your
• 11:20
  question
• 11:21
  now,
• 11:22
  I
• 11:22
  think,
• 11:22
  I
• 11:22
  think
• 11:22
  your
• 11:22
  point's
• 11:23
  right
• 11:23
  because
• 11:23
  I
• 11:23
  did,
• 11:23
  I
• 11:24
  actually
• 11:24
  looked
• 11:24
  up,
• 11:25
  he
• 11:25
  doesn't
• 11:25
  have
• 11:25
  a
• 11:25
  LinkedIn
• 11:26
  profile,
• 11:26
  which
• 11:27
  I
• 11:27
  don't
• 11:27
  know
• 11:27
  if
• 11:28
  you
• 11:28
  two
• 11:28
  uncovered
• 11:29
  that
• 11:29
  in
• 11:29
  preparation
• 11:30
  for
• 11:30
  today's
• 11:31
  headlines
• 11:31
  too,
• 11:32
  but
• 11:32
  so
• 11:32
  I
• 11:32
  went
• 11:32
  on
• 11:33
  Wikipedia,
• 11:33
  the
• 11:34
  source
• 11:34
  of
• 11:34
  all
• 11:34
  knowledge,
• 11:35
  and
• 11:36
  it
• 11:36
  turns
• 11:36
  out
• 11:36
  he's
• 11:37
  65.
• 11:38
  Like
• 11:39
  that
• 11:39
  is,
• 11:39
  that
• 11:40
  is
• 11:40
  an
• 11:40
  interesting
• 11:40
  age
• 11:41
  to
• 11:41
  hire
• 11:41
  a
• 11:42
  CEO,
• 11:42
  which
• 11:43
  tells
• 11:43
  me,
• 11:43
  you
• 11:44
  know,
• 11:44
  this
• 11:44
  is
• 11:44
  probably
• 11:45
  just
• 11:45
  at
• 11:45
  best
• 11:45
  a
• 11:46
  stopgap
• 11:47
  for
• 11:47
  a
• 11:47
  few
• 11:47
  years
• 11:48
  and
• 11:48
  that
• 11:48
  they
• 11:48
  really
• 11:48
  need
• 11:49
  to
• 11:49
  fortify
• 11:49
  the
• 11:49
  ranks
• 11:50
  underneath
• 11:50
  him
• 11:51
  very,
• 11:51
  very
• 11:51
  quickly
• 11:52
  for
• 11:52
  this
• 11:52
  to
• 11:53
  work
• 11:53
  in
• 11:53
  the
• 11:53
  long
• 11:54
  run.
• 11:54
  Because,
• 11:55
  you
• 11:55
  know,
• 11:56
  I
• 11:56
  hate
• 11:56
  to
• 11:56
  say
• 11:56
  it,
• 11:56
  but
• 11:56
  it
• 11:57
  is
• 11:57
  a
• 11:57
  factor
• 11:57
  when
• 11:57
  you,
• 11:57
  when
• 11:58
  you
• 11:58
  look
• 11:58
  at
• 11:58
  these
• 11:58
  things.
• 11:59
  Yeah,
• 12:00
  it
• 12:00
  definitely,
• 12:00
  I
• 12:00
  think
• 12:01
  plays
• 12:01
  to.
• 12:01
  He's
• 12:02
  got
• 12:02
  the
• 12:02
  wisdom
• 12:02
  and
• 12:02
  the
• 12:03
  experience
• 12:03
  from
• 12:04
  his,
• 12:04
  his
• 12:05
  years
• 12:05
  of
• 12:05
  experience
• 12:06
  at
• 12:06
  Walmart,
• 12:07
  Wilworths,
• 12:07
  as
• 12:08
  you
• 12:08
  Mentioned
• 12:08
  even
• 12:08
  here
• 12:09
  in
• 12:09
  New
• 12:09
  Zealand.
• 12:09
  I
• 12:09
  think
• 12:10
  really
• 12:10
  thinking
• 12:10
  about
• 12:11
  how
• 12:11
  loyalty
• 12:11
  comes
• 12:11
  into
• 12:12
  play
• 12:12
  in
• 12:12
  these
• 12:12
  next
• 12:13
  few
• 12:13
  years
• 12:14
  as,
• 12:14
  as
• 12:14
  a
• 12:15
  regional
• 12:15
  grocer
• 12:16
  and
• 12:16
  getting
• 12:17
  people
• 12:17
  into
• 12:17
  the
• 12:18
  store.
• 12:18
  So
• 12:18
  yeah,
• 12:18
  I
• 12:18
  think
• 12:19
  it
• 12:19
  makes
• 12:19
  a
• 12:19
  lot
• 12:19
  of
• 12:19
  sense
• 12:20
  to
• 12:20
  tap
• 12:20
  him
• 12:20
  for
• 12:21
  right
• 12:21
  now,
• 12:21
  but
• 12:21
  I
• 12:22
  think
• 12:22
  it's
• 12:22
  a
• 12:22
  great
• 12:22
  point.
• 12:23
  Will
• 12:23
  this
• 12:24
  be
• 12:24
  a
• 12:24
  long
• 12:25
  term
• 12:25
  thing
• 12:25
  for
• 12:25
  Kroger?
• 12:26
  We'll
• 12:26
  have
• 12:26
  to
• 12:26
  wait
• 12:26
  and
• 12:26
  see.
• 12:28
  All
• 12:28
  right,
• 12:28
  headline
• 12:29
  number
• 12:29
  two.
• 12:30
  Target
• 12:30
  is
• 12:30
  cutting
• 12:31
  about
• 12:31
  500
• 12:31
  roles
• 12:32
  at
• 12:32
  distribution
• 12:32
  centers
• 12:33
  and
• 12:33
  regional
• 12:33
  offices
• 12:34
  while
• 12:34
  simultaneously
• 12:35
  investing
• 12:36
  more
• 12:36
  money
• 12:36
  into
• 12:36
  frontline
• 12:37
  store
• 12:37
  staffing
• 12:38
  to
• 12:38
  improve
• 12:39
  customer
• 12:39
  experience.
• 12:40
  According
• 12:40
  to
• 12:40
  CNBC.
• 12:41
  Again,
• 12:41
  Target
• 12:42
  is
• 12:42
  eliminating
• 12:43
  around
• 12:43
  100
• 12:43
  positions
• 12:44
  at
• 12:44
  the
• 12:44
  store
• 12:45
  district
• 12:45
  level
• 12:45
  and
• 12:45
  about
• 12:46
  400
• 12:46
  across
• 12:46
  its
• 12:47
  supply
• 12:47
  chain
• 12:47
  site
• 12:48
  while
• 12:48
  redirecting
• 12:49
  those
• 12:49
  resources
• 12:50
  to
• 12:50
  add
• 12:50
  more
• 12:50
  hours
• 12:51
  for
• 12:51
  frontline
• 12:51
  store
• 12:51
  employees.
• 12:52
  The
• 12:52
  big
• 12:52
  box
• 12:53
  retailer
• 12:53
  said
• 12:53
  it's
• 12:54
  making
• 12:54
  changes
• 12:54
  to
• 12:54
  the
• 12:55
  way
• 12:55
  it
• 12:55
  runs
• 12:55
  in
• 12:55
  overseas
• 12:56
  stores
• 12:56
  to
• 12:56
  improve
• 12:57
  the
• 12:57
  customer
• 12:57
  experience,
• 12:58
  a
• 12:58
  top
• 12:58
  goal
• 12:59
  of
• 12:59
  new
• 12:59
  CEO
• 12:59
  Michael
• 13:00
  Fidelke,
• 13:00
  who
• 13:00
  took
• 13:01
  over
• 13:01
  on
• 13:01
  February
• 13:02
  1.
• 13:02
  Target
• 13:03
  is
• 13:03
  reducing
• 13:03
  the
• 13:04
  number
• 13:04
  of
• 13:04
  store
• 13:04
  districts
• 13:05
  to
• 13:05
  streamline
• 13:05
  operations
• 13:06
  and
• 13:06
  putting
• 13:06
  money
• 13:07
  toward
• 13:07
  additional
• 13:08
  labor
• 13:08
  hours
• 13:08
  and
• 13:09
  new
• 13:09
  guest
• 13:09
  experience
• 13:10
  training
• 13:10
  for
• 13:11
  every
• 13:11
  team
• 13:11
  member
• 13:12
  at
• 13:12
  every
• 13:12
  store.
• 13:13
  Joe,
• 13:14
  I'm
• 13:15
  curious,
• 13:15
  how
• 13:15
  meaningful
• 13:16
  do
• 13:16
  you
• 13:16
  think
• 13:16
  Target's
• 13:17
  announcement
• 13:18
  to
• 13:18
  invest
• 13:18
  in
• 13:19
  more
• 13:19
  in
• 13:19
  store
• 13:20
  staffing
• 13:20
  actually
• 13:20
  is?
• 13:23
  Well,
• 13:23
  I
• 13:23
  certainly
• 13:24
  think
• 13:24
  it's
• 13:24
  addressing
• 13:25
  the
• 13:25
  thing
• 13:26
  that
• 13:26
  comes
• 13:27
  up
• 13:27
  the
• 13:27
  most
• 13:27
  when
• 13:27
  people
• 13:29
  critique
• 13:29
  Target's
• 13:30
  current
• 13:32
  performance,
• 13:32
  guest
• 13:33
  experience.
• 13:33
  What's,
• 13:34
  what's
• 13:34
  causing
• 13:34
  the
• 13:35
  most
• 13:35
  problems
• 13:36
  with
• 13:36
  people
• 13:36
  who
• 13:37
  used
• 13:38
  to
• 13:38
  love
• 13:38
  Target
• 13:38
  but
• 13:39
  maybe
• 13:39
  don't
• 13:39
  shop
• 13:39
  there
• 13:40
  as
• 13:40
  often
• 13:40
  anymore
• 13:41
  or,
• 13:41
  you
• 13:42
  know,
• 13:42
  kind
• 13:42
  of
• 13:42
  used
• 13:42
  to
• 13:42
  go
• 13:42
  to
• 13:42
  Target
• 13:43
  because
• 13:43
  they
• 13:43
  wanted
• 13:43
  to
• 13:44
  and
• 13:44
  now
• 13:44
  kind
• 13:44
  of
• 13:44
  only
• 13:44
  go
• 13:45
  when
• 13:45
  they
• 13:45
  need
• 13:45
  to.
• 13:46
  I
• 13:46
  think
• 13:47
  improving
• 13:47
  that
• 13:49
  frontline
• 13:49
  experience,
• 13:50
  just
• 13:50
  having
• 13:50
  more
• 13:51
  bodies
• 13:51
  in
• 13:51
  stores
• 13:51
  because
• 13:52
  that's
• 13:52
  a
• 13:52
  thing
• 13:52
  that
• 13:52
  robots
• 13:53
  can't
• 13:53
  do
• 13:53
  yet,
• 13:54
  can
• 13:54
  only
• 13:54
  help.
• 13:55
  But
• 13:55
  I
• 13:55
  think
• 13:55
  the,
• 13:56
  the
• 13:56
  proof
• 13:56
  is
• 13:56
  certainly
• 13:57
  going
• 13:57
  to
• 13:57
  be
• 13:57
  in
• 13:57
  the
• 13:57
  execution
• 13:58
  of
• 13:58
  that.
• 13:58
  So
• 13:58
  I
• 13:58
  think,
• 13:58
  I
• 13:58
  think,
• 13:58
  I
• 13:59
  guess
• 13:59
  I
• 13:59
  would
• 13:59
  say
• 13:59
  they're,
• 13:59
  they're
• 14:00
  saying
• 14:00
  the
• 14:00
  right
• 14:00
  thing,
• 14:00
  but
• 14:01
  we're
• 14:01
  going
• 14:01
  to
• 14:01
  have
• 14:01
  to
• 14:01
  see
• 14:01
  how
• 14:02
  that
• 14:02
  manifests.
• 14:02
  It's
• 14:02
  also
• 14:03
  not
• 14:03
  the
• 14:03
  kind
• 14:03
  of
• 14:03
  thing
• 14:03
  you
• 14:03
  can
• 14:04
  change
• 14:04
  overnight,
• 14:04
  especially
• 14:05
  not
• 14:05
  with
• 14:05
  a
• 14:05
  store
• 14:05
  fleet
• 14:06
  as
• 14:06
  big
• 14:06
  as
• 14:06
  theirs
• 14:06
  is.
• 14:07
  And
• 14:07
  so
• 14:08
  it's
• 14:08
  going
• 14:08
  to
• 14:08
  be
• 14:08
  a
• 14:09
  big
• 14:09
  gap
• 14:10
  between
• 14:10
  kind
• 14:10
  of,
• 14:11
  kind
• 14:11
  of
• 14:11
  saying
• 14:11
  the
• 14:11
  right
• 14:12
  thing
• 14:12
  now
• 14:12
  and
• 14:13
  having
• 14:13
  it
• 14:13
  come
• 14:14
  to
• 14:14
  reality
• 14:16
  three
• 14:16
  months
• 14:16
  from
• 14:16
  now,
• 14:17
  probably
• 14:18
  at
• 14:18
  the
• 14:18
  soonest.
• 14:19
  So,
• 14:20
  Joe,
• 14:20
  if
• 14:20
  I
• 14:20
  read
• 14:20
  between
• 14:20
  the
• 14:21
  lines.
• 14:21
  So
• 14:21
  you're
• 14:21
  a
• 14:21
  little
• 14:21
  skeptical
• 14:22
  of
• 14:22
  the
• 14:22
  impact
• 14:22
  of
• 14:23
  this
• 14:23
  announcement?
• 14:23
  A
• 14:24
  little
• 14:24
  bit.
• 14:24
  I
• 14:24
  guess
• 14:24
  there's
• 14:24
  a
• 14:25
  little
• 14:25
  skepticism
• 14:25
  that
• 14:25
  you're
• 14:26
  viewing
• 14:26
  this
• 14:26
  announcement
• 14:26
  with.
• 14:27
  I
• 14:27
  guess,
• 14:27
  I
• 14:28
  guess
• 14:28
  a
• 14:28
  little
• 14:28
  bit.
• 14:28
  And
• 14:28
  also
• 14:29
  like
• 14:29
  kind
• 14:29
  of
• 14:30
  there
• 14:30
  needs
• 14:30
  to
• 14:30
  be
• 14:31
  some
• 14:31
  expectations
• 14:31
  setting
• 14:32
  just
• 14:32
  around
• 14:33
  like
• 14:33
  it's
• 14:33
  not
• 14:33
  going
• 14:33
  to
• 14:33
  be
• 14:34
  an
• 14:34
  overnight.
• 14:35
  Suddenly
• 14:36
  the
• 14:36
  shelves
• 14:37
  will
• 14:37
  be
• 14:37
  stocked
• 14:37
  with
• 14:37
  everything
• 14:38
  that
• 14:38
  people
• 14:38
  want
• 14:39
  to
• 14:39
  buy
• 14:39
  and
• 14:39
  it'll
• 14:40
  be
• 14:40
  a
• 14:41
  back
• 14:41
  to
• 14:41
  the
• 14:42
  Target
• 14:42
  in
• 14:43
  store
• 14:43
  experience
• 14:43
  that
• 14:43
  we
• 14:44
  were
• 14:44
  all
• 14:44
  used
• 14:44
  to
• 14:44
  say
• 14:44
  five
• 14:45
  years
• 14:45
  ago.
• 14:45
  I
• 14:45
  think
• 14:46
  they're
• 14:46
  going
• 14:46
  to
• 14:46
  need
• 14:46
  to
• 14:46
  temper
• 14:47
  expectations
• 14:47
  about
• 14:47
  just
• 14:47
  how
• 14:48
  fast
• 14:48
  they
• 14:48
  can
• 14:49
  execute
• 14:49
  on
• 14:50
  what
• 14:50
  they're
• 14:50
  talking
• 14:50
  about.
• 14:50
  Today,
• 14:52
  especially
• 14:52
  amongst
• 14:52
  the
• 14:52
  leadership
• 14:53
  changes
• 14:53
  they
• 14:53
  just
• 14:53
  announced
• 14:54
  too.
• 14:54
  They've
• 14:54
  got
• 14:54
  a
• 14:54
  lot
• 14:54
  of
• 14:54
  things
• 14:55
  to
• 14:55
  sort
• 14:55
  out
• 14:55
  internally
• 14:56
  now
• 14:56
  as
• 14:56
  well.
• 14:56
  Yeah,
• 14:57
  I
• 14:57
  mean
• 14:58
  I'll
• 14:58
  go
• 14:58
  a
• 14:58
  little
• 14:58
  heavier
• 14:59
  handed
• 14:59
  on
• 14:59
  this.
• 14:59
  I
• 14:59
  don't
• 15:00
  think
• 15:00
  this
• 15:00
  is
• 15:00
  going
• 15:00
  to
• 15:00
  surprise
• 15:00
  anybody,
• 15:01
  but
• 15:01
  I
• 15:01
  think
• 15:01
  it's
• 15:01
  backed
• 15:02
  up
• 15:02
  by
• 15:02
  the
• 15:02
  math.
• 15:02
  So
• 15:03
  I
• 15:03
  think
• 15:03
  it's
• 15:04
  smoke
• 15:04
  and
• 15:04
  mirrors
• 15:04
  as
• 15:05
  a
• 15:05
  PR
• 15:05
  announcement
• 15:06
  and
• 15:06
  it's
• 15:07
  smoke
• 15:07
  and
• 15:07
  mirrors
• 15:07
  from
• 15:07
  the
• 15:07
  master
• 15:08
  of
• 15:08
  PR
• 15:08
  smoke
• 15:09
  and
• 15:09
  mirrors,
• 15:09
  which
• 15:09
  is
• 15:09
  Target
• 15:10
  said
• 15:11
  you
• 15:11
  do
• 15:11
  the
• 15:11
  math
• 15:11
  on
• 15:11
  this.
• 15:12
  The
• 15:12
  article
• 15:13
  states
• 15:13
  very
• 15:13
  clearly
• 15:14
  that
• 15:14
  the
• 15:14
  average
• 15:15
  pay
• 15:15
  rate
• 15:15
  starts,
• 15:16
  starts
• 15:16
  at
• 15:16
  $15
• 15:17
  an
• 15:17
  hour.
• 15:18
  So
• 15:18
  annually
• 15:19
  that's
• 15:19
  $31,000
• 15:20
  a
• 15:20
  year.
• 15:21
  The
• 15:21
  average
• 15:22
  position
• 15:22
  eliminated
• 15:23
  on
• 15:23
  the
• 15:23
  high
• 15:24
  side,
• 15:24
  on
• 15:24
  the
• 15:25
  high
• 15:25
  side
• 15:26
  is
• 15:26
  $200,000
• 15:27
  per
• 15:27
  year.
• 15:27
  So
• 15:27
  that's
• 15:28
  basically
• 15:28
  an
• 15:28
  additional
• 15:29
  six
• 15:29
  and
• 15:29
  a
• 15:29
  half
• 15:30
  people
• 15:30
  for
• 15:31
  each
• 15:31
  eliminated
• 15:31
  position,
• 15:32
  which
• 15:32
  equates
• 15:33
  to
• 15:34
  best
• 15:34
  case
• 15:34
  an
• 15:34
  additional
• 15:35
  3,225
• 15:37
  workers,
• 15:38
  which
• 15:38
  is
• 15:38
  less
• 15:38
  than
• 15:39
  one
• 15:39
  extra
• 15:40
  one
• 15:40
  and
• 15:40
  a
• 15:40
  half
• 15:41
  workers
• 15:41
  per
• 15:41
  store
• 15:42
  across
• 15:42
  the
• 15:42
  entire
• 15:43
  fleet,
• 15:43
  to
• 15:44
  say
• 15:44
  nothing
• 15:44
  of
• 15:44
  the
• 15:44
  added
• 15:45
  expense.
• 15:45
  It
• 15:45
  comes
• 15:46
  from
• 15:46
  initiatives
• 15:46
  when
• 15:46
  you
• 15:47
  start
• 15:47
  saying
• 15:47
  things
• 15:47
  like
• 15:47
  we're
• 15:48
  going
• 15:48
  to
• 15:48
  increase
• 15:48
  employee
• 15:49
  training
• 15:49
  as
• 15:50
  well
• 15:50
  in
• 15:50
  addition
• 15:51
  to
• 15:51
  having
• 15:51
  to
• 15:51
  replace
• 15:52
  the
• 15:52
  work
• 15:52
  from
• 15:52
  the
• 15:52
  workers
• 15:53
  who've
• 15:53
  left.
• 15:54
  So
• 15:55
  these
• 15:55
  investments,
• 15:56
  to
• 15:56
  me,
• 15:56
  they
• 15:56
  don't,
• 15:57
  they
• 15:57
  on
• 15:58
  the
• 15:58
  core,
• 15:58
  they
• 15:58
  don't
• 15:58
  amount
• 15:59
  to
• 15:59
  anything
• 15:59
  when
• 15:59
  you
• 16:00
  step
• 16:00
  back
• 16:00
  and
• 16:00
  you
• 16:00
  do
• 16:00
  the
• 16:01
  numbers.
• 16:01
  Unless
• 16:01
  they're
• 16:02
  also
• 16:02
  putting
• 16:02
  more
• 16:03
  money
• 16:03
  behind
• 16:04
  training
• 16:05
  and
• 16:05
  store
• 16:05
  efforts.
• 16:06
  But
• 16:06
  the
• 16:07
  articles
• 16:07
  didn't
• 16:07
  really
• 16:08
  hint
• 16:08
  to
• 16:08
  that.
• 16:08
  They
• 16:09
  said
• 16:09
  it
• 16:09
  was
• 16:09
  all
• 16:09
  coming
• 16:09
  through
• 16:10
  the
• 16:10
  layoffs.
• 16:10
  So,
• 16:10
  and
• 16:11
  I
• 16:11
  don't
• 16:11
  know
• 16:12
  what's
• 16:13
  your
• 16:13
  take
• 16:13
  here?
• 16:13
  Do
• 16:13
  you
• 16:14
  agree
• 16:14
  with
• 16:14
  me?
• 16:14
  Do
• 16:14
  you
• 16:14
  disagree
• 16:15
  with
• 16:15
  me?
• 16:15
  Are
• 16:15
  you
• 16:15
  more
• 16:15
  on
• 16:16
  Joe's
• 16:16
  side?
• 16:16
  Or
• 16:17
  maybe
• 16:17
  Joe
• 16:17
  agrees
• 16:17
  with
• 16:17
  me
• 16:18
  now
• 16:18
  too,
• 16:18
  I
• 16:18
  don't
• 16:18
  know.
• 16:18
  But
• 16:19
  where
• 16:19
  do
• 16:19
  you
• 16:19
  come
• 16:20
  down?
• 16:20
  Look,
• 16:21
  I
• 16:21
  think
• 16:21
  the
• 16:21
  most
• 16:21
  important
• 16:22
  thing
• 16:22
  about
• 16:22
  this
• 16:23
  is
• 16:24
  Target.
• 16:24
  What
• 16:24
  Joe
• 16:25
  said
• 16:25
  Target
• 16:25
  is
• 16:26
  acknowledging
• 16:26
  the
• 16:26
  state
• 16:27
  of
• 16:27
  their
• 16:27
  stores
• 16:27
  in
• 16:27
  the
• 16:28
  statement.
• 16:28
  So
• 16:28
  I
• 16:29
  think
• 16:29
  that's
• 16:29
  not
• 16:29
  PR
• 16:30
  smoke
• 16:30
  and
• 16:30
  mirrors.
• 16:31
  That's
• 16:31
  just
• 16:31
  calling
• 16:32
  it
• 16:32
  and
• 16:32
  saying
• 16:32
  we
• 16:32
  see
• 16:33
  it
• 16:33
  now,
• 16:34
  this,
• 16:34
  that,
• 16:35
  that
• 16:35
  it
• 16:35
  gives
• 16:35
  me
• 16:36
  hope
• 16:36
  that
• 16:36
  we'll
• 16:36
  start
• 16:36
  to
• 16:37
  hear
• 16:37
  from
• 16:37
  Michael
• 16:37
  Fidelke
• 16:38
  some
• 16:38
  of
• 16:38
  the
• 16:38
  other
• 16:38
  things
• 16:39
  that
• 16:39
  are
• 16:40
  plaguing
• 16:40
  Target
• 16:41
  right
• 16:41
  now.
• 16:42
  And
• 16:42
  that
• 16:42
  he's
• 16:43
  going
• 16:43
  to
• 16:43
  address
• 16:43
  them.
• 16:44
  However,
• 16:44
  I
• 16:45
  think
• 16:45
  Joe,
• 16:45
  and
• 16:46
  you
• 16:46
  bring
• 16:46
  up
• 16:46
  very
• 16:46
  good
• 16:47
  points.
• 16:48
  We,
• 16:48
  the
• 16:49
  customers
• 16:49
  are
• 16:49
  going
• 16:49
  to
• 16:49
  expect
• 16:50
  to
• 16:50
  see
• 16:50
  some
• 16:50
  changes.
• 16:51
  So
• 16:51
  they're,
• 16:51
  you're
• 16:52
  putting
• 16:52
  something
• 16:52
  like
• 16:53
  this
• 16:53
  out
• 16:53
  there.
• 16:54
  So
• 16:54
  within
• 16:55
  a
• 16:55
  few
• 16:55
  months,
• 16:56
  customers
• 16:56
  are
• 16:56
  going
• 16:56
  to
• 16:57
  expect
• 16:57
  to
• 16:57
  see
• 16:57
  that
• 16:58
  stores
• 16:58
  look
• 16:58
  better,
• 16:59
  that
• 16:59
  they're
• 16:59
  getting
• 16:59
  better
• 17:00
  support
• 17:00
  within
• 17:01
  their
• 17:01
  store,
• 17:02
  their
• 17:02
  Target
• 17:02
  stores
• 17:02
  on
• 17:02
  their
• 17:03
  Target
• 17:03
  runs.
• 17:04
  And
• 17:04
  so
• 17:04
  I
• 17:04
  think
• 17:05
  it's
• 17:05
  really
• 17:05
  up
• 17:05
  to
• 17:05
  Target
• 17:06
  to,
• 17:06
  to
• 17:07
  prove
• 17:07
  it
• 17:07
  themselves.
• 17:08
  They'll,
• 17:08
  they've,
• 17:08
  they've
• 17:09
  put
• 17:09
  it
• 17:09
  out
• 17:09
  there,
• 17:09
  they've
• 17:10
  set
• 17:10
  a
• 17:10
  goal
• 17:10
  publicly
• 17:11
  and
• 17:11
  now
• 17:12
  we'll
• 17:12
  see
• 17:12
  if
• 17:12
  they
• 17:12
  can,
• 17:13
  if
• 17:13
  they
• 17:13
  can
• 17:13
  make
• 17:14
  good
• 17:14
  on
• 17:14
  it.
• 17:15
  But
• 17:15
  I
• 17:15
  think,
• 17:15
  you
• 17:15
  know,
• 17:15
  you
• 17:16
  also
• 17:16
  bring
• 17:16
  up
• 17:16
  some
• 17:16
  good
• 17:16
  points
• 17:17
  when
• 17:17
  you
• 17:17
  were
• 17:17
  doing
• 17:17
  the
• 17:17
  math.
• 17:18
  Like,
• 17:18
  I
• 17:18
  think
• 17:18
  there's
• 17:19
  also
• 17:19
  stuff
• 17:19
  going
• 17:19
  on
• 17:19
  behind
• 17:20
  the
• 17:20
  scenes
• 17:20
  that
• 17:20
  we
• 17:20
  are
• 17:21
  not
• 17:21
  privy
• 17:21
  to
• 17:22
  that
• 17:22
  is
• 17:22
  like,
• 17:22
  what,
• 17:23
  what
• 17:23
  does
• 17:23
  this
• 17:23
  mean
• 17:23
  then?
• 17:24
  Does
• 17:24
  a,
• 17:24
  does
• 17:24
  a
• 17:24
  DTL
• 17:25
  now
• 17:25
  have
• 17:25
  a
• 17:26
  bigger
• 17:26
  territory
• 17:26
  that
• 17:27
  they
• 17:27
  have
• 17:27
  to
• 17:27
  look
• 17:27
  after?
• 17:28
  What
• 17:28
  does
• 17:28
  that
• 17:28
  mean
• 17:28
  for
• 17:29
  their
• 17:29
  role
• 17:30
  and
• 17:30
  making
• 17:30
  sure
• 17:30
  that
• 17:30
  there's
• 17:31
  consistency
• 17:32
  across
• 17:32
  all
• 17:32
  of
• 17:32
  these
• 17:33
  things
• 17:33
  that
• 17:33
  are
• 17:33
  being
• 17:33
  done
• 17:34
  to
• 17:34
  change
• 17:34
  what
• 17:34
  the
• 17:34
  store
• 17:35
  experience
• 17:35
  is
• 17:35
  like.
• 17:35
  Like,
• 17:36
  there's
• 17:36
  a
• 17:36
  lot
• 17:36
  of
• 17:36
  open
• 17:37
  questions
• 17:37
  there
• 17:39
  and
• 17:39
  what
• 17:39
  this
• 17:39
  is
• 17:40
  actually
• 17:40
  going
• 17:40
  to
• 17:40
  look
• 17:40
  like.
• 17:41
  But
• 17:41
  Target
• 17:41
  set
• 17:42
  it
• 17:42
  and
• 17:42
  now
• 17:43
  I
• 17:43
  think
• 17:43
  all
• 17:43
  we
• 17:43
  can
• 17:44
  do
• 17:44
  is
• 17:44
  wait
• 17:44
  and
• 17:45
  see.
• 17:45
  Do
• 17:45
  they
• 17:46
  pay,
• 17:46
  pay
• 17:47
  or
• 17:47
  make
• 17:47
  good
• 17:48
  on
• 17:48
  this
• 17:48
  promise?
• 17:49
  And
• 17:49
  is
• 17:49
  this
• 17:49
  the
• 17:50
  first
• 17:50
  hopefully
• 17:51
  of
• 17:51
  many
• 17:51
  things
• 17:52
  that
• 17:52
  we
• 17:52
  see
• 17:52
  Target
• 17:53
  outwardly
• 17:53
  acknowledge
• 17:54
  and
• 17:54
  then
• 17:55
  make
• 17:55
  good
• 17:55
  with?
• 17:56
  Yeah,
• 17:56
  and
• 17:57
  as
• 17:57
  a
• 17:57
  former
• 17:57
  district
• 17:57
  manager,
• 17:58
  I
• 17:58
  can
• 17:58
  tell
• 17:58
  you,
• 17:58
  yes,
• 17:58
  that's
• 17:59
  going
• 17:59
  to
• 17:59
  be
• 17:59
  the
• 17:59
  case.
• 17:59
  Like,
• 18:00
  that's,
• 18:00
  that's
• 18:01
  how
• 18:01
  this
• 18:01
  works.
• 18:01
  They're
• 18:01
  going
• 18:02
  to
• 18:02
  have
• 18:02
  more
• 18:02
  territory
• 18:02
  to
• 18:02
  cover.
• 18:03
  It's
• 18:03
  going
• 18:03
  to
• 18:03
  be
• 18:03
  more
• 18:03
  travel
• 18:04
  expenses
• 18:04
  too,
• 18:04
  that
• 18:04
  have
• 18:05
  to
• 18:05
  be,
• 18:05
  you
• 18:05
  know,
• 18:05
  accounted
• 18:06
  for.
• 18:06
  So,
• 18:07
  Joe,
• 18:07
  any
• 18:07
  last
• 18:08
  word
• 18:08
  on
• 18:08
  this
• 18:08
  one?
• 18:09
  No,
• 18:10
  I,
• 18:10
  I
• 18:10
  think
• 18:10
  I
• 18:10
  agree
• 18:11
  with
• 18:11
  you
• 18:11
  both
• 18:11
  that,
• 18:12
  you
• 18:12
  know,
• 18:12
  if
• 18:13
  this
• 18:13
  is,
• 18:13
  if
• 18:13
  this
• 18:13
  is
• 18:13
  it,
• 18:14
  if,
• 18:14
  you
• 18:14
  know,
• 18:14
  here's,
• 18:15
  here's
• 18:15
  the
• 18:15
  plan,
• 18:15
  like,
• 18:16
  we
• 18:16
  fire
• 18:16
  these
• 18:16
  500
• 18:17
  people
• 18:17
  and
• 18:18
  everything
• 18:18
  will
• 18:18
  be
• 18:18
  golden
• 18:19
  in
• 18:19
  our
• 18:19
  stores.
• 18:20
  Like,
• 18:20
  clearly
• 18:21
  that,
• 18:22
  that
• 18:22
  doesn't
• 18:23
  seem
• 18:24
  possible
• 18:24
  to
• 18:24
  me.
• 18:25
  And
• 18:25
  as
• 18:25
  the
• 18:25
  shop
• 18:25
  talk
• 18:25
  guy,
• 18:26
  I'll
• 18:26
  always
• 18:26
  probably
• 18:26
  be
• 18:26
  more
• 18:26
  diplomatic
• 18:27
  than
• 18:27
  you
• 18:27
  guys
• 18:27
  could
• 18:28
  be
• 18:28
  about
• 18:28
  it.
• 18:28
  But,
• 18:29
  but,
• 18:29
  but,
• 18:30
  so,
• 18:30
  so
• 18:30
  I
• 18:30
  guess
• 18:30
  my,
• 18:31
  my
• 18:31
  optimistic
• 18:31
  view
• 18:32
  is,
• 18:32
  is
• 18:32
  like
• 18:32
  an,
• 18:33
  like
• 18:33
  this
• 18:33
  is,
• 18:33
  this
• 18:33
  is
• 18:33
  the
• 18:34
  first
• 18:34
  step
• 18:35
  and
• 18:36
  there
• 18:36
  will
• 18:36
  be
• 18:36
  more
• 18:36
  steps
• 18:37
  announced
• 18:37
  in,
• 18:37
  in
• 18:38
  coming
• 18:38
  weeks
• 18:38
  and
• 18:38
  then,
• 18:38
  you
• 18:39
  know,
• 18:39
  hopefully
• 18:39
  again,
• 18:39
  shoppers
• 18:40
  will
• 18:40
  start
• 18:40
  to
• 18:41
  see
• 18:41
  execution,
• 18:43
  you
• 18:43
  know,
• 18:43
  in,
• 18:43
  in
• 18:44
  the
• 18:44
  next
• 18:44
  six
• 18:46
  months.
• 18:47
  Yeah,
• 18:47
  Joe,
• 18:47
  I
• 18:48
  think
• 18:48
  everybody's
• 18:48
  more
• 18:48
  diplomatic
• 18:49
  about
• 18:49
  things
• 18:49
  that
• 18:49
  I
• 18:49
  am.
• 18:50
  That's
• 18:51
  probably
• 18:51
  the
• 18:51
  rule
• 18:51
  of
• 18:52
  this
• 18:52
  show.
• 18:52
  All
• 18:52
  Right,
• 18:53
  let's
• 18:53
  go
• 18:53
  to
• 18:53
  headline
• 18:53
  number
• 18:54
  three.
• 18:54
  Anthropic
• 18:55
  spent
• 18:55
  millions
• 18:55
  on
• 18:56
  super
• 18:56
  bowl
• 18:56
  commercials
• 18:57
  pledging
• 18:58
  that
• 18:58
  its
• 18:58
  Claude
• 18:58
  AI
• 18:59
  chatbot
• 18:59
  will
• 18:59
  remain
• 19:00
  completely
• 19:00
  ad
• 19:01
  free,
• 19:01
  taking
• 19:01
  direct
• 19:02
  shots
• 19:02
  at
• 19:02
  rival
• 19:03
  OpenAI's
• 19:04
  decision
• 19:04
  to
• 19:04
  introduce
• 19:05
  ads
• 19:05
  to
• 19:06
  ChatGPT.
• 19:06
  According
• 19:07
  to
• 19:07
  multiple
• 19:08
  news
• 19:08
  outlets,
• 19:08
  Anthropic
• 19:09
  aired
• 19:09
  a
• 19:10
  60
• 19:10
  second
• 19:10
  pre
• 19:11
  game
• 19:11
  and
• 19:12
  a
• 19:12
  30
• 19:12
  second
• 19:12
  in
• 19:13
  game
• 19:13
  ad
• 19:13
  featuring
• 19:14
  the
• 19:14
  tagline
• 19:15
  ads
• 19:15
  are
• 19:15
  coming
• 19:15
  to
• 19:15
  AI
• 19:16
  but
• 19:16
  not
• 19:16
  to
• 19:17
  Claude,
• 19:17
  with
• 19:18
  30
• 19:18
  second
• 19:18
  slots
• 19:19
  averaging
• 19:20
  $8
• 19:20
  million
• 19:21
  at
• 19:21
  the
• 19:21
  Super
• 19:21
  Bowl.
• 19:22
  Wow.
• 19:23
  The
• 19:24
  company
• 19:24
  says
• 19:24
  its
• 19:24
  business
• 19:25
  model
• 19:25
  is,
• 19:25
  quote,
• 19:26
  straightforward,
• 19:27
  end
• 19:27
  quote,
• 19:28
  generating
• 19:28
  revenue
• 19:29
  through
• 19:29
  enterprise
• 19:29
  contracts
• 19:30
  and
• 19:30
  paid
• 19:31
  subscriptions
• 19:31
  rather
• 19:32
  than
• 19:32
  advertising.
• 19:32
  And
• 19:33
  the
• 19:33
  personal
• 19:34
  nature
• 19:34
  of
• 19:34
  conversations
• 19:35
  with
• 19:35
  cloud
• 19:35
  would
• 19:36
  make
• 19:36
  ads
• 19:36
  feel,
• 19:37
  quote,
• 19:37
  incongruous
• 19:38
  and
• 19:39
  quote,
• 19:39
  and
• 19:39
  in
• 19:40
  many
• 19:40
  cases,
• 19:41
  inappropriate.
• 19:42
  OpenAI
• 19:43
  CEO
• 19:43
  Sam
• 19:44
  Altman
• 19:44
  quickly,
• 19:44
  quickly
• 19:45
  hit
• 19:45
  back,
• 19:45
  calling
• 19:45
  Anthropic
• 19:46
  ads
• 19:47
  funny
• 19:47
  but
• 19:48
  dishonest
• 19:48
  and
• 19:49
  taking
• 19:49
  a
• 19:49
  swipe
• 19:49
  at
• 19:49
  their
• 19:50
  business
• 19:50
  model,
• 19:50
  saying
• 19:50
  Anthropic
• 19:51
  serves
• 19:51
  an
• 19:52
  expensive
• 19:52
  product
• 19:53
  to
• 19:53
  rich
• 19:53
  people
• 19:54
  despite
• 19:54
  quads
• 19:55
  also
• 19:56
  offering
• 19:57
  free
• 19:57
  access.
• 19:58
  In
• 19:58
  one
• 19:58
  commercial,
• 19:59
  a
• 19:59
  person
• 19:59
  asked
• 20:00
  for
• 20:00
  advice
• 20:00
  about
• 20:00
  communicating
• 20:01
  with
• 20:01
  their
• 20:01
  mother,
• 20:02
  and
• 20:02
  the
• 20:02
  AI
• 20:02
  smoothly
• 20:03
  transitions
• 20:03
  from
• 20:03
  helpful
• 20:04
  guidance
• 20:04
  to
• 20:05
  an
• 20:05
  ad
• 20:05
  for
• 20:05
  a
• 20:06
  quote,
• 20:06
  mature
• 20:07
  dating
• 20:07
  site
• 20:07
  that
• 20:08
  connects
• 20:08
  sensitive
• 20:09
  cubs
• 20:09
  with
• 20:09
  roaring
• 20:10
  cougars.
• 20:11
  End
• 20:11
  quote.
• 20:13
  All
• 20:13
  right,
• 20:14
  Chris,
• 20:14
  we'll
• 20:14
  go
• 20:14
  to
• 20:14
  you
• 20:14
  first
• 20:15
  on
• 20:15
  this
• 20:15
  one.
• 20:15
  Oh,
• 20:16
  okay.
• 20:17
  Is
• 20:17
  Anthropic's
• 20:18
  concern
• 20:18
  about
• 20:19
  its
• 20:19
  chat
• 20:19
  bots
• 20:20
  answers
• 20:20
  being
• 20:20
  influenced
• 20:21
  by
• 20:21
  third
• 20:21
  party
• 20:21
  product
• 20:22
  placements
• 20:22
  as
• 20:22
  big
• 20:23
  of
• 20:23
  a
• 20:23
  concern
• 20:23
  or
• 20:24
  opportunity
• 20:25
  as
• 20:25
  Anthropic
• 20:25
  is
• 20:26
  advertising
• 20:26
  it
• 20:26
  to
• 20:27
  be?
• 20:28
  Oh,
• 20:28
  wow.
• 20:29
  Yeah.
• 20:29
  God,
• 20:30
  I
• 20:30
  can't
• 20:30
  wait
• 20:30
  to
• 20:30
  get
• 20:30
  Joe's
• 20:30
  opinion
• 20:30
  on
• 20:31
  this
• 20:31
  too,
• 20:31
  because
• 20:31
  he's
• 20:31
  probably
• 20:31
  much
• 20:31
  closer
• 20:32
  to
• 20:32
  this
• 20:32
  in
• 20:32
  terms
• 20:32
  of
• 20:32
  prepping
• 20:33
  the
• 20:33
  content
• 20:33
  for
• 20:33
  shop
• 20:34
  talk
• 20:34
  next
• 20:34
  month.
• 20:34
  But,
• 20:35
  you
• 20:35
  know,
• 20:35
  I,
• 20:36
  I
• 20:36
  don't
• 20:37
  think
• 20:37
  so.
• 20:37
  I
• 20:37
  think
• 20:38
  they're
• 20:38
  kind
• 20:38
  of.
• 20:38
  I
• 20:38
  think
• 20:39
  they're
• 20:39
  trying
• 20:39
  to
• 20:39
  make
• 20:39
  something
• 20:39
  out
• 20:40
  of
• 20:40
  this
• 20:40
  more
• 20:40
  than
• 20:40
  it
• 20:41
  is.
• 20:41
  I
• 20:41
  mean,
• 20:41
  I
• 20:41
  think
• 20:41
  you
• 20:41
  just
• 20:42
  look
• 20:42
  at
• 20:42
  the
• 20:42
  evidence.
• 20:42
  You
• 20:43
  see,
• 20:43
  you
• 20:43
  see
• 20:43
  how
• 20:44
  free
• 20:44
  with
• 20:44
  advertising,
• 20:45
  streaming
• 20:45
  sites
• 20:45
  are
• 20:45
  coming
• 20:46
  into
• 20:46
  play,
• 20:46
  how
• 20:47
  Netflix
• 20:47
  and
• 20:47
  Amazon
• 20:48
  have
• 20:48
  both
• 20:48
  added
• 20:49
  ad
• 20:50
  options
• 20:50
  to
• 20:50
  their
• 20:51
  portfolio,
• 20:51
  so
• 20:52
  it's
• 20:52
  existed
• 20:52
  in
• 20:53
  Google
• 20:53
  forever
• 20:53
  and
• 20:54
  no
• 20:54
  one
• 20:54
  cares.
• 20:55
  I
• 20:55
  mean,
• 20:55
  it's
• 20:56
  a
• 20:56
  nice
• 20:56
  sound
• 20:56
  bite,
• 20:57
  but
• 20:57
  to
• 20:57
  me,
• 20:57
  the
• 20:57
  economics
• 20:58
  went
• 20:58
  out
• 20:58
  at
• 20:58
  the
• 20:59
  end.
• 20:59
  You
• 20:59
  know,
• 20:59
  that's
• 21:00
  just.
• 21:00
  People
• 21:00
  are
• 21:01
  going
• 21:01
  to
• 21:01
  gravitate
• 21:01
  towards
• 21:01
  that.
• 21:02
  People
• 21:02
  gravitate
• 21:02
  towards
• 21:03
  free.
• 21:03
  And,
• 21:03
  you
• 21:03
  know,
• 21:03
  if
• 21:04
  you
• 21:04
  got
• 21:04
  to
• 21:04
  exchange
• 21:05
  something
• 21:05
  and,
• 21:06
  you
• 21:06
  know,
• 21:06
  give
• 21:06
  something
• 21:06
  in
• 21:07
  exchange
• 21:07
  for
• 21:07
  that,
• 21:07
  fine,
• 21:08
  you
• 21:08
  know,
• 21:08
  whatever.
• 21:08
  And
• 21:08
  so
• 21:09
  I
• 21:09
  think,
• 21:09
  I
• 21:09
  think
• 21:09
  there's
• 21:10
  enough
• 21:10
  data
• 21:10
  points
• 21:10
  out
• 21:11
  there
• 21:11
  to
• 21:11
  say,
• 21:11
  like,
• 21:11
  this
• 21:11
  is
• 21:12
  kind
• 21:12
  of
• 21:12
  a
• 21:12
  hard
• 21:12
  pill
• 21:13
  to
• 21:13
  swallow
• 21:13
  for
• 21:13
  me,
• 21:14
  but
• 21:14
  if
• 21:14
  I'm
• 21:14
  Anthropic,
• 21:15
  the
• 21:15
  nice
• 21:15
  thing
• 21:15
  about
• 21:16
  it
• 21:16
  is
• 21:16
  I
• 21:16
  can
• 21:16
  always
• 21:16
  change
• 21:17
  my
• 21:17
  mind
• 21:17
  and,
• 21:18
  and,
• 21:18
  and
• 21:18
  go
• 21:18
  back.
• 21:19
  And
• 21:19
  the
• 21:19
  good
• 21:19
  thing
• 21:19
  is,
• 21:20
  the
• 21:20
  good
• 21:20
  thing
• 21:21
  is
• 21:21
  I
• 21:22
  think
• 21:22
  anthropic
• 21:23
  in
• 21:23
  the
• 21:23
  mind
• 21:23
  of
• 21:23
  the
• 21:24
  end
• 21:24
  consumer
• 21:25
  is
• 21:25
  probably
• 21:25
  a
• 21:26
  second
• 21:26
  tier
• 21:27
  consideration
• 21:27
  relative
• 21:28
  to
• 21:28
  ChatGPT
• 21:29
  because
• 21:29
  everyone
• 21:29
  always
• 21:30
  says
• 21:30
  Chachi
• 21:30
  BT
• 21:31
  they.
• 21:31
  Don'T
• 21:31
  say
• 21:31
  it's
• 21:32
  for
• 21:32
  rich
• 21:32
  people.
• 21:32
  Chris.
• 21:33
  Right.
• 21:34
  It's
• 21:34
  AI
• 21:34
  for
• 21:35
  rich
• 21:35
  people.
• 21:35
  So
• 21:35
  yeah,
• 21:36
  yeah,
• 21:36
  yeah.
• 21:37
  I
• 21:37
  actually,
• 21:37
  I
• 21:38
  actually
• 21:38
  prefer
• 21:38
  Claude
• 21:39
  to
• 21:39
  ChatGPT
• 21:40
  and
• 21:41
  so,
• 21:41
  so
• 21:41
  I
• 21:42
  think
• 21:42
  for
• 21:42
  that
• 21:42
  reason
• 21:43
  it's
• 21:43
  a
• 21:44
  very
• 21:44
  good
• 21:44
  marketing
• 21:45
  play
• 21:45
  to
• 21:45
  drive
• 21:45
  awareness
• 21:46
  of
• 21:46
  what
• 21:46
  they
• 21:47
  are
• 21:47
  and
• 21:47
  who
• 21:47
  they
• 21:47
  are,
• 21:48
  regardless
• 21:48
  of
• 21:48
  how
• 21:48
  this
• 21:48
  plays
• 21:49
  out
• 21:49
  in
• 21:49
  the
• 21:49
  long
• 21:49
  run.
• 21:49
  That's
• 21:49
  my
• 21:50
  take.
• 21:50
  I
• 21:50
  thought
• 21:51
  it
• 21:51
  was
• 21:51
  a
• 21:51
  super
• 21:51
  clever
• 21:52
  ad
• 21:52
  and
• 21:52
  it's
• 21:52
  funny.
• 21:53
  It's.
• 21:53
  Right
• 21:53
  One
• 21:53
  of
• 21:54
  at
• 21:54
  least
• 21:55
  two
• 21:55
  ads
• 21:55
  during
• 21:56
  the
• 21:56
  super
• 21:56
  bowl
• 21:56
  that
• 21:56
  were
• 21:56
  promoting
• 21:57
  AI
• 21:57
  by
• 21:58
  talking
• 21:58
  about
• 21:58
  how
• 21:59
  bad
• 21:59
  it
• 21:59
  is.
• 21:59
  Right.
• 22:00
  The
• 22:00
  Chris
• 22:00
  Hemsworth
• 22:00
  Alexa
• 22:01
  ad
• 22:01
  about
• 22:01
  all
• 22:02
  the
• 22:02
  ways
• 22:02
  Alexa
• 22:02
  could
• 22:02
  kill
• 22:03
  you
• 22:03
  to
• 22:03
  promote
• 22:03
  Alexa
• 22:04
  was
• 22:05
  also
• 22:05
  really
• 22:05
  interesting
• 22:05
  to
• 22:06
  me.
• 22:06
  So
• 22:06
  like
• 22:06
  here's,
• 22:07
  you
• 22:07
  know,
• 22:07
  you
• 22:07
  should
• 22:07
  be
• 22:08
  chatting,
• 22:08
  getting
• 22:08
  advice
• 22:09
  from
• 22:09
  a
• 22:09
  chatbot
• 22:11
  and
• 22:11
  then
• 22:11
  midway
• 22:11
  through
• 22:12
  it
• 22:12
  suddenly
• 22:12
  like
• 22:12
  starts
• 22:13
  throwing
• 22:13
  in
• 22:13
  paid,
• 22:14
  paid
• 22:14
  promotions
• 22:14
  to
• 22:14
  you
• 22:15
  is
• 22:15
  sort
• 22:15
  of
• 22:15
  a
• 22:15
  weird
• 22:16
  way.
• 22:16
  Even
• 22:16
  if
• 22:16
  you're
• 22:16
  kind
• 22:16
  of
• 22:17
  as
• 22:17
  Claude
• 22:17
  like
• 22:18
  saying
• 22:18
  this
• 22:18
  is
• 22:18
  what
• 22:18
  the
• 22:18
  other
• 22:19
  guys
• 22:19
  are
• 22:19
  doing,
• 22:19
  not
• 22:19
  us,
• 22:20
  it's
• 22:20
  still
• 22:20
  kind
• 22:20
  of
• 22:20
  for
• 22:20
  somebody
• 22:21
  who's
• 22:21
  not
• 22:21
  played
• 22:22
  with
• 22:22
  those
• 22:22
  things
• 22:22
  very
• 22:23
  much
• 22:23
  anymore.
• 22:23
  Not
• 22:23
  necessarily
• 22:24
  the
• 22:24
  best
• 22:24
  way
• 22:24
  to
• 22:24
  entice
• 22:25
  somebody
• 22:25
  to
• 22:25
  give
• 22:25
  it
• 22:25
  a
• 22:25
  try.
• 22:26
  Yeah,
• 22:27
  no,
• 22:27
  I
• 22:27
  agree.
• 22:27
  I
• 22:28
  mean,
• 22:28
  I
• 22:28
  think,
• 22:29
  I
• 22:29
  actually
• 22:30
  wonder
• 22:30
  if
• 22:30
  this
• 22:30
  couldn't
• 22:31
  be
• 22:31
  more
• 22:31
  beneficial
• 22:32
  for
• 22:32
  Claude
• 22:32
  when
• 22:32
  they
• 22:33
  do.
• 22:33
  And
• 22:33
  I
• 22:33
  think
• 22:34
  they
• 22:35
  decide
• 22:35
  to
• 22:35
  add
• 22:36
  an
• 22:36
  add
• 22:37
  like
• 22:37
  a,
• 22:37
  a
• 22:38
  free,
• 22:38
  a
• 22:38
  better
• 22:38
  freemium
• 22:39
  version
• 22:39
  where
• 22:39
  they
• 22:40
  are
• 22:40
  using
• 22:41
  the,
• 22:41
  the
• 22:41
  fact
• 22:42
  that
• 22:42
  they
• 22:42
  do
• 22:42
  have
• 22:43
  more
• 22:43
  of
• 22:43
  a
• 22:43
  connection
• 22:44
  like
• 22:44
  Claude
• 22:44
  is,
• 22:45
  is
• 22:45
  more
• 22:45
  of
• 22:46
  like
• 22:46
  a
• 22:46
  support
• 22:47
  system
• 22:48
  like
• 22:48
  you
• 22:48
  use
• 22:48
  it
• 22:48
  for,
• 22:49
  not
• 22:49
  the
• 22:49
  quick
• 22:49
  hit
• 22:50
  answers
• 22:50
  like
• 22:50
  Chat
• 22:50
  GPT.
• 22:51
  I
• 22:51
  think
• 22:51
  this
• 22:51
  is
• 22:52
  what
• 22:52
  a
• 22:52
  lot
• 22:53
  of
• 22:53
  users
• 22:54
  are,
• 22:54
  are
• 22:54
  utilizing
• 22:55
  for.
• 22:55
  You
• 22:56
  know,
• 22:56
  writing
• 22:56
  for
• 22:57
  intimate
• 22:58
  questions.
• 22:59
  They
• 22:59
  could,
• 23:00
  that
• 23:00
  could
• 23:00
  actually
• 23:00
  set
• 23:01
  them
• 23:01
  up
• 23:01
  for
• 23:01
  a
• 23:01
  more
• 23:01
  personalized
• 23:02
  offering
• 23:03
  if
• 23:03
  they
• 23:03
  can
• 23:04
  get
• 23:04
  it
• 23:04
  right.
• 23:04
  If
• 23:04
  it's
• 23:05
  not
• 23:05
  saying,
• 23:05
  you
• 23:06
  know,
• 23:06
  here,
• 23:06
  go
• 23:06
  check
• 23:07
  out
• 23:07
  these
• 23:07
  cougar
• 23:08
  ads
• 23:08
  or
• 23:08
  whatever
• 23:09
  it
• 23:09
  is
• 23:09
  when
• 23:09
  you're
• 23:09
  trying
• 23:09
  to
• 23:09
  get
• 23:10
  advice
• 23:10
  about
• 23:10
  how
• 23:10
  to
• 23:10
  talk
• 23:11
  to
• 23:11
  your
• 23:11
  mom.
• 23:11
  But
• 23:12
  what
• 23:12
  I
• 23:12
  do
• 23:12
  think
• 23:13
  that
• 23:13
  there
• 23:13
  is
• 23:13
  an
• 23:13
  opportunity
• 23:14
  there
• 23:15
  for
• 23:15
  Anthropic
• 23:16
  down
• 23:16
  the
• 23:16
  road
• 23:16
  to
• 23:16
  say,
• 23:16
  look,
• 23:17
  we're
• 23:17
  adding
• 23:17
  ads,
• 23:18
  but
• 23:18
  it's
• 23:18
  still
• 23:18
  going
• 23:19
  to
• 23:19
  be
• 23:19
  a
• 23:19
  premium
• 23:19
  experience.
• 23:20
  It's
• 23:21
  getting
• 23:21
  awareness
• 23:21
  out
• 23:22
  there
• 23:22
  to
• 23:22
  more
• 23:22
  people
• 23:22
  who
• 23:23
  don't
• 23:23
  know
• 23:23
  about
• 23:23
  Cloud
• 23:24
  already
• 23:24
  who've
• 23:25
  used
• 23:25
  ChatGPT
• 23:25
  and
• 23:26
  maybe
• 23:26
  are
• 23:26
  looking
• 23:26
  for
• 23:26
  something
• 23:27
  additional.
• 23:28
  But
• 23:28
  I,
• 23:29
  I
• 23:29
  just,
• 23:29
  I
• 23:29
  cannot
• 23:30
  imagine
• 23:30
  a
• 23:30
  world
• 23:31
  where
• 23:31
  we
• 23:31
  have
• 23:32
  a
• 23:33
  free
• 23:33
  like
• 23:34
  where
• 23:34
  it's
• 23:34
  just
• 23:34
  completely
• 23:35
  no
• 23:35
  ads
• 23:36
  across
• 23:37
  any
• 23:37
  of
• 23:37
  this.
• 23:37
  It's
• 23:38
  just,
• 23:38
  it's
• 23:38
  a
• 23:38
  search
• 23:38
  tool
• 23:39
  and
• 23:39
  I
• 23:39
  think
• 23:39
  that
• 23:40
  we're
• 23:40
  always
• 23:41
  going
• 23:41
  to
• 23:41
  eventually
• 23:42
  default
• 23:43
  to
• 23:43
  here's
• 23:44
  the
• 23:44
  paid
• 23:44
  version.
• 23:44
  Here's
• 23:45
  and,
• 23:46
  and
• 23:46
  hopefully
• 23:46
  a
• 23:46
  better
• 23:47
  personalized
• 23:47
  paid
• 23:48
  version
• 23:48
  for
• 23:48
  people.
• 23:49
  Yeah,
• 23:49
  I
• 23:50
  mean
• 23:50
  it
• 23:50
  reminds
• 23:50
  me
• 23:50
  of
• 23:50
  the
• 23:50
  early
• 23:51
  days
• 23:51
  of
• 23:51
  the
• 23:51
  search
• 23:51
  engine
• 23:52
  wars
• 23:52
  too,
• 23:52
  right?
• 23:53
  I
• 23:53
  mean
• 23:53
  when
• 23:53
  Google
• 23:53
  first
• 23:54
  introduced
• 23:54
  like
• 23:54
  paid
• 23:55
  ads
• 23:55
  and
• 23:55
  we're
• 23:56
  very
• 23:56
  thoughtful
• 23:56
  about
• 23:56
  the
• 23:57
  blue
• 23:57
  box
• 23:57
  and
• 23:58
  like,
• 23:58
  like
• 23:58
  the
• 23:58
  ad,
• 23:58
  you'll
• 23:59
  always
• 23:59
  be
• 23:59
  able
• 23:59
  to
• 23:59
  tell
• 23:59
  the
• 24:00
  ads
• 24:00
  and
• 24:01
  you
• 24:01
  know,
• 24:01
  depending
• 24:01
  on
• 24:02
  which
• 24:02
  search
• 24:02
  engine
• 24:03
  you
• 24:03
  choose.
• 24:04
  Like
• 24:04
  the
• 24:04
  other
• 24:04
  ones
• 24:04
  were
• 24:04
  kind
• 24:05
  of
• 24:05
  like,
• 24:05
  oh,
• 24:05
  that's
• 24:06
  the
• 24:06
  end.
• 24:06
  And
• 24:06
  it
• 24:07
  certainly
• 24:07
  wasn't
• 24:07
  the
• 24:07
  end
• 24:08
  for
• 24:08
  Google
• 24:09
  back
• 24:09
  when
• 24:09
  they
• 24:09
  did
• 24:09
  it.
• 24:10
  I
• 24:11
  think
• 24:11
  it
• 24:11
  just
• 24:11
  comes
• 24:11
  down
• 24:12
  to
• 24:12
  disclosure
• 24:13
  and
• 24:14
  keeping
• 24:14
  the
• 24:14
  promoted
• 24:15
  sponsored
• 24:16
  content
• 24:16
  very
• 24:16
  separate
• 24:17
  from
• 24:17
  the
• 24:18
  organic.
• 24:18
  Although
• 24:19
  there's
• 24:20
  this
• 24:20
  bigger
• 24:20
  question
• 24:20
  right
• 24:20
  now
• 24:21
  about
• 24:21
  what
• 24:21
  is
• 24:21
  influencing
• 24:22
  the
• 24:22
  answers
• 24:22
  that
• 24:23
  all
• 24:23
  of
• 24:23
  the
• 24:23
  chatbots
• 24:23
  are
• 24:24
  giving.
• 24:24
  I
• 24:24
  mean
• 24:24
  there's
• 24:24
  this
• 24:24
  whole
• 24:25
  industry
• 24:25
  growing
• 24:26
  up
• 24:26
  around
• 24:26
  AEO
• 24:27
  and
• 24:27
  geo
• 24:27
  and
• 24:28
  there's
• 24:28
  certainly
• 24:28
  going
• 24:28
  to
• 24:29
  be
• 24:30
  a
• 24:30
  workshop
• 24:30
  session
• 24:31
  at
• 24:32
  Shop
• 24:32
  Talk
• 24:32
  Spring
• 24:32
  about
• 24:33
  like
• 24:33
  how
• 24:33
  companies
• 24:33
  are
• 24:34
  trying
• 24:34
  to,
• 24:35
  you
• 24:35
  know,
• 24:36
  maybe
• 24:36
  not
• 24:36
  by
• 24:36
  paying
• 24:37
  the
• 24:37
  chatbots
• 24:37
  directly,
• 24:38
  but
• 24:38
  through
• 24:39
  smart
• 24:39
  content
• 24:40
  creation
• 24:40
  and
• 24:40
  curation
• 24:41
  like
• 24:41
  nudge
• 24:42
  and
• 24:42
  influence
• 24:42
  the
• 24:43
  answers
• 24:43
  that
• 24:44
  ChatGPT,
• 24:44
  Claude
• 24:45
  and
• 24:45
  all
• 24:45
  the
• 24:45
  others
• 24:45
  are
• 24:46
  giving.
• 24:46
  So
• 24:47
  it's
• 24:47
  a
• 24:47
  very
• 24:47
  interesting
• 24:47
  moment
• 24:48
  as
• 24:48
  far
• 24:48
  as
• 24:48
  like
• 24:48
  how
• 24:48
  do
• 24:49
  you
• 24:49
  get
• 24:49
  on
• 24:49
  the
• 24:49
  good
• 24:49
  side
• 24:50
  of
• 24:50
  those
• 24:50
  guys
• 24:50
  because.
• 24:51
  Or
• 24:51
  those
• 24:51
  things
• 24:52
  because
• 24:52
  they
• 24:52
  are
• 24:52
  becoming
• 24:52
  more
• 24:53
  and
• 24:53
  more
• 24:53
  influential.
• 24:55
  It
• 24:56
  was
• 24:56
  one
• 24:56
  hell
• 24:56
  of
• 24:56
  a
• 24:56
  commercial
• 24:57
  though.
• 24:57
  One
• 24:57
  hell
• 24:58
  of
• 24:58
  a
• 24:58
  commercial.
• 24:58
  Like
• 24:58
  I
• 24:58
  got
• 24:59
  to
• 24:59
  give
• 24:59
  them
• 24:59
  credit,
• 24:59
  that
• 24:59
  was
• 24:59
  a
• 25:00
  great
• 25:00
  commercial.
• 25:00
  But
• 25:01
  it's
• 25:01
  good,
• 25:01
  it's
• 25:01
  good
• 25:01
  to
• 25:01
  know
• 25:02
  that
• 25:02
  I
• 25:02
  think
• 25:02
  unanimously
• 25:03
  we're
• 25:03
  all
• 25:03
  kind
• 25:03
  of
• 25:03
  like,
• 25:03
  yeah,
• 25:03
  this
• 25:03
  feels
• 25:04
  like
• 25:04
  kind
• 25:04
  of
• 25:04
  a
• 25:05
  ginned
• 25:05
  up
• 25:06
  marketing
• 25:06
  ploy
• 25:06
  at
• 25:07
  best.
• 25:07
  All
• 25:07
  right,
• 25:08
  headline
• 25:08
  number
• 25:08
  four.
• 25:09
  Albertsons
• 25:09
  is
• 25:09
  expanding
• 25:10
  a
• 25:10
  pilot
• 25:10
  program
• 25:11
  that
• 25:11
  uses
• 25:11
  tracking
• 25:12
  devices
• 25:12
  on
• 25:13
  shopping
• 25:13
  carts
• 25:13
  and
• 25:14
  in
• 25:14
  baskets
• 25:15
  to
• 25:15
  measure
• 25:15
  how
• 25:15
  long
• 25:16
  customers
• 25:16
  dwell
• 25:17
  in
• 25:17
  front
• 25:17
  of
• 25:17
  in
• 25:17
  store
• 25:18
  retail
• 25:18
  media
• 25:19
  displays.
• 25:19
  All
• 25:19
  right,
• 25:19
  we're
• 25:20
  back
• 25:20
  into
• 25:20
  the
• 25:20
  store.
• 25:21
  According
• 25:21
  to
• 25:22
  Grocery
• 25:22
  Dive,
• 25:22
  Albertsons
• 25:23
  is
• 25:23
  currently
• 25:23
  testing
• 25:24
  the
• 25:24
  technology
• 25:24
  in
• 25:24
  an
• 25:25
  80
• 25:25
  store
• 25:25
  pilot
• 25:26
  and
• 25:26
  plans
• 25:27
  to
• 25:27
  expand
• 25:27
  to
• 25:27
  about
• 25:28
  800
• 25:28
  stores
• 25:28
  this
• 25:29
  year.
• 25:29
  Liz
• 25:30
  Roach,
• 25:30
  VP
• 25:30
  of
• 25:31
  media
• 25:31
  and
• 25:31
  measurement
• 25:32
  at
• 25:32
  Albertsons,
• 25:33
  said
• 25:33
  on
• 25:33
  a
• 25:33
  recent
• 25:34
  podcast
• 25:34
  that
• 25:34
  the
• 25:34
  initiative
• 25:35
  is
• 25:35
  driven
• 25:35
  by
• 25:35
  brands
• 25:36
  desire
• 25:36
  to
• 25:37
  collect
• 25:37
  more
• 25:37
  data,
• 25:38
  find
• 25:38
  ways
• 25:38
  for
• 25:38
  more
• 25:39
  incremental
• 25:39
  purchases
• 25:40
  and
• 25:40
  pinpoint
• 25:40
  cross
• 25:41
  merchandising
• 25:41
  opportunities.
• 25:42
  The
• 25:43
  carts
• 25:43
  use
• 25:43
  beacon
• 25:44
  technology
• 25:44
  to
• 25:44
  anonymously
• 25:45
  detect
• 25:45
  when
• 25:46
  carts
• 25:46
  are
• 25:46
  in
• 25:46
  proximity
• 25:47
  to
• 25:47
  in
• 25:47
  store
• 25:48
  displays,
• 25:48
  helping
• 25:49
  understand
• 25:49
  overall
• 25:50
  engagement
• 25:50
  patterns.
• 25:50
  And
• 25:51
  Dwell
• 25:51
  time.
• 25:52
  All
• 25:52
  sensor
• 25:53
  data
• 25:53
  is
• 25:54
  aggregated
• 25:54
  and
• 25:54
  not
• 25:55
  tied
• 25:55
  to
• 25:55
  the
• 25:55
  individuals
• 25:56
  with
• 25:56
  no
• 25:57
  personal
• 25:57
  or
• 25:57
  device
• 25:58
  level
• 25:58
  identifiers
• 25:59
  collected.
• 25:59
  Wow,
• 26:00
  we've
• 26:00
  got
• 26:00
  a
• 26:00
  beacon
• 26:00
  story.
• 26:01
  I
• 26:01
  thought
• 26:01
  we
• 26:01
  were
• 26:01
  done
• 26:01
  with
• 26:02
  beacons.
• 26:02
  Question
• 26:03
  for
• 26:03
  you
• 26:03
  and
• 26:04
  let's
• 26:05
  go
• 26:05
  back
• 26:05
  to
• 26:05
  you,
• 26:05
  Ann.
• 26:06
  Does
• 26:06
  Albertson's
• 26:07
  new
• 26:07
  cart
• 26:07
  tracker
• 26:08
  say
• 26:08
  more
• 26:08
  about
• 26:09
  where
• 26:09
  in
• 26:09
  store
• 26:09
  media
• 26:10
  is
• 26:10
  going
• 26:10
  or
• 26:10
  where
• 26:11
  in
• 26:11
  store
• 26:11
  retail
• 26:12
  media
• 26:12
  is
• 26:12
  now?
• 26:14
  I
• 26:14
  would
• 26:14
  have
• 26:14
  to
• 26:14
  say
• 26:15
  where
• 26:15
  it
• 26:15
  is
• 26:15
  now.
• 26:15
  I
• 26:16
  was
• 26:16
  shocked
• 26:17
  actually
• 26:17
  that
• 26:18
  the
• 26:18
  screens,
• 26:19
  they
• 26:19
  put
• 26:19
  Albertson's
• 26:20
  launch,
• 26:20
  all
• 26:20
  these
• 26:21
  screens
• 26:21
  in
• 26:21
  store
• 26:21
  and
• 26:22
  there's
• 26:22
  I,
• 26:22
  I
• 26:22
  was
• 26:22
  like,
• 26:23
  there's
• 26:23
  no
• 26:23
  camera
• 26:23
  or
• 26:24
  like
• 26:24
  nothing
• 26:24
  monitoring
• 26:25
  Dwell
• 26:25
  time
• 26:26
  in
• 26:26
  front
• 26:26
  of
• 26:26
  the,
• 26:27
  the
• 26:27
  screens
• 26:27
  like
• 26:28
  that
• 26:28
  shocked
• 26:28
  me.
• 26:29
  There's
• 26:29
  so
• 26:29
  much
• 26:29
  out
• 26:30
  there
• 26:30
  and
• 26:30
  available.
• 26:31
  So
• 26:31
  that,
• 26:31
  that's,
• 26:32
  that
• 26:32
  surprised
• 26:33
  me
• 26:33
  and
• 26:33
  I
• 26:33
  think
• 26:33
  shows
• 26:34
  that
• 26:34
  yes,
• 26:34
  we
• 26:35
  are
• 26:35
  still
• 26:35
  very
• 26:36
  early
• 26:36
  in
• 26:37
  determining
• 26:38
  what
• 26:38
  is
• 26:38
  going
• 26:38
  to
• 26:38
  be
• 26:38
  successful
• 26:39
  when
• 26:39
  it
• 26:39
  comes
• 26:39
  to
• 26:40
  in
• 26:40
  store
• 26:40
  media.
• 26:41
  And
• 26:41
  you
• 26:42
  know,
• 26:42
  I
• 26:42
  don't
• 26:42
  think
• 26:42
  we're
• 26:43
  far
• 26:43
  off
• 26:44
  from
• 26:44
  getting
• 26:44
  to
• 26:44
  this
• 26:45
  higher
• 26:45
  level
• 26:45
  of
• 26:45
  fidelity
• 26:46
  because
• 26:46
  of
• 26:46
  some
• 26:47
  of
• 26:47
  the
• 26:47
  technologies
• 26:47
  that,
• 26:48
  you
• 26:48
  know,
• 26:48
  people
• 26:48
  you
• 26:48
  and
• 26:49
  I
• 26:49
  have
• 26:49
  talked
• 26:49
  to,
• 26:49
  Chris.
• 26:50
  I'm
• 26:50
  sure
• 26:50
  people
• 26:50
  that
• 26:50
  will
• 26:51
  be
• 26:51
  showing
• 26:51
  up
• 26:51
  at
• 26:51
  Shop
• 26:52
  Talk,
• 26:52
  Joe,
• 26:52
  but,
• 26:53
  but
• 26:53
  Liz
• 26:54
  Roach
• 26:54
  is
• 26:55
  smart
• 26:55
  and
• 26:55
  I
• 26:55
  think
• 26:56
  alongside
• 26:56
  the
• 26:57
  Albertsons
• 26:57
  team,
• 26:58
  Liz
• 26:59
  was
• 26:59
  smart
• 26:59
  to
• 26:59
  deploy
• 27:00
  this
• 27:00
  pilot
• 27:01
  to
• 27:01
  get
• 27:01
  that
• 27:01
  additional
• 27:02
  data
• 27:02
  point.
• 27:03
  You
• 27:03
  know,
• 27:03
  Liz
• 27:04
  saw
• 27:04
  we
• 27:04
  only
• 27:05
  have
• 27:05
  the
• 27:05
  screens
• 27:06
  and
• 27:06
  we
• 27:06
  can
• 27:06
  see
• 27:06
  a
• 27:06
  lift
• 27:07
  in
• 27:07
  point
• 27:07
  of
• 27:07
  sale
• 27:07
  data.
• 27:08
  But
• 27:08
  let's
• 27:08
  get
• 27:09
  that
• 27:09
  additional
• 27:09
  point
• 27:10
  data
• 27:11
  point
• 27:11
  for
• 27:11
  the
• 27:11
  brands
• 27:12
  who
• 27:12
  are
• 27:12
  advertising
• 27:13
  on
• 27:13
  these
• 27:13
  screens
• 27:13
  to
• 27:13
  really
• 27:14
  show.
• 27:14
  In
• 27:15
  addition
• 27:15
  to,
• 27:16
  you
• 27:16
  know,
• 27:16
  increase
• 27:17
  in
• 27:17
  sales
• 27:17
  of
• 27:18
  your
• 27:18
  product,
• 27:18
  we're
• 27:19
  also
• 27:19
  seeing
• 27:19
  that
• 27:19
  people
• 27:20
  were
• 27:20
  in
• 27:20
  front
• 27:21
  of.
• 27:21
  Even
• 27:21
  if
• 27:22
  it's
• 27:22
  a
• 27:22
  beacon,
• 27:22
  this
• 27:22
  is
• 27:23
  like
• 27:23
  an
• 27:23
  easy
• 27:23
  thing
• 27:23
  to
• 27:23
  just
• 27:24
  slap
• 27:24
  onto
• 27:24
  a
• 27:25
  regular
• 27:25
  cart.
• 27:25
  No,
• 27:26
  no
• 27:26
  major
• 27:26
  technology
• 27:27
  infrastructure
• 27:28
  changes.
• 27:29
  So
• 27:29
  I
• 27:29
  think,
• 27:29
  I
• 27:30
  think
• 27:30
  this
• 27:30
  is
• 27:30
  very,
• 27:31
  you
• 27:31
  can
• 27:31
  see
• 27:32
  Liz's
• 27:32
  leadership
• 27:33
  really,
• 27:33
  really
• 27:34
  coming
• 27:34
  into
• 27:34
  play
• 27:34
  here
• 27:35
  when
• 27:35
  they're
• 27:35
  saying,
• 27:35
  look,
• 27:35
  we
• 27:36
  got
• 27:36
  it,
• 27:36
  we
• 27:36
  got
• 27:36
  to
• 27:36
  keep
• 27:37
  catching
• 27:37
  up.
• 27:37
  However
• 27:38
  that
• 27:38
  might
• 27:38
  be
• 27:39
  low
• 27:39
  fidelity
• 27:40
  solution.
• 27:41
  We're
• 27:41
  gonna,
• 27:42
  we're
• 27:42
  gonna
• 27:42
  do
• 27:42
  this
• 27:42
  and
• 27:42
  start
• 27:43
  to
• 27:43
  get
• 27:43
  to
• 27:44
  proving
• 27:44
  out
• 27:45
  the
• 27:45
  investment
• 27:45
  in
• 27:46
  the
• 27:46
  next
• 27:46
  wave
• 27:46
  of
• 27:47
  in
• 27:47
  store
• 27:47
  media
• 27:47
  and
• 27:47
  next
• 27:48
  wave
• 27:48
  of
• 27:48
  in
• 27:48
  store
• 27:48
  technology.
• 27:49
  That's
• 27:49
  really
• 27:49
  gonna
• 27:49
  move
• 27:50
  the
• 27:50
  needle.
• 27:51
  Yeah,
• 27:51
  that's
• 27:51
  a
• 27:51
  good
• 27:51
  point.
• 27:51
  I'm
• 27:52
  gonna
• 27:52
  go
• 27:52
  to,
• 27:52
  I
• 27:52
  want
• 27:52
  to
• 27:52
  give
• 27:52
  Joe
• 27:53
  the
• 27:53
  last
• 27:53
  word
• 27:53
  on
• 27:53
  this
• 27:53
  one
• 27:54
  because,
• 27:55
  you
• 27:55
  know,
• 27:55
  he's
• 27:56
  been
• 27:56
  probably
• 27:56
  drowning
• 27:57
  in
• 27:57
  retail
• 27:57
  media
• 27:57
  preparing
• 27:58
  for
• 27:58
  Shop
• 27:58
  Talk
• 27:59
  here.
• 27:59
  But
• 27:59
  yeah,
• 28:00
  no,
• 28:00
  I
• 28:00
  agree
• 28:00
  with,
• 28:00
  I
• 28:01
  agree
• 28:01
  with
• 28:01
  you.
• 28:01
  And
• 28:02
  like,
• 28:02
  you
• 28:02
  know,
• 28:02
  I
• 28:02
  think
• 28:02
  it,
• 28:03
  you
• 28:04
  know,
• 28:04
  it
• 28:04
  says
• 28:04
  a
• 28:04
  lot
• 28:04
  to
• 28:04
  me
• 28:05
  more
• 28:05
  about
• 28:05
  where
• 28:05
  things
• 28:06
  are
• 28:06
  now,
• 28:06
  you
• 28:06
  know,
• 28:06
  because.
• 28:07
  And
• 28:07
  we've
• 28:07
  said
• 28:07
  this
• 28:07
  on
• 28:07
  the
• 28:08
  show
• 28:08
  many,
• 28:08
  many
• 28:08
  times.
• 28:09
  Like
• 28:09
  we've,
• 28:10
  we've,
• 28:10
  I've,
• 28:10
  I
• 28:11
  personally
• 28:11
  have
• 28:11
  been
• 28:11
  very
• 28:11
  hesitant
• 28:12
  to
• 28:12
  sign
• 28:12
  off
• 28:13
  on
• 28:13
  all
• 28:13
  the
• 28:13
  digital
• 28:13
  screen
• 28:14
  investments
• 28:14
  that
• 28:14
  are
• 28:15
  going
• 28:15
  into
• 28:15
  the
• 28:15
  store
• 28:15
  because
• 28:16
  cracking
• 28:16
  the
• 28:16
  code
• 28:16
  on
• 28:17
  this
• 28:17
  is
• 28:17
  really
• 28:18
  hard.
• 28:18
  And
• 28:18
  Liz
• 28:18
  Roach,
• 28:18
  to
• 28:19
  her
• 28:19
  credit,
• 28:19
  she
• 28:20
  said
• 28:20
  in
• 28:20
  the
• 28:20
  article,
• 28:20
  quote,
• 28:21
  dwell
• 28:22
  time
• 28:22
  likely
• 28:22
  equates
• 28:23
  to
• 28:23
  an
• 28:23
  incremental
• 28:23
  sale
• 28:24
  but
• 28:24
  we
• 28:24
  actually
• 28:25
  need
• 28:25
  to
• 28:25
  test
• 28:26
  those
• 28:26
  models,
• 28:26
  end
• 28:26
  quote
• 28:27
  to
• 28:27
  make
• 28:27
  sure
• 28:28
  that
• 28:28
  that
• 28:28
  is
• 28:28
  the
• 28:28
  case.
• 28:29
  Which
• 28:29
  is
• 28:29
  an
• 28:29
  awesome
• 28:30
  admission
• 28:31
  that,
• 28:31
  that
• 28:32
  that's
• 28:32
  the
• 28:32
  theory
• 28:33
  at
• 28:33
  best
• 28:33
  right
• 28:33
  now.
• 28:33
  But
• 28:34
  they
• 28:34
  don't
• 28:34
  actually
• 28:34
  know
• 28:35
  whether
• 28:35
  the
• 28:35
  impact
• 28:35
  is
• 28:36
  real.
• 28:36
  That's
• 28:37
  really
• 28:37
  great
• 28:38
  for
• 28:38
  someone
• 28:38
  to
• 28:38
  actually
• 28:39
  come
• 28:39
  out
• 28:39
  and
• 28:39
  say
• 28:39
  that.
• 28:39
  It's
• 28:40
  so
• 28:40
  transparent
• 28:41
  and
• 28:41
  candid.
• 28:42
  And
• 28:42
  also
• 28:43
  the
• 28:43
  other
• 28:43
  point
• 28:43
  about
• 28:43
  this
• 28:44
  too
• 28:44
  that
• 28:44
  is
• 28:44
  important
• 28:45
  is
• 28:46
  we're
• 28:46
  not
• 28:46
  even
• 28:46
  attributing
• 28:47
  the
• 28:47
  sale
• 28:47
  to
• 28:47
  the
• 28:48
  individual
• 28:48
  level
• 28:49
  through
• 28:49
  this
• 28:49
  technology.
• 28:49
  We're
• 28:50
  attributing
• 28:50
  it
• 28:51
  at
• 28:51
  upper
• 28:51
  funnel.
• 28:52
  So
• 28:52
  there
• 28:52
  is
• 28:52
  still
• 28:53
  a
• 28:53
  long
• 28:53
  way
• 28:53
  to
• 28:54
  go.
• 28:54
  But
• 28:54
  Joe,
• 28:54
  what
• 28:54
  do
• 28:55
  you
• 28:55
  think?
• 28:55
  I
• 28:55
  know
• 28:55
  you're
• 28:55
  chopping
• 28:56
  it
• 28:56
  the
• 28:56
  bit
• 28:56
  to
• 28:56
  get
• 28:56
  in
• 28:56
  here.
• 28:57
  Yeah,
• 28:57
  no,
• 28:58
  I
• 28:58
  love
• 28:58
  this
• 28:59
  topic.
• 28:59
  I
• 28:59
  mean
• 28:59
  I
• 28:59
  think
• 29:00
  on
• 29:00
  several
• 29:00
  different
• 29:00
  levels
• 29:01
  like
• 29:01
  I,
• 29:02
  it
• 29:02
  so
• 29:03
  speaks
• 29:03
  to
• 29:03
  the
• 29:03
  disconnect
• 29:04
  between
• 29:04
  like
• 29:05
  the
• 29:05
  digital
• 29:05
  world
• 29:06
  and
• 29:06
  digital
• 29:07
  style
• 29:07
  measurement.
• 29:07
  What,
• 29:08
  what
• 29:09
  brands
• 29:09
  are
• 29:10
  used
• 29:10
  to
• 29:10
  be
• 29:10
  able
• 29:10
  to
• 29:10
  get
• 29:11
  as
• 29:11
  far
• 29:11
  as
• 29:11
  like
• 29:11
  kind
• 29:11
  of
• 29:12
  kind
• 29:12
  of
• 29:12
  outcome
• 29:12
  metrics
• 29:13
  from
• 29:14
  advertising
• 29:14
  that
• 29:14
  they
• 29:14
  do
• 29:15
  online
• 29:15
  to
• 29:16
  the
• 29:16
  real
• 29:17
  world,
• 29:17
  which
• 29:17
  is
• 29:17
  always,
• 29:18
  always,
• 29:18
  always
• 29:19
  been
• 29:19
  a
• 29:19
  lot
• 29:19
  messier
• 29:20
  and
• 29:20
  hard
• 29:20
  to
• 29:20
  measure
• 29:21
  whether
• 29:21
  you're
• 29:21
  talking
• 29:21
  about
• 29:22
  out
• 29:22
  of
• 29:22
  home
• 29:23
  or
• 29:23
  even
• 29:23
  old
• 29:24
  school
• 29:24
  television
• 29:25
  advertising,
• 29:26
  much,
• 29:26
  much
• 29:26
  less
• 29:26
  like
• 29:27
  print.
• 29:28
  So
• 29:28
  I
• 29:28
  think
• 29:29
  it's
• 29:29
  kind
• 29:29
  of
• 29:30
  interesting
• 29:30
  to
• 29:31
  see
• 29:31
  this
• 29:31
  low
• 29:32
  fidelity,
• 29:32
  low
• 29:33
  tech,
• 29:33
  low
• 29:34
  expense
• 29:34
  way
• 29:34
  of
• 29:35
  starting
• 29:35
  to
• 29:35
  get
• 29:36
  some,
• 29:36
  some
• 29:36
  very
• 29:37
  privacy
• 29:37
  friendly
• 29:37
  metrics
• 29:38
  which
• 29:38
  I
• 29:38
  love.
• 29:39
  And
• 29:39
  it's
• 29:39
  very
• 29:40
  smart
• 29:40
  that
• 29:40
  Albertsons
• 29:41
  is
• 29:41
  kind
• 29:41
  of
• 29:41
  really
• 29:41
  playing
• 29:42
  up
• 29:42
  the
• 29:42
  fact
• 29:42
  that
• 29:42
  this
• 29:43
  is
• 29:43
  very,
• 29:44
  very
• 29:44
  friendly
• 29:44
  to
• 29:44
  the
• 29:45
  shopper.
• 29:45
  Not,
• 29:46
  not
• 29:46
  kind
• 29:46
  of
• 29:46
  grabbing
• 29:47
  people's
• 29:48
  genders
• 29:48
  or
• 29:49
  other
• 29:49
  demographic
• 29:50
  data,
• 29:50
  just
• 29:50
  knowing
• 29:50
  a
• 29:51
  cart
• 29:51
  went
• 29:51
  by
• 29:51
  this
• 29:51
  ad
• 29:52
  and
• 29:52
  stopped
• 29:52
  for
• 29:53
  or
• 29:53
  by
• 29:53
  this
• 29:54
  screen
• 29:54
  and
• 29:54
  stopped
• 29:54
  at
• 29:55
  this
• 29:55
  time
• 29:55
  for
• 29:55
  this
• 29:55
  long
• 29:56
  like
• 29:56
  it's
• 29:57
  better
• 29:57
  than
• 29:57
  nothing.
• 29:58
  It's
• 29:58
  probably
• 29:58
  not
• 29:58
  what
• 29:59
  a
• 29:59
  digital
• 29:59
  buyer
• 29:59
  is
• 29:59
  going
• 30:00
  to
• 30:00
  want
• 30:00
  as
• 30:00
  far
• 30:00
  as
• 30:00
  sophisticated
• 30:01
  metrics
• 30:01
  but,
• 30:02
  but
• 30:02
  maybe
• 30:02
  it's
• 30:02
  a
• 30:02
  good
• 30:03
  enough
• 30:03
  compromise
• 30:03
  at
• 30:04
  least,
• 30:04
  at
• 30:04
  least
• 30:04
  for
• 30:05
  a
• 30:05
  start
• 30:05
  as
• 30:05
  they
• 30:05
  start
• 30:05
  building
• 30:06
  up
• 30:06
  that,
• 30:06
  that
• 30:07
  basis
• 30:07
  of
• 30:07
  data
• 30:07
  that
• 30:07
  kind
• 30:08
  of
• 30:08
  tracks
• 30:09
  you
• 30:09
  know,
• 30:09
  kind
• 30:09
  of
• 30:09
  correlations
• 30:10
  between
• 30:10
  dwell
• 30:10
  time
• 30:11
  and,
• 30:11
  and
• 30:11
  sales
• 30:12
  increases
• 30:12
  or
• 30:13
  dwell
• 30:13
  time
• 30:13
  and
• 30:13
  maybe
• 30:14
  kind
• 30:14
  of
• 30:14
  upper
• 30:14
  funnel
• 30:15
  metrics
• 30:15
  if
• 30:15
  they
• 30:15
  do
• 30:15
  like
• 30:15
  survey
• 30:16
  based
• 30:16
  research
• 30:16
  to
• 30:17
  try
• 30:17
  to
• 30:17
  get
• 30:17
  those.
• 30:17
  So,
• 30:18
  so
• 30:18
  better
• 30:18
  than
• 30:19
  nothing.
• 30:19
  I,
• 30:20
  I've
• 30:20
  always
• 30:20
  been
• 30:21
  a
• 30:21
  fan,
• 30:21
  somebody
• 30:22
  at
• 30:22
  Shop
• 30:22
  Lux
• 30:23
  of
• 30:23
  all
• 30:24
  places,
• 30:24
  kind
• 30:24
  of
• 30:24
  said
• 30:24
  when
• 30:25
  you,
• 30:25
  when
• 30:25
  it
• 30:25
  comes
• 30:25
  to
• 30:25
  evaluating
• 30:26
  technologies,
• 30:27
  don't
• 30:27
  buy
• 30:27
  the
• 30:27
  Ferrari.
• 30:28
  If
• 30:28
  the
• 30:28
  Toyota
• 30:29
  is
• 30:29
  good
• 30:29
  enough
• 30:29
  and
• 30:29
  this
• 30:30
  is
• 30:30
  definitely
• 30:30
  a
• 30:31
  Toyota
• 30:31
  style
• 30:31
  technology
• 30:32
  and
• 30:32
  maybe
• 30:32
  it's
• 30:33
  good
• 30:33
  enough,
• 30:33
  it's
• 30:34
  marketers
• 30:34
  and
• 30:34
  see
• 30:34
  if,
• 30:35
  see
• 30:35
  if
• 30:35
  it
• 30:36
  works.
• 30:37
  Yep,
• 30:37
  it's
• 30:37
  reliable,
• 30:38
  it's
• 30:38
  tested
• 30:39
  and
• 30:39
  true.
• 30:39
  It's
• 30:39
  definitely
• 30:40
  the
• 30:40
  Toyota
• 30:40
  of
• 30:41
  solutions.
• 30:41
  Yes.
• 30:42
  All
• 30:43
  right,
• 30:43
  let's
• 30:43
  go
• 30:43
  to
• 30:43
  headline
• 30:44
  number
• 30:44
  five.
• 30:44
  Spotify
• 30:45
  is
• 30:45
  partnering
• 30:46
  with
• 30:46
  Bookshop.org
• 30:47
  to
• 30:47
  start
• 30:47
  selling
• 30:47
  physical
• 30:48
  books
• 30:48
  to
• 30:48
  premium
• 30:49
  subscribers
• 30:49
  in
• 30:50
  the
• 30:50
  U.S.
• 30:50
  and
• 30:50
  UK
• 30:51
  starting
• 30:51
  this
• 30:52
  spring,
• 30:52
  expanding
• 30:53
  beyond
• 30:53
  its
• 30:53
  audiobook
• 30:54
  offering,
• 30:54
  which
• 30:54
  it
• 30:55
  launched
• 30:55
  in
• 30:55
  2022.
• 30:56
  According
• 30:57
  to
• 30:57
  the
• 30:57
  Wall
• 30:57
  Street
• 30:57
  Journal,
• 30:58
  Spotify
• 30:58
  will
• 30:58
  allow
• 30:59
  premium
• 30:59
  subscribers
• 31:00
  to
• 31:00
  buy
• 31:00
  hardcovers
• 31:01
  and
• 31:01
  paperbacks
• 31:02
  through
• 31:02
  its
• 31:02
  app,
• 31:03
  with
• 31:03
  bookshop.org
• 31:04
  setting
• 31:05
  retail
• 31:05
  prices,
• 31:05
  holding
• 31:06
  inventory
• 31:06
  and
• 31:07
  fulfilling
• 31:07
  sales,
• 31:08
  while
• 31:08
  Spotify
• 31:09
  receives
• 31:09
  an
• 31:09
  undisclosed
• 31:10
  affiliate
• 31:11
  fee.
• 31:11
  The
• 31:12
  offering
• 31:12
  will
• 31:12
  compete
• 31:13
  directly
• 31:13
  with
• 31:13
  Amazon.com,
• 31:14
  the
• 31:14
  country's
• 31:15
  largest
• 31:15
  online
• 31:16
  bookseller
• 31:16
  whose
• 31:17
  business
• 31:17
  units
• 31:17
  include
• 31:18
  Audible,
• 31:18
  the
• 31:19
  dominant
• 31:19
  audiobook
• 31:20
  service.
• 31:21
  Spotify
• 31:21
  is
• 31:22
  also
• 31:22
  introducing
• 31:23
  page
• 31:23
  Match,
• 31:24
  one
• 31:24
  of
• 31:24
  my
• 31:24
  favorite
• 31:25
  features,
• 31:26
  enabling
• 31:26
  users
• 31:27
  to
• 31:27
  sync
• 31:27
  their
• 31:27
  audiobooks
• 31:28
  with
• 31:28
  physical
• 31:28
  books
• 31:29
  by
• 31:29
  scanning
• 31:29
  a
• 31:30
  page
• 31:30
  from
• 31:30
  the
• 31:30
  printed
• 31:31
  book
• 31:31
  with
• 31:31
  their
• 31:31
  phone,
• 31:32
  then
• 31:32
  finding
• 31:33
  that
• 31:33
  exact
• 31:34
  spot
• 31:34
  in
• 31:35
  the
• 31:35
  audiobook
• 31:36
  edition.
• 31:36
  All
• 31:37
  right,
• 31:37
  I
• 31:38
  want
• 31:38
  to
• 31:38
  know,
• 31:38
  are
• 31:38
  you
• 31:39
  buying
• 31:39
  or
• 31:40
  selling?
• 31:41
  Buying
• 31:41
  hardcover
• 31:42
  books
• 31:42
  via
• 31:42
  Spotify.
• 31:43
  I'm
• 31:44
  buying.
• 31:45
  I
• 31:45
  think
• 31:45
  it
• 31:45
  doesn't
• 31:46
  do
• 31:46
  Spotify
• 31:46
  any
• 31:47
  harm.
• 31:47
  It's
• 31:47
  like
• 31:47
  a
• 31:48
  few
• 31:48
  incremental
• 31:48
  book
• 31:49
  sales.
• 31:49
  Like
• 31:49
  everybody
• 31:50
  with
• 31:50
  an
• 31:50
  audience
• 31:50
  these
• 31:50
  days
• 31:51
  is
• 31:51
  either
• 31:51
  trying
• 31:51
  to
• 31:51
  kind
• 31:52
  of
• 31:52
  sell
• 31:52
  the
• 31:52
  audience's
• 31:52
  attention
• 31:53
  or
• 31:53
  sell
• 31:53
  stuff
• 31:54
  to
• 31:54
  that
• 31:54
  audience.
• 31:55
  Why
• 31:55
  not
• 31:55
  books?
• 31:56
  The
• 31:56
  first
• 31:56
  thing
• 31:56
  I
• 31:57
  thought
• 31:57
  was
• 31:57
  actually,
• 31:57
  well,
• 31:58
  why
• 31:58
  isn't
• 31:58
  Spotify
• 31:59
  selling
• 31:59
  CDs?
• 31:59
  But
• 32:00
  it
• 32:00
  turns
• 32:00
  out
• 32:00
  if
• 32:00
  you
• 32:00
  go
• 32:00
  to
• 32:01
  an
• 32:01
  artist
• 32:01
  page
• 32:01
  on
• 32:01
  Spotify,
• 32:02
  individual
• 32:02
  artists
• 32:03
  can
• 32:03
  set
• 32:03
  up
• 32:03
  merch
• 32:03
  stores,
• 32:04
  including
• 32:04
  selling
• 32:05
  CDs.
• 32:05
  So
• 32:06
  in
• 32:06
  a
• 32:06
  marketplace
• 32:06
  kind
• 32:07
  of
• 32:07
  way,
• 32:07
  they
• 32:07
  do
• 32:07
  already
• 32:07
  do
• 32:08
  that.
• 32:09
  If
• 32:09
  they've
• 32:09
  got
• 32:10
  any
• 32:10
  kind
• 32:10
  of
• 32:10
  audience
• 32:11
  sentiment
• 32:11
  data
• 32:11
  from
• 32:12
  their
• 32:13
  audiobook
• 32:13
  audience.
• 32:14
  It
• 32:14
  says
• 32:15
  even
• 32:15
  a
• 32:16
  small
• 32:16
  percentage
• 32:16
  of
• 32:17
  those
• 32:17
  folks
• 32:17
  like
• 32:17
  to
• 32:18
  get
• 32:18
  a
• 32:18
  hardcover
• 32:18
  book.
• 32:19
  If
• 32:19
  they
• 32:19
  really
• 32:19
  liked
• 32:19
  the
• 32:20
  audiobook,
• 32:21
  why
• 32:21
  not?
• 32:22
  I
• 32:22
  think
• 32:22
  it's
• 32:22
  only
• 32:23
  upside
• 32:23
  for
• 32:23
  them
• 32:23
  and
• 32:24
  it's
• 32:24
  kind
• 32:24
  of
• 32:24
  clever
• 32:25
  and
• 32:25
  it's
• 32:25
  caught
• 32:25
  our
• 32:25
  attention.
• 32:26
  So
• 32:26
  it's
• 32:26
  doing
• 32:27
  what
• 32:27
  it's
• 32:27
  supposed
• 32:27
  to.
• 32:28
  Yeah,
• 32:28
  we
• 32:28
  have
• 32:29
  people
• 32:29
  that
• 32:29
  know
• 32:29
  about
• 32:29
  bookshop.org
• 32:31
  who
• 32:31
  never
• 32:31
  knew
• 32:31
  about
• 32:31
  that
• 32:32
  company
• 32:32
  before,
• 32:32
  so
• 32:33
  it's
• 32:33
  certainly
• 32:33
  good
• 32:33
  for
• 32:34
  them
• 32:34
  too.
• 32:35
  But
• 32:36
  yeah,
• 32:36
  Joe,
• 32:36
  I
• 32:36
  think
• 32:37
  you
• 32:37
  bring
• 32:37
  up
• 32:37
  a
• 32:37
  really
• 32:37
  good
• 32:37
  point.
• 32:38
  I
• 32:38
  mean,
• 32:39
  I
• 32:39
  think
• 32:39
  it's
• 32:40
  Spotify
• 32:41
  recognizing
• 32:42
  that
• 32:42
  their
• 32:43
  listeners
• 32:44
  are
• 32:45
  multi
• 32:46
  stream
• 32:46
  listeners,
• 32:47
  they're
• 32:47
  multi
• 32:48
  channel
• 32:48
  audiences.
• 32:49
  And
• 32:49
  I,
• 32:50
  I
• 32:50
  do
• 32:50
  this
• 32:50
  all
• 32:51
  the
• 32:51
  time.
• 32:51
  Like,
• 32:51
  where
• 32:51
  I'll
• 32:52
  get
• 32:52
  a
• 32:52
  book,
• 32:52
  an
• 32:53
  audiobook,
• 32:53
  and
• 32:54
  the
• 32:54
  hard
• 32:54
  copy.
• 32:54
  Because
• 32:55
  it
• 32:55
  depends
• 32:55
  on
• 32:55
  different
• 32:56
  points
• 32:56
  in
• 32:56
  my
• 32:56
  day.
• 32:57
  Like,
• 32:57
  if
• 32:57
  I'm
• 32:57
  driving
• 32:58
  to
• 32:58
  a
• 32:58
  meeting
• 32:59
  or
• 32:59
  to
• 32:59
  pick
• 32:59
  up
• 32:59
  kids,
• 33:00
  I
• 33:00
  want
• 33:00
  to
• 33:00
  listen
• 33:01
  to
• 33:01
  the
• 33:01
  audiobook
• 33:01
  and
• 33:02
  then
• 33:02
  to
• 33:02
  have
• 33:03
  to
• 33:03
  figure
• 33:03
  out
• 33:03
  on
• 33:04
  my.
• 33:04
  Either
• 33:04
  on
• 33:04
  my
• 33:05
  phone
• 33:05
  or
• 33:06
  in
• 33:06
  my
• 33:06
  hardcover
• 33:07
  book.
• 33:07
  Like,
• 33:07
  I
• 33:08
  want
• 33:08
  to
• 33:08
  have
• 33:08
  that
• 33:09
  different
• 33:09
  experience
• 33:09
  where
• 33:10
  I'm
• 33:10
  actually
• 33:10
  reading
• 33:10
  it.
• 33:11
  And
• 33:11
  I
• 33:11
  think
• 33:11
  this,
• 33:12
  this
• 33:12
  is
• 33:12
  a
• 33:12
  great
• 33:12
  way.
• 33:13
  Low
• 33:14
  risk,
• 33:14
  no
• 33:15
  all
• 33:15
  upside
• 33:16
  for
• 33:16
  both
• 33:16
  bookshop.org
• 33:17
  and
• 33:17
  Spotify
• 33:18
  to
• 33:18
  grow
• 33:19
  an
• 33:19
  audience
• 33:19
  that
• 33:20
  they
• 33:20
  didn't
• 33:20
  have
• 33:20
  before
• 33:21
  and
• 33:21
  provide
• 33:21
  them
• 33:22
  more
• 33:22
  opportunities
• 33:23
  to
• 33:23
  listen
• 33:23
  and
• 33:23
  more
• 33:24
  flexibility,
• 33:25
  especially
• 33:25
  with
• 33:25
  that
• 33:26
  Page
• 33:26
  Match
• 33:26
  app.
• 33:27
  But,
• 33:27
  Chris,
• 33:28
  will.
• 33:28
  I
• 33:28
  love
• 33:28
  Page
• 33:28
  Match.
• 33:29
  I
• 33:29
  mean,
• 33:29
  it
• 33:29
  feels
• 33:30
  like
• 33:30
  that
• 33:30
  that
• 33:30
  was
• 33:30
  probably
• 33:30
  the
• 33:30
  only
• 33:31
  real
• 33:31
  investment
• 33:31
  was
• 33:32
  like,
• 33:32
  some
• 33:32
  developer
• 33:32
  had
• 33:33
  to
• 33:33
  spend
• 33:33
  a
• 33:33
  half
• 33:33
  hour
• 33:34
  or
• 33:34
  a
• 33:34
  day,
• 33:34
  like,
• 33:34
  figuring
• 33:35
  out
• 33:35
  how
• 33:35
  to
• 33:35
  make
• 33:35
  that
• 33:35
  work.
• 33:36
  But
• 33:36
  I
• 33:36
  love
• 33:36
  that
• 33:37
  idea.
• 33:37
  For.
• 33:37
  For
• 33:37
  people
• 33:37
  like
• 33:38
  you
• 33:38
  that
• 33:38
  are
• 33:38
  kind
• 33:38
  of
• 33:39
  omni
• 33:40
  platform
• 33:40
  book
• 33:41
  readers,
• 33:42
  it
• 33:43
  feels
• 33:44
  like
• 33:44
  it's
• 33:44
  going
• 33:44
  to
• 33:44
  be
• 33:44
  such
• 33:44
  a
• 33:45
  boon
• 33:45
  to
• 33:45
  their
• 33:45
  lives.
• 33:46
  Yeah,
• 33:47
  I
• 33:47
  love
• 33:47
  it.
• 33:47
  Okay,
• 33:48
  Chris,
• 33:48
  I
• 33:49
  know
• 33:49
  how
• 33:49
  you
• 33:49
  feel
• 33:49
  about
• 33:49
  audiobooks,
• 33:50
  so
• 33:51
  I'm
• 33:51
  curious
• 33:51
  to
• 33:51
  get
• 33:52
  your
• 33:52
  thoughts
• 33:52
  on
• 33:52
  whether
• 33:52
  or
• 33:53
  not
• 33:53
  you
• 33:53
  think
• 33:53
  this
• 33:53
  is
• 33:53
  a
• 33:54
  good
• 33:54
  strategic
• 33:54
  move
• 33:55
  here
• 33:55
  for
• 33:55
  Spotify.
• 33:56
  Are
• 33:56
  you
• 33:56
  buying
• 33:56
  or
• 33:56
  selling?
• 33:57
  Yeah,
• 33:58
  I
• 33:58
  know
• 33:58
  I
• 33:58
  tried
• 33:58
  really
• 33:58
  hard
• 33:58
  to
• 33:59
  come
• 33:59
  up
• 33:59
  with
• 33:59
  a
• 33:59
  contrarian
• 33:59
  angle
• 34:00
  for
• 34:00
  this,
• 34:00
  and
• 34:00
  I
• 34:00
  just
• 34:00
  can't.
• 34:01
  I
• 34:01
  think
• 34:01
  you
• 34:01
  guys
• 34:02
  said
• 34:02
  it.
• 34:02
  It's
• 34:02
  a
• 34:02
  good
• 34:02
  move
• 34:02
  for
• 34:03
  Spotify.
• 34:04
  You
• 34:04
  know,
• 34:05
  my
• 34:05
  question
• 34:05
  for
• 34:06
  you,
• 34:06
  Joe,
• 34:06
  though,
• 34:06
  is,
• 34:07
  I
• 34:07
  mean,
• 34:08
  ann
• 34:08
  is
• 34:08
  clearly
• 34:08
  10,000
• 34:09
  people,
• 34:09
  as
• 34:09
  we
• 34:09
  say
• 34:10
  on
• 34:10
  this
• 34:10
  show,
• 34:10
  so.
• 34:11
  So
• 34:11
  they're
• 34:11
  meeting
• 34:11
  a
• 34:11
  need
• 34:12
  for
• 34:12
  Ann
• 34:12
  and
• 34:13
  people
• 34:13
  like
• 34:13
  her.
• 34:13
  But,
• 34:14
  Joe,
• 34:15
  do
• 34:15
  you
• 34:15
  exhibit
• 34:15
  that
• 34:16
  characteristic
• 34:16
  of
• 34:17
  buying
• 34:17
  an
• 34:17
  audiobook
• 34:18
  and
• 34:18
  a
• 34:18
  physical
• 34:19
  book
• 34:19
  and
• 34:19
  reading.
• 34:20
  Reading
• 34:20
  both
• 34:21
  simultaneously
• 34:22
  throughout
• 34:23
  the
• 34:23
  course
• 34:23
  of
• 34:23
  finishing
• 34:24
  said
• 34:24
  book?
• 34:25
  I
• 34:26
  am
• 34:26
  not
• 34:26
  an
• 34:26
  audiobook
• 34:27
  guy,
• 34:27
  although
• 34:28
  I
• 34:28
  am
• 34:29
  guilty
• 34:29
  of
• 34:29
  buying,
• 34:30
  like,
• 34:30
  an
• 34:30
  ebook
• 34:31
  to,
• 34:31
  like,
• 34:31
  read
• 34:32
  on
• 34:32
  my
• 34:32
  phone
• 34:32
  or
• 34:32
  my.
• 34:33
  My
• 34:33
  iPad.
• 34:34
  And,
• 34:34
  yeah,
• 34:35
  the
• 34:35
  actual
• 34:35
  physical
• 34:36
  paper
• 34:36
  book
• 34:36
  as
• 34:37
  well.
• 34:37
  Again,
• 34:37
  it's
• 34:38
  almost
• 34:38
  like
• 34:38
  the
• 34:38
  paper
• 34:39
  book
• 34:39
  is
• 34:39
  oftentimes
• 34:40
  like
• 34:40
  a
• 34:40
  souvenir
• 34:40
  if
• 34:40
  I
• 34:41
  really
• 34:41
  like
• 34:41
  the
• 34:41
  E
• 34:41
  book,
• 34:43
  like,
• 34:43
  and
• 34:43
  put
• 34:43
  it
• 34:43
  on
• 34:43
  my
• 34:44
  shelf
• 34:44
  and
• 34:44
  display
• 34:44
  it
• 34:45
  there.
• 34:45
  But.
• 34:45
  Yeah,
• 34:46
  but
• 34:46
  there.
• 34:46
  There
• 34:46
  have
• 34:46
  definitely
• 34:47
  been
• 34:47
  times
• 34:47
  when
• 34:47
  I've
• 34:47
  gone
• 34:48
  back
• 34:48
  and
• 34:48
  forth
• 34:48
  between
• 34:48
  an
• 34:48
  ebook
• 34:49
  and
• 34:49
  the
• 34:50
  same
• 34:50
  physical
• 34:50
  book
• 34:50
  and.
• 34:51
  And
• 34:51
  then
• 34:52
  it's
• 34:52
  like,
• 34:52
  really
• 34:52
  matching
• 34:53
  bookmarks
• 34:53
  and
• 34:53
  whatnot.
• 34:54
  So.
• 34:54
  So
• 34:54
  even
• 34:54
  if
• 34:54
  it's
• 34:55
  not
• 34:55
  an
• 34:55
  audiobook,
• 34:55
  I
• 34:55
  do
• 34:56
  kind
• 34:56
  of
• 34:56
  do
• 34:56
  what
• 34:57
  I
• 34:57
  do
• 34:57
  that
• 34:58
  behavior,
• 34:58
  in
• 34:58
  a
• 34:58
  way.
• 34:58
  Yeah.
• 34:59
  You
• 34:59
  don't
• 34:59
  want
• 34:59
  to
• 34:59
  carry
• 34:59
  the
• 34:59
  giant
• 35:00
  book
• 35:00
  in
• 35:00
  your
• 35:01
  bag
• 35:01
  like
• 35:01
  this.
• 35:02
  The
• 35:02
  ebook
• 35:02
  makes
• 35:03
  sense.
• 35:03
  Then
• 35:03
  the
• 35:03
  audiobook
• 35:04
  makes
• 35:04
  sense.
• 35:04
  Then
• 35:05
  maybe
• 35:06
  you
• 35:06
  want
• 35:06
  to
• 35:06
  read
• 35:06
  it
• 35:06
  before
• 35:07
  bed
• 35:07
  because
• 35:07
  you're.
• 35:08
  No
• 35:08
  screens.
• 35:08
  I
• 35:09
  mean,
• 35:09
  I
• 35:09
  think
• 35:09
  there's,
• 35:10
  there's
• 35:10
  so
• 35:10
  much
• 35:11
  opportunity.
• 35:11
  It's
• 35:12
  happening
• 35:12
  with
• 35:12
  video
• 35:12
  already.
• 35:13
  Right,
• 35:13
  like,
• 35:13
  like
• 35:14
  clever.
• 35:14
  Like
• 35:15
  video
• 35:15
  services
• 35:16
  will
• 35:16
  let
• 35:16
  you
• 35:16
  watch
• 35:17
  part
• 35:17
  of
• 35:17
  a
• 35:17
  show
• 35:17
  on
• 35:18
  your
• 35:18
  tablet
• 35:19
  and
• 35:19
  then
• 35:19
  when
• 35:19
  you're
• 35:19
  back
• 35:19
  in
• 35:20
  front
• 35:20
  of
• 35:20
  your
• 35:20
  tv,
• 35:20
  you're,
• 35:21
  you're
• 35:22
  Amazon
• 35:23
  Fire
• 35:23
  or
• 35:23
  your,
• 35:24
  your
• 35:24
  Apple
• 35:24
  TV
• 35:24
  or
• 35:24
  whatever
• 35:25
  kind
• 35:25
  of
• 35:25
  picks
• 35:25
  up
• 35:25
  exactly
• 35:26
  where
• 35:26
  you
• 35:26
  left
• 35:26
  the
• 35:26
  show
• 35:27
  off
• 35:27
  on
• 35:27
  the
• 35:27
  other
• 35:27
  device.
• 35:28
  So
• 35:28
  why,
• 35:28
  why
• 35:29
  can't
• 35:29
  we
• 35:29
  do
• 35:29
  that
• 35:29
  with
• 35:29
  books?
• 35:30
  We
• 35:30
  should.
• 35:32
  I
• 35:32
  love,
• 35:32
  I
• 35:33
  love
• 35:33
  our
• 35:33
  campaign
• 35:34
  to,
• 35:34
  to
• 35:35
  save.
• 35:35
  To
• 35:35
  save
• 35:36
  the
• 35:36
  multi
• 35:36
  channel
• 35:37
  readers
• 35:37
  lives,
• 35:38
  Joe.
• 35:39
  All
• 35:39
  right,
• 35:39
  well,
• 35:39
  let's
• 35:40
  go
• 35:40
  to
• 35:40
  the
• 35:40
  lightning
• 35:40
  round.
• 35:41
  Joe,
• 35:42
  you
• 35:42
  get
• 35:42
  this
• 35:43
  first
• 35:43
  question.
• 35:43
  According
• 35:44
  to
• 35:44
  the
• 35:44
  Financial
• 35:44
  Times,
• 35:45
  despite
• 35:45
  a
• 35:46
  slowdown
• 35:46
  in
• 35:46
  luxury
• 35:47
  goods,
• 35:47
  the
• 35:48
  world's
• 35:48
  luxury
• 35:49
  hotel
• 35:49
  market
• 35:49
  is
• 35:50
  booming
• 35:51
  and
• 35:51
  they've
• 35:51
  been
• 35:51
  able
• 35:52
  to
• 35:52
  increase
• 35:53
  prices
• 35:53
  as
• 35:53
  a
• 35:54
  result.
• 35:54
  Joe,
• 35:55
  what's
• 35:55
  the
• 35:55
  nicest
• 35:56
  hotel
• 35:56
  that
• 35:56
  you've
• 35:56
  ever
• 35:57
  stayed
• 35:57
  in?
• 35:59
  Well,
• 36:00
  I'm
• 36:00
  very
• 36:00
  tempted
• 36:01
  to
• 36:01
  lie
• 36:01
  and
• 36:01
  say
• 36:02
  it
• 36:02
  was
• 36:02
  the
• 36:02
  Emirates
• 36:03
  palace
• 36:03
  in
• 36:03
  Abu
• 36:04
  Dhabi
• 36:04
  where
• 36:04
  we
• 36:04
  had
• 36:04
  shop
• 36:05
  talk
• 36:05
  Lux
• 36:05
  two
• 36:05
  weeks
• 36:06
  ago.
• 36:06
  But
• 36:06
  shop
• 36:07
  did
• 36:07
  not
• 36:07
  put
• 36:07
  us
• 36:08
  up
• 36:08
  there.
• 36:08
  They
• 36:08
  put
• 36:08
  us
• 36:08
  up
• 36:09
  at
• 36:09
  another
• 36:09
  five
• 36:09
  star
• 36:10
  hotel
• 36:10
  across
• 36:10
  the
• 36:10
  street
• 36:11
  that
• 36:11
  was
• 36:11
  much
• 36:11
  cheaper,
• 36:11
  but
• 36:12
  not
• 36:12
  quite
• 36:12
  as
• 36:12
  nice
• 36:12
  as
• 36:13
  the
• 36:13
  Emirates
• 36:13
  Palace
• 36:13
  Abu
• 36:14
  Dhabi.
• 36:14
  So
• 36:15
  nicest
• 36:15
  hotel
• 36:16
  actually,
• 36:16
  when
• 36:16
  I
• 36:16
  was
• 36:17
  very
• 36:17
  young
• 36:18
  in
• 36:18
  the
• 36:18
  early
• 36:18
  2000s,
• 36:19
  the
• 36:19
  company
• 36:20
  I
• 36:20
  worked
• 36:20
  for
• 36:20
  put
• 36:20
  on
• 36:20
  a
• 36:20
  conference
• 36:21
  at
• 36:21
  the
• 36:21
  Amstel
• 36:22
  Hotel
• 36:22
  in
• 36:23
  Amsterdam,
• 36:23
  which
• 36:24
  was
• 36:24
  my
• 36:24
  first
• 36:25
  trip
• 36:25
  to
• 36:25
  continental
• 36:26
  Europe
• 36:26
  in
• 36:26
  my
• 36:27
  life.
• 36:27
  The
• 36:27
  first
• 36:28
  time
• 36:28
  I'd
• 36:28
  ever
• 36:28
  stayed
• 36:29
  at
• 36:29
  like
• 36:29
  a
• 36:29
  hotel
• 36:30
  that
• 36:30
  fancy.
• 36:30
  It
• 36:30
  is
• 36:30
  literally
• 36:31
  a
• 36:31
  palace
• 36:31
  from
• 36:31
  the
• 36:32
  1860s
• 36:32
  on
• 36:32
  the
• 36:33
  Amstel
• 36:33
  river
• 36:33
  in
• 36:34
  Amsterdam.
• 36:34
  You
• 36:35
  know,
• 36:35
  imagine
• 36:35
  me
• 36:35
  like
• 36:35
  this
• 36:36
  20
• 36:36
  something
• 36:36
  kid
• 36:37
  off
• 36:37
  an
• 36:37
  overnight
• 36:37
  flight,
• 36:38
  like
• 36:38
  groggy.
• 36:38
  And
• 36:39
  I
• 36:39
  get
• 36:39
  there
• 36:39
  and
• 36:39
  like
• 36:39
  they're
• 36:40
  like,
• 36:40
  oh,
• 36:40
  sir,
• 36:40
  we
• 36:40
  do
• 36:41
  not
• 36:41
  have
• 36:41
  a
• 36:41
  room
• 36:41
  for
• 36:41
  you,
• 36:41
  but
• 36:42
  have
• 36:42
  a
• 36:42
  cappuccino
• 36:42
  in
• 36:43
  our
• 36:43
  solarium.
• 36:43
  And.
• 36:44
  And
• 36:45
  it
• 36:45
  was
• 36:45
  the
• 36:45
  first
• 36:45
  time
• 36:45
  in
• 36:45
  my
• 36:45
  life
• 36:46
  I'd
• 36:46
  ever
• 36:46
  been
• 36:46
  treated
• 36:46
  quite
• 36:47
  that
• 36:47
  nice.
• 36:47
  And
• 36:47
  it's
• 36:47
  been
• 36:48
  the
• 36:48
  benchmark
• 36:48
  ever
• 36:48
  since.
• 36:51
  That
• 36:51
  sounds
• 36:51
  like
• 36:51
  the
• 36:51
  way
• 36:51
  to
• 36:52
  go.
• 36:52
  I
• 36:52
  mean,
• 36:52
  I
• 36:52
  don't
• 36:52
  think
• 36:53
  anyone's
• 36:53
  ever
• 36:53
  said
• 36:53
  the
• 36:53
  word
• 36:54
  solarium
• 36:55
  to
• 36:55
  me
• 36:55
  directly,
• 36:56
  Joe.
• 36:57
  So
• 36:57
  I
• 36:57
  think,
• 36:57
  I
• 36:58
  think
• 36:58
  you're
• 36:58
  winning.
• 36:59
  I
• 36:59
  didn't
• 36:59
  know
• 36:59
  where
• 36:59
  it
• 37:00
  was.
• 37:00
  I
• 37:00
  was
• 37:00
  like,
• 37:00
  oh,
• 37:01
  yeah,
• 37:02
  yeah.
• 37:02
  I'd
• 37:02
  be
• 37:02
  like,
• 37:02
  wait,
• 37:03
  what's
• 37:03
  a
• 37:03
  solarium?
• 37:04
  An
• 37:04
  aquarium.
• 37:05
  What?
• 37:05
  Yeah,
• 37:07
  all
• 37:07
  right,
• 37:07
  this
• 37:08
  next
• 37:08
  one
• 37:08
  I'm
• 37:09
  very
• 37:09
  proud
• 37:09
  of.
• 37:09
  This
• 37:10
  Next
• 37:10
  question,
• 37:10
  Joe.
• 37:10
  U.S.
• 37:11
  downhiller
• 37:11
  Lindsey
• 37:12
  von
• 37:12
  suffered
• 37:12
  a
• 37:12
  complicated
• 37:14
  tibia
• 37:14
  fracture
• 37:15
  at
• 37:15
  the
• 37:15
  Olympics
• 37:15
  on
• 37:15
  Sunday.
• 37:16
  That
• 37:16
  was
• 37:16
  a
• 37:16
  terrible
• 37:17
  crash.
• 37:17
  The
• 37:17
  tibia
• 37:18
  excluded,
• 37:19
  however,
• 37:19
  what
• 37:20
  is
• 37:20
  your
• 37:20
  favorite
• 37:21
  bone
• 37:21
  in
• 37:22
  the
• 37:22
  human
• 37:22
  body?
• 37:24
  My
• 37:24
  favorite
• 37:25
  bone
• 37:25
  is
• 37:25
  the
• 37:26
  hyoid
• 37:26
  bone.
• 37:27
  It's
• 37:27
  spelled
• 37:27
  H
• 37:28
  Y,
• 37:28
  O
• 37:28
  I
• 37:28
  D.
• 37:29
  Not
• 37:29
  many
• 37:30
  people
• 37:30
  know
• 37:30
  about
• 37:30
  it.
• 37:30
  It's
• 37:31
  a
• 37:31
  little,
• 37:31
  like,
• 37:31
  crescent
• 37:32
  shaped
• 37:32
  bone
• 37:32
  in
• 37:32
  your
• 37:32
  throat
• 37:33
  that,
• 37:33
  like,
• 37:33
  your
• 37:33
  tongue
• 37:34
  and
• 37:34
  your
• 37:34
  larynx
• 37:34
  kind
• 37:35
  of
• 37:35
  all
• 37:35
  depend
• 37:35
  on
• 37:35
  it
• 37:36
  being
• 37:36
  there
• 37:36
  and
• 37:36
  intact
• 37:37
  so
• 37:37
  that
• 37:37
  you
• 37:37
  can
• 37:38
  talk
• 37:38
  and
• 37:38
  swallow
• 37:39
  and
• 37:39
  speak
• 37:39
  and
• 37:39
  whatnot.
• 37:40
  And
• 37:40
  fun
• 37:40
  fact,
• 37:40
  it
• 37:40
  is
• 37:41
  the
• 37:41
  only
• 37:41
  bone
• 37:41
  that
• 37:41
  is
• 37:42
  not
• 37:42
  connected
• 37:43
  to
• 37:43
  any
• 37:43
  other
• 37:43
  bone.
• 37:44
  It
• 37:44
  just
• 37:44
  is
• 37:45
  in
• 37:45
  there
• 37:45
  floating
• 37:45
  by
• 37:46
  itself,
• 37:46
  making
• 37:47
  our
• 37:47
  throats
• 37:47
  do
• 37:47
  what
• 37:48
  they
• 37:48
  do.
• 37:48
  So.
• 37:48
  And
• 37:48
  I
• 37:48
  appreciate
• 37:49
  that
• 37:49
  because
• 37:49
  I
• 37:49
  talk
• 37:50
  a
• 37:50
  lot.
• 37:51
  Oh,
• 37:51
  my
• 37:51
  God.
• 37:52
  Did
• 37:52
  you
• 37:52
  just
• 37:52
  know
• 37:52
  this
• 37:53
  off
• 37:53
  the
• 37:53
  top
• 37:53
  of
• 37:53
  your
• 37:53
  head,
• 37:54
  like?
• 37:54
  I
• 37:54
  did
• 37:55
  a
• 37:55
  little
• 37:55
  research
• 37:55
  when
• 37:56
  you
• 37:56
  previewed
• 37:56
  the
• 37:57
  questions
• 37:57
  to
• 37:57
  me.
• 37:58
  Oh,
• 37:58
  my
• 37:58
  God.
• 37:59
  Oh,
• 37:59
  my
• 37:59
  God.
• 37:59
  That's
• 38:00
  crazy.
• 38:00
  Wow.
• 38:01
  Good
• 38:02
  to
• 38:02
  know.
• 38:02
  Joe,
• 38:02
  what's
• 38:02
  it
• 38:02
  called?
• 38:03
  Hyoid.
• 38:04
  H
• 38:04
  Y,
• 38:05
  O
• 38:05
  I
• 38:05
  D.
• 38:06
  The
• 38:06
  hyoid
• 38:07
  spelled
• 38:07
  it.
• 38:08
  Even
• 38:08
  spelled
• 38:08
  it
• 38:09
  for
• 38:09
  us.
• 38:09
  Okay,
• 38:10
  thanks,
• 38:10
  Joe.
• 38:11
  The
• 38:11
  more,
• 38:11
  you
• 38:12
  know,
• 38:12
  go
• 38:12
  with
• 38:12
  the
• 38:13
  humorous.
• 38:13
  But
• 38:13
  no,
• 38:14
  he
• 38:14
  went
• 38:14
  with
• 38:14
  the
• 38:14
  highway.
• 38:15
  So,
• 38:15
  you
• 38:16
  know,
• 38:16
  you'd
• 38:16
  ask
• 38:16
  what
• 38:16
  the
• 38:16
  funniest
• 38:17
  boat
• 38:17
  in
• 38:17
  the
• 38:17
  body
• 38:17
  is.
• 38:18
  I
• 38:18
  suppose
• 38:18
  I
• 38:18
  would
• 38:18
  have,
• 38:18
  but
• 38:19
  yeah.
• 38:19
  Oh,
• 38:20
  my
• 38:20
  gosh.
• 38:20
  I'm
• 38:20
  going
• 38:21
  to
• 38:21
  save
• 38:21
  us
• 38:21
  from
• 38:21
  these
• 38:21
  jokes.
• 38:22
  All
• 38:22
  right,
• 38:23
  question
• 38:24
  number
• 38:24
  three.
• 38:24
  Brits
• 38:25
  are
• 38:25
  expected
• 38:25
  to
• 38:26
  spend
• 38:26
  2.38
• 38:27
  billion
• 38:28
  pounds
• 38:29
  this
• 38:29
  year
• 38:29
  on
• 38:29
  Valentine's
• 38:30
  Day,
• 38:30
  up
• 38:31
  7%
• 38:31
  from
• 38:32
  last
• 38:32
  year,
• 38:32
  according
• 38:32
  to
• 38:33
  a
• 38:33
  study
• 38:33
  by
• 38:33
  parcel
• 38:34
  hero.
• 38:35
  Joe,
• 38:35
  what
• 38:35
  is
• 38:35
  the
• 38:36
  best
• 38:36
  Valentine
• 38:37
  gift
• 38:37
  you've
• 38:37
  ever
• 38:38
  given
• 38:38
  or
• 38:39
  received?
• 38:39
  Received.
• 38:43
  Received.
• 38:44
  Not
• 38:45
  an
• 38:45
  especially
• 38:45
  romantic
• 38:46
  gift,
• 38:46
  but
• 38:47
  a
• 38:47
  first
• 38:47
  edition
• 38:47
  of
• 38:48
  Frank
• 38:48
  Herbert's
• 38:48
  Dune,
• 38:49
  which
• 38:49
  is
• 38:49
  one
• 38:50
  of
• 38:50
  my
• 38:50
  favorite
• 38:50
  books
• 38:51
  of
• 38:51
  all
• 38:51
  time.
• 38:51
  And
• 38:51
  it
• 38:51
  was
• 38:51
  just
• 38:52
  really
• 38:53
  thoughtful
• 38:53
  that
• 38:54
  somebody
• 38:54
  sought
• 38:55
  out,
• 38:55
  you
• 38:55
  know,
• 38:55
  kind
• 38:56
  of
• 38:56
  one
• 38:56
  of
• 38:56
  the
• 38:56
  first
• 38:56
  copies
• 38:57
  that
• 38:57
  came
• 38:57
  off
• 38:58
  the
• 38:58
  printing
• 38:58
  presses
• 38:59
  back
• 38:59
  in
• 38:59
  the
• 38:59
  1960s
• 39:00
  and.
• 39:00
  And
• 39:00
  gifted
• 39:01
  it
• 39:01
  to
• 39:01
  me
• 39:01
  about,
• 39:01
  like
• 39:02
  15
• 39:02
  or
• 39:02
  20
• 39:03
  years
• 39:03
  ago,
• 39:03
  but
• 39:03
  I
• 39:03
  still
• 39:03
  remember
• 39:04
  it.
• 39:04
  Oh,
• 39:04
  my
• 39:05
  gosh.
• 39:05
  That's
• 39:05
  so
• 39:06
  special.
• 39:06
  Very
• 39:07
  thoughtful
• 39:07
  gift.
• 39:07
  And,
• 39:08
  Joe,
• 39:08
  do
• 39:08
  you
• 39:08
  have
• 39:08
  a
• 39:08
  digital
• 39:09
  copy
• 39:09
  of
• 39:09
  that
• 39:09
  book,
• 39:10
  too?
• 39:12
  No,
• 39:12
  I
• 39:13
  have
• 39:13
  several
• 39:13
  physical
• 39:14
  copies
• 39:14
  of
• 39:14
  it,
• 39:14
  including
• 39:15
  that
• 39:15
  one
• 39:15
  which
• 39:15
  just
• 39:15
  sits
• 39:16
  on
• 39:16
  the
• 39:16
  shelf
• 39:16
  because
• 39:16
  I'm
• 39:17
  not
• 39:17
  going
• 39:17
  to,
• 39:17
  like,
• 39:17
  touch
• 39:17
  that
• 39:18
  one,
• 39:18
  but
• 39:18
  I
• 39:19
  have
• 39:19
  a
• 39:19
  readable
• 39:19
  copy.
• 39:20
  Yeah,
• 39:20
  the
• 39:20
  classics
• 39:21
  have
• 39:21
  a
• 39:21
  different
• 39:21
  place.
• 39:22
  All
• 39:22
  right,
• 39:22
  last
• 39:22
  one.
• 39:23
  McDonald's
• 39:23
  is
• 39:24
  offering
• 39:24
  a
• 39:24
  few
• 39:24
  customers
• 39:25
  a
• 39:25
  special
• 39:25
  Valentine's
• 39:26
  Day
• 39:26
  meal
• 39:27
  this
• 39:27
  year.
• 39:28
  Chicken
• 39:28
  McNuggets
• 39:29
  and
• 39:29
  caviar.
• 39:31
  Joe,
• 39:31
  where
• 39:31
  do
• 39:31
  you
• 39:31
  come
• 39:32
  down
• 39:32
  on
• 39:32
  caviar?
• 39:33
  First
• 39:33
  and
• 39:34
  second.
• 39:35
  Would
• 39:35
  you
• 39:35
  eat
• 39:35
  McNugget?
• 39:36
  Caviar?
• 39:37
  Caviar,
• 39:38
  in
• 39:38
  my
• 39:38
  opinion,
• 39:38
  is
• 39:38
  overrated
• 39:39
  if
• 39:39
  it
• 39:40
  wasn't
• 39:40
  really
• 39:40
  associated
• 39:41
  with
• 39:41
  rich
• 39:41
  people.
• 39:42
  And
• 39:42
  super
• 39:42
  expensive.
• 39:42
  Nobody
• 39:43
  would
• 39:43
  bother
• 39:43
  with
• 39:44
  it.
• 39:44
  My
• 39:45
  first
• 39:45
  thought,
• 39:45
  when
• 39:45
  McNugget
• 39:47
  expired.
• 39:48
  I
• 39:48
  mean.
• 39:48
  Okay,
• 39:48
  sorry,
• 39:49
  I
• 39:49
  didn't
• 39:49
  realize
• 39:49
  that
• 39:50
  would
• 39:50
  be,
• 39:50
  like,
• 39:50
  controversial.
• 39:51
  Please
• 39:51
  disagree
• 39:51
  with
• 39:51
  me
• 39:51
  if
• 39:52
  you're
• 39:52
  a
• 39:52
  caviar
• 39:53
  aficionado.
• 39:54
  No,
• 39:55
  I
• 39:55
  love
• 39:55
  caviar,
• 39:55
  though,
• 39:56
  but
• 39:56
  that's
• 39:56
  crazy.
• 39:56
  Wow.
• 39:57
  Okay,
• 39:57
  nice.
• 39:57
  You're
• 39:58
  not
• 39:58
  a
• 39:58
  big
• 39:59
  fan.
• 39:59
  Like,
• 40:00
  little.
• 40:00
  Little
• 40:00
  black,
• 40:00
  salty,
• 40:01
  briny
• 40:02
  things.
• 40:02
  Like,
• 40:03
  I
• 40:03
  feel
• 40:03
  like
• 40:03
  there's
• 40:04
  other
• 40:04
  ways
• 40:04
  to
• 40:04
  get
• 40:04
  that
• 40:04
  flavor
• 40:05
  that
• 40:05
  don't
• 40:05
  cost
• 40:06
  thousands
• 40:06
  and
• 40:06
  thousands
• 40:07
  of
• 40:07
  dollars
• 40:07
  and
• 40:07
  involve
• 40:08
  killing
• 40:08
  sturgeon.
• 40:09
  And
• 40:09
  then
• 40:09
  McNugget
• 40:10
  caviar.
• 40:10
  When,
• 40:11
  like,
• 40:11
  I
• 40:11
  first
• 40:11
  saw
• 40:11
  that
• 40:12
  phrase,
• 40:12
  I
• 40:12
  was
• 40:12
  like,
• 40:12
  is
• 40:12
  that
• 40:12
  just
• 40:13
  chicken
• 40:13
  eggs?
• 40:14
  Like,
• 40:14
  is
• 40:15
  it?
• 40:16
  But
• 40:16
  it's
• 40:16
  not,
• 40:17
  right?
• 40:17
  It's.
• 40:17
  It's
• 40:17
  a
• 40:17
  little
• 40:17
  McCall.
• 40:18
  They
• 40:18
  give
• 40:18
  you
• 40:18
  chicken
• 40:19
  nuggets
• 40:19
  and
• 40:19
  a
• 40:19
  side
• 40:20
  of
• 40:20
  caviar.
• 40:20
  Yeah.
• 40:21
  The
• 40:21
  media
• 40:21
  is
• 40:22
  calling
• 40:22
  it
• 40:22
  McNugget
• 40:23
  Caviar.
• 40:23
  Yeah.
• 40:24
  It's
• 40:24
  like
• 40:24
  the
• 40:24
  potato
• 40:25
  chip.
• 40:25
  You
• 40:25
  know,
• 40:25
  you
• 40:26
  have.
• 40:26
  You
• 40:26
  have
• 40:26
  the
• 40:26
  potato
• 40:27
  chip,
• 40:27
  the
• 40:27
  creme
• 40:27
  fraiche,
• 40:28
  and
• 40:28
  the
• 40:28
  caviar
• 40:29
  on
• 40:29
  top.
• 40:29
  Except
• 40:29
  instead
• 40:30
  of
• 40:30
  that
• 40:30
  chip,
• 40:30
  it's
• 40:31
  going
• 40:31
  to
• 40:31
  be
• 40:31
  a
• 40:31
  chicken
• 40:31
  McNugget.
• 40:32
  I.
• 40:33
  I
• 40:33
  guess.
• 40:34
  Why
• 40:34
  not?
• 40:35
  Why
• 40:35
  not?
• 40:36
  Why?
• 40:37
  If
• 40:37
  somebody
• 40:37
  put
• 40:38
  it
• 40:38
  in
• 40:38
  front
• 40:38
  of
• 40:38
  me
• 40:38
  and
• 40:39
  it
• 40:39
  would
• 40:39
  be
• 40:39
  rude
• 40:39
  not
• 40:39
  to,
• 40:40
  I
• 40:40
  would
• 40:40
  certainly
• 40:40
  eat
• 40:41
  it.
• 40:41
  But
• 40:41
  I
• 40:41
  would
• 40:42
  not,
• 40:42
  like,
• 40:42
  hit
• 40:43
  reload
• 40:43
  a
• 40:43
  thousand
• 40:44
  times
• 40:44
  on
• 40:44
  the
• 40:44
  McNugget
• 40:45
  Caviar
• 40:45
  website
• 40:45
  in
• 40:46
  the
• 40:46
  hopes
• 40:46
  of
• 40:46
  getting
• 40:46
  one
• 40:46
  of
• 40:47
  the
• 40:47
  very
• 40:47
  small
• 40:47
  number
• 40:47
  of
• 40:47
  them
• 40:48
  they
• 40:48
  produced.
• 40:49
  And
• 40:49
  would
• 40:49
  you
• 40:49
  eat
• 40:49
  McNugget
• 40:50
  caviar?
• 40:50
  Would
• 40:51
  you
• 40:51
  eat
• 40:51
  caviar
• 40:51
  that
• 40:52
  you
• 40:52
  procured
• 40:52
  at
• 40:52
  McDonald's
• 40:53
  100,
• 40:54
  right?
• 40:54
  Yeah,
• 40:55
  I
• 40:55
  would.
• 40:55
  I
• 40:56
  would
• 40:56
  say
• 40:56
  let's
• 40:56
  do
• 40:57
  it.
• 40:57
  I
• 40:57
  mean,
• 40:57
  you
• 40:57
  and
• 40:57
  I
• 40:58
  are
• 40:58
  both
• 40:58
  Caviar
• 40:58
  fans.
• 40:59
  Maybe
• 40:59
  McCaviar
• 41:00
  will
• 41:00
  become
• 41:00
  a
• 41:00
  thing.
• 41:01
  Maybe
• 41:02
  they'll
• 41:02
  just
• 41:02
  sort
• 41:02
  of
• 41:02
  add
• 41:02
  it.
• 41:03
  To
• 41:03
  the
• 41:03
  regular
• 41:03
  menu,
• 41:04
  not
• 41:04
  the
• 41:04
  dollar
• 41:05
  menu.
• 41:06
  That's
• 41:06
  not.
• 41:06
  Unfortunately,
• 41:07
  that's
• 41:07
  not
• 41:08
  probably
• 41:08
  going
• 41:08
  to
• 41:08
  happen.
• 41:09
  Or
• 41:09
  would
• 41:09
  you
• 41:09
  eat
• 41:10
  caviar,
• 41:10
  A
• 41:10
  chicken
• 41:11
  nugget
• 41:11
  caviar,
• 41:13
  dollar
• 41:13
  version?
• 41:14
  That
• 41:14
  is
• 41:15
  another
• 41:15
  question.
• 41:17
  That
• 41:17
  sounds
• 41:17
  very
• 41:18
  dangerous.
• 41:19
  No.
• 41:19
  According
• 41:19
  to
• 41:19
  Joe,
• 41:20
  too
• 41:20
  many
• 41:20
  sturgeons
• 41:21
  would
• 41:21
  be
• 41:21
  harmed
• 41:21
  in
• 41:21
  the
• 41:21
  production
• 41:22
  of
• 41:22
  that
• 41:23
  item.
• 41:23
  Maybe
• 41:24
  they
• 41:24
  find
• 41:24
  some
• 41:24
  other
• 41:25
  fish,
• 41:25
  salmon
• 41:26
  roe,
• 41:26
  I
• 41:26
  guess.
• 41:26
  I
• 41:26
  don't
• 41:27
  know.
• 41:27
  All
• 41:27
  right,
• 41:27
  Ella.
• 41:28
  Today's
• 41:28
  podcast
• 41:29
  was
• 41:29
  produced,
• 41:29
  of
• 41:29
  course,
• 41:29
  with
• 41:30
  the
• 41:30
  help
• 41:30
  and
• 41:30
  support
• 41:31
  of
• 41:31
  Ella
• 41:31
  siriord.
• 41:32
  Ella
• 41:33
  producer.
• 41:33
  Ella,
• 41:34
  come
• 41:34
  on
• 41:34
  in
• 41:34
  here.
• 41:35
  Tell
• 41:35
  us.
• 41:35
  Well,
• 41:35
  one.
• 41:36
  One.
• 41:36
  Would
• 41:36
  you
• 41:37
  eat
• 41:37
  caviar
• 41:37
  that
• 41:37
  was
• 41:38
  served
• 41:38
  at
• 41:38
  McDonald's?
• 41:38
  And
• 41:39
  then
• 41:39
  to
• 41:39
  what
• 41:39
  headline
• 41:40
  won
• 41:40
  the
• 41:40
  week
• 41:40
  for
• 41:40
  you?
• 41:41
  I
• 41:41
  have
• 41:41
  to
• 41:42
  say,
• 41:42
  I've
• 41:42
  actually
• 41:43
  never
• 41:43
  had
• 41:43
  caviar,
• 41:44
  you
• 41:44
  guys.
• 41:45
  Okay,
• 41:45
  okay.
• 41:46
  It's
• 41:46
  my
• 41:47
  first
• 41:47
  time
• 41:47
  having
• 41:47
  caviar
• 41:48
  I
• 41:48
  would
• 41:48
  like
• 41:48
  on
• 41:48
  a
• 41:49
  chicken
• 41:49
  nugget.
• 41:50
  So
• 41:50
  yeah,
• 41:50
  probably
• 41:51
  not.
• 41:51
  My
• 41:52
  favorite
• 41:52
  headline
• 41:52
  this
• 41:53
  week
• 41:53
  though
• 41:53
  is
• 41:53
  by
• 41:54
  far
• 41:54
  Spotify
• 41:55
  partnering
• 41:55
  with
• 41:55
  bookshop.org
• 41:57
  Yes,
• 41:58
  I
• 41:58
  think
• 41:58
  there
• 41:58
  is
• 41:59
  this
• 41:59
  massive
• 42:00
  crave
• 42:00
  in
• 42:00
  this
• 42:01
  digital
• 42:01
  world
• 42:02
  just
• 42:02
  to
• 42:02
  unplug.
• 42:03
  And
• 42:04
  to
• 42:04
  me,
• 42:04
  Spotify
• 42:05
  already
• 42:05
  feels
• 42:05
  like
• 42:05
  this
• 42:06
  place
• 42:06
  where
• 42:06
  people
• 42:06
  go
• 42:06
  to
• 42:07
  immerse
• 42:07
  themselves
• 42:07
  in
• 42:08
  music,
• 42:09
  creativity,
• 42:10
  podcasts,
• 42:10
  audiobooks,
• 42:11
  all
• 42:11
  the
• 42:11
  things
• 42:12
  and
• 42:12
  where
• 42:12
  you
• 42:12
  just
• 42:13
  want
• 42:13
  to
• 42:13
  relax.
• 42:13
  So
• 42:13
  to
• 42:14
  me,
• 42:14
  partnering
• 42:15
  with
• 42:15
  books,
• 42:16
  of
• 42:16
  course,
• 42:16
  like,
• 42:17
  it
• 42:17
  just
• 42:17
  feels
• 42:17
  like
• 42:17
  a
• 42:17
  natural
• 42:18
  lead
• 42:18
  in.
• 42:19
  And
• 42:19
  I
• 42:20
  completely
• 42:20
  agree
• 42:21
  with
• 42:21
  you
• 42:21
  guys
• 42:21
  that
• 42:21
  I'm
• 42:22
  buying
• 42:22
  it.
• 42:22
  Why
• 42:22
  not?
• 42:23
  So
• 42:23
  are
• 42:23
  you
• 42:23
  one
• 42:23
  of
• 42:23
  these
• 42:24
  multi
• 42:24
  book
• 42:24
  readers
• 42:25
  too?
• 42:25
  Like,
• 42:25
  do
• 42:25
  you
• 42:26
  have
• 42:26
  a
• 42:26
  hard
• 42:26
  copy,
• 42:27
  a
• 42:27
  digital
• 42:27
  copy,
• 42:28
  and
• 42:28
  an
• 42:29
  audio
• 42:29
  copy?
• 42:29
  Like,
• 42:30
  are
• 42:30
  you,
• 42:30
  are
• 42:30
  you,
• 42:31
  are
• 42:31
  you
• 42:31
  exhibiting
• 42:32
  that
• 42:32
  behavior,
• 42:32
  Ella?
• 42:33
  No,
• 42:33
  not
• 42:34
  at
• 42:34
  all.
• 42:34
  But
• 42:34
  I
• 42:34
  also
• 42:34
  didn't
• 42:35
  know
• 42:35
  you
• 42:35
  could
• 42:35
  page
• 42:36
  mark.
• 42:36
  I
• 42:36
  had
• 42:36
  no
• 42:36
  idea.
• 42:37
  This
• 42:37
  is
• 42:37
  my
• 42:37
  first
• 42:37
  time
• 42:37
  hearing
• 42:38
  of
• 42:38
  this,
• 42:38
  so
• 42:39
  maybe
• 42:39
  from
• 42:40
  now
• 42:40
  on
• 42:40
  I
• 42:40
  will
• 42:40
  be.
• 42:41
  We'll
• 42:41
  see.
• 42:43
  It
• 42:43
  only
• 42:43
  just
• 42:43
  occurred
• 42:44
  to
• 42:44
  me
• 42:44
  that
• 42:44
  I
• 42:44
  do
• 42:44
  also
• 42:45
  sometimes
• 42:45
  like
• 42:45
  a
• 42:46
  soundtrack
• 42:46
  to
• 42:47
  a
• 42:47
  book.
• 42:47
  Like
• 42:47
  if
• 42:47
  I'm
• 42:47
  reading
• 42:48
  a
• 42:48
  physical
• 42:48
  book,
• 42:48
  there
• 42:48
  are
• 42:49
  particular
• 42:49
  kinds
• 42:49
  of
• 42:49
  music
• 42:50
  that
• 42:50
  sometimes
• 42:50
  go
• 42:51
  really
• 42:51
  well
• 42:51
  with
• 42:51
  a
• 42:51
  book.
• 42:51
  And
• 42:52
  so
• 42:52
  maybe
• 42:52
  this
• 42:52
  is
• 42:52
  another
• 42:52
  Spotify
• 42:53
  opportunity
• 42:54
  as
• 42:54
  they
• 42:54
  start
• 42:54
  curating
• 42:55
  like
• 42:55
  the
• 42:55
  Spotify
• 42:56
  playlist
• 42:56
  for
• 42:57
  Dune,
• 42:58
  let's
• 42:58
  say
• 42:58
  like,
• 42:58
  or,
• 42:59
  or
• 42:59
  whatever
• 42:59
  other
• 42:59
  book.
• 43:00
  And
• 43:00
  then,
• 43:00
  and
• 43:00
  then
• 43:01
  you
• 43:01
  can,
• 43:01
  they
• 43:01
  can
• 43:01
  sell
• 43:01
  you
• 43:02
  the
• 43:02
  book
• 43:02
  and,
• 43:02
  and
• 43:03
  give
• 43:03
  you
• 43:03
  the
• 43:03
  playlist
• 43:03
  at
• 43:04
  the
• 43:04
  same
• 43:04
  time.
• 43:04
  So
• 43:04
  cinema
• 43:05
  synergies,
• 43:06
  Synergies,
• 43:06
  Synergies.
• 43:07
  It's
• 43:08
  all
• 43:08
  over,
• 43:08
  Joe.
• 43:09
  I
• 43:09
  love
• 43:09
  it.
• 43:09
  I
• 43:09
  think
• 43:10
  I,
• 43:10
  I
• 43:10
  think
• 43:10
  I
• 43:10
  must
• 43:10
  have
• 43:10
  ADHD
• 43:11
  or
• 43:11
  something
• 43:11
  because
• 43:12
  I
• 43:12
  can't
• 43:12
  even
• 43:12
  imagine.
• 43:13
  I
• 43:13
  can't
• 43:13
  one
• 43:14
  listen
• 43:14
  to
• 43:14
  an
• 43:14
  audiobook.
• 43:15
  I've
• 43:15
  talked
• 43:15
  about
• 43:15
  this
• 43:15
  with
• 43:16
  Anne
• 43:16
  before.
• 43:16
  Like,
• 43:16
  I
• 43:16
  cannot
• 43:17
  listen
• 43:17
  to
• 43:17
  an
• 43:17
  audiobook.
• 43:18
  Like,
• 43:18
  I
• 43:18
  just
• 43:18
  can't
• 43:18
  focus
• 43:18
  on
• 43:18
  it.
• 43:18
  And
• 43:19
  I
• 43:19
  can't
• 43:19
  even
• 43:19
  listen
• 43:19
  to
• 43:19
  music
• 43:20
  while
• 43:20
  I
• 43:20
  read.
• 43:20
  Like,
• 43:21
  that's
• 43:21
  just
• 43:21
  the
• 43:21
  way
• 43:21
  I.
• 43:22
  The
• 43:22
  way
• 43:22
  I
• 43:22
  roll.
• 43:23
  So.
• 43:23
  Wow.
• 43:23
  Okay,
• 43:24
  I
• 43:24
  guess,
• 43:24
  yeah,
• 43:25
  I
• 43:25
  guess
• 43:25
  I'm
• 43:26
  a
• 43:26
  little
• 43:26
  different.
• 43:26
  Oh,
• 43:26
  and
• 43:26
  happy
• 43:27
  birthday
• 43:27
  today
• 43:28
  to
• 43:28
  Jennifer
• 43:28
  Aniston,
• 43:29
  Damian
• 43:29
  Lewis
• 43:30
  and
• 43:30
  everyone,
• 43:31
  favorite
• 43:31
  adolescent
• 43:32
  werewolf,
• 43:33
  Taylor
• 43:33
  Lautner.
• 43:34
  And
• 43:34
  remember,
• 43:34
  if
• 43:35
  you
• 43:35
  can
• 43:35
  only
• 43:35
  read
• 43:35
  or
• 43:35
  listen
• 43:36
  to
• 43:36
  one
• 43:36
  retail
• 43:36
  blog
• 43:36
  in
• 43:37
  the
• 43:37
  business,
• 43:37
  make
• 43:37
  it
• 43:37
  Omnitok,
• 43:38
  the
• 43:38
  only
• 43:38
  retail
• 43:38
  media
• 43:39
  outlet
• 43:39
  run
• 43:39
  by
• 43:39
  two
• 43:40
  former
• 43:40
  executives
• 43:41
  from
• 43:41
  a
• 43:41
  current
• 43:41
  top
• 43:42
  10
• 43:42
  US
• 43:42
  retailer.
• 43:43
  Our
• 43:43
  Fast
• 43:43
  Five
• 43:43
  podcast
• 43:44
  is
• 43:44
  the
• 43:44
  quickest,
• 43:44
  fastest
• 43:45
  rundown
• 43:45
  of
• 43:45
  all
• 43:45
  the
• 43:45
  week's
• 43:46
  top
• 43:46
  news.
• 43:46
  And
• 43:47
  our
• 43:47
  daily
• 43:47
  newsletter,
• 43:47
  the
• 43:48
  Retail
• 43:48
  Daily
• 43:48
  Minute,
• 43:48
  tells
• 43:49
  you
• 43:49
  all
• 43:49
  you
• 43:49
  need
• 43:49
  to
• 43:49
  know
• 43:49
  each
• 43:49
  day
• 43:50
  to
• 43:50
  stay
• 43:50
  on
• 43:50
  top
• 43:50
  of
• 43:50
  your
• 43:50
  game
• 43:51
  as
• 43:51
  a
• 43:51
  retail
• 43:51
  executive.
• 43:52
  And
• 43:52
  also
• 43:52
  regularly
• 43:53
  features
• 43:54
  special
• 43:54
  content
• 43:54
  that
• 43:54
  is
• 43:54
  exclusive
• 43:55
  to
• 43:55
  us
• 43:55
  and
• 43:55
  that
• 43:55
  Ann
• 43:56
  and
• 43:56
  I
• 43:56
  take
• 43:56
  a
• 43:56
  a
• 43:56
  lot
• 43:56
  of
• 43:56
  pride
• 43:56
  in
• 43:57
  doing
• 43:57
  just
• 43:57
  for
• 43:57
  you.
• 43:58
  Thanks
• 43:58
  as
• 43:58
  always
• 43:58
  for
• 43:58
  listening
• 43:59
  in.
• 43:59
  Please
• 43:59
  remember
• 43:59
  to
• 43:59
  like
• 44:00
  and
• 44:00
  leave
• 44:00
  us
• 44:00
  a
• 44:00
  review
• 44:00
  wherever
• 44:01
  you
• 44:01
  happen
• 44:01
  to
• 44:02
  listen
• 44:02
  to
• 44:02
  your
• 44:02
  podcast
• 44:03
  or
• 44:03
  on
• 44:03
  YouTube.
• 44:04
  Joe,
• 44:04
  shop
• 44:04
  talk's
• 44:05
  a
• 44:05
  little
• 44:05
  over
• 44:05
  a
• 44:05
  month
• 44:05
  away
• 44:06
  if
• 44:06
  people
• 44:06
  are
• 44:07
  interested
• 44:07
  listening
• 44:07
  to
• 44:08
  this.
• 44:08
  Still
• 44:08
  want
• 44:09
  to
• 44:09
  register?
• 44:09
  What's
• 44:09
  the
• 44:09
  best
• 44:10
  way
• 44:10
  for
• 44:10
  them
• 44:10
  to
• 44:10
  do
• 44:10
  that?
• 44:11
  Absolutely.
• 44:12
  Shoptalk.com
• 44:13
  Our
• 44:14
  website
• 44:14
  is
• 44:14
  probably
• 44:14
  the
• 44:15
  best
• 44:15
  place
• 44:15
  to
• 44:15
  go.
• 44:15
  Or
• 44:15
  spring.shoptalk.com
• 44:17
  if
• 44:17
  you
• 44:17
  want
• 44:17
  to
• 44:17
  go
• 44:18
  straight
• 44:18
  to
• 44:18
  all
• 44:18
  of
• 44:19
  the
• 44:19
  good
• 44:19
  details
• 44:19
  about
• 44:20
  the
• 44:20
  spring
• 44:20
  show.
• 44:21
  Awesome,
• 44:22
  awesome,
• 44:22
  awesome.
• 44:22
  Well,
• 44:22
  that
• 44:22
  concludes
• 44:23
  today's
• 44:23
  show.
• 44:24
  You
• 44:24
  can
• 44:24
  follow
• 44:24
  us
• 44:25
  wherever
• 44:25
  you
• 44:25
  get
• 44:25
  your
• 44:26
  podcasts
• 44:26
  and
• 44:26
  you
• 44:26
  can
• 44:26
  also
• 44:27
  check
• 44:27
  out
• 44:27
  our
• 44:28
  content
• 44:28
  on
• 44:28
  YouTube.com
• 44:30
  omnitalkretail
• 44:31
  so
• 44:31
  until
• 44:31
  next
• 44:31
  week,
• 44:32
  on
• 44:32
  behalf
• 44:33
  of
• 44:33
  all
• 44:33
  of
• 44:33
  us
• 44:33
  here
• 44:33
  at
• 44:34
  omnitalk,
• 44:34
  on
• 44:34
  behalf
• 44:34
  of
• 44:35
  Anne,
• 44:35
  myself,
• 44:36
  producer
• 44:36
  Ella,
• 44:37
  as
• 44:37
  always,
• 44:37
  be
• 44:38
  careful
• 44:38
  out
• 44:38
  there.