Latest / Omni Talk Retail / Amazon Ads, Best Buy’s Marketplace & Macy’s Ever-Changing Strategic Narrative | Fast Five

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Amazon Ads, Best Buy’s Marketplace & Macy’s Ever-Changing Strategic Narrative | Fast Five · Omni Talk Retail

• 0:00
  The
• 0:00
  OmniTalk
• 0:01
  Fast5
• 0:01
  is
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  brought
• 0:02
  to
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  you
• 0:02
  with
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  support
• 0:03
  from
• 0:03
  the
• 0:03
  A
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  and
• 0:03
  M
• 0:04
  Consumer
• 0:04
  and
• 0:04
  Retail
• 0:05
  Group.
• 0:05
  The
• 0:05
  A
• 0:05
  and
• 0:05
  M
• 0:05
  Consumer
• 0:06
  and
• 0:06
  Retail
• 0:06
  Group
• 0:06
  is
• 0:07
  a
• 0:07
  management
• 0:07
  consulting
• 0:08
  firm
• 0:08
  that
• 0:08
  tackles
• 0:08
  the
• 0:09
  most
• 0:09
  complex
• 0:09
  challenges
• 0:10
  and
• 0:10
  advances
• 0:11
  its
• 0:11
  clients,
• 0:11
  people
• 0:12
  and
• 0:12
  communities
• 0:12
  toward
• 0:13
  their
• 0:13
  maximum
• 0:13
  potential.
• 0:14
  CRG
• 0:15
  brings
• 0:15
  the
• 0:15
  experience,
• 0:16
  tools
• 0:16
  and
• 0:16
  operator
• 0:16
  like
• 0:17
  pragmatism
• 0:17
  to
• 0:17
  help
• 0:18
  retailers
• 0:18
  and
• 0:19
  consumer
• 0:19
  products
• 0:19
  companies
• 0:20
  be
• 0:20
  on
• 0:20
  the
• 0:20
  right
• 0:20
  side
• 0:21
  of
• 0:21
  disruption
• 0:22
  and
• 0:22
  Miracle.
• 0:23
  Miracle
• 0:23
  is
• 0:23
  the
• 0:24
  global
• 0:24
  leader
• 0:24
  in
• 0:24
  platform
• 0:25
  business
• 0:25
  innovation
• 0:26
  for
• 0:26
  E
• 0:26
  commerce.
• 0:27
  Companies
• 0:27
  like
• 0:27
  Macy's,
• 0:28
  Nordstrom
• 0:28
  and
• 0:28
  Kroger
• 0:29
  use
• 0:29
  Miracle
• 0:30
  to
• 0:30
  build
• 0:30
  disruptive
• 0:31
  growth
• 0:31
  and
• 0:31
  profitability
• 0:32
  through
• 0:32
  marketplace,
• 0:33
  dropship
• 0:33
  and
• 0:34
  retail
• 0:34
  media.
• 0:35
  For
• 0:35
  more
• 0:35
  visit
• 0:36
  Miracle.com
• 0:37
  that's
• 0:37
  M
• 0:37
  I
• 0:37
  R
• 0:38
  A
• 0:38
  K
• 0:38
  L.com
• 0:39
  and
• 0:40
  Symbi
• 0:40
  Simbee
• 0:41
  powers
• 0:41
  the
• 0:42
  most
• 0:42
  retail
• 0:42
  banners
• 0:43
  in
• 0:43
  the
• 0:43
  world
• 0:44
  with
• 0:44
  today's
• 0:45
  only
• 0:45
  multimodal
• 0:46
  platform
• 0:46
  for
• 0:46
  in
• 0:47
  store
• 0:47
  intelligence,
• 0:48
  see
• 0:48
  how
• 0:48
  Albertsons,
• 0:49
  BJ,
• 0:49
  Spartan
• 0:50
  Nash
• 0:50
  and
• 0:50
  Wake
• 0:51
  firm
• 0:51
  win
• 0:51
  with
• 0:51
  AI
• 0:52
  and
• 0:52
  automation
• 0:53
  at
• 0:53
  simbirobotics.com
• 0:55
  and
• 0:55
  Ocampo
• 0:56
  Capital
• 0:57
  Ocampo
• 0:57
  Capital
• 0:58
  is
• 0:58
  a
• 0:58
  venture
• 0:58
  capital
• 0:59
  firm
• 0:59
  founded
• 0:59
  by
• 0:59
  retail
• 1:00
  executives
• 1:00
  with
• 1:01
  the
• 1:01
  aim
• 1:01
  of
• 1:01
  helping
• 1:02
  early
• 1:02
  stage
• 1:02
  consumer
• 1:03
  businesses
• 1:03
  succeed
• 1:04
  through
• 1:04
  investment
• 1:04
  and
• 1:05
  operational
• 1:05
  support.
• 1:06
  Learn
• 1:06
  more@ocampocapital.com
• 1:08
  and
• 1:09
  finally,
• 1:09
  Scratch
• 1:10
  Event
• 1:10
  DJs
• 1:11
  Scratch
• 1:11
  Event
• 1:12
  DJs
• 1:12
  tap
• 1:12
  into
• 1:13
  its
• 1:13
  unrivaled
• 1:14
  network
• 1:14
  of
• 1:15
  top
• 1:15
  local
• 1:15
  DJs
• 1:16
  to
• 1:16
  provide
• 1:16
  brands
• 1:17
  with
• 1:17
  high
• 1:17
  quality
• 1:18
  curated
• 1:18
  in
• 1:18
  store
• 1:19
  experiences
• 1:20
  anytime,
• 1:21
  anywhere.
• 1:21
  Find
• 1:22
  out
• 1:22
  more@events.scratch.com
• 1:25
  youm
• 1:25
  are
• 1:25
  listening
• 1:26
  to
• 1:26
  Omnitox
• 1:27
  Retail
• 1:27
  Fast
• 1:27
  Five
• 1:28
  ranked
• 1:28
  in
• 1:28
  the
• 1:28
  top
• 1:28
  10%
• 1:29
  of
• 1:29
  all
• 1:29
  podcasts
• 1:30
  globally
• 1:30
  and
• 1:30
  currently
• 1:31
  the
• 1:31
  only
• 1:31
  retail
• 1:31
  podcast
• 1:32
  ranked
• 1:32
  in
• 1:32
  the
• 1:32
  top
• 1:33
  100
• 1:33
  of
• 1:33
  all
• 1:33
  business
• 1:34
  podcasts
• 1:34
  on
• 1:34
  Apple
• 1:35
  Podcasts.
• 1:35
  The
• 1:35
  Retail
• 1:36
  Fast
• 1:36
  Five
• 1:36
  is
• 1:36
  a
• 1:36
  podcast
• 1:37
  that
• 1:37
  we
• 1:37
  hope
• 1:37
  makes
• 1:37
  you
• 1:38
  feel
• 1:38
  a
• 1:38
  little
• 1:38
  smarter,
• 1:39
  but
• 1:39
  most
• 1:39
  importantly,
• 1:40
  a
• 1:40
  little
• 1:40
  happier
• 1:41
  each
• 1:41
  week
• 1:41
  too.
• 1:42
  And
• 1:42
  the
• 1:42
  Fast
• 1:42
  5
• 1:43
  is
• 1:43
  just
• 1:43
  one
• 1:43
  of
• 1:43
  the
• 1:43
  many
• 1:44
  great
• 1:44
  podcasts
• 1:44
  that
• 1:44
  you
• 1:44
  can
• 1:45
  find
• 1:45
  from
• 1:45
  the
• 1:45
  Omnichot
• 1:46
  Retail
• 1:46
  Podcast
• 1:47
  Network
• 1:47
  alongside
• 1:48
  our
• 1:48
  Retail
• 1:48
  Daily
• 1:48
  Minute,
• 1:49
  which
• 1:49
  brings
• 1:49
  you
• 1:49
  a
• 1:49
  curated
• 1:50
  selection
• 1:50
  of
• 1:50
  the
• 1:50
  most
• 1:51
  important
• 1:51
  retail
• 1:51
  headlines
• 1:52
  every
• 1:52
  morning
• 1:53
  and
• 1:53
  our
• 1:53
  Retail
• 1:54
  Technology
• 1:54
  Spotlight
• 1:54
  series
• 1:55
  which
• 1:55
  goes
• 1:55
  deep
• 1:56
  each
• 1:56
  week
• 1:56
  on
• 1:56
  the
• 1:56
  latest
• 1:57
  retail
• 1:57
  technology
• 1:58
  trends.
• 1:59
  It's
• 1:59
  January
• 2:00
  15,
• 2:00
  2025.
• 2:01
  I'm
• 2:01
  one
• 2:02
  of
• 2:02
  your
• 2:02
  hosts,
• 2:02
  Anne
• 2:02
  Bazinga.
• 2:03
  And
• 2:03
  I'm
• 2:03
  Chris
• 2:04
  Walton
• 2:05
  and
• 2:05
  we
• 2:05
  are.
• 2:05
  Here
• 2:06
  live
• 2:06
  from
• 2:06
  NR
• 2:07
  New
• 2:08
  York
• 2:08
  City
• 2:08
  once
• 2:09
  again
• 2:09
  to
• 2:09
  discuss
• 2:10
  all
• 2:10
  the
• 2:10
  top
• 2:10
  headlines
• 2:11
  from
• 2:11
  the
• 2:11
  past
• 2:12
  week
• 2:12
  making
• 2:13
  waves
• 2:13
  in
• 2:13
  the
• 2:13
  world
• 2:13
  of
• 2:14
  omnichannel
• 2:14
  retailing.
• 2:15
  Chris,
• 2:15
  I'm
• 2:15
  giving
• 2:16
  this
• 2:16
  podcast
• 2:16
  every
• 2:17
  last
• 2:17
  ounce
• 2:18
  of
• 2:18
  energy
• 2:18
  that
• 2:19
  I
• 2:19
  have.
• 2:19
  I
• 2:20
  can
• 2:20
  hear
• 2:20
  it
• 2:20
  in
• 2:20
  your
• 2:20
  voice,
• 2:21
  Dan.
• 2:21
  You
• 2:21
  can
• 2:21
  probably
• 2:21
  hear
• 2:22
  it
• 2:22
  in
• 2:22
  mine
• 2:22
  too.
• 2:22
  I
• 2:23
  mean,
• 2:23
  I'm.
• 2:23
  I'm
• 2:24
  hoarse.
• 2:24
  I'm
• 2:24
  Hanging
• 2:24
  in
• 2:25
  there,
• 2:25
  man.
• 2:26
  I
• 2:26
  joked
• 2:27
  in
• 2:27
  the
• 2:27
  Retail
• 2:27
  Daily
• 2:27
  minute
• 2:28
  this
• 2:28
  morning,
• 2:28
  I
• 2:29
  used
• 2:29
  the
• 2:29
  quote
• 2:29
  from
• 2:29
  Escape
• 2:30
  from
• 2:30
  New
• 2:30
  York
• 2:31
  with
• 2:32
  Snake
• 2:32
  Plissken,
• 2:33
  and
• 2:33
  I
• 2:33
  was
• 2:33
  like,
• 2:33
  this
• 2:33
  is
• 2:33
  exactly
• 2:34
  how
• 2:34
  I
• 2:34
  feel.
• 2:34
  I
• 2:34
  want
• 2:34
  to
• 2:34
  escape
• 2:35
  from
• 2:35
  New
• 2:35
  York.
• 2:35
  I
• 2:35
  want
• 2:35
  to
• 2:35
  get
• 2:35
  home,
• 2:36
  take
• 2:36
  a
• 2:37
  bath,
• 2:37
  get
• 2:37
  my
• 2:37
  bed,
• 2:38
  you
• 2:38
  know,
• 2:38
  the
• 2:38
  whole
• 2:38
  nine
• 2:39
  yards.
• 2:39
  I
• 2:39
  love
• 2:40
  how
• 2:40
  you
• 2:40
  paused
• 2:40
  after
• 2:41
  Escape
• 2:41
  from
• 2:41
  New
• 2:41
  York
• 2:42
  by
• 2:42
  whoever
• 2:43
  Lipkin
• 2:43
  or
• 2:43
  whatever
• 2:44
  you
• 2:44
  just
• 2:44
  said.
• 2:44
  Like,
• 2:44
  I
• 2:44
  knew
• 2:45
  what
• 2:45
  the
• 2:45
  quote
• 2:45
  you
• 2:46
  were
• 2:46
  talking
• 2:46
  about.
• 2:47
  So,
• 2:47
  yeah,
• 2:49
  I
• 2:49
  was
• 2:49
  like.
• 2:50
  And
• 2:50
  continue.
• 2:51
  You're
• 2:51
  gonna
• 2:52
  have
• 2:52
  to
• 2:52
  explain
• 2:52
  that
• 2:52
  one
• 2:52
  for
• 2:53
  me
• 2:53
  as
• 2:53
  you
• 2:53
  always
• 2:54
  have
• 2:54
  to.
• 2:54
  Par
• 2:54
  for
• 2:55
  the
• 2:55
  course.
• 2:55
  And
• 2:55
  I've
• 2:55
  actually
• 2:56
  not
• 2:56
  even
• 2:56
  seen
• 2:56
  that
• 2:56
  movie,
• 2:57
  believe
• 2:57
  it
• 2:57
  or
• 2:57
  not.
• 2:57
  But
• 2:57
  anyway,
• 2:58
  that's.
• 2:58
  That's
• 2:58
  another
• 2:59
  story.
• 2:59
  And
• 2:59
  we've
• 2:59
  got
• 3:00
  a
• 3:00
  lot
• 3:00
  of
• 3:00
  NRF
• 3:00
  stuff
• 3:01
  to
• 3:01
  get
• 3:01
  to,
• 3:01
  and
• 3:02
  we
• 3:02
  got
• 3:02
  a
• 3:03
  flight
• 3:03
  to
• 3:03
  catch
• 3:03
  in
• 3:03
  a
• 3:03
  couple
• 3:04
  hours.
• 3:04
  We
• 3:04
  don't
• 3:04
  have
• 3:04
  ideal
• 3:05
  video
• 3:05
  conditions
• 3:05
  here.
• 3:06
  We're
• 3:06
  both
• 3:06
  in
• 3:06
  our.
• 3:07
  In
• 3:07
  our
• 3:07
  hotel
• 3:07
  room
• 3:08
  at
• 3:08
  the
• 3:08
  Four
• 3:09
  Points.
• 3:09
  Sheridan.
• 3:10
  Right?
• 3:10
  And
• 3:10
  it's
• 3:10
  a
• 3:10
  Sheridan.
• 3:11
  Is
• 3:11
  that
• 3:11
  what
• 3:11
  you're
• 3:11
  saying?
• 3:12
  But
• 3:12
  I
• 3:12
  mean,
• 3:13
  can
• 3:13
  we
• 3:13
  shout
• 3:13
  out
• 3:14
  to
• 3:14
  these
• 3:14
  people?
• 3:14
  They
• 3:15
  are
• 3:15
  amazing.
• 3:16
  I
• 3:16
  mean,
• 3:16
  I
• 3:16
  kind
• 3:16
  of
• 3:17
  don't
• 3:17
  want
• 3:17
  to
• 3:17
  share
• 3:17
  it
• 3:17
  with
• 3:18
  anybody
• 3:18
  because
• 3:18
  it
• 3:19
  is
• 3:19
  the
• 3:19
  hidden
• 3:20
  gem
• 3:20
  of
• 3:20
  hotels,
• 3:21
  I
• 3:21
  think,
• 3:22
  when
• 3:22
  you're
• 3:22
  going
• 3:22
  to
• 3:22
  nrf.
• 3:23
  But
• 3:23
  they
• 3:23
  are
• 3:24
  such
• 3:24
  a
• 3:24
  great
• 3:24
  team.
• 3:24
  I'm
• 3:25
  sure
• 3:25
  they're
• 3:25
  definitely
• 3:26
  not
• 3:26
  listening,
• 3:26
  so
• 3:27
  I
• 3:27
  don't
• 3:27
  know
• 3:27
  why
• 3:27
  I
• 3:27
  took
• 3:28
  the
• 3:28
  time
• 3:28
  to
• 3:28
  do
• 3:28
  that.
• 3:28
  But.
• 3:29
  But
• 3:29
  our
• 3:29
  fans
• 3:29
  are.
• 3:30
  And
• 3:30
  they
• 3:30
  will
• 3:30
  take
• 3:30
  up
• 3:30
  and
• 3:31
  snack
• 3:31
  up,
• 3:31
  snatch
• 3:32
  up
• 3:32
  the
• 3:32
  hotels.
• 3:32
  In
• 3:33
  fact,
• 3:33
  I
• 3:33
  want
• 3:33
  to
• 3:33
  give
• 3:33
  a
• 3:33
  shout
• 3:34
  out
• 3:34
  because
• 3:34
  I.
• 3:34
  I
• 3:34
  ran
• 3:35
  into
• 3:35
  a
• 3:35
  fan
• 3:35
  in
• 3:35
  the
• 3:36
  elevator
• 3:36
  and
• 3:36
  I
• 3:36
  have
• 3:36
  no
• 3:36
  idea
• 3:37
  what
• 3:37
  his
• 3:37
  name
• 3:37
  is.
• 3:37
  I
• 3:37
  just
• 3:37
  know
• 3:38
  he
• 3:38
  was
• 3:38
  at
• 3:38
  booth
• 3:38
  3,
• 3:39
  4,
• 3:39
  5,
• 3:39
  6.
• 3:40
  I
• 3:40
  can't
• 3:40
  remember
• 3:40
  the
• 3:40
  company's
• 3:41
  name,
• 3:41
  but
• 3:41
  he's
• 3:41
  like,
• 3:41
  you're
• 3:42
  Chris
• 3:42
  from
• 3:42
  Omnitok.
• 3:43
  And
• 3:43
  I
• 3:43
  was
• 3:43
  like,
• 3:43
  I
• 3:44
  had
• 3:44
  just
• 3:44
  gotten
• 3:45
  my
• 3:45
  shirt
• 3:45
  on.
• 3:45
  I
• 3:45
  just
• 3:45
  gotten
• 3:46
  down
• 3:46
  to
• 3:46
  get
• 3:46
  coffee.
• 3:46
  Didn't
• 3:47
  have
• 3:47
  a
• 3:47
  badge
• 3:47
  or
• 3:47
  anything.
• 3:48
  Yeah,
• 3:48
  yeah.
• 3:49
  All
• 3:49
  I
• 3:49
  can
• 3:49
  remember
• 3:49
  is
• 3:49
  his
• 3:50
  booth
• 3:50
  number
• 3:50
  because
• 3:50
  it
• 3:50
  was
• 3:50
  3456.
• 3:51
  So
• 3:51
  shout
• 3:51
  out
• 3:51
  to
• 3:52
  him.
• 3:52
  Hope
• 3:52
  he's
• 3:52
  still
• 3:53
  listening.
• 3:53
  I'm
• 3:54
  sorry
• 3:54
  I
• 3:54
  didn't
• 3:54
  get
• 3:54
  a
• 3:54
  chance
• 3:54
  to
• 3:54
  stop
• 3:55
  by
• 3:55
  because
• 3:55
  we
• 3:55
  were
• 3:55
  just
• 3:56
  so
• 3:56
  busy
• 3:56
  at
• 3:56
  the
• 3:56
  show.
• 3:57
  But.
• 3:57
  But
• 3:57
  yeah.
• 3:58
  And
• 3:58
  should
• 3:58
  we.
• 3:58
  Should
• 3:58
  we
• 3:58
  get
• 3:59
  going?
• 3:59
  Yes.
• 3:59
  Thank
• 4:00
  you
• 4:00
  to
• 4:00
  everybody
• 4:00
  who
• 4:01
  stopped
• 4:01
  by
• 4:01
  to.
• 4:01
  @
• 4:02
  nrf.
• 4:03
  We
• 4:03
  just
• 4:03
  can't
• 4:03
  tell
• 4:04
  you
• 4:04
  enough
• 4:04
  how
• 4:04
  much
• 4:04
  we
• 4:05
  appreciate
• 4:05
  everybody
• 4:06
  coming
• 4:06
  up
• 4:06
  and
• 4:06
  saying
• 4:07
  hello
• 4:07
  and
• 4:07
  sharing
• 4:08
  your.
• 4:08
  Your
• 4:08
  own
• 4:08
  Omnitok
• 4:09
  experience.
• 4:10
  So
• 4:10
  we
• 4:10
  love
• 4:11
  it
• 4:11
  so
• 4:11
  much.
• 4:11
  But,
• 4:12
  yeah,
• 4:12
  let's
• 4:12
  get
• 4:12
  to
• 4:12
  the
• 4:12
  show.
• 4:13
  All
• 4:14
  right.
• 4:14
  And,
• 4:14
  well,
• 4:14
  believe
• 4:14
  it
• 4:15
  or
• 4:15
  not,
• 4:15
  we're
• 4:16
  sitting
• 4:16
  here
• 4:16
  in
• 4:16
  New
• 4:16
  York
• 4:17
  and
• 4:17
  it's
• 4:17
  time
• 4:17
  to
• 4:17
  start
• 4:17
  talking
• 4:18
  about
• 4:18
  our
• 4:18
  next
• 4:19
  big
• 4:19
  conference
• 4:19
  in
• 4:19
  New
• 4:20
  York
• 4:20
  City.
• 4:20
  Before
• 4:20
  we
• 4:20
  get
• 4:20
  to
• 4:21
  today's
• 4:21
  headlines
• 4:22
  because
• 4:22
  coming
• 4:22
  up
• 4:23
  this
• 4:23
  June
• 4:23
  24th
• 4:24
  and
• 4:24
  26th,
• 4:26
  when
• 4:26
  hopefully
• 4:26
  it'll
• 4:26
  be
• 4:27
  much
• 4:27
  warmer
• 4:27
  here
• 4:27
  because
• 4:27
  it
• 4:27
  was
• 4:28
  freaking
• 4:28
  cold
• 4:28
  here
• 4:29
  in
• 4:29
  New
• 4:29
  York,
• 4:29
  you
• 4:30
  can
• 4:30
  come
• 4:30
  join
• 4:30
  anime
• 4:31
  at
• 4:31
  the
• 4:32
  Commerce
• 4:32
  Next
• 4:32
  Growth
• 4:33
  show.
• 4:33
  You
• 4:33
  can
• 4:33
  discover
• 4:34
  actionable
• 4:34
  insights
• 4:35
  from
• 4:35
  industry
• 4:35
  leaders
• 4:36
  and
• 4:36
  take
• 4:36
  your
• 4:36
  e
• 4:36
  commerce
• 4:37
  and
• 4:37
  retail
• 4:37
  strategy
• 4:38
  to
• 4:38
  the
• 4:38
  next
• 4:38
  level.
• 4:39
  With
• 4:39
  2,700
• 4:40
  plus
• 4:40
  industry
• 4:40
  leaders
• 4:41
  and
• 4:41
  75
• 4:41
  plus
• 4:42
  action
• 4:42
  packed
• 4:43
  sessions,
• 4:44
  skilled
• 4:44
  retailers
• 4:44
  and
• 4:45
  brands
• 4:45
  qualify
• 4:45
  for
• 4:46
  a
• 4:46
  free
• 4:47
  ticket.
• 4:47
  That's
• 4:47
  free
• 4:48
  folks.
• 4:49
  Or
• 4:49
  you
• 4:49
  can
• 4:49
  use
• 4:49
  code
• 4:50
  omnitalk
• 4:50
  O
• 4:51
  M
• 4:51
  N
• 4:51
  I
• 4:51
  T
• 4:51
  a
• 4:52
  l
• 4:52
  k.
• 4:52
  That's
• 4:53
  omnitalk
• 4:53
  all
• 4:54
  one
• 4:54
  word
• 4:54
  for
• 4:54
  10%
• 4:55
  off
• 4:55
  and
• 4:56
  secure
• 4:56
  your
• 4:56
  spot
• 4:57
  today.
• 4:58
  So
• 4:58
  today's
• 4:59
  headlines
• 4:59
  are
• 4:59
  of
• 4:59
  course
• 4:59
  brought
• 4:59
  to
• 5:00
  you
• 5:00
  by
• 5:00
  Commerce
• 5:00
  Next.
• 5:01
  And
• 5:01
  in
• 5:01
  today's
• 5:02
  Fast5,
• 5:02
  we've
• 5:02
  got
• 5:03
  news
• 5:03
  on
• 5:03
  Amazon's
• 5:04
  $11
• 5:05
  billion
• 5:06
  investment
• 5:06
  in
• 5:07
  AI
• 5:07
  in
• 5:08
  the
• 5:08
  Great
• 5:08
  state
• 5:09
  of
• 5:09
  Georgia.
• 5:11
  Best
• 5:11
  Buy
• 5:11
  launching
• 5:11
  a
• 5:12
  new
• 5:12
  revamped
• 5:12
  marketplace
• 5:13
  with
• 5:13
  miracle
• 5:14
  Amazon
• 5:14
  again,
• 5:15
  this
• 5:16
  time
• 5:16
  for
• 5:16
  letting
• 5:16
  online
• 5:17
  retailers
• 5:17
  use
• 5:18
  its
• 5:18
  ad
• 5:18
  tools
• 5:19
  meta
• 5:20
  allowing
• 5:20
  listings
• 5:21
  from
• 5:21
  ebay
• 5:21
  on
• 5:22
  its
• 5:22
  marketplace.
• 5:23
  And
• 5:23
  Blue
• 5:23
  Yonder's
• 5:24
  Tim
• 5:24
  Robinson
• 5:25
  stops
• 5:25
  by
• 5:26
  for
• 5:26
  five
• 5:26
  insightful
• 5:27
  minutes
• 5:27
  on
• 5:27
  how
• 5:27
  retailers
• 5:28
  should
• 5:28
  think
• 5:28
  about
• 5:29
  handling
• 5:29
  returns
• 5:30
  in
• 5:30
  2025.
• 5:31
  But
• 5:32
  we
• 5:32
  begin
• 5:32
  today
• 5:33
  with
• 5:33
  what
• 5:33
  feels
• 5:33
  like
• 5:34
  what
• 5:34
  feels
• 5:34
  like
• 5:34
  to
• 5:34
  me
• 5:35
  and
• 5:35
  I'm
• 5:35
  curious
• 5:35
  what
• 5:35
  you
• 5:36
  think
• 5:36
  More
• 5:36
  bad
• 5:37
  news
• 5:37
  out
• 5:37
  of
• 5:37
  Macy's.
• 5:38
  Oh,
• 5:39
  we
• 5:39
  might
• 5:40
  have
• 5:40
  a
• 5:40
  discussion
• 5:41
  on
• 5:41
  this
• 5:41
  one.
• 5:41
  Let's
• 5:42
  go
• 5:42
  to
• 5:42
  headline
• 5:42
  number
• 5:43
  one.
• 5:44
  All
• 5:44
  right,
• 5:44
  Chris.
• 5:44
  Macy's
• 5:45
  last
• 5:45
  Thursday
• 5:45
  revealed
• 5:46
  that
• 5:46
  the
• 5:46
  revealed
• 5:47
  the
• 5:47
  first
• 5:47
  66
• 5:48
  locations
• 5:49
  that
• 5:49
  it
• 5:49
  plans
• 5:50
  to
• 5:50
  close
• 5:50
  as
• 5:50
  part
• 5:50
  of
• 5:50
  its
• 5:51
  plans
• 5:51
  announced
• 5:52
  nearly
• 5:52
  a
• 5:52
  year
• 5:52
  ago
• 5:53
  to
• 5:53
  shutter
• 5:53
  about
• 5:53
  150
• 5:54
  stores
• 5:55
  according
• 5:55
  to
• 5:55
  Retail
• 5:56
  D.
• 5:56
  The
• 5:56
  66
• 5:57
  locations
• 5:57
  span
• 5:58
  22
• 5:58
  states
• 5:59
  and
• 5:59
  many
• 5:59
  are
• 6:00
  mall
• 6:00
  anchor
• 6:00
  locations.
• 6:01
  Several
• 6:02
  are
• 6:02
  also
• 6:02
  standalone
• 6:03
  furniture
• 6:03
  stores
• 6:04
  that
• 6:04
  in
• 6:05
  some
• 6:05
  cases
• 6:05
  will
• 6:06
  shift
• 6:06
  operations
• 6:06
  to
• 6:07
  nearby
• 6:08
  full
• 6:08
  line
• 6:08
  stores.
• 6:09
  Department
• 6:09
  store
• 6:09
  is
• 6:10
  closing
• 6:10
  four
• 6:11
  of
• 6:11
  its
• 6:11
  24
• 6:12
  small
• 6:12
  format
• 6:13
  stores,
• 6:13
  a
• 6:14
  shift
• 6:14
  from
• 6:14
  the
• 6:14
  acceleration
• 6:15
  of
• 6:15
  small
• 6:15
  farm
• 6:16
  openings
• 6:17
  announced
• 6:17
  in
• 6:17
  2023.
• 6:19
  Six
• 6:19
  out
• 6:19
  of
• 6:19
  the
• 6:20
  nine
• 6:20
  of
• 6:20
  the
• 6:20
  retailers
• 6:21
  freestanding
• 6:22
  off
• 6:22
  price
• 6:23
  backstage
• 6:23
  locations
• 6:24
  will
• 6:24
  also
• 6:24
  close.
• 6:25
  Chris,
• 6:26
  are
• 6:26
  you
• 6:26
  surprised
• 6:27
  at
• 6:27
  all
• 6:27
  by
• 6:28
  details
• 6:28
  surrounding
• 6:29
  Macy's
• 6:30
  store
• 6:30
  closure
• 6:30
  news?
• 6:31
  I
• 6:31
  think
• 6:31
  I
• 6:31
  might
• 6:32
  know
• 6:32
  the
• 6:32
  answer
• 6:32
  to
• 6:33
  this.
• 6:34
  Yeah,
• 6:34
  I,
• 6:34
  I
• 6:34
  think
• 6:35
  I
• 6:35
  am,
• 6:35
  I
• 6:35
  am
• 6:35
  somewhat
• 6:36
  surprised.
• 6:36
  I'm
• 6:37
  not,
• 6:37
  I'm
• 6:37
  not,
• 6:37
  I'm
• 6:38
  like,
• 6:38
  I'm
• 6:38
  not
• 6:38
  like
• 6:38
  on
• 6:39
  the
• 6:39
  shocked
• 6:39
  level.
• 6:39
  Like
• 6:40
  if
• 6:40
  1
• 6:40
  through
• 6:40
  10
• 6:41
  with
• 6:41
  10
• 6:41
  was
• 6:41
  shocked,
• 6:42
  I'm
• 6:42
  probably
• 6:42
  like
• 6:42
  a
• 6:43
  5
• 6:43
  here.
• 6:43
  Like
• 6:44
  I'm,
• 6:44
  I'm
• 6:44
  surprised
• 6:45
  that
• 6:45
  this
• 6:45
  is
• 6:45
  what
• 6:45
  they're
• 6:46
  saying
• 6:46
  because
• 6:47
  Particularly
• 6:47
  that
• 6:47
  it
• 6:48
  looks
• 6:48
  like
• 6:48
  it's
• 6:48
  in
• 6:48
  a,
• 6:48
  it's
• 6:48
  an
• 6:49
  about
• 6:49
  face
• 6:49
  on
• 6:49
  their
• 6:50
  small
• 6:50
  format
• 6:50
  stores,
• 6:51
  you
• 6:51
  know,
• 6:51
  and
• 6:51
  like
• 6:51
  it's
• 6:52
  100%,
• 6:52
  it's
• 6:52
  about
• 6:52
  face.
• 6:53
  And,
• 6:54
  and
• 6:54
  I
• 6:54
  think,
• 6:54
  I
• 6:54
  think
• 6:54
  that
• 6:55
  about
• 6:55
  face
• 6:55
  is
• 6:55
  important
• 6:56
  to
• 6:56
  call
• 6:56
  out
• 6:56
  for
• 6:56
  two
• 6:56
  reasons.
• 6:57
  First,
• 6:58
  we
• 6:58
  visited
• 6:58
  these
• 6:58
  stores
• 6:59
  in
• 6:59
  Texas,
• 6:59
  I
• 7:00
  think
• 7:00
  one
• 7:00
  of
• 7:00
  which
• 7:00
  is
• 7:00
  closing
• 7:01
  now,
• 7:01
  if
• 7:01
  I'm
• 7:01
  not
• 7:01
  mistaken
• 7:02
  from
• 7:02
  reading
• 7:03
  the
• 7:03
  article.
• 7:04
  And
• 7:04
  we
• 7:04
  were
• 7:05
  not
• 7:05
  impressed.
• 7:05
  In
• 7:06
  fact,
• 7:06
  I
• 7:06
  think
• 7:06
  my
• 7:06
  joke
• 7:07
  at
• 7:07
  the
• 7:07
  end
• 7:07
  of
• 7:07
  that
• 7:07
  video
• 7:08
  tour
• 7:08
  was
• 7:08
  if
• 7:09
  it
• 7:09
  walks
• 7:09
  like
• 7:09
  a
• 7:10
  Macy's
• 7:10
  and
• 7:10
  quacks
• 7:10
  like
• 7:11
  a
• 7:11
  Macy's,
• 7:11
  it's
• 7:11
  still
• 7:11
  a
• 7:12
  Macy's
• 7:12
  because.
• 7:13
  And
• 7:13
  I
• 7:13
  still
• 7:14
  for
• 7:14
  the
• 7:14
  life
• 7:14
  of
• 7:14
  me
• 7:14
  can't
• 7:14
  understand
• 7:15
  why
• 7:15
  the
• 7:15
  world
• 7:15
  needs
• 7:16
  a
• 7:16
  scaled
• 7:16
  down
• 7:17
  Macy's.
• 7:17
  I've
• 7:17
  just
• 7:17
  never
• 7:18
  bought
• 7:18
  into
• 7:18
  that
• 7:18
  idea.
• 7:19
  So,
• 7:19
  so,
• 7:20
  so
• 7:20
  that's
• 7:20
  why
• 7:20
  I'm
• 7:21
  kind
• 7:21
  of
• 7:21
  not
• 7:21
  surprised
• 7:22
  by
• 7:22
  this.
• 7:22
  Sure,
• 7:22
  sure.
• 7:23
  Then
• 7:23
  two,
• 7:24
  and
• 7:24
  this
• 7:24
  is
• 7:25
  the
• 7:25
  more
• 7:25
  important
• 7:25
  point
• 7:25
  here,
• 7:26
  it
• 7:26
  tells
• 7:27
  me
• 7:27
  that
• 7:27
  they
• 7:27
  don't
• 7:28
  have
• 7:28
  a
• 7:28
  new
• 7:29
  path
• 7:29
  to
• 7:29
  growth
• 7:30
  upon
• 7:30
  which
• 7:31
  they
• 7:31
  can
• 7:31
  rely
• 7:32
  with
• 7:32
  any
• 7:32
  great
• 7:32
  certainty
• 7:33
  right
• 7:33
  now.
• 7:33
  And
• 7:33
  that
• 7:34
  is,
• 7:34
  that
• 7:34
  is
• 7:34
  fricking
• 7:35
  scary.
• 7:35
  I
• 7:36
  think
• 7:36
  everything
• 7:37
  they've
• 7:37
  been
• 7:37
  telling
• 7:37
  the
• 7:37
  media
• 7:38
  and
• 7:38
  the
• 7:38
  analyst
• 7:38
  community
• 7:39
  could
• 7:39
  soon
• 7:39
  blow
• 7:40
  up
• 7:40
  in
• 7:40
  their
• 7:40
  face.
• 7:41
  And
• 7:41
  while
• 7:42
  Macy's.
• 7:42
  Here's
• 7:42
  the
• 7:42
  other
• 7:43
  point.
• 7:43
  While
• 7:43
  Macy's
• 7:44
  is
• 7:44
  reporting
• 7:45
  supposedly
• 7:46
  good
• 7:46
  news
• 7:46
  about
• 7:47
  their
• 7:47
  bold
• 7:47
  new
• 7:48
  chapter
• 7:48
  strategy
• 7:49
  in
• 7:49
  their
• 7:49
  50
• 7:49
  stores.
• 7:50
  Like,
• 7:50
  I'm
• 7:51
  always
• 7:51
  skeptical
• 7:51
  when
• 7:51
  I
• 7:51
  hear
• 7:52
  about
• 7:52
  50
• 7:52
  store
• 7:52
  tests
• 7:53
  because
• 7:53
  the
• 7:54
  entire
• 7:54
  executive
• 7:54
  team
• 7:55
  is
• 7:55
  right
• 7:55
  around
• 7:56
  those.
• 7:56
  The
• 7:56
  entire
• 7:57
  store
• 7:57
  operations
• 7:57
  team
• 7:58
  is
• 7:58
  right
• 7:58
  around
• 7:58
  those.
• 7:58
  They're
• 7:59
  getting
• 7:59
  the
• 7:59
  resources
• 8:00
  to
• 8:00
  be
• 8:00
  successful.
• 8:01
  Yeah.
• 8:01
  So
• 8:01
  yeah,
• 8:01
  they're
• 8:02
  going
• 8:02
  to
• 8:02
  work
• 8:02
  in
• 8:02
  the
• 8:02
  short
• 8:02
  term.
• 8:02
  But
• 8:03
  at
• 8:03
  some
• 8:03
  time,
• 8:04
  at
• 8:04
  some
• 8:04
  point,
• 8:04
  those
• 8:05
  types
• 8:05
  of
• 8:05
  pilots
• 8:05
  revert
• 8:06
  back
• 8:06
  to
• 8:06
  the
• 8:06
  mean.
• 8:07
  And
• 8:07
  so.
• 8:07
  Right.
• 8:07
  That's
• 8:07
  why
• 8:08
  I'm
• 8:08
  just
• 8:08
  like,
• 8:08
  wow,
• 8:08
  I
• 8:09
  don't
• 8:09
  see
• 8:09
  you've
• 8:09
  got
• 8:09
  a
• 8:09
  lot
• 8:10
  here
• 8:10
  going
• 8:10
  on,
• 8:10
  Tony
• 8:11
  Spring.
• 8:11
  And
• 8:11
  so
• 8:11
  I'm,
• 8:12
  I'm
• 8:12
  very
• 8:12
  skeptical
• 8:12
  again
• 8:13
  about
• 8:13
  your
• 8:14
  growth
• 8:14
  trajectory
• 8:14
  and
• 8:15
  whether
• 8:15
  department
• 8:15
  stores
• 8:15
  are
• 8:15
  still
• 8:16
  going
• 8:16
  to
• 8:16
  exist.
• 8:16
  Yeah.
• 8:17
  It's
• 8:18
  like
• 8:18
  having
• 8:18
  50
• 8:18
  flagship
• 8:19
  stores.
• 8:19
  Right.
• 8:21
  I
• 8:21
  mean,
• 8:21
  it
• 8:21
  is.
• 8:21
  That's,
• 8:22
  that's
• 8:22
  the
• 8:22
  thing.
• 8:22
  If
• 8:22
  you
• 8:23
  know
• 8:23
  retail
• 8:23
  like
• 8:24
  we
• 8:24
  do,
• 8:24
  like,
• 8:25
  yes,
• 8:25
  these
• 8:26
  are
• 8:26
  going
• 8:26
  to
• 8:26
  be
• 8:26
  successful
• 8:27
  because
• 8:27
  by
• 8:27
  crook
• 8:28
  or
• 8:28
  by
• 8:28
  Nook
• 8:28
  or
• 8:28
  whatever
• 8:29
  the
• 8:29
  hell
• 8:29
  the
• 8:29
  expression
• 8:29
  is,
• 8:30
  Tony
• 8:30
  Spring
• 8:30
  gonna
• 8:31
  make
• 8:31
  sure
• 8:32
  that's
• 8:33
  not
• 8:33
  right.
• 8:33
  I
• 8:33
  know,
• 8:34
  but
• 8:34
  by
• 8:34
  hooker,
• 8:35
  by
• 8:35
  crook,
• 8:35
  that's
• 8:35
  what.
• 8:37
  Yeah,
• 8:38
  right.
• 8:38
  Tony
• 8:38
  Spring
• 8:39
  is
• 8:39
  gonna
• 8:39
  make
• 8:39
  sure
• 8:39
  that
• 8:40
  these
• 8:40
  things
• 8:40
  work
• 8:40
  because
• 8:41
  his
• 8:41
  reputation
• 8:41
  depends
• 8:42
  on
• 8:42
  it.
• 8:42
  Right.
• 8:43
  So,
• 8:43
  so,
• 8:44
  so,
• 8:44
  yeah.
• 8:44
  So,
• 8:45
  I
• 8:45
  mean,
• 8:45
  I
• 8:45
  don't
• 8:45
  know,
• 8:45
  but.
• 8:46
  Yeah,
• 8:46
  it
• 8:46
  diverts
• 8:47
  media
• 8:47
  attention.
• 8:48
  It
• 8:48
  diverts
• 8:49
  media
• 8:49
  attention.
• 8:50
  I
• 8:50
  mean,
• 8:50
  no,
• 8:50
  I
• 8:51
  guess
• 8:51
  My
• 8:51
  whole
• 8:51
  point
• 8:52
  is
• 8:52
  that
• 8:52
  I
• 8:53
  actually
• 8:53
  think
• 8:53
  this
• 8:53
  is
• 8:54
  the
• 8:54
  most
• 8:54
  sensible
• 8:54
  thing
• 8:55
  that
• 8:55
  they
• 8:55
  can
• 8:55
  do.
• 8:55
  I
• 8:55
  mean
• 8:56
  I
• 8:56
  think
• 8:56
  that
• 8:57
  what
• 8:57
  Tony
• 8:57
  Spring
• 8:57
  is
• 8:58
  doing
• 8:58
  is
• 8:58
  trimming
• 8:58
  the
• 8:59
  fat
• 8:59
  here.
• 8:59
  Like
• 8:59
  this
• 8:59
  is
• 9:00
  just
• 9:00
  Macy's
• 9:01
  is
• 9:01
  making
• 9:01
  sensible
• 9:02
  moves
• 9:02
  about,
• 9:03
  you
• 9:03
  know,
• 9:03
  you
• 9:04
  got
• 9:04
  to,
• 9:04
  you
• 9:04
  got
• 9:04
  to
• 9:04
  start
• 9:04
  shutting
• 9:05
  some
• 9:05
  of
• 9:05
  these
• 9:05
  down
• 9:06
  because
• 9:06
  they're
• 9:06
  having
• 9:06
  a
• 9:06
  huge
• 9:07
  impact
• 9:07
  on
• 9:07
  the
• 9:07
  bottom
• 9:08
  line.
• 9:08
  And
• 9:08
  you
• 9:09
  know
• 9:09
  our
• 9:09
  sources
• 9:10
  that
• 9:10
  we've
• 9:10
  talked
• 9:10
  to
• 9:10
  at
• 9:10
  Macy's,
• 9:11
  you
• 9:11
  know,
• 9:11
  like,
• 9:11
  like
• 9:12
  it
• 9:12
  was
• 9:12
  mentioned
• 9:12
  in
• 9:12
  the
• 9:12
  article,
• 9:13
  like
• 9:13
  a
• 9:13
  lot
• 9:13
  of
• 9:13
  these
• 9:14
  mal
• 9:15
  the
• 9:15
  only
• 9:15
  ma.
• 9:16
  Like
• 9:16
  the
• 9:16
  only
• 9:17
  store
• 9:17
  that's
• 9:17
  still
• 9:18
  in
• 9:18
  a
• 9:18
  dead
• 9:19
  or
• 9:19
  dying
• 9:19
  mall
• 9:20
  and
• 9:20
  no
• 9:20
  one's
• 9:21
  going
• 9:21
  to
• 9:21
  come
• 9:21
  there.
• 9:21
  There's
• 9:21
  no
• 9:22
  other
• 9:22
  reasons
• 9:22
  to
• 9:22
  get
• 9:23
  them
• 9:23
  there.
• 9:23
  So
• 9:24
  it
• 9:24
  just
• 9:24
  doesn't
• 9:24
  make
• 9:25
  sense.
• 9:25
  It's
• 9:25
  a
• 9:25
  bad
• 9:26
  experience
• 9:26
  because
• 9:27
  like
• 9:27
  I
• 9:27
  think
• 9:27
  you
• 9:28
  said
• 9:28
  in
• 9:28
  a
• 9:28
  conversation
• 9:29
  we
• 9:29
  were
• 9:29
  having
• 9:29
  here,
• 9:29
  like
• 9:30
  there's
• 9:30
  nobody
• 9:30
  that
• 9:30
  wants
• 9:30
  to
• 9:31
  work
• 9:31
  there.
• 9:31
  Like
• 9:31
  it's
• 9:32
  just,
• 9:32
  it's,
• 9:32
  it's
• 9:33
  a
• 9:33
  bad
• 9:33
  experience.
• 9:34
  It's
• 9:34
  souring
• 9:35
  your
• 9:35
  experience
• 9:35
  with
• 9:35
  the
• 9:36
  brand
• 9:36
  immediately.
• 9:37
  So
• 9:37
  I
• 9:37
  think
• 9:38
  there
• 9:38
  and
• 9:38
  it
• 9:39
  makes
• 9:39
  sense.
• 9:39
  And
• 9:40
  you
• 9:40
  know,
• 9:40
  honestly
• 9:40
  Chris,
• 9:41
  I
• 9:41
  kind
• 9:41
  of
• 9:41
  give
• 9:41
  them
• 9:41
  kudos
• 9:42
  for
• 9:42
  shutting
• 9:42
  down
• 9:43
  these
• 9:43
  small
• 9:43
  format
• 9:43
  stores
• 9:44
  because
• 9:44
  I
• 9:44
  think
• 9:44
  a
• 9:44
  lot
• 9:45
  of
• 9:45
  other
• 9:45
  retailers
• 9:46
  would
• 9:46
  have.
• 9:46
  KE
• 9:47
  stuck
• 9:47
  their
• 9:47
  guns.
• 9:48
  I
• 9:48
  think
• 9:48
  they
• 9:48
  would
• 9:48
  have
• 9:48
  tried
• 9:48
  to
• 9:49
  push
• 9:49
  it.
• 9:49
  And
• 9:49
  you're
• 9:49
  100%
• 9:50
  right.
• 9:50
  Like
• 9:51
  small
• 9:51
  format
• 9:52
  Macy's,
• 9:53
  I
• 9:53
  don't
• 9:53
  hate
• 9:53
  the
• 9:53
  idea
• 9:54
  but
• 9:54
  it
• 9:54
  can't
• 9:54
  just
• 9:55
  be
• 9:55
  Macy's
• 9:56
  shoved
• 9:56
  into
• 9:56
  a
• 9:57
  smaller
• 9:57
  box.
• 9:57
  And
• 9:58
  I,
• 9:58
  that
• 9:58
  was
• 9:58
  a
• 9:58
  big
• 9:59
  problem
• 9:59
  for
• 9:59
  me
• 9:59
  was
• 10:00
  that
• 10:00
  there's
• 10:00
  a
• 10:01
  glut
• 10:01
  of
• 10:01
  inventory.
• 10:02
  Like
• 10:02
  it
• 10:02
  just
• 10:03
  the,
• 10:04
  you
• 10:04
  know,
• 10:04
  the
• 10:04
  sales
• 10:05
  experiences
• 10:05
  weren't
• 10:06
  consistent.
• 10:06
  Like
• 10:06
  it
• 10:06
  just,
• 10:07
  it
• 10:07
  didn't
• 10:07
  make
• 10:07
  sense.
• 10:08
  So
• 10:08
  I
• 10:08
  think
• 10:09
  I'm
• 10:09
  actually,
• 10:10
  I'm
• 10:10
  kind
• 10:10
  of
• 10:10
  impressed.
• 10:11
  I'm
• 10:11
  going
• 10:11
  to
• 10:11
  give
• 10:11
  me
• 10:11
  a,
• 10:12
  give
• 10:12
  Tony
• 10:12
  Spring
• 10:13
  a
• 10:13
  little
• 10:13
  bit
• 10:13
  of
• 10:13
  a
• 10:13
  boost
• 10:14
  here
• 10:14
  and
• 10:14
  say
• 10:14
  like
• 10:14
  this
• 10:15
  is
• 10:15
  a
• 10:15
  very
• 10:15
  Amazon
• 10:16
  move
• 10:16
  of
• 10:16
  them.
• 10:16
  Like
• 10:17
  this
• 10:17
  isn't
• 10:17
  working.
• 10:17
  We're
• 10:18
  cutting
• 10:18
  it
• 10:18
  out.
• 10:18
  Even
• 10:19
  though
• 10:19
  we
• 10:19
  invested
• 10:19
  a
• 10:19
  bunch
• 10:19
  of
• 10:20
  money,
• 10:20
  we
• 10:20
  told
• 10:20
  everybody
• 10:21
  we
• 10:21
  were
• 10:21
  going
• 10:21
  to.
• 10:21
  This
• 10:22
  was
• 10:22
  our
• 10:22
  strategy.
• 10:23
  Like
• 10:23
  we
• 10:23
  can't
• 10:23
  make
• 10:24
  money
• 10:24
  off
• 10:24
  the
• 10:24
  backstage
• 10:25
  stores.
• 10:25
  The
• 10:26
  small
• 10:26
  format
• 10:26
  Macy's
• 10:27
  isn't
• 10:27
  working.
• 10:27
  Like
• 10:28
  they're,
• 10:28
  they're
• 10:28
  going
• 10:29
  to
• 10:29
  have
• 10:29
  to
• 10:29
  try
• 10:30
  to
• 10:30
  course
• 10:30
  correct
• 10:31
  and
• 10:31
  make
• 10:31
  those
• 10:32
  tough
• 10:32
  decisions
• 10:33
  right
• 10:33
  now
• 10:33
  if
• 10:33
  they
• 10:33
  want
• 10:33
  to
• 10:34
  survive
• 10:34
  as
• 10:34
  a
• 10:34
  brand.
• 10:35
  So
• 10:35
  yeah,
• 10:36
  not
• 10:36
  surprised,
• 10:37
  I
• 10:37
  guess.
• 10:37
  Yeah,
• 10:38
  you're
• 10:38
  right,
• 10:38
  you're
• 10:38
  right.
• 10:38
  It's
• 10:39
  kind
• 10:39
  of,
• 10:39
  it's
• 10:39
  probably
• 10:39
  a
• 10:40
  smart
• 10:40
  move
• 10:40
  but
• 10:40
  it's
• 10:41
  not
• 10:41
  a
• 10:41
  move
• 10:41
  that
• 10:41
  makes
• 10:41
  me
• 10:41
  feel
• 10:42
  any
• 10:42
  better
• 10:42
  about
• 10:42
  the
• 10:43
  trajectory.
• 10:43
  That's,
• 10:44
  that's,
• 10:44
  that's
• 10:45
  100
• 10:45
  agree.
• 10:46
  Yeah,
• 10:46
  like
• 10:46
  there's,
• 10:47
  there's
• 10:47
  got
• 10:47
  to
• 10:47
  be
• 10:47
  more
• 10:48
  going.
• 10:49
  I,
• 10:49
  I
• 10:49
  still
• 10:50
  like,
• 10:50
  I
• 10:51
  think
• 10:51
  that
• 10:51
  there,
• 10:52
  you
• 10:52
  know,
• 10:53
  I
• 10:53
  really
• 10:53
  think
• 10:53
  that
• 10:53
  Macy's
• 10:54
  just
• 10:54
  needs
• 10:54
  to
• 10:55
  sit
• 10:55
  down,
• 10:55
  take
• 10:55
  a
• 10:55
  hard
• 10:56
  look
• 10:56
  at
• 10:57
  what,
• 10:57
  what
• 10:57
  the
• 10:58
  future
• 10:58
  of
• 10:58
  Macy's
• 10:59
  needs
• 10:59
  to
• 10:59
  be
• 11:00
  and
• 11:00
  then
• 11:00
  start
• 11:00
  acting
• 11:01
  on
• 11:01
  it
• 11:01
  and
• 11:01
  even,
• 11:02
  even
• 11:02
  start
• 11:02
  consolidating
• 11:03
  I
• 11:03
  think
• 11:03
  some
• 11:04
  of
• 11:04
  the
• 11:04
  larger
• 11:05
  Macy's
• 11:05
  footprints
• 11:06
  to,
• 11:06
  to,
• 11:06
  to
• 11:06
  really
• 11:07
  figure
• 11:07
  out
• 11:07
  what
• 11:07
  makes
• 11:07
  the
• 11:07
  most
• 11:08
  economical
• 11:08
  sense,
• 11:09
  what
• 11:09
  the
• 11:09
  new
• 11:10
  customer
• 11:10
  wants.
• 11:11
  It's
• 11:11
  interesting
• 11:11
  too
• 11:11
  because
• 11:11
  he
• 11:12
  came
• 11:12
  out
• 11:12
  yesterday
• 11:12
  and
• 11:12
  said,
• 11:13
  he
• 11:13
  said,
• 11:14
  I
• 11:14
  think
• 11:14
  on
• 11:14
  stage
• 11:14
  at
• 11:14
  nrf
• 11:15
  even
• 11:15
  he
• 11:15
  said
• 11:15
  like
• 11:15
  we
• 11:16
  believe
• 11:16
  in
• 11:16
  having
• 11:16
  three
• 11:17
  brands.
• 11:17
  He
• 11:17
  doesn't
• 11:17
  want
• 11:17
  to
• 11:18
  spin
• 11:18
  them
• 11:18
  off.
• 11:18
  You
• 11:18
  know,
• 11:18
  he
• 11:19
  wants
• 11:19
  it
• 11:19
  when,
• 11:19
  when.
• 11:20
  And
• 11:20
  I
• 11:20
  actually
• 11:20
  think
• 11:20
  we've
• 11:21
  talked
• 11:21
  about
• 11:21
  before,
• 11:21
  but
• 11:21
  I
• 11:21
  think
• 11:22
  Bloomies
• 11:22
  as
• 11:22
  a
• 11:22
  smaller
• 11:23
  strategy
• 11:23
  makes
• 11:23
  a
• 11:23
  ton
• 11:23
  of
• 11:24
  sense.
• 11:24
  But.
• 11:25
  Yeah,
• 11:25
  but
• 11:26
  the
• 11:26
  other
• 11:26
  point
• 11:26
  I
• 11:26
  make
• 11:27
  too,
• 11:27
  and
• 11:27
  before
• 11:27
  we
• 11:27
  move
• 11:27
  on
• 11:28
  is
• 11:28
  we
• 11:28
  interviewed
• 11:28
  Joe
• 11:28
  Call,
• 11:29
  their
• 11:29
  head
• 11:29
  of
• 11:30
  assets
• 11:30
  protection
• 11:31
  and
• 11:31
  great
• 11:31
  guy,
• 11:32
  learned
• 11:32
  a
• 11:32
  ton.
• 11:33
  So
• 11:34
  brilliant,
• 11:34
  great
• 11:34
  interview.
• 11:35
  To
• 11:35
  hear
• 11:35
  his
• 11:35
  perspective,
• 11:36
  particularly
• 11:36
  on
• 11:36
  putting
• 11:36
  products
• 11:37
  behind
• 11:37
  glass
• 11:37
  was
• 11:37
  really
• 11:37
  interesting
• 11:38
  to
• 11:38
  listen
• 11:38
  to.
• 11:39
  But
• 11:39
  the
• 11:39
  thing
• 11:39
  I
• 11:39
  got
• 11:39
  listening
• 11:40
  to
• 11:40
  him,
• 11:40
  I
• 11:40
  was
• 11:40
  just
• 11:41
  like,
• 11:41
  man,
• 11:42
  department
• 11:42
  stores
• 11:43
  are
• 11:43
  just
• 11:43
  so
• 11:44
  hard
• 11:44
  and
• 11:45
  so
• 11:45
  outdated.
• 11:45
  You've
• 11:46
  got
• 11:46
  multiple
• 11:47
  entrances,
• 11:47
  you've
• 11:47
  got
• 11:47
  a
• 11:48
  guard,
• 11:48
  you've
• 11:48
  got
• 11:49
  split
• 11:49
  levels
• 11:50
  at
• 11:50
  most
• 11:50
  of
• 11:50
  these
• 11:50
  stores.
• 11:51
  Like
• 11:51
  it's
• 11:51
  just,
• 11:52
  it's
• 11:52
  just
• 11:53
  the,
• 11:53
  it's
• 11:53
  just
• 11:53
  kind
• 11:54
  of
• 11:54
  the
• 11:54
  dinosaur
• 11:54
  in
• 11:54
  a
• 11:54
  lot
• 11:55
  of
• 11:55
  ways.
• 11:55
  But
• 11:55
  anyway,
• 11:56
  all
• 11:56
  right,
• 11:56
  headline
• 11:57
  number
• 11:57
  two.
• 11:58
  According
• 11:58
  to
• 11:58
  Reuters,
• 12:00
  Amazon
• 12:01
  said
• 12:01
  last
• 12:01
  week
• 12:01
  that
• 12:01
  it's
• 12:02
  cloud
• 12:02
  computing
• 12:03
  division,
• 12:03
  Amazon
• 12:04
  Web
• 12:04
  Services
• 12:05
  plans
• 12:05
  to
• 12:05
  invest
• 12:06
  about
• 12:06
  $11
• 12:06
  billion
• 12:07
  to
• 12:07
  expand
• 12:08
  its
• 12:08
  infrastructure
• 12:08
  in
• 12:09
  Georgia
• 12:09
  to
• 12:10
  support
• 12:10
  cloud
• 12:10
  computing
• 12:11
  and
• 12:11
  AI
• 12:11
  technologies.
• 12:12
  Quote
• 12:12
  the
• 12:13
  investments
• 12:13
  in
• 12:14
  Butts
• 12:14
  and
• 12:15
  Douglas
• 12:15
  counties
• 12:16
  are
• 12:16
  expected
• 12:17
  to
• 12:17
  create
• 12:17
  hundreds
• 12:18
  of
• 12:18
  jobs
• 12:18
  and
• 12:18
  enhance
• 12:19
  Georgia's
• 12:19
  position
• 12:20
  as
• 12:20
  a
• 12:20
  hub
• 12:21
  for
• 12:21
  cutting
• 12:21
  edge
• 12:22
  digital
• 12:23
  innovation.
• 12:23
  End
• 12:24
  quote.
• 12:27
  And
• 12:28
  yes,
• 12:29
  I'm
• 12:30
  still
• 12:30
  getting
• 12:30
  over
• 12:30
  Butts
• 12:31
  County.
• 12:31
  How
• 12:32
  should
• 12:32
  the
• 12:32
  rest
• 12:32
  of
• 12:33
  retail.
• 12:33
  How
• 12:34
  has
• 12:34
  that
• 12:34
  gone?
• 12:34
  Unknown.
• 12:35
  I've
• 12:36
  never
• 12:36
  did
• 12:36
  you
• 12:37
  about
• 12:37
  Butts
• 12:37
  County.
• 12:37
  I
• 12:38
  didn't
• 12:38
  know.
• 12:38
  I
• 12:38
  mean
• 12:38
  this
• 12:39
  county,
• 12:40
  this
• 12:40
  is
• 12:41
  the.
• 12:41
  This
• 12:41
  is
• 12:41
  the
• 12:42
  overtired
• 12:43
  like
• 12:43
  three
• 12:44
  year
• 12:44
  old
• 12:44
  sense
• 12:44
  of
• 12:44
  humor
• 12:45
  right
• 12:45
  now
• 12:45
  coming
• 12:46
  out
• 12:46
  in
• 12:46
  me.
• 12:46
  Where
• 12:47
  Butts
• 12:47
  County?
• 12:48
  Who
• 12:48
  knew?
• 12:48
  Okay,
• 12:50
  you
• 12:50
  were
• 12:50
  asking
• 12:51
  me
• 12:51
  a
• 12:51
  very
• 12:51
  professional,
• 12:52
  important
• 12:52
  question.
• 12:53
  Let's
• 12:53
  try,
• 12:53
  let's
• 12:53
  get
• 12:54
  back
• 12:54
  to
• 12:54
  keep
• 12:54
  this,
• 12:54
  this
• 12:55
  podcast
• 12:55
  classy.
• 12:56
  And
• 12:57
  how
• 12:57
  should
• 12:57
  the
• 12:57
  rest
• 12:57
  of
• 12:58
  retail
• 12:58
  be
• 12:58
  reacting
• 12:59
  to
• 12:59
  Amazon's
• 13:00
  $11
• 13:00
  billion
• 13:01
  AI
• 13:01
  investment
• 13:02
  in
• 13:02
  the
• 13:02
  Peach
• 13:03
  State?
• 13:04
  I
• 13:05
  think
• 13:05
  everybody
• 13:05
  should
• 13:06
  be
• 13:06
  paying
• 13:06
  very
• 13:07
  close
• 13:07
  attention
• 13:08
  to
• 13:08
  this.
• 13:10
  Nvidia,
• 13:12
  their
• 13:12
  CEO
• 13:12
  was
• 13:13
  speaking
• 13:13
  at
• 13:13
  CES
• 13:14
  earlier,
• 13:15
  whatever
• 13:15
  week
• 13:15
  we're
• 13:15
  in
• 13:16
  right
• 13:16
  now.
• 13:17
  And
• 13:17
  then
• 13:18
  we
• 13:18
  had
• 13:19
  Azita
• 13:20
  Martin
• 13:21
  on
• 13:21
  Stage
• 13:21
  with
• 13:21
  John
• 13:22
  Furner
• 13:22
  here
• 13:22
  at
• 13:22
  nrf,
• 13:23
  just
• 13:23
  talking
• 13:24
  about
• 13:25
  even
• 13:25
  more.
• 13:25
  Like,
• 13:26
  we
• 13:26
  know
• 13:26
  Nvidia
• 13:27
  is
• 13:27
  huge.
• 13:27
  We
• 13:28
  know
• 13:28
  that
• 13:28
  they're
• 13:29
  the
• 13:29
  key
• 13:29
  to
• 13:30
  all
• 13:30
  of
• 13:30
  the
• 13:31
  continuous
• 13:31
  AI
• 13:32
  development
• 13:32
  that's
• 13:32
  going
• 13:32
  to
• 13:32
  be
• 13:33
  happening.
• 13:33
  But,
• 13:34
  Chris,
• 13:34
  what
• 13:34
  they
• 13:34
  were
• 13:34
  showing
• 13:35
  on
• 13:35
  stage
• 13:35
  at
• 13:35
  nrf,
• 13:36
  rough,
• 13:36
  it's
• 13:36
  just
• 13:36
  like,
• 13:36
  it's
• 13:37
  even
• 13:37
  beyond,
• 13:38
  I
• 13:38
  think,
• 13:38
  what
• 13:38
  we
• 13:38
  can
• 13:39
  even
• 13:39
  comprehend.
• 13:40
  So
• 13:40
  I
• 13:40
  think
• 13:41
  the
• 13:41
  fact
• 13:41
  that
• 13:41
  Amazon's
• 13:42
  investing
• 13:43
  $11
• 13:44
  billion
• 13:45
  in
• 13:45
  continuing
• 13:46
  to
• 13:47
  bolster
• 13:48
  their
• 13:48
  AI
• 13:49
  capabilities,
• 13:49
  especially,
• 13:50
  you
• 13:50
  know,
• 13:51
  everybody's
• 13:51
  got
• 13:51
  to
• 13:52
  get
• 13:52
  their
• 13:52
  piece.
• 13:52
  And
• 13:53
  right
• 13:53
  now
• 13:53
  is
• 13:53
  the
• 13:53
  time
• 13:54
  that
• 13:54
  you
• 13:54
  got
• 13:54
  to
• 13:54
  be
• 13:55
  doing
• 13:55
  it,
• 13:55
  because
• 13:55
  you
• 13:56
  know
• 13:56
  it.
• 13:56
  It's
• 13:56
  going
• 13:57
  to
• 13:57
  be
• 13:57
  impossible
• 13:57
  to
• 13:57
  catch
• 13:58
  up
• 13:58
  to
• 13:58
  people
• 13:58
  like
• 13:58
  Nvidia.
• 13:59
  But
• 13:59
  if
• 13:59
  you're
• 13:59
  not
• 13:59
  doing
• 14:00
  anything
• 14:00
  to
• 14:00
  think
• 14:01
  about
• 14:01
  this,
• 14:01
  like,
• 14:01
  you
• 14:02
  got
• 14:02
  to
• 14:02
  figure
• 14:02
  out
• 14:03
  how
• 14:03
  you're
• 14:04
  going
• 14:04
  to
• 14:04
  set
• 14:04
  yourself
• 14:04
  up
• 14:05
  for
• 14:05
  the
• 14:05
  structure
• 14:06
  or
• 14:06
  the
• 14:06
  foundation
• 14:07
  to
• 14:08
  have
• 14:09
  successful
• 14:12
  pieces
• 14:12
  in
• 14:13
  place
• 14:13
  to
• 14:13
  really
• 14:14
  succeed
• 14:14
  with
• 14:14
  AI,
• 14:15
  because
• 14:15
  there's.
• 14:15
  There's
• 14:16
  just
• 14:16
  no
• 14:16
  way
• 14:17
  that
• 14:17
  you
• 14:17
  cannot
• 14:18
  use
• 14:18
  this.
• 14:18
  There's
• 14:18
  no
• 14:19
  way
• 14:19
  that
• 14:19
  if
• 14:20
  you
• 14:20
  are
• 14:20
  a
• 14:20
  technology
• 14:21
  company,
• 14:22
  you
• 14:22
  cannot
• 14:22
  be
• 14:22
  making
• 14:23
  these
• 14:23
  types
• 14:23
  of
• 14:23
  investments
• 14:24
  right
• 14:24
  now.
• 14:25
  Especially
• 14:25
  the
• 14:26
  agentic
• 14:26
  AI
• 14:27
  stuff.
• 14:27
  Chris,
• 14:27
  like,
• 14:28
  for
• 14:28
  those
• 14:28
  in
• 14:28
  our
• 14:28
  audience.
• 14:28
  Yeah,
• 14:29
  explain
• 14:29
  what
• 14:29
  agentic
• 14:30
  AI,
• 14:30
  this
• 14:30
  was
• 14:30
  a.
• 14:30
  Relative
• 14:31
  to
• 14:31
  interpret
• 14:31
  agentic
• 14:32
  AI.
• 14:32
  Yeah.
• 14:32
  So
• 14:33
  like
• 14:33
  I
• 14:33
  was
• 14:33
  telling
• 14:34
  you,
• 14:34
  like
• 14:34
  when.
• 14:34
  When
• 14:35
  we,
• 14:35
  you
• 14:35
  know
• 14:36
  who
• 14:36
  we
• 14:37
  were.
• 14:37
  Oh,
• 14:37
  Keith.
• 14:37
  Keith
• 14:38
  Mercier
• 14:38
  from
• 14:39
  Target
• 14:40
  or
• 14:40
  from
• 14:40
  Microsoft.
• 14:41
  Microsoft.
• 14:41
  On
• 14:42
  our
• 14:42
  podcast
• 14:43
  leading
• 14:43
  up
• 14:43
  to
• 14:43
  nrf,
• 14:44
  he
• 14:44
  was
• 14:44
  talking
• 14:44
  about
• 14:44
  agentic
• 14:45
  AI.
• 14:45
  And
• 14:45
  I
• 14:45
  think
• 14:46
  that
• 14:46
  for
• 14:46
  a
• 14:46
  lot
• 14:46
  of
• 14:46
  people,
• 14:47
  that
• 14:47
  was
• 14:47
  like
• 14:47
  the
• 14:47
  first,
• 14:47
  kind
• 14:48
  of,
• 14:49
  the
• 14:49
  first
• 14:49
  place
• 14:49
  that
• 14:49
  we
• 14:50
  were
• 14:50
  hearing
• 14:50
  about
• 14:50
  it.
• 14:51
  I
• 14:51
  immediately
• 14:52
  assumed
• 14:52
  agentic
• 14:53
  AI,
• 14:53
  like
• 14:53
  an
• 14:53
  agent,
• 14:54
  a
• 14:54
  call
• 14:54
  center
• 14:55
  agent,
• 14:55
  a
• 14:55
  bot
• 14:55
  that
• 14:55
  you're
• 14:56
  interacting
• 14:56
  with
• 14:56
  on
• 14:56
  the
• 14:56
  website.
• 14:57
  Oh,
• 14:57
  God,
• 14:58
  no.
• 14:58
  This
• 14:58
  was
• 14:59
  like
• 14:59
  Azita
• 14:59
  and
• 14:59
  John
• 15:00
  were
• 15:00
  on
• 15:00
  stage,
• 15:01
  they
• 15:01
  were
• 15:01
  showing
• 15:02
  like
• 15:02
  a
• 15:02
  complete
• 15:03
  transformation
• 15:04
  of
• 15:04
  a
• 15:04
  DC
• 15:05
  where
• 15:06
  agentic
• 15:06
  AI
• 15:07
  just
• 15:07
  basically
• 15:07
  means,
• 15:08
  in
• 15:08
  my
• 15:08
  understanding,
• 15:09
  it's
• 15:09
  just
• 15:10
  these
• 15:10
  are
• 15:10
  the
• 15:10
  jobs
• 15:11
  that
• 15:11
  AI
• 15:11
  is
• 15:12
  doing
• 15:12
  a
• 15:12
  thousand
• 15:13
  times
• 15:13
  better
• 15:13
  than
• 15:13
  people,
• 15:14
  and
• 15:14
  they
• 15:15
  are
• 15:15
  just
• 15:15
  going
• 15:15
  to
• 15:16
  catapult
• 15:17
  every
• 15:17
  single
• 15:18
  industry.
• 15:18
  And
• 15:19
  so
• 15:19
  that's
• 15:19
  where
• 15:20
  this
• 15:20
  $11
• 15:21
  billion
• 15:21
  investment
• 15:21
  in
• 15:22
  Georgia,
• 15:22
  you're
• 15:22
  just
• 15:22
  like,
• 15:23
  yeah,
• 15:23
  this
• 15:23
  is
• 15:24
  the
• 15:24
  kind
• 15:24
  of
• 15:24
  money
• 15:24
  that
• 15:24
  we're
• 15:24
  going
• 15:25
  to
• 15:25
  have
• 15:25
  to
• 15:25
  be
• 15:25
  throwing
• 15:25
  at
• 15:25
  this.
• 15:26
  This
• 15:26
  is
• 15:26
  kind
• 15:26
  of
• 15:26
  infrastructure
• 15:27
  we're
• 15:27
  going
• 15:27
  to
• 15:27
  have
• 15:27
  to
• 15:27
  be
• 15:27
  building
• 15:28
  for
• 15:28
  this
• 15:28
  to
• 15:28
  be
• 15:28
  successful.
• 15:30
  It's.
• 15:30
  It's
• 15:30
  beyond
• 15:31
  what
• 15:32
  I
• 15:32
  think
• 15:32
  we
• 15:32
  can
• 15:33
  even
• 15:33
  comprehend
• 15:33
  right
• 15:34
  now.
• 15:34
  Yeah.
• 15:35
  Or
• 15:35
  said
• 15:35
  another
• 15:35
  way,
• 15:36
  all
• 15:36
  those
• 15:36
  inventory
• 15:37
  planning
• 15:37
  and
• 15:37
  allocation
• 15:37
  jobs
• 15:38
  that
• 15:38
  are
• 15:38
  the
• 15:38
  starting
• 15:38
  grounds,
• 15:39
  Right.
• 15:39
  Most
• 15:39
  retailers,
• 15:40
  those
• 15:40
  are
• 15:40
  going
• 15:40
  to
• 15:40
  become,
• 15:41
  you
• 15:41
  know,
• 15:42
  AI
• 15:42
  agents
• 15:42
  in
• 15:42
  the
• 15:43
  long
• 15:43
  run
• 15:43
  is
• 15:43
  basically
• 15:43
  what
• 15:44
  is
• 15:44
  How
• 15:44
  I
• 15:44
  would
• 15:45
  read
• 15:45
  into
• 15:45
  that.
• 15:46
  Yes,
• 15:47
  what
• 15:47
  you
• 15:47
  just
• 15:48
  said.
• 15:48
  So,
• 15:48
  I
• 15:48
  mean,
• 15:49
  and
• 15:49
  I
• 15:49
  don't
• 15:49
  have
• 15:49
  much
• 15:49
  to
• 15:50
  add
• 15:50
  here.
• 15:50
  I
• 15:50
  mean,
• 15:50
  I
• 15:50
  just
• 15:51
  thought
• 15:51
  of
• 15:51
  a
• 15:51
  way
• 15:51
  to
• 15:51
  put
• 15:51
  this
• 15:51
  in
• 15:52
  perspective
• 15:52
  for
• 15:52
  our
• 15:53
  audience.
• 15:54
  11
• 15:54
  billion,
• 15:55
  11
• 15:55
  in
• 15:56
  $11
• 15:56
  billion
• 15:57
  investment
• 15:58
  is
• 15:58
  more
• 15:58
  than
• 15:59
  twice
• 15:59
  the
• 15:59
  market
• 15:59
  cap
• 16:00
  of
• 16:00
  Macy's
• 16:00
  which
• 16:00
  we
• 16:01
  just
• 16:01
  talked
• 16:01
  about.
• 16:01
  Macy's
• 16:02
  market
• 16:02
  cap
• 16:03
  is
• 16:03
  $4
• 16:03
  billion.
• 16:04
  So
• 16:04
  $11
• 16:04
  billion
• 16:05
  is
• 16:05
  more
• 16:05
  than
• 16:05
  twice
• 16:06
  the
• 16:06
  value
• 16:06
  of
• 16:06
  Macy's
• 16:07
  right
• 16:07
  now.
• 16:07
  Yeah,
• 16:08
  that's
• 16:08
  the
• 16:08
  scale
• 16:09
  of
• 16:10
  the
• 16:10
  resources
• 16:10
  that
• 16:11
  we're
• 16:11
  talking
• 16:11
  about
• 16:11
  here
• 16:12
  with
• 16:12
  which
• 16:12
  Amazon
• 16:13
  has
• 16:13
  to
• 16:14
  win
• 16:14
  and
• 16:15
  forge
• 16:15
  its
• 16:15
  trail
• 16:16
  in
• 16:16
  the
• 16:16
  next
• 16:16
  generation
• 16:17
  of
• 16:17
  AI
• 16:18
  based
• 16:18
  commerce.
• 16:19
  That's
• 16:19
  crazy
• 16:20
  when
• 16:20
  you
• 16:20
  think
• 16:20
  about
• 16:20
  it.
• 16:21
  And
• 16:21
  so
• 16:21
  other
• 16:21
  retailers
• 16:22
  are
• 16:22
  not
• 16:22
  going
• 16:22
  to
• 16:22
  stand
• 16:23
  a
• 16:23
  chance.
• 16:23
  So
• 16:23
  I'm
• 16:23
  a
• 16:24
  little
• 16:24
  more
• 16:24
  like,
• 16:24
  like
• 16:24
  doomsday
• 16:25
  tinfoil
• 16:26
  hat
• 16:26
  here
• 16:26
  and
• 16:27
  going
• 16:27
  back.
• 16:27
  To
• 16:27
  understandable
• 16:28
  machine
• 16:28
  we
• 16:29
  used
• 16:29
  to
• 16:29
  use.
• 16:29
  Like
• 16:29
  three
• 16:29
  or
• 16:29
  four
• 16:30
  years
• 16:30
  ago
• 16:31
  because
• 16:31
  it's
• 16:31
  gonna
• 16:31
  be
• 16:31
  impossible
• 16:32
  to
• 16:32
  keep
• 16:32
  up
• 16:32
  with
• 16:32
  them.
• 16:33
  I'm
• 16:33
  not
• 16:33
  even
• 16:33
  sure
• 16:33
  Walmart
• 16:34
  can
• 16:34
  keep
• 16:34
  up
• 16:34
  with
• 16:35
  this,
• 16:35
  you
• 16:35
  know,
• 16:35
  at
• 16:35
  the
• 16:35
  end
• 16:35
  of
• 16:36
  the
• 16:36
  day.
• 16:36
  So
• 16:37
  the
• 16:37
  only
• 16:37
  path
• 16:37
  I
• 16:38
  see
• 16:38
  here
• 16:38
  is
• 16:39
  that
• 16:39
  Amazon
• 16:40
  either
• 16:40
  gets
• 16:40
  bigger
• 16:41
  and
• 16:41
  bigger
• 16:41
  and
• 16:41
  puts
• 16:42
  more
• 16:42
  retailers
• 16:42
  out
• 16:43
  of
• 16:43
  business,
• 16:43
  Right?
• 16:45
  Yeah.
• 16:45
  Or
• 16:46
  gobbles
• 16:46
  them
• 16:46
  up
• 16:47
  too,
• 16:47
  maybe
• 16:47
  acquires
• 16:48
  them,
• 16:48
  you
• 16:48
  know,
• 16:48
  who
• 16:48
  knows?
• 16:49
  Or
• 16:49
  the
• 16:49
  government
• 16:49
  gets
• 16:50
  involved
• 16:50
  and
• 16:50
  breaks
• 16:51
  up
• 16:51
  aws
• 16:52
  because
• 16:52
  yeah,
• 16:53
  the,
• 16:53
  the
• 16:53
  combination
• 16:54
  of
• 16:54
  those
• 16:54
  two
• 16:54
  is
• 16:55
  just
• 16:55
  making
• 16:55
  Amazon
• 16:56
  so
• 16:56
  powerful
• 16:57
  in
• 16:57
  this
• 16:57
  landscape
• 16:58
  that
• 16:58
  there's
• 16:58
  no
• 16:58
  way
• 16:59
  it's
• 16:59
  going
• 16:59
  to
• 16:59
  be
• 17:00
  a
• 17:00
  fair
• 17:00
  playing
• 17:00
  field,
• 17:01
  you
• 17:01
  know,
• 17:01
  with,
• 17:01
  with
• 17:02
  them
• 17:02
  being
• 17:02
  able
• 17:02
  to,
• 17:03
  you
• 17:03
  know,
• 17:04
  have
• 17:04
  that
• 17:04
  in
• 17:04
  their
• 17:04
  back
• 17:05
  pocket
• 17:05
  to
• 17:05
  dominate
• 17:06
  the
• 17:06
  space.
• 17:07
  Yeah,
• 17:07
  that's
• 17:07
  a
• 17:07
  great
• 17:08
  point.
• 17:08
  And
• 17:08
  not
• 17:09
  just
• 17:09
  Amazon.
• 17:09
  I
• 17:09
  mean,
• 17:10
  you
• 17:10
  look
• 17:10
  at
• 17:10
  all
• 17:10
  of
• 17:10
  these
• 17:11
  companies
• 17:11
  like
• 17:12
  Nvidia
• 17:12
  even
• 17:12
  like,
• 17:13
  I
• 17:13
  think
• 17:13
  there's
• 17:14
  going
• 17:14
  to
• 17:14
  be
• 17:14
  legislation
• 17:15
  changes
• 17:16
  that
• 17:16
  have
• 17:16
  to
• 17:16
  happen
• 17:16
  because
• 17:17
  people
• 17:18
  like
• 17:18
  Nvidia,
• 17:18
  people
• 17:19
  like
• 17:19
  Amazon
• 17:19
  that
• 17:19
  have
• 17:19
  these
• 17:20
  deep
• 17:20
  pockets
• 17:20
  are
• 17:20
  investing
• 17:21
  so
• 17:21
  much
• 17:21
  money
• 17:21
  and
• 17:22
  being
• 17:22
  able
• 17:22
  to
• 17:22
  do
• 17:22
  like
• 17:23
  no
• 17:23
  one's
• 17:23
  going
• 17:23
  to
• 17:23
  be
• 17:23
  able
• 17:24
  to,
• 17:24
  to
• 17:24
  catch
• 17:24
  up
• 17:25
  with
• 17:25
  them.
• 17:25
  It's
• 17:25
  just,
• 17:25
  it's
• 17:26
  impossible.
• 17:28
  Well,
• 17:28
  let's
• 17:28
  go
• 17:28
  on
• 17:28
  to
• 17:29
  headline
• 17:29
  number
• 17:29
  three,
• 17:29
  Chris.
• 17:30
  Best
• 17:31
  Buy
• 17:31
  plans
• 17:31
  to
• 17:32
  launch
• 17:32
  a
• 17:32
  new
• 17:32
  third
• 17:33
  party
• 17:33
  marketplace
• 17:34
  in
• 17:34
  the
• 17:34
  US
• 17:34
  in
• 17:34
  mid-2025,
• 17:36
  according
• 17:36
  to
• 17:36
  Modern
• 17:37
  Retail.
• 17:37
  CEO
• 17:38
  Corey
• 17:38
  Berry
• 17:38
  told
• 17:39
  investors
• 17:39
  about
• 17:39
  the
• 17:39
  new
• 17:39
  marketplace
• 17:40
  on
• 17:40
  an
• 17:40
  earnings
• 17:41
  call
• 17:41
  in
• 17:41
  November,
• 17:41
  saying
• 17:42
  it
• 17:42
  would
• 17:42
  give
• 17:42
  its
• 17:42
  customers
• 17:43
  access
• 17:43
  to
• 17:43
  a
• 17:44
  larger
• 17:44
  assortment
• 17:44
  and
• 17:45
  new
• 17:45
  categories.
• 17:46
  It
• 17:46
  will
• 17:47
  also
• 17:47
  give
• 17:47
  sellers
• 17:47
  and
• 17:48
  advertisers
• 17:48
  a
• 17:49
  new
• 17:49
  avenue
• 17:49
  on
• 17:49
  which
• 17:50
  to
• 17:50
  increase
• 17:50
  their
• 17:50
  reach
• 17:51
  and
• 17:51
  build
• 17:51
  their
• 17:52
  brands.
• 17:52
  She
• 17:52
  said
• 17:53
  the
• 17:53
  new
• 17:53
  platform
• 17:54
  is
• 17:54
  a
• 17:54
  partnership
• 17:54
  with
• 17:55
  Miracle,
• 17:55
  a
• 17:56
  software
• 17:56
  company
• 17:56
  that
• 17:57
  also
• 17:57
  powers
• 17:57
  third
• 17:58
  party
• 17:58
  marketplaces
• 17:58
  for
• 17:59
  Macy's,
• 17:59
  Nordstrom
• 18:00
  and
• 18:00
  Kroger,
• 18:00
  which
• 18:01
  you've
• 18:01
  definitely
• 18:01
  heard
• 18:02
  me
• 18:02
  say
• 18:02
  before.
• 18:02
  Because
• 18:03
  Miracle
• 18:03
  is
• 18:03
  also
• 18:04
  a
• 18:04
  sponsor
• 18:04
  of
• 18:05
  this
• 18:05
  podcast.
• 18:06
  Yes.
• 18:06
  Full
• 18:06
  disclosure.
• 18:07
  Yes.
• 18:08
  And
• 18:09
  that
• 18:09
  complement
• 18:10
  this
• 18:10
  traditional
• 18:11
  e
• 18:11
  commerce
• 18:12
  sites
• 18:12
  with
• 18:12
  a
• 18:12
  larger
• 18:13
  selection
• 18:13
  from
• 18:14
  third
• 18:14
  party
• 18:14
  sellers.
• 18:15
  The
• 18:15
  move
• 18:16
  follows
• 18:16
  a
• 18:16
  previous
• 18:16
  attempt
• 18:17
  from
• 18:17
  20,
• 18:18
  from
• 18:18
  2011
• 18:19
  to
• 18:19
  2016,
• 18:20
  when
• 18:20
  Best
• 18:21
  Buy
• 18:21
  launched
• 18:21
  a
• 18:21
  marketplace
• 18:22
  to
• 18:22
  compete
• 18:22
  with
• 18:22
  Amazon
• 18:23
  but
• 18:23
  shut
• 18:23
  it
• 18:24
  down,
• 18:24
  it
• 18:25
  only
• 18:25
  brought
• 18:25
  in
• 18:25
  1%
• 18:26
  of
• 18:26
  Best
• 18:26
  Buy's
• 18:27
  revenue
• 18:27
  and
• 18:27
  created
• 18:28
  confusion
• 18:28
  among
• 18:28
  buyers
• 18:29
  who
• 18:29
  thought
• 18:29
  they
• 18:29
  could
• 18:29
  return
• 18:30
  the
• 18:30
  inventory
• 18:30
  to
• 18:30
  Best
• 18:31
  Buy
• 18:31
  stores.
• 18:31
  A
• 18:31
  Best
• 18:32
  Buy
• 18:32
  spokesperson
• 18:33
  told
• 18:33
  E
• 18:33
  commerce
• 18:34
  bites
• 18:34
  in
• 18:34
  2016.
• 18:35
  Chris,
• 18:35
  this
• 18:36
  is
• 18:36
  also
• 18:36
  our
• 18:36
  A
• 18:37
  and
• 18:37
  M
• 18:37
  put
• 18:37
  you
• 18:37
  on
• 18:37
  the
• 18:38
  spot
• 18:38
  question.
• 18:39
  Wow,
• 18:40
  I'm
• 18:40
  on
• 18:40
  a
• 18:40
  roll
• 18:40
  with
• 18:40
  these
• 18:41
  questions.
• 18:41
  Yes.
• 18:42
  All
• 18:42
  right,
• 18:42
  let's
• 18:42
  do
• 18:42
  it.
• 18:43
  Yeah.
• 18:43
  Chris.
• 18:44
  Marketplaces
• 18:44
  continue
• 18:45
  to
• 18:45
  thrive
• 18:45
  and
• 18:45
  multiply.
• 18:46
  Call
• 18:46
  them
• 18:46
  the
• 18:47
  new
• 18:47
  retail
• 18:47
  media
• 18:48
  network.
• 18:48
  To
• 18:48
  that
• 18:49
  end,
• 18:49
  we'll.
• 18:49
  Marketplaces
• 18:50
  like
• 18:51
  Best
• 18:51
  Buy
• 18:51
  stand
• 18:51
  on
• 18:52
  their
• 18:52
  own
• 18:52
  long
• 18:52
  term.
• 18:53
  Or
• 18:53
  will
• 18:53
  this
• 18:53
  proliferation
• 18:54
  of
• 18:54
  independent
• 18:55
  retailer
• 18:55
  marketplaces
• 18:56
  end
• 18:57
  up
• 18:57
  significantly
• 18:58
  consolidating?
• 19:00
  Interesting.
• 19:00
  Interesting.
• 19:01
  I
• 19:01
  don't
• 19:01
  know.
• 19:01
  I
• 19:01
  don't
• 19:01
  know
• 19:01
  if
• 19:01
  I
• 19:02
  agree
• 19:02
  that
• 19:02
  they're
• 19:02
  the
• 19:02
  new
• 19:03
  retail
• 19:03
  media
• 19:03
  of
• 19:04
  2025.
• 19:05
  I
• 19:05
  think,
• 19:05
  I
• 19:05
  think
• 19:06
  they're
• 19:06
  a
• 19:06
  little
• 19:06
  bit
• 19:06
  different
• 19:06
  here.
• 19:07
  And,
• 19:07
  and
• 19:07
  to
• 19:08
  answer
• 19:08
  that
• 19:08
  question,
• 19:08
  I
• 19:08
  don't
• 19:09
  really
• 19:09
  see
• 19:09
  any,
• 19:09
  I
• 19:10
  don't
• 19:10
  really
• 19:10
  see
• 19:10
  any
• 19:11
  consolidation.
• 19:12
  I
• 19:12
  think,
• 19:12
  you
• 19:12
  know,
• 19:13
  some
• 19:13
  marketplace
• 19:14
  efforts
• 19:14
  will
• 19:14
  be
• 19:14
  more
• 19:14
  successful
• 19:15
  than
• 19:15
  others
• 19:16
  and
• 19:16
  some
• 19:16
  will
• 19:16
  get
• 19:16
  the
• 19:17
  traffic,
• 19:17
  therefore,
• 19:18
  and
• 19:18
  others
• 19:18
  won't.
• 19:19
  But
• 19:19
  at
• 19:19
  the
• 19:19
  end
• 19:19
  of
• 19:19
  the
• 19:20
  day,
• 19:20
  running
• 19:20
  them
• 19:20
  has
• 19:20
  gotten
• 19:21
  so
• 19:21
  much
• 19:21
  more
• 19:21
  efficient
• 19:22
  because
• 19:22
  of
• 19:22
  the
• 19:22
  platforms
• 19:23
  that
• 19:23
  are
• 19:23
  out
• 19:23
  there
• 19:23
  that
• 19:24
  I
• 19:24
  think
• 19:24
  it
• 19:24
  makes
• 19:24
  it
• 19:24
  easier
• 19:25
  for
• 19:25
  people
• 19:25
  to
• 19:25
  try
• 19:26
  to
• 19:26
  do
• 19:26
  this
• 19:26
  and
• 19:26
  see
• 19:27
  to
• 19:27
  what
• 19:27
  degree
• 19:28
  a
• 19:28
  marketplace
• 19:28
  works
• 19:29
  for
• 19:29
  them.
• 19:29
  But
• 19:29
  yeah,
• 19:29
  I
• 19:30
  don't
• 19:30
  see
• 19:30
  consolidation
• 19:31
  of
• 19:31
  marketplace
• 19:32
  efforts
• 19:32
  happening.
• 19:33
  Which
• 19:34
  is
• 19:34
  why,
• 19:34
  honestly,
• 19:35
  if
• 19:35
  I
• 19:35
  come
• 19:35
  back
• 19:35
  to
• 19:35
  the
• 19:36
  headline,
• 19:36
  I
• 19:36
  am
• 19:37
  decidedly
• 19:37
  pro
• 19:38
  on
• 19:38
  this
• 19:38
  move
• 19:39
  because,
• 19:39
  you
• 19:39
  know,
• 19:40
  the,
• 19:40
  the
• 19:40
  thing
• 19:40
  I'd
• 19:41
  call
• 19:41
  it,
• 19:41
  it's
• 19:41
  not
• 19:41
  2016
• 19:42
  anymore.
• 19:43
  You
• 19:43
  know,
• 19:43
  it's
• 19:43
  not,
• 19:45
  it's
• 19:45
  2025.
• 19:46
  And
• 19:47
  you
• 19:47
  know,
• 19:47
  just
• 19:47
  to
• 19:47
  call
• 19:48
  it
• 19:48
  out,
• 19:48
  you
• 19:48
  know.
• 19:48
  Yeah,
• 19:49
  and,
• 19:49
  and
• 19:49
  retail
• 19:50
  and
• 19:50
  Best
• 19:51
  Buy
• 19:51
  have
• 19:52
  both
• 19:52
  changed
• 19:52
  a
• 19:52
  lot
• 19:53
  in
• 19:53
  the
• 19:53
  last
• 19:53
  10
• 19:53
  years.
• 19:54
  Like,
• 19:54
  I
• 19:54
  think
• 19:54
  this
• 19:55
  10
• 19:55
  years
• 19:55
  has
• 19:55
  seen
• 19:55
  the
• 19:56
  most
• 19:56
  change
• 19:56
  in
• 19:56
  retail
• 19:57
  that
• 19:57
  I
• 19:57
  can
• 19:57
  ever
• 19:58
  remember.
• 19:58
  Yes.
• 19:59
  And
• 20:00
  so
• 20:00
  a
• 20:00
  number
• 20:00
  of
• 20:00
  things
• 20:00
  I
• 20:00
  call
• 20:01
  out
• 20:01
  that
• 20:01
  are
• 20:01
  different
• 20:01
  than,
• 20:02
  you
• 20:02
  know,
• 20:02
  back
• 20:02
  in
• 20:02
  2016.
• 20:03
  One,
• 20:04
  platforms
• 20:04
  like
• 20:04
  Miracle
• 20:05
  just
• 20:05
  make
• 20:05
  it
• 20:05
  easier.
• 20:05
  Like
• 20:05
  I
• 20:06
  said
• 20:06
  already,
• 20:06
  like,
• 20:06
  they
• 20:07
  make
• 20:07
  it
• 20:07
  easier.
• 20:07
  And
• 20:08
  you
• 20:08
  know,
• 20:08
  there's
• 20:08
  a
• 20:08
  lot
• 20:08
  of
• 20:08
  platforms
• 20:09
  you
• 20:09
  can
• 20:09
  do
• 20:09
  this
• 20:09
  with.
• 20:09
  But,
• 20:10
  but
• 20:10
  you
• 20:10
  know,
• 20:10
  they're
• 20:10
  using
• 20:11
  Miracle,
• 20:11
  they're
• 20:11
  our
• 20:11
  sponsor
• 20:12
  and
• 20:12
  it
• 20:12
  just
• 20:12
  makes
• 20:12
  it
• 20:13
  easier
• 20:13
  to
• 20:13
  do
• 20:13
  second,
• 20:15
  the
• 20:15
  Omnichannel
• 20:16
  sophistication
• 20:16
  with
• 20:17
  rich
• 20:17
  retailers
• 20:17
  are
• 20:18
  operating
• 20:18
  is
• 20:18
  far
• 20:19
  greater
• 20:19
  than
• 20:19
  it
• 20:19
  ever
• 20:20
  was.
• 20:20
  So
• 20:21
  the
• 20:21
  idea
• 20:21
  of
• 20:21
  returns
• 20:22
  being
• 20:23
  the
• 20:23
  hamstringing
• 20:24
  factor
• 20:24
  here
• 20:25
  isn't
• 20:25
  as
• 20:25
  large
• 20:25
  of
• 20:25
  a
• 20:26
  concern
• 20:26
  as
• 20:26
  it
• 20:26
  probably
• 20:27
  was
• 20:27
  before.
• 20:27
  I
• 20:27
  think
• 20:28
  people
• 20:28
  have
• 20:28
  started
• 20:28
  to
• 20:28
  figure
• 20:29
  out
• 20:29
  how
• 20:29
  to
• 20:29
  do
• 20:30
  things
• 20:30
  around
• 20:31
  that.
• 20:31
  Different
• 20:32
  business
• 20:32
  models,
• 20:32
  different
• 20:33
  technology
• 20:33
  solutions
• 20:34
  have
• 20:34
  come
• 20:34
  up
• 20:34
  around
• 20:35
  solving
• 20:35
  that
• 20:35
  problem
• 20:36
  and
• 20:36
  it
• 20:36
  will
• 20:36
  continue
• 20:37
  to
• 20:37
  get
• 20:37
  better
• 20:37
  and
• 20:37
  better.
• 20:38
  And
• 20:38
  then
• 20:38
  here's
• 20:38
  the
• 20:38
  last
• 20:39
  point
• 20:39
  I'd
• 20:39
  add
• 20:39
  too,
• 20:40
  or
• 20:40
  no,
• 20:41
  second
• 20:41
  to
• 20:41
  last
• 20:41
  point.
• 20:41
  Actually,
• 20:42
  I've
• 20:42
  got
• 20:42
  another
• 20:42
  point
• 20:42
  after
• 20:43
  this.
• 20:43
  Third,
• 20:44
  I
• 20:44
  think
• 20:44
  subscriptions
• 20:45
  are
• 20:45
  a
• 20:45
  bigger
• 20:46
  part
• 20:46
  of
• 20:46
  the
• 20:46
  game
• 20:47
  here.
• 20:47
  Yeah,
• 20:47
  so,
• 20:48
  and
• 20:48
  loyalty.
• 20:48
  And
• 20:48
  we
• 20:49
  learned
• 20:49
  from
• 20:49
  Christian
• 20:49
  Revo
• 20:50
  yesterday
• 20:50
  at
• 20:50
  the
• 20:50
  Reva
• 20:51
  Group
• 20:51
  that
• 20:51
  loyalty
• 20:51
  is
• 20:51
  a
• 20:51
  key
• 20:52
  piece
• 20:52
  of
• 20:52
  my
• 20:52
  fourth
• 20:52
  point,
• 20:52
  which
• 20:53
  is
• 20:53
  going
• 20:53
  to
• 20:53
  be
• 20:53
  retail
• 20:53
  media.
• 20:54
  So
• 20:54
  teased.
• 20:55
  But
• 20:55
  Best
• 20:56
  Buy
• 20:56
  has
• 20:56
  a
• 20:56
  pretty
• 20:56
  robust
• 20:57
  loyalty
• 20:58
  program
• 20:58
  with
• 20:59
  lots
• 20:59
  of
• 20:59
  great
• 20:59
  benefits.
• 21:00
  So
• 21:00
  I
• 21:00
  could
• 21:00
  see
• 21:00
  customers
• 21:01
  going
• 21:01
  on
• 21:01
  their
• 21:02
  site,
• 21:02
  on
• 21:03
  their
• 21:03
  site
• 21:03
  wanting
• 21:04
  to
• 21:04
  purchase
• 21:04
  other
• 21:04
  items
• 21:05
  from
• 21:05
  Best
• 21:05
  Buy
• 21:06
  given
• 21:06
  their
• 21:06
  loyalty
• 21:07
  and
• 21:07
  the
• 21:07
  fringe
• 21:08
  benefits
• 21:08
  that
• 21:08
  come
• 21:09
  with
• 21:09
  being
• 21:09
  a
• 21:09
  member.
• 21:10
  And
• 21:10
  fourth,
• 21:10
  of
• 21:11
  course,
• 21:11
  the
• 21:11
  retail
• 21:12
  media
• 21:12
  landscape
• 21:13
  is
• 21:14
  way
• 21:14
  different.
• 21:15
  We've
• 21:15
  talked
• 21:15
  about
• 21:15
  this
• 21:16
  a
• 21:16
  lot
• 21:16
  on
• 21:16
  our
• 21:16
  show.
• 21:16
  But
• 21:17
  retail
• 21:17
  media,
• 21:18
  the
• 21:18
  marketplaces
• 21:19
  extend
• 21:19
  the
• 21:19
  reach
• 21:19
  of
• 21:20
  retail
• 21:20
  media.
• 21:21
  And
• 21:21
  Best
• 21:21
  Buy
• 21:22
  is
• 21:22
  one
• 21:22
  of
• 21:22
  those
• 21:22
  retailers
• 21:23
  that
• 21:23
  has
• 21:24
  a
• 21:24
  national
• 21:25
  retail
• 21:26
  media
• 21:26
  reach.
• 21:27
  So
• 21:27
  for
• 21:27
  all
• 21:28
  those
• 21:28
  reasons,
• 21:28
  those
• 21:28
  four
• 21:29
  reasons,
• 21:29
  I
• 21:29
  think,
• 21:30
  I
• 21:30
  think
• 21:30
  this
• 21:30
  is
• 21:30
  a
• 21:30
  great
• 21:31
  move
• 21:31
  by
• 21:31
  Best
• 21:31
  Buy.
• 21:31
  Salute
• 21:32
  Corey
• 21:32
  Berry
• 21:32
  and
• 21:32
  hope
• 21:32
  we
• 21:33
  can
• 21:33
  get
• 21:33
  them
• 21:33
  on
• 21:33
  the
• 21:33
  show
• 21:33
  to
• 21:33
  talk
• 21:34
  about
• 21:34
  it
• 21:34
  more.
• 21:35
  Yeah,
• 21:35
  I
• 21:35
  agree.
• 21:35
  I
• 21:36
  mean,
• 21:36
  you
• 21:36
  kind
• 21:36
  of
• 21:37
  hit
• 21:37
  on
• 21:37
  all
• 21:37
  the
• 21:37
  points,
• 21:38
  Chris,
• 21:38
  that
• 21:38
  I,
• 21:38
  I,
• 21:39
  I
• 21:39
  agree
• 21:40
  with.
• 21:40
  I
• 21:41
  think,
• 21:41
  you
• 21:41
  know,
• 21:41
  it's
• 21:41
  a
• 21:42
  search
• 21:42
  game.
• 21:42
  If
• 21:43
  you,
• 21:43
  if
• 21:43
  you
• 21:43
  can
• 21:44
  show
• 21:44
  up
• 21:44
  to
• 21:44
  more
• 21:44
  people,
• 21:45
  you
• 21:45
  have
• 21:45
  more
• 21:46
  access.
• 21:46
  And
• 21:46
  like
• 21:47
  you
• 21:47
  said,
• 21:47
  you
• 21:47
  know,
• 21:48
  Best
• 21:48
  Buy
• 21:48
  has
• 21:48
  a
• 21:49
  great
• 21:49
  loyalty
• 21:49
  program.
• 21:50
  They
• 21:50
  also,
• 21:51
  I
• 21:51
  think
• 21:52
  have
• 21:52
  things
• 21:52
  like
• 21:52
  that
• 21:52
  they
• 21:53
  can
• 21:53
  tie
• 21:53
  in
• 21:53
  down
• 21:54
  the
• 21:54
  road.
• 21:54
  That
• 21:54
  makes
• 21:54
  sense,
• 21:55
  like
• 21:55
  Geek
• 21:55
  Squad
• 21:56
  support
• 21:56
  for
• 21:56
  those
• 21:57
  items.
• 21:57
  I
• 21:58
  do
• 21:58
  also
• 21:58
  think
• 21:59
  that
• 21:59
  the
• 21:59
  returns
• 22:00
  issue
• 22:00
  can
• 22:00
  be
• 22:01
  solved.
• 22:01
  I
• 22:01
  mean,
• 22:01
  you
• 22:02
  take
• 22:02
  a
• 22:02
  look
• 22:02
  at
• 22:02
  what
• 22:02
  Walmart's
• 22:03
  doing
• 22:03
  with
• 22:03
  their,
• 22:04
  Walmart,
• 22:04
  you
• 22:04
  know,
• 22:04
  with
• 22:05
  Walmart
• 22:05
  plus
• 22:05
  and
• 22:05
  what
• 22:06
  they'
• 22:06
  with
• 22:06
  their
• 22:06
  marketplace,
• 22:07
  like
• 22:08
  they've
• 22:08
  got
• 22:08
  it
• 22:08
  figured
• 22:09
  out.
• 22:09
  The
• 22:09
  solution
• 22:09
  is
• 22:10
  out
• 22:10
  there.
• 22:10
  Best
• 22:10
  Buy
• 22:11
  is
• 22:11
  an
• 22:11
  intelligent
• 22:11
  retailer.
• 22:12
  They
• 22:12
  can
• 22:12
  definitely
• 22:13
  figure
• 22:13
  that
• 22:13
  out.
• 22:14
  And
• 22:14
  that's
• 22:14
  a
• 22:14
  great
• 22:15
  value
• 22:15
  to
• 22:15
  Best
• 22:16
  Buy's
• 22:16
  customers.
• 22:17
  The
• 22:17
  other
• 22:17
  thing
• 22:18
  too,
• 22:18
  that
• 22:18
  I'm
• 22:18
  also
• 22:19
  curious
• 22:19
  to
• 22:19
  see
• 22:19
  if
• 22:19
  Best
• 22:20
  Buy
• 22:20
  starts
• 22:20
  to
• 22:20
  bring
• 22:21
  into
• 22:21
  this.
• 22:21
  You
• 22:21
  know,
• 22:21
  they
• 22:22
  built
• 22:22
  that
• 22:22
  platform
• 22:23
  where
• 22:23
  you
• 22:23
  can
• 22:24
  go
• 22:24
  on
• 22:24
  bestbuy.com
• 22:25
  and
• 22:25
  you
• 22:25
  can
• 22:25
  click
• 22:26
  the
• 22:26
  button
• 22:26
  and
• 22:26
  do
• 22:26
  a
• 22:27
  live
• 22:27
  demo
• 22:27
  with
• 22:27
  a
• 22:28
  blue
• 22:28
  shirt
• 22:28
  right
• 22:28
  then
• 22:29
  and
• 22:29
  there.
• 22:29
  I
• 22:29
  mean,
• 22:30
  if
• 22:30
  they
• 22:30
  can
• 22:30
  expand
• 22:31
  that
• 22:31
  capability
• 22:32
  to
• 22:33
  offer
• 22:33
  that
• 22:34
  to
• 22:34
  their
• 22:34
  marketplace
• 22:35
  vendors
• 22:35
  too,
• 22:35
  where,
• 22:36
  like,
• 22:36
  hey,
• 22:36
  you
• 22:37
  want
• 22:37
  to
• 22:37
  use
• 22:37
  our
• 22:37
  technology
• 22:38
  in
• 22:38
  order
• 22:39
  to,
• 22:39
  like,
• 22:39
  have
• 22:39
  a
• 22:39
  conversation
• 22:40
  with
• 22:40
  this
• 22:40
  person
• 22:41
  about
• 22:41
  the
• 22:41
  patio
• 22:42
  set
• 22:42
  that
• 22:42
  they're
• 22:42
  about
• 22:43
  to
• 22:43
  buy
• 22:43
  from
• 22:43
  Best
• 22:44
  Buy
• 22:44
  like
• 22:44
  this,
• 22:45
  this
• 22:45
  is
• 22:45
  a
• 22:45
  great
• 22:45
  opportunity.
• 22:46
  And
• 22:46
  I
• 22:46
  think
• 22:47
  you're
• 22:47
  100
• 22:47
  right
• 22:48
  in
• 22:48
  that
• 22:48
  this
• 22:48
  isn't
• 22:49
  a
• 22:49
  one
• 22:49
  and
• 22:49
  done
• 22:49
  thing.
• 22:50
  Best
• 22:50
  Buy
• 22:51
  is
• 22:51
  coming
• 22:51
  back
• 22:51
  to
• 22:52
  this
• 22:52
  with
• 22:52
  new
• 22:53
  strategic
• 22:54
  measures
• 22:54
  in
• 22:54
  place
• 22:55
  to
• 22:55
  make
• 22:55
  sure
• 22:55
  that
• 22:55
  this
• 22:56
  is
• 22:56
  successful.
• 22:56
  So
• 22:57
  I,
• 22:57
  I
• 22:57
  salute
• 22:57
  the
• 22:57
  move
• 22:58
  as
• 22:58
  well.
• 22:58
  I
• 22:58
  think
• 22:58
  it's
• 22:58
  a
• 22:59
  great,
• 22:59
  great,
• 23:01
  great
• 23:01
  revisiting
• 23:02
  of
• 23:02
  the
• 23:02
  marketplace
• 23:03
  and
• 23:03
  definitely
• 23:03
  picking
• 23:04
  the
• 23:04
  right
• 23:04
  partner
• 23:04
  in
• 23:04
  Miracle.
• 23:05
  We've,
• 23:05
  we've
• 23:06
  worked
• 23:06
  with
• 23:06
  them
• 23:06
  quite
• 23:06
  a
• 23:06
  bit
• 23:07
  and
• 23:07
  I
• 23:07
  think
• 23:07
  they,
• 23:08
  they've
• 23:08
  seen
• 23:08
  a
• 23:08
  lot
• 23:08
  of
• 23:08
  the
• 23:09
  retailers
• 23:09
  they're
• 23:09
  working
• 23:09
  with
• 23:09
  are
• 23:10
  seeing
• 23:10
  a
• 23:10
  lot
• 23:10
  of
• 23:10
  success
• 23:10
  from
• 23:11
  that.
• 23:11
  So
• 23:12
  good
• 23:12
  job.
• 23:12
  All
• 23:13
  right,
• 23:13
  well,
• 23:13
  well,
• 23:14
  great
• 23:14
  segue
• 23:14
  here
• 23:14
  too.
• 23:15
  And
• 23:15
  because
• 23:15
  it
• 23:15
  just
• 23:15
  so
• 23:16
  happens
• 23:16
  that
• 23:16
  we
• 23:16
  have
• 23:17
  Tim
• 23:17
  on
• 23:18
  to
• 23:18
  talk
• 23:18
  about
• 23:18
  returns,
• 23:19
  let's
• 23:19
  bring
• 23:19
  Tim
• 23:20
  onto
• 23:20
  the
• 23:20
  show.
• 23:21
  Joining
• 23:21
  us
• 23:21
  now
• 23:21
  for
• 23:22
  five
• 23:22
  insightful
• 23:22
  minutes
• 23:23
  is
• 23:23
  Blue
• 23:23
  Yonder's
• 23:23
  corporate
• 23:24
  vice
• 23:24
  president,
• 23:25
  Tim
• 23:25
  Robinson.
• 23:26
  Tim
• 23:26
  is
• 23:26
  here
• 23:27
  to
• 23:27
  take
• 23:27
  us
• 23:27
  through
• 23:27
  Blue
• 23:28
  Yonder's
• 23:29
  most
• 23:29
  recent
• 23:29
  consumer
• 23:30
  returns
• 23:30
  survey.
• 23:31
  Tim,
• 23:32
  first
• 23:32
  question
• 23:32
  may
• 23:32
  be
• 23:33
  obvious,
• 23:33
  but
• 23:33
  I
• 23:33
  want
• 23:33
  to
• 23:33
  get
• 23:34
  your
• 23:34
  take
• 23:34
  on
• 23:34
  it.
• 23:34
  Why
• 23:35
  should
• 23:35
  retailers
• 23:36
  be
• 23:36
  reimagining
• 23:37
  returns?
• 23:39
  Hi,
• 23:39
  Chris
• 23:39
  here.
• 23:39
  Thank
• 23:40
  you.
• 23:40
  So,
• 23:40
  I
• 23:41
  mean,
• 23:41
  there
• 23:41
  are
• 23:41
  probably
• 23:42
  three
• 23:42
  key
• 23:42
  areas.
• 23:42
  I
• 23:43
  think
• 23:43
  the
• 23:43
  first
• 23:43
  thing
• 23:44
  is
• 23:45
  it's
• 23:45
  easy
• 23:45
  to
• 23:46
  forget
• 23:46
  that
• 23:46
  returns
• 23:47
  are
• 23:47
  inventory.
• 23:48
  You
• 23:48
  know,
• 23:49
  up
• 23:49
  to
• 23:49
  15%
• 23:50
  of
• 23:50
  items
• 23:51
  that
• 23:51
  are
• 23:51
  fulfilled
• 23:52
  across
• 23:53
  the
• 23:53
  US
• 23:53
  come
• 23:54
  back
• 23:54
  as
• 23:54
  returns,
• 23:55
  and
• 23:55
  95%
• 23:56
  of
• 23:56
  those
• 23:57
  items
• 23:57
  could
• 23:57
  be
• 23:57
  resold
• 23:58
  or
• 23:58
  full
• 23:58
  price.
• 23:59
  This
• 23:59
  is
• 23:59
  inventory,
• 24:00
  you
• 24:00
  know,
• 24:00
  so
• 24:01
  they
• 24:01
  should
• 24:01
  be
• 24:01
  treating
• 24:02
  them
• 24:02
  like
• 24:02
  inventory
• 24:02
  with
• 24:03
  the
• 24:03
  same
• 24:03
  level
• 24:03
  of
• 24:03
  urgency
• 24:04
  and
• 24:04
  priority.
• 24:05
  I
• 24:05
  think
• 24:05
  the
• 24:05
  second
• 24:06
  thing
• 24:07
  is
• 24:08
  the
• 24:08
  customer
• 24:08
  experience
• 24:09
  angle
• 24:10
  now
• 24:10
  that
• 24:10
  E
• 24:10
  commerce,
• 24:11
  online
• 24:11
  shopping
• 24:12
  is
• 24:12
  such
• 24:12
  a
• 24:12
  big
• 24:12
  part
• 24:13
  of
• 24:13
  the
• 24:13
  retail
• 24:13
  experience.
• 24:15
  You
• 24:15
  know,
• 24:15
  looking
• 24:16
  at
• 24:16
  the
• 24:16
  deed,
• 24:16
  understanding
• 24:17
  the
• 24:17
  details
• 24:18
  around
• 24:19
  returns,
• 24:20
  what
• 24:20
  consumers
• 24:21
  want,
• 24:21
  you
• 24:21
  know,
• 24:22
  have
• 24:22
  the
• 24:22
  sort
• 24:22
  of
• 24:22
  experiences
• 24:23
  they
• 24:23
  want.
• 24:23
  But
• 24:23
  also
• 24:23
  thinking
• 24:24
  about
• 24:24
  your
• 24:24
  profitability
• 24:25
  and
• 24:25
  sustainability
• 24:26
  is
• 24:26
  very
• 24:27
  important
• 24:27
  in
• 24:27
  that
• 24:27
  regard
• 24:27
  as
• 24:28
  well.
• 24:28
  And
• 24:29
  I
• 24:29
  think,
• 24:30
  like
• 24:30
  lots
• 24:30
  of
• 24:31
  facets
• 24:31
  of
• 24:31
  E
• 24:32
  commerce
• 24:32
  as
• 24:32
  it's
• 24:32
  evolved
• 24:33
  over
• 24:33
  the
• 24:33
  years,
• 24:34
  you
• 24:34
  know,
• 24:34
  the
• 24:35
  Buy
• 24:35
  Net,
• 24:35
  buy
• 24:35
  it
• 24:36
  now,
• 24:36
  one
• 24:36
  click
• 24:36
  experience,
• 24:37
  or,
• 24:39
  you
• 24:39
  know,
• 24:39
  new
• 24:39
  payment
• 24:40
  methodologies
• 24:41
  that
• 24:41
  have
• 24:41
  grown,
• 24:42
  help
• 24:42
  grow
• 24:42
  E
• 24:42
  Commerce.
• 24:43
  I
• 24:44
  think
• 24:44
  returns
• 24:44
  can
• 24:45
  be
• 24:45
  a
• 24:45
  differentiator.
• 24:46
  I
• 24:46
  think,
• 24:46
  you
• 24:46
  know,
• 24:47
  unique
• 24:47
  returns
• 24:48
  experiences,
• 24:49
  the
• 24:49
  technology
• 24:49
  you
• 24:49
  deploy,
• 24:50
  the
• 24:50
  experience
• 24:51
  that
• 24:51
  provides
• 24:51
  consumers,
• 24:52
  can
• 24:52
  set
• 24:52
  you
• 24:52
  apart
• 24:53
  from
• 24:53
  the
• 24:53
  rest.
• 24:54
  Well,
• 24:55
  Tim,
• 24:55
  I
• 24:56
  can
• 24:56
  imagine
• 24:56
  a
• 24:57
  few
• 24:57
  reasons,
• 24:57
  having
• 24:58
  been
• 24:58
  a
• 24:58
  retailer
• 24:58
  myself,
• 24:59
  but
• 24:59
  what
• 25:00
  are
• 25:00
  you
• 25:00
  hearing
• 25:01
  from
• 25:01
  retailers
• 25:01
  are
• 25:02
  making
• 25:03
  returns
• 25:03
  so
• 25:03
  complex
• 25:04
  these
• 25:04
  days?
• 25:05
  Yeah,
• 25:06
  I
• 25:06
  mean,
• 25:06
  that
• 25:06
  is
• 25:06
  the
• 25:06
  killer
• 25:07
  question.
• 25:07
  For
• 25:07
  us,
• 25:09
  it
• 25:09
  ultimately
• 25:10
  comes
• 25:10
  down
• 25:10
  to
• 25:11
  the
• 25:11
  fact
• 25:11
  that
• 25:12
  returns
• 25:12
  are
• 25:13
  by
• 25:13
  their
• 25:13
  nature
• 25:13
  multi
• 25:14
  channel.
• 25:14
  They
• 25:15
  come
• 25:15
  at
• 25:15
  you
• 25:15
  from
• 25:15
  all
• 25:16
  different
• 25:16
  directions.
• 25:17
  You
• 25:17
  remember
• 25:17
  when
• 25:18
  you
• 25:18
  were
• 25:18
  in
• 25:18
  retail,
• 25:19
  some
• 25:19
  of
• 25:19
  those
• 25:20
  returns
• 25:20
  come
• 25:20
  from
• 25:21
  digital
• 25:22
  returns
• 25:22
  platforms
• 25:23
  where
• 25:23
  you
• 25:23
  have
• 25:23
  some
• 25:23
  insight
• 25:24
  and
• 25:24
  information.
• 25:25
  Others,
• 25:26
  a
• 25:26
  customer
• 25:27
  has
• 25:27
  just
• 25:27
  ripped
• 25:27
  a
• 25:27
  label
• 25:28
  off
• 25:28
  of
• 25:28
  a
• 25:28
  parcel
• 25:29
  and
• 25:29
  filled
• 25:30
  out
• 25:30
  a
• 25:30
  form
• 25:30
  and
• 25:30
  sent
• 25:31
  it
• 25:31
  back
• 25:31
  to
• 25:31
  you.
• 25:31
  Some
• 25:32
  returns
• 25:32
  go
• 25:32
  back
• 25:33
  to
• 25:33
  the
• 25:33
  store
• 25:34
  and
• 25:34
  store
• 25:34
  colleagues
• 25:35
  may
• 25:35
  or
• 25:35
  may
• 25:35
  not
• 25:36
  capture
• 25:36
  reasons
• 25:37
  as
• 25:37
  to
• 25:37
  why
• 25:37
  that
• 25:37
  return
• 25:38
  is
• 25:38
  coming
• 25:38
  back.
• 25:39
  It's
• 25:39
  truly,
• 25:40
  truly
• 25:40
  multi
• 25:40
  channel.
• 25:41
  One
• 25:41
  of
• 25:41
  our
• 25:41
  customers
• 25:42
  in
• 25:42
  Europe
• 25:42
  describes
• 25:43
  returns
• 25:44
  as
• 25:44
  their
• 25:44
  worst
• 25:44
  supplier.
• 25:46
  So
• 25:47
  15%
• 25:47
  of
• 25:47
  all
• 25:47
  my
• 25:48
  SKUs
• 25:48
  come
• 25:48
  from
• 25:48
  this
• 25:49
  supplier.
• 25:51
  I
• 25:51
  don't
• 25:51
  have
• 25:52
  any
• 25:52
  visibility
• 25:52
  about
• 25:53
  when
• 25:53
  they're
• 25:53
  coming.
• 25:53
  I
• 25:53
  don't
• 25:54
  know
• 25:54
  what's
• 25:54
  coming
• 25:54
  and
• 25:54
  I
• 25:54
  don't
• 25:54
  know
• 25:55
  what
• 25:55
  condition
• 25:55
  it's
• 25:55
  in.
• 25:56
  And
• 25:56
  I
• 25:56
  think
• 25:56
  that
• 25:57
  kind
• 25:57
  of,
• 25:57
  that
• 25:57
  phrase
• 25:58
  really
• 25:58
  kind
• 25:59
  of
• 25:59
  describes
• 25:59
  why
• 26:00
  it's
• 26:00
  so
• 26:00
  complex.
• 26:02
  So
• 26:02
  Tim,
• 26:02
  I'm
• 26:03
  curious,
• 26:03
  from
• 26:03
  the
• 26:04
  chair
• 26:04
  top
• 26:04
  which
• 26:04
  you
• 26:05
  sit,
• 26:05
  how
• 26:05
  are
• 26:06
  you
• 26:06
  seeing
• 26:06
  the
• 26:06
  best
• 26:06
  retailers
• 26:07
  address
• 26:08
  returns
• 26:08
  and
• 26:09
  how
• 26:09
  does
• 26:09
  that
• 26:09
  ultimately
• 26:10
  benefit
• 26:10
  their
• 26:10
  end
• 26:11
  consumer,
• 26:11
  their
• 26:11
  end
• 26:12
  customer?
• 26:13
  So
• 26:14
  I
• 26:14
  mean,
• 26:14
  I
• 26:14
  would
• 26:14
  say
• 26:14
  over
• 26:15
  the
• 26:15
  last
• 26:16
  10
• 26:16
  years,
• 26:17
  lots
• 26:17
  of
• 26:18
  time,
• 26:18
  money
• 26:18
  and
• 26:18
  effort
• 26:19
  has
• 26:19
  gone
• 26:19
  into
• 26:19
  digitizing
• 26:20
  like
• 26:20
  the
• 26:21
  consumer
• 26:21
  front
• 26:21
  end.
• 26:22
  So,
• 26:23
  and
• 26:23
  there's
• 26:23
  been
• 26:23
  some
• 26:23
  great
• 26:24
  businesses
• 26:24
  are
• 26:24
  born
• 26:25
  out
• 26:25
  of
• 26:25
  this
• 26:25
  desire
• 26:26
  to
• 26:26
  digitize
• 26:27
  the
• 26:27
  consumer
• 26:27
  experience.
• 26:30
  And
• 26:30
  that
• 26:31
  feels
• 26:31
  like
• 26:31
  in
• 26:32
  many,
• 26:32
  many
• 26:32
  cases,
• 26:32
  particularly
• 26:33
  in
• 26:33
  more
• 26:33
  mature
• 26:33
  E
• 26:34
  commerce
• 26:34
  markets,
• 26:36
  you
• 26:36
  know
• 26:36
  that
• 26:36
  the
• 26:36
  job
• 26:37
  is
• 26:37
  done
• 26:37
  at
• 26:37
  that
• 26:38
  end
• 26:38
  of
• 26:38
  the
• 26:38
  experience.
• 26:40
  Now
• 26:40
  it's
• 26:41
  all
• 26:41
  about
• 26:41
  what
• 26:41
  to
• 26:41
  do
• 26:42
  with
• 26:42
  that
• 26:42
  information.
• 26:43
  You're
• 26:43
  now
• 26:43
  getting
• 26:44
  more
• 26:44
  and
• 26:44
  more
• 26:44
  information
• 26:45
  about
• 26:45
  returns
• 26:45
  than
• 26:46
  you
• 26:46
  ever
• 26:46
  were
• 26:46
  before.
• 26:47
  Who's
• 26:47
  returning?
• 26:48
  Where
• 26:48
  are
• 26:48
  they
• 26:49
  returning?
• 26:49
  Why
• 26:49
  are
• 26:49
  they
• 26:50
  returning?
• 26:50
  What
• 26:50
  are
• 26:50
  they
• 26:51
  returning?
• 26:52
  The
• 26:53
  best
• 26:53
  retailers
• 26:54
  in
• 26:54
  this
• 26:55
  space
• 26:55
  take
• 26:55
  that
• 26:56
  information
• 26:57
  and
• 26:57
  tailor
• 26:58
  both
• 26:58
  the
• 26:59
  choices
• 26:59
  and
• 27:00
  the
• 27:00
  options
• 27:00
  they
• 27:00
  give
• 27:00
  consumers.
• 27:01
  Do
• 27:02
  you
• 27:02
  get
• 27:02
  a
• 27:02
  refund?
• 27:02
  Do
• 27:03
  you
• 27:03
  get
• 27:03
  a
• 27:03
  full
• 27:03
  refund?
• 27:04
  Might
• 27:04
  get
• 27:04
  the
• 27:04
  partial
• 27:04
  refund.
• 27:06
  Where
• 27:06
  can
• 27:06
  you
• 27:06
  take
• 27:07
  it
• 27:07
  in
• 27:08
  order
• 27:08
  to
• 27:08
  drop
• 27:08
  it
• 27:08
  off?
• 27:09
  And
• 27:09
  they're
• 27:10
  also
• 27:10
  using
• 27:10
  that
• 27:10
  data
• 27:11
  to
• 27:11
  make
• 27:11
  the
• 27:11
  best
• 27:11
  supply
• 27:12
  chain
• 27:12
  decisions.
• 27:13
  How
• 27:13
  quickly
• 27:14
  can
• 27:14
  I
• 27:14
  get
• 27:14
  this
• 27:14
  back
• 27:15
  into
• 27:15
  inventory
• 27:16
  and
• 27:16
  sell
• 27:16
  it
• 27:16
  for
• 27:16
  price?
• 27:17
  You
• 27:17
  know,
• 27:17
  how
• 27:17
  can
• 27:18
  I
• 27:18
  avoid
• 27:18
  this
• 27:19
  item
• 27:20
  going
• 27:20
  to
• 27:21
  landfill
• 27:21
  and
• 27:21
  ultimately
• 27:22
  having
• 27:22
  the
• 27:22
  value
• 27:22
  ripped
• 27:23
  out
• 27:23
  of
• 27:23
  it?
• 27:23
  Because
• 27:24
  the
• 27:24
  system
• 27:25
  required
• 27:25
  me
• 27:25
  to.
• 27:26
  So
• 27:26
  I
• 27:26
  think
• 27:26
  it's
• 27:26
  going
• 27:26
  to
• 27:26
  be
• 27:26
  about,
• 27:27
  it's
• 27:28
  now
• 27:28
  about
• 27:28
  differentiation
• 27:29
  and
• 27:29
  use
• 27:29
  of
• 27:29
  data
• 27:30
  and
• 27:30
  tailoring
• 27:31
  both
• 27:31
  under
• 27:32
  the
• 27:32
  hood
• 27:32
  logistics
• 27:33
  solutions
• 27:33
  and
• 27:33
  supply
• 27:34
  chain
• 27:34
  solutions
• 27:34
  to
• 27:34
  suit
• 27:35
  but
• 27:35
  also
• 27:35
  those
• 27:35
  downstream
• 27:36
  customer
• 27:36
  experiences.
• 27:38
  Well,
• 27:38
  Tim,
• 27:39
  you
• 27:39
  brought
• 27:39
  something
• 27:39
  up
• 27:40
  just
• 27:40
  now
• 27:40
  that
• 27:41
  I
• 27:41
  think
• 27:41
  is
• 27:41
  really
• 27:41
  important
• 27:42
  to
• 27:42
  highlight.
• 27:42
  In
• 27:42
  the
• 27:43
  Blue
• 27:43
  Yonder
• 27:44
  survey
• 27:44
  that
• 27:44
  you
• 27:44
  did,
• 27:45
  55%
• 27:46
  of
• 27:46
  consumers
• 27:46
  that
• 27:46
  were
• 27:47
  Pulled
• 27:47
  said
• 27:47
  they
• 27:48
  were
• 27:48
  somewhat
• 27:48
  concerned
• 27:49
  about
• 27:49
  the
• 27:49
  environmental
• 27:49
  impact
• 27:50
  when
• 27:50
  doing
• 27:50
  a
• 27:51
  return
• 27:51
  and
• 27:52
  only
• 27:52
  27%
• 27:54
  though
• 27:54
  would
• 27:54
  continue
• 27:55
  a
• 27:55
  returns
• 27:55
  process
• 27:56
  if
• 27:56
  they
• 27:56
  knew
• 27:56
  that
• 27:56
  their
• 27:57
  item
• 27:57
  would
• 27:57
  go
• 27:57
  to
• 27:57
  a
• 27:58
  landfill.
• 27:58
  How
• 27:58
  do
• 27:59
  you
• 27:59
  expect
• 27:59
  circularity
• 28:00
  and
• 28:01
  recommerce
• 28:01
  to
• 28:01
  kind
• 28:01
  of
• 28:02
  affect
• 28:02
  how
• 28:02
  we
• 28:03
  as
• 28:03
  consumers
• 28:03
  look
• 28:03
  at
• 28:04
  returns?
• 28:06
  I
• 28:06
  mean,
• 28:06
  I
• 28:07
  hope
• 28:08
  all
• 28:08
  the
• 28:08
  signs,
• 28:09
  the
• 28:09
  macro
• 28:10
  signs
• 28:10
  are
• 28:11
  that
• 28:12
  this
• 28:13
  whole
• 28:13
  return
• 28:13
  space
• 28:15
  will
• 28:15
  ultimately
• 28:16
  evolve
• 28:16
  into
• 28:16
  a
• 28:17
  sales
• 28:17
  channel.
• 28:18
  That
• 28:18
  is
• 28:19
  the
• 28:19
  signs
• 28:19
  we're
• 28:19
  seeing.
• 28:20
  The
• 28:20
  speed
• 28:20
  at
• 28:21
  which
• 28:21
  consumers
• 28:21
  are
• 28:22
  adopting
• 28:22
  C2C
• 28:23
  pre
• 28:23
  loved
• 28:24
  recommerce
• 28:25
  experiences
• 28:26
  in
• 28:26
  different
• 28:26
  parts
• 28:27
  of
• 28:27
  the
• 28:27
  world
• 28:27
  is
• 28:28
  really
• 28:28
  encouraging
• 28:28
  in
• 28:29
  that
• 28:29
  regard.
• 28:29
  It
• 28:29
  kind
• 28:30
  of
• 28:30
  highlights
• 28:30
  that
• 28:31
  there
• 28:31
  is
• 28:32
  no
• 28:33
  kind
• 28:33
  of
• 28:34
  old
• 28:34
  world,
• 28:34
  old
• 28:35
  school,
• 28:35
  stuffy
• 28:37
  stuffiness
• 28:38
  around
• 28:38
  buying
• 28:39
  something
• 28:39
  that
• 28:39
  was
• 28:40
  ultimately
• 28:41
  pre
• 28:41
  loved.
• 28:43
  I
• 28:43
  think
• 28:44
  one
• 28:44
  of
• 28:45
  the
• 28:45
  key
• 28:45
  things
• 28:46
  that
• 28:46
  the
• 28:47
  industry
• 28:47
  is
• 28:47
  going
• 28:47
  to
• 28:47
  need
• 28:47
  to
• 28:48
  provide
• 28:48
  consumers
• 28:49
  with
• 28:49
  in
• 28:49
  the
• 28:49
  not
• 28:50
  too
• 28:50
  distant
• 28:50
  future
• 28:50
  is
• 28:51
  absolute
• 28:51
  visibility
• 28:52
  of
• 28:52
  where
• 28:52
  your
• 28:52
  return
• 28:53
  is
• 28:53
  going.
• 28:54
  I
• 28:54
  think
• 28:54
  the
• 28:54
  idea
• 28:55
  that
• 28:56
  these
• 28:56
  items
• 28:57
  go
• 28:57
  back
• 28:57
  into
• 28:58
  a
• 28:58
  black
• 28:58
  hole
• 28:59
  and
• 29:00
  you
• 29:01
  don't
• 29:01
  see
• 29:01
  it
• 29:02
  is
• 29:02
  something
• 29:03
  which
• 29:03
  society
• 29:03
  is
• 29:04
  going
• 29:04
  to
• 29:04
  rally
• 29:04
  against
• 29:05
  as
• 29:05
  time
• 29:05
  goes
• 29:05
  on.
• 29:06
  But
• 29:06
  it's
• 29:06
  like
• 29:07
  Chris's
• 29:07
  question
• 29:07
  earlier
• 29:07
  on
• 29:08
  about
• 29:08
  differentiation.
• 29:09
  I
• 29:09
  think
• 29:09
  the
• 29:09
  brand
• 29:10
  that
• 29:10
  gets
• 29:11
  there
• 29:11
  quickest
• 29:11
  provides
• 29:12
  visibility
• 29:12
  and
• 29:13
  transparency
• 29:13
  about
• 29:14
  the
• 29:14
  second
• 29:14
  life
• 29:15
  of
• 29:15
  that
• 29:15
  item.
• 29:16
  I
• 29:16
  think
• 29:16
  could
• 29:17
  differentiate
• 29:17
  and
• 29:17
  could
• 29:18
  win.
• 29:18
  They
• 29:19
  could
• 29:19
  get
• 29:19
  ahead
• 29:19
  of
• 29:19
  the
• 29:19
  game
• 29:20
  really,
• 29:20
  really
• 29:20
  quickly.
• 29:21
  That's
• 29:22
  a
• 29:22
  really,
• 29:23
  really
• 29:23
  interesting
• 29:23
  point
• 29:23
  that
• 29:24
  I've
• 29:24
  never
• 29:24
  thought
• 29:24
  about
• 29:24
  giving
• 29:25
  visibility
• 29:25
  to
• 29:25
  what
• 29:26
  happens
• 29:26
  when
• 29:26
  you
• 29:26
  return
• 29:27
  an
• 29:27
  item
• 29:27
  and
• 29:27
  that
• 29:27
  being
• 29:28
  a
• 29:28
  point
• 29:28
  of
• 29:28
  differentiation
• 29:29
  for
• 29:29
  a
• 29:29
  retailer.
• 29:29
  So,
• 29:30
  Tim,
• 29:30
  we
• 29:30
  always
• 29:31
  love
• 29:31
  to
• 29:31
  end
• 29:31
  with
• 29:31
  predictions
• 29:32
  and
• 29:32
  you
• 29:32
  just
• 29:33
  kind
• 29:33
  of
• 29:33
  made
• 29:33
  one
• 29:33
  there.
• 29:34
  But
• 29:34
  I'm
• 29:34
  curious,
• 29:35
  do
• 29:35
  you
• 29:35
  have
• 29:35
  any
• 29:35
  other
• 29:35
  predictions
• 29:36
  in
• 29:36
  terms
• 29:36
  of
• 29:37
  how
• 29:37
  you
• 29:37
  seeing
• 29:38
  how
• 29:38
  you
• 29:38
  see
• 29:39
  returns
• 29:39
  evolving
• 29:40
  over
• 29:40
  the
• 29:40
  next
• 29:40
  say
• 29:41
  five
• 29:41
  to
• 29:41
  ten
• 29:41
  years?
• 29:43
  Yeah,
• 29:43
  I've
• 29:43
  got
• 29:43
  one
• 29:45
  which
• 29:45
  I've
• 29:46
  clung
• 29:46
  on
• 29:46
  to
• 29:46
  for
• 29:46
  a
• 29:46
  while
• 29:47
  which
• 29:47
  is
• 29:47
  starting
• 29:48
  to
• 29:48
  starting
• 29:48
  to
• 29:49
  play
• 29:49
  out,
• 29:49
  which
• 29:49
  is
• 29:51
  generally
• 29:52
  in
• 29:52
  most
• 29:52
  cases,
• 29:53
  retailers
• 29:54
  apply
• 29:54
  a
• 29:55
  one
• 29:55
  size
• 29:55
  fits
• 29:56
  all
• 29:56
  approach
• 29:57
  to
• 29:58
  returns
• 29:58
  policies.
• 30:00
  You
• 30:00
  know,
• 30:00
  it's
• 30:01
  30
• 30:01
  days
• 30:01
  return
• 30:02
  policy
• 30:02
  for
• 30:02
  everything.
• 30:04
  It's
• 30:05
  30
• 30:05
  days
• 30:05
  returns
• 30:06
  policy
• 30:06
  for
• 30:06
  every
• 30:06
  consumer
• 30:07
  regardless
• 30:08
  of
• 30:08
  whether
• 30:08
  you're
• 30:08
  a
• 30:09
  consistent
• 30:10
  spender,
• 30:10
  a
• 30:10
  loyal
• 30:11
  customer.
• 30:11
  It
• 30:12
  just
• 30:12
  is
• 30:12
  a
• 30:12
  blanket
• 30:13
  policy
• 30:13
  and
• 30:14
  it's
• 30:14
  30
• 30:14
  days
• 30:15
  and
• 30:15
  full
• 30:15
  refund
• 30:16
  whether
• 30:16
  it's
• 30:16
  a
• 30:16
  $10t
• 30:17
  shirt
• 30:18
  or
• 30:18
  a
• 30:19
  $2,000
• 30:20
  handbag.
• 30:21
  The
• 30:21
  thing
• 30:21
  that
• 30:21
  I
• 30:22
  think
• 30:22
  the
• 30:22
  biggest
• 30:22
  move
• 30:22
  is
• 30:23
  going
• 30:23
  to
• 30:23
  be
• 30:23
  around
• 30:23
  using
• 30:24
  data.
• 30:25
  You
• 30:25
  understand
• 30:26
  every
• 30:26
  sku.
• 30:27
  You
• 30:27
  understand
• 30:28
  its
• 30:28
  price,
• 30:28
  you
• 30:28
  understand
• 30:29
  its
• 30:29
  value,
• 30:29
  you
• 30:29
  understand
• 30:30
  every
• 30:30
  customer,
• 30:31
  you
• 30:31
  understand
• 30:32
  their
• 30:32
  value,
• 30:32
  you
• 30:32
  understand
• 30:33
  their
• 30:33
  behavior.
• 30:34
  The
• 30:34
  idea
• 30:34
  that
• 30:35
  we
• 30:35
  can't
• 30:35
  use
• 30:35
  that
• 30:36
  data
• 30:36
  to
• 30:36
  offer
• 30:37
  tailored
• 30:38
  returns,
• 30:38
  policies
• 30:39
  and
• 30:39
  rules
• 30:39
  and
• 30:40
  experiences
• 30:40
  to
• 30:41
  consumers
• 30:41
  is
• 30:42
  nuts,
• 30:42
  really.
• 30:42
  And
• 30:42
  that's
• 30:42
  where
• 30:43
  I
• 30:43
  think
• 30:43
  it
• 30:43
  will
• 30:43
  go.
• 30:43
  I
• 30:44
  think
• 30:44
  we're
• 30:44
  having
• 30:44
  some
• 30:45
  fascinating
• 30:46
  conversations
• 30:46
  with
• 30:47
  retailers,
• 30:48
  particularly
• 30:48
  in
• 30:48
  the
• 30:49
  US
• 30:50
  at
• 30:50
  the
• 30:50
  minute,
• 30:51
  about
• 30:52
  using
• 30:52
  that
• 30:53
  data
• 30:53
  to
• 30:53
  tailor
• 30:54
  the
• 30:54
  rules,
• 30:55
  the
• 30:55
  returns
• 30:55
  rules,
• 30:56
  the
• 30:56
  policies
• 30:57
  for
• 30:57
  you,
• 30:57
  the
• 30:57
  consumer,
• 30:58
  based
• 30:58
  on
• 30:58
  what
• 30:58
  you're
• 30:58
  buying.
• 30:59
  Wow.
• 30:59
  Great
• 31:00
  stuff.
• 31:00
  Tim,
• 31:00
  thanks
• 31:01
  for
• 31:01
  joining
• 31:01
  us.
• 31:07
  All
• 31:08
  right,
• 31:08
  headline
• 31:08
  number
• 31:08
  four.
• 31:09
  Amazon
• 31:09
  aims
• 31:10
  to
• 31:10
  expand
• 31:10
  its
• 31:11
  advertising
• 31:11
  business
• 31:12
  by
• 31:12
  letting
• 31:12
  retailers
• 31:13
  use
• 31:13
  its
• 31:14
  ad
• 31:14
  tools
• 31:15
  in
• 31:15
  their
• 31:15
  stores.
• 31:16
  According
• 31:17
  to
• 31:17
  cnbc,
• 31:18
  Amazon
• 31:18
  is
• 31:18
  letting
• 31:18
  other
• 31:19
  retailers
• 31:19
  use
• 31:20
  its
• 31:20
  homegrown
• 31:21
  advertising
• 31:21
  tools
• 31:22
  to
• 31:22
  run
• 31:23
  sponsored
• 31:23
  ads
• 31:24
  across
• 31:24
  their
• 31:24
  own
• 31:24
  websites.
• 31:26
  The
• 31:26
  new
• 31:26
  offering,
• 31:27
  called
• 31:27
  Amazon
• 31:28
  Retail
• 31:28
  Ad
• 31:29
  Services,
• 31:29
  allows
• 31:30
  companies
• 31:30
  to
• 31:30
  show,
• 31:31
  quote,
• 31:31
  contextually
• 31:32
  relevant
• 31:32
  ads
• 31:33
  in
• 31:33
  the
• 31:33
  right
• 31:33
  place
• 31:33
  at
• 31:34
  the
• 31:34
  right
• 31:34
  time,
• 31:34
  end
• 31:35
  quote,
• 31:35
  in
• 31:35
  search
• 31:35
  results,
• 31:36
  product
• 31:36
  pages
• 31:37
  and
• 31:37
  other
• 31:37
  areas
• 31:38
  of
• 31:38
  their
• 31:38
  site.
• 31:39
  Amazon
• 31:39
  said
• 31:40
  with
• 31:40
  Amazon
• 31:41
  Retail
• 31:41
  Ad
• 31:41
  service,
• 31:42
  users
• 31:43
  will
• 31:43
  be
• 31:43
  able
• 31:43
  to
• 31:44
  customize
• 31:44
  the
• 31:44
  design,
• 31:45
  placement
• 31:45
  and
• 31:45
  number
• 31:46
  of
• 31:46
  ads
• 31:46
  shown
• 31:46
  across
• 31:47
  their
• 31:47
  sites,
• 31:47
  as
• 31:48
  well
• 31:48
  as
• 31:48
  use
• 31:48
  Amazon's
• 31:49
  ad
• 31:49
  measurement
• 31:49
  and
• 31:50
  reporting
• 31:50
  tools.
• 31:51
  The
• 31:51
  service
• 31:51
  operates
• 31:52
  on
• 31:52
  systems
• 31:52
  that
• 31:53
  are
• 31:53
  separate
• 31:53
  from
• 31:53
  its
• 31:53
  own
• 31:54
  retail
• 31:54
  business
• 31:54
  and
• 31:55
  retailers
• 31:55
  manage
• 31:56
  their
• 31:56
  data,
• 31:56
  no
• 31:57
  surprise,
• 31:57
  via
• 31:58
  AWS
• 31:59
  accounts.
• 32:00
  And
• 32:00
  what
• 32:00
  do
• 32:00
  you
• 32:00
  think
• 32:01
  of
• 32:01
  Amazon's
• 32:01
  new
• 32:01
  retail
• 32:02
  ad
• 32:02
  service?
• 32:03
  I
• 32:04
  think
• 32:04
  this
• 32:04
  is
• 32:05
  a
• 32:05
  smart
• 32:06
  pivot
• 32:06
  for
• 32:06
  Amazon.
• 32:07
  I
• 32:08
  actually
• 32:08
  really
• 32:08
  like
• 32:08
  this
• 32:09
  and
• 32:09
  the
• 32:09
  reason
• 32:10
  is
• 32:10
  because
• 32:11
  we
• 32:11
  had
• 32:13
  Robert.
• 32:13
  Joe,
• 32:14
  will
• 32:14
  you
• 32:14
  help
• 32:14
  me
• 32:14
  pronounce
• 32:15
  his
• 32:15
  last
• 32:15
  name?
• 32:15
  Joe?
• 32:16
  I
• 32:16
  want
• 32:16
  to
• 32:16
  say
• 32:16
  Joe
• 32:17
  Jose
• 32:19
  is
• 32:19
  the
• 32:20
  basketball
• 32:20
  player
• 32:20
  that
• 32:20
  I
• 32:20
  cannot.
• 32:21
  Basketball
• 32:22
  player,
• 32:22
  yes.
• 32:22
  Who's
• 32:23
  my
• 32:23
  eternal
• 32:23
  enemy.
• 32:24
  Also,
• 32:24
  side
• 32:25
  note,
• 32:25
  my
• 32:25
  brother
• 32:25
  texted
• 32:26
  me
• 32:26
  last
• 32:26
  night
• 32:26
  and
• 32:26
  said
• 32:26
  that
• 32:27
  I,
• 32:27
  I
• 32:27
  said
• 32:28
  Jackson
• 32:28
  Smith.
• 32:29
  I
• 32:29
  said
• 32:29
  Najiba
• 32:30
  and
• 32:30
  it's.
• 32:31
  I
• 32:32
  did
• 32:32
  not
• 32:32
  pronounce
• 32:32
  it
• 32:32
  right.
• 32:33
  He's
• 32:33
  like
• 32:33
  Ann,
• 32:34
  you've
• 32:34
  got
• 32:34
  to
• 32:34
  get
• 32:34
  your
• 32:35
  sports
• 32:35
  people's
• 32:36
  names
• 32:36
  right.
• 32:37
  You
• 32:37
  said
• 32:37
  what
• 32:38
  Jackson
• 32:38
  Smith
• 32:39
  and
• 32:39
  Najiba
• 32:40
  in
• 32:40
  the
• 32:40
  Seattle
• 32:41
  Seahawks
• 32:41
  video
• 32:42
  we
• 32:42
  did
• 32:42
  at
• 32:42
  Lee
• 32:42
  and
• 32:42
  Field.
• 32:43
  I
• 32:43
  did
• 32:43
  not
• 32:44
  pronounce
• 32:44
  his
• 32:44
  name
• 32:44
  right.
• 32:45
  Thank
• 32:46
  you
• 32:46
  for
• 32:46
  fact
• 32:46
  checking
• 32:47
  me
• 32:47
  a
• 32:47
  month
• 32:48
  later.
• 32:48
  And
• 32:48
  Jokic
• 32:49
  is
• 32:49
  the
• 32:49
  next
• 32:49
  one
• 32:50
  that
• 32:50
  I'm
• 32:50
  going
• 32:50
  to
• 32:50
  get
• 32:51
  fact
• 32:51
  checked
• 32:51
  on.
• 32:52
  I
• 32:52
  am
• 32:52
  certain.
• 32:52
  But
• 32:53
  anyway,
• 32:53
  back
• 32:54
  back
• 32:54
  to
• 32:54
  the
• 32:55
  Schwarz
• 32:55
  Group.
• 32:56
  So
• 32:56
  we
• 32:56
  were
• 32:56
  talking
• 32:56
  to
• 32:56
  Robert
• 32:57
  yesterday
• 32:57
  and
• 32:57
  I
• 32:57
  thought
• 32:58
  it
• 32:58
  was
• 32:58
  so,
• 32:59
  so
• 33:00
  eye
• 33:00
  opening
• 33:00
  for
• 33:01
  me
• 33:01
  how
• 33:01
  he
• 33:01
  explained
• 33:02
  retail
• 33:03
  media
• 33:03
  networks.
• 33:03
  I
• 33:03
  think
• 33:04
  he's
• 33:04
  still
• 33:04
  one
• 33:04
  of
• 33:04
  my
• 33:04
  favorite
• 33:05
  interviews.
• 33:05
  But
• 33:06
  the
• 33:06
  thing
• 33:06
  that
• 33:06
  he
• 33:06
  said
• 33:07
  is
• 33:07
  to
• 33:07
  be
• 33:07
  successful
• 33:08
  at
• 33:08
  retail
• 33:08
  media,
• 33:09
  you
• 33:10
  cannot
• 33:10
  just
• 33:11
  take
• 33:11
  your
• 33:12
  like
• 33:12
  advertising
• 33:13
  or
• 33:13
  media
• 33:14
  buyers
• 33:14
  from
• 33:14
  your
• 33:15
  retail
• 33:15
  environment
• 33:16
  and
• 33:16
  then
• 33:17
  make
• 33:17
  them
• 33:17
  in
• 33:18
  charge
• 33:18
  now
• 33:18
  of
• 33:18
  your
• 33:19
  retail
• 33:19
  media
• 33:19
  network,
• 33:19
  which
• 33:20
  I
• 33:20
  think
• 33:20
  a
• 33:20
  lot
• 33:20
  of
• 33:21
  retailers
• 33:21
  were
• 33:21
  doing
• 33:22
  early
• 33:22
  on.
• 33:23
  You
• 33:23
  have
• 33:23
  to
• 33:23
  operate
• 33:24
  as
• 33:24
  a
• 33:24
  retailer
• 33:25
  and
• 33:26
  a
• 33:26
  media
• 33:26
  company.
• 33:27
  You
• 33:27
  are
• 33:27
  essentially
• 33:28
  replacing,
• 33:29
  you
• 33:29
  know,
• 33:29
  inline
• 33:30
  media
• 33:30
  that
• 33:31
  these
• 33:31
  media
• 33:31
  buyers
• 33:32
  used
• 33:32
  to
• 33:32
  to
• 33:33
  buy
• 33:33
  and
• 33:33
  not
• 33:33
  all
• 33:34
  companies
• 33:34
  are
• 33:35
  designed
• 33:35
  to
• 33:36
  do
• 33:36
  this
• 33:36
  or
• 33:36
  agile
• 33:37
  enough
• 33:37
  gets
• 33:38
  back
• 33:38
  to
• 33:38
  what
• 33:38
  you're
• 33:38
  talking
• 33:38
  about.
• 33:38
  Macy's
• 33:39
  like,
• 33:39
  they're
• 33:39
  just
• 33:40
  not
• 33:40
  agile
• 33:40
  enough
• 33:41
  to
• 33:41
  do
• 33:41
  both
• 33:41
  of
• 33:41
  these
• 33:42
  things.
• 33:42
  So
• 33:42
  I
• 33:42
  think
• 33:43
  Amazon
• 33:43
  is
• 33:43
  providing
• 33:44
  a
• 33:44
  solution
• 33:44
  here
• 33:45
  that
• 33:45
  allows
• 33:45
  retailers
• 33:46
  like
• 33:46
  that
• 33:46
  to
• 33:46
  get
• 33:47
  into
• 33:47
  some
• 33:47
  of
• 33:48
  this
• 33:48
  advertising
• 33:48
  revenue.
• 33:49
  No,
• 33:49
  it
• 33:49
  is
• 33:50
  not
• 33:50
  ideal
• 33:50
  because,
• 33:50
  yes,
• 33:51
  you're
• 33:51
  still
• 33:51
  working
• 33:51
  with
• 33:52
  Amazon
• 33:52
  and
• 33:52
  they're
• 33:52
  getting
• 33:53
  some
• 33:53
  of
• 33:53
  this
• 33:53
  information,
• 33:54
  even
• 33:54
  if
• 33:55
  they
• 33:55
  say
• 33:55
  it's
• 33:55
  a
• 33:55
  separate
• 33:56
  business
• 33:56
  unit.
• 33:56
  But
• 33:57
  I
• 33:57
  think
• 33:57
  that
• 33:57
  this
• 33:57
  is
• 33:58
  still
• 33:58
  a
• 33:59
  good
• 33:59
  place
• 34:00
  for
• 34:00
  people
• 34:00
  to
• 34:00
  start
• 34:01
  to
• 34:01
  see
• 34:01
  the
• 34:01
  value
• 34:02
  that
• 34:02
  they
• 34:02
  can
• 34:03
  get
• 34:03
  from
• 34:03
  advertising
• 34:04
  like
• 34:05
  this
• 34:05
  Amazon,
• 34:06
  this
• 34:07
  Amazon
• 34:07
  ads
• 34:08
  capability
• 34:08
  and
• 34:09
  then
• 34:09
  figure
• 34:09
  out
• 34:10
  like,
• 34:10
  can
• 34:10
  we
• 34:10
  build
• 34:10
  this
• 34:11
  on
• 34:11
  our
• 34:11
  own?
• 34:11
  Do
• 34:12
  we
• 34:12
  need
• 34:12
  to
• 34:12
  find
• 34:12
  a
• 34:12
  partner?
• 34:13
  Do
• 34:13
  we
• 34:13
  need
• 34:13
  to
• 34:13
  join
• 34:14
  another
• 34:14
  network
• 34:14
  in
• 34:15
  order
• 34:15
  to
• 34:15
  be
• 34:15
  successful?
• 34:16
  Because
• 34:16
  there
• 34:17
  is
• 34:17
  revenue,
• 34:18
  a
• 34:18
  lot
• 34:18
  of
• 34:18
  revenue
• 34:19
  to
• 34:19
  be
• 34:19
  made
• 34:19
  here
• 34:20
  if
• 34:20
  you
• 34:20
  can
• 34:20
  do
• 34:20
  this
• 34:21
  in
• 34:21
  the
• 34:21
  right
• 34:21
  way.
• 34:21
  But
• 34:21
  what
• 34:22
  do
• 34:22
  you
• 34:22
  think
• 34:22
  about
• 34:22
  this,
• 34:22
  Chris?
• 34:23
  Yeah,
• 34:23
  I
• 34:23
  mean,
• 34:23
  your
• 34:24
  point,
• 34:24
  your
• 34:24
  point
• 34:24
  about
• 34:24
  retail
• 34:25
  media
• 34:25
  is
• 34:25
  really
• 34:25
  interesting
• 34:25
  because
• 34:26
  going
• 34:26
  back
• 34:26
  to
• 34:26
  the,
• 34:26
  you
• 34:26
  know,
• 34:27
  I
• 34:27
  think
• 34:27
  about
• 34:27
  what
• 34:27
  A
• 34:27
  M
• 34:28
  said,
• 34:28
  like
• 34:28
  drawing
• 34:28
  the
• 34:28
  comparison
• 34:28
  to
• 34:29
  marketplaces,
• 34:29
  I
• 34:29
  feel
• 34:30
  like
• 34:30
  the
• 34:30
  analogy
• 34:30
  I
• 34:30
  would
• 34:31
  use
• 34:31
  is
• 34:31
  marketplaces
• 34:32
  is
• 34:32
  more
• 34:32
  akin
• 34:33
  to
• 34:33
  a
• 34:33
  retailer
• 34:33
  like,
• 34:33
  like,
• 34:34
  you
• 34:34
  know,
• 34:34
  say
• 34:34
  you're
• 34:34
  a
• 34:34
  crossfitter
• 34:35
  and
• 34:35
  you
• 34:35
  want
• 34:35
  to
• 34:35
  become
• 34:36
  a
• 34:36
  marathoner.
• 34:36
  Like,
• 34:37
  you
• 34:37
  know,
• 34:37
  it's,
• 34:37
  it's,
• 34:38
  it's,
• 34:38
  it's
• 34:38
  not
• 34:38
  a
• 34:38
  bridge
• 34:39
  to,
• 34:39
  it's
• 34:39
  not,
• 34:39
  it's
• 34:40
  not
• 34:40
  that
• 34:40
  different
• 34:40
  of
• 34:41
  a
• 34:41
  muscle
• 34:41
  use.
• 34:42
  But
• 34:42
  like
• 34:43
  the,
• 34:43
  the
• 34:43
  idea
• 34:43
  of
• 34:44
  standing
• 34:44
  up
• 34:44
  a
• 34:44
  retail
• 34:44
  media
• 34:45
  business
• 34:45
  in
• 34:45
  a
• 34:45
  lot
• 34:45
  of
• 34:46
  ways
• 34:46
  for
• 34:46
  retailers
• 34:46
  is
• 34:47
  like,
• 34:47
  you
• 34:47
  know,
• 34:48
  being
• 34:48
  a
• 34:48
  marathoner
• 34:48
  and
• 34:49
  wanting
• 34:49
  to
• 34:49
  become
• 34:49
  a
• 34:49
  gymnast.
• 34:50
  Right.
• 34:50
  It's
• 34:50
  just.
• 34:50
  Right,
• 34:50
  it's
• 34:51
  just
• 34:51
  a
• 34:51
  whole
• 34:51
  nother
• 34:52
  thing
• 34:52
  that
• 34:52
  you've
• 34:52
  got
• 34:52
  to
• 34:52
  learn
• 34:53
  how
• 34:53
  to
• 34:53
  do.
• 34:54
  And
• 34:54
  so,
• 34:54
  yeah,
• 34:55
  I
• 34:55
  don't
• 34:55
  have
• 34:55
  much
• 34:55
  to
• 34:55
  add
• 34:55
  on
• 34:56
  this
• 34:56
  story.
• 34:56
  I
• 34:56
  mean
• 34:57
  the
• 34:57
  thing
• 34:57
  to
• 34:57
  me
• 34:57
  is
• 34:57
  just
• 34:58
  going
• 34:58
  back
• 34:58
  to
• 34:58
  what
• 34:58
  we
• 34:58
  said
• 34:58
  in
• 34:59
  the
• 34:59
  second
• 34:59
  headline,
• 34:59
  the,
• 35:00
  the,
• 35:00
  the
• 35:00
  flywheel
• 35:01
  just
• 35:01
  keeps
• 35:01
  on
• 35:01
  spinning.
• 35:02
  Yeah,
• 35:02
  I
• 35:02
  mean
• 35:02
  this
• 35:02
  is,
• 35:03
  this
• 35:03
  is,
• 35:03
  this
• 35:04
  is
• 35:04
  a,
• 35:05
  a
• 35:05
  page
• 35:06
  from
• 35:06
  the
• 35:06
  playbook
• 35:06
  we've
• 35:07
  seen
• 35:07
  a
• 35:07
  thousand
• 35:07
  times
• 35:08
  with
• 35:08
  Amazon
• 35:09
  selling
• 35:09
  its
• 35:09
  tax.
• 35:10
  So,
• 35:10
  you
• 35:10
  know,
• 35:10
  which
• 35:11
  in
• 35:11
  turn
• 35:11
  generates
• 35:11
  more
• 35:12
  cloud
• 35:12
  usage.
• 35:13
  The
• 35:13
  flywheel
• 35:13
  gets
• 35:13
  going
• 35:14
  which
• 35:14
  just
• 35:14
  keeps
• 35:15
  making
• 35:15
  Amazon
• 35:16
  more
• 35:16
  and
• 35:16
  more
• 35:16
  powerful
• 35:16
  with
• 35:17
  every
• 35:17
  single
• 35:17
  user.
• 35:18
  So,
• 35:18
  so
• 35:18
  if
• 35:19
  I
• 35:19
  was
• 35:19
  Amazon,
• 35:19
  I,
• 35:20
  I
• 35:20
  mean
• 35:20
  net
• 35:20
  net,
• 35:21
  I,
• 35:21
  I
• 35:21
  absolutely
• 35:22
  100
• 35:22
  be
• 35:23
  doing
• 35:23
  the
• 35:23
  same
• 35:23
  thing.
• 35:23
  And
• 35:24
  that's
• 35:24
  all
• 35:24
  I
• 35:24
  say.
• 35:25
  I
• 35:25
  mean
• 35:26
  it's
• 35:26
  no
• 35:26
  brainer.
• 35:27
  Yeah,
• 35:27
  no,
• 35:27
  help
• 35:28
  out
• 35:28
  all
• 35:28
  the
• 35:28
  online
• 35:28
  retailers
• 35:29
  that
• 35:29
  need
• 35:29
  to
• 35:29
  place
• 35:29
  ads
• 35:30
  on
• 35:30
  their
• 35:30
  site
• 35:30
  because
• 35:31
  they
• 35:31
  want
• 35:31
  to
• 35:31
  place
• 35:31
  ads
• 35:31
  on
• 35:32
  their
• 35:32
  site
• 35:32
  and
• 35:32
  they
• 35:32
  want
• 35:32
  to
• 35:32
  do
• 35:32
  it
• 35:32
  effectively.
• 35:33
  And
• 35:33
  they
• 35:33
  want
• 35:33
  to
• 35:33
  get
• 35:33
  money
• 35:33
  for
• 35:34
  it.
• 35:34
  Yeah,
• 35:34
  Right,
• 35:35
  right,
• 35:35
  right.
• 35:36
  Oh,
• 35:37
  all
• 35:37
  right.
• 35:37
  Well,
• 35:37
  Chris,
• 35:37
  let's
• 35:38
  go
• 35:38
  to
• 35:38
  headline
• 35:38
  number
• 35:39
  five.
• 35:39
  EBay
• 35:40
  shares
• 35:41
  soared
• 35:42
  last
• 35:42
  week
• 35:42
  after
• 35:42
  Meta
• 35:43
  allowed
• 35:43
  listings
• 35:43
  on
• 35:44
  Facebook's
• 35:44
  Marketplace
• 35:45
  in
• 35:45
  the
• 35:45
  US
• 35:45
  and
• 35:45
  Europe.
• 35:46
  According
• 35:46
  to
• 35:46
  CNBC,
• 35:47
  shares
• 35:47
  of
• 35:47
  eBay
• 35:47
  jumped
• 35:48
  9%
• 35:48
  on
• 35:48
  Wednesday
• 35:49
  as
• 35:49
  Meta
• 35:49
  said
• 35:50
  it
• 35:50
  will
• 35:50
  allow
• 35:51
  some
• 35:51
  listings
• 35:51
  to
• 35:52
  show
• 35:52
  up
• 35:52
  on
• 35:52
  Facebook
• 35:52
  Marketplace.
• 35:53
  The
• 35:53
  rollout
• 35:54
  will
• 35:54
  begin
• 35:54
  with
• 35:55
  a
• 35:55
  test
• 35:55
  in
• 35:55
  Germany,
• 35:56
  France,
• 35:56
  and
• 35:56
  the
• 35:57
  U.S.
• 35:57
  the
• 35:57
  partnership
• 35:58
  could
• 35:58
  provide
• 35:59
  a
• 35:59
  boost
• 35:59
  to
• 35:59
  ebay's
• 36:00
  marketplace
• 36:00
  business,
• 36:00
  which
• 36:01
  has
• 36:01
  struggled
• 36:01
  to
• 36:01
  compete
• 36:01
  with
• 36:02
  e
• 36:02
  commerce
• 36:02
  rebels
• 36:03
  like
• 36:03
  Amazon,
• 36:03
  Walmart,
• 36:04
  and
• 36:04
  Temu.
• 36:05
  Chris,
• 36:05
  do
• 36:05
  you
• 36:05
  agree
• 36:06
  with
• 36:06
  the
• 36:07
  market's
• 36:07
  reaction
• 36:07
  to
• 36:08
  ebay
• 36:08
  selling
• 36:09
  through
• 36:09
  Facebook
• 36:10
  Marketplace?
• 36:11
  Yeah,
• 36:11
  I
• 36:12
  do.
• 36:12
  Yep.
• 36:12
  100.
• 36:13
  I
• 36:13
  do.
• 36:14
  I
• 36:14
  don't
• 36:14
  have
• 36:14
  a
• 36:14
  lot
• 36:14
  to
• 36:15
  say
• 36:15
  on
• 36:15
  this
• 36:15
  one
• 36:15
  either.
• 36:15
  I'm
• 36:15
  going
• 36:15
  to
• 36:16
  keep
• 36:16
  it
• 36:16
  quick
• 36:16
  and
• 36:16
  turn.
• 36:17
  Turn
• 36:17
  the
• 36:17
  microphone
• 36:17
  over
• 36:17
  to
• 36:18
  you.
• 36:18
  But
• 36:18
  I
• 36:19
  think
• 36:19
  it's.
• 36:19
  I
• 36:19
  think
• 36:19
  this
• 36:19
  is
• 36:19
  a
• 36:19
  really
• 36:20
  smart
• 36:20
  move
• 36:20
  on
• 36:20
  both
• 36:21
  sides.
• 36:21
  I
• 36:21
  think,
• 36:22
  you
• 36:22
  know,
• 36:22
  on.
• 36:22
  On
• 36:23
  ebay
• 36:23
  side,
• 36:23
  it
• 36:23
  extends
• 36:24
  their
• 36:24
  reach
• 36:24
  very
• 36:25
  nicely.
• 36:26
  And
• 36:26
  for
• 36:26
  Facebook
• 36:27
  Marketplace,
• 36:27
  too,
• 36:28
  I
• 36:28
  think
• 36:28
  it
• 36:29
  brings
• 36:29
  more
• 36:29
  trust
• 36:29
  and
• 36:30
  credibility
• 36:30
  to
• 36:30
  the
• 36:30
  platform.
• 36:31
  And
• 36:31
  me,
• 36:31
  too.
• 36:32
  And
• 36:32
  also
• 36:32
  you
• 36:32
  get
• 36:32
  additional
• 36:33
  items,
• 36:33
  too,
• 36:33
  which
• 36:34
  in
• 36:34
  a
• 36:34
  marketplace,
• 36:35
  having
• 36:35
  additional
• 36:36
  items
• 36:36
  and,
• 36:37
  you
• 36:37
  know,
• 36:37
  catches
• 36:37
  more
• 36:38
  people,
• 36:38
  catches
• 36:38
  more
• 36:38
  eyeballs.
• 36:39
  So
• 36:39
  I
• 36:39
  think
• 36:39
  it's
• 36:40
  clearly
• 36:40
  a
• 36:40
  case
• 36:40
  of
• 36:40
  one
• 36:40
  plus
• 36:41
  one
• 36:41
  equals
• 36:41
  three
• 36:41
  in
• 36:42
  my
• 36:42
  mind.
• 36:42
  I
• 36:42
  think
• 36:42
  this
• 36:42
  is
• 36:43
  really
• 36:43
  smart.
• 36:43
  Yeah,
• 36:44
  I
• 36:44
  agree.
• 36:44
  I
• 36:44
  think
• 36:45
  this
• 36:45
  opportunity
• 36:46
  really
• 36:46
  has
• 36:46
  legs,
• 36:46
  especially
• 36:47
  to,
• 36:48
  I
• 36:48
  guess,
• 36:49
  bring
• 36:49
  people
• 36:49
  back
• 36:50
  to
• 36:50
  ebay.
• 36:51
  I
• 36:51
  don't
• 36:51
  know
• 36:51
  if
• 36:51
  that
• 36:51
  makes
• 36:52
  sense,
• 36:52
  but,
• 36:52
  like,
• 36:53
  I,
• 36:53
  as.
• 36:54
  As
• 36:54
  consumers,
• 36:55
  like,
• 36:55
  or
• 36:55
  introduce,
• 36:56
  even,
• 36:56
  like.
• 36:56
  I
• 36:56
  still
• 36:57
  don't
• 36:57
  really
• 36:57
  ever
• 36:57
  use
• 36:57
  ebay.
• 36:58
  I've
• 36:58
  never
• 36:58
  really
• 36:59
  used
• 36:59
  it.
• 36:59
  Exactly,
• 37:00
  though.
• 37:00
  Exactly.
• 37:00
  And
• 37:01
  again,
• 37:01
  this
• 37:01
  gets
• 37:02
  back
• 37:02
  to,
• 37:02
  like,
• 37:02
  the
• 37:02
  search
• 37:02
  game
• 37:03
  that
• 37:03
  we
• 37:03
  were
• 37:03
  talking
• 37:03
  about
• 37:04
  with
• 37:04
  Best
• 37:04
  Buys
• 37:05
  Marketplace.
• 37:05
  Like,
• 37:06
  you
• 37:06
  know,
• 37:06
  it.
• 37:06
  If
• 37:07
  I'm
• 37:07
  going
• 37:07
  on
• 37:07
  Facebook
• 37:08
  Marketplace,
• 37:08
  which
• 37:08
  is
• 37:09
  widely
• 37:09
  used
• 37:10
  now
• 37:10
  by
• 37:10
  so
• 37:10
  many
• 37:11
  people
• 37:11
  to
• 37:11
  find
• 37:12
  everything
• 37:12
  from
• 37:12
  furniture
• 37:13
  to
• 37:13
  collectibles,
• 37:14
  you
• 37:14
  name
• 37:14
  it.
• 37:15
  You
• 37:15
  know,
• 37:15
  to
• 37:15
  be
• 37:16
  able
• 37:16
  to
• 37:16
  have
• 37:17
  ebay's
• 37:17
  items
• 37:18
  plugged
• 37:18
  in,
• 37:18
  like,
• 37:19
  that's.
• 37:19
  This
• 37:19
  is
• 37:19
  already
• 37:19
  happening
• 37:20
  so
• 37:20
  much.
• 37:20
  Like,
• 37:21
  I
• 37:21
  don't
• 37:21
  know
• 37:21
  how
• 37:21
  much
• 37:21
  time
• 37:21
  you
• 37:21
  spend
• 37:22
  at
• 37:22
  Facebook
• 37:22
  Marketplace,
• 37:23
  but
• 37:23
  I
• 37:23
  go
• 37:23
  there
• 37:24
  first
• 37:24
  for
• 37:25
  most.
• 37:26
  As
• 37:26
  little
• 37:26
  as
• 37:26
  possible
• 37:27
  ad
• 37:28
  as
• 37:28
  possible.
• 37:29
  Fair,
• 37:29
  fair.
• 37:30
  I
• 37:30
  go
• 37:30
  there
• 37:30
  for
• 37:30
  most
• 37:31
  things,
• 37:31
  especially,
• 37:31
  you
• 37:32
  know,
• 37:32
  having
• 37:32
  just.
• 37:32
  I
• 37:32
  know
• 37:33
  you
• 37:33
  do.
• 37:33
  And
• 37:34
  so
• 37:34
  I.
• 37:35
  I'm
• 37:35
  telling
• 37:35
  you,
• 37:35
  there's
• 37:36
  already
• 37:36
  people
• 37:36
  who
• 37:37
  are,
• 37:37
  you
• 37:37
  know,
• 37:37
  doing
• 37:38
  the
• 37:38
  palms.
• 37:38
  Have
• 37:38
  you
• 37:38
  heard
• 37:39
  that
• 37:39
  that
• 37:39
  acronym,
• 37:40
  like
• 37:40
  palms
• 37:41
  posted
• 37:41
  on
• 37:41
  multiple
• 37:42
  sites.
• 37:42
  So,
• 37:42
  like,
• 37:43
  you
• 37:43
  already
• 37:44
  posted
• 37:44
  on
• 37:45
  multiple
• 37:45
  sites.
• 37:45
  So,
• 37:45
  like,
• 37:45
  you.
• 37:46
  The
• 37:46
  person
• 37:46
  is
• 37:47
  posting
• 37:47
  it
• 37:47
  on
• 37:47
  Facebook
• 37:48
  Marketplace,
• 37:48
  but
• 37:48
  they're
• 37:48
  also
• 37:49
  posting
• 37:49
  it
• 37:49
  on
• 37:49
  Craigslist
• 37:50
  they're
• 37:50
  also
• 37:50
  posting
• 37:50
  it
• 37:51
  on
• 37:51
  ebay.
• 37:51
  They're
• 37:51
  also
• 37:52
  posting
• 37:52
  like,
• 37:52
  this
• 37:53
  is
• 37:53
  already
• 37:53
  happening.
• 37:54
  Think
• 37:54
  of
• 37:55
  all
• 37:55
  of
• 37:56
  the
• 37:56
  products
• 37:57
  you
• 37:57
  could
• 37:57
  have
• 37:57
  access
• 37:57
  to
• 37:58
  if
• 37:58
  you're
• 37:58
  just
• 37:59
  uploading
• 37:59
  all
• 37:59
  of
• 38:00
  your
• 38:00
  stuff
• 38:00
  now
• 38:00
  to
• 38:00
  ebay
• 38:01
  and
• 38:01
  it's
• 38:01
  just
• 38:01
  being
• 38:01
  shot
• 38:02
  out.
• 38:02
  It's
• 38:02
  like
• 38:02
  podcasting.
• 38:03
  Like,
• 38:03
  you
• 38:03
  put
• 38:04
  your.
• 38:04
  You
• 38:04
  upload
• 38:04
  your
• 38:05
  one
• 38:05
  piece
• 38:05
  of
• 38:05
  media,
• 38:06
  and
• 38:06
  now
• 38:06
  you
• 38:06
  can
• 38:06
  put
• 38:07
  it
• 38:07
  out
• 38:07
  to
• 38:07
  all
• 38:07
  these
• 38:08
  channels
• 38:08
  where
• 38:08
  all
• 38:08
  these
• 38:08
  people
• 38:09
  can
• 38:09
  find
• 38:09
  you.
• 38:09
  Like,
• 38:10
  it's
• 38:10
  brilliant.
• 38:10
  It
• 38:10
  just
• 38:10
  makes
• 38:11
  so
• 38:12
  much
• 38:12
  sense.
• 38:12
  Ebay's
• 38:13
  already
• 38:13
  got
• 38:14
  this
• 38:14
  whole
• 38:14
  system
• 38:15
  locked
• 38:15
  in
• 38:15
  and
• 38:15
  ready
• 38:15
  to
• 38:16
  go,
• 38:16
  and
• 38:16
  you
• 38:16
  already
• 38:17
  have
• 38:18
  easier
• 38:18
  accessibility
• 38:19
  to
• 38:19
  things
• 38:19
  like
• 38:20
  shipping
• 38:20
  and
• 38:20
  shipping
• 38:21
  labels,
• 38:21
  taking
• 38:21
  that
• 38:22
  work
• 38:22
  out
• 38:22
  of
• 38:22
  it
• 38:22
  for
• 38:22
  you.
• 38:23
  So.
• 38:23
  So
• 38:23
  I
• 38:23
  think
• 38:23
  the
• 38:24
  most
• 38:24
  important
• 38:24
  thing
• 38:24
  here
• 38:25
  is
• 38:25
  just,
• 38:25
  you
• 38:25
  know,
• 38:25
  making
• 38:26
  sure
• 38:26
  that
• 38:26
  that
• 38:26
  infrastructure
• 38:27
  is
• 38:27
  in
• 38:27
  place
• 38:27
  so
• 38:27
  that
• 38:28
  the
• 38:28
  customer
• 38:28
  experience
• 38:29
  is
• 38:29
  seamless,
• 38:30
  because
• 38:30
  people
• 38:30
  are
• 38:31
  going
• 38:31
  to,
• 38:32
  you
• 38:32
  know,
• 38:32
  be
• 38:32
  one
• 38:33
  and
• 38:33
  done
• 38:33
  with
• 38:33
  this
• 38:33
  if
• 38:33
  it's
• 38:34
  not
• 38:34
  working
• 38:35
  the
• 38:35
  right
• 38:35
  way
• 38:36
  the
• 38:36
  first
• 38:36
  time.
• 38:37
  So
• 38:37
  that's
• 38:37
  the
• 38:38
  only
• 38:38
  thing
• 38:38
  that
• 38:38
  I
• 38:38
  think
• 38:38
  is
• 38:38
  the
• 38:39
  watch
• 38:39
  out
• 38:39
  here
• 38:39
  is.
• 38:40
  Is
• 38:40
  that
• 38:40
  people
• 38:40
  get
• 38:41
  angry
• 38:41
  on
• 38:41
  those
• 38:41
  Facebook
• 38:42
  groups.
• 38:42
  Right?
• 38:42
  We
• 38:42
  were
• 38:42
  talking
• 38:43
  about
• 38:43
  that
• 38:43
  at
• 38:43
  dinner
• 38:43
  yesterday.
• 38:44
  Yeah,
• 38:44
  those
• 38:44
  Facebook
• 38:44
  groups
• 38:45
  look
• 38:45
  out.
• 38:45
  Especially
• 38:46
  those
• 38:46
  Facebook
• 38:47
  bomb
• 38:47
  groups.
• 38:47
  They.
• 38:48
  Yeah,
• 38:48
  they
• 38:48
  get
• 38:48
  a
• 38:48
  hold
• 38:48
  of
• 38:48
  something,
• 38:49
  they're
• 38:49
  gonna
• 38:49
  tear
• 38:49
  it
• 38:50
  apart.
• 38:50
  Yeah.
• 38:51
  Oh,
• 38:51
  my
• 38:51
  God.
• 38:51
  I
• 38:51
  did
• 38:51
  make
• 38:52
  some
• 38:52
  notes
• 38:52
  for
• 38:52
  you,
• 38:52
  Chris,
• 38:53
  on
• 38:53
  other
• 38:53
  things
• 38:53
  that
• 38:53
  they're
• 38:54
  talking
• 38:54
  about.
• 38:54
  Handyman
• 38:55
  recommendations.
• 38:56
  There's
• 38:56
  a
• 38:56
  lot
• 38:56
  of
• 38:57
  things
• 38:57
  we
• 38:57
  can
• 38:57
  talk
• 38:57
  about.
• 38:58
  Oh,
• 38:58
  God.
• 38:58
  I
• 38:58
  don't.
• 38:59
  I
• 38:59
  don't
• 38:59
  even
• 38:59
  want
• 39:00
  to
• 39:00
  know.
• 39:00
  I
• 39:00
  don't
• 39:00
  even
• 39:01
  want
• 39:01
  to.
• 39:01
  Maybe
• 39:01
  I
• 39:01
  do,
• 39:02
  but
• 39:02
  I
• 39:02
  don't.
• 39:02
  I
• 39:02
  don't,
• 39:03
  but
• 39:03
  I
• 39:03
  do.
• 39:03
  Yes.
• 39:03
  That's
• 39:04
  the
• 39:04
  power
• 39:04
  of
• 39:04
  social
• 39:04
  media.
• 39:05
  You
• 39:05
  don't
• 39:05
  want
• 39:05
  to
• 39:05
  know,
• 39:06
  but
• 39:06
  you
• 39:06
  really
• 39:06
  do.
• 39:07
  Right.
• 39:08
  Okay,
• 39:08
  Chris,
• 39:08
  let's
• 39:09
  go
• 39:09
  to
• 39:09
  the
• 39:09
  New
• 39:10
  York
• 39:10
  City
• 39:10
  themed
• 39:11
  lightning
• 39:11
  round.
• 39:12
  Chris,
• 39:13
  question
• 39:13
  number
• 39:13
  one
• 39:14
  for
• 39:14
  you.
• 39:14
  We
• 39:14
  had
• 39:15
  a
• 39:15
  lengthy
• 39:15
  debate
• 39:16
  in
• 39:16
  the
• 39:16
  cab
• 39:17
  about
• 39:17
  why
• 39:17
  horses
• 39:18
  have
• 39:18
  horseshoes,
• 39:19
  resulting
• 39:20
  in
• 39:20
  another
• 39:20
  lengthy
• 39:21
  discussion
• 39:22
  around
• 39:22
  how
• 39:22
  weird
• 39:23
  the
• 39:23
  words
• 39:24
  hoof,
• 39:25
  hoof,
• 39:26
  hoof,
• 39:27
  and
• 39:27
  hooves.
• 39:29
  Chris
• 39:29
  and
• 39:29
  I
• 39:29
  had
• 39:29
  to
• 39:29
  look
• 39:29
  up
• 39:30
  how
• 39:30
  to
• 39:30
  pronounce
• 39:30
  these
• 39:30
  words.
• 39:32
  And
• 39:32
  hooves
• 39:32
  are.
• 39:33
  What
• 39:34
  other
• 39:34
  word
• 39:35
  have
• 39:35
  you
• 39:35
  always
• 39:36
  found
• 39:37
  sounds
• 39:37
  weird
• 39:38
  to
• 39:38
  you?
• 39:39
  Oh,
• 39:39
  my
• 39:39
  God.
• 39:39
  That's
• 39:40
  so
• 39:40
  funny
• 39:40
  that,
• 39:40
  yes,
• 39:41
  we
• 39:41
  did
• 39:41
  have
• 39:41
  a
• 39:41
  conversation
• 39:42
  about
• 39:42
  this
• 39:42
  in
• 39:42
  the
• 39:42
  cabin.
• 39:43
  It
• 39:43
  was
• 39:43
  a
• 39:43
  long
• 39:43
  conversation.
• 39:44
  I
• 39:44
  mean,
• 39:44
  we
• 39:44
  probably
• 39:44
  spent
• 39:45
  15
• 39:45
  minutes
• 39:45
  on
• 39:45
  this
• 39:45
  whole
• 39:46
  thing.
• 39:46
  But
• 39:47
  I.
• 39:49
  The.
• 39:49
  The.
• 39:49
  The
• 39:49
  word
• 39:50
  that
• 39:50
  I
• 39:50
  think
• 39:50
  sounds
• 39:51
  weird
• 39:51
  is
• 39:51
  onomatopoeia.
• 39:53
  See
• 39:53
  what
• 39:53
  I
• 39:53
  did?
• 39:54
  Oh,
• 39:54
  I
• 39:54
  love
• 39:54
  that
• 39:54
  word.
• 39:55
  I
• 39:55
  do
• 39:55
  love.
• 39:55
  See
• 39:56
  what
• 39:56
  I
• 39:56
  did
• 39:56
  there?
• 39:56
  Because
• 39:56
  it's
• 39:56
  a
• 39:56
  word
• 39:57
  that
• 39:57
  sounds
• 39:57
  like
• 39:57
  it
• 39:57
  is.
• 39:58
  Yes.
• 39:58
  And
• 39:58
  yes.
• 39:59
  What
• 39:59
  word
• 39:59
  Sounds
• 40:00
  weird.
• 40:00
  Onomatopoeia.
• 40:01
  Yes.
• 40:02
  Oh,
• 40:02
  my
• 40:02
  God.
• 40:03
  Oh,
• 40:03
  my
• 40:03
  God.
• 40:04
  Bad
• 40:05
  Bunny
• 40:05
  and
• 40:06
  Jimmy
• 40:06
  Fallon
• 40:06
  held
• 40:07
  a
• 40:07
  surprise
• 40:07
  concert
• 40:08
  in
• 40:08
  the
• 40:08
  New
• 40:08
  York
• 40:08
  City
• 40:09
  subway
• 40:09
  station
• 40:10
  this
• 40:10
  week.
• 40:10
  Bunnies
• 40:11
  notwithstanding,
• 40:13
  what
• 40:13
  is
• 40:13
  the
• 40:14
  baddest
• 40:14
  animal
• 40:15
  in
• 40:15
  your
• 40:16
  mind?
• 40:16
  Mice.
• 40:18
  Oh,
• 40:19
  yeah.
• 40:19
  Yeah.
• 40:20
  I
• 40:20
  just
• 40:20
  feel
• 40:21
  like
• 40:21
  they're
• 40:21
  run
• 40:21
  into.
• 40:22
  Some
• 40:22
  badass
• 40:22
  mice
• 40:23
  in
• 40:23
  your.
• 40:23
  Diane,
• 40:24
  you
• 40:24
  just
• 40:24
  can't.
• 40:25
  They're
• 40:25
  like.
• 40:26
  Even
• 40:26
  my
• 40:26
  sister
• 40:26
  in
• 40:27
  law
• 40:27
  was
• 40:27
  like,
• 40:27
  we
• 40:28
  had
• 40:28
  a
• 40:28
  mouse
• 40:29
  kind
• 40:29
  of
• 40:29
  cute.
• 40:30
  And
• 40:30
  I
• 40:30
  was
• 40:30
  like,
• 40:30
  no,
• 40:31
  that's
• 40:31
  what
• 40:32
  they
• 40:32
  want
• 40:32
  you
• 40:32
  to
• 40:32
  think.
• 40:33
  They
• 40:33
  want
• 40:33
  you
• 40:33
  to
• 40:34
  think
• 40:34
  they're
• 40:34
  like
• 40:34
  sneaky
• 40:35
  bad
• 40:35
  animals
• 40:36
  and
• 40:36
  they
• 40:36
  will
• 40:36
  just
• 40:37
  find
• 40:37
  a
• 40:37
  way.
• 40:37
  And
• 40:38
  they
• 40:39
  freak
• 40:39
  me
• 40:39
  out
• 40:39
  so
• 40:40
  much.
• 40:40
  I
• 40:40
  hate
• 40:40
  them.
• 40:40
  Them.
• 40:41
  So
• 40:41
  that
• 40:41
  would
• 40:41
  be
• 40:41
  my.
• 40:42
  The
• 40:42
  baddest
• 40:42
  animal.
• 40:43
  What's
• 40:43
  your
• 40:43
  baddest
• 40:44
  animal?
• 40:44
  Oh,
• 40:45
  geez.
• 40:45
  I
• 40:45
  hadn't
• 40:45
  thought
• 40:45
  about
• 40:46
  it.
• 40:46
  I
• 40:46
  think
• 40:46
  I.
• 40:47
  I
• 40:47
  think
• 40:47
  I
• 40:47
  probably
• 40:47
  go
• 40:47
  with
• 40:48
  mice
• 40:48
  too.
• 40:48
  I
• 40:48
  hate
• 40:49
  mice.
• 40:49
  Like,
• 40:49
  mice.
• 40:50
  Mice
• 40:50
  are.
• 40:50
  Mice
• 40:50
  are
• 40:51
  just
• 40:51
  terrible,
• 40:51
  terrible,
• 40:52
  terrible
• 40:52
  creatures.
• 40:53
  I
• 40:53
  don't
• 40:53
  like
• 40:53
  cats.
• 40:54
  Either
• 40:54
  end.
• 40:54
  I
• 40:54
  don't
• 40:54
  like.
• 40:55
  Oh,
• 40:55
  God.
• 40:55
  You're
• 40:55
  gonna.
• 40:56
  You
• 40:56
  gotta
• 40:56
  be
• 40:56
  careful.
• 40:57
  You
• 40:57
  can't
• 40:57
  get
• 40:57
  into
• 40:58
  domesticated
• 40:58
  animals.
• 40:59
  Mice
• 40:59
  are
• 40:59
  like,
• 41:00
  you're.
• 41:00
  That's
• 41:00
  okay,
• 41:01
  you're.
• 41:01
  But
• 41:02
  I
• 41:03
  scratch
• 41:03
  me
• 41:03
  one
• 41:04
  time.
• 41:04
  It
• 41:04
  was.
• 41:04
  It
• 41:04
  was.
• 41:05
  It
• 41:05
  was
• 41:05
  disastrous.
• 41:05
  It
• 41:05
  was.
• 41:06
  You
• 41:06
  get
• 41:06
  a
• 41:06
  fever.
• 41:07
  So
• 41:07
  cats
• 41:08
  are
• 41:08
  bad
• 41:08
  animals.
• 41:08
  They're
• 41:09
  badass
• 41:09
  animals
• 41:09
  too,
• 41:10
  Ann.
• 41:10
  Yes,
• 41:10
  I
• 41:10
  did
• 41:10
  get
• 41:10
  a
• 41:11
  fever
• 41:11
  after
• 41:11
  the
• 41:11
  cat
• 41:11
  scratch.
• 41:12
  I
• 41:12
  got
• 41:12
  a
• 41:12
  cat
• 41:12
  scratch
• 41:13
  disease.
• 41:13
  There's
• 41:13
  a
• 41:13
  little
• 41:14
  disease
• 41:14
  called
• 41:14
  cat
• 41:14
  scratch
• 41:15
  disease,
• 41:15
  and
• 41:15
  I
• 41:16
  got
• 41:16
  it.
• 41:16
  Jesus.
• 41:17
  You
• 41:17
  definitely
• 41:18
  did.
• 41:18
  You
• 41:18
  definitely
• 41:19
  did.
• 41:19
  I
• 41:19
  did
• 41:19
  surprise
• 41:20
  it
• 41:20
  all.
• 41:20
  I
• 41:20
  don't
• 41:20
  remember
• 41:20
  what
• 41:21
  it's
• 41:21
  called.
• 41:21
  Somebody
• 41:21
  can
• 41:22
  look
• 41:22
  it
• 41:22
  up.
• 41:22
  But
• 41:22
  yeah,
• 41:23
  Cat
• 41:23
  scratch
• 41:24
  disease.
• 41:24
  Yeah.
• 41:24
  Yeah.
• 41:25
  Okay,
• 41:26
  Chris,
• 41:26
  if
• 41:26
  you
• 41:27
  had
• 41:27
  to
• 41:27
  stand
• 41:27
  in
• 41:28
  without
• 41:29
  warning
• 41:29
  as
• 41:30
  an
• 41:30
  extra
• 41:31
  with
• 41:31
  an
• 41:31
  ensemble
• 41:32
  dance
• 41:33
  number
• 41:33
  in
• 41:33
  a
• 41:33
  Broadway
• 41:34
  musical,
• 41:34
  would
• 41:35
  you
• 41:35
  rather
• 41:35
  do
• 41:35
  that?
• 41:36
  Or
• 41:37
  30
• 41:37
  minutes
• 41:37
  of
• 41:37
  open
• 41:38
  mic
• 41:38
  stand
• 41:38
  up
• 41:39
  at
• 41:39
  a
• 41:39
  comedy
• 41:39
  club
• 41:40
  without
• 41:40
  warning?
• 41:41
  They're
• 41:41
  just
• 41:41
  like,
• 41:41
  chris,
• 41:42
  go.
• 41:43
  Oh
• 41:43
  my
• 41:43
  God.
• 41:43
  I
• 41:44
  mean,
• 41:44
  you
• 41:44
  know,
• 41:44
  you
• 41:44
  know
• 41:44
  the
• 41:44
  answer.
• 41:45
  30
• 41:45
  minutes
• 41:45
  is
• 41:45
  a
• 41:45
  long
• 41:46
  time.
• 41:46
  But
• 41:46
  I'm
• 41:46
  definitely
• 41:47
  choosing
• 41:47
  the
• 41:47
  stand
• 41:47
  up
• 41:48
  because.
• 41:48
  Are
• 41:48
  you,
• 41:48
  you
• 41:49
  know.
• 41:49
  Yeah.
• 41:49
  I
• 41:50
  mean,
• 41:50
  as
• 41:50
  bad
• 41:50
  as
• 41:50
  my
• 41:51
  dad
• 41:51
  jokes
• 41:51
  are,
• 41:52
  they
• 41:53
  are
• 41:53
  nowhere
• 41:53
  near
• 41:54
  as
• 41:54
  bad
• 41:54
  as
• 41:54
  my
• 41:55
  dancing
• 41:55
  skills.
• 41:55
  And
• 41:56
  so
• 41:56
  being
• 41:56
  like
• 41:57
  Broadway
• 41:57
  dance
• 41:58
  number,
• 41:58
  like,
• 41:58
  no,
• 41:59
  no,
• 41:59
  no
• 41:59
  one
• 41:59
  wants.
• 41:59
  But
• 42:00
  you
• 42:00
  can
• 42:00
  hide.
• 42:00
  Like,
• 42:01
  that's
• 42:01
  the
• 42:01
  thing.
• 42:01
  Like,
• 42:01
  you
• 42:02
  can.
• 42:02
  No,
• 42:02
  you
• 42:02
  can't.
• 42:03
  You
• 42:03
  could,
• 42:03
  like
• 42:04
  kind
• 42:04
  of
• 42:04
  be
• 42:04
  in
• 42:04
  the
• 42:04
  background
• 42:05
  of
• 42:05
  the
• 42:05
  dance
• 42:05
  ensemble
• 42:06
  dance
• 42:06
  number
• 42:07
  and
• 42:07
  singing
• 42:07
  like,
• 42:08
  stand
• 42:09
  up.
• 42:09
  You're
• 42:09
  just
• 42:09
  under
• 42:10
  the
• 42:10
  light,
• 42:10
  man.
• 42:11
  Hey,
• 42:11
  that's
• 42:11
  okay.
• 42:12
  I
• 42:12
  like
• 42:12
  to
• 42:12
  be
• 42:12
  in
• 42:12
  the
• 42:12
  light.
• 42:13
  But
• 42:13
  as
• 42:13
  Shakira
• 42:13
  once
• 42:14
  said,
• 42:14
  and
• 42:14
  my
• 42:14
  hips
• 42:15
  don't
• 42:15
  Lie.
• 42:15
  I'm
• 42:16
  not
• 42:16
  hiding.
• 42:16
  I'm
• 42:16
  not
• 42:17
  hiding.
• 42:17
  All
• 42:18
  right.
• 42:18
  The
• 42:18
  famed
• 42:18
  Governor's
• 42:19
  Ball
• 42:19
  is
• 42:19
  coming
• 42:19
  up
• 42:20
  soon,
• 42:20
  and
• 42:20
  its
• 42:20
  lineup
• 42:21
  includes
• 42:21
  the
• 42:21
  likes
• 42:21
  of
• 42:21
  Tyler
• 42:22
  the
• 42:22
  Creator,
• 42:23
  Olivia
• 42:23
  Rodrigo,
• 42:24
  and
• 42:24
  I
• 42:24
  think
• 42:24
  it's
• 42:24
  pronounced
• 42:25
  Hosier.
• 42:25
  I
• 42:25
  have
• 42:25
  no
• 42:26
  idea.
• 42:26
  Yeah.
• 42:27
  When
• 42:27
  was
• 42:27
  the
• 42:28
  last
• 42:28
  time
• 42:28
  you
• 42:29
  bawled
• 42:29
  out
• 42:30
  Cinderella
• 42:31
  style?
• 42:31
  Have
• 42:31
  you
• 42:31
  ever
• 42:31
  ball.
• 42:32
  Gone
• 42:32
  to
• 42:32
  a
• 42:32
  ball,
• 42:32
  Anne?
• 42:35
  I
• 42:36
  guess
• 42:36
  so.
• 42:37
  I,
• 42:37
  like,
• 42:38
  had
• 42:38
  to
• 42:38
  go
• 42:38
  to
• 42:38
  a
• 42:38
  gala.
• 42:39
  Is
• 42:39
  that
• 42:39
  like
• 42:40
  a.
• 42:40
  Yeah,
• 42:41
  yeah.
• 42:41
  Gala
• 42:42
  will
• 42:42
  qualify
• 42:42
  as.
• 42:43
  I
• 42:43
  guess
• 42:43
  that
• 42:43
  would
• 42:43
  be
• 42:44
  the
• 42:44
  closest
• 42:45
  thing,
• 42:45
  but
• 42:46
  no
• 42:47
  gala.
• 42:48
  What
• 42:48
  kind
• 42:48
  of
• 42:48
  gala
• 42:49
  was
• 42:49
  it?
• 42:49
  A
• 42:49
  regatta
• 42:50
  gala.
• 42:50
  It
• 42:50
  was
• 42:50
  a
• 42:50
  fundraiser.
• 42:51
  Friend's
• 42:51
  joke.
• 42:52
  What's
• 42:53
  a
• 42:53
  regatta
• 42:53
  gala?
• 42:54
  It's
• 42:54
  a
• 42:54
  friend's
• 42:55
  joke.
• 42:55
  It's
• 42:55
  from
• 42:55
  friends.
• 42:56
  I
• 42:56
  think
• 42:56
  they
• 42:56
  go
• 42:56
  to
• 42:57
  a
• 42:57
  regatta
• 42:57
  gala
• 42:57
  or
• 42:57
  something.
• 42:58
  Remember
• 42:59
  that?
• 42:59
  Oh,
• 42:59
  yes.
• 43:00
  Oh,
• 43:00
  my
• 43:00
  God.
• 43:00
  I
• 43:00
  thought
• 43:00
  you
• 43:01
  said
• 43:01
  it
• 43:01
  had
• 43:01
  a
• 43:01
  French
• 43:01
  joke.
• 43:02
  And
• 43:02
  I
• 43:02
  was
• 43:02
  like,
• 43:02
  you've
• 43:02
  been
• 43:03
  hanging
• 43:03
  out
• 43:03
  with
• 43:03
  a
• 43:03
  lot
• 43:03
  of
• 43:03
  French
• 43:04
  people
• 43:04
  this
• 43:04
  week.
• 43:04
  We
• 43:05
  have.
• 43:05
  We
• 43:05
  spent
• 43:05
  a
• 43:05
  week
• 43:05
  in
• 43:06
  a
• 43:06
  French
• 43:06
  booth.
• 43:06
  Yes,
• 43:07
  but
• 43:07
  I
• 43:08
  don't
• 43:08
  know
• 43:08
  that
• 43:08
  term.
• 43:09
  Yes,
• 43:09
  yes,
• 43:09
  the
• 43:09
  regatta
• 43:10
  gala.
• 43:10
  Okay,
• 43:10
  now
• 43:11
  I
• 43:11
  remember,
• 43:11
  but
• 43:11
  yes.
• 43:12
  No,
• 43:12
  I
• 43:12
  think
• 43:12
  it
• 43:12
  was,
• 43:12
  like
• 43:12
  a
• 43:12
  fun.
• 43:13
  I
• 43:13
  don't
• 43:13
  even
• 43:13
  remember
• 43:13
  what
• 43:13
  the
• 43:14
  fundraiser
• 43:14
  was
• 43:14
  for,
• 43:15
  but
• 43:15
  I
• 43:15
  had
• 43:15
  to
• 43:15
  dress
• 43:15
  up.
• 43:16
  What
• 43:16
  did
• 43:16
  you
• 43:16
  wear?
• 43:17
  Did
• 43:17
  you
• 43:17
  wear
• 43:17
  a
• 43:17
  flowing
• 43:18
  gown?
• 43:18
  Did
• 43:18
  you
• 43:18
  know?
• 43:19
  Was
• 43:19
  it
• 43:19
  like
• 43:19
  one
• 43:20
  of
• 43:20
  those
• 43:20
  where
• 43:20
  you
• 43:20
  wear
• 43:20
  a
• 43:20
  corset
• 43:21
  and
• 43:21
  the.
• 43:21
  Oh,
• 43:22
  God.
• 43:22
  Underneath
• 43:23
  you
• 43:23
  is
• 43:23
  really
• 43:23
  big?
• 43:23
  No,
• 43:24
  if
• 43:24
  we're
• 43:24
  talking.
• 43:24
  That's
• 43:25
  a
• 43:25
  gala.
• 43:25
  That's.
• 43:26
  Or
• 43:26
  that's
• 43:26
  a
• 43:26
  ball.
• 43:27
  No,
• 43:27
  I
• 43:27
  haven't.
• 43:28
  No,
• 43:28
  it
• 43:28
  was
• 43:28
  just
• 43:29
  like
• 43:29
  a.
• 43:29
  A.
• 43:29
  I
• 43:29
  don't
• 43:29
  know,
• 43:30
  like
• 43:30
  a.
• 43:30
  Did
• 43:30
  you
• 43:30
  wear
• 43:30
  a
• 43:31
  tiara?
• 43:33
  I
• 43:33
  did
• 43:33
  wear
• 43:33
  a
• 43:34
  tiara
• 43:34
  because
• 43:34
  one
• 43:35
  of
• 43:35
  the
• 43:35
  times.
• 43:35
  Oh,
• 43:36
  my
• 43:36
  God.
• 43:36
  Not.
• 43:36
  Not
• 43:37
  as,
• 43:37
  like,
• 43:37
  an
• 43:37
  attendee,
• 43:38
  but
• 43:39
  we
• 43:39
  were
• 43:40
  like.
• 43:40
  Some
• 43:40
  friends
• 43:40
  and
• 43:41
  I
• 43:41
  were
• 43:41
  volunteers.
• 43:42
  So,
• 43:42
  like,
• 43:42
  we
• 43:42
  walk.
• 43:43
  There
• 43:43
  was
• 43:43
  like,
• 43:43
  a
• 43:43
  little.
• 43:44
  One
• 43:45
  of
• 43:45
  the
• 43:45
  jewelers
• 43:46
  had,
• 43:46
  like,
• 43:46
  a
• 43:46
  little
• 43:46
  headbandy
• 43:47
  dime,
• 43:48
  like
• 43:48
  an
• 43:48
  actual
• 43:48
  diamond
• 43:49
  thing
• 43:49
  that
• 43:49
  I
• 43:49
  got
• 43:50
  to,
• 43:50
  like,
• 43:50
  wear
• 43:50
  around,
• 43:51
  and
• 43:51
  then
• 43:51
  people
• 43:51
  bid
• 43:52
  on
• 43:52
  it
• 43:52
  and
• 43:52
  then.
• 43:53
  Yeah.
• 43:54
  Wow.
• 43:54
  Wow.
• 43:54
  You're
• 43:55
  a
• 43:55
  Tierra
• 43:55
  model
• 43:56
  and.
• 43:56
  Was
• 43:56
  a
• 43:56
  Tierra
• 43:57
  model.
• 43:57
  It
• 43:57
  was
• 43:58
  a
• 43:58
  tiara
• 43:58
  model.
• 43:59
  At
• 43:59
  once.
• 44:00
  One
• 44:00
  time
• 44:00
  in
• 44:00
  my
• 44:00
  life.
• 44:01
  It
• 44:01
  was
• 44:01
  fleeting.
• 44:02
  It'll
• 44:02
  never
• 44:02
  happen
• 44:02
  again.
• 44:03
  But
• 44:03
  that's
• 44:03
  amazing.
• 44:04
  Wow.
• 44:05
  Who
• 44:05
  knew
• 44:05
  those
• 44:05
  things
• 44:06
  even
• 44:06
  existed?
• 44:06
  All
• 44:07
  right,
• 44:07
  happy
• 44:08
  birthday
• 44:08
  today
• 44:08
  to
• 44:09
  Regina
• 44:09
  King,
• 44:10
  Ernie
• 44:10
  Reyes
• 44:10
  Jr.
• 44:11
  And
• 44:11
  the
• 44:11
  man
• 44:12
  who
• 44:12
  played
• 44:12
  the
• 44:12
  super
• 44:12
  hottie
• 44:13
  tag
• 44:14
  to
• 44:14
  Jennifer
• 44:14
  Aniston's
• 44:15
  Rachel
• 44:15
  on
• 44:16
  Friends.
• 44:16
  Eddie
• 44:17
  Cahill.
• 44:17
  Do
• 44:17
  you
• 44:17
  remember
• 44:18
  Tag
• 44:18
  Ann?
• 44:19
  No.
• 44:20
  I
• 44:20
  need
• 44:20
  to
• 44:20
  watch
• 44:21
  Friends
• 44:21
  again.
• 44:21
  I
• 44:21
  think
• 44:22
  I
• 44:22
  was
• 44:22
  like.
• 44:22
  I
• 44:23
  watched
• 44:23
  it
• 44:24
  religiously
• 44:24
  when
• 44:25
  it
• 44:25
  was.
• 44:25
  Out,
• 44:25
  but
• 44:27
  I'm
• 44:28
  guessing
• 44:28
  you
• 44:28
  would
• 44:28
  remember
• 44:28
  him.
• 44:29
  I
• 44:29
  think
• 44:29
  oh,
• 44:29
  I'm
• 44:30
  gonna
• 44:30
  look
• 44:30
  him
• 44:30
  up
• 44:30
  after.
• 44:31
  Don't
• 44:31
  worry.
• 44:31
  All
• 44:31
  right.
• 44:31
  Don't
• 44:31
  worry.
• 44:32
  And
• 44:32
  remember,
• 44:32
  if
• 44:32
  you
• 44:33
  can
• 44:33
  only
• 44:33
  read
• 44:33
  or
• 44:33
  listen
• 44:33
  to
• 44:34
  one
• 44:34
  retail
• 44:34
  blog
• 44:34
  in
• 44:35
  the
• 44:35
  business,
• 44:35
  make
• 44:35
  it
• 44:35
  Omniton,
• 44:36
  the
• 44:36
  only
• 44:36
  retail
• 44:36
  media
• 44:37
  outlet
• 44:37
  run
• 44:37
  by
• 44:37
  two
• 44:38
  former
• 44:38
  executives
• 44:38
  from
• 44:39
  a
• 44:39
  current
• 44:39
  top
• 44:39
  10
• 44:40
  US
• 44:40
  retailer.
• 44:41
  Our
• 44:41
  Fast
• 44:41
  Five
• 44:41
  podcast
• 44:42
  is
• 44:42
  the
• 44:42
  quickest,
• 44:42
  fastest
• 44:43
  rundown
• 44:43
  of
• 44:43
  all
• 44:43
  the
• 44:43
  week's
• 44:44
  top
• 44:44
  news.
• 44:44
  And
• 44:45
  our
• 44:45
  daily
• 44:45
  newsletter,
• 44:45
  the
• 44:45
  Retail
• 44:46
  Daily
• 44:46
  Minute,
• 44:46
  tells
• 44:46
  you
• 44:47
  all
• 44:47
  you
• 44:47
  need
• 44:47
  to
• 44:47
  know
• 44:47
  each
• 44:48
  day.
• 44:48
  So
• 44:48
  stay
• 44:48
  on,
• 44:48
  on
• 44:49
  top
• 44:49
  of
• 44:49
  your
• 44:49
  game
• 44:49
  as
• 44:49
  a
• 44:49
  retail
• 44:50
  executive
• 44:50
  and
• 44:51
  also
• 44:52
  regularly,
• 44:53
  regularly
• 44:54
  and
• 44:55
  regularly
• 44:56
  feature
• 44:57
  special
• 44:57
  content
• 44:58
  that
• 44:58
  is
• 44:58
  exclusive
• 44:58
  to
• 44:59
  us
• 44:59
  and
• 44:59
  that
• 44:59
  Ann
• 45:00
  and
• 45:00
  I
• 45:00
  take
• 45:00
  a
• 45:00
  lot
• 45:00
  of
• 45:00
  pride
• 45:01
  in
• 45:01
  doing
• 45:01
  just
• 45:01
  for
• 45:02
  you.
• 45:02
  Gotta
• 45:02
  get
• 45:02
  out
• 45:02
  of
• 45:03
  New
• 45:03
  York.
• 45:03
  Yeah.
• 45:03
  Thanks
• 45:04
  so
• 45:04
  much
• 45:04
  for
• 45:04
  listening
• 45:04
  in.
• 45:05
  Please
• 45:05
  remember
• 45:05
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