Latest / Omni Talk Retail / Starbucks Teams Up With DoorDash, Wonder Buys Grubhub & Amazon Halts Fertility Project | Fast Five

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Starbucks Teams Up With DoorDash, Wonder Buys Grubhub & Amazon Halts Fertility Project | Fast Five · Omni Talk Retail

• 0:05
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  OmniTalk
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• 1:49
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• 1:49
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• 1:49
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• 1:50
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• 1:50
  a
• 1:51
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• 1:51
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• 1:51
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• 1:52
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• 1:52
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• 1:52
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• 1:53
  5
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• 1:53
  one
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• 1:53
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• 1:58
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  which
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• 2:00
  a
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• 2:01
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• 2:01
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• 2:01
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• 2:01
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• 2:06
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• 2:09
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• 2:10
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• 2:10
  20,
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  2024.
• 2:12
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• 2:12
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• 2:12
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• 2:12
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• 2:12
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• 2:13
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• 2:14
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• 2:14
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• 2:14
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• 2:14
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• 2:15
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• 2:16
  here.
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  Once
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• 2:16
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• 2:17
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• 2:17
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• 2:17
  the
• 2:17
  top
• 2:17
  headlines
• 2:18
  from
• 2:18
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• 2:18
  past
• 2:19
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• 2:19
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• 2:19
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• 2:20
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• 2:20
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• 2:20
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• 2:21
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• 2:22
  And
• 2:22
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• 2:22
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• 2:23
  have
• 2:23
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• 2:23
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• 2:24
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• 2:24
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• 2:24
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• 2:25
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• 2:25
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• 2:25
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• 2:25
  a
• 2:25
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• 2:26
  we're
• 2:26
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• 2:26
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• 2:26
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• 2:27
  real
• 2:27
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• 2:27
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• 2:27
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• 2:27
  of
• 2:28
  these
• 2:28
  headlines
• 2:28
  today.
• 2:29
  So
• 2:30
  I.
• 2:30
  I
• 2:30
  think
• 2:31
  we
• 2:31
  need
• 2:31
  to
• 2:31
  get
• 2:31
  right
• 2:32
  to
• 2:32
  it.
• 2:32
  We
• 2:32
  can.
• 2:33
  No,
• 2:33
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• 2:33
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• 2:34
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• 2:34
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• 2:34
  We
• 2:34
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• 2:35
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• 2:35
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• 2:35
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• 2:35
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• 2:35
  headlines
• 2:36
  today.
• 2:36
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• 2:36
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• 2:36
  you
• 2:36
  say?
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• 2:36
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• 2:37
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• 2:37
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• 2:37
  We
• 2:37
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• 2:37
  a
• 2:38
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• 2:38
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• 2:38
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• 2:38
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• 2:38
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• 2:39
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• 2:39
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• 2:39
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• 2:39
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• 2:40
  all
• 2:40
  the
• 2:40
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• 2:40
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• 2:40
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• 2:40
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• 2:41
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• 2:41
  today
• 2:41
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• 2:41
  So.
• 2:41
  Yes,
• 2:42
  I
• 2:42
  agree.
• 2:42
  Let's
• 2:42
  get
• 2:42
  to
• 2:43
  the
• 2:43
  headlines.
• 2:43
  Today's
• 2:44
  headlines
• 2:44
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• 2:44
  brought
• 2:45
  to
• 2:45
  you
• 2:45
  by
• 2:45
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• 2:46
  E
• 2:46
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• 2:46
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• 2:47
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• 2:47
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• 2:47
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• 2:47
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• 2:48
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• 2:48
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• 2:48
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• 2:48
  retailers
• 2:49
  looking
• 2:50
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• 2:50
  Network
• 2:50
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• 2:50
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• 2:51
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• 2:52
  E
• 2:52
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• 2:53
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• 2:53
  will
• 2:53
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• 2:53
  keynotes
• 2:54
  from
• 2:55
  companies
• 2:55
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• 2:55
  Skims,
• 2:56
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• 2:57
  H
• 2:57
  and
• 2:57
  M
• 2:58
  Haxon
• 2:58
  and
• 2:59
  more.
• 2:59
  You
• 2:59
  can
• 3:00
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• 3:00
  OmniTalk
• 3:00
  Retail
• 3:01
  at
• 3:01
  Etel
• 3:01
  Palm
• 3:01
  Springs
• 3:02
  this
• 3:02
  year
• 3:02
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• 3:02
  get
• 3:02
  20%
• 3:03
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• 3:03
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• 3:03
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• 3:04
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• 3:04
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• 3:04
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• 3:05
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• 3:05
  code
• 3:05
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• 3:07
  That's
• 3:07
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• 3:07
  T
• 3:08
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• 3:10
  N
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  R
• 3:12
  All
• 3:12
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• 3:12
  world.
• 3:12
  And
• 3:12
  if
• 3:13
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• 3:13
  want
• 3:13
  to
• 3:13
  put
• 3:13
  it
• 3:13
  in
• 3:13
  caps
• 3:14
  too,
• 3:14
  Ann,
• 3:14
  all
• 3:15
  one
• 3:15
  word,
• 3:15
  put
• 3:15
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• 3:15
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• 3:15
  caps.
• 3:16
  We
• 3:16
  don't
• 3:16
  mind.
• 3:16
  We
• 3:17
  like
• 3:17
  that.
• 3:17
  It's
• 3:18
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• 3:18
  Good.
• 3:18
  In
• 3:18
  today's
• 3:19
  Fast5,
• 3:19
  we've
• 3:19
  got
• 3:20
  news
• 3:20
  on
• 3:20
  Amazon
• 3:21
  shutting
• 3:21
  down
• 3:21
  a
• 3:21
  secret
• 3:22
  project
• 3:22
  to
• 3:22
  develop
• 3:23
  a
• 3:23
  fertility
• 3:23
  tracker.
• 3:24
  Can't
• 3:24
  wait
• 3:24
  to
• 3:24
  get
• 3:24
  your
• 3:24
  opinion
• 3:25
  on
• 3:25
  that
• 3:25
  one.
• 3:25
  An
• 3:26
  REI
• 3:27
  changing
• 3:27
  its
• 3:27
  return
• 3:28
  policies
• 3:28
  to
• 3:28
  combat
• 3:29
  what
• 3:29
  it
• 3:29
  calls
• 3:30
  serial
• 3:30
  returners.
• 3:31
  Ooh,
• 3:32
  retailers
• 3:32
  like
• 3:32
  Zara
• 3:33
  experimenting
• 3:33
  with
• 3:34
  radio
• 3:34
  emitting
• 3:35
  threads
• 3:35
  to
• 3:35
  also
• 3:36
  combat
• 3:36
  theft.
• 3:37
  Wonder's
• 3:38
  acquisition
• 3:38
  of
• 3:38
  grubhub.
• 3:39
  I've
• 3:39
  got
• 3:39
  a
• 3:39
  lot
• 3:39
  of
• 3:39
  thoughts
• 3:40
  about
• 3:40
  that
• 3:40
  and
• 3:40
  our
• 3:40
  good
• 3:41
  friend
• 3:41
  Chad
• 3:41
  Lust
• 3:41
  from
• 3:41
  the
• 3:42
  A
• 3:42
  and
• 3:42
  M
• 3:42
  Consumer
• 3:42
  and
• 3:42
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• 3:43
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• 3:43
  stops
• 3:44
  by
• 3:44
  for
• 3:44
  five
• 3:44
  insightful
• 3:45
  minutes
• 3:45
  on
• 3:45
  the
• 3:45
  state
• 3:46
  of
• 3:46
  US
• 3:46
  Consumer
• 3:47
  sentiment.
• 3:47
  But
• 3:48
  we
• 3:48
  begin
• 3:48
  today
• 3:48
  with
• 3:49
  a
• 3:49
  dash
• 3:49
  of
• 3:50
  good
• 3:50
  news
• 3:50
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• 3:50
  yes,
• 3:51
  that's
• 3:51
  right,
• 3:51
  a
• 3:51
  dash
• 3:52
  of
• 3:52
  good
• 3:52
  news
• 3:53
  that
• 3:53
  might
• 3:53
  help
• 3:53
  many
• 3:53
  of
• 3:54
  you
• 3:54
  to
• 3:54
  get
• 3:54
  your
• 3:54
  morning
• 3:55
  started
• 3:55
  off
• 3:55
  right
• 3:56
  and
• 3:57
  definitely
• 3:58
  see.
• 3:58
  What
• 3:58
  you
• 3:59
  did
• 3:59
  there
• 3:59
  yet
• 3:59
  again.
• 4:00
  Chris
• 4:00
  Walton
• 4:01
  Pretty
• 4:01
  blatant,
• 4:02
  yes.
• 4:02
  Headline
• 4:03
  number
• 4:03
  one,
• 4:04
  Starbucks
• 4:04
  has
• 4:05
  expanded
• 4:05
  DoorDash
• 4:06
  delivery
• 4:07
  within
• 4:07
  the
• 4:08
  Starbucks
• 4:08
  app.
• 4:09
  According
• 4:09
  to
• 4:09
  chain
• 4:09
  storage,
• 4:10
  Starbucks
• 4:10
  customers
• 4:10
  in
• 4:10
  the
• 4:11
  US
• 4:11
  And
• 4:11
  Canada,
• 4:12
  except
• 4:12
  for
• 4:12
  Quebec
• 4:13
  can
• 4:13
  now
• 4:13
  use
• 4:13
  the
• 4:14
  Starbucks
• 4:14
  app
• 4:14
  to
• 4:14
  order
• 4:15
  delivery
• 4:15
  with
• 4:15
  fulfillment
• 4:16
  provided
• 4:16
  by
• 4:16
  DoorDash.
• 4:17
  When
• 4:17
  customers
• 4:18
  who
• 4:18
  live
• 4:18
  within
• 4:18
  the
• 4:18
  radius
• 4:19
  of
• 4:19
  participating
• 4:19
  stores
• 4:20
  open
• 4:20
  the
• 4:20
  Starbucks
• 4:21
  app,
• 4:21
  they
• 4:21
  can
• 4:21
  now
• 4:22
  toggle
• 4:22
  the
• 4:22
  top
• 4:22
  of
• 4:23
  the
• 4:23
  page
• 4:23
  between
• 4:23
  pickup
• 4:24
  and
• 4:24
  delivery
• 4:25
  and
• 4:25
  on
• 4:26
  the
• 4:26
  store
• 4:26
  selection
• 4:27
  screen.
• 4:27
  DoorDash
• 4:28
  delivery
• 4:28
  within
• 4:28
  the
• 4:29
  Starbucks
• 4:29
  App
• 4:29
  leverages
• 4:30
  the
• 4:30
  online
• 4:30
  ordering
• 4:31
  solution
• 4:31
  of
• 4:31
  the
• 4:31
  DoorDash
• 4:32
  commerce
• 4:32
  platform,
• 4:33
  a
• 4:33
  recently
• 4:33
  released
• 4:34
  integrated
• 4:34
  ordering
• 4:35
  system
• 4:35
  designed
• 4:36
  to
• 4:36
  enable
• 4:36
  partner
• 4:36
  retailers
• 4:37
  like
• 4:37
  Starbucks
• 4:38
  to
• 4:38
  personalize
• 4:38
  the
• 4:38
  digital
• 4:39
  experience,
• 4:39
  capture
• 4:40
  customer
• 4:40
  specific
• 4:41
  insights
• 4:41
  and
• 4:42
  drive
• 4:42
  user
• 4:42
  engagement.
• 4:43
  To
• 4:43
  celebrate
• 4:44
  the
• 4:44
  launch
• 4:44
  of
• 4:44
  this
• 4:44
  new
• 4:45
  joint
• 4:45
  mobile
• 4:45
  delivery
• 4:46
  offering,
• 4:46
  customers
• 4:47
  receive
• 4:47
  $0
• 4:47
  delivery
• 4:48
  fees
• 4:48
  on
• 4:48
  orders
• 4:49
  placed
• 4:50
  within
• 4:50
  the
• 4:50
  Starbucks
• 4:51
  app
• 4:51
  from
• 4:52
  Wednesday
• 4:52
  of
• 4:52
  last
• 4:52
  week
• 4:53
  through
• 4:53
  Sunday.
• 4:53
  So,
• 4:53
  Chris,
• 4:54
  one.
• 4:55
  Did
• 4:55
  you
• 4:55
  try
• 4:55
  this?
• 4:55
  And
• 4:56
  two,
• 4:56
  what
• 4:56
  do
• 4:57
  you
• 4:57
  think
• 4:57
  of
• 4:57
  ordering
• 4:58
  Starbucks
• 4:58
  via
• 4:59
  DoorDash
• 4:59
  through
• 4:59
  the
• 5:00
  Starbucks
• 5:00
  app.
• 5:01
  And
• 5:01
  I,
• 5:02
  of
• 5:02
  course,
• 5:02
  tried
• 5:03
  it.
• 5:03
  I,
• 5:03
  of
• 5:03
  course
• 5:03
  tried
• 5:04
  it.
• 5:04
  Yes.
• 5:04
  It's
• 5:04
  the
• 5:04
  first
• 5:04
  thing
• 5:04
  I
• 5:05
  did
• 5:05
  on
• 5:05
  Saturday
• 5:05
  morning.
• 5:05
  I
• 5:06
  ordered
• 5:06
  a.
• 5:06
  Ordered
• 5:07
  a
• 5:07
  Americano,
• 5:08
  a
• 5:08
  grande
• 5:08
  Americano,
• 5:09
  and
• 5:09
  a
• 5:09
  grande
• 5:10
  oat
• 5:10
  milk
• 5:10
  latte
• 5:11
  for
• 5:11
  my
• 5:11
  mom,
• 5:12
  who
• 5:12
  was
• 5:12
  staying
• 5:12
  with
• 5:13
  me.
• 5:13
  So,
• 5:13
  yeah,
• 5:13
  I
• 5:14
  tried
• 5:14
  it.
• 5:14
  I
• 5:14
  thought
• 5:14
  it
• 5:14
  was
• 5:15
  pretty
• 5:15
  good.
• 5:15
  Overall,
• 5:15
  the
• 5:16
  experience
• 5:16
  worked
• 5:16
  pretty
• 5:16
  good.
• 5:16
  It
• 5:17
  was
• 5:17
  a
• 5:17
  little
• 5:17
  clunky.
• 5:17
  It
• 5:18
  kind
• 5:18
  of
• 5:18
  felt
• 5:18
  like
• 5:18
  a
• 5:19
  mashup
• 5:19
  between
• 5:20
  DoorDash
• 5:20
  and
• 5:20
  Starbucks
• 5:21
  Experience.
• 5:21
  It
• 5:21
  didn't
• 5:21
  feel
• 5:22
  like
• 5:22
  the
• 5:22
  true
• 5:22
  Starbucks
• 5:23
  active
• 5:23
  app
• 5:23
  experience.
• 5:24
  That's
• 5:24
  one
• 5:24
  thing
• 5:24
  I
• 5:24
  would
• 5:24
  say
• 5:25
  about
• 5:25
  it.
• 5:25
  Like,
• 5:26
  for
• 5:26
  example,
• 5:26
  like,
• 5:26
  I
• 5:26
  didn't
• 5:27
  have
• 5:27
  my
• 5:27
  preloaded
• 5:28
  favorites
• 5:28
  in
• 5:28
  there,
• 5:28
  so
• 5:28
  I
• 5:28
  had
• 5:28
  to
• 5:29
  reset
• 5:29
  everything
• 5:29
  up.
• 5:30
  So
• 5:30
  that
• 5:30
  was
• 5:30
  kind
• 5:30
  of
• 5:30
  frustrating.
• 5:31
  But
• 5:31
  overall,
• 5:31
  I
• 5:31
  liked
• 5:32
  it.
• 5:32
  And
• 5:32
  in
• 5:33
  general,
• 5:33
  I
• 5:34
  absolutely
• 5:34
  love
• 5:34
  this
• 5:35
  concept.
• 5:35
  I
• 5:35
  love
• 5:35
  it
• 5:35
  for
• 5:36
  a
• 5:36
  couple
• 5:36
  of
• 5:36
  reasons.
• 5:36
  First,
• 5:37
  I
• 5:37
  think
• 5:37
  it
• 5:37
  fits
• 5:38
  right
• 5:38
  in
• 5:38
  with
• 5:38
  everything
• 5:38
  Brian
• 5:39
  Nichols
• 5:39
  trying
• 5:39
  to
• 5:39
  do
• 5:40
  to
• 5:40
  reduce
• 5:40
  wait
• 5:40
  times
• 5:41
  because,
• 5:41
  you
• 5:41
  know,
• 5:41
  who's
• 5:42
  okay
• 5:42
  with
• 5:42
  waiting
• 5:42
  longer
• 5:43
  and
• 5:43
  people
• 5:43
  who
• 5:43
  are
• 5:43
  getting
• 5:44
  their
• 5:44
  orders
• 5:44
  delivered.
• 5:44
  I
• 5:45
  probably
• 5:45
  waited
• 5:45
  20
• 5:46
  or
• 5:46
  30
• 5:46
  minutes
• 5:46
  to
• 5:46
  get
• 5:46
  my
• 5:46
  order.
• 5:47
  I
• 5:47
  didn't
• 5:47
  actually
• 5:47
  track
• 5:48
  it,
• 5:48
  but
• 5:48
  it
• 5:48
  definitely
• 5:48
  took
• 5:48
  about
• 5:49
  that
• 5:49
  long.
• 5:49
  So
• 5:50
  it
• 5:50
  built
• 5:50
  some
• 5:50
  slack
• 5:51
  time
• 5:51
  into
• 5:51
  Starbucks
• 5:52
  operations
• 5:52
  for
• 5:53
  their
• 5:53
  stores,
• 5:53
  which
• 5:53
  is
• 5:53
  great.
• 5:54
  But
• 5:54
  the
• 5:54
  other
• 5:54
  reason
• 5:55
  I
• 5:55
  love
• 5:55
  it,
• 5:55
  Ann,
• 5:55
  is
• 5:56
  the
• 5:56
  data
• 5:56
  and
• 5:56
  the
• 5:56
  visibility
• 5:57
  it
• 5:57
  gives
• 5:57
  to
• 5:58
  Starbucks.
• 5:59
  Starbucks
• 5:59
  can
• 6:00
  now
• 6:00
  better
• 6:00
  see
• 6:00
  the
• 6:00
  volume
• 6:01
  coming
• 6:01
  in
• 6:02
  through
• 6:02
  its
• 6:02
  app
• 6:02
  versus
• 6:03
  say,
• 6:03
  through
• 6:03
  DoorDash,
• 6:04
  and
• 6:04
  therefore
• 6:04
  they
• 6:05
  can
• 6:05
  divert
• 6:05
  any
• 6:06
  order
• 6:06
  to
• 6:06
  any
• 6:06
  store
• 6:07
  that
• 6:07
  has
• 6:07
  more
• 6:07
  capacity.
• 6:08
  Because
• 6:08
  as
• 6:08
  a
• 6:08
  Starbucks
• 6:09
  customer,
• 6:09
  I
• 6:09
  don't
• 6:10
  care
• 6:10
  which
• 6:10
  store
• 6:11
  my
• 6:11
  coffee
• 6:11
  comes
• 6:11
  from.
• 6:12
  I
• 6:12
  just
• 6:12
  care
• 6:12
  that
• 6:12
  the
• 6:12
  order's
• 6:13
  right
• 6:13
  and
• 6:14
  it's
• 6:14
  hot.
• 6:15
  Right?
• 6:15
  That's
• 6:15
  all
• 6:15
  that
• 6:15
  matters.
• 6:16
  And
• 6:16
  so
• 6:16
  for
• 6:16
  this,
• 6:17
  that's
• 6:17
  why
• 6:17
  I
• 6:17
  love
• 6:17
  this.
• 6:18
  I
• 6:18
  think
• 6:18
  for
• 6:18
  the
• 6:18
  long
• 6:19
  term,
• 6:19
  it's
• 6:19
  going
• 6:19
  to
• 6:19
  be
• 6:19
  a
• 6:19
  big
• 6:19
  win
• 6:20
  for
• 6:20
  Starbucks,
• 6:20
  and
• 6:20
  I
• 6:20
  think
• 6:20
  it's
• 6:21
  smart
• 6:21
  because
• 6:21
  it
• 6:22
  plays
• 6:22
  right
• 6:22
  in
• 6:22
  line
• 6:22
  with
• 6:23
  what
• 6:23
  Nickel's
• 6:23
  trying
• 6:23
  to
• 6:23
  do.
• 6:24
  But
• 6:24
  what
• 6:24
  do
• 6:24
  you
• 6:24
  think?
• 6:25
  Yeah,
• 6:25
  I
• 6:25
  mean,
• 6:25
  I
• 6:26
  think
• 6:26
  you're
• 6:26
  100%
• 6:27
  right.
• 6:27
  There's
• 6:28
  definitely
• 6:29
  people
• 6:29
  who
• 6:29
  want
• 6:30
  Starbucks
• 6:30
  delivery
• 6:31
  and
• 6:31
  who
• 6:31
  are
• 6:32
  in
• 6:32
  the
• 6:32
  Starbucks
• 6:32
  app
• 6:33
  and
• 6:33
  aren't
• 6:33
  DoorDash
• 6:34
  members
• 6:34
  who
• 6:34
  now
• 6:35
  have
• 6:35
  an
• 6:36
  opportunity
• 6:36
  to
• 6:36
  get
• 6:36
  their
• 6:37
  coffee
• 6:37
  delivered
• 6:37
  to
• 6:37
  them
• 6:38
  in
• 6:38
  20
• 6:38
  minutes
• 6:38
  in
• 6:39
  this
• 6:39
  case.
• 6:40
  So
• 6:40
  I
• 6:41
  think
• 6:41
  for
• 6:41
  Starbucks,
• 6:42
  it
• 6:42
  makes
• 6:42
  a
• 6:42
  ton
• 6:42
  of
• 6:43
  sense
• 6:43
  that
• 6:43
  they're
• 6:43
  going
• 6:43
  to
• 6:43
  go
• 6:44
  forward
• 6:44
  and
• 6:45
  start
• 6:45
  to
• 6:45
  roll
• 6:45
  this
• 6:45
  out.
• 6:46
  I
• 6:46
  think
• 6:46
  the
• 6:47
  only
• 6:47
  question
• 6:47
  that
• 6:48
  I
• 6:48
  have
• 6:48
  is
• 6:48
  that
• 6:49
  you
• 6:49
  have
• 6:50
  Brian
• 6:50
  Nichol,
• 6:50
  who's
• 6:50
  still
• 6:51
  trying
• 6:51
  to
• 6:51
  figure
• 6:51
  out
• 6:51
  automation
• 6:52
  and
• 6:52
  how
• 6:52
  to
• 6:53
  make
• 6:53
  the
• 6:54
  order
• 6:54
  processing
• 6:55
  smoother
• 6:56
  at
• 6:56
  Starbucks,
• 6:57
  so
• 6:57
  that
• 6:57
  if
• 6:57
  you're
• 6:57
  in
• 6:57
  the
• 6:58
  Store,
• 6:58
  you're
• 6:58
  getting
• 6:58
  your
• 6:58
  coffee
• 6:59
  in
• 6:59
  a
• 6:59
  timely
• 6:59
  manner.
• 7:00
  If
• 7:00
  I'm
• 7:00
  ordering
• 7:01
  online
• 7:01
  and
• 7:01
  picking
• 7:02
  up
• 7:02
  in
• 7:02
  store,
• 7:02
  I'm
• 7:02
  getting
• 7:02
  it
• 7:03
  within
• 7:03
  a
• 7:03
  timely
• 7:04
  MANNER.
• 7:04
  Not
• 7:04
  the
• 7:04
  20
• 7:04
  minutes
• 7:05
  that
• 7:05
  you
• 7:05
  talked
• 7:05
  about
• 7:05
  last
• 7:06
  week.
• 7:06
  And
• 7:07
  so
• 7:07
  I
• 7:07
  think
• 7:07
  that's
• 7:08
  the
• 7:08
  only
• 7:08
  thing
• 7:08
  here,
• 7:08
  is
• 7:09
  that
• 7:09
  I
• 7:09
  do
• 7:10
  think
• 7:10
  there's
• 7:10
  going
• 7:10
  to
• 7:10
  be
• 7:11
  significant
• 7:11
  volume,
• 7:11
  especially
• 7:12
  at
• 7:12
  those
• 7:12
  peak
• 7:13
  times.
• 7:13
  And
• 7:13
  so
• 7:13
  it's
• 7:14
  just
• 7:14
  a
• 7:14
  matter
• 7:14
  of
• 7:14
  whether
• 7:15
  or
• 7:15
  not
• 7:15
  the
• 7:15
  Starbucks
• 7:16
  stores
• 7:16
  are
• 7:17
  ready
• 7:17
  to
• 7:17
  accommodate
• 7:18
  this,
• 7:19
  this
• 7:19
  influx
• 7:20
  in
• 7:20
  volume
• 7:21
  from
• 7:21
  the
• 7:22
  delivery
• 7:22
  that
• 7:22
  I
• 7:23
  think
• 7:23
  they're
• 7:23
  going
• 7:23
  to
• 7:24
  start
• 7:24
  to
• 7:24
  see
• 7:24
  increase
• 7:25
  with
• 7:25
  rolling
• 7:26
  this
• 7:26
  out.
• 7:27
  Yeah,
• 7:28
  but
• 7:28
  that's,
• 7:28
  but
• 7:28
  that's
• 7:28
  a
• 7:28
  great
• 7:28
  thing,
• 7:29
  is
• 7:29
  that
• 7:29
  they
• 7:29
  have
• 7:29
  the
• 7:29
  capacity
• 7:30
  now.
• 7:30
  They
• 7:30
  have
• 7:30
  extra
• 7:30
  capacity
• 7:31
  for
• 7:31
  whatever
• 7:31
  store
• 7:31
  they
• 7:32
  need
• 7:32
  to
• 7:32
  fulfill
• 7:32
  the
• 7:32
  order
• 7:32
  from.
• 7:33
  The
• 7:33
  other
• 7:33
  point
• 7:33
  I
• 7:33
  make
• 7:33
  too,
• 7:33
  and
• 7:34
  just
• 7:34
  because
• 7:34
  we
• 7:34
  didn't
• 7:34
  cover
• 7:35
  Walmart's
• 7:35
  news
• 7:35
  on
• 7:36
  earnings
• 7:36
  broke
• 7:36
  yesterday
• 7:37
  where
• 7:37
  they're
• 7:37
  getting
• 7:38
  significant
• 7:38
  share
• 7:38
  in
• 7:39
  $100,000
• 7:40
  plus
• 7:40
  income
• 7:40
  earners.
• 7:41
  So
• 7:41
  there's
• 7:41
  a
• 7:41
  lot
• 7:41
  of
• 7:42
  people
• 7:42
  that
• 7:42
  actually
• 7:43
  still
• 7:43
  could
• 7:43
  find
• 7:43
  the
• 7:44
  extra.
• 7:44
  Oh.
• 7:44
  Cause
• 7:44
  the
• 7:44
  other
• 7:45
  thing
• 7:45
  I
• 7:45
  forgot
• 7:45
  to
• 7:45
  mention,
• 7:45
  you
• 7:45
  saw
• 7:45
  the
• 7:46
  tip.
• 7:46
  So
• 7:46
  even
• 7:46
  though
• 7:46
  you
• 7:47
  read
• 7:47
  it,
• 7:47
  read
• 7:47
  that
• 7:48
  announcement
• 7:48
  like
• 7:48
  it
• 7:48
  sounded
• 7:48
  like
• 7:48
  it
• 7:49
  was
• 7:49
  a
• 7:49
  free
• 7:49
  thing,
• 7:49
  you
• 7:49
  saw
• 7:49
  the
• 7:50
  tip.
• 7:50
  So
• 7:50
  it
• 7:50
  is
• 7:50
  a
• 7:50
  more
• 7:51
  expensive
• 7:51
  way,
• 7:52
  significantly
• 7:52
  more
• 7:52
  expensive
• 7:53
  way
• 7:53
  to
• 7:53
  get
• 7:53
  your
• 7:53
  Starbucks.
• 7:53
  But
• 7:54
  there's
• 7:54
  probably
• 7:54
  still
• 7:54
  plenty
• 7:55
  of
• 7:55
  people
• 7:55
  that
• 7:55
  are
• 7:55
  gonna
• 7:55
  be
• 7:56
  interested
• 7:56
  in
• 7:56
  trying
• 7:56
  this
• 7:57
  out,
• 7:57
  especially
• 7:57
  on
• 7:57
  a
• 7:58
  busy
• 7:58
  Saturday
• 7:58
  or
• 7:58
  Sunday
• 7:59
  morning,
• 7:59
  or
• 7:59
  a
• 7:59
  lazy
• 8:00
  Saturday
• 8:00
  and
• 8:00
  Sunday
• 8:01
  morning
• 8:01
  as
• 8:01
  well.
• 8:01
  Right.
• 8:02
  All
• 8:02
  right,
• 8:02
  headline
• 8:03
  number
• 8:03
  two.
• 8:04
  This
• 8:05
  is
• 8:05
  a
• 8:05
  headline
• 8:05
  I
• 8:05
  could
• 8:06
  not
• 8:06
  make
• 8:06
  up
• 8:06
  if
• 8:06
  I
• 8:06
  tried.
• 8:07
  And
• 8:07
  Amazon
• 8:07
  has
• 8:08
  shut
• 8:08
  down
• 8:08
  a
• 8:08
  recent
• 8:09
  secret
• 8:09
  project
• 8:10
  to
• 8:11
  develop
• 8:11
  a
• 8:11
  fertility
• 8:12
  tracker.
• 8:12
  According
• 8:13
  to
• 8:13
  cnbc,
• 8:14
  the
• 8:14
  company
• 8:14
  had
• 8:14
  been
• 8:15
  working
• 8:15
  to
• 8:15
  launch
• 8:15
  a
• 8:15
  fertility
• 8:16
  monitoring
• 8:17
  device
• 8:17
  and
• 8:17
  companion
• 8:18
  smartphone
• 8:18
  app
• 8:19
  for
• 8:19
  the
• 8:19
  past
• 8:19
  four
• 8:19
  years
• 8:20
  as
• 8:20
  a
• 8:21
  project.
• 8:21
  As
• 8:21
  part
• 8:21
  of
• 8:22
  a
• 8:22
  project
• 8:22
  codenamed
• 8:23
  Encore,
• 8:24
  I
• 8:24
  guess,
• 8:25
  said
• 8:25
  people
• 8:25
  who
• 8:25
  asked
• 8:26
  not
• 8:26
  to
• 8:26
  be
• 8:26
  named
• 8:27
  because
• 8:27
  they
• 8:27
  weren't
• 8:27
  authorized
• 8:28
  to
• 8:28
  speak
• 8:28
  to
• 8:28
  the
• 8:28
  press.
• 8:29
  No
• 8:29
  surprise
• 8:29
  there.
• 8:30
  Or
• 8:30
  they
• 8:30
  didn't
• 8:30
  like
• 8:30
  the
• 8:30
  name
• 8:31
  of
• 8:31
  their
• 8:31
  product
• 8:32
  project,
• 8:32
  like,
• 8:33
  right.
• 8:33
  I
• 8:33
  don't
• 8:33
  want
• 8:33
  to
• 8:34
  write
• 8:34
  to
• 8:34
  Project
• 8:35
  Encore.
• 8:36
  Project
• 8:36
  Encore,
• 8:36
  yes.
• 8:37
  Well,
• 8:37
  that
• 8:37
  even
• 8:37
  the
• 8:37
  naming
• 8:38
  gets
• 8:38
  even
• 8:38
  better,
• 8:38
  Anne,
• 8:38
  because
• 8:39
  the
• 8:39
  team
• 8:39
  sat
• 8:39
  within
• 8:40
  Amazon's
• 8:41
  grand
• 8:41
  challenge,
• 8:42
  which
• 8:42
  connotes
• 8:42
  all
• 8:43
  kinds
• 8:43
  of
• 8:43
  bad
• 8:43
  things
• 8:43
  for
• 8:44
  me,
• 8:45
  are
• 8:45
  also
• 8:45
  known
• 8:45
  as
• 8:46
  its
• 8:46
  Special
• 8:46
  Projects
• 8:47
  division.
• 8:47
  The
• 8:48
  sources
• 8:48
  said
• 8:49
  the
• 8:49
  project
• 8:49
  appears
• 8:50
  to
• 8:50
  have
• 8:50
  been
• 8:50
  a
• 8:50
  costly
• 8:51
  endeavor
• 8:51
  as
• 8:51
  well,
• 8:51
  and
• 8:51
  required
• 8:52
  significant
• 8:52
  upfront
• 8:53
  investments
• 8:53
  for
• 8:54
  lab
• 8:54
  research
• 8:54
  and
• 8:54
  development,
• 8:55
  in
• 8:55
  addition
• 8:56
  to
• 8:56
  the
• 8:56
  high
• 8:56
  salaries
• 8:57
  for
• 8:57
  scientists
• 8:57
  and
• 8:58
  engineers,
• 8:58
  the
• 8:59
  sources
• 8:59
  said,
• 8:59
  adding
• 9:00
  that
• 9:00
  the
• 9:00
  team's
• 9:01
  weekly
• 9:01
  overhead
• 9:02
  was
• 9:02
  roughly
• 9:03
  $1.5
• 9:03
  million,
• 9:04
  which
• 9:05
  by
• 9:05
  my
• 9:05
  counts,
• 9:05
  Anne,
• 9:05
  is
• 9:06
  some
• 9:06
  significant
• 9:06
  cheddar.
• 9:07
  Are
• 9:08
  you
• 9:08
  pro
• 9:08
  or
• 9:09
  con?
• 9:09
  The
• 9:09
  idea
• 9:09
  of
• 9:10
  an
• 9:10
  E
• 9:10
  commerce
• 9:10
  retailer
• 9:11
  tracking
• 9:12
  your
• 9:13
  fertility,
• 9:15
  I
• 9:15
  don't
• 9:16
  think
• 9:16
  that's.
• 9:16
  The
• 9:16
  question
• 9:17
  to
• 9:17
  ask.
• 9:17
  I
• 9:18
  really
• 9:18
  don't.
• 9:18
  Oh,
• 9:18
  really?
• 9:19
  Okay.
• 9:19
  I
• 9:19
  think
• 9:20
  that
• 9:20
  everybody
• 9:20
  is.
• 9:21
  So
• 9:21
  you
• 9:21
  could
• 9:21
  be
• 9:21
  okay
• 9:21
  with
• 9:22
  it?
• 9:22
  Yeah,
• 9:23
  I
• 9:23
  mean,
• 9:23
  there's,
• 9:24
  I
• 9:24
  give
• 9:24
  my
• 9:24
  information
• 9:25
  to
• 9:25
  a
• 9:26
  tracker
• 9:27
  and
• 9:28
  it
• 9:28
  doesn't
• 9:28
  matter
• 9:28
  to
• 9:28
  me
• 9:29
  if
• 9:29
  it's
• 9:29
  Clue
• 9:30
  or
• 9:30
  it's
• 9:30
  Amazon.
• 9:31
  I
• 9:31
  don't
• 9:31
  think
• 9:31
  that's
• 9:31
  the
• 9:31
  story
• 9:32
  here.
• 9:32
  I
• 9:32
  think
• 9:32
  there,
• 9:33
  the
• 9:33
  press
• 9:34
  and
• 9:34
  media
• 9:34
  is
• 9:34
  using
• 9:35
  this
• 9:35
  as
• 9:35
  an
• 9:35
  opportunity
• 9:36
  to
• 9:36
  kind
• 9:36
  of
• 9:37
  freak
• 9:37
  people
• 9:37
  out.
• 9:38
  Given
• 9:38
  the
• 9:38
  current
• 9:38
  climate
• 9:39
  of
• 9:39
  like
• 9:39
  Amazon's
• 9:40
  tracking
• 9:40
  your
• 9:41
  fertility.
• 9:41
  Well,
• 9:42
  there's
• 9:42
  some
• 9:43
  benefits
• 9:43
  to
• 9:43
  that
• 9:44
  too.
• 9:44
  And
• 9:44
  I
• 9:44
  don't
• 9:44
  think
• 9:44
  it's
• 9:45
  wrong
• 9:45
  for
• 9:45
  Amazon
• 9:45
  to
• 9:46
  be
• 9:46
  doing
• 9:46
  this.
• 9:46
  I
• 9:46
  mean,
• 9:47
  if
• 9:47
  I
• 9:47
  can
• 9:47
  get
• 9:48
  vitamins
• 9:49
  or
• 9:49
  I
• 9:49
  can
• 9:49
  get
• 9:50
  other
• 9:50
  things,
• 9:50
  you
• 9:50
  know,
• 9:50
  because
• 9:51
  there's,
• 9:51
  it's
• 9:51
  more
• 9:51
  than
• 9:51
  fertility
• 9:52
  that
• 9:52
  you
• 9:52
  track
• 9:52
  in
• 9:53
  these
• 9:53
  apps.
• 9:53
  It's,
• 9:54
  how
• 9:54
  are
• 9:54
  you
• 9:54
  doing
• 9:54
  on
• 9:55
  sleep?
• 9:55
  Sleep,
• 9:55
  your
• 9:55
  mood,
• 9:56
  energy,
• 9:57
  all
• 9:57
  these
• 9:57
  other
• 9:57
  things.
• 9:58
  And
• 9:58
  so
• 9:58
  I
• 9:58
  think
• 9:58
  that
• 9:58
  if
• 9:59
  you
• 9:59
  start
• 9:59
  to
• 9:59
  look
• 9:59
  at
• 10:00
  those
• 10:00
  things
• 10:00
  and
• 10:01
  would
• 10:01
  it
• 10:01
  be
• 10:01
  convenient
• 10:02
  for
• 10:02
  me
• 10:02
  to
• 10:02
  get
• 10:03
  vitamins
• 10:03
  delivered
• 10:04
  to
• 10:04
  me
• 10:04
  in
• 10:04
  a
• 10:05
  couple
• 10:05
  of
• 10:05
  hours
• 10:06
  through
• 10:06
  my
• 10:06
  Amazon
• 10:06
  prime
• 10:07
  membership
• 10:08
  or
• 10:08
  other
• 10:08
  things
• 10:09
  like
• 10:09
  there,
• 10:09
  there
• 10:10
  could
• 10:10
  be
• 10:10
  benefits.
• 10:10
  So
• 10:10
  I
• 10:11
  don't,
• 10:11
  I
• 10:11
  don't
• 10:11
  think
• 10:11
  people
• 10:12
  should
• 10:12
  be
• 10:12
  hating
• 10:12
  on
• 10:13
  Amazon
• 10:13
  for
• 10:13
  trying
• 10:14
  something
• 10:14
  like
• 10:14
  this.
• 10:15
  What
• 10:15
  I
• 10:16
  do
• 10:16
  think
• 10:16
  we
• 10:16
  should
• 10:16
  be
• 10:16
  paying
• 10:17
  attention
• 10:17
  is
• 10:17
  to,
• 10:17
  is
• 10:18
  the
• 10:18
  fact
• 10:18
  that
• 10:18
  Jassy
• 10:19
  is
• 10:20
  really
• 10:20
  looking
• 10:20
  closely
• 10:21
  at
• 10:21
  where
• 10:21
  they
• 10:21
  can
• 10:22
  curb
• 10:22
  spending,
• 10:23
  that
• 10:23
  Amazon
• 10:24
  is
• 10:24
  in
• 10:24
  a
• 10:24
  challenging
• 10:25
  position
• 10:25
  like
• 10:25
  a
• 10:25
  lot
• 10:25
  of
• 10:26
  other
• 10:26
  retailers
• 10:26
  are
• 10:27
  now,
• 10:27
  and
• 10:27
  they
• 10:28
  need
• 10:28
  to
• 10:28
  start
• 10:28
  to
• 10:28
  look
• 10:28
  at
• 10:29
  where
• 10:29
  they
• 10:29
  can
• 10:29
  cut
• 10:29
  costs.
• 10:30
  And
• 10:30
  unfortunately,
• 10:30
  as
• 10:31
  we
• 10:31
  know,
• 10:31
  Chris,
• 10:31
  like
• 10:32
  innovation
• 10:32
  is
• 10:32
  some
• 10:33
  of
• 10:33
  the
• 10:33
  first
• 10:33
  places
• 10:34
  where
• 10:34
  they
• 10:34
  can
• 10:34
  cut
• 10:35
  some
• 10:35
  of
• 10:35
  that
• 10:35
  spending,
• 10:36
  especially
• 10:36
  at
• 10:37
  the
• 10:37
  burn
• 10:37
  rate
• 10:37
  that
• 10:37
  you're
• 10:37
  talking
• 10:38
  about,
• 10:38
  you
• 10:38
  know,
• 10:39
  one
• 10:39
  million
• 10:39
  something
• 10:40
  a
• 10:40
  week.
• 10:40
  I
• 10:40
  mean,
• 10:41
  it
• 10:41
  makes
• 10:41
  sense
• 10:42
  that
• 10:42
  this
• 10:42
  might
• 10:42
  get,
• 10:43
  get
• 10:43
  tabled
• 10:43
  for
• 10:44
  a
• 10:44
  little
• 10:44
  while
• 10:44
  so
• 10:44
  they
• 10:44
  can
• 10:45
  focus
• 10:45
  on
• 10:45
  the
• 10:45
  core
• 10:45
  business.
• 10:46
  So
• 10:46
  I
• 10:46
  think
• 10:46
  that's
• 10:47
  what's
• 10:47
  the
• 10:47
  real
• 10:48
  headline
• 10:48
  here.
• 10:48
  Not
• 10:49
  whether
• 10:49
  or
• 10:49
  not
• 10:50
  Amazon
• 10:50
  should
• 10:50
  be
• 10:50
  doing
• 10:51
  a
• 10:51
  fertility
• 10:51
  tracking
• 10:52
  program.
• 10:52
  But
• 10:52
  what,
• 10:53
  what,
• 10:53
  what
• 10:53
  are
• 10:53
  your
• 10:53
  thoughts?
• 10:54
  I
• 10:54
  mean,
• 10:54
  what
• 10:54
  would
• 10:54
  you
• 10:54
  do
• 10:54
  if
• 10:54
  you.
• 10:56
  So
• 10:56
  I
• 10:56
  want
• 10:56
  to
• 10:56
  make
• 10:56
  sure
• 10:56
  I
• 10:57
  understood
• 10:57
  you
• 10:57
  correctly.
• 10:57
  So
• 10:58
  you're
• 10:58
  saying
• 10:58
  that
• 10:58
  you're,
• 10:59
  you're
• 11:00
  fine
• 11:00
  with
• 11:00
  Amazon
• 11:01
  doing
• 11:01
  this
• 11:01
  if
• 11:01
  they
• 11:01
  didn't
• 11:02
  have
• 11:02
  the
• 11:02
  budget
• 11:02
  constraints
• 11:03
  that
• 11:03
  they're
• 11:03
  currently
• 11:03
  facing
• 11:04
  given
• 11:04
  their
• 11:04
  current
• 11:05
  financial
• 11:05
  performance?
• 11:06
  You
• 11:06
  are.
• 11:06
  Wow.
• 11:07
  Okay.
• 11:07
  This
• 11:07
  is
• 11:08
  not
• 11:08
  the
• 11:08
  area
• 11:08
  where.
• 11:09
  This
• 11:09
  is
• 11:10
  not
• 11:10
  Amazon's
• 11:10
  core
• 11:11
  business
• 11:11
  right
• 11:11
  now.
• 11:12
  This
• 11:12
  is
• 11:12
  the
• 11:12
  potential
• 11:13
  down
• 11:13
  the
• 11:13
  road
• 11:14
  to
• 11:14
  find
• 11:15
  other
• 11:16
  areas
• 11:16
  for
• 11:17
  generating
• 11:17
  revenue.
• 11:18
  So
• 11:18
  I
• 11:18
  don't.
• 11:18
  Interesting
• 11:19
  idea.
• 11:20
  Interesting.
• 11:20
  And
• 11:21
  that's
• 11:21
  why
• 11:21
  I
• 11:21
  don't
• 11:21
  like
• 11:21
  it
• 11:22
  because
• 11:22
  I
• 11:22
  think
• 11:22
  it's
• 11:23
  just
• 11:23
  outside
• 11:23
  of
• 11:23
  the
• 11:23
  core
• 11:24
  in
• 11:24
  general
• 11:25
  like
• 11:25
  that.
• 11:25
  And
• 11:26
  it
• 11:26
  shows
• 11:26
  two
• 11:27
  things
• 11:27
  to
• 11:27
  me.
• 11:27
  One,
• 11:27
  it
• 11:27
  shows
• 11:28
  to
• 11:28
  me
• 11:28
  the
• 11:29
  sheer
• 11:29
  temerity
• 11:30
  or
• 11:30
  hubris
• 11:31
  that
• 11:31
  Amazon
• 11:32
  thinks
• 11:32
  its
• 11:32
  success
• 11:33
  in
• 11:33
  selling
• 11:33
  goods
• 11:34
  via
• 11:34
  e
• 11:34
  commerce
• 11:34
  and
• 11:35
  cloud
• 11:35
  data
• 11:35
  storage
• 11:35
  allows
• 11:36
  it
• 11:36
  to
• 11:36
  do
• 11:36
  right,
• 11:37
  that
• 11:37
  it
• 11:37
  can
• 11:37
  get
• 11:38
  into
• 11:38
  fertility
• 11:38
  tracking.
• 11:39
  Because
• 11:40
  the
• 11:40
  actual
• 11:41
  tie
• 11:41
  ins
• 11:41
  with
• 11:41
  Amazon's
• 11:42
  vaunted
• 11:42
  flywheel
• 11:43
  are
• 11:43
  stretches
• 11:43
  at
• 11:44
  best.
• 11:44
  Like,
• 11:44
  oh,
• 11:44
  yeah,
• 11:44
  I
• 11:44
  can
• 11:44
  get
• 11:45
  my
• 11:45
  vitamin.
• 11:45
  I
• 11:45
  can
• 11:45
  know
• 11:46
  when
• 11:46
  to
• 11:46
  send
• 11:46
  people
• 11:46
  their
• 11:46
  vitamins.
• 11:47
  I
• 11:47
  don't,
• 11:48
  I
• 11:48
  don't
• 11:48
  know,
• 11:48
  like
• 11:49
  that,
• 11:49
  that,
• 11:49
  okay,
• 11:50
  fine,
• 11:50
  you
• 11:50
  could
• 11:50
  always
• 11:50
  make
• 11:51
  those
• 11:51
  connections,
• 11:51
  but
• 11:52
  like,
• 11:52
  come
• 11:52
  on,
• 11:52
  there's
• 11:52
  more
• 11:53
  here
• 11:53
  on
• 11:53
  this
• 11:54
  than
• 11:54
  meets
• 11:54
  the
• 11:55
  eye.
• 11:55
  And
• 11:55
  so
• 11:56
  I
• 11:56
  think
• 11:56
  he's
• 11:56
  right
• 11:56
  to
• 11:57
  pull
• 11:57
  the
• 11:57
  plug
• 11:57
  on
• 11:57
  this.
• 11:57
  I
• 11:58
  think
• 11:58
  they've
• 11:58
  gotten
• 11:58
  their
• 11:58
  skis
• 11:59
  too
• 11:59
  far
• 11:59
  ahead
• 11:59
  of
• 11:59
  them,
• 12:00
  gotten
• 12:00
  too
• 12:00
  far
• 12:01
  ahead
• 12:01
  on
• 12:01
  their
• 12:01
  skis
• 12:02
  for
• 12:02
  many
• 12:02
  projects
• 12:03
  like
• 12:03
  this.
• 12:03
  And
• 12:03
  so
• 12:04
  I
• 12:04
  think
• 12:04
  it
• 12:04
  brings
• 12:04
  them
• 12:04
  back
• 12:04
  to
• 12:04
  the
• 12:04
  core
• 12:05
  of
• 12:05
  like,
• 12:05
  what
• 12:05
  really
• 12:06
  gets
• 12:06
  Amazon's
• 12:07
  flywheel
• 12:07
  working
• 12:08
  and
• 12:08
  where
• 12:08
  do
• 12:08
  they
• 12:08
  really
• 12:08
  have
• 12:09
  a
• 12:09
  right
• 12:09
  to
• 12:09
  win
• 12:10
  now
• 12:10
  with
• 12:10
  that
• 12:11
  said,
• 12:11
  Anne,
• 12:12
  I'm
• 12:12
  going
• 12:12
  to
• 12:12
  talk
• 12:12
  out
• 12:13
  of
• 12:13
  both
• 12:13
  sides
• 12:13
  of
• 12:13
  my
• 12:13
  mouth
• 12:14
  because
• 12:14
  I
• 12:14
  will
• 12:15
  still
• 12:15
  take
• 12:15
  discounted
• 12:16
  ed
• 12:16
  drugs
• 12:17
  and
• 12:17
  hair
• 12:17
  loss
• 12:17
  drugs
• 12:17
  till
• 12:18
  the
• 12:18
  cows
• 12:18
  come
• 12:18
  home.
• 12:18
  Like
• 12:19
  they
• 12:19
  announced
• 12:19
  last
• 12:19
  week
• 12:20
  too.
• 12:20
  So.
• 12:21
  So,
• 12:21
  you
• 12:21
  know,
• 12:21
  I
• 12:22
  don't
• 12:22
  know,
• 12:22
  but
• 12:22
  I
• 12:23
  just
• 12:23
  feels
• 12:24
  different.
• 12:24
  To
• 12:24
  me,
• 12:24
  that
• 12:25
  feels
• 12:25
  like
• 12:25
  core
• 12:26
  retail
• 12:26
  and
• 12:26
  commerce.
• 12:27
  This
• 12:27
  feels
• 12:28
  like
• 12:28
  a
• 12:28
  bridge
• 12:28
  too
• 12:29
  far
• 12:29
  for
• 12:29
  me.
• 12:29
  But
• 12:29
  I
• 12:29
  don't
• 12:29
  know.
• 12:30
  You
• 12:30
  get
• 12:30
  the
• 12:30
  last
• 12:30
  word
• 12:30
  on
• 12:30
  this
• 12:31
  one.
• 12:31
  I
• 12:31
  see.
• 12:32
  I
• 12:32
  still
• 12:32
  disagree.
• 12:33
  I
• 12:33
  mean,
• 12:33
  it
• 12:33
  sounds
• 12:33
  like
• 12:33
  they
• 12:33
  still
• 12:34
  have
• 12:34
  one
• 12:34
  project
• 12:35
  in
• 12:35
  this
• 12:35
  grand
• 12:35
  challenge
• 12:37
  portfolio
• 12:38
  that's
• 12:38
  still
• 12:39
  in
• 12:39
  the
• 12:39
  healthcare
• 12:40
  space.
• 12:41
  And
• 12:41
  I
• 12:41
  do
• 12:41
  think,
• 12:42
  like,
• 12:42
  again,
• 12:42
  I
• 12:42
  think
• 12:43
  people
• 12:43
  are
• 12:43
  focusing
• 12:43
  too
• 12:44
  much
• 12:44
  on
• 12:44
  the
• 12:44
  fertility
• 12:45
  tracker
• 12:45
  part
• 12:45
  of
• 12:45
  this.
• 12:45
  There
• 12:46
  are
• 12:46
  so
• 12:46
  many
• 12:46
  more
• 12:46
  elements.
• 12:47
  There's
• 12:47
  a
• 12:48
  flywheel
• 12:48
  of
• 12:48
  once
• 12:49
  someone
• 12:49
  does
• 12:49
  get
• 12:50
  pregnant
• 12:50
  and
• 12:50
  they
• 12:50
  are
• 12:50
  already
• 12:51
  in
• 12:51
  the
• 12:51
  Amazon
• 12:51
  universe,
• 12:52
  you
• 12:52
  are
• 12:53
  able
• 12:53
  to
• 12:53
  bring
• 12:53
  them
• 12:53
  in
• 12:53
  to
• 12:54
  start
• 12:54
  offering
• 12:54
  them
• 12:55
  baby
• 12:55
  gear.
• 12:55
  You're
• 12:56
  starting
• 12:56
  to
• 12:56
  like
• 12:56
  get
• 12:57
  them
• 12:57
  earlier
• 12:57
  in
• 12:58
  on
• 12:58
  the
• 12:58
  cycle.
• 12:58
  I
• 12:58
  don't
• 12:58
  think
• 12:59
  this
• 12:59
  is
• 12:59
  any
• 12:59
  different
• 13:00
  than
• 13:00
  like
• 13:00
  some
• 13:00
  of
• 13:00
  the
• 13:01
  stuff
• 13:01
  they're
• 13:01
  doing
• 13:01
  like
• 13:02
  right
• 13:02
  now,
• 13:02
  the
• 13:03
  Amazon
• 13:03
  haul,
• 13:03
  like
• 13:04
  the
• 13:04
  TEMU
• 13:04
  competitor
• 13:04
  thing,
• 13:05
  like
• 13:05
  they're
• 13:05
  trying
• 13:05
  to
• 13:06
  find
• 13:06
  new
• 13:07
  areas
• 13:07
  for
• 13:08
  growth
• 13:08
  and
• 13:08
  I
• 13:08
  don't
• 13:09
  think
• 13:09
  that
• 13:09
  that's
• 13:09
  a
• 13:10
  terrible
• 13:10
  idea
• 13:11
  to
• 13:11
  get
• 13:11
  people
• 13:12
  attracted
• 13:13
  to.
• 13:13
  You
• 13:14
  used
• 13:14
  to
• 13:14
  checking
• 13:14
  an
• 13:15
  app
• 13:15
  multiple
• 13:16
  times
• 13:16
  a
• 13:16
  day
• 13:18
  and
• 13:18
  then
• 13:18
  being
• 13:19
  able
• 13:19
  to
• 13:19
  transact
• 13:20
  right
• 13:20
  within
• 13:20
  it.
• 13:20
  So
• 13:21
  I
• 13:21
  don't
• 13:22
  hate
• 13:22
  it
• 13:22
  and
• 13:22
  I
• 13:22
  think
• 13:22
  that
• 13:23
  people
• 13:23
  are
• 13:23
  focused
• 13:23
  a
• 13:23
  little
• 13:23
  bit
• 13:24
  too
• 13:24
  much
• 13:24
  on
• 13:25
  one
• 13:25
  particular
• 13:25
  function
• 13:26
  of
• 13:26
  it.
• 13:26
  So
• 13:27
  that's
• 13:27
  where
• 13:27
  I'll,
• 13:27
  that's
• 13:28
  where
• 13:28
  I'll
• 13:28
  leave
• 13:28
  it.
• 13:28
  But
• 13:30
  fair
• 13:30
  point
• 13:30
  and
• 13:30
  we
• 13:30
  agree
• 13:31
  to
• 13:31
  disagree.
• 13:31
  Anne.
• 13:32
  That's
• 13:32
  right.
• 13:33
  This
• 13:33
  is
• 13:33
  a
• 13:33
  very
• 13:34
  civilized
• 13:34
  show
• 13:35
  that
• 13:35
  we
• 13:35
  have
• 13:35
  friendly
• 13:36
  today
• 13:36
  and
• 13:36
  we're
• 13:36
  very
• 13:37
  friendly
• 13:37
  until
• 13:38
  we
• 13:38
  get
• 13:38
  further
• 13:38
  into
• 13:39
  the
• 13:39
  show.
• 13:39
  Don't
• 13:39
  worry
• 13:39
  people,
• 13:40
  we'll
• 13:40
  be
• 13:40
  back.
• 13:41
  Headline
• 13:41
  number
• 13:42
  three,
• 13:42
  Chris.
• 13:42
  REI
• 13:43
  wants
• 13:43
  to
• 13:44
  stop
• 13:44
  serial
• 13:44
  Returners.
• 13:45
  According
• 13:45
  to
• 13:45
  Retail
• 13:46
  Dive,
• 13:46
  REI
• 13:47
  is
• 13:47
  now
• 13:47
  not
• 13:48
  accepting
• 13:48
  returns
• 13:49
  from
• 13:49
  a
• 13:49
  quote,
• 13:50
  small
• 13:50
  subset
• 13:51
  of
• 13:51
  its
• 13:52
  members
• 13:53
  who
• 13:53
  have
• 13:53
  repeatedly
• 13:54
  abused
• 13:54
  its
• 13:55
  return
• 13:55
  policies.
• 13:56
  Normally,
• 13:56
  REI
• 13:57
  members
• 13:58
  would
• 13:58
  have
• 13:58
  up
• 13:58
  to
• 13:59
  one
• 13:59
  year
• 13:59
  to
• 13:59
  return
• 13:59
  most
• 14:00
  items,
• 14:00
  while
• 14:00
  non
• 14:01
  members
• 14:01
  have
• 14:01
  90
• 14:02
  days.
• 14:02
  However,
• 14:03
  according
• 14:03
  to
• 14:03
  REI,
• 14:04
  a
• 14:04
  limited
• 14:04
  number
• 14:04
  of
• 14:04
  people
• 14:05
  have
• 14:05
  abused
• 14:05
  the
• 14:06
  company's
• 14:06
  return
• 14:06
  policy
• 14:07
  with
• 14:07
  an
• 14:08
  average
• 14:08
  return
• 14:09
  rate
• 14:09
  of
• 14:09
  79%.
• 14:11
  This
• 14:12
  particular
• 14:12
  group
• 14:12
  returned
• 14:13
  $2400
• 14:14
  worth
• 14:14
  of
• 14:14
  gear
• 14:15
  in
• 14:15
  the
• 14:15
  past
• 14:15
  year
• 14:16
  and
• 14:16
  1400
• 14:17
  dollars
• 14:17
  of
• 14:17
  that
• 14:18
  product
• 14:18
  was
• 14:18
  used.
• 14:19
  A
• 14:19
  spokesperson
• 14:20
  said.
• 14:20
  As
• 14:20
  a
• 14:20
  result,
• 14:20
  while
• 14:21
  those
• 14:21
  members
• 14:21
  may
• 14:21
  still
• 14:22
  shop
• 14:22
  at
• 14:22
  rei,
• 14:22
  the
• 14:23
  company
• 14:23
  said
• 14:23
  they
• 14:23
  will
• 14:23
  no
• 14:23
  longer
• 14:24
  be
• 14:24
  allowed
• 14:25
  to
• 14:25
  make
• 14:25
  returns
• 14:25
  or
• 14:26
  exchanges.
• 14:27
  Chris,
• 14:27
  something
• 14:28
  about
• 14:28
  this
• 14:28
  headline
• 14:28
  really
• 14:29
  spoke
• 14:29
  to
• 14:29
  you
• 14:29
  this
• 14:30
  week.
• 14:30
  You
• 14:30
  were
• 14:30
  all
• 14:30
  in
• 14:31
  on
• 14:31
  it.
• 14:32
  Actually
• 14:33
  A
• 14:33
  and
• 14:33
  M
• 14:34
  was
• 14:34
  too.
• 14:34
  This
• 14:34
  is
• 14:34
  their
• 14:34
  Put
• 14:35
  yout
• 14:35
  On
• 14:35
  the
• 14:35
  Spot
• 14:35
  question.
• 14:37
  So
• 14:37
  I
• 14:37
  want
• 14:37
  to
• 14:37
  know,
• 14:38
  first
• 14:38
  of
• 14:38
  all
• 14:39
  was
• 14:39
  so
• 14:39
  intriguing
• 14:40
  to
• 14:40
  you.
• 14:40
  And
• 14:40
  then
• 14:40
  second,
• 14:41
  let's
• 14:41
  get
• 14:41
  hit
• 14:41
  you
• 14:42
  with
• 14:42
  A&M's
• 14:42
  question
• 14:43
  which
• 14:43
  is
• 14:44
  while
• 14:45
  on
• 14:45
  the
• 14:45
  surface
• 14:45
  this
• 14:46
  seems
• 14:46
  like
• 14:47
  a
• 14:47
  potential
• 14:47
  customer
• 14:48
  turn
• 14:48
  off
• 14:48
  policy,
• 14:49
  by
• 14:49
  the
• 14:49
  numbers
• 14:50
  given,
• 14:50
  this
• 14:50
  impacts
• 14:51
  less
• 14:51
  than
• 14:51
  5,000
• 14:52
  REI
• 14:52
  customers,
• 14:53
  accounting
• 14:54
  for
• 14:54
  about
• 14:54
  $12
• 14:55
  million
• 14:56
  in
• 14:56
  returns
• 14:57
  and
• 14:56
  3
• 14:57
  million
• 14:58
  in
• 14:58
  non
• 14:58
  return
• 14:59
  sales.
• 14:59
  With
• 15:00
  that
• 15:00
  in
• 15:00
  mind,
• 15:00
  Chris,
• 15:01
  does
• 15:01
  your
• 15:01
  mind
• 15:01
  go
• 15:02
  to
• 15:02
  why
• 15:03
  bother
• 15:03
  or
• 15:03
  does
• 15:04
  it
• 15:04
  go
• 15:04
  to
• 15:05
  why
• 15:05
  not?
• 15:08
  Oh
• 15:08
  wow,
• 15:09
  100%
• 15:09
  why
• 15:09
  not?
• 15:10
  I
• 15:10
  mean
• 15:10
  those
• 15:10
  numbers,
• 15:11
  12
• 15:11
  million
• 15:11
  in
• 15:11
  returns,
• 15:12
  $3
• 15:12
  million
• 15:12
  in
• 15:13
  sales,
• 15:13
  like
• 15:14
  that's,
• 15:14
  that's,
• 15:14
  that's,
• 15:15
  that's
• 15:15
  a
• 15:15
  huge
• 15:15
  delta.
• 15:16
  Like
• 15:16
  no,
• 15:16
  I
• 15:17
  know,
• 15:17
  no,
• 15:17
  no
• 15:17
  amount
• 15:18
  of
• 15:18
  customers
• 15:18
  should
• 15:18
  be
• 15:18
  costing
• 15:19
  me
• 15:19
  that
• 15:19
  amount
• 15:19
  of
• 15:19
  money.
• 15:20
  $12
• 15:20
  million
• 15:20
  is
• 15:20
  a
• 15:21
  lot
• 15:21
  of
• 15:21
  money
• 15:21
  for
• 15:21
  people
• 15:22
  and
• 15:22
  a
• 15:22
  lot
• 15:22
  of
• 15:22
  money
• 15:22
  they
• 15:23
  can
• 15:23
  flow
• 15:23
  back
• 15:23
  in
• 15:23
  the
• 15:23
  operation.
• 15:24
  So
• 15:24
  like,
• 15:25
  I
• 15:25
  don't
• 15:25
  know,
• 15:25
  I
• 15:25
  don't
• 15:25
  sneeze
• 15:26
  at
• 15:26
  that.
• 15:26
  But
• 15:27
  so
• 15:27
  yeah,
• 15:27
  I
• 15:28
  think
• 15:28
  I'm
• 15:28
  all
• 15:28
  for
• 15:29
  REI
• 15:29
  doing
• 15:29
  this,
• 15:30
  but
• 15:30
  the
• 15:30
  reason
• 15:30
  I
• 15:30
  like
• 15:30
  this
• 15:31
  story
• 15:31
  and
• 15:31
  if
• 15:31
  I
• 15:32
  step
• 15:32
  back
• 15:32
  30,000
• 15:33
  foot
• 15:33
  view
• 15:33
  of
• 15:33
  retail,
• 15:34
  I
• 15:35
  think
• 15:35
  it
• 15:35
  goes
• 15:36
  into
• 15:36
  showing
• 15:36
  us
• 15:37
  again
• 15:37
  as
• 15:38
  this
• 15:38
  is
• 15:38
  becoming
• 15:38
  a
• 15:38
  recurring
• 15:39
  theme
• 15:39
  on
• 15:39
  the
• 15:39
  show
• 15:39
  this
• 15:40
  year,
• 15:40
  it
• 15:40
  shows
• 15:41
  you
• 15:41
  the
• 15:41
  power
• 15:41
  of
• 15:42
  data
• 15:42
  by
• 15:42
  way
• 15:42
  of
• 15:43
  a
• 15:43
  membership
• 15:43
  program,
• 15:44
  because
• 15:44
  REI
• 15:44
  is
• 15:45
  a
• 15:45
  membership
• 15:45
  program.
• 15:46
  So
• 15:46
  it
• 15:46
  gives
• 15:46
  them
• 15:46
  the
• 15:47
  flexibility
• 15:47
  to
• 15:47
  take
• 15:47
  action
• 15:48
  like
• 15:48
  this
• 15:48
  because
• 15:48
  they
• 15:49
  know
• 15:49
  who
• 15:49
  those
• 15:49
  individual
• 15:50
  customers
• 15:50
  are.
• 15:51
  So
• 15:51
  that
• 15:51
  gets
• 15:51
  me
• 15:51
  thinking.
• 15:52
  Anne,
• 15:52
  we're
• 15:53
  hearing
• 15:53
  more
• 15:53
  stories
• 15:54
  about
• 15:54
  how
• 15:54
  Returns
• 15:54
  are
• 15:55
  a
• 15:55
  problem.
• 15:55
  More
• 15:55
  retailers
• 15:56
  are
• 15:56
  starting
• 15:56
  to
• 15:56
  charge
• 15:57
  for
• 15:57
  them,
• 15:57
  even.
• 15:57
  And
• 15:58
  so
• 15:58
  it
• 15:58
  makes
• 15:58
  me
• 15:59
  ask
• 15:59
  another
• 15:59
  question,
• 15:59
  which
• 16:00
  is,
• 16:00
  with
• 16:00
  all
• 16:00
  these
• 16:01
  subscription
• 16:01
  programs
• 16:02
  coming
• 16:02
  online,
• 16:02
  like
• 16:02
  Walmart
• 16:03
  plus,
• 16:04
  what
• 16:04
  angle
• 16:04
  do
• 16:05
  they
• 16:05
  start
• 16:05
  to
• 16:05
  take
• 16:05
  with
• 16:06
  returns?
• 16:06
  Like,
• 16:06
  does
• 16:06
  a
• 16:06
  Walmart
• 16:07
  plus
• 16:07
  member
• 16:07
  get
• 16:07
  an
• 16:08
  extended
• 16:08
  return
• 16:09
  policy?
• 16:09
  Do
• 16:09
  the
• 16:09
  windows
• 16:09
  get
• 16:10
  shorter
• 16:10
  for
• 16:10
  non
• 16:11
  Walmart
• 16:11
  shoppers?
• 16:12
  Or
• 16:12
  any
• 16:12
  loyalty
• 16:13
  program
• 16:13
  member,
• 16:13
  for
• 16:14
  that
• 16:14
  that
• 16:14
  matter,
• 16:15
  at
• 16:15
  any
• 16:15
  retailer?
• 16:16
  So
• 16:16
  the
• 16:16
  headline,
• 16:17
  to
• 16:17
  me
• 16:17
  just
• 16:17
  presents,
• 16:18
  ultimately,
• 16:18
  a
• 16:19
  new
• 16:19
  canvas
• 16:19
  on
• 16:20
  rich
• 16:20
  retailers
• 16:20
  can
• 16:21
  paint
• 16:21
  something
• 16:22
  we
• 16:22
  haven't
• 16:22
  seen
• 16:22
  before.
• 16:23
  And
• 16:23
  that's
• 16:23
  why
• 16:24
  I
• 16:24
  like
• 16:24
  this
• 16:24
  headline
• 16:24
  so
• 16:25
  much.
• 16:25
  It
• 16:25
  gets
• 16:25
  my
• 16:25
  mind
• 16:26
  just
• 16:26
  going
• 16:26
  in
• 16:26
  new
• 16:27
  directions.
• 16:27
  But
• 16:28
  I
• 16:28
  don't
• 16:28
  know.
• 16:29
  I
• 16:29
  hope
• 16:29
  you
• 16:29
  don't
• 16:29
  rate
• 16:29
  on
• 16:30
  my
• 16:30
  parade
• 16:30
  on
• 16:30
  this
• 16:30
  one.
• 16:31
  I
• 16:31
  kind
• 16:31
  of
• 16:31
  worried
• 16:32
  that
• 16:32
  you
• 16:32
  might,
• 16:32
  but
• 16:32
  maybe
• 16:33
  we'll
• 16:33
  just
• 16:33
  be
• 16:33
  friendly
• 16:34
  again
• 16:34
  on
• 16:34
  this
• 16:34
  show.
• 16:34
  I
• 16:34
  don't
• 16:34
  know.
• 16:35
  What's
• 16:35
  your
• 16:35
  take?
• 16:36
  No,
• 16:36
  I
• 16:36
  mean,
• 16:37
  I
• 16:37
  think
• 16:37
  this
• 16:37
  is
• 16:37
  a
• 16:38
  definite.
• 16:38
  Why
• 16:38
  not?
• 16:38
  I
• 16:39
  mean.
• 16:39
  Yeah.
• 16:40
  Okay,
• 16:40
  first,
• 16:40
  I
• 16:41
  was
• 16:41
  trying
• 16:41
  to
• 16:41
  consider,
• 16:42
  like,
• 16:42
  what
• 16:42
  are
• 16:42
  the
• 16:42
  cons
• 16:43
  here?
• 16:43
  You
• 16:43
  have
• 16:44
  REI
• 16:44
  that's
• 16:45
  in
• 16:45
  an
• 16:45
  increasingly
• 16:46
  competitive
• 16:47
  space
• 16:47
  with
• 16:47
  Dick's
• 16:48
  Sporting
• 16:48
  Goods,
• 16:48
  Public
• 16:49
  Lands
• 16:49
  coming
• 16:49
  online
• 16:50
  and
• 16:50
  expanding
• 16:50
  their
• 16:50
  stores,
• 16:51
  Bass
• 16:51
  Pro
• 16:51
  Shops
• 16:52
  kind
• 16:52
  of
• 16:52
  coming
• 16:52
  into
• 16:53
  favor
• 16:53
  with
• 16:53
  the
• 16:54
  next
• 16:54
  generation
• 16:54
  of
• 16:55
  customer.
• 16:55
  But
• 16:56
  I
• 16:56
  really
• 16:57
  don't
• 16:57
  think
• 16:57
  it's
• 16:57
  that
• 16:57
  big
• 16:58
  of
• 16:58
  a
• 16:58
  deal.
• 16:58
  I
• 16:58
  think
• 16:58
  this
• 16:59
  is
• 16:59
  just
• 16:59
  some
• 16:59
  bad
• 17:00
  actors
• 17:00
  who
• 17:00
  have
• 17:01
  really
• 17:01
  screwed
• 17:01
  things
• 17:02
  up.
• 17:02
  Like,
• 17:02
  it
• 17:02
  reminds
• 17:02
  me
• 17:02
  of
• 17:03
  being
• 17:03
  in
• 17:03
  Catholic
• 17:03
  school
• 17:04
  when
• 17:04
  one
• 17:04
  of
• 17:04
  our
• 17:05
  teachers,
• 17:05
  Sister
• 17:06
  Ann
• 17:06
  Marie,
• 17:06
  she
• 17:06
  let
• 17:07
  us
• 17:07
  chew
• 17:07
  gum,
• 17:07
  Right?
• 17:08
  But
• 17:08
  then
• 17:08
  some
• 17:09
  jerks
• 17:09
  in
• 17:09
  the
• 17:09
  class
• 17:10
  started
• 17:10
  putting
• 17:10
  it
• 17:10
  under
• 17:11
  church
• 17:11
  pews.
• 17:12
  They
• 17:12
  put
• 17:12
  it
• 17:12
  under
• 17:13
  their
• 17:13
  desks,
• 17:13
  and
• 17:13
  they
• 17:14
  put
• 17:14
  it
• 17:14
  on
• 17:14
  Sister
• 17:14
  Ann
• 17:15
  Marie's
• 17:15
  chair.
• 17:15
  And
• 17:15
  you
• 17:16
  know
• 17:16
  what?
• 17:16
  Then
• 17:16
  we
• 17:16
  couldn't
• 17:17
  chew
• 17:17
  gum
• 17:17
  anymore.
• 17:18
  So
• 17:18
  that's
• 17:19
  what
• 17:19
  happens.
• 17:19
  And
• 17:19
  if
• 17:20
  you're
• 17:20
  going
• 17:20
  to
• 17:20
  abuse
• 17:20
  a
• 17:20
  policy
• 17:21
  like
• 17:21
  this,
• 17:22
  I
• 17:22
  think
• 17:22
  that
• 17:23
  this
• 17:23
  is
• 17:23
  just.
• 17:23
  We're
• 17:24
  going
• 17:24
  to
• 17:24
  start
• 17:24
  to
• 17:24
  see,
• 17:24
  like
• 17:24
  you
• 17:25
  said,
• 17:25
  that
• 17:25
  we're
• 17:25
  going
• 17:25
  to
• 17:25
  start
• 17:25
  to
• 17:26
  see
• 17:26
  more
• 17:26
  retailers
• 17:26
  start
• 17:27
  to
• 17:27
  draw
• 17:27
  a
• 17:27
  hard
• 17:28
  line
• 17:28
  in
• 17:28
  the
• 17:28
  sand
• 17:29
  about
• 17:29
  their
• 17:30
  return
• 17:30
  policies.
• 17:31
  And
• 17:31
  I
• 17:31
  think
• 17:31
  REI
• 17:32
  is
• 17:32
  in
• 17:32
  a
• 17:32
  unique
• 17:33
  position,
• 17:33
  like,
• 17:34
  from
• 17:34
  a
• 17:34
  PR
• 17:34
  standpoint,
• 17:35
  to
• 17:35
  be
• 17:35
  like,
• 17:36
  look,
• 17:36
  you
• 17:36
  can't
• 17:37
  return
• 17:37
  any
• 17:37
  things
• 17:37
  anymore,
• 17:38
  but
• 17:38
  you
• 17:38
  can
• 17:38
  go
• 17:38
  to
• 17:38
  REI
• 17:39
  resale.
• 17:40
  And
• 17:40
  maybe
• 17:40
  if,
• 17:40
  like,
• 17:41
  if
• 17:41
  you're
• 17:41
  going
• 17:41
  to
• 17:41
  use
• 17:41
  these
• 17:42
  products
• 17:42
  for
• 17:42
  a
• 17:42
  year
• 17:43
  and
• 17:43
  then
• 17:43
  return
• 17:44
  them,
• 17:44
  like,
• 17:44
  here's
• 17:45
  an
• 17:45
  opportunity
• 17:45
  for
• 17:46
  you
• 17:46
  to
• 17:46
  get
• 17:46
  10,
• 17:47
  20,
• 17:47
  40%
• 17:48
  back
• 17:48
  on
• 17:48
  that
• 17:48
  purchase
• 17:49
  by
• 17:49
  putting
• 17:49
  it
• 17:50
  into
• 17:50
  the
• 17:50
  resale
• 17:50
  program.
• 17:51
  We're
• 17:51
  done
• 17:51
  with
• 17:52
  you.
• 17:52
  Stop
• 17:52
  abusing
• 17:53
  our
• 17:53
  returns.
• 17:53
  Like,
• 17:54
  I
• 17:54
  think.
• 17:54
  Yeah,
• 17:54
  I
• 17:54
  think
• 17:55
  that's
• 17:55
  what
• 17:55
  we're
• 17:55
  looking
• 17:55
  at
• 17:56
  here
• 17:56
  with
• 17:56
  this
• 17:57
  story.
• 17:58
  Yeah.
• 17:58
  And
• 17:58
  for
• 17:58
  all
• 17:58
  intents
• 17:58
  and
• 17:59
  purposes.
• 17:59
  REI's
• 18:00
  return
• 18:00
  policy,
• 18:00
  when
• 18:00
  you
• 18:00
  read
• 18:00
  it,
• 18:01
  is
• 18:01
  pretty
• 18:01
  dang
• 18:01
  generous.
• 18:02
  So,
• 18:02
  like,
• 18:02
  they
• 18:03
  give
• 18:03
  you
• 18:03
  a
• 18:03
  lot
• 18:03
  of
• 18:03
  grace.
• 18:04
  So,
• 18:04
  so
• 18:04
  they're
• 18:04
  just
• 18:05
  basically
• 18:05
  saying,
• 18:05
  we
• 18:05
  caught
• 18:06
  you,
• 18:06
  your
• 18:07
  sister
• 18:07
  Ann
• 18:07
  Marie
• 18:08
  caught
• 18:08
  you,
• 18:08
  and
• 18:09
  you
• 18:09
  just
• 18:09
  got
• 18:09
  to
• 18:09
  deal
• 18:10
  with
• 18:10
  it.
• 18:10
  So,
• 18:10
  yes,
• 18:11
  any
• 18:11
  Catholic
• 18:11
  school
• 18:11
  analogy
• 18:12
  is
• 18:12
  always
• 18:12
  wonderful
• 18:13
  and
• 18:13
  nice
• 18:14
  job.
• 18:14
  All
• 18:14
  right.
• 18:15
  Well,
• 18:15
  I
• 18:15
  think
• 18:15
  we
• 18:15
  should
• 18:15
  bring
• 18:15
  Chad
• 18:16
  onto
• 18:16
  today's
• 18:16
  show.
• 18:17
  What
• 18:17
  do
• 18:17
  you
• 18:17
  think,
• 18:17
  Anne?
• 18:18
  Let's
• 18:18
  do
• 18:18
  it.
• 18:19
  Joining
• 18:19
  us
• 18:20
  now
• 18:20
  for
• 18:20
  five
• 18:20
  insightful
• 18:21
  minutes
• 18:21
  is
• 18:21
  longtime
• 18:22
  friend
• 18:22
  of
• 18:22
  the
• 18:22
  show
• 18:23
  and
• 18:23
  partner
• 18:23
  and
• 18:24
  managing
• 18:24
  director
• 18:24
  at
• 18:24
  the
• 18:24
  A
• 18:25
  and
• 18:25
  M
• 18:25
  Consumer
• 18:25
  and
• 18:25
  Retail
• 18:26
  Group,
• 18:26
  Chad
• 18:26
  Lusk.
• 18:27
  Chad
• 18:27
  will
• 18:27
  be
• 18:28
  discussing
• 18:28
  with
• 18:28
  us
• 18:28
  the
• 18:28
  results
• 18:29
  of
• 18:29
  A&M
• 18:29
  CRG's
• 18:30
  most
• 18:30
  recent
• 18:31
  biannual
• 18:31
  consumer
• 18:32
  sentiment
• 18:33
  survey
• 18:33
  report.
• 18:34
  The
• 18:34
  report
• 18:35
  draws
• 18:35
  from
• 18:35
  a
• 18:35
  survey
• 18:35
  of
• 18:36
  over
• 18:36
  2100
• 18:37
  demographically
• 18:38
  representative
• 18:39
  US
• 18:39
  adults
• 18:40
  and
• 18:40
  analyzes
• 18:41
  how
• 18:41
  shifting
• 18:42
  economic
• 18:42
  conditions,
• 18:42
  among
• 18:43
  other
• 18:43
  purchase
• 18:44
  trends,
• 18:44
  are
• 18:44
  shaping
• 18:45
  consumer
• 18:46
  spending
• 18:46
  behaviors.
• 18:47
  So,
• 18:47
  Chad,
• 18:48
  in
• 18:48
  your
• 18:48
  last
• 18:49
  two
• 18:49
  reports,
• 18:49
  you
• 18:50
  indicated
• 18:50
  some
• 18:50
  major
• 18:51
  projected
• 18:51
  pullbacks
• 18:52
  in
• 18:52
  terms
• 18:52
  of
• 18:53
  consumer
• 18:53
  confidence
• 18:54
  and
• 18:54
  future
• 18:55
  spending
• 18:55
  plans.
• 18:56
  What
• 18:57
  are
• 18:57
  consumers
• 18:57
  saying
• 18:58
  their
• 18:58
  next
• 18:58
  six
• 18:59
  months
• 18:59
  and
• 18:59
  holiday
• 19:00
  spending
• 19:00
  will
• 19:01
  look
• 19:01
  like?
• 19:02
  Yeah,
• 19:03
  Chris,
• 19:03
  while
• 19:04
  you
• 19:04
  mentioned
• 19:04
  there's
• 19:05
  been
• 19:05
  a
• 19:05
  steady
• 19:05
  erosion
• 19:06
  in
• 19:06
  consumer
• 19:07
  confidence
• 19:08
  and
• 19:08
  plans
• 19:08
  to
• 19:08
  spend
• 19:08
  for
• 19:09
  a
• 19:09
  while
• 19:09
  now,
• 19:10
  there
• 19:10
  was
• 19:10
  a
• 19:10
  major
• 19:11
  step
• 19:11
  change
• 19:12
  downward
• 19:12
  last
• 19:12
  holiday
• 19:13
  season
• 19:14
  and
• 19:14
  that
• 19:14
  behavior
• 19:14
  has
• 19:15
  held
• 19:15
  only
• 19:16
  29%
• 19:17
  of
• 19:17
  consumers
• 19:18
  plan
• 19:18
  to
• 19:18
  spend
• 19:19
  more
• 19:19
  over
• 19:20
  the
• 19:20
  coming
• 19:20
  six
• 19:20
  months.
• 19:21
  That's
• 19:21
  down
• 19:21
  1100
• 19:22
  basis
• 19:22
  points
• 19:22
  from
• 19:23
  a
• 19:23
  low
• 19:23
  point
• 19:23
  this
• 19:24
  time
• 19:24
  last
• 19:24
  year.
• 19:25
  Worth
• 19:26
  calling
• 19:26
  out.
• 19:27
  We
• 19:27
  fielded
• 19:27
  the
• 19:27
  survey
• 19:28
  prior
• 19:28
  to
• 19:28
  the
• 19:29
  election,
• 19:29
  of
• 19:30
  course,
• 19:30
  now
• 19:30
  we're
• 19:31
  past
• 19:31
  it.
• 19:31
  But
• 19:31
  what
• 19:32
  consumers
• 19:32
  told
• 19:32
  us
• 19:33
  is
• 19:33
  the
• 19:33
  uncertainty
• 19:34
  of
• 19:34
  the
• 19:34
  election
• 19:34
  itself
• 19:35
  did
• 19:35
  not
• 19:36
  have
• 19:36
  a
• 19:36
  strong
• 19:36
  influence
• 19:37
  on
• 19:37
  their
• 19:37
  decisions.
• 19:38
  What
• 19:38
  they
• 19:38
  told
• 19:38
  us
• 19:39
  is
• 19:39
  that's
• 19:40
  speculative.
• 19:40
  And
• 19:41
  until
• 19:41
  I
• 19:41
  see
• 19:41
  real
• 19:42
  changes
• 19:42
  in
• 19:43
  inflation,
• 19:44
  interest
• 19:44
  rates,
• 19:44
  the
• 19:45
  job
• 19:45
  market,
• 19:45
  I'm
• 19:46
  going
• 19:46
  to
• 19:46
  continue
• 19:46
  to
• 19:46
  curtail
• 19:47
  spending.
• 19:48
  So
• 19:48
  what
• 19:48
  does
• 19:48
  that
• 19:48
  mean
• 19:48
  for
• 19:49
  holiday
• 19:50
  households
• 19:50
  plan
• 19:51
  to
• 19:51
  spend
• 19:51
  about
• 19:51
  9%
• 19:52
  net
• 19:52
  less
• 19:53
  this
• 19:53
  holiday
• 19:53
  season
• 19:54
  compared
• 19:54
  to
• 19:54
  last.
• 19:55
  And
• 19:55
  that's
• 19:56
  expected
• 19:56
  by
• 19:56
  reducing
• 19:57
  both
• 19:57
  total
• 19:57
  gift
• 19:58
  volume,
• 19:58
  not
• 19:59
  just
• 19:59
  average
• 19:59
  spend
• 19:59
  per
• 20:00
  gift.
• 20:01
  And
• 20:01
  what
• 20:02
  does
• 20:02
  that
• 20:02
  mean
• 20:02
  then,
• 20:02
  Chad,
• 20:03
  for
• 20:03
  retailers
• 20:04
  when
• 20:04
  it
• 20:04
  comes
• 20:05
  to
• 20:05
  more
• 20:05
  discretionary
• 20:06
  categories?
• 20:08
  Yeah,
• 20:09
  for
• 20:09
  sure
• 20:10
  it's
• 20:11
  troublesome.
• 20:11
  But
• 20:12
  what's
• 20:12
  interesting
• 20:13
  is
• 20:13
  we
• 20:13
  may
• 20:13
  be
• 20:14
  seeing
• 20:14
  further
• 20:15
  shifts
• 20:15
  in
• 20:15
  what
• 20:15
  consumers
• 20:16
  are
• 20:16
  considering
• 20:17
  discretionary
• 20:18
  versus
• 20:18
  basic
• 20:19
  needs
• 20:19
  right
• 20:19
  before
• 20:20
  our
• 20:20
  eyes.
• 20:21
  So
• 20:21
  for
• 20:21
  instance,
• 20:21
  for
• 20:22
  the
• 20:22
  first
• 20:22
  time
• 20:23
  this
• 20:23
  cycle
• 20:24
  where
• 20:24
  consumers
• 20:25
  said
• 20:26
  they'll
• 20:27
  get
• 20:27
  more
• 20:27
  conservative,
• 20:28
  anticipated
• 20:29
  spend
• 20:30
  in
• 20:30
  fresh
• 20:30
  food
• 20:31
  went
• 20:32
  down.
• 20:32
  So
• 20:32
  normally
• 20:33
  fresh
• 20:33
  food
• 20:34
  goes
• 20:34
  up
• 20:34
  at
• 20:34
  the
• 20:35
  expense
• 20:35
  of
• 20:35
  restaurant
• 20:36
  prepared
• 20:37
  food
• 20:37
  spend
• 20:37
  and
• 20:37
  delivery.
• 20:38
  This
• 20:38
  time
• 20:39
  fresh
• 20:39
  food
• 20:39
  interest
• 20:40
  went
• 20:40
  down
• 20:41
  in
• 20:41
  favor
• 20:41
  of
• 20:42
  dry
• 20:42
  packaged
• 20:43
  grocery.
• 20:43
  So
• 20:44
  the
• 20:44
  trade
• 20:44
  offs
• 20:44
  are
• 20:44
  going
• 20:45
  one
• 20:45
  cut
• 20:45
  deeper
• 20:46
  for
• 20:46
  consumers.
• 20:47
  Another
• 20:48
  example,
• 20:48
  wellness
• 20:49
  and
• 20:49
  Fitness
• 20:49
  took
• 20:50
  a
• 20:50
  major
• 20:50
  step
• 20:50
  back
• 20:51
  too.
• 20:51
  It
• 20:51
  had
• 20:51
  been
• 20:52
  holding
• 20:52
  on
• 20:52
  pretty
• 20:53
  strong,
• 20:53
  but
• 20:53
  looks
• 20:53
  like
• 20:54
  that's
• 20:54
  falling
• 20:54
  back
• 20:54
  as
• 20:55
  well
• 20:55
  as
• 20:55
  far
• 20:55
  as
• 20:55
  a
• 20:56
  discretionary
• 20:56
  category.
• 20:57
  So
• 20:58
  it's
• 20:58
  a
• 20:58
  fine
• 20:58
  line
• 20:59
  households
• 20:59
  are
• 21:00
  straddling
• 21:00
  now.
• 21:00
  So
• 21:01
  we
• 21:01
  also
• 21:02
  ask
• 21:02
  consumers,
• 21:03
  if
• 21:03
  things
• 21:03
  do
• 21:03
  improve
• 21:04
  and
• 21:04
  you
• 21:04
  have
• 21:04
  additional
• 21:05
  income,
• 21:05
  where
• 21:06
  will
• 21:06
  you
• 21:06
  put
• 21:06
  it?
• 21:07
  So
• 21:07
  the
• 21:08
  lower
• 21:08
  household
• 21:08
  income
• 21:09
  brackets
• 21:09
  are
• 21:09
  more
• 21:09
  inclined
• 21:10
  to
• 21:10
  either
• 21:10
  bank
• 21:11
  it
• 21:11
  or
• 21:12
  put
• 21:12
  it
• 21:12
  toward
• 21:13
  groceries,
• 21:14
  which
• 21:14
  implies
• 21:14
  that
• 21:14
  they're
• 21:15
  still
• 21:15
  well
• 21:15
  below
• 21:16
  their
• 21:16
  satisfaction
• 21:17
  of
• 21:17
  basic
• 21:17
  needs,
• 21:18
  whereas
• 21:18
  upper
• 21:19
  household
• 21:19
  income
• 21:20
  brackets
• 21:20
  are
• 21:20
  ready
• 21:20
  to
• 21:20
  put
• 21:21
  it
• 21:21
  toward
• 21:21
  more
• 21:21
  discretionary
• 21:22
  purchases
• 21:24
  like
• 21:24
  dining
• 21:25
  out,
• 21:25
  delivery,
• 21:26
  travel
• 21:27
  and
• 21:27
  entertainment.
• 21:28
  So
• 21:28
  there's
• 21:28
  some
• 21:28
  hope
• 21:28
  there.
• 21:30
  So
• 21:30
  Chad,
• 21:30
  I
• 21:30
  want
• 21:31
  to
• 21:31
  go
• 21:31
  deeper
• 21:31
  into
• 21:31
  what
• 21:31
  you
• 21:31
  just
• 21:32
  said.
• 21:32
  So
• 21:32
  we'll
• 21:33
  cutting
• 21:33
  back
• 21:33
  on
• 21:34
  discretionary
• 21:34
  categories
• 21:35
  be
• 21:36
  enough
• 21:36
  for
• 21:36
  consumers
• 21:37
  or
• 21:37
  do
• 21:37
  you
• 21:37
  think
• 21:37
  consumers
• 21:38
  will
• 21:38
  also
• 21:38
  change
• 21:39
  their
• 21:39
  habits
• 21:39
  in
• 21:39
  regards
• 21:40
  to
• 21:40
  other
• 21:40
  basic
• 21:41
  needs
• 21:41
  as
• 21:41
  well?
• 21:42
  Yeah.
• 21:43
  So
• 21:43
  given
• 21:43
  the
• 21:44
  longstanding
• 21:45
  financial
• 21:45
  pressures
• 21:46
  we've
• 21:46
  been
• 21:46
  seeing
• 21:47
  this
• 21:47
  cycle,
• 21:47
  we
• 21:47
  went
• 21:48
  deeper
• 21:48
  with
• 21:48
  consumers
• 21:49
  on
• 21:49
  how
• 21:50
  they
• 21:50
  plan
• 21:50
  to
• 21:50
  cut
• 21:50
  back
• 21:51
  and
• 21:51
  in
• 21:51
  particular
• 21:52
  against
• 21:53
  basic
• 21:53
  needs
• 21:54
  like
• 21:54
  groceries
• 21:55
  and
• 21:55
  others.
• 21:55
  So
• 21:56
  an
• 21:56
  interesting
• 21:56
  insight
• 21:57
  emerged
• 21:57
  here.
• 21:58
  So
• 21:59
  consumers
• 21:59
  are
• 21:59
  more
• 22:00
  likely
• 22:00
  to
• 22:00
  change
• 22:01
  their
• 22:01
  purchase
• 22:02
  behavior
• 22:02
  than
• 22:03
  their
• 22:03
  shopping
• 22:03
  behavior.
• 22:04
  So
• 22:04
  what
• 22:04
  does
• 22:04
  that
• 22:05
  mean?
• 22:05
  Consumers
• 22:06
  were
• 22:06
  25
• 22:07
  to
• 22:07
  30%
• 22:08
  more
• 22:08
  likely
• 22:09
  to
• 22:09
  switch
• 22:09
  to
• 22:10
  a
• 22:10
  cheaper
• 22:10
  brand
• 22:11
  or
• 22:11
  product
• 22:12
  at
• 22:12
  the
• 22:13
  same
• 22:13
  store
• 22:14
  than
• 22:14
  switch
• 22:14
  to
• 22:15
  a
• 22:15
  different,
• 22:15
  that
• 22:15
  is
• 22:16
  less
• 22:16
  expensive
• 22:17
  retailer.
• 22:17
  So
• 22:18
  the
• 22:18
  fascinating
• 22:19
  point
• 22:19
  there
• 22:19
  is
• 22:19
  that
• 22:19
  consumers
• 22:20
  will
• 22:20
  exhibit
• 22:21
  more
• 22:21
  retail
• 22:22
  banner
• 22:23
  loyalty
• 22:23
  over
• 22:24
  product
• 22:24
  brand
• 22:25
  loyalty
• 22:25
  when
• 22:25
  deciding
• 22:26
  how
• 22:26
  to
• 22:26
  cut
• 22:26
  back.
• 22:27
  So
• 22:27
  that's
• 22:28
  encouraging
• 22:28
  for
• 22:28
  retailers
• 22:29
  and
• 22:30
  critical
• 22:31
  to
• 22:31
  ensure
• 22:32
  that
• 22:32
  they
• 22:32
  have
• 22:32
  a
• 22:33
  proper,
• 22:33
  good,
• 22:34
  better
• 22:34
  best
• 22:34
  merchandising
• 22:35
  strategy,
• 22:36
  including
• 22:36
  private
• 22:37
  label,
• 22:38
  with
• 22:38
  clear
• 22:38
  indications
• 22:39
  of
• 22:39
  that
• 22:39
  value
• 22:39
  on
• 22:40
  shelf.
• 22:41
  That's
• 22:42
  interesting,
• 22:42
  Chad.
• 22:42
  It
• 22:43
  makes
• 22:43
  me
• 22:43
  wonder
• 22:44
  because
• 22:44
  last
• 22:44
  year
• 22:44
  we
• 22:44
  were
• 22:44
  talking
• 22:44
  about,
• 22:45
  especially
• 22:45
  around
• 22:45
  holiday,
• 22:46
  that
• 22:46
  this
• 22:46
  was
• 22:47
  going
• 22:47
  to
• 22:47
  be
• 22:47
  a
• 22:47
  much
• 22:48
  more
• 22:49
  digital
• 22:49
  forward
• 22:50
  holiday
• 22:50
  customers
• 22:51
  were
• 22:51
  going
• 22:51
  to
• 22:51
  be
• 22:51
  shopping
• 22:52
  online.
• 22:52
  Do
• 22:53
  you
• 22:53
  think
• 22:53
  that's
• 22:54
  going
• 22:54
  to
• 22:54
  be
• 22:54
  the
• 22:54
  case
• 22:54
  again,
• 22:55
  especially
• 22:55
  with
• 22:55
  the
• 22:55
  banner
• 22:56
  loyalty
• 22:56
  that
• 22:56
  you
• 22:57
  just
• 22:57
  mentioned?
• 22:59
  Yes,
• 22:59
  I
• 23:00
  do.
• 23:00
  And
• 23:01
  frankly
• 23:01
  that'll
• 23:01
  probably
• 23:02
  never
• 23:02
  change.
• 23:04
  38%
• 23:05
  are
• 23:05
  planning
• 23:05
  to
• 23:06
  shop
• 23:06
  even
• 23:06
  more
• 23:06
  online
• 23:07
  than
• 23:07
  in
• 23:07
  previous
• 23:08
  years.
• 23:08
  And
• 23:09
  there
• 23:09
  was
• 23:09
  a,
• 23:09
  there
• 23:09
  was
• 23:09
  already
• 23:10
  a
• 23:10
  70%
• 23:11
  online
• 23:11
  versus
• 23:12
  in
• 23:12
  store
• 23:12
  preference
• 23:13
  for
• 23:13
  holiday
• 23:13
  shopping
• 23:14
  last
• 23:14
  year.
• 23:15
  But
• 23:15
  that's
• 23:15
  for
• 23:16
  holiday.
• 23:16
  So
• 23:16
  listen,
• 23:17
  for
• 23:17
  the
• 23:17
  past
• 23:18
  seven
• 23:18
  cycles
• 23:19
  we've
• 23:19
  done
• 23:19
  this
• 23:19
  report.
• 23:20
  Nothing's
• 23:20
  really
• 23:20
  changed
• 23:21
  here,
• 23:21
  right?
• 23:21
  In
• 23:22
  store
• 23:22
  is
• 23:22
  Preferred
• 23:23
  by
• 23:23
  about
• 23:23
  2/3
• 23:24
  of
• 23:24
  consumers
• 23:24
  consumer.
• 23:25
  But
• 23:26
  the
• 23:26
  general,
• 23:26
  the
• 23:27
  generational
• 23:27
  patterns
• 23:28
  are
• 23:28
  interesting.
• 23:28
  Right?
• 23:29
  Your
• 23:29
  spikes
• 23:30
  for
• 23:30
  in
• 23:31
  store
• 23:31
  preferential
• 23:32
  shopping
• 23:32
  come
• 23:33
  from
• 23:33
  ages
• 23:33
  55
• 23:34
  and
• 23:34
  up
• 23:35
  and
• 23:35
  under
• 23:36
  34
• 23:36
  with
• 23:37
  a
• 23:37
  little
• 23:37
  valley
• 23:38
  in
• 23:38
  the
• 23:38
  middle.
• 23:39
  And
• 23:39
  not
• 23:39
  surprisingly,
• 23:40
  the
• 23:40
  in
• 23:40
  store
• 23:41
  appeal
• 23:42
  is
• 23:42
  for
• 23:43
  different
• 23:43
  reasons.
• 23:43
  Right.
• 23:44
  Everyone
• 23:44
  wants
• 23:44
  the
• 23:45
  ability
• 23:45
  to
• 23:45
  touch
• 23:46
  and
• 23:46
  feel
• 23:46
  products
• 23:47
  and
• 23:47
  have
• 23:48
  immediate
• 23:48
  product
• 23:49
  availability.
• 23:49
  That's,
• 23:50
  that's
• 23:50
  common.
• 23:51
  But
• 23:51
  older
• 23:52
  demos
• 23:52
  are
• 23:52
  looking
• 23:53
  for
• 23:53
  better
• 23:54
  promos
• 23:54
  and
• 23:54
  deals
• 23:55
  in
• 23:55
  store
• 23:56
  and
• 23:57
  you
• 23:57
  know,
• 23:57
  younger
• 23:57
  demos.
• 23:58
  Talk
• 23:58
  about
• 23:59
  just
• 23:59
  wanting
• 23:59
  to
• 23:59
  get
• 23:59
  out
• 24:00
  of
• 24:00
  the
• 24:00
  house.
• 24:01
  Yeah.
• 24:01
  Something
• 24:01
  to
• 24:01
  do,
• 24:02
  right?
• 24:04
  So
• 24:05
  unlike
• 24:05
  other
• 24:06
  consumer
• 24:06
  trends
• 24:07
  where
• 24:08
  older
• 24:08
  shoppers
• 24:09
  are
• 24:09
  helping
• 24:09
  prop
• 24:10
  up
• 24:10
  kind
• 24:11
  of
• 24:11
  a
• 24:11
  waning
• 24:11
  consumer
• 24:12
  preference,
• 24:13
  here
• 24:13
  we
• 24:13
  see
• 24:14
  no
• 24:14
  signs
• 24:14
  of
• 24:14
  in
• 24:14
  store
• 24:15
  shopping
• 24:15
  going
• 24:15
  away.
• 24:16
  And
• 24:16
  retailers
• 24:17
  can
• 24:17
  be
• 24:17
  comfortable
• 24:18
  continuing
• 24:19
  to
• 24:19
  invest
• 24:19
  in
• 24:19
  the
• 24:19
  right
• 24:20
  set
• 24:20
  of
• 24:20
  merchandise
• 24:21
  and
• 24:21
  experiences.
• 24:22
  But
• 24:22
  going
• 24:23
  back
• 24:23
  to
• 24:23
  holiday,
• 24:23
  I
• 24:23
  mean
• 24:24
  it
• 24:24
  is
• 24:24
  a
• 24:24
  similar
• 24:25
  story
• 24:25
  with
• 24:25
  online
• 24:26
  apps
• 24:27
  loyalty.
• 24:27
  As
• 24:28
  you
• 24:28
  skew
• 24:28
  older
• 24:29
  consumers
• 24:30
  are
• 24:30
  looking
• 24:31
  for
• 24:31
  additional
• 24:32
  value
• 24:32
  out
• 24:33
  of
• 24:33
  their
• 24:33
  online
• 24:34
  searching.
• 24:35
  As
• 24:35
  you
• 24:35
  skew
• 24:36
  younger,
• 24:36
  the
• 24:37
  more
• 24:37
  they
• 24:37
  prioritize
• 24:38
  smooth
• 24:38
  and
• 24:38
  seamless
• 24:39
  user
• 24:39
  experience.
• 24:40
  So
• 24:40
  retailers
• 24:41
  really
• 24:41
  need
• 24:41
  to
• 24:41
  meet
• 24:41
  both
• 24:42
  this
• 24:42
  holiday
• 24:42
  and
• 24:42
  always.
• 24:44
  Thanks,
• 24:44
  Chad.
• 24:45
  Always.
• 24:45
  Great
• 24:45
  stuff,
• 24:45
  Chad.
• 24:46
  Thank
• 24:46
  you.
• 24:46
  All
• 24:47
  right,
• 24:47
  headline
• 24:47
  number
• 24:48
  four.
• 24:48
  Retailers
• 24:49
  appear
• 24:49
  to
• 24:49
  be
• 24:49
  weighing
• 24:49
  whether
• 24:50
  to
• 24:50
  put
• 24:51
  radio
• 24:51
  emitting
• 24:52
  threads
• 24:53
  into
• 24:53
  their
• 24:53
  clothes
• 24:54
  to
• 24:54
  curb
• 24:54
  theft.
• 24:55
  According
• 24:55
  to
• 24:55
  Bloomberg.
• 24:56
  Zara
• 24:56
  owner
• 24:57
  Inditex,
• 24:57
  the
• 24:57
  world's
• 24:58
  biggest
• 24:58
  publicly
• 24:59
  held
• 24:59
  clothing
• 24:59
  retailer,
• 25:00
  is
• 25:00
  among
• 25:00
  those
• 25:00
  who
• 25:01
  have
• 25:01
  studied
• 25:01
  the
• 25:01
  change.
• 25:02
  The
• 25:02
  retail
• 25:03
  giant
• 25:03
  in
• 25:03
  Spain
• 25:04
  has
• 25:04
  reportedly
• 25:04
  talked
• 25:04
  with
• 25:05
  a
• 25:05
  small
• 25:05
  Spanish
• 25:06
  technology
• 25:06
  company,
• 25:07
  Myrons,
• 25:08
  and
• 25:08
  telecommunications
• 25:09
  operator
• 25:10
  Telefort
• 25:11
  about
• 25:11
  the
• 25:11
  possible
• 25:12
  application
• 25:12
  of
• 25:13
  a
• 25:13
  system
• 25:13
  based
• 25:13
  on
• 25:14
  an
• 25:14
  anti
• 25:14
  theft
• 25:15
  alarm
• 25:15
  product
• 25:16
  so
• 25:16
  thin
• 25:17
  it's
• 25:17
  imperceptible
• 25:18
  to
• 25:18
  the
• 25:18
  naked
• 25:18
  eye,
• 25:19
  according
• 25:19
  to
• 25:19
  people
• 25:20
  familiar
• 25:20
  with
• 25:20
  the
• 25:20
  matter
• 25:20
  who
• 25:21
  asked
• 25:21
  not
• 25:21
  to
• 25:21
  be
• 25:21
  named.
• 25:22
  Discussing
• 25:23
  private
• 25:23
  information.
• 25:23
  A
• 25:23
  lot
• 25:24
  of
• 25:24
  people
• 25:24
  discussing
• 25:24
  private
• 25:25
  information
• 25:25
  this
• 25:25
  weekend.
• 25:26
  Myron's
• 25:26
  product,
• 25:27
  which
• 25:27
  one
• 25:28
  of
• 25:28
  the
• 25:28
  people
• 25:28
  says
• 25:28
  is
• 25:29
  five
• 25:29
  times
• 25:29
  thinner
• 25:30
  than
• 25:30
  a
• 25:30
  human
• 25:31
  hair
• 25:31
  or
• 25:31
  about
• 25:32
  a
• 25:32
  thousandth
• 25:32
  of
• 25:33
  an
• 25:33
  inch,
• 25:33
  uses
• 25:34
  a
• 25:34
  conductive
• 25:35
  ink
• 25:36
  derived
• 25:36
  from
• 25:36
  cellulose
• 25:37
  to
• 25:37
  transmit
• 25:38
  signals.
• 25:39
  It
• 25:39
  can
• 25:39
  set
• 25:39
  off
• 25:39
  alarms
• 25:40
  if
• 25:40
  someone
• 25:40
  walks
• 25:40
  out
• 25:40
  of
• 25:40
  a
• 25:40
  shop
• 25:41
  with
• 25:41
  items
• 25:41
  whose
• 25:41
  woven
• 25:42
  in
• 25:42
  tags
• 25:42
  haven't
• 25:43
  been
• 25:43
  deactivated.
• 25:44
  The
• 25:44
  novel
• 25:45
  ink
• 25:45
  replaces
• 25:45
  aluminum,
• 25:46
  the
• 25:46
  main
• 25:46
  material
• 25:47
  used
• 25:47
  in
• 25:47
  most
• 25:48
  alarms.
• 25:48
  That
• 25:49
  would
• 25:49
  mean
• 25:49
  retailers
• 25:49
  wouldn't
• 25:50
  need
• 25:50
  to
• 25:50
  rely
• 25:50
  on
• 25:50
  the
• 25:50
  metal
• 25:51
  for
• 25:51
  alarms,
• 25:51
  making
• 25:52
  the
• 25:52
  devices
• 25:52
  potentially
• 25:53
  biodegradable
• 25:54
  and
• 25:54
  supporting
• 25:55
  the
• 25:55
  garment's
• 25:55
  recyclability.
• 25:56
  This
• 25:56
  is
• 25:57
  all
• 25:57
  in
• 25:57
  the
• 25:57
  name
• 25:57
  of
• 25:57
  sustainability.
• 25:58
  And
• 25:59
  but
• 25:59
  Anne,
• 25:59
  my
• 25:59
  question
• 25:59
  for
• 26:00
  you,
• 26:00
  are
• 26:00
  you
• 26:00
  buying
• 26:01
  or
• 26:01
  selling
• 26:01
  clothing
• 26:02
  made
• 26:02
  of
• 26:02
  radio
• 26:03
  emitting
• 26:03
  threads?
• 26:04
  I
• 26:05
  am
• 26:05
  investing
• 26:05
  in
• 26:06
  further
• 26:06
  research,
• 26:06
  Chris,
• 26:07
  so
• 26:07
  I
• 26:08
  guess
• 26:08
  that
• 26:08
  means
• 26:08
  I'm
• 26:08
  buying
• 26:09
  because
• 26:10
  but
• 26:11
  like
• 26:11
  let
• 26:11
  me
• 26:11
  just
• 26:11
  caveat
• 26:12
  this.
• 26:12
  If
• 26:13
  we
• 26:13
  are
• 26:13
  ever
• 26:13
  going
• 26:14
  to
• 26:14
  get
• 26:14
  YouTube
• 26:14
  comments,
• 26:15
  I
• 26:15
  think
• 26:15
  talking
• 26:16
  about
• 26:16
  Amazon
• 26:17
  fertility
• 26:17
  trackers
• 26:18
  and
• 26:18
  putting
• 26:18
  radio
• 26:18
  frequency
• 26:19
  threats
• 26:20
  that
• 26:20
  are
• 26:20
  the
• 26:20
  size
• 26:21
  of
• 26:21
  hairs,
• 26:21
  right?
• 26:23
  This
• 26:24
  is
• 26:24
  going
• 26:24
  to
• 26:24
  be
• 26:24
  the
• 26:24
  week
• 26:24
  that
• 26:24
  we
• 26:25
  get
• 26:25
  blasted
• 26:26
  with
• 26:26
  YouTube
• 26:26
  comments.
• 26:27
  But
• 26:27
  right,
• 26:27
  here's
• 26:27
  the
• 26:27
  thing
• 26:28
  from
• 26:28
  randos.
• 26:29
  Yes,
• 26:30
  exactly.
• 26:31
  So
• 26:32
  I
• 26:32
  do
• 26:32
  think
• 26:32
  that
• 26:33
  this
• 26:33
  is
• 26:33
  one
• 26:33
  of
• 26:33
  those
• 26:34
  technologies
• 26:34
  that
• 26:34
  could
• 26:35
  save
• 26:35
  retailers
• 26:35
  a
• 26:35
  lot
• 26:35
  of
• 26:36
  money.
• 26:36
  They're
• 26:36
  going
• 26:36
  to
• 26:36
  have
• 26:36
  to
• 26:36
  invest
• 26:37
  heavily
• 26:37
  in
• 26:37
  it.
• 26:37
  But
• 26:37
  I
• 26:37
  think
• 26:38
  with
• 26:38
  what
• 26:38
  we
• 26:38
  were
• 26:38
  seeing
• 26:38
  with
• 26:39
  rfid,
• 26:39
  like
• 26:40
  there
• 26:40
  are
• 26:40
  still
• 26:41
  ways,
• 26:41
  like
• 26:41
  some
• 26:41
  RFID
• 26:42
  tags
• 26:42
  are
• 26:42
  still
• 26:43
  being
• 26:43
  ripped
• 26:43
  out
• 26:43
  of
• 26:43
  products
• 26:44
  and
• 26:44
  there
• 26:45
  still
• 26:45
  is
• 26:46
  a
• 26:46
  massive
• 26:46
  return
• 26:47
  on
• 26:47
  investment
• 26:47
  though
• 26:48
  in
• 26:48
  some
• 26:48
  of
• 26:48
  this
• 26:49
  technology.
• 26:49
  I'm
• 26:50
  going
• 26:50
  to
• 26:50
  give
• 26:50
  you
• 26:50
  an
• 26:50
  example.
• 26:51
  So
• 26:51
  Lululemon,
• 26:52
  we
• 26:52
  know
• 26:52
  they
• 26:52
  have
• 26:52
  RFID
• 26:53
  in
• 26:53
  their
• 26:53
  product,
• 26:54
  right?
• 26:54
  Yep.
• 26:55
  I
• 26:55
  was
• 26:56
  just
• 26:56
  with
• 26:56
  my
• 26:56
  son.
• 26:57
  I
• 26:57
  got
• 26:57
  him
• 26:57
  a
• 26:57
  Lululemon
• 26:58
  shirt
• 26:58
  for
• 26:58
  his
• 26:58
  birthday.
• 26:59
  He
• 26:59
  decided
• 26:59
  he
• 26:59
  wanted
• 27:00
  to
• 27:00
  return
• 27:00
  it.
• 27:01
  We
• 27:01
  went
• 27:01
  through
• 27:01
  the
• 27:01
  whole
• 27:02
  rigmarole
• 27:02
  of
• 27:02
  things,
• 27:03
  but
• 27:04
  they
• 27:04
  knew
• 27:04
  exactly
• 27:05
  how
• 27:06
  much
• 27:06
  I
• 27:06
  paid
• 27:06
  for
• 27:07
  that
• 27:07
  shirt.
• 27:07
  I
• 27:07
  got
• 27:07
  it
• 27:07
  on
• 27:08
  sale.
• 27:08
  They
• 27:08
  knew
• 27:08
  exactly
• 27:09
  how
• 27:09
  much
• 27:09
  I
• 27:10
  paid
• 27:10
  for
• 27:10
  that
• 27:10
  shirt
• 27:10
  without
• 27:11
  a
• 27:11
  receipt.
• 27:12
  They
• 27:12
  knew
• 27:13
  this
• 27:13
  is
• 27:13
  the
• 27:13
  exact
• 27:13
  number
• 27:14
  of
• 27:14
  dollars
• 27:14
  and
• 27:14
  there
• 27:14
  are
• 27:15
  significant
• 27:15
  savings.
• 27:16
  You
• 27:16
  know,
• 27:16
  you
• 27:16
  think
• 27:16
  about
• 27:16
  multiplying
• 27:17
  that
• 27:17
  times
• 27:18
  thousands
• 27:18
  and
• 27:19
  thousands
• 27:19
  and
• 27:19
  thousands
• 27:19
  of
• 27:20
  products
• 27:20
  that
• 27:20
  are
• 27:20
  going
• 27:21
  through
• 27:21
  the
• 27:21
  system
• 27:21
  and
• 27:21
  that
• 27:22
  are
• 27:22
  going
• 27:22
  through
• 27:22
  customers
• 27:23
  hands
• 27:23
  all
• 27:23
  the
• 27:23
  time.
• 27:23
  Like
• 27:24
  there
• 27:24
  is
• 27:24
  significant
• 27:25
  money
• 27:25
  that
• 27:26
  they
• 27:26
  are
• 27:26
  saving
• 27:27
  by
• 27:27
  knowing
• 27:27
  exactly
• 27:28
  how
• 27:28
  much
• 27:28
  I
• 27:28
  paid
• 27:28
  for
• 27:29
  that
• 27:29
  and
• 27:29
  only
• 27:29
  giving
• 27:30
  the
• 27:31
  customer
• 27:32
  like
• 27:32
  that
• 27:32
  much
• 27:32
  money
• 27:33
  back.
• 27:33
  So
• 27:33
  I
• 27:34
  do
• 27:34
  think
• 27:34
  that
• 27:35
  this
• 27:35
  is
• 27:35
  something
• 27:36
  that
• 27:36
  could
• 27:36
  be
• 27:36
  worth
• 27:37
  investing
• 27:37
  in
• 27:37
  that
• 27:38
  is
• 27:38
  a
• 27:38
  little
• 27:38
  bit
• 27:38
  more
• 27:39
  preventative
• 27:40
  than
• 27:40
  some
• 27:40
  of
• 27:40
  the
• 27:41
  RFID
• 27:41
  tagging
• 27:42
  out
• 27:42
  there.
• 27:42
  But
• 27:44
  it
• 27:44
  might
• 27:45
  be
• 27:45
  down
• 27:45
  the
• 27:45
  road.
• 27:45
  Like
• 27:45
  I'm
• 27:46
  willing,
• 27:47
  I
• 27:47
  don't,
• 27:47
  I
• 27:48
  don't
• 27:48
  agree
• 27:48
  with
• 27:48
  you.
• 27:48
  In
• 27:48
  fact,
• 27:49
  I
• 27:49
  think
• 27:49
  you
• 27:49
  just
• 27:49
  made
• 27:49
  my
• 27:50
  point
• 27:50
  for
• 27:50
  me.
• 27:50
  And
• 27:50
  honestly,
• 27:51
  in
• 27:51
  fairness,
• 27:51
  like
• 27:52
  I'm
• 27:52
  selling
• 27:52
  this
• 27:53
  hard.
• 27:53
  I'm
• 27:53
  selling
• 27:53
  this
• 27:53
  hard
• 27:54
  because
• 27:54
  your
• 27:54
  Lulu
• 27:55
  exempt
• 27:55
  Lululemon
• 27:56
  example
• 27:56
  is
• 27:56
  great.
• 27:56
  Like,
• 27:57
  I
• 27:57
  mean
• 27:57
  this,
• 27:58
  why
• 27:58
  do
• 27:58
  you
• 27:58
  need
• 27:58
  this?
• 27:59
  I
• 27:59
  mean
• 27:59
  we,
• 27:59
  we
• 28:00
  had
• 28:00
  Troy
• 28:00
  Seawick
• 28:00
  of
• 28:01
  G
• 28:01
  Store
• 28:01
  on
• 28:01
  our
• 28:01
  Spotlight
• 28:02
  podcast
• 28:02
  on
• 28:03
  a
• 28:03
  few
• 28:03
  weeks
• 28:03
  ago
• 28:03
  talking
• 28:03
  about
• 28:04
  RFID
• 28:04
  and
• 28:04
  overhead
• 28:05
  readers
• 28:05
  basically
• 28:06
  approximating
• 28:06
  the
• 28:06
  same
• 28:07
  thing
• 28:07
  throughout
• 28:07
  a
• 28:07
  store.
• 28:07
  So
• 28:08
  like
• 28:08
  I
• 28:08
  don't
• 28:08
  see
• 28:09
  what
• 28:09
  value
• 28:09
  this
• 28:10
  presents.
• 28:10
  And
• 28:10
  it
• 28:10
  gets
• 28:10
  really
• 28:11
  crazy
• 28:11
  with
• 28:11
  like
• 28:12
  radio
• 28:12
  emitting
• 28:12
  threads
• 28:13
  on
• 28:13
  people,
• 28:13
  you
• 28:13
  know,
• 28:13
  like
• 28:14
  full
• 28:14
  scale
• 28:14
  on
• 28:14
  people's
• 28:15
  bodies
• 28:15
  and
• 28:15
  all
• 28:15
  that
• 28:15
  kind
• 28:15
  of
• 28:15
  stuff.
• 28:16
  I
• 28:16
  think
• 28:16
  it's
• 28:16
  a
• 28:16
  good
• 28:17
  story
• 28:17
  for
• 28:17
  a
• 28:17
  Bloomberg
• 28:18
  reporter
• 28:18
  to
• 28:19
  get
• 28:19
  some
• 28:19
  clicks,
• 28:20
  but
• 28:20
  honestly
• 28:20
  I
• 28:21
  like
• 28:21
  the
• 28:21
  offshoots.
• 28:22
  Plus
• 28:22
  there's
• 28:22
  so
• 28:23
  many
• 28:23
  more
• 28:23
  things
• 28:23
  you
• 28:23
  can
• 28:24
  do
• 28:24
  with
• 28:24
  the
• 28:24
  offshoots
• 28:24
  of,
• 28:25
  of
• 28:25
  the,
• 28:26
  the
• 28:26
  concept
• 28:26
  that,
• 28:27
  you
• 28:27
  know,
• 28:27
  RFID
• 28:28
  and
• 28:28
  overhead
• 28:28
  readers
• 28:28
  too
• 28:29
  like
• 28:29
  that
• 28:29
  get
• 28:29
  into
• 28:30
  the
• 28:30
  operations
• 28:30
  of
• 28:31
  the
• 28:31
  business
• 28:31
  too.
• 28:31
  And
• 28:32
  it's
• 28:32
  so
• 28:32
  much
• 28:32
  farther
• 28:33
  along
• 28:33
  than
• 28:33
  this
• 28:34
  too.
• 28:34
  So,
• 28:34
  so
• 28:34
  I
• 28:35
  would
• 28:35
  be
• 28:35
  maybe
• 28:36
  tangentially
• 28:37
  looking
• 28:37
  at
• 28:37
  this
• 28:38
  at
• 28:38
  best
• 28:38
  as
• 28:38
  an
• 28:39
  idea.
• 28:39
  I,
• 28:40
  I,
• 28:40
  I
• 28:40
  don't
• 28:41
  I
• 28:41
  don't
• 28:41
  like.
• 28:41
  But
• 28:41
  I
• 28:41
  think
• 28:42
  some
• 28:42
  of
• 28:42
  the
• 28:42
  RFID
• 28:43
  stuff
• 28:43
  selling
• 28:43
  it,
• 28:44
  the
• 28:44
  RFID
• 28:44
  stuff
• 28:44
  that
• 28:44
  you're
• 28:45
  talking
• 28:45
  about
• 28:45
  is
• 28:45
  enabled
• 28:45
  because
• 28:46
  of
• 28:46
  the
• 28:46
  hang
• 28:46
  tags
• 28:47
  on
• 28:47
  those
• 28:48
  garments.
• 28:48
  It's
• 28:48
  not
• 28:48
  all
• 28:49
  embedded
• 28:49
  in
• 28:49
  the
• 28:50
  garments
• 28:50
  themselves.
• 28:51
  So,
• 28:51
  like,
• 28:52
  if
• 28:52
  you
• 28:52
  could
• 28:52
  have
• 28:52
  the
• 28:53
  capabilities
• 28:53
  of
• 28:54
  RFID
• 28:55
  within
• 28:56
  a
• 28:56
  garment
• 28:57
  that's
• 28:58
  made
• 28:58
  from
• 28:58
  the
• 28:58
  cellulose
• 28:59
  of
• 28:59
  plants,
• 29:00
  like,
• 29:00
  I
• 29:01
  think
• 29:01
  there
• 29:01
  are
• 29:02
  some
• 29:02
  legs
• 29:02
  here
• 29:03
  that
• 29:03
  where,
• 29:03
  if
• 29:03
  you
• 29:03
  could
• 29:04
  just,
• 29:04
  if
• 29:04
  you
• 29:04
  could,
• 29:05
  this
• 29:05
  could
• 29:05
  be
• 29:05
  the
• 29:05
  replacement
• 29:06
  for
• 29:06
  RFID
• 29:06
  down
• 29:07
  the
• 29:07
  road.
• 29:07
  That
• 29:07
  eliminates
• 29:08
  some
• 29:08
  of
• 29:08
  the
• 29:08
  challenges
• 29:09
  that
• 29:09
  some
• 29:09
  retailers
• 29:10
  may
• 29:10
  have
• 29:11
  with
• 29:11
  RFID
• 29:12
  tagging
• 29:12
  or
• 29:12
  tags
• 29:13
  getting
• 29:13
  ripped
• 29:13
  off.
• 29:14
  I
• 29:14
  think,
• 29:14
  I
• 29:14
  think
• 29:15
  maybe,
• 29:16
  maybe
• 29:17
  fair.
• 29:17
  Yeah,
• 29:17
  we
• 29:17
  got
• 29:17
  to,
• 29:17
  we
• 29:17
  got
• 29:17
  to
• 29:17
  get
• 29:18
  a
• 29:18
  good
• 29:18
  friend,
• 29:18
  Marshall
• 29:19
  K
• 29:19
  back
• 29:19
  on
• 29:19
  the
• 29:19
  podcast
• 29:20
  talking
• 29:20
  about
• 29:20
  the
• 29:20
  value
• 29:20
  of
• 29:21
  RFID
• 29:22
  tags
• 29:22
  versus
• 29:22
  embedded
• 29:23
  threads.
• 29:23
  I
• 29:23
  think
• 29:24
  he'll
• 29:24
  have
• 29:24
  to
• 29:24
  solve
• 29:25
  this
• 29:25
  question
• 29:25
  for
• 29:25
  us.
• 29:25
  Hopefully
• 29:25
  he
• 29:26
  sees
• 29:26
  this
• 29:26
  podcast
• 29:26
  or
• 29:27
  listens
• 29:27
  this
• 29:27
  podcast
• 29:28
  and
• 29:28
  weighs
• 29:28
  in
• 29:28
  on
• 29:28
  that
• 29:29
  topic.
• 29:29
  But
• 29:29
  I
• 29:29
  don't
• 29:29
  know,
• 29:30
  I
• 29:30
  don't
• 29:30
  know.
• 29:30
  I'm
• 29:31
  still
• 29:31
  selling
• 29:31
  it
• 29:31
  and.
• 29:32
  All
• 29:32
  right,
• 29:33
  fine.
• 29:33
  Let's
• 29:33
  go
• 29:33
  to
• 29:33
  headline
• 29:34
  number
• 29:34
  five.
• 29:34
  Chris,
• 29:35
  I
• 29:35
  know
• 29:35
  you're
• 29:35
  going
• 29:35
  to
• 29:35
  have
• 29:35
  a
• 29:36
  lot
• 29:36
  to
• 29:36
  say
• 29:36
  about
• 29:36
  this.
• 29:37
  Wonder
• 29:38
  is
• 29:38
  acquiring
• 29:39
  Grubhub
• 29:39
  for
• 29:40
  $650
• 29:41
  million,
• 29:42
  according
• 29:42
  to
• 29:42
  grocery
• 29:43
  Dive.
• 29:43
  Wonder,
• 29:43
  a
• 29:44
  company
• 29:44
  that
• 29:44
  operates
• 29:44
  delivery
• 29:45
  focused
• 29:45
  food
• 29:46
  halls
• 29:46
  and
• 29:46
  the
• 29:46
  brainchild
• 29:47
  of
• 29:47
  Mark
• 29:47
  Laurie,
• 29:48
  will
• 29:48
  acquire
• 29:48
  food
• 29:49
  delivery
• 29:49
  provider
• 29:49
  Grubhub
• 29:50
  for
• 29:50
  $650
• 29:51
  million
• 29:52
  from
• 29:51
  just
• 29:53
  eattakeaway.com
• 29:54
  Wonder,
• 29:54
  which
• 29:55
  has
• 29:55
  28
• 29:55
  locations
• 29:56
  in
• 29:56
  the
• 29:56
  Northeast,
• 29:56
  also
• 29:57
  raised
• 29:57
  $250
• 29:58
  million
• 29:58
  in
• 29:59
  capital
• 29:59
  from
• 29:59
  new
• 29:59
  investors
• 30:00
  after
• 30:00
  previously
• 30:01
  raising
• 29:58
  $700
• 30:02
  million
• 30:03
  in
• 30:03
  March
• 30:03
  with
• 30:03
  plans
• 30:04
  to
• 30:04
  reach
• 30:02
  90
• 30:05
  locations
• 30:05
  by
• 30:05
  next
• 30:06
  year.
• 30:06
  It
• 30:06
  should
• 30:06
  be
• 30:07
  noted
• 30:07
  that
• 30:07
  Just
• 30:07
  Eat
• 30:08
  takeaway
• 30:08
  originally
• 30:09
  purchased
• 30:09
  Grubhub
• 30:09
  for
• 30:10
  $7
• 30:10
  billion
• 30:11
  in
• 30:11
  2020
• 30:12
  and
• 30:12
  tried
• 30:12
  selling
• 30:12
  the
• 30:12
  company
• 30:13
  since
• 30:14
  April
• 30:14
  of
• 30:15
  2022,
• 30:16
  said
• 30:16
  Mark
• 30:16
  Laurie
• 30:17
  about
• 30:17
  the
• 30:17
  acquisition.
• 30:18
  Quote
• 30:18
  we're
• 30:18
  excited
• 30:19
  to
• 30:19
  soon
• 30:19
  offer
• 30:20
  a
• 30:20
  curated
• 30:20
  selection
• 30:21
  of
• 30:21
  grubhub's
• 30:22
  restaurant
• 30:22
  partners
• 30:23
  directly
• 30:23
  in
• 30:23
  the
• 30:23
  Wonder
• 30:24
  app,
• 30:24
  alongside
• 30:25
  our
• 30:25
  owned
• 30:25
  and
• 30:26
  operated
• 30:26
  restaurants
• 30:27
  and
• 30:27
  meal
• 30:27
  kits.
• 30:27
  Bringing
• 30:28
  Wonder
• 30:28
  and
• 30:28
  grubhub
• 30:29
  together
• 30:29
  is
• 30:29
  the
• 30:29
  next
• 30:29
  step
• 30:30
  in
• 30:30
  our
• 30:30
  vision
• 30:30
  to
• 30:31
  create
• 30:31
  the
• 30:31
  super
• 30:31
  App
• 30:32
  for
• 30:32
  Meal
• 30:32
  time.
• 30:33
  Re
• 30:33
  envisioning
• 30:34
  the
• 30:35
  future
• 30:35
  of
• 30:35
  food
• 30:36
  delivery,
• 30:36
  end
• 30:36
  quote.
• 30:37
  Chris,
• 30:37
  do
• 30:37
  you
• 30:37
  agree
• 30:38
  with
• 30:38
  Wonders
• 30:38
  Mark
• 30:38
  Laurie
• 30:39
  that
• 30:39
  the
• 30:39
  world
• 30:39
  needs
• 30:39
  a
• 30:40
  super
• 30:40
  app
• 30:40
  for
• 30:40
  meal
• 30:41
  time?
• 30:42
  100%?
• 30:43
  Not
• 30:43
  at
• 30:43
  all,
• 30:43
  Ann.
• 30:43
  Not
• 30:44
  at
• 30:44
  all.
• 30:44
  No,
• 30:44
  I'm
• 30:45
  not
• 30:45
  buying
• 30:45
  this
• 30:46
  at
• 30:46
  all.
• 30:47
  And
• 30:47
  I
• 30:47
  kind
• 30:47
  of
• 30:47
  feel
• 30:47
  like
• 30:48
  I
• 30:48
  already
• 30:48
  have
• 30:48
  one
• 30:49
  and
• 30:49
  I
• 30:49
  have
• 30:49
  many
• 30:49
  options
• 30:50
  of
• 30:50
  them.
• 30:50
  Like
• 30:50
  I've
• 30:50
  got
• 30:51
  DoorDash,
• 30:51
  I've
• 30:51
  got
• 30:51
  my
• 30:51
  local
• 30:52
  grocer,
• 30:52
  I've
• 30:52
  got
• 30:53
  Walmart.
• 30:53
  Plus
• 30:53
  I've
• 30:53
  Got
• 30:54
  Amazon.
• 30:55
  So
• 30:55
  I,
• 30:55
  last
• 30:56
  time
• 30:56
  I
• 30:56
  checked.
• 30:56
  And
• 30:56
  last
• 30:56
  time
• 30:57
  I
• 30:57
  checked
• 30:57
  too.
• 30:57
  The
• 30:57
  universal
• 30:57
  truth
• 30:58
  is
• 30:58
  I
• 30:58
  want
• 30:58
  choice.
• 30:58
  I
• 30:59
  don't
• 30:59
  want
• 30:59
  to
• 30:59
  be
• 30:59
  forced
• 30:59
  to
• 30:59
  use
• 31:00
  one
• 31:00
  thing
• 31:00
  as
• 31:00
  a
• 31:00
  super
• 31:01
  app,
• 31:01
  especially
• 31:01
  in
• 31:02
  America.
• 31:02
  So.
• 31:03
  So
• 31:03
  this
• 31:03
  whole
• 31:04
  super
• 31:04
  app
• 31:04
  idea
• 31:05
  sounds
• 31:05
  like
• 31:06
  something
• 31:06
  you
• 31:06
  say
• 31:06
  to
• 31:06
  sound
• 31:07
  cool
• 31:07
  when
• 31:07
  you
• 31:07
  know
• 31:07
  you
• 31:08
  really
• 31:08
  aren't.
• 31:08
  That's
• 31:09
  what
• 31:09
  I
• 31:09
  think
• 31:09
  about
• 31:09
  this
• 31:10
  and
• 31:10
  that.
• 31:10
  That's
• 31:10
  my
• 31:11
  take
• 31:11
  here.
• 31:12
  Of
• 31:12
  course,
• 31:12
  with
• 31:12
  that
• 31:12
  said,
• 31:13
  I'm
• 31:13
  not
• 31:13
  P.T.
• 31:13
  barnum,
• 31:14
  aka
• 31:14
  Mark
• 31:14
  Laurie,
• 31:15
  aka
• 31:15
  the
• 31:15
  greatest
• 31:16
  investor
• 31:17
  showman
• 31:17
  on
• 31:17
  Earth,
• 31:18
  but
• 31:18
  I
• 31:18
  just
• 31:19
  don't
• 31:19
  see
• 31:19
  the
• 31:19
  long
• 31:20
  term
• 31:20
  play
• 31:20
  here
• 31:20
  and
• 31:20
  I
• 31:21
  really
• 31:21
  don't.
• 31:21
  The
• 31:22
  delivery
• 31:22
  space
• 31:22
  is
• 31:23
  crowded
• 31:23
  and
• 31:23
  it's
• 31:24
  consolidating
• 31:24
  already
• 31:25
  is
• 31:25
  another
• 31:25
  point
• 31:25
  I
• 31:26
  would
• 31:26
  add.
• 31:26
  It's
• 31:26
  pretty
• 31:27
  much
• 31:27
  a
• 31:27
  white
• 31:27
  label
• 31:28
  service
• 31:28
  at
• 31:28
  this
• 31:28
  point
• 31:29
  across
• 31:29
  the
• 31:29
  industry.
• 31:30
  I
• 31:30
  mean,
• 31:30
  look
• 31:30
  at
• 31:30
  what
• 31:30
  Starbucks
• 31:31
  is
• 31:31
  doing
• 31:31
  in
• 31:31
  the
• 31:31
  first
• 31:32
  headline,
• 31:32
  Blue
• 31:33
  Apron.
• 31:33
  And
• 31:33
  meal
• 31:33
  kits,
• 31:34
  those
• 31:35
  are
• 31:35
  dying
• 31:35
  as
• 31:35
  well.
• 31:36
  I
• 31:36
  tried
• 31:36
  them,
• 31:36
  I
• 31:36
  fell
• 31:37
  in
• 31:37
  love
• 31:37
  with
• 31:37
  them
• 31:37
  during
• 31:37
  the
• 31:37
  pandemic,
• 31:38
  but
• 31:38
  they
• 31:38
  jilted
• 31:39
  me.
• 31:39
  I'm
• 31:39
  not
• 31:39
  going
• 31:39
  to
• 31:39
  go
• 31:40
  back
• 31:40
  and
• 31:40
  I'm
• 31:40
  a
• 31:40
  jilted
• 31:41
  lover
• 31:41
  on
• 31:41
  the
• 31:41
  meal
• 31:41
  kit,
• 31:42
  so
• 31:42
  that's
• 31:42
  not
• 31:42
  appealing
• 31:42
  to
• 31:42
  me.
• 31:43
  So
• 31:43
  the
• 31:44
  success
• 31:44
  of
• 31:44
  this
• 31:45
  super
• 31:45
  app
• 31:45
  concept,
• 31:45
  if
• 31:46
  you
• 31:46
  get
• 31:46
  right
• 31:46
  down
• 31:46
  to
• 31:46
  it,
• 31:46
  Anne,
• 31:47
  the
• 31:47
  success
• 31:48
  of
• 31:48
  this
• 31:48
  super
• 31:48
  app
• 31:48
  concept
• 31:49
  has
• 31:49
  nothing
• 31:49
  to
• 31:49
  do
• 31:49
  with
• 31:49
  grubhub.
• 31:51
  It
• 31:51
  relies
• 31:51
  on
• 31:52
  the
• 31:52
  restaurant
• 31:52
  concept
• 31:53
  in
• 31:53
  and
• 31:53
  of
• 31:53
  itself
• 31:53
  of
• 31:53
  what
• 31:54
  Wonder
• 31:54
  is,
• 31:55
  which
• 31:55
  is
• 31:55
  supposed
• 31:55
  to
• 31:56
  be
• 31:56
  more
• 31:56
  geared
• 31:56
  toward
• 31:56
  the
• 31:56
  high
• 31:57
  end,
• 31:57
  which
• 31:57
  when
• 31:57
  I
• 31:58
  talk
• 31:58
  to
• 31:58
  people
• 31:58
  in
• 31:58
  the
• 31:58
  delivery
• 31:59
  space,
• 32:00
  customers
• 32:00
  don't
• 32:00
  want
• 32:01
  high
• 32:01
  end
• 32:01
  food
• 32:01
  delivered
• 32:02
  because
• 32:02
  it
• 32:02
  doesn't
• 32:03
  travel
• 32:03
  well.
• 32:03
  They
• 32:04
  want
• 32:04
  consistently
• 32:05
  Chinese,
• 32:05
  Mexican,
• 32:06
  pizza,
• 32:06
  all
• 32:06
  those
• 32:07
  things.
• 32:07
  But
• 32:08
  I'm
• 32:08
  sure,
• 32:08
  you
• 32:08
  know,
• 32:08
  and,
• 32:09
  but
• 32:09
  I
• 32:09
  mean,
• 32:10
  who
• 32:10
  am
• 32:10
  I?
• 32:11
  I'm
• 32:11
  just
• 32:11
  some
• 32:11
  pundit.
• 32:12
  I've
• 32:12
  been
• 32:12
  in
• 32:12
  retail
• 32:13
  20,
• 32:13
  25
• 32:14
  years
• 32:14
  now.
• 32:15
  Who
• 32:15
  am
• 32:15
  I
• 32:16
  to
• 32:16
  challenge
• 32:16
  the
• 32:17
  questions
• 32:17
  of,
• 32:18
  of
• 32:18
  Mark
• 32:18
  Laurie
• 32:19
  and
• 32:19
  Tony
• 32:19
  Hoggett
• 32:20
  recently
• 32:20
  of
• 32:20
  Tesco
• 32:20
  and
• 32:21
  Amazon
• 32:21
  Fresh,
• 32:21
  who
• 32:22
  both
• 32:22
  have
• 32:22
  probably
• 32:23
  literally
• 32:23
  on
• 32:23
  their
• 32:23
  resume,
• 32:24
  no
• 32:24
  experience
• 32:25
  in
• 32:25
  the
• 32:25
  restaurant
• 32:25
  space.
• 32:26
  But
• 32:26
  who
• 32:26
  am
• 32:26
  I
• 32:26
  to
• 32:26
  question
• 32:27
  them?
• 32:27
  You
• 32:27
  know,
• 32:28
  they,
• 32:28
  they
• 32:29
  sold
• 32:29
  Mark,
• 32:29
  and
• 32:30
  especially
• 32:30
  Mark
• 32:30
  Lori.
• 32:30
  He
• 32:31
  sold
• 32:31
  two
• 32:31
  businesses
• 32:32
  that
• 32:32
  never
• 32:32
  made
• 32:33
  any
• 32:33
  money
• 32:33
  and
• 32:33
  don't
• 32:34
  exist
• 32:34
  anymore.
• 32:34
  But
• 32:34
  who
• 32:35
  am
• 32:35
  I
• 32:35
  to
• 32:35
  question
• 32:35
  them?
• 32:36
  And
• 32:36
  I
• 32:36
  mean,
• 32:36
  come
• 32:36
  on.
• 32:37
  I
• 32:37
  mean,
• 32:37
  I.
• 32:37
  So
• 32:37
  I'm
• 32:38
  probably
• 32:38
  getting
• 32:38
  something
• 32:38
  wrong.
• 32:40
  Well,
• 32:40
  I
• 32:40
  mean,
• 32:41
  if
• 32:41
  I'm
• 32:41
  trying
• 32:42
  to
• 32:42
  understand
• 32:43
  the
• 32:43
  thinking
• 32:44
  behind
• 32:44
  this,
• 32:44
  I
• 32:45
  mean,
• 32:45
  it
• 32:45
  was
• 32:45
  a
• 32:45
  steal
• 32:46
  of
• 32:46
  a
• 32:46
  deal
• 32:47
  if
• 32:47
  it
• 32:47
  was,
• 32:47
  you
• 32:47
  know,
• 32:48
  valued
• 32:48
  during
• 32:49
  the
• 32:49
  pandemic.
• 32:50
  $7
• 32:50
  billion
• 32:51
  and
• 32:51
  now
• 32:51
  it's
• 32:51
  650
• 32:52
  million.
• 32:53
  Like,
• 32:53
  okay,
• 32:54
  it's
• 32:54
  one
• 32:54
  way
• 32:54
  to
• 32:55
  put
• 32:55
  it.
• 32:55
  What
• 32:55
  could
• 32:56
  Wonder
• 32:56
  do
• 32:56
  with
• 32:57
  this?
• 32:57
  They
• 32:57
  could
• 32:58
  get
• 32:58
  scale
• 32:59
  because
• 32:59
  of
• 32:59
  the
• 32:59
  other
• 33:00
  restaurants
• 33:00
  on
• 33:00
  the
• 33:01
  platform
• 33:01
  or
• 33:01
  people
• 33:01
  who
• 33:02
  are
• 33:02
  already
• 33:02
  going
• 33:02
  to
• 33:02
  grubhub,
• 33:03
  they
• 33:03
  could
• 33:04
  allow
• 33:04
  for
• 33:04
  people
• 33:05
  to
• 33:05
  start
• 33:05
  to
• 33:05
  see
• 33:05
  Wonder's
• 33:06
  concepts
• 33:06
  and
• 33:07
  drive
• 33:07
  traffic
• 33:07
  in
• 33:07
  a
• 33:07
  way
• 33:08
  that
• 33:08
  maybe
• 33:08
  Wonder
• 33:09
  would
• 33:09
  have
• 33:09
  to
• 33:09
  invest
• 33:09
  a
• 33:10
  lot
• 33:10
  more
• 33:10
  money
• 33:10
  on
• 33:11
  to
• 33:11
  get
• 33:11
  people,
• 33:12
  you
• 33:12
  know,
• 33:13
  over
• 33:13
  to
• 33:13
  the
• 33:13
  platform.
• 33:14
  And
• 33:14
  you've
• 33:14
  seen
• 33:14
  the
• 33:15
  value
• 33:15
  of
• 33:15
  using
• 33:15
  the
• 33:15
  platform.
• 33:16
  So
• 33:16
  maybe
• 33:16
  if
• 33:16
  you
• 33:17
  look
• 33:17
  at
• 33:17
  it
• 33:17
  as
• 33:17
  like
• 33:17
  a
• 33:17
  marketing
• 33:18
  expense,
• 33:19
  that
• 33:19
  can
• 33:19
  help
• 33:20
  this.
• 33:21
  The
• 33:21
  other
• 33:21
  thing
• 33:22
  that
• 33:22
  I
• 33:22
  wonder,
• 33:22
  Chris,
• 33:23
  and
• 33:23
  this
• 33:23
  again,
• 33:23
  I'm
• 33:24
  digging
• 33:24
  deep
• 33:24
  for
• 33:24
  some
• 33:25
  of
• 33:25
  the
• 33:25
  under,
• 33:25
  trying
• 33:25
  to
• 33:26
  understand
• 33:26
  this.
• 33:26
  I'm
• 33:27
  trying
• 33:27
  to
• 33:27
  find
• 33:27
  the
• 33:27
  good
• 33:27
  in
• 33:27
  this.
• 33:28
  I'm
• 33:28
  trying
• 33:28
  to
• 33:29
  find
• 33:29
  the
• 33:29
  good.
• 33:29
  I'm
• 33:29
  trying
• 33:29
  to
• 33:30
  find
• 33:30
  the
• 33:30
  good
• 33:30
  in
• 33:30
  it.
• 33:30
  But
• 33:30
  like,
• 33:31
  do
• 33:31
  you
• 33:32
  think
• 33:32
  that
• 33:32
  they
• 33:32
  gain
• 33:33
  information
• 33:34
  from
• 33:34
  the
• 33:34
  other
• 33:34
  grubhub
• 33:35
  restaurants
• 33:35
  on
• 33:35
  the
• 33:36
  platform?
• 33:36
  Like
• 33:36
  Tony
• 33:36
  Hoggett
• 33:37
  coming
• 33:37
  in
• 33:37
  here
• 33:37
  is
• 33:38
  making
• 33:38
  me
• 33:38
  ask
• 33:38
  some
• 33:38
  serious
• 33:39
  questions
• 33:39
  about
• 33:39
  like
• 33:40
  the
• 33:40
  Amazon
• 33:40
  approach
• 33:41
  to
• 33:41
  business.
• 33:41
  Like,
• 33:41
  do
• 33:42
  does
• 33:42
  Wonder
• 33:42
  see,
• 33:43
  like,
• 33:43
  ooh,
• 33:44
  Chinese
• 33:44
  is
• 33:44
  really
• 33:44
  popular
• 33:45
  and
• 33:45
  people
• 33:45
  really
• 33:46
  like
• 33:46
  hot
• 33:46
  pot
• 33:46
  or
• 33:47
  something
• 33:47
  like
• 33:47
  that
• 33:48
  in
• 33:48
  delivery?
• 33:48
  Like,
• 33:49
  do
• 33:49
  we
• 33:49
  create
• 33:49
  a
• 33:49
  Wonder
• 33:50
  concept
• 33:50
  now
• 33:51
  that
• 33:51
  delivers
• 33:51
  hot
• 33:51
  pot
• 33:52
  and
• 33:52
  undercut
• 33:52
  the
• 33:53
  competition
• 33:53
  and
• 33:53
  now
• 33:53
  they
• 33:54
  have
• 33:54
  two
• 33:54
  hot
• 33:54
  pot
• 33:55
  options
• 33:55
  and
• 33:55
  Wonder,
• 33:56
  you
• 33:56
  know,
• 33:56
  like,
• 33:56
  do
• 33:56
  they
• 33:57
  do
• 33:57
  something
• 33:57
  with
• 33:57
  the
• 33:57
  data
• 33:58
  from
• 33:58
  that?
• 33:58
  I
• 33:58
  don't,
• 33:59
  I
• 33:59
  don't
• 33:59
  know.
• 34:00
  Is
• 34:01
  there
• 34:01
  still
• 34:01
  ties
• 34:01
  to
• 34:02
  Amazon
• 34:02
  where,
• 34:02
  you
• 34:03
  know,
• 34:03
  yes,
• 34:03
  right
• 34:03
  now,
• 34:04
  part
• 34:04
  of
• 34:04
  your
• 34:04
  prime
• 34:04
  membership,
• 34:05
  you
• 34:05
  can
• 34:05
  get
• 34:05
  grubhub
• 34:05
  delivery,
• 34:06
  but
• 34:06
  do
• 34:06
  they
• 34:07
  start
• 34:07
  to
• 34:07
  use
• 34:07
  that?
• 34:07
  That's
• 34:08
  an
• 34:08
  interesting
• 34:08
  question.
• 34:08
  What
• 34:08
  happens
• 34:09
  there
• 34:09
  too?
• 34:10
  Yeah,
• 34:10
  like,
• 34:10
  I
• 34:11
  think
• 34:11
  that
• 34:11
  I'm
• 34:11
  trying
• 34:11
  to
• 34:12
  dig
• 34:12
  as
• 34:12
  you
• 34:12
  can
• 34:13
  tell,
• 34:13
  but
• 34:13
  I
• 34:13
  do
• 34:13
  think
• 34:14
  that
• 34:14
  there
• 34:14
  could
• 34:15
  be
• 34:15
  some,
• 34:16
  some
• 34:16
  things
• 34:16
  that
• 34:17
  they're
• 34:17
  at
• 34:17
  least
• 34:17
  going
• 34:17
  to
• 34:17
  put
• 34:18
  into
• 34:18
  practice
• 34:18
  and
• 34:19
  test
• 34:19
  with
• 34:19
  this
• 34:20
  acquisition.
• 34:21
  The
• 34:21
  other
• 34:21
  you
• 34:22
  put
• 34:22
  about
• 34:22
  the
• 34:22
  Amazon
• 34:22
  thing,
• 34:23
  if
• 34:23
  you
• 34:23
  read
• 34:23
  that,
• 34:23
  if
• 34:23
  you
• 34:23
  read
• 34:23
  the
• 34:23
  articles,
• 34:24
  they
• 34:24
  too,
• 34:24
  they
• 34:24
  said
• 34:24
  that
• 34:24
  the
• 34:25
  Amazon,
• 34:25
  the
• 34:25
  Amazon
• 34:26
  partnership
• 34:26
  did
• 34:27
  nothing
• 34:27
  to
• 34:27
  help
• 34:27
  the
• 34:27
  Grubhub
• 34:28
  business.
• 34:28
  Business,
• 34:29
  which
• 34:29
  is
• 34:29
  fascinating
• 34:29
  too.
• 34:30
  So
• 34:30
  that
• 34:30
  means
• 34:30
  you're
• 34:30
  buying
• 34:30
  a
• 34:31
  diamond.
• 34:31
  My
• 34:32
  last
• 34:32
  word
• 34:32
  on
• 34:32
  this,
• 34:32
  Anne,
• 34:32
  is
• 34:33
  my,
• 34:33
  my
• 34:34
  tell
• 34:34
  on,
• 34:34
  on
• 34:35
  how
• 34:35
  silly
• 34:35
  this
• 34:35
  idea
• 34:36
  is
• 34:36
  if
• 34:36
  the
• 34:37
  next
• 34:37
  thing
• 34:37
  Lori
• 34:38
  goes
• 34:38
  and
• 34:38
  acquires
• 34:38
  is
• 34:38
  a
• 34:39
  drone
• 34:39
  company
• 34:40
  because
• 34:40
  drones
• 34:40
  are
• 34:41
  coming
• 34:41
  for
• 34:41
  this
• 34:42
  space
• 34:42
  because
• 34:42
  they
• 34:42
  give
• 34:43
  more
• 34:43
  scale
• 34:43
  to
• 34:44
  last
• 34:44
  mile
• 34:44
  delivery.
• 34:45
  And
• 34:45
  so
• 34:45
  if
• 34:46
  he
• 34:46
  next
• 34:46
  acquires
• 34:47
  that,
• 34:47
  that
• 34:47
  means
• 34:47
  he's
• 34:48
  all
• 34:48
  in
• 34:48
  on
• 34:48
  like
• 34:49
  this
• 34:49
  super
• 34:49
  app
• 34:50
  thing
• 34:50
  and
• 34:50
  selling
• 34:50
  it
• 34:50
  and
• 34:51
  trying
• 34:51
  to
• 34:51
  get
• 34:51
  out
• 34:51
  with
• 34:51
  a
• 34:51
  big
• 34:52
  exit
• 34:52
  like
• 34:52
  he
• 34:53
  has
• 34:53
  historically
• 34:53
  done
• 34:54
  in
• 34:54
  the
• 34:54
  past.
• 34:55
  That's
• 34:55
  my
• 34:55
  tell.
• 34:56
  So,
• 34:56
  so
• 34:56
  that.
• 34:56
  Look
• 34:57
  how
• 34:57
  thrown
• 34:57
  up
• 34:58
  I,
• 34:58
  I
• 34:58
  just,
• 34:59
  I
• 34:59
  don't,
• 34:59
  I
• 34:59
  don't.
• 35:00
  I
• 35:00
  already
• 35:00
  have
• 35:01
  a
• 35:01
  super
• 35:01
  app
• 35:01
  and
• 35:01
  it's
• 35:01
  called
• 35:02
  DoorDash.
• 35:02
  It
• 35:02
  100%
• 35:03
  is.
• 35:03
  I'm
• 35:04
  sorry,
• 35:04
  Mark.
• 35:04
  All
• 35:05
  right,
• 35:05
  Chris,
• 35:06
  it's
• 35:06
  time
• 35:06
  for
• 35:06
  us
• 35:07
  to
• 35:07
  go
• 35:07
  to
• 35:07
  the
• 35:07
  lightning
• 35:07
  round.
• 35:09
  Question
• 35:09
  number
• 35:09
  one
• 35:10
  for
• 35:10
  you,
• 35:11
  Chris.
• 35:11
  The
• 35:11
  home
• 35:12
  owned
• 35:12
  by
• 35:12
  the
• 35:12
  man
• 35:13
  who
• 35:13
  invented
• 35:13
  rollerblades
• 35:14
  is
• 35:14
  now
• 35:15
  up
• 35:15
  for
• 35:15
  sale
• 35:15
  in
• 35:15
  Bloomington,
• 35:16
  Minnesota,
• 35:16
  for
• 35:16
  575,000.
• 35:18
  It
• 35:18
  comes
• 35:19
  complete
• 35:19
  with
• 35:19
  a
• 35:20
  silo
• 35:20
  bachelor
• 35:21
  pad.
• 35:22
  And
• 35:22
  atop
• 35:22
  the
• 35:22
  silo,
• 35:23
  Chris,
• 35:23
  is
• 35:23
  a
• 35:23
  rooftop
• 35:24
  observation
• 35:24
  deck.
• 35:25
  I
• 35:25
  feel
• 35:25
  like
• 35:25
  I'm
• 35:25
  reading
• 35:26
  the
• 35:26
  price
• 35:26
  right
• 35:27
  now.
• 35:27
  Is
• 35:27
  that
• 35:27
  a
• 35:27
  silo
• 35:28
  like
• 35:28
  a.
• 35:28
  Like
• 35:28
  a
• 35:29
  grain
• 35:29
  silver
• 35:30
  silo?
• 35:30
  Yes.
• 35:31
  The
• 35:31
  founder
• 35:31
  of
• 35:32
  rollerblades
• 35:32
  was
• 35:33
  inspired
• 35:33
  by
• 35:34
  silos
• 35:34
  that
• 35:34
  he
• 35:34
  saw
• 35:35
  in
• 35:35
  pastures
• 35:36
  of.
• 35:37
  Of
• 35:38
  fields
• 35:39
  down
• 35:39
  in
• 35:40
  northern
• 35:40
  Minnesota.
• 35:41
  So
• 35:41
  as
• 35:41
  one
• 35:41
  does.
• 35:42
  There
• 35:42
  is.
• 35:42
  There
• 35:42
  is
• 35:42
  an
• 35:43
  actual
• 35:44
  silo.
• 35:45
  Chris,
• 35:45
  I
• 35:45
  want
• 35:45
  to
• 35:46
  know
• 35:46
  when
• 35:47
  was
• 35:47
  the
• 35:47
  last
• 35:47
  time,
• 35:48
  if
• 35:48
  ever,
• 35:49
  that
• 35:49
  you
• 35:49
  rollerbladed?
• 35:51
  Oh,
• 35:52
  my
• 35:52
  God.
• 35:52
  That's
• 35:52
  such
• 35:52
  a
• 35:52
  great
• 35:53
  question,
• 35:53
  Ed.
• 35:54
  I
• 35:54
  remember
• 35:54
  the
• 35:55
  year
• 35:55
  like
• 35:55
  it
• 35:55
  was
• 35:55
  yesterday,
• 35:56
  actually.
• 35:56
  Ad
• 35:57
  very
• 35:57
  memorable
• 35:58
  experience.
• 35:58
  It
• 35:58
  was
• 35:58
  1996,
• 36:00
  summer
• 36:00
  between
• 36:01
  freshman
• 36:01
  and
• 36:01
  sophomore
• 36:02
  year
• 36:02
  at
• 36:02
  Stanford.
• 36:03
  Was
• 36:03
  back
• 36:03
  home
• 36:03
  in
• 36:03
  Arizona.
• 36:04
  And
• 36:04
  I
• 36:04
  used
• 36:04
  to
• 36:05
  strap
• 36:05
  on
• 36:05
  the
• 36:05
  blades,
• 36:06
  the
• 36:06
  D
• 36:06
  pads,
• 36:07
  the
• 36:07
  elbow
• 36:07
  pads,
• 36:07
  the
• 36:08
  wrist
• 36:08
  guards.
• 36:08
  My
• 36:08
  God.
• 36:09
  Around
• 36:10
  the
• 36:10
  neighborhood
• 36:10
  for
• 36:11
  exercise
• 36:11
  every
• 36:12
  single
• 36:12
  day.
• 36:12
  And
• 36:13
  I
• 36:13
  will
• 36:13
  add,
• 36:13
  and
• 36:14
  usually.
• 36:14
  Usually
• 36:15
  I
• 36:15
  was
• 36:15
  alone.
• 36:19
  That
• 36:19
  does
• 36:19
  not
• 36:19
  surprise
• 36:20
  me.
• 36:20
  I
• 36:20
  really.
• 36:21
  I
• 36:21
  want.
• 36:22
  I
• 36:22
  want
• 36:22
  Mary
• 36:23
  to
• 36:23
  find
• 36:23
  us
• 36:23
  a
• 36:23
  photo
• 36:24
  of
• 36:24
  you
• 36:25
  rollerblading
• 36:26
  through
• 36:26
  the
• 36:27
  hills
• 36:27
  of
• 36:27
  Arizona.
• 36:28
  What
• 36:28
  color
• 36:29
  were
• 36:29
  your
• 36:29
  rollerblades?
• 36:29
  Were
• 36:29
  they
• 36:30
  like.
• 36:30
  Like
• 36:30
  hot
• 36:30
  pink?
• 36:31
  No,
• 36:32
  but
• 36:32
  they
• 36:32
  were
• 36:32
  purple.
• 36:33
  That's
• 36:33
  so
• 36:33
  good.
• 36:33
  That's
• 36:34
  so
• 36:34
  good.
• 36:34
  That's
• 36:35
  such
• 36:35
  a
• 36:35
  good
• 36:35
  thing.
• 36:35
  Yeah.
• 36:36
  Romans
• 36:36
  are
• 36:36
  always
• 36:37
  weird
• 36:37
  colors,
• 36:37
  weren't
• 36:37
  they?
• 36:38
  All
• 36:38
  right,
• 36:38
  all
• 36:38
  right,
• 36:39
  next
• 36:39
  one.
• 36:39
  Target's
• 36:40
  really
• 36:40
  hot
• 36:41
  Santa
• 36:41
  ad
• 36:41
  campaign
• 36:42
  was
• 36:42
  getting
• 36:42
  quite
• 36:43
  the
• 36:43
  buzz
• 36:43
  last
• 36:43
  week.
• 36:44
  Are
• 36:44
  you
• 36:44
  pro
• 36:45
  or
• 36:45
  con?
• 36:45
  The
• 36:46
  ad
• 36:46
  campaign
• 36:46
  or
• 36:47
  set
• 36:47
  another
• 36:47
  way,
• 36:48
  would
• 36:48
  you
• 36:48
  like
• 36:48
  to
• 36:48
  ride
• 36:49
  in
• 36:49
  Santa's
• 36:49
  sleigh
• 36:50
  tonight?
• 36:50
  And,
• 36:51
  I
• 36:51
  mean,
• 36:52
  Chris
• 36:52
  is
• 36:53
  kind
• 36:53
  of
• 36:53
  my
• 36:53
  type.
• 36:54
  I
• 36:55
  like
• 36:55
  a.
• 36:55
  I
• 36:55
  like
• 36:55
  a
• 36:56
  salt
• 36:56
  and
• 36:56
  peppery
• 36:57
  beard
• 36:57
  and
• 36:58
  whatever,
• 36:59
  but
• 36:59
  I
• 37:00
  don't
• 37:00
  get
• 37:00
  what
• 37:00
  the
• 37:01
  big
• 37:01
  deal
• 37:01
  is
• 37:01
  like.
• 37:01
  So
• 37:02
  Santa's
• 37:02
  a
• 37:02
  zaddy
• 37:03
  this
• 37:03
  year.
• 37:03
  That's
• 37:03
  cool,
• 37:04
  right?
• 37:04
  Like,
• 37:04
  I
• 37:04
  don't
• 37:05
  understand
• 37:05
  what
• 37:05
  the
• 37:05
  big
• 37:05
  deal
• 37:06
  is,
• 37:07
  I
• 37:07
  guess.
• 37:07
  I
• 37:08
  think
• 37:08
  he
• 37:08
  looks
• 37:08
  like
• 37:08
  Ryan
• 37:08
  Fitzpatrick,
• 37:09
  but,
• 37:10
  yeah,
• 37:10
  I
• 37:10
  don't
• 37:10
  know.
• 37:10
  I
• 37:11
  don't
• 37:11
  know.
• 37:11
  Okay,
• 37:12
  okay.
• 37:13
  Target
• 37:13
  will
• 37:14
  take
• 37:14
  all
• 37:14
  the
• 37:14
  buzz
• 37:14
  it
• 37:15
  can
• 37:15
  get
• 37:15
  this
• 37:15
  week,
• 37:15
  right?
• 37:16
  And
• 37:16
  Target
• 37:16
  will
• 37:16
  take
• 37:17
  any
• 37:17
  buzz
• 37:17
  it
• 37:17
  can
• 37:17
  get
• 37:18
  right
• 37:18
  after
• 37:18
  today's
• 37:19
  earnings
• 37:19
  announcement.
• 37:20
  Whoa.
• 37:21
  All
• 37:21
  right,
• 37:21
  Chris,
• 37:21
  let's
• 37:22
  go
• 37:22
  to
• 37:22
  question
• 37:22
  number
• 37:22
  three.
• 37:23
  Amazon
• 37:23
  said
• 37:23
  on
• 37:24
  Tuesday
• 37:24
  that
• 37:24
  it
• 37:24
  will
• 37:24
  let
• 37:25
  Amazon
• 37:25
  Music
• 37:25
  Unlimited
• 37:26
  subscribers
• 37:27
  access
• 37:27
  one
• 37:28
  audiobook
• 37:28
  per
• 37:29
  month
• 37:29
  from
• 37:29
  Audible's
• 37:30
  catalog
• 37:30
  for
• 37:30
  free.
• 37:31
  I
• 37:31
  want
• 37:31
  to
• 37:31
  know,
• 37:32
  will
• 37:32
  this
• 37:32
  be
• 37:33
  enough
• 37:33
  to
• 37:33
  convert
• 37:33
  you
• 37:34
  from
• 37:34
  physical
• 37:34
  books
• 37:35
  like
• 37:35
  the
• 37:35
  giant
• 37:36
  monstrosities
• 37:36
  I've
• 37:37
  seen
• 37:37
  you
• 37:37
  bring
• 37:37
  on
• 37:37
  planes
• 37:39
  into
• 37:40
  audio
• 37:40
  books.
• 37:40
  Chris.
• 37:41
  Absolutely
• 37:42
  not.
• 37:42
  No
• 37:42
  way.
• 37:42
  No
• 37:43
  way
• 37:43
  in
• 37:43
  hell.
• 37:43
  And
• 37:43
  nothing,
• 37:44
  nothing
• 37:44
  competes
• 37:45
  with
• 37:45
  the
• 37:45
  joy
• 37:45
  I
• 37:45
  get
• 37:46
  from
• 37:46
  reading
• 37:46
  a
• 37:46
  physical,
• 37:47
  physical
• 37:47
  book,
• 37:48
  closing
• 37:48
  it
• 37:49
  and
• 37:49
  staring
• 37:50
  at
• 37:50
  the
• 37:50
  front
• 37:50
  cover.
• 37:51
  I
• 37:51
  just
• 37:51
  love
• 37:51
  doing
• 37:51
  that.
• 37:52
  It
• 37:52
  just
• 37:52
  gives
• 37:52
  me
• 37:52
  some
• 37:53
  innate
• 37:53
  like,
• 37:53
  feeling
• 37:54
  of
• 37:54
  joy
• 37:54
  and
• 37:55
  happiness.
• 37:55
  It's
• 37:55
  like
• 37:56
  such
• 37:56
  an
• 37:56
  accomplishment
• 37:57
  when
• 37:57
  you,
• 37:57
  when
• 37:57
  you
• 37:57
  close
• 37:58
  that
• 37:58
  book,
• 37:58
  you
• 37:58
  stare
• 37:58
  at
• 37:58
  and
• 37:58
  you're
• 37:59
  like,
• 37:59
  yeah,
• 37:59
  I
• 38:00
  just
• 38:00
  read
• 38:00
  you.
• 38:00
  I
• 38:01
  took
• 38:01
  you
• 38:01
  to
• 38:01
  town.
• 38:01
  You
• 38:02
  know
• 38:02
  what
• 38:02
  I
• 38:02
  mean?
• 38:02
  Like,
• 38:04
  I
• 38:04
  dominated
• 38:05
  you.
• 38:06
  Yeah,
• 38:06
  I
• 38:07
  just
• 38:07
  read
• 38:07
  you.
• 38:07
  That's
• 38:08
  a,
• 38:08
  that's
• 38:08
  the
• 38:08
  type
• 38:09
  of
• 38:09
  experience
• 38:09
  I
• 38:09
  have
• 38:09
  with
• 38:10
  great
• 38:10
  American
• 38:10
  literature
• 38:11
  and.
• 38:11
  Or
• 38:11
  literature
• 38:12
  in
• 38:12
  general,
• 38:12
  I
• 38:12
  should
• 38:12
  say.
• 38:13
  All
• 38:13
  right,
• 38:13
  last
• 38:13
  one.
• 38:14
  Pepsi's
• 38:14
  latest
• 38:14
  ad
• 38:15
  campaign,
• 38:15
  undercover
• 38:16
  Cups.
• 38:16
  A
• 38:16
  send
• 38:17
  up
• 38:17
  of
• 38:17
  undercover
• 38:18
  cops
• 38:18
  has
• 38:19
  Pepsi
• 38:19
  agents
• 38:19
  barging
• 38:20
  into
• 38:20
  locations
• 38:20
  of
• 38:21
  the
• 38:21
  three
• 38:21
  largest
• 38:22
  US
• 38:22
  burger
• 38:23
  chains,
• 38:23
  McDonald's,
• 38:23
  Burger
• 38:24
  King
• 38:24
  and
• 38:24
  Wendy's,
• 38:25
  to
• 38:25
  snag
• 38:26
  customers
• 38:26
  drinks
• 38:27
  and
• 38:27
  replace
• 38:27
  them
• 38:27
  with
• 38:28
  Pepsi.
• 38:28
  It's
• 38:28
  a,
• 38:29
  it's
• 38:29
  a
• 38:29
  great
• 38:29
  watch
• 38:29
  too.
• 38:30
  I
• 38:30
  watched
• 38:30
  it
• 38:30
  the
• 38:30
  other
• 38:30
  day.
• 38:30
  It's
• 38:31
  some
• 38:31
  great,
• 38:32
  some
• 38:32
  great
• 38:32
  video
• 38:32
  footage.
• 38:33
  So.
• 38:33
  And
• 38:33
  I
• 38:33
  might
• 38:34
  have
• 38:34
  asked
• 38:34
  you
• 38:34
  this
• 38:34
  question
• 38:35
  before,
• 38:35
  but
• 38:35
  I
• 38:35
  did
• 38:35
  not
• 38:36
  remember
• 38:36
  the
• 38:36
  answer.
• 38:36
  So
• 38:36
  I'm
• 38:37
  going
• 38:37
  to
• 38:37
  ask
• 38:37
  you
• 38:37
  it
• 38:37
  again.
• 38:38
  When
• 38:38
  was
• 38:38
  the
• 38:39
  last
• 38:39
  time
• 38:39
  you
• 38:39
  actually
• 38:40
  remember
• 38:40
  ordering
• 38:41
  a
• 38:41
  Pepsi?
• 38:42
  Like
• 38:43
  actually
• 38:43
  ask
• 38:44
  for
• 38:44
  a
• 38:44
  Pepsi?
• 38:45
  When
• 38:46
  I
• 38:46
  ordered
• 38:46
  a
• 38:46
  Diet
• 38:46
  Coke
• 38:47
  and
• 38:48
  they
• 38:48
  were
• 38:48
  like,
• 38:49
  we
• 38:49
  don't
• 38:49
  have.
• 38:49
  No,
• 38:49
  no,
• 38:49
  no,
• 38:49
  no.
• 38:50
  I'm
• 38:50
  talking
• 38:50
  like,
• 38:51
  no,
• 38:51
  no.
• 38:51
  And
• 38:52
  I
• 38:52
  said,
• 38:52
  I'll
• 38:52
  take
• 38:52
  a
• 38:52
  Diet
• 38:53
  Pepsi.
• 38:54
  Okay,
• 38:55
  so
• 38:55
  you
• 38:55
  ordered
• 38:55
  a
• 38:55
  Diet.
• 38:56
  No,
• 38:56
  but
• 38:56
  that's
• 38:56
  like.
• 38:56
  But
• 38:57
  you
• 38:57
  didn't
• 38:57
  want,
• 38:57
  you
• 38:57
  wanted
• 38:57
  the
• 38:58
  Diet
• 38:58
  Coke.
• 38:58
  When
• 38:58
  did
• 38:58
  you
• 38:59
  first
• 38:59
  and
• 38:59
  foremost
• 39:00
  ask
• 39:00
  for
• 39:00
  a
• 39:00
  Pepsi?
• 39:02
  Not
• 39:02
  only
• 39:02
  in
• 39:03
  that
• 39:03
  scenario,
• 39:03
  when
• 39:04
  I
• 39:04
  have.
• 39:04
  You've
• 39:04
  never
• 39:05
  asked
• 39:05
  for
• 39:05
  a
• 39:05
  Pepsi
• 39:06
  ever?
• 39:06
  Not
• 39:06
  that
• 39:06
  I
• 39:07
  can
• 39:07
  ever
• 39:07
  recall.
• 39:08
  I
• 39:08
  mean,
• 39:08
  I
• 39:08
  don't.
• 39:08
  Wow.
• 39:09
  It's
• 39:10
  never
• 39:10
  been,
• 39:11
  we've
• 39:12
  never
• 39:12
  been
• 39:12
  a
• 39:12
  Pepsi
• 39:13
  family.
• 39:13
  Like,
• 39:13
  we
• 39:14
  were
• 39:14
  always
• 39:14
  a
• 39:14
  Coke
• 39:15
  family.
• 39:15
  So.
• 39:16
  Wow.
• 39:16
  I
• 39:17
  couldn't
• 39:17
  even
• 39:17
  tell
• 39:18
  you
• 39:18
  the
• 39:18
  last
• 39:18
  time
• 39:18
  I
• 39:18
  asked,
• 39:19
  I
• 39:19
  asked
• 39:20
  or
• 39:20
  requested
• 39:20
  a
• 39:20
  Pepsi.
• 39:21
  It
• 39:21
  was
• 39:22
  only
• 39:22
  by
• 39:22
  default
• 39:23
  when
• 39:23
  they're
• 39:23
  like,
• 39:23
  we
• 39:24
  don't
• 39:24
  have
• 39:24
  Diet
• 39:24
  Coke.
• 39:25
  Is
• 39:25
  Diet
• 39:25
  Pepsi
• 39:26
  okay?
• 39:26
  And
• 39:26
  I'm
• 39:26
  like,
• 39:26
  I'll
• 39:27
  have
• 39:27
  a
• 39:27
  Diet
• 39:27
  Pepsi
• 39:28
  then.
• 39:28
  Really?
• 39:29
  Wow.
• 39:30
  Wow.
• 39:30
  So
• 39:31
  you,
• 39:31
  are
• 39:31
  you
• 39:31
  old
• 39:31
  enough
• 39:32
  to
• 39:32
  have
• 39:32
  taken
• 39:32
  the
• 39:32
  Pepsi
• 39:33
  Challenge?
• 39:34
  Yeah.
• 39:34
  Yes.
• 39:35
  You
• 39:35
  did
• 39:35
  you
• 39:36
  remember
• 39:36
  taking
• 39:36
  the
• 39:36
  Pepsi
• 39:37
  Challenge?
• 39:37
  I
• 39:37
  remember
• 39:38
  doing
• 39:38
  the
• 39:38
  Pepsi
• 39:38
  Challenge.
• 39:39
  I
• 39:39
  think
• 39:39
  it
• 39:39
  was
• 39:39
  like
• 39:39
  in
• 39:40
  grade
• 39:40
  school
• 39:41
  and
• 39:41
  they
• 39:42
  like
• 39:42
  put
• 39:42
  them
• 39:42
  out
• 39:42
  and
• 39:42
  that
• 39:43
  was
• 39:43
  like,
• 39:43
  hey,
• 39:43
  we're
• 39:43
  going
• 39:44
  to
• 39:44
  do
• 39:44
  the
• 39:44
  Pepsi
• 39:44
  Challenge.
• 39:45
  And
• 39:45
  you're
• 39:45
  like,
• 39:45
  I'm
• 39:45
  all
• 39:46
  in
• 39:46
  on
• 39:46
  Coke.
• 39:46
  You
• 39:46
  still
• 39:47
  are
• 39:47
  all
• 39:47
  in
• 39:47
  Coke.
• 39:48
  I
• 39:48
  Think
• 39:48
  so.
• 39:49
  Sorry.
• 39:49
  Oh,
• 39:50
  sorry.
• 39:50
  See,
• 39:50
  I
• 39:50
  went
• 39:50
  through
• 39:50
  a
• 39:51
  five
• 39:51
  year
• 39:51
  period
• 39:51
  where
• 39:51
  I
• 39:51
  was
• 39:52
  like,
• 39:52
  big
• 39:52
  into
• 39:52
  Pepsi.
• 39:53
  Like,
• 39:53
  I
• 39:53
  liked
• 39:53
  Pepsi.
• 39:53
  Really?
• 39:54
  Coke?
• 39:54
  Yeah.
• 39:55
  I
• 39:55
  mean,
• 39:55
  I
• 39:55
  guess,
• 39:56
  I
• 39:56
  guess
• 39:56
  there's.
• 39:57
  There
• 39:57
  is.
• 39:57
  Like,
• 39:57
  if
• 39:57
  we're
• 39:58
  going
• 39:58
  to
• 39:58
  go
• 39:58
  deep
• 39:58
  on
• 39:58
  this,
• 39:59
  I
• 39:59
  do
• 39:59
  think
• 39:59
  that
• 40:00
  I
• 40:00
  typically
• 40:01
  drink
• 40:02
  Diet
• 40:02
  Coke
• 40:03
  and
• 40:03
  I
• 40:03
  think
• 40:03
  Diet
• 40:03
  Pepsi
• 40:04
  is
• 40:04
  a
• 40:04
  substitute
• 40:04
  for
• 40:05
  Diet
• 40:05
  Coke.
• 40:05
  No
• 40:05
  way.
• 40:06
  Pepsi
• 40:07
  on
• 40:07
  its
• 40:07
  own
• 40:07
  is
• 40:07
  okay,
• 40:08
  but
• 40:08
  I
• 40:08
  just.
• 40:09
  That's
• 40:09
  like
• 40:09
  never
• 40:09
  a
• 40:10
  cola
• 40:11
  like
• 40:11
  that.
• 40:11
  I
• 40:12
  don't
• 40:12
  go
• 40:12
  to
• 40:12
  cola
• 40:13
  in
• 40:13
  that
• 40:13
  way,
• 40:14
  I
• 40:14
  guess.
• 40:14
  Yeah,
• 40:15
  Yeah.
• 40:15
  I
• 40:15
  can't
• 40:15
  remember
• 40:15
  the
• 40:16
  last
• 40:16
  time
• 40:16
  I've
• 40:16
  heard
• 40:16
  somebody
• 40:17
  order
• 40:17
  a
• 40:17
  Pepsi.
• 40:17
  Like,
• 40:18
  can
• 40:18
  I
• 40:18
  have
• 40:18
  a
• 40:18
  Pepsi
• 40:18
  like
• 40:19
  anywhere
• 40:19
  in
• 40:19
  my
• 40:19
  parland?
• 40:20
  So,
• 40:20
  so
• 40:21
  good
• 40:21
  for
• 40:21
  them
• 40:21
  for
• 40:21
  trying
• 40:21
  to
• 40:22
  go
• 40:22
  undercover
• 40:23
  cups
• 40:23
  and
• 40:24
  show
• 40:24
  the
• 40:24
  great
• 40:24
  taste
• 40:25
  that
• 40:25
  Pepsi
• 40:25
  potentially
• 40:26
  does
• 40:26
  have.
• 40:26
  All
• 40:27
  right,
• 40:27
  Happy
• 40:27
  birthday
• 40:28
  Today
• 40:28
  to
• 40:28
  Joel
• 40:28
  McHale,
• 40:29
  Kelly
• 40:30
  Thorne,
• 40:30
  and
• 40:31
  to
• 40:31
  the
• 40:31
  woman
• 40:31
  who
• 40:31
  pretended
• 40:32
  to
• 40:32
  be
• 40:32
  Rob
• 40:33
  Lowe's
• 40:33
  mother
• 40:33
  in
• 40:34
  Tommy
• 40:34
  Boy,
• 40:35
  a
• 40:35
  movie
• 40:35
  I
• 40:35
  know
• 40:36
  Anne
• 40:36
  loves
• 40:36
  very
• 40:37
  dearly.
• 40:37
  The
• 40:38
  great
• 40:38
  Bo
• 40:38
  Derek.
• 40:39
  And
• 40:39
  remember,
• 40:39
  if
• 40:39
  you
• 40:39
  can
• 40:40
  only
• 40:40
  read
• 40:40
  or
• 40:40
  listen
• 40:40
  to
• 40:40
  one
• 40:40
  retail
• 40:41
  blogging
• 40:41
  the
• 40:41
  business,
• 40:42
  Make
• 40:42
  It
• 40:42
  Omnitalk,
• 40:42
  the
• 40:43
  only
• 40:43
  retail
• 40:43
  media
• 40:43
  outlet
• 40:44
  run
• 40:44
  by
• 40:44
  two
• 40:44
  former
• 40:44
  executives
• 40:45
  from
• 40:45
  a
• 40:45
  current
• 40:45
  top
• 40:46
  10
• 40:46
  US
• 40:46
  retailer.
• 40:47
  Our
• 40:47
  Fast
• 40:47
  Five
• 40:48
  podcast
• 40:48
  is
• 40:48
  the
• 40:48
  quickest,
• 40:49
  fastest
• 40:49
  rundown
• 40:49
  of
• 40:50
  all
• 40:50
  the
• 40:50
  week's
• 40:50
  top
• 40:50
  news.
• 40:51
  And
• 40:51
  our
• 40:51
  daily
• 40:51
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