Latest / Omni Talk Retail / Costco's 2025 Strategy Revealed: Back to Basics & Global Expansion | 5IM

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Costco's 2025 Strategy Revealed: Back to Basics & Global Expansion | 5IM · Omni Talk Retail

• 0:00
  Foreigning
• 0:09
  us
• 0:09
  now
• 0:09
  for
• 0:09
  five
• 0:09
  insightful
• 0:10
  minutes
• 0:10
  is
• 0:10
  Todd
• 0:11
  Barentine,
• 0:11
  president
• 0:12
  of
• 0:12
  the
• 0:12
  club
• 0:13
  division
• 0:13
  for
• 0:13
  the
• 0:13
  Barcode
• 0:14
  Group.
• 0:14
  And
• 0:14
  Todd
• 0:15
  is
• 0:15
  here
• 0:15
  to
• 0:15
  give
• 0:15
  us
• 0:15
  special
• 0:16
  insight
• 0:17
  on
• 0:17
  Costco.
• 0:18
  Todd,
• 0:18
  Costco's
• 0:19
  been
• 0:19
  knocking
• 0:19
  it
• 0:20
  out
• 0:20
  of
• 0:20
  the
• 0:20
  park,
• 0:20
  seems
• 0:20
  like
• 0:21
  decades
• 0:21
  now,
• 0:21
  but
• 0:22
  particularly
• 0:22
  in
• 0:22
  2024.
• 0:23
  What
• 0:24
  do
• 0:24
  you
• 0:24
  anticipate
• 0:24
  their
• 0:25
  key
• 0:25
  initiatives
• 0:25
  will
• 0:26
  be
• 0:26
  for
• 0:26
  2025?
• 0:28
  Chris,
• 0:28
  that's
• 0:28
  a
• 0:29
  great
• 0:29
  question.
• 0:29
  And
• 0:30
  Costco
• 0:30
  is
• 0:31
  really
• 0:31
  their
• 0:31
  own
• 0:32
  worst
• 0:32
  enemy
• 0:32
  because
• 0:32
  they've
• 0:33
  just
• 0:33
  continued
• 0:33
  to
• 0:33
  have
• 0:34
  success
• 0:34
  year
• 0:34
  over
• 0:34
  year.
• 0:36
  2025,
• 0:37
  though,
• 0:37
  interestingly,
• 0:38
  is
• 0:38
  going
• 0:38
  to
• 0:38
  be
• 0:38
  almost
• 0:39
  a
• 0:39
  recommitment
• 0:39
  back
• 0:40
  to
• 0:40
  the
• 0:40
  basics.
• 0:40
  And
• 0:40
  I
• 0:41
  know
• 0:41
  that
• 0:41
  seems
• 0:41
  a
• 0:41
  little
• 0:41
  bit
• 0:41
  odd,
• 0:42
  but
• 0:42
  what
• 0:42
  they're
• 0:43
  going
• 0:43
  to
• 0:43
  look
• 0:43
  to
• 0:43
  do
• 0:43
  in
• 0:44
  2025
• 0:44
  is
• 0:45
  kind
• 0:45
  of
• 0:45
  get
• 0:46
  back
• 0:46
  to
• 0:46
  the
• 0:46
  core
• 0:47
  of
• 0:47
  what
• 0:47
  makes
• 0:47
  them
• 0:48
  successful.
• 0:49
  And
• 0:49
  some
• 0:49
  of
• 0:49
  those
• 0:49
  real
• 0:50
  kind
• 0:50
  of
• 0:50
  initiatives
• 0:50
  and
• 0:50
  tactics
• 0:51
  are
• 0:51
  simple
• 0:51
  things
• 0:52
  like,
• 0:52
  hey,
• 0:52
  SKU
• 0:53
  management
• 0:53
  and
• 0:54
  making
• 0:54
  sure
• 0:54
  that
• 0:54
  items
• 0:55
  are
• 0:55
  coming
• 0:55
  in
• 0:55
  on
• 0:56
  time
• 0:56
  and
• 0:56
  then
• 0:57
  flowing
• 0:57
  out
• 0:57
  on
• 0:57
  time.
• 0:58
  And
• 0:58
  when
• 0:58
  you
• 0:58
  think
• 0:59
  about
• 0:59
  a
• 0:59
  limited
• 0:59
  SKU
• 1:00
  environment,
• 1:00
  you
• 1:01
  know,
• 1:01
  in
• 1:02
  and
• 1:02
  out
• 1:03
  on
• 1:03
  time
• 1:03
  really
• 1:04
  matters
• 1:04
  for
• 1:04
  them.
• 1:05
  You
• 1:05
  know,
• 1:05
  there's
• 1:05
  been
• 1:06
  a
• 1:06
  lot
• 1:06
  of
• 1:06
  challenges
• 1:06
  over
• 1:07
  the
• 1:07
  last
• 1:07
  several
• 1:07
  years,
• 1:07
  right?
• 1:08
  Everyone
• 1:08
  knows
• 1:08
  what,
• 1:09
  what
• 1:09
  the
• 1:09
  world
• 1:09
  looked
• 1:09
  like
• 1:09
  in
• 1:10
  2020,
• 1:10
  and
• 1:11
  now
• 1:11
  here
• 1:11
  we
• 1:11
  are
• 1:12
  in
• 1:12
  2024.
• 1:13
  Market
• 1:13
  conditions,
• 1:14
  global
• 1:14
  supply
• 1:15
  chain
• 1:15
  challenges
• 1:16
  that
• 1:16
  really
• 1:17
  challenged
• 1:17
  Costco.
• 1:18
  So
• 1:18
  what
• 1:18
  they're
• 1:18
  looking
• 1:18
  to
• 1:18
  kind
• 1:19
  of
• 1:19
  do
• 1:19
  is
• 1:19
  get
• 1:19
  back
• 1:20
  into
• 1:20
  some
• 1:21
  more
• 1:21
  normalized
• 1:22
  behaviors
• 1:22
  with
• 1:22
  SKU
• 1:22
  management.
• 1:23
  They're
• 1:24
  also
• 1:24
  looking
• 1:24
  to
• 1:24
  get
• 1:25
  back
• 1:25
  to
• 1:25
  the
• 1:25
  roots
• 1:25
  in
• 1:25
  terms
• 1:26
  of,
• 1:26
  hey,
• 1:26
  treasure
• 1:27
  hunt,
• 1:27
  right?
• 1:27
  Which
• 1:27
  really
• 1:28
  is
• 1:28
  one
• 1:28
  of
• 1:28
  the
• 1:28
  advantages
• 1:29
  of
• 1:29
  Costco.
• 1:30
  Bringing
• 1:30
  items
• 1:30
  in
• 1:30
  that
• 1:31
  are
• 1:31
  really
• 1:31
  new
• 1:32
  and
• 1:32
  unique,
• 1:33
  exciting,
• 1:34
  that
• 1:34
  drive
• 1:34
  member
• 1:35
  value
• 1:35
  both
• 1:35
  from
• 1:36
  a
• 1:36
  price
• 1:37
  value
• 1:37
  sensitivity
• 1:38
  standpoint,
• 1:39
  but
• 1:39
  also
• 1:39
  just
• 1:39
  from
• 1:39
  a
• 1:40
  creativity
• 1:40
  and
• 1:40
  uniqueness
• 1:41
  standpoint.
• 1:42
  Those
• 1:43
  are
• 1:43
  some
• 1:43
  of
• 1:43
  the
• 1:43
  real
• 1:43
  big
• 1:43
  things
• 1:44
  that
• 1:44
  you'll
• 1:44
  look
• 1:44
  for
• 1:44
  here
• 1:45
  in
• 1:45
  2025.
• 1:46
  And
• 1:46
  they're
• 1:46
  really
• 1:47
  focused
• 1:47
  on,
• 1:48
  well,
• 1:48
  Todd.
• 1:49
  What'S
• 1:49
  really
• 1:50
  key
• 1:50
  for
• 1:50
  brands
• 1:51
  and
• 1:52
  suppliers
• 1:52
  trying
• 1:53
  to
• 1:53
  get
• 1:53
  products
• 1:53
  into
• 1:54
  Costco
• 1:54
  in
• 1:54
  20.
• 1:55
  Yeah,
• 1:56
  good
• 1:56
  question.
• 1:56
  Again,
• 1:57
  you
• 1:58
  know,
• 1:58
  if
• 1:59
  I
• 1:59
  were
• 1:59
  talking
• 1:59
  to
• 1:59
  a
• 1:59
  brand,
• 2:00
  one
• 2:00
  of
• 2:00
  the
• 2:00
  things
• 2:00
  that,
• 2:00
  that
• 2:01
  we
• 2:01
  definitely
• 2:01
  tell
• 2:01
  them
• 2:01
  is,
• 2:01
  hey,
• 2:02
  value.
• 2:02
  And
• 2:02
  again,
• 2:03
  value
• 2:03
  can
• 2:03
  be
• 2:03
  measured
• 2:04
  a
• 2:04
  couple
• 2:04
  different
• 2:04
  ways,
• 2:04
  right?
• 2:05
  Anybody
• 2:05
  can
• 2:05
  race
• 2:06
  the
• 2:06
  bottom
• 2:06
  on
• 2:06
  price.
• 2:06
  It's
• 2:07
  not
• 2:07
  just
• 2:07
  about
• 2:07
  price,
• 2:08
  but
• 2:08
  it's
• 2:09
  also
• 2:09
  really
• 2:09
  about,
• 2:09
  hey,
• 2:10
  the
• 2:10
  uniqueness
• 2:10
  of
• 2:11
  the
• 2:11
  item.
• 2:11
  Build
• 2:12
  the
• 2:12
  quality.
• 2:13
  Costco
• 2:13
  wants
• 2:14
  to
• 2:14
  sell
• 2:14
  the
• 2:14
  best
• 2:15
  possible
• 2:15
  quality
• 2:15
  goods.
• 2:16
  So
• 2:16
  they
• 2:17
  don't
• 2:17
  want
• 2:17
  you
• 2:17
  to
• 2:17
  just
• 2:18
  kind
• 2:18
  of
• 2:18
  take
• 2:18
  quality
• 2:19
  down
• 2:19
  to
• 2:19
  get
• 2:19
  to
• 2:20
  a
• 2:20
  value
• 2:20
  on
• 2:20
  price.
• 2:21
  You
• 2:21
  want
• 2:21
  you
• 2:22
  to
• 2:22
  build
• 2:22
  the
• 2:22
  quality
• 2:22
  up
• 2:23
  and
• 2:23
  then
• 2:23
  lean
• 2:24
  in
• 2:24
  with
• 2:24
  an
• 2:24
  investment
• 2:25
  on
• 2:25
  that
• 2:25
  costing
• 2:26
  to
• 2:26
  give
• 2:26
  Costco
• 2:27
  an
• 2:27
  Advantage.
• 2:28
  You
• 2:28
  know,
• 2:28
  most
• 2:29
  people
• 2:29
  probably
• 2:29
  know,
• 2:30
  hey,
• 2:30
  Costco
• 2:30
  works
• 2:31
  on
• 2:31
  smaller
• 2:32
  margins
• 2:32
  than
• 2:32
  a
• 2:33
  lot
• 2:33
  of
• 2:33
  other
• 2:33
  retailers,
• 2:34
  but
• 2:35
  you
• 2:35
  know,
• 2:35
  that's
• 2:35
  a
• 2:36
  big
• 2:36
  thing
• 2:36
  for
• 2:36
  them.
• 2:36
  So
• 2:37
  helping
• 2:37
  to
• 2:37
  kind
• 2:37
  of
• 2:37
  lean
• 2:38
  in
• 2:38
  and
• 2:38
  understand
• 2:39
  that
• 2:39
  you're
• 2:39
  going
• 2:39
  to
• 2:39
  get
• 2:39
  that
• 2:40
  volume
• 2:40
  on
• 2:40
  the
• 2:40
  backside,
• 2:42
  that's
• 2:42
  really
• 2:42
  the
• 2:43
  way
• 2:43
  that
• 2:43
  that
• 2:43
  mechanic
• 2:44
  works
• 2:44
  for
• 2:45
  most
• 2:45
  suppliers.
• 2:46
  But,
• 2:47
  you
• 2:47
  know,
• 2:47
  it's
• 2:47
  really
• 2:48
  all
• 2:48
  about
• 2:48
  value.
• 2:49
  Costco
• 2:50
  buys
• 2:50
  open
• 2:51
  so
• 2:51
  there
• 2:51
  aren't
• 2:52
  time
• 2:52
  to
• 2:52
  resets,
• 2:53
  which
• 2:53
  is
• 2:53
  different
• 2:54
  from
• 2:54
  some
• 2:54
  other
• 2:55
  retailers.
• 2:56
  So
• 2:56
  thinking
• 2:56
  about,
• 2:57
  hey,
• 2:57
  how
• 2:57
  can
• 2:57
  you
• 2:57
  launch
• 2:58
  something
• 2:58
  and
• 2:58
  being
• 2:59
  first
• 2:59
  to
• 2:59
  market
• 2:59
  with
• 2:59
  Costco,
• 3:00
  bringing
• 3:01
  them
• 3:01
  a
• 3:01
  unique
• 3:01
  opportunity
• 3:02
  that
• 3:02
  you
• 3:02
  can
• 3:03
  partner
• 3:03
  with
• 3:03
  them
• 3:03
  and
• 3:03
  get
• 3:03
  them
• 3:04
  to
• 3:04
  work
• 3:04
  back
• 3:05
  and
• 3:05
  forth,
• 3:05
  lean
• 3:05
  in
• 3:05
  with.
• 3:06
  That's
• 3:06
  the
• 3:07
  way
• 3:07
  that
• 3:07
  you
• 3:07
  should
• 3:07
  approach
• 3:07
  this
• 3:08
  retailer.
• 3:09
  You
• 3:09
  know,
• 3:09
  they're
• 3:09
  very
• 3:10
  different.
• 3:10
  They're
• 3:10
  an
• 3:11
  open
• 3:11
  book
• 3:11
  test.
• 3:12
  You
• 3:12
  know,
• 3:12
  there's
• 3:12
  not
• 3:13
  a
• 3:13
  lot
• 3:13
  of
• 3:13
  hidden,
• 3:13
  you
• 3:14
  know,
• 3:14
  fees
• 3:14
  and,
• 3:14
  you
• 3:15
  know,
• 3:15
  slotting.
• 3:15
  You
• 3:15
  don't
• 3:15
  deal
• 3:16
  with
• 3:16
  that.
• 3:16
  It's
• 3:17
  really
• 3:17
  straightforward.
• 3:17
  Bring
• 3:18
  your
• 3:18
  best
• 3:18
  possible
• 3:19
  quality,
• 3:19
  your
• 3:19
  best
• 3:19
  item
• 3:20
  at
• 3:21
  your
• 3:21
  best
• 3:21
  possible
• 3:21
  value.
• 3:22
  And
• 3:22
  let's
• 3:22
  see
• 3:22
  what
• 3:23
  happens.
• 3:24
  Todd,
• 3:24
  that
• 3:25
  open,
• 3:25
  that
• 3:25
  open
• 3:25
  insights,
• 3:26
  really,
• 3:26
  that's
• 3:26
  really
• 3:27
  interesting.
• 3:27
  You
• 3:27
  know,
• 3:27
  and
• 3:28
  I
• 3:28
  want
• 3:28
  to
• 3:28
  get
• 3:28
  back
• 3:28
  to
• 3:29
  something
• 3:29
  you
• 3:29
  said
• 3:29
  earlier.
• 3:29
  The
• 3:30
  treasure
• 3:30
  hunt.
• 3:30
  You
• 3:30
  know,
• 3:31
  one
• 3:31
  of
• 3:31
  the
• 3:31
  best,
• 3:31
  you
• 3:32
  know,
• 3:32
  absolute
• 3:32
  best
• 3:33
  part
• 3:33
  of
• 3:33
  Costco
• 3:34
  is
• 3:34
  the
• 3:34
  treasure
• 3:34
  hunt
• 3:35
  for
• 3:35
  its
• 3:35
  members.
• 3:36
  What,
• 3:37
  what
• 3:37
  insider
• 3:38
  intel
• 3:39
  can
• 3:39
  you
• 3:39
  provide
• 3:39
  into
• 3:39
  how
• 3:40
  they
• 3:40
  continue
• 3:40
  to
• 3:40
  use
• 3:41
  that
• 3:41
  as
• 3:41
  a
• 3:41
  competitive
• 3:41
  advantage?
• 3:42
  Yeah,
• 3:43
  so
• 3:44
  Costco
• 3:44
  is
• 3:44
  unique
• 3:45
  in
• 3:45
  the
• 3:45
  fact
• 3:45
  that
• 3:46
  they
• 3:46
  are
• 3:46
  not
• 3:46
  centrally
• 3:47
  purchased.
• 3:47
  They
• 3:48
  have
• 3:48
  eight
• 3:48
  US
• 3:49
  Region
• 3:49
  buying
• 3:49
  teams
• 3:50
  that
• 3:50
  all
• 3:50
  are
• 3:50
  focused
• 3:51
  against
• 3:51
  a
• 3:51
  very
• 3:52
  specific
• 3:53
  geography.
• 3:54
  And
• 3:54
  so
• 3:54
  because
• 3:54
  of
• 3:55
  that,
• 3:55
  they
• 3:55
  can
• 3:56
  tailor
• 3:56
  items
• 3:57
  in
• 3:57
  their
• 3:57
  item
• 3:57
  assortment
• 3:58
  based
• 3:58
  on
• 3:59
  what
• 3:59
  works
• 3:59
  for
• 3:59
  their
• 4:00
  member
• 4:00
  within
• 4:00
  a
• 4:00
  market.
• 4:01
  And
• 4:01
  because
• 4:02
  then
• 4:02
  they
• 4:02
  have
• 4:03
  these
• 4:03
  micro
• 4:03
  markets
• 4:04
  they
• 4:04
  can
• 4:04
  look
• 4:04
  at,
• 4:04
  we'll
• 4:05
  use
• 4:05
  the
• 4:05
  San
• 4:05
  Diego
• 4:05
  region
• 4:06
  as
• 4:06
  an
• 4:06
  example.
• 4:07
  The
• 4:07
  San
• 4:07
  Diego
• 4:07
  region
• 4:08
  is
• 4:08
  essentially
• 4:08
  the
• 4:09
  southwest
• 4:09
  of
• 4:09
  the
• 4:10
  US
• 4:10
  So
• 4:11
  it's
• 4:11
  like
• 4:11
  San
• 4:11
  Diego
• 4:12
  proper.
• 4:12
  Then
• 4:13
  it's
• 4:13
  like
• 4:13
  Boulder
• 4:13
  and
• 4:14
  Colorado
• 4:14
  and
• 4:15
  then
• 4:15
  it's
• 4:15
  also
• 4:15
  like
• 4:16
  Phoenix,
• 4:16
  Tolleson,
• 4:17
  you
• 4:17
  know
• 4:17
  that
• 4:18
  area.
• 4:18
  They
• 4:19
  can
• 4:19
  find
• 4:19
  items
• 4:20
  that
• 4:20
  work
• 4:20
  for
• 4:21
  those
• 4:21
  various
• 4:21
  micro
• 4:22
  markets,
• 4:23
  test
• 4:23
  them
• 4:23
  there,
• 4:24
  build
• 4:24
  them,
• 4:24
  expand
• 4:25
  them,
• 4:25
  and
• 4:25
  then
• 4:25
  it
• 4:25
  kind
• 4:25
  of
• 4:25
  flows
• 4:26
  and
• 4:26
  builds
• 4:26
  from
• 4:27
  there.
• 4:28
  But
• 4:29
  it's
• 4:29
  just
• 4:29
  it.
• 4:30
  That
• 4:30
  is
• 4:30
  probably
• 4:30
  the
• 4:30
  competitive
• 4:31
  advantage
• 4:31
  that
• 4:31
  helps
• 4:32
  them
• 4:32
  treasure
• 4:32
  hunt
• 4:32
  and
• 4:33
  bring
• 4:33
  items
• 4:33
  in
• 4:34
  is
• 4:34
  their
• 4:34
  ability
• 4:34
  to
• 4:35
  be
• 4:35
  nimble.
• 4:35
  They
• 4:35
  don't
• 4:36
  have
• 4:36
  to
• 4:36
  launch
• 4:36
  everything
• 4:37
  at
• 4:37
  every
• 4:37
  single
• 4:38
  warehouse
• 4:38
  at
• 4:38
  once.
• 4:39
  They
• 4:39
  can
• 4:39
  kind
• 4:40
  of
• 4:40
  pioneer
• 4:40
  it,
• 4:41
  test,
• 4:41
  prove
• 4:42
  the
• 4:42
  concept,
• 4:42
  get
• 4:42
  it
• 4:43
  right,
• 4:43
  and
• 4:43
  then
• 4:43
  roll
• 4:43
  it
• 4:44
  out
• 4:44
  in
• 4:44
  a
• 4:44
  bigger
• 4:44
  fashion.
• 4:46
  Wow.
• 4:46
  Well,
• 4:47
  Todd,
• 4:47
  we
• 4:47
  know
• 4:47
  that
• 4:48
  Costco
• 4:48
  is
• 4:48
  planning
• 4:48
  on
• 4:49
  going
• 4:50
  even
• 4:50
  more
• 4:50
  international
• 4:51
  in
• 4:51
  the
• 4:52
  next
• 4:52
  year
• 4:52
  and
• 4:52
  beyond.
• 4:53
  What
• 4:53
  does
• 4:53
  that
• 4:54
  mean,
• 4:54
  for
• 4:54
  brands
• 4:55
  and
• 4:55
  for
• 4:56
  customers.
• 4:57
  Yeah,
• 4:57
  it's
• 4:58
  an
• 4:58
  interesting
• 4:58
  model.
• 4:59
  Most
• 4:59
  people
• 4:59
  think
• 4:59
  of
• 4:59
  Costco
• 5:00
  as
• 5:00
  being
• 5:00
  a
• 5:00
  US
• 5:01
  Retailer,
• 5:01
  but
• 5:01
  they
• 5:01
  are
• 5:02
  a
• 5:02
  global
• 5:02
  retailer.
• 5:03
  And
• 5:03
  year
• 5:04
  in
• 5:04
  and
• 5:04
  year
• 5:04
  out,
• 5:04
  at
• 5:04
  supplier
• 5:05
  day,
• 5:05
  and
• 5:05
  you
• 5:05
  hear
• 5:06
  it
• 5:06
  through
• 5:06
  different
• 5:06
  meetings,
• 5:07
  they'll
• 5:07
  tell
• 5:08
  the
• 5:08
  suppliers,
• 5:08
  hey,
• 5:08
  we're
• 5:09
  global.
• 5:09
  They
• 5:09
  want
• 5:10
  suppliers
• 5:10
  to
• 5:10
  start
• 5:11
  thinking
• 5:11
  about
• 5:11
  their
• 5:11
  global
• 5:12
  international
• 5:12
  country
• 5:13
  regions.
• 5:14
  You
• 5:14
  know,
• 5:14
  being
• 5:14
  a
• 5:15
  global,
• 5:15
  you
• 5:15
  know,
• 5:15
  retailer
• 5:16
  gives
• 5:16
  them
• 5:17
  access
• 5:17
  to
• 5:17
  international
• 5:18
  suppliers,
• 5:19
  also
• 5:19
  gives
• 5:19
  this
• 5:20
  domestic
• 5:20
  supplier
• 5:21
  an
• 5:21
  opportunity
• 5:21
  to
• 5:22
  build
• 5:22
  an
• 5:22
  international
• 5:23
  business.
• 5:24
  It
• 5:24
  works
• 5:25
  the
• 5:25
  same
• 5:25
  way.
• 5:26
  Their
• 5:26
  plans
• 5:26
  for
• 5:27
  international
• 5:27
  are
• 5:27
  pretty
• 5:27
  robust.
• 5:28
  I
• 5:28
  think
• 5:28
  They've
• 5:29
  got
• 5:29
  about
• 5:29
  180
• 5:30
  warehouses
• 5:30
  right
• 5:31
  now
• 5:31
  outside
• 5:31
  of,
• 5:32
  you
• 5:32
  know,
• 5:32
  North
• 5:32
  America.
• 5:33
  The
• 5:34
  scale
• 5:34
  there
• 5:34
  is
• 5:35
  to
• 5:35
  grow
• 5:35
  that
• 5:35
  pretty
• 5:36
  substantially
• 5:36
  by
• 5:36
  the
• 5:36
  end
• 5:37
  of
• 5:37
  2030.
• 5:38
  What's
• 5:39
  really
• 5:39
  cool
• 5:39
  about
• 5:40
  that,
• 5:40
  though,
• 5:40
  too,
• 5:40
  is
• 5:41
  again,
• 5:41
  the
• 5:41
  ability
• 5:41
  to
• 5:42
  create
• 5:42
  treasure
• 5:42
  hunt
• 5:43
  that
• 5:43
  you
• 5:43
  can
• 5:43
  test
• 5:43
  and
• 5:44
  pioneer
• 5:44
  an
• 5:44
  opportunity
• 5:45
  in
• 5:45
  a
• 5:45
  country
• 5:45
  like
• 5:46
  Australia.
• 5:46
  Right.
• 5:47
  Or
• 5:48
  pick,
• 5:48
  you
• 5:48
  know,
• 5:49
  Taiwan
• 5:49
  or,
• 5:50
  you
• 5:50
  know,
• 5:50
  you
• 5:51
  know,
• 5:51
  even
• 5:51
  the
• 5:51
  uk.
• 5:52
  And
• 5:52
  if
• 5:53
  you
• 5:53
  think
• 5:53
  about
• 5:53
  the
• 5:53
  Costco
• 5:54
  member
• 5:54
  being
• 5:54
  a
• 5:54
  pretty,
• 5:55
  you
• 5:55
  know,
• 5:56
  educated
• 5:57
  and
• 5:57
  affluent,
• 5:58
  you
• 5:58
  know,
• 5:58
  household
• 5:59
  by
• 6:00
  demographic,
• 6:01
  they're
• 6:01
  globe
• 6:01
  travelers.
• 6:02
  So
• 6:03
  having
• 6:03
  that
• 6:03
  kind
• 6:04
  of
• 6:04
  flow
• 6:04
  back
• 6:04
  and
• 6:05
  forth
• 6:05
  is
• 6:05
  another
• 6:05
  competitive
• 6:06
  advantage
• 6:06
  for
• 6:07
  them.
• 6:08
  Great
• 6:09
  stuff,
• 6:09
  Todd.
• 6:09
  Thank
• 6:09
  you.
• 6:10
  Thank
• 6:10
  you.