Latest / Omni Talk Retail / Retail’s Mid-Year Report Card With Ethan Chernofsky Of Placer.ai | Ask An Expert

Transcript

Retail’s Mid-Year Report Card With Ethan Chernofsky Of Placer.ai | Ask An Expert · Omni Talk Retail

• 0:00
  Foreign.
• 0:08
  Welcome
• 0:08
  to
• 0:08
  the
• 0:08
  latest
• 0:09
  edition
• 0:09
  of
• 0:09
  the
• 0:09
  Omnitalk
• 0:10
  Retail
• 0:11
  Ask
• 0:11
  an
• 0:11
  Expert
• 0:11
  series.
• 0:12
  I'm
• 0:12
  your
• 0:12
  host,
• 0:12
  Chris
• 0:12
  Walton.
• 0:13
  And
• 0:13
  I'm
• 0:14
  Anne
• 0:14
  Mazinga.
• 0:15
  And
• 0:15
  we
• 0:15
  are
• 0:15
  the
• 0:16
  founders
• 0:16
  of
• 0:16
  omnitalk,
• 0:17
  the
• 0:17
  fast
• 0:17
  growing
• 0:17
  retail
• 0:17
  media
• 0:18
  outlet
• 0:18
  that
• 0:18
  is
• 0:18
  all
• 0:18
  about
• 0:18
  the
• 0:18
  companies,
• 0:19
  the
• 0:19
  technologies
• 0:20
  and
• 0:20
  the
• 0:20
  people
• 0:20
  that
• 0:21
  are
• 0:21
  coming
• 0:21
  together
• 0:21
  to
• 0:21
  shape
• 0:22
  the
• 0:22
  future
• 0:22
  of
• 0:22
  retail.
• 0:23
  And
• 0:23
  our
• 0:23
  next
• 0:24
  guest
• 0:24
  likely
• 0:24
  needs
• 0:25
  no
• 0:25
  introduction,
• 0:26
  but
• 0:26
  he
• 0:26
  does
• 0:26
  need
• 0:26
  a
• 0:27
  new
• 0:27
  title
• 0:28
  because
• 0:28
  he
• 0:28
  just
• 0:29
  got
• 0:29
  promoted.
• 0:30
  And
• 0:30
  I'm
• 0:30
  talking
• 0:30
  of
• 0:31
  course
• 0:31
  about
• 0:31
  Ethan
• 0:31
  Chernofsky.
• 0:32
  Place
• 0:33
  your
• 0:33
  eyes.
• 0:34
  Recently
• 0:34
  crowned
• 0:35
  Chief
• 0:35
  Marketing
• 0:36
  Officer.
• 0:36
  Ethan,
• 0:37
  first
• 0:37
  of
• 0:37
  all,
• 0:37
  congratulations
• 0:38
  and
• 0:38
  welcome
• 0:39
  back
• 0:39
  to
• 0:39
  omnitok.
• 0:40
  Thanks
• 0:41
  guys.
• 0:41
  It
• 0:41
  wouldn't
• 0:42
  be,
• 0:42
  it
• 0:42
  wouldn't
• 0:43
  be
• 0:43
  a
• 0:43
  summer
• 0:44
  kickoff
• 0:44
  if
• 0:44
  it
• 0:45
  wasn't
• 0:45
  with
• 0:45
  omnitalk.
• 0:46
  I
• 0:47
  know,
• 0:47
  right?
• 0:48
  I
• 0:48
  think
• 0:49
  congratulations.
• 0:51
  Thank
• 0:51
  you.
• 0:52
  Honestly,
• 0:53
  Ethan,
• 0:53
  I
• 0:53
  think
• 0:53
  of
• 0:54
  all
• 0:54
  the
• 0:54
  webinars
• 0:54
  we
• 0:54
  do
• 0:55
  with
• 0:55
  you
• 0:55
  each
• 0:55
  year,
• 0:55
  the
• 0:55
  summer
• 0:56
  one
• 0:56
  is
• 0:56
  my
• 0:56
  favorite
• 0:58
  because
• 0:58
  we
• 0:58
  get
• 0:58
  to
• 0:58
  hand
• 0:58
  out
• 0:59
  the
• 0:59
  grades.
• 0:59
  You
• 0:59
  know,
• 0:59
  I
• 1:00
  always
• 1:00
  loved,
• 1:00
  I
• 1:00
  always
• 1:01
  loved
• 1:01
  report
• 1:01
  cards
• 1:01
  as
• 1:02
  a
• 1:02
  kid.
• 1:02
  Anna
• 1:02
  slags
• 1:03
  me
• 1:03
  off
• 1:03
  because
• 1:03
  she's
• 1:03
  like,
• 1:04
  yeah,
• 1:04
  yeah,
• 1:04
  whatever.
• 1:05
  But,
• 1:05
  but
• 1:06
  I,
• 1:06
  and,
• 1:06
  and
• 1:06
  Anna,
• 1:07
  really
• 1:07
  no
• 1:07
  idea
• 1:08
  what
• 1:08
  you
• 1:08
  ever
• 1:08
  are
• 1:08
  going
• 1:09
  to
• 1:09
  share
• 1:09
  with
• 1:09
  us.
• 1:09
  And
• 1:09
  so
• 1:10
  we
• 1:10
  like
• 1:10
  all
• 1:10
  of
• 1:11
  you
• 1:11
  watching
• 1:11
  and
• 1:11
  listening
• 1:12
  now,
• 1:12
  will
• 1:12
  be
• 1:12
  reacting
• 1:13
  in
• 1:13
  real
• 1:13
  time.
• 1:14
  So
• 1:14
  I
• 1:15
  think
• 1:15
  we
• 1:15
  should
• 1:15
  get
• 1:15
  to
• 1:15
  it.
• 1:16
  And
• 1:16
  what
• 1:16
  do
• 1:16
  you
• 1:16
  think?
• 1:17
  Yes.
• 1:17
  But
• 1:18
  before
• 1:18
  we
• 1:18
  do,
• 1:18
  just
• 1:18
  a
• 1:19
  quick
• 1:19
  reminder
• 1:19
  to
• 1:19
  all
• 1:19
  of
• 1:20
  you
• 1:20
  who
• 1:20
  are
• 1:20
  following
• 1:21
  along
• 1:21
  with
• 1:21
  us
• 1:21
  live
• 1:22
  on
• 1:22
  LinkedIn
• 1:22
  right
• 1:22
  now.
• 1:23
  You
• 1:23
  can
• 1:24
  ask
• 1:24
  your
• 1:24
  questions,
• 1:25
  you
• 1:25
  can
• 1:25
  heckle
• 1:26
  Ethan
• 1:26
  about
• 1:27
  why
• 1:27
  he
• 1:27
  gave
• 1:27
  people
• 1:28
  the
• 1:28
  grades
• 1:28
  that
• 1:29
  they
• 1:29
  did.
• 1:29
  That
• 1:29
  he
• 1:30
  did
• 1:31
  in
• 1:31
  the
• 1:31
  chat
• 1:31
  session
• 1:32
  window
• 1:32
  on
• 1:32
  the
• 1:33
  right
• 1:33
  hand
• 1:33
  side
• 1:33
  of
• 1:33
  your
• 1:33
  screen
• 1:34
  at
• 1:34
  any
• 1:35
  time.
• 1:35
  So
• 1:35
  with
• 1:36
  that,
• 1:37
  Ethan,
• 1:37
  let's
• 1:38
  do
• 1:38
  an
• 1:39
  overview.
• 1:39
  We
• 1:40
  always
• 1:40
  do
• 1:41
  what
• 1:42
  is
• 1:42
  Placer
• 1:43
  and
• 1:43
  what
• 1:43
  is
• 1:44
  it
• 1:44
  about
• 1:44
  the
• 1:44
  data
• 1:45
  that
• 1:45
  you
• 1:45
  collect
• 1:46
  that
• 1:46
  makes
• 1:46
  it
• 1:46
  such
• 1:46
  a
• 1:47
  useful
• 1:47
  tool
• 1:47
  in
• 1:47
  providing
• 1:48
  insights
• 1:48
  into
• 1:49
  the
• 1:49
  topic
• 1:49
  at
• 1:49
  hand
• 1:49
  today.
• 1:50
  Ethan,
• 1:51
  so
• 1:51
  having
• 1:51
  you
• 1:51
  ask
• 1:52
  that,
• 1:52
  I
• 1:52
  didn't
• 1:52
  expect
• 1:52
  that
• 1:52
  question
• 1:53
  at
• 1:53
  all.
• 1:56
  So
• 1:57
  Blazor
• 1:57
  is
• 1:57
  a
• 1:57
  location
• 1:58
  data
• 1:58
  company.
• 1:59
  Very
• 1:59
  important.
• 2:00
  How
• 2:00
  do
• 2:00
  we
• 2:00
  get
• 2:00
  the
• 2:00
  data?
• 2:00
  We
• 2:01
  observe
• 2:01
  a
• 2:01
  panel
• 2:01
  of
• 2:01
  tens
• 2:02
  of
• 2:02
  millions
• 2:02
  of
• 2:02
  devices.
• 2:03
  We
• 2:03
  utilize
• 2:03
  AI
• 2:04
  and
• 2:04
  machine
• 2:04
  learning
• 2:05
  on
• 2:05
  top
• 2:05
  of
• 2:05
  that
• 2:05
  data
• 2:06
  and
• 2:06
  then
• 2:06
  to
• 2:06
  make
• 2:07
  estimations
• 2:07
  of
• 2:07
  visits
• 2:08
  to
• 2:08
  retail
• 2:08
  locations
• 2:09
  across
• 2:09
  the
• 2:09
  country.
• 2:09
  And
• 2:10
  we
• 2:10
  can
• 2:10
  see
• 2:10
  everything
• 2:10
  from
• 2:11
  customer
• 2:12
  journeys
• 2:12
  to
• 2:12
  visit
• 2:13
  trends,
• 2:13
  true
• 2:13
  trade
• 2:14
  areas
• 2:14
  and
• 2:14
  a
• 2:14
  whole
• 2:14
  lot
• 2:14
  more.
• 2:15
  And
• 2:15
  I
• 2:15
  think
• 2:15
  what
• 2:16
  makes
• 2:16
  it
• 2:16
  so
• 2:17
  important
• 2:17
  is
• 2:17
  the,
• 2:18
  is
• 2:18
  the
• 2:18
  fact
• 2:18
  that
• 2:19
  it
• 2:19
  focuses
• 2:19
  on
• 2:19
  the
• 2:19
  behavioral
• 2:20
  data.
• 2:20
  So
• 2:20
  I
• 2:20
  think
• 2:20
  we're
• 2:21
  demographics,
• 2:22
  psychographics,
• 2:22
  these
• 2:22
  things
• 2:23
  are
• 2:23
  so
• 2:23
  important.
• 2:23
  Sentiment,
• 2:24
  super
• 2:24
  important.
• 2:25
  But
• 2:25
  where
• 2:25
  that
• 2:25
  aligns
• 2:26
  with
• 2:26
  behavior
• 2:26
  or
• 2:26
  we're
• 2:27
  actually
• 2:27
  doing,
• 2:27
  I
• 2:28
  think,
• 2:28
  you
• 2:28
  know,
• 2:28
  we
• 2:28
  kind
• 2:28
  of,
• 2:29
  we
• 2:29
  overuse
• 2:29
  this
• 2:30
  line,
• 2:30
  but
• 2:30
  people
• 2:30
  vote
• 2:30
  with
• 2:31
  their
• 2:31
  feet.
• 2:31
  Right?
• 2:31
  And
• 2:32
  so
• 2:32
  showing
• 2:32
  that
• 2:33
  actual
• 2:33
  behavior
• 2:33
  and
• 2:33
  what
• 2:33
  that
• 2:34
  means
• 2:34
  I
• 2:34
  think
• 2:34
  is
• 2:34
  super
• 2:35
  critical.
• 2:35
  And
• 2:35
  it
• 2:36
  is
• 2:36
  a
• 2:36
  big
• 2:36
  piece
• 2:36
  of
• 2:37
  giving
• 2:37
  us
• 2:37
  the
• 2:37
  insights
• 2:38
  that
• 2:38
  drive
• 2:38
  our
• 2:38
  perspective.
• 2:40
  I
• 2:40
  will
• 2:40
  add
• 2:41
  the
• 2:41
  caveat
• 2:42
  as
• 2:42
  we
• 2:42
  get
• 2:42
  into
• 2:42
  grades
• 2:43
  is
• 2:43
  that
• 2:43
  we
• 2:43
  grade
• 2:44
  in,
• 2:44
  like,
• 2:44
  a
• 2:44
  new
• 2:45
  age
• 2:45
  school.
• 2:45
  School.
• 2:46
  Yeah.
• 2:46
  Howdy.
• 2:47
  Okay,
• 2:48
  my
• 2:48
  first
• 2:48
  question
• 2:48
  for
• 2:49
  you.
• 2:50
  So
• 2:50
  do
• 2:50
  the
• 2:50
  rest
• 2:50
  of
• 2:51
  the
• 2:51
  schools.
• 2:51
  Now,
• 2:52
  we
• 2:52
  don't
• 2:53
  like.
• 2:53
  We
• 2:53
  don't
• 2:53
  like
• 2:54
  the
• 2:54
  boundaries
• 2:54
  of,
• 2:55
  like,
• 2:55
  the
• 2:55
  traditional,
• 2:56
  like,
• 2:56
  awards
• 2:56
  or
• 2:57
  grades.
• 2:57
  And
• 2:57
  so.
• 2:58
  So.
• 2:58
  So
• 2:59
  get
• 2:59
  ready.
• 3:00
  Are
• 3:00
  we
• 3:00
  ready?
• 3:00
  As
• 3:00
  long
• 3:01
  as
• 3:01
  not
• 3:01
  everyone
• 3:02
  gets
• 3:02
  a
• 3:02
  grade
• 3:03
  gets
• 3:03
  an
• 3:03
  A,
• 3:04
  Ethan,
• 3:04
  we're
• 3:04
  good.
• 3:05
  So
• 3:05
  as
• 3:05
  long
• 3:05
  as
• 3:06
  we've
• 3:06
  got
• 3:06
  some
• 3:06
  variation.
• 3:07
  Yeah,
• 3:08
  we
• 3:08
  have.
• 3:09
  We
• 3:09
  indeed
• 3:09
  have
• 3:09
  tears.
• 3:10
  Okay,
• 3:12
  that
• 3:12
  was
• 3:12
  that.
• 3:12
  We
• 3:12
  have
• 3:13
  indeed
• 3:13
  have
• 3:13
  tears.
• 3:13
  You
• 3:14
  have
• 3:14
  good
• 3:14
  alliteration,
• 3:14
  it
• 3:14
  looks
• 3:15
  like,
• 3:15
  too.
• 3:15
  That
• 3:16
  was
• 3:16
  going
• 3:16
  to
• 3:16
  be
• 3:16
  my
• 3:16
  first
• 3:16
  question
• 3:16
  for
• 3:17
  you.
• 3:17
  Are
• 3:17
  we
• 3:17
  lawnmower
• 3:17
  parenting
• 3:18
  this?
• 3:18
  Are
• 3:18
  we
• 3:18
  actually
• 3:18
  handing
• 3:19
  out
• 3:19
  report
• 3:19
  card
• 3:19
  grades?
• 3:20
  But
• 3:20
  I
• 3:20
  guess
• 3:20
  we're
• 3:20
  a
• 3:20
  lot
• 3:20
  more
• 3:21
  parenting
• 3:21
  it,
• 3:21
  so.
• 3:22
  All
• 3:22
  right,
• 3:22
  Ethan,
• 3:22
  well,
• 3:23
  what's
• 3:23
  the
• 3:23
  first
• 3:24
  designation
• 3:25
  or
• 3:25
  whatever
• 3:26
  you
• 3:26
  want
• 3:26
  to
• 3:26
  share
• 3:26
  with
• 3:26
  us
• 3:26
  today?
• 3:27
  These
• 3:28
  would
• 3:28
  be
• 3:28
  your
• 3:28
  traditional
• 3:30
  A's,
• 3:31
  but
• 3:31
  the
• 3:31
  A's
• 3:31
  that
• 3:32
  you
• 3:32
  expected.
• 3:32
  So,
• 3:32
  like,
• 3:33
  we're
• 3:33
  not
• 3:33
  shocked
• 3:34
  by
• 3:34
  this.
• 3:35
  At
• 3:35
  the
• 3:35
  beginning
• 3:36
  of
• 3:36
  the
• 3:36
  year,
• 3:36
  they're
• 3:37
  holding
• 3:37
  out.
• 3:37
  It's
• 3:38
  like,
• 3:38
  bravo,
• 3:38
  Pat
• 3:39
  on
• 3:39
  the
• 3:39
  back.
• 3:39
  Keep
• 3:39
  up
• 3:40
  the
• 3:40
  good
• 3:40
  work.
• 3:40
  And
• 3:40
  so
• 3:42
  retailers
• 3:42
  that
• 3:42
  hit
• 3:43
  this
• 3:43
  for
• 3:43
  us
• 3:43
  were.
• 3:44
  Were
• 3:44
  like,
• 3:44
  Sprouts
• 3:45
  was
• 3:45
  one
• 3:45
  of
• 3:45
  the
• 3:45
  ones
• 3:46
  we
• 3:46
  called
• 3:46
  out
• 3:46
  as
• 3:46
  a
• 3:46
  retailer
• 3:47
  to
• 3:47
  watch
• 3:47
  at
• 3:47
  the
• 3:47
  beginning
• 3:47
  of
• 3:47
  the
• 3:48
  year.
• 3:48
  Nothing
• 3:48
  surprising
• 3:49
  there.
• 3:49
  Clear
• 3:50
  reason
• 3:50
  for
• 3:50
  being.
• 3:50
  Trader
• 3:51
  Joe's
• 3:51
  as
• 3:51
  well.
• 3:52
  People
• 3:52
  travel
• 3:53
  to
• 3:53
  make
• 3:53
  that
• 3:53
  visit.
• 3:54
  They
• 3:54
  understand
• 3:55
  exactly
• 3:55
  what
• 3:56
  gap
• 3:56
  they
• 3:56
  fill,
• 3:57
  and
• 3:58
  they
• 3:58
  are
• 3:58
  actively
• 3:59
  trying
• 3:59
  to
• 3:59
  fill
• 3:59
  that
• 3:59
  gap.
• 4:00
  They're
• 4:00
  not
• 4:00
  overextending
• 4:01
  themselves.
• 4:01
  The
• 4:01
  moves
• 4:02
  that
• 4:02
  they're
• 4:02
  making
• 4:02
  are
• 4:03
  really.
• 4:03
  Makes
• 4:03
  sense.
• 4:04
  They're
• 4:04
  kind
• 4:04
  of
• 4:04
  the
• 4:04
  tangential
• 4:05
  play
• 4:05
  over.
• 4:06
  I
• 4:06
  really
• 4:07
  like
• 4:07
  this.
• 4:07
  I
• 4:07
  know.
• 4:07
  You
• 4:08
  know,
• 4:08
  we
• 4:08
  were.
• 4:08
  We
• 4:09
  had
• 4:09
  the
• 4:09
  joy
• 4:10
  of
• 4:10
  seeing
• 4:10
  each
• 4:10
  other
• 4:10
  at
• 4:10
  Shop
• 4:10
  Talk.
• 4:11
  One
• 4:11
  of
• 4:11
  the
• 4:11
  big
• 4:12
  themes
• 4:12
  there
• 4:12
  was
• 4:12
  this
• 4:12
  idea
• 4:13
  of
• 4:13
  reason
• 4:13
  for
• 4:13
  being,
• 4:14
  and
• 4:14
  I
• 4:14
  feel
• 4:15
  like
• 4:15
  Sprouts
• 4:15
  and
• 4:16
  Trader
• 4:16
  Joe's
• 4:16
  really
• 4:17
  know
• 4:17
  their
• 4:17
  reason
• 4:17
  for
• 4:17
  being
• 4:18
  and
• 4:18
  so
• 4:18
  do
• 4:19
  some
• 4:19
  of
• 4:19
  the
• 4:19
  other
• 4:19
  ones
• 4:19
  here.
• 4:20
  So
• 4:20
  let's
• 4:20
  think
• 4:20
  about
• 4:21
  Marshalls,
• 4:21
  TJ
• 4:22
  Maxx.
• 4:22
  Other
• 4:22
  obviously
• 4:23
  off
• 4:23
  price
• 4:23
  is
• 4:23
  like,
• 4:24
  you
• 4:24
  could
• 4:24
  kind
• 4:24
  of
• 4:24
  throw
• 4:25
  in
• 4:25
  fair
• 4:25
  because
• 4:26
  they're
• 4:26
  all
• 4:26
  doing
• 4:26
  so
• 4:26
  well.
• 4:27
  And
• 4:27
  I
• 4:27
  think
• 4:27
  another
• 4:28
  big
• 4:28
  piece
• 4:28
  here
• 4:28
  is
• 4:28
  they
• 4:29
  know
• 4:29
  what
• 4:29
  they're
• 4:29
  doing.
• 4:30
  They're
• 4:30
  not
• 4:30
  trying
• 4:31
  to
• 4:31
  reinvent
• 4:31
  the
• 4:32
  wheel.
• 4:32
  They're
• 4:32
  trying
• 4:32
  to
• 4:32
  build
• 4:33
  off
• 4:33
  of
• 4:33
  their
• 4:33
  strength.
• 4:33
  And
• 4:34
  I
• 4:34
  think
• 4:34
  one
• 4:34
  of
• 4:34
  the
• 4:34
  cool
• 4:34
  things
• 4:34
  here
• 4:35
  is
• 4:36
  you
• 4:36
  see
• 4:36
  retailers
• 4:36
  that
• 4:37
  when
• 4:38
  the
• 4:38
  stars
• 4:38
  Align
• 4:39
  for
• 4:39
  them.
• 4:40
  They
• 4:41
  take
• 4:41
  advantage
• 4:42
  in
• 4:42
  full.
• 4:42
  And
• 4:43
  so
• 4:43
  one
• 4:43
  of
• 4:43
  the
• 4:43
  cool
• 4:44
  things
• 4:44
  we
• 4:44
  talked
• 4:44
  about
• 4:44
  quite
• 4:45
  a
• 4:45
  bit
• 4:45
  about
• 4:45
  tjx,
• 4:47
  Marshalls
• 4:47
  and
• 4:47
  others
• 4:48
  is
• 4:48
  that
• 4:49
  when
• 4:49
  you
• 4:49
  visit
• 4:49
  there,
• 4:50
  you
• 4:50
  go
• 4:50
  back
• 4:50
  more.
• 4:51
  So
• 4:51
  we
• 4:52
  would
• 4:52
  look
• 4:52
  at
• 4:52
  kind
• 4:52
  of
• 4:53
  the
• 4:53
  cross
• 4:53
  visitation
• 4:54
  and
• 4:54
  essentially
• 4:55
  when
• 4:55
  there
• 4:56
  are
• 4:56
  new
• 4:56
  audience
• 4:56
  that
• 4:56
  tried
• 4:57
  out
• 4:57
  Marshalls
• 4:57
  or
• 4:58
  TJ
• 4:58
  Maxx.
• 4:58
  When
• 4:58
  we
• 4:58
  saw
• 4:59
  that
• 4:59
  suburban
• 5:00
  shift
• 5:00
  in
• 5:00
  the
• 5:00
  early
• 5:00
  pandemic
• 5:01
  period
• 5:01
  of
• 5:01
  the
• 5:01
  bit
• 5:02
  early,
• 5:02
  the
• 5:02
  early
• 5:02
  part
• 5:02
  of
• 5:02
  this
• 5:03
  decade,
• 5:03
  we
• 5:04
  saw
• 5:04
  that
• 5:04
  sustain
• 5:04
  itself.
• 5:05
  And
• 5:05
  that
• 5:05
  tells
• 5:05
  us
• 5:05
  something
• 5:05
  really
• 5:06
  powerful
• 5:06
  about
• 5:06
  a
• 5:06
  retailer
• 5:07
  that
• 5:07
  it's
• 5:07
  not
• 5:08
  just
• 5:08
  that
• 5:08
  they
• 5:08
  do
• 5:08
  well
• 5:08
  from
• 5:09
  time
• 5:09
  to
• 5:09
  time,
• 5:09
  it's
• 5:09
  just
• 5:09
  they're
• 5:10
  set
• 5:10
  up
• 5:10
  for
• 5:10
  consistent
• 5:11
  success.
• 5:11
  Their
• 5:11
  model,
• 5:12
  it
• 5:12
  all,
• 5:12
  it
• 5:12
  all
• 5:12
  kind
• 5:12
  of
• 5:13
  works.
• 5:13
  I
• 5:14
  think
• 5:14
  there
• 5:14
  are
• 5:14
  some
• 5:14
  others
• 5:14
  that
• 5:15
  like,
• 5:15
  you
• 5:15
  know,
• 5:15
  Planet
• 5:16
  Fitness.
• 5:16
  Again,
• 5:17
  nothing,
• 5:18
  nothing
• 5:18
  on
• 5:18
  this
• 5:18
  slide
• 5:19
  really
• 5:19
  shocks
• 5:19
  the
• 5:19
  one
• 5:20
  that
• 5:20
  we
• 5:20
  actually
• 5:20
  put
• 5:20
  in
• 5:21
  last.
• 5:22
  It
• 5:22
  was
• 5:22
  like
• 5:22
  the
• 5:22
  last
• 5:22
  to
• 5:23
  make
• 5:23
  an
• 5:23
  addition
• 5:23
  here,
• 5:23
  but
• 5:24
  it
• 5:24
  felt
• 5:24
  like
• 5:24
  it
• 5:24
  was
• 5:24
  necessary
• 5:25
  was
• 5:25
  Walmart.
• 5:26
  And
• 5:26
  I'll
• 5:26
  tell
• 5:26
  you
• 5:26
  the
• 5:27
  kicker
• 5:27
  for
• 5:27
  me,
• 5:27
  where
• 5:27
  I
• 5:27
  was
• 5:27
  like
• 5:28
  it
• 5:28
  has
• 5:28
  to
• 5:28
  be
• 5:28
  there
• 5:29
  was.
• 5:30
  We
• 5:30
  were
• 5:31
  doing
• 5:31
  a
• 5:31
  deep
• 5:31
  dive
• 5:31
  into
• 5:32
  their,
• 5:32
  into
• 5:32
  their
• 5:32
  recent
• 5:33
  earnings.
• 5:33
  And
• 5:33
  one
• 5:34
  of
• 5:34
  our
• 5:34
  obsessions
• 5:35
  is
• 5:35
  the
• 5:35
  idea
• 5:35
  of
• 5:36
  the
• 5:36
  store
• 5:36
  as
• 5:36
  a
• 5:36
  platform
• 5:37
  where
• 5:37
  how
• 5:38
  do
• 5:38
  we
• 5:38
  maximize
• 5:38
  what
• 5:39
  we
• 5:39
  use
• 5:39
  the
• 5:39
  four
• 5:39
  walls
• 5:39
  for?
• 5:40
  And
• 5:40
  I
• 5:40
  really
• 5:40
  think
• 5:41
  that
• 5:41
  if
• 5:41
  you
• 5:42
  were
• 5:42
  going
• 5:42
  to
• 5:42
  create
• 5:43
  kind
• 5:43
  of
• 5:44
  the
• 5:44
  textbook
• 5:44
  of
• 5:44
  store
• 5:45
  as
• 5:45
  a
• 5:45
  platform,
• 5:45
  the
• 5:46
  guiding
• 5:46
  light
• 5:46
  is
• 5:46
  Walmart.
• 5:47
  So
• 5:47
  they
• 5:47
  talked
• 5:48
  about
• 5:48
  huge
• 5:48
  e
• 5:48
  commerce
• 5:49
  lift
• 5:49
  and
• 5:49
  that
• 5:50
  the
• 5:50
  bulk
• 5:50
  of
• 5:50
  that
• 5:50
  came
• 5:51
  from
• 5:51
  buy
• 5:51
  online
• 5:51
  pickup
• 5:52
  in
• 5:52
  store
• 5:53
  or
• 5:53
  kind
• 5:53
  of
• 5:53
  store
• 5:54
  fulfilled
• 5:54
  delivery.
• 5:56
  I
• 5:56
  love
• 5:56
  the
• 5:56
  things
• 5:56
  that
• 5:56
  they're
• 5:57
  doing
• 5:57
  with
• 5:57
  Walmart
• 5:57
  Connect.
• 5:58
  I
• 5:58
  just
• 5:58
  think
• 5:58
  there's
• 5:59
  so
• 5:59
  many
• 5:59
  things
• 5:59
  that
• 5:59
  they're
• 5:59
  doing
• 6:00
  to
• 6:00
  ask
• 6:00
  how
• 6:00
  do
• 6:00
  we
• 6:01
  take
• 6:01
  this
• 6:01
  base
• 6:01
  that
• 6:02
  we've
• 6:02
  created
• 6:02
  and
• 6:02
  then
• 6:03
  build
• 6:03
  on
• 6:03
  it
• 6:03
  in
• 6:03
  smart
• 6:04
  ways.
• 6:04
  And
• 6:04
  so
• 6:04
  it
• 6:05
  felt
• 6:06
  unfair
• 6:07
  to
• 6:07
  not
• 6:07
  have
• 6:07
  them
• 6:08
  on
• 6:08
  this
• 6:08
  list.
• 6:09
  Yeah,
• 6:09
  that's
• 6:10
  interesting.
• 6:10
  That's
• 6:10
  interesting.
• 6:11
  Especially
• 6:11
  when
• 6:11
  you
• 6:11
  go
• 6:11
  back
• 6:11
  to
• 6:11
  the
• 6:11
  point
• 6:12
  of
• 6:12
  like
• 6:12
  when
• 6:12
  you
• 6:13
  open,
• 6:13
  like
• 6:13
  who
• 6:13
  did
• 6:14
  you
• 6:14
  expect
• 6:14
  to
• 6:14
  be
• 6:15
  here
• 6:15
  at
• 6:15
  the
• 6:16
  start
• 6:16
  of
• 6:16
  the
• 6:16
  year?
• 6:17
  You
• 6:17
  know,
• 6:17
  I
• 6:18
  think,
• 6:18
  I
• 6:18
  think
• 6:18
  I
• 6:18
  probably
• 6:18
  would
• 6:19
  have
• 6:19
  put
• 6:19
  Walmart
• 6:19
  on
• 6:19
  that
• 6:20
  list.
• 6:20
  Would
• 6:20
  you
• 6:20
  have
• 6:20
  an.
• 6:20
  I
• 6:21
  think
• 6:21
  I
• 6:21
  probably
• 6:21
  would
• 6:22
  have.
• 6:22
  I
• 6:22
  definitely
• 6:22
  would
• 6:23
  have
• 6:23
  put
• 6:23
  Sprouts
• 6:23
  and
• 6:23
  Trader
• 6:24
  Joe's
• 6:24
  on
• 6:24
  this
• 6:24
  list
• 6:25
  and
• 6:25
  probably
• 6:25
  TJX
• 6:26
  and
• 6:26
  Marshalls
• 6:26
  too
• 6:26
  I
• 6:27
  think
• 6:27
  as
• 6:27
  well
• 6:27
  like
• 6:27
  to
• 6:28
  your
• 6:28
  point.
• 6:28
  So
• 6:29
  there's
• 6:29
  really
• 6:29
  no
• 6:29
  big
• 6:29
  surprises
• 6:30
  here.
• 6:30
  They're
• 6:30
  just
• 6:30
  continuing
• 6:31
  to,
• 6:31
  you
• 6:32
  know,
• 6:32
  get
• 6:32
  the
• 6:32
  tailwind
• 6:33
  at
• 6:33
  their
• 6:33
  back
• 6:33
  and
• 6:33
  continuing
• 6:34
  to
• 6:34
  do
• 6:34
  retail
• 6:35
  really
• 6:35
  well
• 6:35
  successfully,
• 6:36
  month
• 6:36
  over
• 6:36
  month,
• 6:36
  year
• 6:37
  over
• 6:37
  year.
• 6:38
  Yeah,
• 6:38
  Ethan,
• 6:39
  how
• 6:39
  about
• 6:39
  the,
• 6:39
  you
• 6:39
  know,
• 6:40
  when
• 6:40
  you
• 6:40
  talk
• 6:40
  about
• 6:40
  like
• 6:40
  coming
• 6:41
  back,
• 6:41
  the
• 6:41
  surprise
• 6:42
  of
• 6:42
  you
• 6:42
  know,
• 6:43
  people
• 6:44
  coming
• 6:44
  back
• 6:44
  to
• 6:44
  tjx,
• 6:45
  people
• 6:45
  coming
• 6:45
  back
• 6:46
  to
• 6:46
  Trader
• 6:46
  Joe's.
• 6:47
  Are
• 6:47
  you
• 6:47
  finding
• 6:47
  that
• 6:47
  with
• 6:48
  Walmart
• 6:48
  as
• 6:48
  well?
• 6:49
  Like
• 6:49
  I'd
• 6:49
  be
• 6:49
  curious
• 6:50
  just
• 6:50
  you
• 6:50
  know,
• 6:50
  given
• 6:50
  their
• 6:51
  campaigns
• 6:51
  of
• 6:52
  the
• 6:52
  who
• 6:52
  knew
• 6:52
  and
• 6:52
  like
• 6:53
  trying
• 6:53
  to
• 6:53
  get
• 6:53
  people
• 6:54
  back
• 6:54
  into
• 6:54
  the
• 6:54
  doors
• 6:55
  for
• 6:55
  some
• 6:55
  of
• 6:55
  those
• 6:55
  more
• 6:55
  surprising
• 6:56
  moments,
• 6:57
  has
• 6:57
  that
• 6:57
  come
• 6:58
  into
• 6:58
  play
• 6:58
  or
• 6:58
  is
• 6:58
  it
• 6:59
  strictly
• 6:59
  like
• 6:59
  just
• 7:00
  they're
• 7:00
  nailing
• 7:01
  fulfillment
• 7:01
  and
• 7:02
  omnichannel
• 7:02
  retail?
• 7:03
  It's,
• 7:04
  it's
• 7:04
  their
• 7:04
  Walmart's
• 7:05
  reach
• 7:05
  is
• 7:06
  just
• 7:06
  so
• 7:06
  unbelievably
• 7:07
  massive.
• 7:08
  Like
• 7:08
  it's
• 7:09
  obviously
• 7:09
  there's
• 7:10
  audiences
• 7:10
  that
• 7:10
  weren't
• 7:11
  visiting
• 7:11
  before,
• 7:12
  but
• 7:12
  I
• 7:12
  think
• 7:12
  that's
• 7:13
  their
• 7:13
  success
• 7:13
  is
• 7:14
  so
• 7:14
  much
• 7:15
  more
• 7:16
  centered
• 7:16
  around
• 7:18
  getting
• 7:18
  more
• 7:18
  out
• 7:19
  of
• 7:19
  that
• 7:19
  huge
• 7:19
  base
• 7:20
  that
• 7:20
  they
• 7:20
  have
• 7:20
  as
• 7:20
  opposed
• 7:21
  to
• 7:21
  needing
• 7:21
  to
• 7:21
  expand
• 7:22
  outward.
• 7:23
  And
• 7:23
  that's
• 7:23
  what
• 7:23
  I
• 7:23
  think.
• 7:23
  It
• 7:23
  really
• 7:23
  kind
• 7:24
  of
• 7:24
  sets
• 7:24
  them
• 7:24
  apart.
• 7:25
  When
• 7:25
  you
• 7:25
  think
• 7:25
  about
• 7:26
  the
• 7:26
  value
• 7:27
  lane
• 7:27
  in
• 7:27
  general,
• 7:27
  the
• 7:28
  dollar
• 7:28
  stores,
• 7:28
  et
• 7:28
  cetera.
• 7:29
  Like
• 7:29
  Walmart
• 7:30
  is,
• 7:30
  it's
• 7:31
  such
• 7:31
  a
• 7:31
  clear
• 7:31
  leadership
• 7:32
  position
• 7:32
  and
• 7:32
  it
• 7:32
  feels
• 7:33
  like
• 7:33
  they're
• 7:33
  just
• 7:34
  figuring
• 7:34
  out
• 7:34
  how
• 7:34
  to
• 7:34
  do
• 7:35
  everything
• 7:35
  they
• 7:36
  do
• 7:36
  a
• 7:36
  little
• 7:36
  bit
• 7:36
  better
• 7:36
  over
• 7:37
  time,
• 7:37
  which
• 7:37
  is
• 7:40
  kind
• 7:40
  of
• 7:41
  low
• 7:41
  key,
• 7:41
  more
• 7:41
  difficult
• 7:42
  than
• 7:42
  innovating
• 7:43
  in
• 7:43
  like
• 7:43
  a.
• 7:43
  More
• 7:43
  powerful
• 7:44
  way,
• 7:44
  you
• 7:44
  know
• 7:44
  what
• 7:44
  I
• 7:44
  mean?
• 7:44
  Because
• 7:44
  you
• 7:45
  have
• 7:45
  such
• 7:45
  a
• 7:45
  huge
• 7:45
  ship
• 7:46
  that
• 7:46
  you're
• 7:46
  trying
• 7:46
  to
• 7:46
  turn
• 7:46
  and
• 7:47
  add
• 7:47
  on
• 7:47
  to
• 7:47
  and
• 7:48
  it's
• 7:48
  super
• 7:48
  impressive.
• 7:50
  Ethan,
• 7:50
  I'm
• 7:50
  curious
• 7:51
  in
• 7:51
  your
• 7:51
  data,
• 7:51
  you
• 7:52
  know,
• 7:52
  the
• 7:52
  people
• 7:53
  are
• 7:53
  surmising
• 7:53
  that
• 7:54
  Walmart
• 7:54
  is
• 7:54
  gaining
• 7:55
  share
• 7:55
  from
• 7:56
  the
• 7:56
  upper
• 7:56
  income
• 7:56
  households
• 7:57
  via
• 7:58
  online,
• 7:58
  particularly
• 7:59
  because
• 7:59
  you
• 8:00
  always
• 8:00
  hear
• 8:00
  the
• 8:00
  thing
• 8:00
  like
• 8:00
  I
• 8:00
  like
• 8:01
  interacting
• 8:01
  with
• 8:01
  Walmart
• 8:02
  online
• 8:02
  because
• 8:02
  I
• 8:02
  don't
• 8:02
  have
• 8:02
  to
• 8:02
  go
• 8:02
  into
• 8:03
  their
• 8:03
  store.
• 8:03
  I'm
• 8:04
  curious
• 8:04
  in
• 8:04
  your
• 8:04
  data,
• 8:05
  are
• 8:05
  you
• 8:05
  seeing
• 8:05
  them
• 8:06
  grab
• 8:06
  high
• 8:07
  income
• 8:07
  shoppers
• 8:08
  from
• 8:08
  the
• 8:08
  footfall
• 8:09
  standpoint
• 8:09
  into
• 8:09
  their
• 8:10
  stores
• 8:10
  from
• 8:10
  other
• 8:10
  competitors
• 8:11
  too?
• 8:12
  What's
• 8:12
  the
• 8:12
  data
• 8:13
  telling
• 8:13
  you
• 8:13
  at
• 8:13
  this
• 8:13
  point?
• 8:13
  Do
• 8:14
  you
• 8:14
  know,
• 8:14
  not
• 8:14
  know?
• 8:15
  It's
• 8:16
  not
• 8:16
  something
• 8:16
  we've
• 8:16
  looked
• 8:16
  into
• 8:17
  yet.
• 8:17
  It
• 8:17
  is
• 8:17
  an
• 8:17
  interesting
• 8:18
  thing.
• 8:18
  It's
• 8:18
  definitely
• 8:19
  something
• 8:19
  we
• 8:19
  observed,
• 8:20
  we
• 8:20
  looked
• 8:20
  at
• 8:21
  a
• 8:21
  lot
• 8:21
  in
• 8:21
  the
• 8:21
  dollar
• 8:21
  segment.
• 8:22
  We
• 8:23
  didn't
• 8:23
  really
• 8:23
  do
• 8:23
  it
• 8:23
  with
• 8:23
  Walmart,
• 8:24
  but
• 8:24
  it
• 8:24
  would
• 8:24
  be
• 8:24
  a
• 8:24
  really
• 8:24
  interesting
• 8:25
  area
• 8:25
  to
• 8:25
  analyze.
• 8:26
  Okay.
• 8:26
  Yeah,
• 8:27
  got
• 8:27
  it.
• 8:27
  All
• 8:27
  right,
• 8:27
  let's
• 8:28
  move
• 8:28
  on
• 8:28
  to
• 8:28
  the
• 8:28
  next
• 8:28
  one.
• 8:28
  Ethan.
• 8:29
  Okay,
• 8:30
  so
• 8:30
  this
• 8:30
  is
• 8:30
  holding
• 8:31
  on
• 8:31
  to
• 8:31
  newfound
• 8:31
  momentum.
• 8:32
  This
• 8:32
  is
• 8:32
  the
• 8:32
  kid
• 8:32
  where
• 8:32
  you're
• 8:33
  like,
• 8:33
  oh
• 8:33
  my
• 8:33
  God,
• 8:33
  great
• 8:34
  job.
• 8:34
  You're
• 8:35
  like
• 8:35
  really
• 8:35
  reaching
• 8:35
  your
• 8:35
  potential
• 8:36
  but
• 8:36
  stay
• 8:37
  on
• 8:37
  it,
• 8:37
  like
• 8:38
  don't
• 8:39
  let
• 8:39
  it
• 8:39
  go
• 8:39
  because
• 8:40
  in
• 8:40
  the
• 8:40
  back
• 8:40
  of
• 8:40
  your
• 8:41
  mind
• 8:42
  you
• 8:42
  know
• 8:42
  that
• 8:42
  they
• 8:42
  could
• 8:42
  totally
• 8:43
  let
• 8:43
  it
• 8:43
  go.
• 8:43
  Okay,
• 8:44
  yeah.
• 8:44
  And
• 8:44
  I
• 8:45
  think
• 8:45
  like
• 8:45
  so
• 8:46
  the
• 8:46
  one
• 8:46
  that
• 8:46
  really
• 8:46
  kind
• 8:47
  of
• 8:47
  has
• 8:47
  stood
• 8:48
  out
• 8:48
  to
• 8:48
  a
• 8:49
  ridiculous
• 8:49
  extent
• 8:50
  and
• 8:50
  it's
• 8:50
  not
• 8:50
  retail
• 8:51
  but
• 8:51
  It's
• 8:51
  Chili's,
• 8:52
  right?
• 8:52
  So
• 8:53
  again,
• 8:53
  on
• 8:54
  my,
• 8:54
  on
• 8:54
  my
• 8:55
  bingo
• 8:55
  card.
• 8:57
  The
• 8:58
  amount
• 8:58
  of
• 8:58
  time
• 8:58
  I've
• 8:59
  dedicated
• 8:59
  to
• 8:59
  researching
• 9:00
  Chili's
• 9:00
  in
• 9:01
  my
• 9:01
  time
• 9:01
  at
• 9:01
  Placer
• 9:02
  has
• 9:02
  been
• 9:02
  almost
• 9:03
  none.
• 9:03
  And
• 9:03
  it's
• 9:03
  just,
• 9:03
  it
• 9:04
  never
• 9:04
  rose
• 9:05
  to
• 9:05
  that
• 9:05
  level
• 9:05
  for
• 9:06
  me.
• 9:06
  Chili's
• 9:06
  is
• 9:07
  like
• 9:07
  the
• 9:07
  baby
• 9:08
  back
• 9:08
  ribs
• 9:08
  commercial
• 9:09
  of
• 9:09
  my
• 9:09
  youth.
• 9:10
  That's
• 9:11
  changed
• 9:12
  clearly.
• 9:12
  And
• 9:13
  they,
• 9:13
  what's
• 9:13
  amazing,
• 9:14
  I
• 9:14
  think
• 9:14
  about
• 9:14
  it
• 9:15
  is
• 9:15
  that
• 9:15
  there
• 9:15
  are
• 9:16
  really
• 9:16
  clear
• 9:17
  lessons
• 9:17
  that
• 9:18
  a
• 9:18
  lot
• 9:18
  of
• 9:18
  different
• 9:19
  retailers,
• 9:20
  restaurant
• 9:20
  brands
• 9:21
  can
• 9:21
  take
• 9:21
  from
• 9:21
  this.
• 9:21
  And
• 9:22
  the
• 9:22
  first
• 9:22
  is
• 9:23
  simplification.
• 9:24
  They
• 9:24
  cut
• 9:24
  down
• 9:25
  the
• 9:25
  menu,
• 9:25
  they
• 9:26
  focused
• 9:26
  on
• 9:26
  doing
• 9:27
  fewer
• 9:27
  things
• 9:28
  better.
• 9:28
  Right.
• 9:29
  If
• 9:29
  they're
• 9:29
  going
• 9:29
  back
• 9:30
  to
• 9:30
  that
• 9:30
  conversation
• 9:30
  about
• 9:30
  reason
• 9:31
  for
• 9:31
  being,
• 9:31
  they
• 9:32
  focused
• 9:32
  on
• 9:32
  value.
• 9:33
  They
• 9:33
  looked
• 9:33
  at
• 9:33
  where
• 9:33
  they
• 9:34
  were
• 9:34
  within
• 9:34
  their
• 9:34
  wider
• 9:35
  segment
• 9:35
  and
• 9:35
  they
• 9:35
  said,
• 9:36
  we
• 9:36
  can't
• 9:36
  compete
• 9:37
  here.
• 9:37
  I
• 9:37
  can't
• 9:37
  be
• 9:37
  Dave
• 9:38
  and
• 9:38
  Buster's
• 9:38
  on
• 9:38
  the
• 9:38
  entertainment
• 9:39
  side,
• 9:39
  I
• 9:39
  can't
• 9:40
  be
• 9:40
  high
• 9:40
  end.
• 9:40
  That's
• 9:41
  not
• 9:41
  going
• 9:41
  to
• 9:41
  be
• 9:41
  me.
• 9:41
  But
• 9:42
  I
• 9:42
  can
• 9:42
  be
• 9:42
  value
• 9:42
  oriented
• 9:43
  in
• 9:43
  a
• 9:43
  way
• 9:43
  that
• 9:43
  others
• 9:44
  can't.
• 9:44
  And
• 9:44
  one
• 9:44
  of
• 9:44
  the
• 9:45
  really
• 9:45
  fascinating
• 9:45
  things
• 9:46
  I
• 9:46
  found
• 9:46
  in
• 9:46
  the
• 9:46
  research
• 9:47
  was
• 9:47
  that
• 9:47
  some
• 9:47
  of
• 9:47
  these
• 9:47
  simplification
• 9:48
  efforts
• 9:49
  and
• 9:49
  the
• 9:49
  success
• 9:50
  elements,
• 9:50
  they're
• 9:51
  leading
• 9:51
  to
• 9:51
  better
• 9:51
  retention
• 9:52
  of
• 9:52
  staff,
• 9:52
  which
• 9:53
  is
• 9:53
  improving
• 9:53
  the
• 9:53
  experience
• 9:54
  in
• 9:54
  store,
• 9:54
  which
• 9:54
  is
• 9:55
  again,
• 9:55
  goes
• 9:56
  back
• 9:56
  to
• 9:56
  this
• 9:56
  element
• 9:56
  of
• 9:57
  we
• 9:57
  have
• 9:58
  these
• 9:58
  great
• 9:58
  ideas
• 9:59
  of
• 9:59
  how
• 9:59
  automation
• 10:00
  is
• 10:00
  going
• 10:00
  to
• 10:00
  make
• 10:00
  the
• 10:01
  experience
• 10:01
  better
• 10:01
  for
• 10:02
  the
• 10:02
  customer.
• 10:02
  And
• 10:02
  that's
• 10:03
  totally
• 10:03
  true.
• 10:04
  But
• 10:04
  the
• 10:05
  thing
• 10:05
  that
• 10:05
  really
• 10:05
  makes
• 10:05
  the
• 10:06
  experience
• 10:06
  better
• 10:06
  for
• 10:06
  a
• 10:06
  customer,
• 10:07
  especially
• 10:07
  in
• 10:07
  the
• 10:07
  restaurant
• 10:07
  setting,
• 10:08
  is
• 10:08
  how
• 10:08
  your
• 10:08
  server
• 10:09
  treats
• 10:09
  you,
• 10:09
  how
• 10:09
  you're
• 10:10
  welcome
• 10:10
  at
• 10:10
  the
• 10:10
  door,
• 10:11
  and
• 10:11
  by
• 10:11
  the
• 10:11
  way,
• 10:11
  in
• 10:12
  retail
• 10:12
  too,
• 10:12
  how
• 10:12
  clean
• 10:13
  is
• 10:13
  the
• 10:13
  store,
• 10:13
  how
• 10:13
  well
• 10:13
  set
• 10:14
  up
• 10:14
  is
• 10:14
  it.
• 10:14
  Some
• 10:15
  of
• 10:15
  these
• 10:15
  basics
• 10:15
  get
• 10:16
  overlooked
• 10:16
  and
• 10:16
  we
• 10:17
  look
• 10:17
  at
• 10:17
  kind
• 10:17
  of
• 10:17
  the,
• 10:17
  the
• 10:18
  more
• 10:18
  flashy
• 10:19
  innovation
• 10:19
  elements
• 10:20
  and
• 10:20
  yet
• 10:20
  these
• 10:21
  are
• 10:21
  the
• 10:21
  things
• 10:21
  that
• 10:21
  you
• 10:21
  want
• 10:21
  to
• 10:21
  drive.
• 10:22
  And
• 10:22
  so
• 10:22
  to
• 10:22
  see
• 10:22
  those,
• 10:23
  the
• 10:23
  decisions
• 10:24
  that
• 10:24
  were
• 10:24
  taken
• 10:25
  with
• 10:25
  the
• 10:25
  aims
• 10:26
  that
• 10:26
  they
• 10:26
  had
• 10:26
  and
• 10:26
  then
• 10:27
  delivering
• 10:27
  on
• 10:27
  those
• 10:28
  aims
• 10:28
  I
• 10:28
  think
• 10:28
  was
• 10:28
  really
• 10:29
  exciting.
• 10:30
  And
• 10:30
  the
• 10:30
  next
• 10:30
  one
• 10:31
  for
• 10:31
  us
• 10:31
  is,
• 10:33
  and
• 10:33
  I
• 10:33
  know
• 10:33
  this
• 10:34
  is
• 10:34
  one
• 10:34
  that's
• 10:34
  going
• 10:34
  to
• 10:34
  be
• 10:34
  that,
• 10:35
  that
• 10:35
  is
• 10:35
  going
• 10:36
  to
• 10:36
  kind
• 10:36
  of
• 10:36
  spark
• 10:37
  for
• 10:37
  this
• 10:38
  conversation
• 10:38
  is
• 10:38
  those
• 10:39
  kind
• 10:39
  of
• 10:39
  higher
• 10:39
  end
• 10:39
  department
• 10:40
  stores
• 10:40
  like
• 10:40
  Nordstrom
• 10:41
  Andale's
• 10:42
  seeing
• 10:42
  this
• 10:42
  performance,
• 10:43
  seeing
• 10:43
  them
• 10:43
  lean
• 10:43
  more.
• 10:44
  By
• 10:44
  the
• 10:44
  way,
• 10:44
  they've
• 10:44
  also
• 10:44
  talked
• 10:45
  aggressively
• 10:45
  about
• 10:46
  or
• 10:46
  actively
• 10:47
  about
• 10:47
  how
• 10:47
  their
• 10:48
  E
• 10:48
  commerce
• 10:49
  shift
• 10:49
  has
• 10:49
  been
• 10:49
  helping
• 10:50
  and
• 10:50
  it's
• 10:50
  especially
• 10:50
  been
• 10:51
  helping
• 10:51
  with
• 10:51
  higher
• 10:51
  end
• 10:51
  customers.
• 10:52
  They
• 10:52
  feel
• 10:52
  like
• 10:53
  maybe
• 10:53
  their
• 10:53
  customer
• 10:54
  base
• 10:54
  has
• 10:54
  been
• 10:54
  a
• 10:55
  little
• 10:55
  bit
• 10:55
  more,
• 10:55
  less
• 10:56
  affected
• 10:57
  by
• 10:57
  some
• 10:57
  of
• 10:57
  the
• 10:57
  value
• 10:58
  conversations
• 10:58
  that
• 10:58
  have
• 10:58
  impacted
• 10:59
  other
• 10:59
  segments.
• 10:59
  We're
• 11:00
  seeing
• 11:00
  those
• 11:00
  visits
• 11:01
  really
• 11:01
  pop
• 11:01
  back
• 11:02
  again.
• 11:02
  This
• 11:03
  doesn't
• 11:03
  mean
• 11:03
  that
• 11:03
  every
• 11:03
  sale
• 11:04
  is
• 11:04
  happening
• 11:04
  in
• 11:04
  a
• 11:04
  store.
• 11:04
  But
• 11:05
  it
• 11:05
  means
• 11:05
  that
• 11:05
  that
• 11:05
  engagement
• 11:06
  is
• 11:06
  there
• 11:06
  and
• 11:06
  there's
• 11:06
  a
• 11:06
  lot
• 11:06
  of
• 11:06
  excitement
• 11:07
  for
• 11:07
  us.
• 11:07
  That's
• 11:08
  a
• 11:08
  really
• 11:08
  powerful
• 11:08
  sign
• 11:09
  in
• 11:09
  a
• 11:09
  department
• 11:09
  store
• 11:10
  space
• 11:10
  that
• 11:11
  generally
• 11:11
  has
• 11:12
  not
• 11:12
  been,
• 11:12
  you
• 11:13
  know,
• 11:13
  the
• 11:13
  bearer
• 11:14
  of
• 11:14
  the
• 11:14
  best
• 11:14
  news
• 11:15
  in
• 11:15
  the
• 11:15
  last
• 11:15
  few
• 11:15
  years.
• 11:16
  We
• 11:16
  were
• 11:16
  just
• 11:16
  at
• 11:17
  the
• 11:17
  Miracle
• 11:17
  Summit
• 11:18
  last
• 11:18
  week,
• 11:19
  and
• 11:19
  the
• 11:19
  CEO
• 11:19
  of
• 11:19
  Bloomingdale's
• 11:20
  was
• 11:20
  on
• 11:20
  stage
• 11:21
  talking
• 11:21
  about
• 11:21
  how
• 11:21
  they
• 11:22
  were
• 11:22
  using,
• 11:22
  how
• 11:23
  their.
• 11:23
  Their
• 11:24
  marketplaces
• 11:25
  have
• 11:25
  actually
• 11:25
  helped
• 11:26
  them
• 11:26
  kind
• 11:27
  of
• 11:27
  grab
• 11:27
  that
• 11:27
  audience
• 11:28
  who
• 11:29
  have
• 11:29
  found
• 11:29
  Bloomingdale's
• 11:30
  first
• 11:30
  and
• 11:30
  now
• 11:31
  is
• 11:31
  starting
• 11:31
  to
• 11:31
  lead
• 11:32
  to
• 11:32
  more
• 11:32
  footfall
• 11:33
  in
• 11:33
  the
• 11:33
  store
• 11:33
  as
• 11:34
  well.
• 11:34
  Because
• 11:34
  there,
• 11:35
  there,
• 11:35
  it's
• 11:35
  not
• 11:35
  just
• 11:36
  what
• 11:36
  you
• 11:36
  assume
• 11:37
  these
• 11:37
  larger
• 11:38
  department
• 11:38
  stores
• 11:38
  to
• 11:39
  be
• 11:39
  and
• 11:39
  what
• 11:39
  they
• 11:39
  carry
• 11:40
  in
• 11:40
  the
• 11:40
  audience
• 11:40
  that
• 11:40
  they
• 11:40
  serve,
• 11:41
  but
• 11:41
  they're
• 11:41
  actually
• 11:41
  able
• 11:42
  to,
• 11:42
  like,
• 11:42
  grab
• 11:42
  that
• 11:42
  new
• 11:43
  audience,
• 11:43
  which
• 11:43
  we're
• 11:44
  seeing
• 11:44
  in
• 11:44
  the
• 11:44
  data
• 11:44
  that
• 11:45
  you
• 11:45
  have
• 11:45
  here.
• 11:45
  You
• 11:46
  know,
• 11:46
  the
• 11:46
  department
• 11:46
  stores
• 11:46
  are
• 11:46
  kind
• 11:47
  of
• 11:47
  a
• 11:47
  victim
• 11:47
  of
• 11:47
  their
• 11:47
  own
• 11:47
  nomenclature
• 11:48
  to
• 11:48
  some
• 11:49
  extent,
• 11:49
  too,
• 11:49
  because,
• 11:50
  like,
• 11:50
  not
• 11:50
  all
• 11:50
  department
• 11:50
  stores
• 11:51
  are
• 11:51
  created
• 11:51
  equal.
• 11:51
  Bloomingdale's
• 11:52
  and
• 11:52
  Nordstrom's
• 11:53
  are
• 11:53
  very
• 11:53
  different
• 11:53
  than.
• 11:54
  Than
• 11:54
  Macy's,
• 11:55
  and
• 11:55
  I
• 11:55
  throw
• 11:55
  Kohl's
• 11:55
  into
• 11:56
  that
• 11:56
  department
• 11:56
  store
• 11:57
  mix,
• 11:57
  too,
• 11:57
  for
• 11:57
  the
• 11:58
  most
• 11:58
  part,
• 11:58
  for
• 11:58
  lack
• 11:58
  of
• 11:58
  a
• 11:58
  better
• 11:59
  way
• 11:59
  to
• 11:59
  put
• 11:59
  it,
• 11:59
  even
• 11:59
  though
• 11:59
  there's
• 12:00
  probably
• 12:00
  some
• 12:01
  variation
• 12:01
  there
• 12:01
  too.
• 12:01
  But,
• 12:02
  you
• 12:02
  know,
• 12:02
  we've
• 12:02
  long
• 12:03
  surmised
• 12:03
  on
• 12:03
  this,
• 12:04
  on
• 12:04
  this
• 12:04
  program,
• 12:05
  and
• 12:05
  I
• 12:05
  think.
• 12:06
  And
• 12:06
  Ethan,
• 12:06
  I
• 12:06
  wrote
• 12:07
  an
• 12:07
  article,
• 12:07
  you
• 12:07
  know,
• 12:08
  for
• 12:08
  you
• 12:08
  guys,
• 12:08
  for
• 12:08
  the
• 12:09
  anchor
• 12:09
  for
• 12:09
  your.
• 12:10
  For
• 12:10
  your
• 12:10
  website,
• 12:10
  the
• 12:11
  Anchor,
• 12:11
  earlier
• 12:11
  this
• 12:11
  year,
• 12:12
  you
• 12:12
  know,
• 12:12
  talking
• 12:12
  about
• 12:12
  Bloomingdale's.
• 12:13
  And
• 12:13
  so,
• 12:14
  you
• 12:14
  know,
• 12:14
  relative
• 12:14
  to
• 12:14
  Macy's,
• 12:15
  Bloomingdale
• 12:15
  still
• 12:15
  has
• 12:16
  a,
• 12:16
  you
• 12:16
  know,
• 12:16
  a
• 12:16
  fighting
• 12:17
  shot
• 12:17
  here
• 12:17
  because
• 12:17
  of
• 12:18
  its
• 12:18
  differentiation,
• 12:18
  its
• 12:19
  position,
• 12:19
  its
• 12:20
  service
• 12:20
  in
• 12:20
  the
• 12:21
  landscape.
• 12:21
  And
• 12:21
  to
• 12:21
  your
• 12:21
  point,
• 12:22
  Ann,
• 12:22
  the
• 12:22
  way
• 12:23
  it's
• 12:23
  attacking
• 12:23
  the
• 12:23
  marketplace
• 12:24
  and
• 12:24
  its
• 12:25
  online
• 12:25
  offering
• 12:25
  also
• 12:26
  is
• 12:26
  helping
• 12:26
  too.
• 12:27
  So.
• 12:27
  So
• 12:27
  there's
• 12:28
  a
• 12:28
  lot
• 12:28
  of
• 12:28
  rose
• 12:29
  to
• 12:29
  hoe
• 12:29
  here
• 12:29
  for.
• 12:29
  For
• 12:30
  both
• 12:30
  these
• 12:30
  brands.
• 12:30
  And
• 12:30
  it's
• 12:31
  great
• 12:31
  to
• 12:31
  see
• 12:31
  them
• 12:31
  actually
• 12:32
  turning
• 12:32
  around
• 12:32
  because
• 12:33
  as
• 12:33
  hard
• 12:33
  as
• 12:33
  we've
• 12:33
  been
• 12:33
  on
• 12:33
  the
• 12:34
  department
• 12:34
  stores,
• 12:35
  you
• 12:36
  know,
• 12:36
  and
• 12:36
  I,
• 12:37
  you
• 12:37
  and
• 12:37
  I
• 12:37
  especially
• 12:37
  care
• 12:38
  about
• 12:38
  this
• 12:38
  business.
• 12:38
  And
• 12:38
  so
• 12:39
  we
• 12:39
  want
• 12:39
  to
• 12:39
  see
• 12:39
  them
• 12:40
  do
• 12:40
  as
• 12:40
  well
• 12:40
  as
• 12:40
  they
• 12:40
  can.
• 12:41
  And
• 12:41
  so
• 12:41
  it's
• 12:41
  great
• 12:41
  to
• 12:41
  see
• 12:41
  that
• 12:42
  finally
• 12:42
  coming
• 12:42
  through
• 12:42
  and.
• 12:43
  And
• 12:43
  seeing
• 12:43
  people
• 12:44
  value
• 12:44
  the
• 12:44
  service
• 12:44
  and
• 12:45
  the
• 12:45
  extra
• 12:45
  touches
• 12:45
  they
• 12:45
  get
• 12:46
  at
• 12:46
  both
• 12:46
  those
• 12:46
  brands.
• 12:47
  Yeah,
• 12:47
  I
• 12:47
  mean,
• 12:48
  this
• 12:48
  goes
• 12:48
  back
• 12:48
  also
• 12:48
  to
• 12:48
  that
• 12:49
  conversation
• 12:49
  we're
• 12:49
  having
• 12:49
  about
• 12:50
  Walmart
• 12:50
  of,
• 12:51
  I
• 12:51
  think,
• 12:52
  I
• 12:52
  don't
• 12:52
  think
• 12:53
  the
• 12:53
  department
• 12:53
  store
• 12:54
  concept
• 12:55
  in
• 12:55
  terms
• 12:55
  of,
• 12:55
  hey,
• 12:55
  I
• 12:56
  do
• 12:56
  really
• 12:56
  good
• 12:56
  curation.
• 12:57
  And
• 12:57
  then
• 12:57
  you
• 12:57
  get
• 12:57
  to
• 12:58
  have
• 12:58
  that
• 12:58
  experience
• 12:58
  in
• 12:58
  one
• 12:58
  place
• 12:59
  and
• 12:59
  there's
• 12:59
  these
• 12:59
  different
• 13:00
  segments
• 13:00
  within,
• 13:00
  so
• 13:00
  you
• 13:01
  get
• 13:01
  to
• 13:01
  have
• 13:01
  that
• 13:01
  kind
• 13:01
  of
• 13:02
  individualized
• 13:03
  or
• 13:03
  focused
• 13:04
  experience
• 13:04
  within
• 13:04
  this
• 13:05
  wider
• 13:05
  setting,
• 13:05
  I
• 13:06
  don't
• 13:06
  think
• 13:06
  that's
• 13:06
  unappealing.
• 13:07
  I
• 13:07
  just
• 13:07
  think
• 13:07
  the
• 13:08
  execution
• 13:08
  has.
• 13:09
  Has
• 13:09
  been
• 13:09
  challenged
• 13:09
  in
• 13:10
  a
• 13:10
  lot
• 13:10
  of
• 13:10
  places.
• 13:10
  And
• 13:11
  so
• 13:11
  when
• 13:12
  you
• 13:12
  see
• 13:12
  people
• 13:13
  kind
• 13:13
  of
• 13:13
  doing
• 13:13
  the
• 13:14
  thing
• 13:14
  that
• 13:14
  they're
• 13:14
  supposed
• 13:15
  to
• 13:15
  do,
• 13:15
  well,
• 13:16
  especially
• 13:16
  when
• 13:16
  it's
• 13:16
  large
• 13:16
  and
• 13:17
  you
• 13:17
  need
• 13:17
  to
• 13:17
  kind
• 13:17
  of
• 13:17
  innovate
• 13:17
  and
• 13:18
  you've
• 13:18
  been
• 13:18
  doing
• 13:18
  it
• 13:18
  for
• 13:18
  a
• 13:18
  long
• 13:18
  time.
• 13:19
  I.
• 13:20
  Sometimes
• 13:20
  it
• 13:20
  doesn't
• 13:21
  get
• 13:21
  enough
• 13:21
  credit.
• 13:22
  And
• 13:22
  what's
• 13:22
  next?
• 13:23
  Liberation
• 13:23
  Day,
• 13:24
  huh?
• 13:24
  All
• 13:24
  right,
• 13:24
  what
• 13:24
  does
• 13:25
  that
• 13:25
  mean?
• 13:25
  We
• 13:25
  had
• 13:25
  to
• 13:25
  throw
• 13:26
  in.
• 13:26
  So
• 13:26
  this
• 13:26
  is.
• 13:27
  This
• 13:27
  is
• 13:27
  things
• 13:28
  that
• 13:29
  we
• 13:30
  weren't
• 13:30
  going
• 13:30
  to
• 13:30
  put
• 13:30
  this
• 13:30
  in,
• 13:31
  but
• 13:31
  it
• 13:31
  felt
• 13:31
  like
• 13:31
  you
• 13:31
  can't
• 13:32
  do
• 13:32
  a
• 13:32
  first
• 13:32
  half
• 13:32
  recap
• 13:33
  without
• 13:33
  looking
• 13:33
  at
• 13:33
  Liberation
• 13:34
  Day
• 13:34
  a
• 13:34
  little
• 13:34
  bit
• 13:35
  and
• 13:35
  talking
• 13:35
  about
• 13:35
  tariffs.
• 13:36
  Right.
• 13:36
  And
• 13:36
  so
• 13:37
  we.
• 13:38
  Okay,
• 13:38
  that's
• 13:38
  what
• 13:38
  we're
• 13:39
  going
• 13:39
  for.
• 13:39
  All
• 13:39
  right.
• 13:39
  A
• 13:40
  participation
• 13:41
  ribbon
• 13:41
  of
• 13:42
  this
• 13:42
  event
• 13:42
  that
• 13:43
  took
• 13:43
  place.
• 13:44
  But
• 13:44
  I
• 13:44
  think
• 13:44
  it
• 13:44
  was
• 13:45
  like,
• 13:45
  we
• 13:45
  have
• 13:46
  to
• 13:46
  talk
• 13:46
  about
• 13:46
  this
• 13:47
  if
• 13:47
  we're
• 13:47
  looking
• 13:47
  at
• 13:47
  Q@H1,
• 13:48
  because
• 13:49
  H1
• 13:49
  without
• 13:49
  it
• 13:50
  feels
• 13:50
  like
• 13:50
  missing.
• 13:51
  So,
• 13:52
  again,
• 13:53
  I
• 13:53
  play
• 13:53
  by
• 13:53
  my
• 13:53
  own
• 13:54
  rules,
• 13:54
  guys.
• 13:55
  Yeah.
• 13:55
  Oh,
• 13:56
  we
• 13:56
  know.
• 13:56
  Oh,
• 13:56
  we
• 13:57
  know.
• 13:57
  Clearly.
• 13:57
  Yeah.
• 13:58
  My
• 13:58
  head
• 13:58
  was
• 13:58
  going
• 13:59
  4th
• 13:59
  of
• 13:59
  July,
• 14:00
  Bastille
• 14:00
  Day,
• 14:01
  you
• 14:01
  know,
• 14:01
  but
• 14:01
  we're
• 14:01
  going.
• 14:02
  We're
• 14:02
  going
• 14:02
  Liberation
• 14:03
  Day.
• 14:03
  The
• 14:03
  literal
• 14:03
  Liberation
• 14:04
  Day.
• 14:04
  But
• 14:04
  that's
• 14:04
  cool.
• 14:05
  I'm
• 14:05
  good.
• 14:05
  Let's
• 14:06
  do
• 14:06
  it.
• 14:06
  Let's
• 14:06
  roll.
• 14:07
  I'm
• 14:07
  all
• 14:07
  about.
• 14:08
  I'm
• 14:08
  all
• 14:08
  about
• 14:08
  tariffs.
• 14:10
  So
• 14:10
  I
• 14:11
  think
• 14:11
  that
• 14:11
  the
• 14:11
  thing
• 14:11
  that
• 14:11
  was
• 14:11
  interesting
• 14:12
  here
• 14:12
  was.
• 14:13
  Was.
• 14:14
  Was
• 14:14
  twofold.
• 14:15
  So
• 14:15
  first
• 14:17
  we
• 14:17
  saw
• 14:18
  what
• 14:19
  we
• 14:19
  kind
• 14:19
  of
• 14:19
  expected
• 14:20
  to
• 14:20
  see.
• 14:21
  Like,
• 14:22
  you
• 14:22
  know,
• 14:22
  the
• 14:22
  classic
• 14:23
  Dennis,
• 14:23
  you're
• 14:24
  from.
• 14:24
  You're
• 14:24
  in
• 14:24
  Minnesota.
• 14:25
  The
• 14:25
  classic
• 14:25
  Dennis
• 14:26
  Green
• 14:26
  Line.
• 14:26
  They
• 14:27
  are
• 14:27
  who
• 14:27
  we
• 14:27
  thought
• 14:27
  they
• 14:28
  were.
• 14:28
  Right.
• 14:28
  And
• 14:29
  so,
• 14:29
  like,
• 14:29
  the
• 14:29
  situation
• 14:30
  is
• 14:30
  what
• 14:30
  we
• 14:30
  thought
• 14:30
  it
• 14:30
  was.
• 14:31
  Economic
• 14:32
  volatility
• 14:32
  hits,
• 14:33
  consumer
• 14:33
  behavior
• 14:34
  shifts,
• 14:34
  and
• 14:35
  visitation
• 14:35
  goes
• 14:36
  to
• 14:36
  a
• 14:36
  few
• 14:36
  categories.
• 14:37
  Grocery
• 14:37
  sees
• 14:38
  a
• 14:38
  bump.
• 14:38
  Membership
• 14:39
  club
• 14:39
  sees
• 14:39
  a
• 14:39
  bump.
• 14:39
  See
• 14:40
  a
• 14:40
  bump.
• 14:41
  Discount
• 14:41
  in
• 14:42
  dollar.
• 14:42
  Sees
• 14:42
  a
• 14:43
  bump.
• 14:43
  Like,
• 14:43
  that's
• 14:44
  where
• 14:44
  people
• 14:44
  go.
• 14:44
  And
• 14:45
  that
• 14:45
  is
• 14:45
  one
• 14:45
  of
• 14:45
  the
• 14:45
  biggest
• 14:46
  takeaways
• 14:46
  of
• 14:46
  this
• 14:46
  last
• 14:47
  five
• 14:47
  years.
• 14:48
  That
• 14:48
  that
• 14:48
  period
• 14:48
  hits.
• 14:49
  It
• 14:49
  hits.
• 14:49
  And
• 14:50
  everyone
• 14:50
  kind
• 14:50
  of
• 14:50
  says,
• 14:51
  all
• 14:51
  right,
• 14:51
  this
• 14:51
  is
• 14:51
  where
• 14:51
  we.
• 14:51
  This
• 14:52
  is.
• 14:52
  We're
• 14:52
  going
• 14:52
  to
• 14:52
  trigger
• 14:52
  this
• 14:53
  kind
• 14:53
  of
• 14:53
  behavior.
• 14:53
  Now,
• 14:55
  the
• 14:55
  other
• 14:55
  thing
• 14:55
  I
• 14:55
  think
• 14:55
  was
• 14:56
  really
• 14:56
  interesting
• 14:56
  was
• 14:56
  that
• 14:56
  the
• 14:56
  cycle
• 14:57
  seemed
• 14:57
  actually
• 14:57
  pretty
• 14:58
  quick,
• 14:58
  so
• 14:58
  obviously
• 14:59
  things
• 14:59
  got
• 14:59
  rescinded.
• 15:00
  But
• 15:00
  I
• 15:01
  think
• 15:01
  the
• 15:01
  emphasis
• 15:01
  here
• 15:02
  that
• 15:02
  we've
• 15:02
  been
• 15:02
  making
• 15:03
  a
• 15:03
  lot
• 15:03
  in
• 15:03
  the
• 15:03
  last
• 15:03
  few
• 15:04
  years
• 15:04
  is.
• 15:04
  Is
• 15:04
  the
• 15:05
  difference
• 15:05
  between
• 15:06
  economic
• 15:06
  challenges
• 15:07
  and
• 15:07
  economic
• 15:07
  uncertainty.
• 15:08
  Right?
• 15:09
  So
• 15:09
  a
• 15:09
  challenge
• 15:09
  could
• 15:10
  mean,
• 15:10
  like,
• 15:10
  I
• 15:10
  don't
• 15:10
  have
• 15:10
  dollars
• 15:11
  in
• 15:11
  my
• 15:11
  pocket
• 15:11
  right
• 15:11
  now.
• 15:11
  I
• 15:11
  need
• 15:11
  to
• 15:12
  spend
• 15:12
  less.
• 15:12
  Uncertainty
• 15:13
  is.
• 15:13
  I
• 15:13
  don't
• 15:13
  know
• 15:13
  what
• 15:13
  it's
• 15:13
  going
• 15:13
  to
• 15:14
  look
• 15:14
  like.
• 15:14
  And
• 15:14
  that
• 15:15
  I
• 15:15
  think
• 15:15
  still
• 15:15
  triggers
• 15:15
  a
• 15:16
  lot
• 15:16
  of
• 15:16
  the
• 15:16
  same
• 15:16
  behaviors
• 15:16
  or
• 15:17
  very
• 15:17
  interesting
• 15:17
  behaviors.
• 15:18
  And
• 15:18
  so
• 15:18
  to
• 15:18
  see
• 15:19
  the
• 15:19
  fact
• 15:19
  that
• 15:19
  in
• 15:19
  a
• 15:19
  lot
• 15:19
  of
• 15:19
  cases
• 15:20
  we
• 15:20
  saw
• 15:20
  this
• 15:20
  dip
• 15:20
  and
• 15:20
  then
• 15:21
  things
• 15:21
  went
• 15:21
  kind
• 15:21
  of
• 15:21
  back
• 15:21
  to
• 15:22
  more
• 15:22
  or
• 15:22
  less
• 15:22
  where
• 15:23
  they
• 15:23
  were
• 15:23
  pre
• 15:24
  kind
• 15:24
  of
• 15:24
  quote
• 15:24
  unquote
• 15:25
  liberation
• 15:25
  day
• 15:25
  I
• 15:26
  think
• 15:26
  is
• 15:26
  super
• 15:26
  important
• 15:27
  because
• 15:27
  it
• 15:27
  tells
• 15:27
  us
• 15:27
  these
• 15:28
  cycles
• 15:28
  are
• 15:28
  moving
• 15:28
  faster.
• 15:29
  But
• 15:29
  it's
• 15:29
  a
• 15:29
  really
• 15:30
  important
• 15:30
  element
• 15:30
  to
• 15:30
  emphasize.
• 15:32
  I
• 15:32
  think
• 15:33
  we
• 15:33
  have
• 15:33
  a
• 15:34
  good
• 15:34
  sense
• 15:35
  of
• 15:36
  how
• 15:36
  the
• 15:36
  consumer
• 15:37
  is
• 15:37
  operating
• 15:38
  right
• 15:38
  now.
• 15:38
  When
• 15:38
  these
• 15:39
  jolts
• 15:39
  to
• 15:39
  the
• 15:40
  system
• 15:40
  happen,
• 15:41
  we
• 15:41
  have
• 15:41
  a
• 15:42
  pretty
• 15:42
  good
• 15:42
  idea
• 15:42
  of
• 15:43
  what
• 15:43
  they're
• 15:43
  going
• 15:43
  to
• 15:43
  do.
• 15:44
  And
• 15:44
  until
• 15:45
  that
• 15:45
  changes,
• 15:45
  this
• 15:46
  is
• 15:46
  kind
• 15:46
  of
• 15:46
  the
• 15:46
  new
• 15:47
  part
• 15:48
  of
• 15:48
  our
• 15:48
  new
• 15:48
  status
• 15:48
  quo
• 15:49
  is
• 15:49
  when
• 15:49
  a
• 15:49
  jolt
• 15:49
  happens
• 15:50
  we
• 15:50
  expect
• 15:50
  this
• 15:50
  type
• 15:50
  of
• 15:50
  behavior.
• 15:51
  It's
• 15:51
  going
• 15:51
  to
• 15:51
  be
• 15:51
  short
• 15:51
  term,
• 15:52
  we're
• 15:52
  going
• 15:52
  to
• 15:52
  go
• 15:52
  back
• 15:52
  to
• 15:52
  normal.
• 15:53
  But
• 15:53
  this
• 15:53
  is
• 15:53
  what
• 15:53
  it's
• 15:54
  going
• 15:54
  to
• 15:54
  look
• 15:54
  like.
• 15:54
  Gets
• 15:55
  me
• 15:55
  thinking
• 15:55
  about
• 15:55
  like
• 15:55
  how
• 15:56
  good
• 15:56
  is
• 15:56
  your
• 15:56
  good
• 15:56
  too?
• 15:57
  Like
• 15:57
  so
• 15:57
  if
• 15:57
  you're
• 15:57
  an
• 15:57
  electronics,
• 15:58
  a
• 15:58
  warehouse
• 15:58
  club
• 15:58
  retailer,
• 15:59
  a
• 15:59
  discount
• 15:59
  in
• 15:59
  dollar
• 16:00
  store
• 16:00
  like
• 16:00
  when
• 16:01
  these
• 16:01
  things
• 16:01
  start
• 16:01
  to
• 16:02
  happen,
• 16:02
  you
• 16:02
  should
• 16:03
  be
• 16:03
  doing
• 16:03
  better
• 16:03
  than
• 16:04
  the
• 16:04
  industry
• 16:05
  and
• 16:06
  your
• 16:06
  peer,
• 16:06
  your
• 16:07
  peer
• 16:07
  sets.
• 16:07
  And
• 16:07
  that's
• 16:08
  not
• 16:08
  always
• 16:08
  the
• 16:08
  case,
• 16:08
  particularly
• 16:09
  when
• 16:09
  I
• 16:09
  think
• 16:09
  about
• 16:09
  some
• 16:10
  of
• 16:10
  the
• 16:10
  retailers
• 16:10
  and
• 16:11
  you
• 16:11
  know
• 16:11
  that
• 16:11
  make
• 16:11
  up
• 16:11
  these
• 16:12
  categories
• 16:13
  of
• 16:13
  business
• 16:13
  as
• 16:13
  well.
• 16:14
  So
• 16:14
  that's
• 16:14
  a
• 16:14
  good
• 16:14
  thing
• 16:14
  for
• 16:15
  our,
• 16:15
  our
• 16:15
  fans
• 16:16
  and
• 16:16
  folks
• 16:17
  at
• 16:17
  home
• 16:17
  to
• 16:17
  be
• 16:17
  thinking
• 16:17
  about.
• 16:18
  But
• 16:18
  you
• 16:19
  should
• 16:19
  be
• 16:19
  on
• 16:19
  it.
• 16:19
  Right.
• 16:20
  Like
• 16:20
  I
• 16:20
  think
• 16:20
  one
• 16:20
  of
• 16:20
  the
• 16:20
  biggest
• 16:21
  things
• 16:21
  here
• 16:21
  is
• 16:22
  if
• 16:22
  I
• 16:22
  know
• 16:22
  you.
• 16:23
  Should
• 16:23
  merchandise
• 16:23
  to
• 16:23
  it.
• 16:24
  Right?
• 16:24
  Exactly.
• 16:25
  If
• 16:25
  I
• 16:25
  know
• 16:25
  that
• 16:26
  if
• 16:26
  this
• 16:26
  kind
• 16:26
  of
• 16:27
  jolt
• 16:27
  ish
• 16:27
  thing
• 16:28
  happens,
• 16:28
  I'm
• 16:28
  going
• 16:28
  to
• 16:29
  be
• 16:29
  there.
• 16:29
  Even
• 16:29
  if
• 16:29
  it's
• 16:29
  just
• 16:29
  with
• 16:30
  my,
• 16:30
  even
• 16:30
  if
• 16:30
  it's
• 16:30
  just
• 16:30
  on
• 16:31
  the
• 16:31
  E
• 16:31
  Commerce
• 16:31
  side.
• 16:31
  I
• 16:31
  want
• 16:32
  to
• 16:32
  have
• 16:32
  a
• 16:32
  game
• 16:32
  plan
• 16:32
  in
• 16:32
  place
• 16:33
  that
• 16:33
  says
• 16:33
  something
• 16:34
  like
• 16:34
  this
• 16:34
  happens,
• 16:34
  we're
• 16:34
  ready
• 16:35
  to
• 16:35
  go
• 16:35
  because
• 16:36
  it's
• 16:36
  going
• 16:36
  to
• 16:36
  happen.
• 16:37
  And
• 16:37
  it
• 16:37
  could
• 16:37
  be
• 16:37
  it's
• 16:38
  going
• 16:38
  to
• 16:38
  be
• 16:39
  a
• 16:39
  random
• 16:39
  act
• 16:39
  that
• 16:40
  you
• 16:40
  can't
• 16:40
  predict.
• 16:41
  But
• 16:41
  plugging
• 16:41
  in
• 16:42
  the
• 16:42
  naming
• 16:42
  of
• 16:42
  why,
• 16:43
  of
• 16:43
  what
• 16:43
  the
• 16:43
  cause
• 16:44
  is,
• 16:44
  you,
• 16:44
  you
• 16:45
  know
• 16:45
  the
• 16:45
  behavior
• 16:46
  that's
• 16:46
  going
• 16:46
  to
• 16:46
  be
• 16:46
  triggered.
• 16:47
  And
• 16:47
  I
• 16:47
  think
• 16:47
  that's
• 16:47
  super
• 16:48
  important
• 16:48
  to
• 16:48
  be
• 16:48
  aware
• 16:48
  of.
• 16:49
  Yeah.
• 16:50
  And
• 16:50
  setting
• 16:50
  up
• 16:50
  your,
• 16:51
  your,
• 16:51
  your
• 16:52
  whole
• 16:53
  operation
• 16:54
  set
• 16:54
  to
• 16:54
  be
• 16:55
  ready
• 16:55
  to
• 16:56
  be
• 16:56
  agile.
• 16:56
  You
• 16:57
  may
• 16:57
  not
• 16:57
  know
• 16:57
  the
• 16:57
  exact
• 16:58
  thing
• 16:58
  that's
• 16:58
  going
• 16:59
  to
• 16:59
  happen.
• 16:59
  But
• 16:59
  being
• 17:00
  able
• 17:00
  to
• 17:01
  quickly
• 17:01
  respond
• 17:02
  and
• 17:02
  have
• 17:02
  things
• 17:03
  in
• 17:03
  place
• 17:03
  so
• 17:03
  that
• 17:03
  you're
• 17:04
  not
• 17:04
  starting
• 17:04
  all
• 17:04
  over
• 17:04
  again
• 17:05
  every
• 17:05
  time
• 17:05
  something
• 17:06
  like
• 17:06
  this
• 17:06
  happens.
• 17:07
  100%.
• 17:09
  What's
• 17:09
  next
• 17:09
  Ethan?
• 17:10
  Our
• 17:11
  next
• 17:11
  one
• 17:12
  is,
• 17:14
  it's
• 17:15
  like
• 17:15
  it's
• 17:15
  more
• 17:15
  than
• 17:16
  a
• 17:16
  participation
• 17:16
  trophy.
• 17:17
  It's
• 17:17
  Like
• 17:17
  a
• 17:18
  B
• 17:18
  for
• 17:18
  someone
• 17:19
  who's
• 17:19
  been
• 17:19
  getting
• 17:19
  D's.
• 17:20
  Okay,
• 17:20
  so
• 17:20
  this
• 17:21
  is
• 17:21
  like.
• 17:21
  But
• 17:21
  so
• 17:22
  it's
• 17:22
  not
• 17:22
  like
• 17:22
  it's
• 17:23
  not
• 17:23
  the
• 17:23
  greatest
• 17:23
  grade
• 17:24
  in
• 17:24
  the
• 17:24
  world.
• 17:24
  Like,
• 17:24
  I
• 17:24
  don't
• 17:24
  want
• 17:25
  to
• 17:25
  go
• 17:25
  insane
• 17:25
  here.
• 17:26
  We
• 17:26
  can't
• 17:27
  say
• 17:27
  we'd
• 17:27
  be
• 17:27
  lying
• 17:28
  to
• 17:28
  ourselves
• 17:28
  to
• 17:28
  be
• 17:28
  like,
• 17:29
  oh
• 17:29
  my
• 17:29
  God,
• 17:29
  movie
• 17:30
  theaters
• 17:30
  are
• 17:30
  the
• 17:30
  next
• 17:31
  huge
• 17:31
  thing.
• 17:32
  Everybody
• 17:33
  get
• 17:33
  back.
• 17:33
  This
• 17:34
  is
• 17:34
  what
• 17:34
  everyone's
• 17:34
  going
• 17:34
  to
• 17:34
  be
• 17:35
  doing
• 17:35
  all
• 17:35
  the
• 17:35
  time.
• 17:36
  But
• 17:37
  it's
• 17:37
  in
• 17:37
  a
• 17:38
  lot
• 17:38
  better
• 17:38
  situation
• 17:38
  than
• 17:38
  we
• 17:39
  thought
• 17:39
  it
• 17:39
  could
• 17:39
  be.
• 17:39
  And
• 17:40
  there
• 17:40
  is
• 17:40
  a
• 17:40
  real
• 17:41
  niche
• 17:42
  to
• 17:42
  be
• 17:42
  filled.
• 17:42
  And
• 17:43
  I
• 17:43
  think
• 17:43
  we
• 17:43
  have
• 17:43
  a
• 17:43
  clear
• 17:44
  sense
• 17:44
  of
• 17:44
  what
• 17:44
  that
• 17:44
  niche
• 17:45
  is.
• 17:46
  And
• 17:46
  the
• 17:47
  question
• 17:47
  is
• 17:47
  going
• 17:48
  to
• 17:48
  be
• 17:48
  when
• 17:48
  we
• 17:48
  look
• 17:49
  at
• 17:49
  players
• 17:49
  within
• 17:50
  this
• 17:50
  space
• 17:51
  2,
• 17:52
  5,
• 17:52
  10
• 17:53
  years
• 17:53
  from
• 17:53
  now
• 17:53
  and
• 17:54
  their
• 17:54
  success
• 17:54
  or
• 17:55
  failure,
• 17:55
  I
• 17:55
  think
• 17:55
  we
• 17:56
  understand
• 17:56
  what
• 17:57
  they
• 17:57
  would
• 17:57
  have
• 17:57
  or
• 17:58
  would
• 17:58
  have
• 17:58
  or
• 17:58
  would
• 17:59
  have
• 17:59
  not
• 17:59
  leaned
• 17:59
  into.
• 18:00
  So
• 18:01
  let's
• 18:01
  kind
• 18:01
  of
• 18:01
  clarify
• 18:02
  what
• 18:02
  we're
• 18:02
  saying
• 18:02
  here.
• 18:03
  What
• 18:03
  we
• 18:03
  have
• 18:03
  seen
• 18:04
  in
• 18:04
  the
• 18:04
  movie
• 18:04
  theater
• 18:04
  space
• 18:05
  is
• 18:05
  when
• 18:06
  there
• 18:06
  are
• 18:06
  blockbusters
• 18:07
  or
• 18:07
  big
• 18:07
  family
• 18:08
  films,
• 18:08
  visits
• 18:09
  surge
• 18:10
  when
• 18:10
  there
• 18:10
  are
• 18:11
  not,
• 18:11
  people
• 18:12
  don't
• 18:12
  go
• 18:12
  to
• 18:12
  the
• 18:13
  movies.
• 18:13
  Right?
• 18:14
  It's,
• 18:14
  it's
• 18:14
  literally
• 18:15
  that
• 18:15
  story
• 18:16
  and
• 18:16
  it's
• 18:16
  that
• 18:17
  story
• 18:17
  repeating
• 18:17
  now
• 18:18
  over
• 18:18
  the
• 18:19
  course
• 18:19
  of
• 18:19
  years.
• 18:20
  Here's
• 18:21
  why
• 18:21
  it's
• 18:21
  interesting.
• 18:22
  If
• 18:23
  you're
• 18:23
  running
• 18:24
  a
• 18:24
  theater
• 18:25
  company
• 18:25
  right
• 18:25
  now,
• 18:26
  there
• 18:27
  are
• 18:27
  clear
• 18:27
  places
• 18:27
  where
• 18:27
  you
• 18:28
  should
• 18:28
  be
• 18:28
  focusing
• 18:28
  your
• 18:28
  strategic
• 18:29
  thinking.
• 18:29
  How
• 18:30
  do
• 18:30
  I
• 18:30
  make
• 18:30
  it
• 18:30
  that
• 18:31
  you
• 18:31
  spend
• 18:31
  more
• 18:31
  when
• 18:31
  you
• 18:31
  come?
• 18:32
  Because
• 18:32
  you're
• 18:32
  not
• 18:32
  going
• 18:32
  to
• 18:32
  come
• 18:33
  all
• 18:33
  the
• 18:33
  time,
• 18:33
  you're
• 18:34
  not
• 18:34
  going
• 18:34
  to
• 18:34
  be
• 18:34
  there
• 18:34
  weekly.
• 18:35
  There's
• 18:35
  not
• 18:35
  enough
• 18:36
  going
• 18:36
  on.
• 18:36
  Maybe
• 18:36
  you
• 18:36
  will
• 18:37
  be
• 18:37
  in
• 18:37
  the
• 18:37
  summer,
• 18:38
  but
• 18:38
  it's
• 18:38
  not
• 18:38
  going
• 18:38
  to
• 18:38
  be
• 18:39
  all
• 18:39
  year
• 18:39
  long.
• 18:39
  So
• 18:40
  how
• 18:40
  do
• 18:40
  I
• 18:40
  increase
• 18:41
  the
• 18:41
  basket
• 18:41
  size,
• 18:42
  make
• 18:42
  it
• 18:42
  a
• 18:42
  better
• 18:42
  experience,
• 18:44
  improve
• 18:44
  the
• 18:44
  quality
• 18:45
  of
• 18:45
  food
• 18:45
  so
• 18:45
  it's
• 18:45
  something
• 18:45
  to
• 18:46
  go
• 18:46
  to.
• 18:46
  And
• 18:46
  how
• 18:47
  do
• 18:47
  I
• 18:47
  increase
• 18:47
  the
• 18:48
  amount
• 18:48
  of
• 18:48
  content
• 18:49
  that
• 18:49
  checks
• 18:49
  that
• 18:50
  kind
• 18:50
  of
• 18:50
  blockbuster
• 18:51
  y
• 18:51
  box?
• 18:51
  Now
• 18:52
  we
• 18:52
  talked
• 18:52
  about
• 18:52
  this.
• 18:54
  This
• 18:54
  was
• 18:54
  the.
• 18:54
  Do
• 18:54
  you
• 18:55
  remember
• 18:55
  the
• 18:55
  conversation
• 18:55
  around
• 18:55
  who's
• 18:56
  gonna
• 18:56
  buy
• 18:56
  AMC
• 18:57
  years
• 18:57
  ago
• 18:57
  and
• 18:57
  ended.
• 18:59
  But
• 18:59
  I
• 18:59
  had
• 18:59
  always
• 18:59
  said
• 19:00
  I
• 19:00
  hope
• 19:00
  it's
• 19:00
  Disney
• 19:00
  because
• 19:01
  you
• 19:01
  want
• 19:01
  it
• 19:01
  to
• 19:01
  be.
• 19:01
  I
• 19:02
  want
• 19:02
  sports,
• 19:02
  I
• 19:02
  want
• 19:02
  Game
• 19:03
  of
• 19:03
  Thrones
• 19:03
  finale.
• 19:03
  I
• 19:04
  want
• 19:04
  the
• 19:04
  big
• 19:04
  things.
• 19:05
  That's
• 19:05
  what
• 19:05
  you
• 19:05
  want
• 19:06
  to
• 19:06
  see
• 19:06
  in
• 19:06
  these
• 19:06
  theater
• 19:06
  settings.
• 19:07
  And
• 19:08
  I
• 19:08
  want
• 19:08
  to
• 19:08
  see
• 19:08
  the
• 19:09
  Harry
• 19:09
  Potter
• 19:09
  series
• 19:10
  streamed
• 19:10
  one
• 19:11
  movie
• 19:11
  every
• 19:11
  single
• 19:12
  day
• 19:12
  over
• 19:12
  an
• 19:12
  eight
• 19:12
  day
• 19:12
  period
• 19:13
  at
• 19:13
  like
• 19:13
  the
• 19:13
  anniversary
• 19:14
  of
• 19:14
  I
• 19:14
  don't
• 19:14
  know,
• 19:14
  I
• 19:15
  don't
• 19:15
  know
• 19:15
  when
• 19:15
  his
• 19:15
  birthday
• 19:15
  is.
• 19:15
  I'm
• 19:16
  not
• 19:16
  enough
• 19:17
  of
• 19:17
  a
• 19:17
  fan
• 19:17
  of
• 19:17
  these
• 19:17
  things.
• 19:18
  But
• 19:18
  like
• 19:18
  that's,
• 19:19
  I
• 19:19
  don't
• 19:19
  know.
• 19:19
  There's
• 19:19
  like
• 19:19
  a
• 19:20
  Yoda
• 19:20
  Day,
• 19:20
  right
• 19:21
  where
• 19:21
  everyone
• 19:21
  loves
• 19:22
  Star
• 19:22
  wars
• 19:24
  and
• 19:25
  like
• 19:25
  that's
• 19:25
  of
• 19:25
  course
• 19:26
  on,
• 19:26
  on
• 19:26
  National
• 19:27
  Yoda
• 19:27
  Day.
• 19:28
  Like
• 19:28
  I
• 19:28
  want
• 19:28
  to
• 19:28
  see
• 19:29
  like
• 19:29
  those,
• 19:29
  those
• 19:30
  kind
• 19:30
  of
• 19:30
  activities.
• 19:30
  And
• 19:31
  I.
• 19:31
  But
• 19:31
  what
• 19:31
  I
• 19:32
  think
• 19:32
  is
• 19:32
  really
• 19:32
  interesting
• 19:32
  here.
• 19:33
  And
• 19:33
  again,
• 19:33
  we,
• 19:33
  we
• 19:33
  really
• 19:34
  want
• 19:34
  to
• 19:34
  focus
• 19:34
  on
• 19:34
  areas
• 19:34
  where
• 19:35
  we
• 19:35
  felt
• 19:35
  like
• 19:35
  there
• 19:36
  are
• 19:36
  implications
• 19:37
  outside
• 19:37
  of
• 19:37
  just
• 19:37
  who
• 19:38
  are
• 19:38
  great.
• 19:38
  Like
• 19:38
  the
• 19:38
  wider
• 19:39
  class
• 19:39
  can
• 19:40
  get
• 19:40
  a
• 19:40
  lesson
• 19:40
  from
• 19:40
  this.
• 19:41
  And
• 19:41
  it's.
• 19:42
  Some
• 19:43
  people
• 19:43
  have
• 19:44
  a
• 19:44
  concept
• 19:45
  that,
• 19:45
  that
• 19:45
  is
• 19:45
  great
• 19:46
  and
• 19:46
  will
• 19:47
  grow
• 19:47
  and
• 19:47
  they
• 19:47
  will
• 19:48
  be
• 19:48
  dominant
• 19:48
  and
• 19:48
  expanding.
• 19:49
  And
• 19:49
  I'm,
• 19:50
  you
• 19:50
  know,
• 19:50
  I'm,
• 19:50
  you
• 19:51
  know,
• 19:51
  interesting.
• 19:51
  We're
• 19:51
  going
• 19:52
  to
• 19:52
  talk
• 19:52
  about
• 19:52
  Lululemon,
• 19:52
  but
• 19:52
  I'm
• 19:52
  Lululemon
• 19:53
  and
• 19:53
  I'm
• 19:53
  gonna,
• 19:53
  I
• 19:54
  do
• 19:54
  I
• 19:54
  nail
• 19:54
  it
• 19:54
  now?
• 19:55
  I'm
• 19:55
  gonna
• 19:55
  expand
• 19:55
  into
• 19:55
  men
• 19:55
  and
• 19:56
  I'm
• 19:56
  gonna
• 19:56
  hopefully
• 19:56
  nail
• 19:56
  it
• 19:56
  and
• 19:57
  I'm
• 19:57
  gonna
• 19:57
  keep
• 19:57
  on
• 19:57
  growing
• 19:57
  and
• 19:57
  growing
• 19:58
  and
• 19:58
  growing.
• 19:58
  And
• 19:59
  there's
• 19:59
  other
• 19:59
  segments
• 19:59
  that
• 20:00
  are
• 20:00
  niche.
• 20:00
  They.
• 20:00
  They
• 20:01
  don't
• 20:01
  have
• 20:01
  endless
• 20:01
  growth
• 20:02
  potential.
• 20:02
  But
• 20:02
  that
• 20:03
  doesn't
• 20:03
  mean
• 20:03
  you
• 20:03
  can't
• 20:03
  build
• 20:03
  an
• 20:04
  incredible
• 20:04
  business
• 20:04
  around
• 20:04
  it
• 20:05
  or
• 20:05
  a
• 20:05
  very
• 20:05
  strong
• 20:05
  one.
• 20:05
  It's
• 20:06
  just
• 20:06
  your
• 20:06
  growth
• 20:06
  has
• 20:06
  to
• 20:06
  come
• 20:06
  from
• 20:07
  other
• 20:07
  areas.
• 20:07
  You
• 20:07
  can't
• 20:07
  just
• 20:07
  expand
• 20:08
  out
• 20:08
  locations
• 20:08
  forever.
• 20:09
  There
• 20:09
  has
• 20:10
  to
• 20:10
  be
• 20:10
  a
• 20:10
  real
• 20:10
  focus
• 20:10
  on
• 20:11
  understanding
• 20:12
  what
• 20:12
  each
• 20:12
  unit
• 20:12
  can
• 20:13
  actually
• 20:13
  drive
• 20:14
  and
• 20:14
  where
• 20:14
  those
• 20:14
  limitations
• 20:15
  might
• 20:15
  be
• 20:15
  in
• 20:16
  this
• 20:16
  wider
• 20:16
  context.
• 20:17
  So,
• 20:18
  so
• 20:18
  basically
• 20:18
  I
• 20:18
  put
• 20:18
  that
• 20:19
  back.
• 20:19
  There's.
• 20:19
  There's
• 20:19
  two
• 20:19
  big
• 20:20
  takeaways
• 20:20
  here.
• 20:20
  There's
• 20:21
  one,
• 20:21
  you
• 20:22
  know,
• 20:22
  the
• 20:22
  blockbusters
• 20:23
  are
• 20:23
  coming
• 20:23
  in
• 20:23
  the
• 20:23
  summer.
• 20:24
  You
• 20:24
  have
• 20:24
  to
• 20:24
  cat
• 20:25
  when
• 20:25
  the
• 20:25
  traffic
• 20:25
  comes.
• 20:26
  You
• 20:26
  want
• 20:26
  to
• 20:26
  maximize
• 20:27
  your
• 20:27
  basket
• 20:27
  size.
• 20:27
  I
• 20:27
  mean,
• 20:27
  this
• 20:28
  is.
• 20:28
  It's
• 20:28
  funny.
• 20:28
  It's
• 20:29
  funny.
• 20:29
  As
• 20:29
  we
• 20:29
  sit
• 20:29
  here
• 20:29
  and
• 20:29
  do
• 20:29
  this,
• 20:30
  a
• 20:30
  lot
• 20:30
  of
• 20:30
  what
• 20:30
  we
• 20:30
  talk
• 20:30
  about
• 20:30
  is
• 20:31
  just
• 20:31
  core
• 20:31
  Good
• 20:32
  Retailing
• 20:32
  101.
• 20:33
  You
• 20:33
  want
• 20:33
  to
• 20:33
  ma.
• 20:34
  You
• 20:34
  want
• 20:34
  to
• 20:34
  maximize
• 20:34
  the
• 20:35
  basket
• 20:35
  size
• 20:35
  when
• 20:35
  they're
• 20:36
  in
• 20:36
  your
• 20:36
  store
• 20:36
  or
• 20:36
  in
• 20:37
  your
• 20:37
  movie
• 20:37
  theater.
• 20:38
  And
• 20:38
  the
• 20:38
  second
• 20:38
  thing
• 20:38
  is
• 20:39
  you
• 20:39
  have
• 20:39
  to
• 20:39
  merchandise
• 20:40
  year
• 20:40
  round
• 20:40
  to
• 20:40
  smooth
• 20:41
  out
• 20:41
  your
• 20:41
  operations
• 20:42
  and
• 20:42
  to
• 20:42
  get
• 20:43
  people
• 20:43
  coming
• 20:43
  in.
• 20:44
  So
• 20:44
  you've
• 20:44
  got
• 20:44
  to
• 20:44
  get
• 20:44
  creative
• 20:45
  on
• 20:45
  that
• 20:45
  side
• 20:46
  of
• 20:46
  things
• 20:46
  because
• 20:47
  you're
• 20:47
  right,
• 20:47
  Ethan.
• 20:47
  I
• 20:48
  think
• 20:48
  the
• 20:48
  thing
• 20:48
  as
• 20:48
  I've
• 20:48
  sat
• 20:49
  back
• 20:49
  and
• 20:49
  listened
• 20:49
  to
• 20:49
  you
• 20:50
  describe
• 20:50
  that
• 20:51
  and
• 20:51
  as
• 20:51
  I've
• 20:51
  talked
• 20:51
  to
• 20:52
  you
• 20:52
  about
• 20:52
  this
• 20:52
  category
• 20:53
  of
• 20:53
  business
• 20:53
  for
• 20:53
  the
• 20:53
  past
• 20:54
  five,
• 20:54
  six,
• 20:55
  seven,
• 20:55
  eight
• 20:55
  years,
• 20:56
  you
• 20:56
  know,
• 20:56
  it
• 20:57
  feels
• 20:57
  like.
• 20:57
  It
• 20:57
  feels
• 20:57
  like
• 20:57
  Hollywood
• 20:58
  has
• 20:58
  figured
• 20:58
  out
• 20:59
  their
• 20:59
  business
• 20:59
  model
• 20:59
  now
• 21:00
  where
• 21:00
  they
• 21:00
  have
• 21:00
  to
• 21:00
  invest
• 21:01
  in
• 21:01
  these
• 21:02
  big
• 21:02
  blast
• 21:02
  blockbuster
• 21:03
  tent
• 21:04
  poles
• 21:04
  to
• 21:05
  get
• 21:05
  people
• 21:05
  in
• 21:05
  to
• 21:06
  make
• 21:06
  money.
• 21:06
  And
• 21:06
  that's
• 21:07
  what
• 21:07
  the
• 21:07
  movie
• 21:07
  theaters
• 21:07
  are
• 21:07
  going
• 21:08
  to,
• 21:08
  you
• 21:08
  know,
• 21:08
  ride
• 21:08
  or
• 21:09
  die
• 21:09
  on.
• 21:09
  But
• 21:09
  that's
• 21:09
  not
• 21:10
  going
• 21:10
  to
• 21:10
  happen
• 21:10
  year
• 21:10
  round
• 21:11
  particularly.
• 21:11
  And
• 21:11
  so,
• 21:12
  yeah,
• 21:12
  the
• 21:12
  movie
• 21:12
  theaters,
• 21:12
  it's
• 21:13
  on
• 21:13
  them
• 21:13
  to
• 21:13
  merchandise
• 21:14
  the
• 21:14
  rest
• 21:14
  of
• 21:14
  the
• 21:14
  year.
• 21:15
  Is
• 21:15
  that
• 21:15
  right?
• 21:15
  I
• 21:15
  mean,
• 21:15
  is
• 21:16
  that
• 21:16
  sum
• 21:16
  that
• 21:16
  up
• 21:16
  correctly?
• 21:17
  Yeah.
• 21:18
  I
• 21:18
  also
• 21:18
  feel
• 21:19
  like
• 21:19
  it's
• 21:19
  one
• 21:19
  of
• 21:19
  these
• 21:19
  things
• 21:20
  that
• 21:21
  when,
• 21:21
  when
• 21:22
  you
• 21:22
  come
• 21:22
  from
• 21:22
  the
• 21:22
  technology
• 21:23
  side
• 21:23
  of
• 21:23
  the,
• 21:23
  of
• 21:24
  the
• 21:24
  house,
• 21:25
  you
• 21:25
  see
• 21:25
  these
• 21:26
  kind
• 21:26
  of
• 21:27
  overdone
• 21:28
  buzz
• 21:28
  and
• 21:28
  hype
• 21:29
  cycles.
• 21:30
  And
• 21:30
  I
• 21:30
  think
• 21:31
  in
• 21:31
  the
• 21:31
  end
• 21:31
  of.
• 21:31
  The
• 21:31
  day,
• 21:32
  great
• 21:32
  point.
• 21:33
  It's
• 21:33
  like,
• 21:34
  I
• 21:34
  mean
• 21:34
  we
• 21:34
  launch
• 21:35
  this
• 21:35
  new
• 21:35
  and
• 21:36
  exciting
• 21:36
  blockchain
• 21:37
  based
• 21:37
  ticket
• 21:37
  ordering
• 21:38
  system
• 21:38
  and
• 21:38
  it's
• 21:38
  like,
• 21:38
  well,
• 21:38
  nobody
• 21:39
  cares
• 21:39
  if
• 21:39
  you
• 21:39
  don't
• 21:39
  have
• 21:39
  good
• 21:40
  movies.
• 21:40
  Right.
• 21:41
  And
• 21:41
  you
• 21:41
  can
• 21:41
  have
• 21:42
  the
• 21:42
  coolest
• 21:43
  kind
• 21:43
  of
• 21:43
  ordering
• 21:44
  display
• 21:45
  screen
• 21:45
  set
• 21:45
  up
• 21:46
  in
• 21:46
  your
• 21:46
  store,
• 21:46
  but
• 21:47
  if
• 21:47
  you
• 21:47
  don't
• 21:47
  have
• 21:47
  the
• 21:47
  right
• 21:47
  products,
• 21:48
  nobody
• 21:48
  cares.
• 21:49
  No
• 21:49
  one's
• 21:49
  going
• 21:49
  to
• 21:49
  buy
• 21:49
  anything.
• 21:50
  So
• 21:50
  I
• 21:50
  just,
• 21:50
  I
• 21:51
  feel
• 21:51
  like
• 21:51
  it's
• 21:52
  so
• 21:52
  important
• 21:53
  to
• 21:53
  focus
• 21:53
  on
• 21:54
  the
• 21:54
  fundamentals
• 21:55
  and
• 21:55
  one
• 21:55
  of
• 21:55
  the
• 21:55
  things
• 21:55
  that
• 21:56
  really
• 21:56
  pops
• 21:56
  when
• 21:56
  you
• 21:57
  look
• 21:57
  at
• 21:57
  our
• 21:57
  data
• 21:57
  and
• 21:57
  we've
• 21:58
  done
• 21:58
  this
• 21:58
  now
• 21:58
  several
• 21:59
  years
• 21:59
  running.
• 22:00
  It's
• 22:00
  a
• 22:00
  great
• 22:00
  point.
• 22:01
  It's
• 22:01
  effective.
• 22:02
  It
• 22:02
  is
• 22:03
  the
• 22:03
  core
• 22:04
  good.
• 22:05
  Then
• 22:05
  the
• 22:06
  innovation
• 22:06
  levels
• 22:06
  unlock
• 22:07
  the
• 22:07
  core
• 22:07
  or
• 22:07
  the
• 22:07
  innovation
• 22:08
  is
• 22:08
  there
• 22:08
  to
• 22:08
  solve
• 22:08
  a
• 22:09
  core
• 22:09
  problem.
• 22:10
  It's
• 22:10
  the
• 22:11
  kind
• 22:11
  of
• 22:11
  the
• 22:11
  garnish
• 22:12
  around
• 22:12
  is
• 22:13
  very
• 22:13
  rarely
• 22:14
  driving
• 22:14
  these
• 22:14
  massive
• 22:15
  returns.
• 22:15
  Whereas
• 22:16
  just
• 22:16
  the
• 22:16
  basics.
• 22:17
  Is
• 22:17
  the
• 22:18
  store
• 22:18
  clean?
• 22:18
  Are
• 22:19
  the
• 22:19
  products
• 22:19
  there
• 22:19
  that
• 22:20
  you
• 22:20
  expected?
• 22:21
  Are
• 22:21
  you
• 22:21
  on
• 22:21
  time?
• 22:22
  Like
• 22:23
  again,
• 22:23
  like
• 22:23
  one
• 22:23
  of
• 22:23
  the
• 22:24
  things
• 22:24
  that
• 22:24
  always
• 22:24
  pops
• 22:24
  in
• 22:24
  my
• 22:24
  head
• 22:25
  is
• 22:25
  like
• 22:26
  how
• 22:27
  slow.
• 22:27
  And
• 22:28
  I
• 22:29
  think
• 22:29
  it's
• 22:29
  unfair
• 22:29
  to
• 22:29
  say
• 22:29
  this
• 22:30
  because
• 22:30
  everything's
• 22:30
  hard
• 22:30
  and
• 22:31
  I
• 22:31
  don't
• 22:31
  want
• 22:31
  to
• 22:32
  minimize
• 22:32
  how
• 22:32
  difficult
• 22:32
  it
• 22:33
  is.
• 22:33
  But
• 22:33
  when
• 22:33
  you
• 22:33
  see
• 22:34
  things
• 22:34
  happening
• 22:34
  where
• 22:34
  you
• 22:34
  know
• 22:35
  there's
• 22:35
  a
• 22:35
  period
• 22:35
  of
• 22:35
  like
• 22:36
  economic
• 22:36
  crush,
• 22:36
  like
• 22:37
  which
• 22:37
  retailers
• 22:38
  you
• 22:38
  see
• 22:39
  are
• 22:39
  just
• 22:39
  on
• 22:40
  it,
• 22:40
  hey,
• 22:40
  dollar's
• 22:41
  a
• 22:41
  little
• 22:41
  bit
• 22:41
  tight
• 22:41
  right
• 22:41
  now.
• 22:42
  Awesome.
• 22:42
  We
• 22:42
  have
• 22:42
  a
• 22:42
  sale
• 22:43
  and
• 22:43
  which
• 22:43
  ones
• 22:44
  are
• 22:44
  three
• 22:44
  weeks
• 22:45
  later
• 22:45
  and
• 22:45
  they've
• 22:46
  just
• 22:46
  kind
• 22:46
  of
• 22:46
  missed
• 22:46
  the
• 22:46
  boat.
• 22:47
  And
• 22:47
  so
• 22:47
  it's
• 22:48
  that
• 22:48
  speed
• 22:48
  and
• 22:48
  movement
• 22:48
  that
• 22:49
  you
• 22:49
  want
• 22:49
  to
• 22:49
  see
• 22:49
  if
• 22:49
  like
• 22:50
  in
• 22:50
  the
• 22:50
  areas
• 22:50
  where
• 22:50
  you
• 22:50
  can
• 22:50
  be
• 22:51
  agile
• 22:51
  and
• 22:51
  then
• 22:51
  the
• 22:52
  really
• 22:52
  focus
• 22:53
  on
• 22:53
  core
• 22:53
  fundamentals
• 22:54
  and
• 22:54
  those
• 22:54
  places
• 22:55
  where
• 22:55
  it's
• 22:55
  just
• 22:55
  going
• 22:55
  to
• 22:55
  be
• 22:55
  slower
• 22:55
  to
• 22:56
  move
• 22:57
  well.
• 22:57
  And
• 22:57
  I
• 22:58
  think
• 22:58
  Ethan,
• 22:58
  like
• 22:58
  one
• 22:58
  of
• 22:59
  the
• 22:59
  things
• 22:59
  that
• 22:59
  you
• 22:59
  have
• 22:59
  here
• 22:59
  on
• 23:00
  screen
• 23:00
  is
• 23:00
  the
• 23:00
  Lilo
• 23:01
  and
• 23:01
  Stitch
• 23:01
  release.
• 23:01
  And
• 23:02
  I
• 23:02
  think
• 23:02
  that's
• 23:02
  a
• 23:02
  really
• 23:03
  interesting
• 23:03
  case
• 23:03
  study
• 23:04
  to
• 23:04
  continue
• 23:04
  to
• 23:04
  follow
• 23:05
  this
• 23:05
  year.
• 23:05
  Huge,
• 23:06
  like
• 23:06
  you're
• 23:07
  seeing
• 23:07
  huge
• 23:08
  traffic
• 23:08
  at
• 23:09
  the
• 23:09
  movie
• 23:09
  theaters
• 23:10
  when
• 23:10
  this
• 23:10
  release
• 23:10
  came
• 23:11
  out.
• 23:11
  But
• 23:12
  then
• 23:12
  I
• 23:12
  think
• 23:12
  the
• 23:12
  other
• 23:12
  important
• 23:13
  thing
• 23:13
  is
• 23:13
  to,
• 23:13
  to
• 23:14
  call
• 23:14
  out
• 23:14
  is
• 23:14
  how
• 23:15
  the,
• 23:16
  the
• 23:16
  movie
• 23:17
  houses
• 23:17
  and
• 23:17
  the
• 23:18
  theaters
• 23:18
  are
• 23:18
  starting
• 23:18
  to
• 23:19
  coordinate
• 23:19
  with
• 23:19
  some
• 23:19
  of
• 23:19
  the
• 23:19
  adjacent
• 23:20
  businesses
• 23:21
  that
• 23:21
  are
• 23:21
  in
• 23:21
  those
• 23:22
  locations
• 23:23
  that
• 23:23
  to,
• 23:23
  to
• 23:23
  continue
• 23:24
  to
• 23:24
  maximize
• 23:24
  this
• 23:25
  throughout
• 23:25
  the
• 23:25
  year.
• 23:26
  So
• 23:26
  when
• 23:26
  you
• 23:26
  do
• 23:27
  a
• 23:27
  new
• 23:27
  lilo
• 23:28
  stuffy
• 23:29
  like
• 23:29
  launch
• 23:30
  thing,
• 23:30
  they're
• 23:30
  doing
• 23:31
  a
• 23:31
  Movie
• 23:31
  theater,
• 23:32
  showing
• 23:32
  of
• 23:32
  the,
• 23:33
  you
• 23:33
  know,
• 23:33
  bring
• 23:33
  your
• 23:34
  lilo
• 23:34
  to
• 23:34
  the
• 23:35
  theater
• 23:35
  and
• 23:35
  then
• 23:36
  watch
• 23:36
  the
• 23:36
  movie
• 23:36
  again.
• 23:37
  So
• 23:37
  it's
• 23:37
  really
• 23:38
  rethinking.
• 23:38
  It
• 23:38
  sounds
• 23:39
  like
• 23:39
  how,
• 23:40
  how
• 23:40
  you're
• 23:40
  going
• 23:41
  to
• 23:41
  market
• 23:41
  with
• 23:41
  this
• 23:42
  and
• 23:42
  how
• 23:42
  you're
• 23:43
  going
• 23:43
  to
• 23:43
  continue
• 23:43
  to
• 23:43
  keep
• 23:44
  this
• 23:44
  like
• 23:44
  evergreen
• 23:45
  throughout
• 23:45
  the
• 23:46
  year.
• 23:46
  Is
• 23:46
  that
• 23:46
  what
• 23:46
  you're
• 23:47
  seeing?
• 23:48
  It's,
• 23:48
  it's
• 23:49
  bullseye.
• 23:50
  Right.
• 23:50
  One
• 23:51
  of
• 23:51
  the
• 23:51
  things
• 23:51
  that's
• 23:51
  really
• 23:51
  interesting
• 23:52
  for
• 23:52
  us
• 23:52
  is
• 23:52
  we're
• 23:52
  how
• 23:53
  many
• 23:53
  years
• 23:53
  removed
• 23:54
  from
• 23:54
  like
• 23:55
  Barbie
• 23:55
  now?
• 23:56
  It
• 23:56
  feels
• 23:56
  like
• 23:56
  700,
• 23:57
  but
• 23:57
  it's
• 23:57
  only
• 23:57
  been
• 23:58
  like
• 23:58
  two.
• 23:58
  But
• 23:59
  we
• 23:59
  are,
• 23:59
  we
• 24:00
  still
• 24:00
  see
• 24:00
  this
• 24:00
  Barbie
• 24:01
  dream
• 24:01
  House,
• 24:01
  you
• 24:02
  know,
• 24:02
  tour
• 24:02
  that
• 24:02
  kind
• 24:03
  of
• 24:03
  sets
• 24:03
  up
• 24:03
  these
• 24:03
  pop
• 24:03
  ups
• 24:04
  and
• 24:04
  it
• 24:04
  drives
• 24:04
  massive
• 24:05
  surges
• 24:05
  and
• 24:05
  visits.
• 24:06
  So
• 24:07
  also
• 24:07
  kind
• 24:07
  of
• 24:07
  this
• 24:07
  message
• 24:08
  of
• 24:08
  like,
• 24:09
  if
• 24:09
  you
• 24:09
  have,
• 24:09
  have
• 24:10
  the,
• 24:11
  you
• 24:11
  don't
• 24:11
  want
• 24:11
  to
• 24:11
  call
• 24:11
  it
• 24:12
  luck,
• 24:12
  but
• 24:12
  if
• 24:12
  you
• 24:12
  have
• 24:13
  done
• 24:13
  the
• 24:13
  work
• 24:13
  and
• 24:13
  you
• 24:13
  have
• 24:14
  landed
• 24:14
  on
• 24:14
  something
• 24:14
  that
• 24:15
  really
• 24:15
  resonates,
• 24:16
  to
• 24:16
  let
• 24:17
  it
• 24:17
  go
• 24:17
  so
• 24:17
  easily
• 24:18
  and
• 24:18
  be
• 24:18
  like,
• 24:18
  well,
• 24:18
  the
• 24:18
  movie
• 24:19
  already
• 24:19
  launched.
• 24:19
  We're
• 24:19
  done.
• 24:19
  Like,
• 24:20
  it's,
• 24:20
  it's,
• 24:21
  it's
• 24:21
  crazy.
• 24:22
  Like
• 24:22
  you're
• 24:22
  literally
• 24:23
  throwing
• 24:23
  away
• 24:24
  some
• 24:24
  of
• 24:24
  the
• 24:25
  great
• 24:25
  work
• 24:25
  that
• 24:25
  you've
• 24:25
  done.
• 24:26
  So
• 24:26
  I,
• 24:26
  I
• 24:26
  couldn't
• 24:26
  agree
• 24:26
  with
• 24:27
  that
• 24:27
  point
• 24:27
  more.
• 24:28
  Yeah.
• 24:28
  All
• 24:29
  right.
• 24:29
  Chicken
• 24:29
  jockey
• 24:29
  from
• 24:30
  Minecraft
• 24:30
  is
• 24:30
  my
• 24:31
  kid's
• 24:31
  favorite
• 24:31
  phrase
• 24:32
  right
• 24:32
  now
• 24:32
  too.
• 24:32
  And
• 24:32
  that
• 24:32
  was
• 24:33
  like,
• 24:33
  according
• 24:33
  to
• 24:33
  this,
• 24:34
  four
• 24:34
  months
• 24:34
  ago
• 24:34
  now,
• 24:35
  almost.
• 24:35
  So,
• 24:35
  like,
• 24:35
  I
• 24:36
  can't
• 24:36
  get
• 24:36
  that
• 24:36
  out
• 24:36
  of
• 24:36
  their
• 24:37
  head.
• 24:37
  So,
• 24:37
  yes,
• 24:37
  100%
• 24:38
  I
• 24:38
  agree.
• 24:39
  All
• 24:39
  right,
• 24:39
  what's
• 24:39
  next?
• 24:40
  I
• 24:40
  still
• 24:40
  don't
• 24:40
  know
• 24:40
  what
• 24:40
  Minecraft
• 24:41
  is.
• 24:41
  Like,
• 24:42
  I
• 24:42
  had
• 24:42
  to
• 24:42
  ask
• 24:42
  my.
• 24:43
  No,
• 24:43
  you're
• 24:43
  fine,
• 24:43
  you're
• 24:44
  fine.
• 24:44
  Don't,
• 24:44
  don't
• 24:44
  go
• 24:44
  there.
• 24:45
  The
• 24:45
  LEGO
• 24:45
  one.
• 24:46
  Is
• 24:46
  this
• 24:46
  the
• 24:46
  one?
• 24:46
  It's
• 24:47
  right.
• 24:47
  It's
• 24:47
  kind
• 24:47
  of.
• 24:47
  This
• 24:47
  next
• 24:48
  slide
• 24:48
  is
• 24:48
  a
• 24:49
  great
• 24:49
  example
• 24:49
  of
• 24:49
  Minecraft.
• 24:50
  Like
• 24:51
  these
• 24:51
  little
• 24:51
  blocks.
• 24:52
  This
• 24:52
  is,
• 24:52
  this,
• 24:52
  like,
• 24:53
  looks
• 24:53
  like
• 24:53
  it
• 24:53
  could
• 24:53
  be
• 24:53
  sponsored
• 24:54
  by
• 24:54
  Minecraft.
• 24:55
  Ethan.
• 24:55
  Okay,
• 24:56
  awesome.
• 24:57
  So
• 24:57
  I'd
• 24:57
  like
• 24:57
  to
• 24:57
  thank
• 24:57
  our
• 24:58
  sponsor,
• 24:58
  Minecraft.
• 25:00
  Just
• 25:01
  send
• 25:01
  them
• 25:01
  an
• 25:01
  invoice
• 25:02
  and
• 25:02
  see
• 25:02
  what
• 25:02
  happens.
• 25:02
  Unofficial.
• 25:03
  Yes.
• 25:04
  As
• 25:04
  the
• 25:04
  new
• 25:05
  spokesperson
• 25:05
  for
• 25:05
  Minecraft.
• 25:06
  Okay,
• 25:07
  so
• 25:07
  this
• 25:08
  is,
• 25:08
  this
• 25:08
  is
• 25:08
  ones
• 25:09
  that,
• 25:09
  look,
• 25:09
  let's
• 25:10
  be
• 25:10
  clear.
• 25:10
  There's
• 25:11
  shakier
• 25:11
  things,
• 25:12
  but
• 25:13
  it's,
• 25:13
  it's
• 25:14
  not
• 25:14
  the
• 25:14
  greatest
• 25:14
  grade,
• 25:14
  but
• 25:15
  there's
• 25:15
  some
• 25:15
  reasons
• 25:15
  behind
• 25:16
  it
• 25:16
  and
• 25:16
  there's
• 25:16
  feelings
• 25:17
  of
• 25:17
  promise.
• 25:17
  So
• 25:18
  let's
• 25:18
  a
• 25:18
  few
• 25:18
  examples
• 25:19
  here.
• 25:19
  Right.
• 25:19
  Hobby
• 25:20
  Lobby
• 25:20
  was
• 25:20
  not
• 25:21
  a
• 25:21
  retailer
• 25:21
  we
• 25:21
  were
• 25:21
  super
• 25:22
  excited
• 25:22
  about,
• 25:22
  I
• 25:23
  would
• 25:23
  say,
• 25:23
  last
• 25:23
  year.
• 25:24
  I
• 25:24
  think
• 25:24
  what's.
• 25:25
  It's
• 25:25
  been
• 25:25
  interesting
• 25:25
  is
• 25:26
  they
• 25:26
  are
• 25:27
  popping
• 25:27
  now.
• 25:27
  We
• 25:28
  think
• 25:28
  a
• 25:28
  lot
• 25:28
  of
• 25:28
  this
• 25:28
  is
• 25:28
  related
• 25:29
  to
• 25:29
  the
• 25:29
  Joanne
• 25:30
  stores
• 25:30
  closings.
• 25:31
  So
• 25:31
  we've
• 25:31
  seen
• 25:32
  significant,
• 25:33
  like,
• 25:33
  not
• 25:33
  Small
• 25:34
  growth.
• 25:34
  I
• 25:34
  think
• 25:34
  it
• 25:34
  was
• 25:35
  three
• 25:35
  of
• 25:35
  the
• 25:36
  last
• 25:36
  five
• 25:36
  months
• 25:36
  they've
• 25:36
  seen
• 25:36
  plus
• 25:37
  10,
• 25:37
  year
• 25:37
  over
• 25:37
  year
• 25:38
  increases
• 25:38
  in
• 25:38
  visits.
• 25:39
  Right.
• 25:39
  And
• 25:39
  really
• 25:40
  significant
• 25:40
  changes.
• 25:41
  And
• 25:41
  so
• 25:41
  that's
• 25:42
  super
• 25:42
  powerful,
• 25:43
  really
• 25:43
  promising.
• 25:44
  Again,
• 25:45
  it
• 25:45
  wasn't
• 25:45
  like
• 25:45
  everything
• 25:46
  was
• 25:46
  running
• 25:46
  incredibly
• 25:47
  smooth,
• 25:47
  but
• 25:47
  now
• 25:47
  we
• 25:47
  see
• 25:48
  this,
• 25:48
  this
• 25:48
  significant
• 25:49
  bump.
• 25:49
  I
• 25:50
  think
• 25:50
  another
• 25:50
  one
• 25:50
  that
• 25:50
  hits
• 25:51
  that
• 25:51
  category
• 25:51
  for
• 25:51
  us
• 25:52
  is.
• 25:52
  Is
• 25:52
  Home
• 25:52
  Depot.
• 25:53
  Home
• 25:53
  Depot
• 25:53
  was
• 25:53
  really
• 25:54
  interesting
• 25:54
  because
• 25:55
  if
• 25:55
  you
• 25:55
  break
• 25:55
  down
• 25:56
  the
• 25:56
  weekly
• 25:56
  data
• 25:57
  for
• 25:57
  Home
• 25:57
  Depot,
• 25:58
  the
• 25:58
  monthly
• 25:58
  data
• 25:59
  does
• 25:59
  not
• 25:59
  look
• 25:59
  amazing.
• 25:59
  Like
• 26:00
  it's
• 26:00
  basically
• 26:00
  down
• 26:01
  consistently.
• 26:02
  But
• 26:02
  if
• 26:02
  you
• 26:02
  break
• 26:02
  out
• 26:02
  the
• 26:03
  weekly
• 26:03
  data,
• 26:03
  what
• 26:03
  you
• 26:04
  saw
• 26:04
  is
• 26:04
  that
• 26:05
  the
• 26:05
  week
• 26:05
  before
• 26:06
  Liberation
• 26:07
  Day,
• 26:07
  that
• 26:07
  early
• 26:07
  April
• 26:08
  period
• 26:08
  visits
• 26:09
  pop
• 26:10
  for
• 26:10
  Home
• 26:10
  Depot.
• 26:11
  And
• 26:11
  it's
• 26:11
  essentially
• 26:11
  what
• 26:11
  happened
• 26:12
  is
• 26:12
  it's
• 26:12
  our
• 26:13
  key
• 26:13
  period
• 26:13
  of
• 26:13
  the
• 26:13
  year.
• 26:13
  It's
• 26:13
  March,
• 26:14
  April,
• 26:14
  May,
• 26:15
  and
• 26:15
  all
• 26:16
  of
• 26:16
  a
• 26:16
  sudden
• 26:16
  we've
• 26:16
  had
• 26:16
  the
• 26:17
  rug
• 26:17
  pulled
• 26:17
  out
• 26:17
  from
• 26:17
  under
• 26:18
  us
• 26:18
  because
• 26:18
  these
• 26:18
  are
• 26:18
  purchases
• 26:19
  that
• 26:19
  for
• 26:19
  at
• 26:19
  least
• 26:19
  the
• 26:19
  consumers,
• 26:20
  forget
• 26:20
  the
• 26:20
  pro
• 26:20
  audience,
• 26:21
  they're
• 26:21
  like,
• 26:21
  I
• 26:22
  can
• 26:22
  delay
• 26:22
  this
• 26:22
  by
• 26:22
  six
• 26:23
  months.
• 26:23
  I'll
• 26:23
  do
• 26:23
  this
• 26:23
  next
• 26:24
  year.
• 26:24
  I'll
• 26:24
  do
• 26:24
  this
• 26:24
  later
• 26:24
  on.
• 26:25
  And
• 26:25
  so
• 26:25
  I
• 26:25
  think
• 26:27
  there
• 26:27
  were
• 26:27
  some
• 26:27
  positive
• 26:28
  signs.
• 26:28
  I
• 26:28
  think
• 26:29
  this
• 26:29
  would
• 26:29
  have
• 26:29
  likely
• 26:29
  been.
• 26:30
  I
• 26:30
  think
• 26:30
  we
• 26:30
  would
• 26:30
  be
• 26:30
  in
• 26:31
  a
• 26:31
  situation
• 26:31
  of
• 26:31
  growth
• 26:32
  in
• 26:32
  a
• 26:32
  normal
• 26:32
  year.
• 26:32
  And
• 26:33
  so
• 26:33
  we're.
• 26:34
  We.
• 26:34
  I
• 26:34
  think
• 26:34
  it's
• 26:34
  important.
• 26:35
  It's
• 26:35
  important
• 26:35
  to
• 26:35
  weigh.
• 26:36
  Ulta
• 26:37
  is
• 26:37
  an
• 26:37
  interesting
• 26:37
  one.
• 26:37
  Ulta
• 26:38
  was
• 26:38
  like
• 26:38
  just
• 26:39
  one
• 26:39
  of
• 26:39
  these
• 26:39
  retailers
• 26:39
  that
• 26:40
  you.
• 26:40
  At
• 26:40
  a
• 26:40
  certain
• 26:41
  point,
• 26:42
  it
• 26:42
  was
• 26:42
  almost
• 26:43
  boring
• 26:43
  to
• 26:43
  look
• 26:44
  at
• 26:44
  because
• 26:44
  you're
• 26:44
  like,
• 26:44
  oh,
• 26:44
  wow,
• 26:45
  they're
• 26:45
  growing
• 26:45
  more.
• 26:45
  They're
• 26:46
  so
• 26:46
  great
• 26:46
  at
• 26:46
  what
• 26:46
  they
• 26:46
  do,
• 26:46
  you
• 26:47
  know,
• 26:47
  whatever
• 26:47
  it
• 26:47
  is.
• 26:47
  And
• 26:48
  then
• 26:48
  we
• 26:48
  saw
• 26:48
  a
• 26:48
  couple
• 26:48
  of
• 26:48
  months
• 26:49
  of
• 26:49
  things
• 26:49
  dipping
• 26:49
  and
• 26:50
  they
• 26:50
  talked
• 26:50
  about
• 26:50
  it
• 26:50
  in
• 26:50
  their
• 26:51
  earnings
• 26:51
  call
• 26:51
  of,
• 26:51
  you
• 26:52
  know,
• 26:52
  seeing
• 26:52
  some
• 26:53
  concerns
• 26:53
  of
• 26:53
  a
• 26:53
  more
• 26:54
  cautious
• 26:55
  customer.
• 26:56
  Well,
• 26:56
  we're
• 26:56
  seeing
• 26:56
  that
• 26:56
  bounce
• 26:57
  back.
• 26:57
  So
• 26:57
  if
• 26:58
  we
• 26:58
  look
• 26:58
  at
• 26:58
  weekly
• 26:58
  visits,
• 26:59
  I
• 26:59
  think
• 26:59
  since
• 26:59
  the
• 26:59
  beginning
• 27:00
  of
• 27:00
  April,
• 27:00
  they've
• 27:00
  had
• 27:00
  no
• 27:01
  weeks
• 27:01
  that
• 27:01
  visits
• 27:02
  are
• 27:02
  down
• 27:02
  year
• 27:02
  over
• 27:03
  year,
• 27:03
  it's
• 27:03
  all
• 27:03
  up
• 27:03
  and
• 27:03
  it's
• 27:04
  growing.
• 27:04
  And
• 27:04
  so
• 27:04
  there's
• 27:05
  a
• 27:05
  lot
• 27:05
  of
• 27:05
  positivity
• 27:06
  there,
• 27:06
  though.
• 27:06
  Maybe
• 27:06
  not
• 27:06
  the
• 27:07
  best
• 27:07
  start
• 27:07
  to
• 27:07
  the
• 27:07
  year,
• 27:08
  but
• 27:08
  certainly
• 27:08
  a
• 27:08
  lot
• 27:09
  of
• 27:09
  positivity
• 27:10
  as
• 27:10
  they're
• 27:10
  heading
• 27:11
  into
• 27:11
  the
• 27:11
  future.
• 27:12
  And
• 27:12
  the
• 27:12
  last
• 27:12
  one,
• 27:13
  and
• 27:15
  this
• 27:15
  is
• 27:15
  one
• 27:15
  that
• 27:16
  we're
• 27:16
  excited
• 27:16
  about,
• 27:16
  is
• 27:17
  this
• 27:17
  be
• 27:17
  smalls
• 27:18
  element.
• 27:18
  Yeah.
• 27:18
  Because
• 27:19
  again,
• 27:19
  we
• 27:20
  talked
• 27:20
  about
• 27:20
  this
• 27:20
  and
• 27:20
  we've
• 27:20
  talked
• 27:21
  about
• 27:21
  this
• 27:21
  a
• 27:21
  lot
• 27:21
  here,
• 27:21
  but
• 27:22
  I
• 27:22
  think
• 27:22
  it's.
• 27:22
  It's
• 27:23
  so
• 27:23
  important
• 27:23
  to
• 27:23
  emphasize
• 27:23
  because
• 27:24
  it
• 27:24
  is
• 27:25
  from
• 27:25
  a
• 27:25
  physical
• 27:26
  retail
• 27:26
  perspective,
• 27:26
  this
• 27:27
  is
• 27:27
  a
• 27:28
  massive
• 27:29
  stone.
• 27:29
  Like,
• 27:30
  if
• 27:30
  how
• 27:30
  it,
• 27:30
  how
• 27:31
  it
• 27:31
  plays
• 27:31
  out
• 27:32
  is
• 27:32
  going
• 27:32
  to
• 27:32
  have
• 27:32
  major
• 27:33
  ramifications.
• 27:34
  A
• 27:34
  class
• 27:34
  is
• 27:35
  doing
• 27:35
  really
• 27:35
  well,
• 27:35
  according
• 27:36
  to
• 27:36
  Green
• 27:36
  Street
• 27:36
  96%
• 27:38
  occupancy.
• 27:39
  B
• 27:39
  class
• 27:40
  has
• 27:40
  89%
• 27:41
  occupancy.
• 27:41
  What
• 27:42
  they're
• 27:42
  listing
• 27:42
  as
• 27:42
  B
• 27:42
  class.
• 27:43
  That's
• 27:43
  really
• 27:44
  interesting.
• 27:44
  Like
• 27:45
  that's
• 27:45
  not.
• 27:46
  Oh
• 27:46
  no,
• 27:47
  the
• 27:47
  sky
• 27:47
  is
• 27:47
  falling.
• 27:47
  That's,
• 27:48
  that's
• 27:48
  what
• 27:48
  we
• 27:48
  were
• 27:49
  talking
• 27:49
  about
• 27:49
  is
• 27:49
  the
• 27:49
  waterfall
• 27:50
  effect.
• 27:50
  If
• 27:50
  a
• 27:51
  class
• 27:51
  is
• 27:51
  so
• 27:51
  doing
• 27:52
  really
• 27:52
  well,
• 27:52
  there's
• 27:53
  less
• 27:53
  space
• 27:53
  for
• 27:53
  a
• 27:54
  lot
• 27:54
  of
• 27:54
  these
• 27:54
  retailers.
• 27:54
  Where
• 27:55
  do
• 27:55
  they
• 27:55
  go?
• 27:56
  If
• 27:56
  more
• 27:56
  of
• 27:56
  them
• 27:56
  are
• 27:56
  going
• 27:56
  to
• 27:57
  B
• 27:57
  class
• 27:57
  malls,
• 27:57
  it
• 27:57
  creates
• 27:58
  this
• 27:58
  opportunity
• 27:58
  to
• 27:58
  lift
• 27:58
  those
• 27:59
  up
• 27:59
  and
• 27:59
  this
• 27:59
  kind
• 27:59
  of
• 28:00
  reinvigorate
• 28:00
  this
• 28:00
  mall
• 28:01
  space
• 28:01
  that
• 28:01
  has
• 28:02
  been
• 28:03
  left
• 28:03
  for
• 28:03
  dead
• 28:04
  by
• 28:04
  many
• 28:04
  because
• 28:04
  even
• 28:05
  the
• 28:05
  most
• 28:05
  optimistic
• 28:06
  were
• 28:06
  saying
• 28:07
  the
• 28:07
  top
• 28:07
  tier
• 28:07
  will
• 28:08
  do
• 28:08
  well.
• 28:08
  Everyone
• 28:08
  else
• 28:09
  is
• 28:09
  going
• 28:09
  to
• 28:09
  fall.
• 28:10
  I
• 28:10
  think
• 28:10
  this
• 28:10
  idea
• 28:11
  that
• 28:11
  this
• 28:11
  is
• 28:11
  now
• 28:11
  really
• 28:11
  trick
• 28:12
  or
• 28:12
  there
• 28:12
  are
• 28:13
  powerful
• 28:13
  signs
• 28:14
  that
• 28:14
  this
• 28:14
  is
• 28:14
  in
• 28:14
  fact
• 28:14
  trickling
• 28:15
  down
• 28:15
  is,
• 28:16
  is
• 28:16
  really
• 28:16
  exciting
• 28:17
  and
• 28:17
  important.
• 28:18
  And
• 28:18
  what
• 28:19
  underlying
• 28:19
  is
• 28:19
  driving
• 28:20
  that?
• 28:20
  Why,
• 28:20
  why,
• 28:21
  why
• 28:21
  are
• 28:21
  we
• 28:21
  seeing
• 28:21
  a
• 28:21
  re.
• 28:21
  Enlivening
• 28:22
  of
• 28:22
  the
• 28:22
  BMOs?
• 28:23
  Help
• 28:23
  me
• 28:23
  understand
• 28:23
  that
• 28:23
  better.
• 28:24
  I
• 28:24
  think
• 28:24
  there's
• 28:24
  a
• 28:25
  few
• 28:25
  reasons
• 28:25
  and
• 28:25
  obviously
• 28:25
  it's
• 28:26
  not
• 28:26
  across
• 28:26
  the
• 28:26
  board.
• 28:26
  There's
• 28:26
  ones
• 28:26
  that
• 28:27
  are
• 28:27
  really
• 28:27
  struggling.
• 28:28
  The
• 28:29
  first
• 28:29
  piece
• 28:29
  is
• 28:30
  there's
• 28:30
  more
• 28:30
  differentiation
• 28:31
  when
• 28:31
  there's
• 28:32
  less
• 28:32
  apparel
• 28:33
  and
• 28:33
  beauty.
• 28:33
  Right.
• 28:34
  So
• 28:34
  it's
• 28:34
  if
• 28:35
  in
• 28:35
  the
• 28:35
  top
• 28:35
  tier
• 28:35
  you
• 28:36
  only
• 28:36
  have
• 28:36
  about
• 28:36
  50%
• 28:37
  apparel
• 28:37
  and
• 28:37
  beauty,
• 28:37
  whereas
• 28:38
  you
• 28:38
  had
• 28:38
  much
• 28:38
  more.
• 28:38
  It's
• 28:38
  much
• 28:38
  more
• 28:39
  experiences.
• 28:40
  All
• 28:40
  of
• 28:40
  a
• 28:40
  sudden
• 28:41
  the,
• 28:42
  the
• 28:42
  retailer
• 28:42
  that
• 28:42
  didn't
• 28:43
  have
• 28:43
  a
• 28:44
  reason
• 28:44
  for
• 28:44
  being
• 28:44
  in
• 28:45
  that
• 28:45
  or
• 28:45
  was
• 28:45
  in
• 28:45
  that
• 28:45
  mall
• 28:46
  but
• 28:46
  now
• 28:46
  is
• 28:46
  pushed
• 28:47
  out.
• 28:47
  They're
• 28:47
  kind
• 28:47
  of
• 28:48
  the
• 28:48
  star
• 28:48
  of
• 28:48
  this
• 28:49
  show
• 28:49
  that's
• 28:49
  much
• 28:49
  smaller
• 28:50
  and
• 28:50
  they're
• 28:50
  a
• 28:50
  draw
• 28:50
  in
• 28:51
  their
• 28:51
  local
• 28:51
  area,
• 28:52
  I
• 28:52
  think.
• 28:52
  So
• 28:52
  it's
• 28:53
  a
• 28:53
  repositioning.
• 28:54
  I
• 28:54
  think
• 28:54
  the
• 28:54
  repositioning
• 28:55
  is
• 28:55
  important.
• 28:55
  It's
• 28:55
  creating
• 28:56
  a
• 28:56
  draw
• 28:56
  there
• 28:56
  where
• 28:56
  you
• 28:57
  can't
• 28:57
  do
• 28:57
  it
• 28:57
  all
• 28:57
  in
• 28:57
  that
• 28:57
  one
• 28:57
  place
• 28:58
  and
• 28:58
  now
• 28:58
  you're
• 28:58
  going
• 28:58
  to
• 28:58
  these
• 28:59
  other
• 28:59
  areas.
• 28:59
  I
• 29:00
  also
• 29:00
  think
• 29:00
  you're
• 29:00
  seeing
• 29:00
  a
• 29:00
  lot
• 29:00
  of
• 29:01
  really
• 29:01
  smart
• 29:01
  actions
• 29:01
  with
• 29:02
  like
• 29:02
  the
• 29:02
  mall
• 29:02
  owners
• 29:02
  are
• 29:03
  creating
• 29:03
  experiences
• 29:04
  that
• 29:04
  are
• 29:04
  not
• 29:05
  necessarily
• 29:05
  competing
• 29:06
  with
• 29:06
  that
• 29:06
  top
• 29:06
  tier
• 29:06
  regional
• 29:07
  mall,
• 29:07
  but
• 29:07
  are
• 29:07
  complimentary.
• 29:08
  So
• 29:08
  I'm
• 29:09
  not
• 29:09
  saying
• 29:09
  like
• 29:09
  we're
• 29:10
  all
• 29:10
  going
• 29:10
  to
• 29:10
  be
• 29:10
  the
• 29:10
  same
• 29:10
  thing
• 29:11
  and
• 29:11
  let's,
• 29:11
  let's
• 29:12
  hash
• 29:12
  it
• 29:12
  out
• 29:13
  so
• 29:13
  you
• 29:13
  can
• 29:13
  get
• 29:13
  that
• 29:13
  visit.
• 29:14
  I'm
• 29:14
  saying,
• 29:14
  all
• 29:15
  right,
• 29:15
  you're
• 29:15
  going
• 29:15
  to
• 29:15
  be
• 29:15
  the
• 29:16
  top
• 29:16
  tier
• 29:16
  player
• 29:16
  in
• 29:16
  this
• 29:17
  space,
• 29:17
  but
• 29:17
  I'm
• 29:17
  going
• 29:17
  to
• 29:17
  be
• 29:17
  a
• 29:18
  really
• 29:18
  awesome
• 29:18
  B
• 29:18
  class
• 29:19
  and
• 29:19
  like
• 29:19
  grab
• 29:20
  more
• 29:20
  of
• 29:20
  that
• 29:20
  visitation
• 29:21
  that
• 29:21
  you're.
• 29:21
  Because
• 29:21
  we're
• 29:21
  not
• 29:21
  going
• 29:22
  to
• 29:22
  go
• 29:22
  to
• 29:22
  the
• 29:22
  same
• 29:22
  mall
• 29:22
  every
• 29:22
  single
• 29:23
  week,
• 29:23
  right?
• 29:24
  We're
• 29:24
  certainly
• 29:24
  not
• 29:24
  going
• 29:24
  to
• 29:24
  go
• 29:24
  every
• 29:24
  single
• 29:25
  day.
• 29:25
  And
• 29:25
  so
• 29:25
  this
• 29:25
  idea
• 29:26
  that
• 29:26
  I
• 29:26
  can
• 29:26
  grab
• 29:26
  more
• 29:27
  If
• 29:27
  I'm
• 29:27
  differentiated
• 29:28
  and
• 29:28
  I
• 29:28
  have
• 29:28
  focus.
• 29:29
  And
• 29:29
  the
• 29:29
  last
• 29:29
  bit
• 29:29
  is
• 29:30
  being
• 29:30
  audience
• 29:30
  focused.
• 29:31
  So
• 29:31
  one
• 29:31
  of
• 29:31
  the
• 29:31
  really
• 29:32
  interesting
• 29:32
  conversations
• 29:32
  we've
• 29:33
  been
• 29:33
  having
• 29:33
  of
• 29:33
  late
• 29:33
  is
• 29:34
  this
• 29:34
  idea
• 29:34
  of
• 29:34
  the
• 29:34
  urbanization
• 29:35
  of
• 29:35
  the
• 29:35
  suburbs.
• 29:36
  So
• 29:36
  people
• 29:37
  leave
• 29:38
  the
• 29:38
  cities,
• 29:39
  they
• 29:39
  come
• 29:39
  to
• 29:39
  the
• 29:39
  suburban
• 29:40
  areas
• 29:40
  and
• 29:41
  now
• 29:41
  there
• 29:41
  is
• 29:41
  this
• 29:41
  heavy
• 29:42
  focus
• 29:42
  in
• 29:42
  terms
• 29:42
  on
• 29:43
  the
• 29:43
  real
• 29:43
  estate
• 29:43
  side
• 29:44
  of
• 29:44
  building
• 29:44
  out
• 29:45
  experiences
• 29:45
  that
• 29:46
  are
• 29:46
  attractive
• 29:46
  and
• 29:47
  urban
• 29:47
  esque
• 29:48
  for
• 29:48
  this
• 29:48
  audience
• 29:49
  that
• 29:50
  was
• 29:50
  hanging
• 29:50
  on
• 29:50
  for
• 29:50
  dear
• 29:51
  life
• 29:51
  to
• 29:51
  stay
• 29:51
  in
• 29:51
  the
• 29:51
  cities
• 29:52
  because
• 29:52
  they
• 29:52
  wanted
• 29:52
  those
• 29:52
  experiences
• 29:53
  and
• 29:53
  they're
• 29:53
  pulling
• 29:54
  them
• 29:54
  into
• 29:54
  the
• 29:54
  suburban
• 29:55
  environment.
• 29:55
  And
• 29:55
  it's
• 29:55
  interesting
• 29:55
  we
• 29:56
  just
• 29:56
  like
• 29:56
  recently
• 29:57
  posted
• 29:57
  this.
• 29:57
  But
• 29:58
  one
• 29:58
  of
• 29:58
  my
• 29:58
  favorite
• 29:58
  lines,
• 29:59
  and
• 29:59
  I'm
• 29:59
  butchering
• 30:00
  it,
• 30:00
  but
• 30:00
  I'll
• 30:00
  get
• 30:00
  the
• 30:01
  kind
• 30:01
  of.
• 30:01
  The
• 30:01
  essence
• 30:02
  is
• 30:02
  there's
• 30:03
  no
• 30:03
  such
• 30:03
  thing
• 30:03
  as
• 30:03
  a
• 30:03
  suburban
• 30:04
  or
• 30:04
  urban
• 30:04
  retailer
• 30:04
  anymore.
• 30:05
  Everyone
• 30:05
  can
• 30:05
  be
• 30:05
  everything.
• 30:06
  It's
• 30:06
  just,
• 30:06
  is
• 30:06
  your
• 30:06
  audience
• 30:07
  there?
• 30:07
  And
• 30:08
  do
• 30:08
  you
• 30:08
  tailor
• 30:08
  the
• 30:08
  experience
• 30:09
  in
• 30:09
  those
• 30:09
  stores
• 30:09
  to
• 30:10
  those,
• 30:10
  to
• 30:10
  those
• 30:10
  locations?
• 30:11
  I
• 30:11
  think
• 30:12
  that's
• 30:12
  a
• 30:12
  big
• 30:12
  piece
• 30:13
  of
• 30:13
  what
• 30:13
  the
• 30:14
  next
• 30:14
  10
• 30:14
  years
• 30:14
  of
• 30:15
  retail
• 30:15
  is
• 30:15
  going
• 30:15
  to
• 30:15
  look
• 30:15
  like,
• 30:15
  of
• 30:16
  really
• 30:16
  settling
• 30:17
  into
• 30:17
  that
• 30:17
  potential
• 30:18
  and
• 30:18
  opportunity.
• 30:20
  This
• 30:20
  is
• 30:20
  so
• 30:20
  funny
• 30:21
  that.
• 30:21
  I
• 30:21
  was
• 30:21
  at
• 30:21
  my
• 30:21
  doctor's
• 30:22
  office
• 30:22
  yesterday,
• 30:22
  believe
• 30:22
  it
• 30:23
  or
• 30:23
  not,
• 30:23
  and
• 30:23
  the
• 30:24
  nurse
• 30:24
  asked
• 30:24
  me,
• 30:24
  she's
• 30:25
  like,
• 30:25
  what
• 30:25
  do
• 30:25
  you
• 30:25
  do?
• 30:25
  I'm
• 30:25
  like,
• 30:25
  well,
• 30:25
  I'm
• 30:25
  a
• 30:26
  podcaster.
• 30:26
  What
• 30:26
  do
• 30:26
  you
• 30:26
  podcast
• 30:27
  about?
• 30:27
  I
• 30:27
  podcast
• 30:27
  about
• 30:27
  retail.
• 30:28
  She's
• 30:28
  like,
• 30:28
  oh,
• 30:28
  what
• 30:28
  do
• 30:28
  these
• 30:29
  could
• 30:29
  happen
• 30:29
  with
• 30:29
  malls?
• 30:30
  And
• 30:30
  I
• 30:31
  feel,
• 30:31
  I
• 30:31
  feel
• 30:31
  pretty
• 30:31
  good
• 30:31
  about
• 30:32
  my
• 30:32
  answer
• 30:32
  because
• 30:32
  I
• 30:32
  was
• 30:32
  like,
• 30:32
  well,
• 30:33
  I
• 30:33
  think
• 30:33
  malls
• 30:33
  have
• 30:33
  a
• 30:33
  reason
• 30:33
  to
• 30:34
  exist.
• 30:34
  And
• 30:34
  you
• 30:34
  know,
• 30:35
  what
• 30:35
  you
• 30:35
  told
• 30:35
  me
• 30:35
  is
• 30:35
  they're,
• 30:36
  they're
• 30:36
  still
• 30:36
  just
• 30:37
  rebalancing
• 30:37
  themselves.
• 30:38
  They're
• 30:38
  rebalancing
• 30:38
  themselves
• 30:39
  on
• 30:39
  what
• 30:39
  brands
• 30:40
  they
• 30:40
  have,
• 30:40
  they're
• 30:40
  rebalancing
• 30:41
  themselves
• 30:41
  on
• 30:41
  what
• 30:42
  experiences
• 30:43
  they
• 30:43
  have.
• 30:43
  And
• 30:43
  they're
• 30:44
  rebalancing
• 30:44
  themselves
• 30:44
  in
• 30:45
  terms
• 30:45
  of
• 30:45
  trying
• 30:45
  to
• 30:45
  understand
• 30:45
  what
• 30:46
  customer
• 30:46
  they're
• 30:47
  trying
• 30:47
  to
• 30:47
  serve
• 30:47
  at
• 30:47
  the
• 30:47
  end
• 30:48
  of
• 30:48
  the
• 30:48
  day.
• 30:48
  And
• 30:48
  so
• 30:48
  that's
• 30:48
  what
• 30:49
  we're
• 30:49
  seeing.
• 30:49
  And,
• 30:50
  and
• 30:50
  so
• 30:50
  overall
• 30:51
  it's,
• 30:51
  it's
• 30:52
  nice
• 30:52
  to
• 30:52
  see
• 30:52
  some
• 30:52
  positive
• 30:52
  momentum
• 30:53
  in
• 30:53
  that
• 30:53
  space
• 30:53
  too
• 30:54
  because,
• 30:54
  you
• 30:54
  know,
• 30:55
  as
• 30:55
  we
• 30:55
  talked
• 30:55
  about
• 30:55
  on
• 30:55
  the
• 30:55
  show,
• 30:55
  many,
• 30:56
  many
• 30:56
  years,
• 30:57
  the
• 30:57
  malls
• 30:57
  have
• 30:57
  been
• 30:58
  a
• 30:58
  tough
• 30:58
  segment.
• 30:59
  Yeah,
• 30:59
  well,
• 31:00
  and,
• 31:00
  and
• 31:00
  I
• 31:01
  think,
• 31:02
  yeah,
• 31:02
  and
• 31:02
  I
• 31:03
  think
• 31:03
  as
• 31:03
  you
• 31:03
  start
• 31:03
  to
• 31:03
  see
• 31:04
  some
• 31:04
  of
• 31:04
  these
• 31:04
  larger
• 31:05
  stores,
• 31:06
  like
• 31:06
  a
• 31:06
  Joanne
• 31:07
  in
• 31:07
  a,
• 31:07
  in
• 31:07
  a
• 31:08
  power
• 31:08
  stress
• 31:08
  center
• 31:09
  or
• 31:09
  something,
• 31:09
  start
• 31:10
  to
• 31:10
  vacate
• 31:11
  how
• 31:11
  they
• 31:11
  break
• 31:11
  up
• 31:11
  these
• 31:12
  spaces,
• 31:12
  like
• 31:13
  Ethan
• 31:13
  saying
• 31:14
  to
• 31:14
  be
• 31:15
  more
• 31:15
  appropriate
• 31:16
  for
• 31:17
  the
• 31:17
  demographic
• 31:18
  around
• 31:18
  that
• 31:19
  mall
• 31:19
  or
• 31:19
  to
• 31:19
  be
• 31:19
  more
• 31:19
  relevant
• 31:20
  with
• 31:21
  a
• 31:21
  food
• 31:21
  concept
• 31:22
  or
• 31:22
  an
• 31:22
  entertainment
• 31:22
  concept
• 31:23
  or
• 31:23
  something,
• 31:23
  that's
• 31:23
  going
• 31:24
  to
• 31:24
  draw
• 31:24
  more
• 31:24
  traffic,
• 31:25
  I
• 31:25
  think
• 31:25
  that
• 31:26
  also
• 31:26
  opens
• 31:26
  up
• 31:27
  some
• 31:27
  opportunity
• 31:27
  because
• 31:28
  you
• 31:28
  don't
• 31:28
  have
• 31:28
  those.
• 31:29
  Those
• 31:29
  leases
• 31:29
  that
• 31:29
  are
• 31:30
  being
• 31:30
  signed
• 31:30
  for
• 31:31
  10
• 31:31
  years
• 31:31
  by
• 31:31
  one
• 31:32
  of
• 31:32
  these
• 31:32
  tenants
• 31:32
  anymore.
• 31:33
  Yeah.
• 31:34
  And
• 31:34
  you
• 31:34
  have.
• 31:35
  And
• 31:35
  the
• 31:35
  creative.
• 31:36
  It's
• 31:36
  just
• 31:36
  the
• 31:37
  cost
• 31:37
  of
• 31:37
  building
• 31:37
  is
• 31:38
  so.
• 31:38
  Is
• 31:38
  so
• 31:38
  high.
• 31:39
  So
• 31:39
  it's
• 31:40
  really
• 31:40
  difficult.
• 31:40
  Was
• 31:41
  really
• 31:41
  interesting
• 31:41
  as
• 31:41
  we
• 31:42
  were
• 31:42
  at
• 31:42
  a
• 31:42
  major
• 31:43
  retail
• 31:43
  real
• 31:43
  estate
• 31:44
  conference
• 31:44
  in
• 31:44
  May,
• 31:45
  and
• 31:46
  there
• 31:47
  it
• 31:47
  was
• 31:47
  fascinating
• 31:48
  to
• 31:48
  see
• 31:49
  how.
• 31:50
  It's
• 31:50
  not
• 31:50
  that
• 31:51
  retailers
• 31:51
  are
• 31:52
  still.
• 31:52
  Obviously,
• 31:52
  have
• 31:52
  a
• 31:53
  ton
• 31:53
  of
• 31:53
  power
• 31:53
  and
• 31:53
  control
• 31:54
  in
• 31:54
  these
• 31:54
  conversations.
• 31:54
  Let's
• 31:55
  not
• 31:55
  minimize
• 31:55
  that
• 31:55
  in
• 31:56
  the
• 31:56
  slightest.
• 31:57
  But
• 31:57
  it's
• 31:57
  not
• 31:57
  what
• 31:58
  it
• 31:58
  was
• 31:58
  because
• 31:59
  they
• 31:59
  know
• 31:59
  they
• 32:00
  need
• 32:00
  the
• 32:00
  space,
• 32:00
  and
• 32:01
  they
• 32:01
  know
• 32:01
  there's
• 32:01
  not
• 32:01
  enough
• 32:02
  good
• 32:02
  space
• 32:02
  available.
• 32:03
  And
• 32:03
  so
• 32:04
  they're
• 32:04
  now
• 32:04
  trying
• 32:04
  to
• 32:04
  think
• 32:04
  of,
• 32:05
  like,
• 32:05
  well,
• 32:05
  how
• 32:05
  do
• 32:05
  I
• 32:06
  make
• 32:06
  do
• 32:06
  with
• 32:06
  this
• 32:07
  piece
• 32:07
  of
• 32:07
  property?
• 32:08
  That
• 32:08
  wouldn't
• 32:08
  be
• 32:08
  my
• 32:08
  ideal
• 32:09
  normally,
• 32:09
  but
• 32:09
  everything's
• 32:10
  taken
• 32:10
  up
• 32:10
  and
• 32:10
  this
• 32:10
  brand
• 32:11
  is
• 32:11
  rising,
• 32:11
  and
• 32:11
  I
• 32:12
  need
• 32:12
  to
• 32:12
  be
• 32:12
  in
• 32:12
  this
• 32:12
  area.
• 32:12
  And
• 32:14
  it
• 32:14
  is
• 32:15
  a
• 32:15
  fundamentally
• 32:16
  different
• 32:17
  environment
• 32:17
  than
• 32:17
  it
• 32:17
  was
• 32:18
  seven,
• 32:18
  eight
• 32:18
  years
• 32:18
  ago.
• 32:18
  And
• 32:19
  I
• 32:19
  think
• 32:19
  it's
• 32:19
  really
• 32:20
  exciting.
• 32:21
  Just
• 32:21
  the
• 32:21
  power
• 32:22
  and
• 32:22
  the
• 32:22
  role
• 32:23
  of
• 32:23
  the
• 32:23
  physical
• 32:23
  space.
• 32:24
  I
• 32:24
  think
• 32:25
  if
• 32:25
  we
• 32:26
  were
• 32:26
  to.
• 32:27
  If
• 32:28
  we
• 32:28
  Zoom
• 32:28
  forward
• 32:28
  to
• 32:29
  2030,
• 32:29
  I
• 32:30
  think
• 32:30
  we
• 32:30
  say,
• 32:30
  what
• 32:30
  is
• 32:30
  one
• 32:30
  of
• 32:31
  the
• 32:31
  biggest
• 32:31
  takeaways
• 32:31
  of
• 32:31
  the
• 32:31
  2020s?
• 32:32
  It's
• 32:32
  going
• 32:32
  to
• 32:33
  be
• 32:33
  that
• 32:33
  physical
• 32:34
  space
• 32:35
  isn't
• 32:35
  any
• 32:35
  less
• 32:36
  important.
• 32:37
  It's
• 32:37
  just
• 32:37
  important
• 32:37
  in
• 32:38
  different
• 32:38
  ways
• 32:38
  than
• 32:38
  it
• 32:38
  was
• 32:38
  before.
• 32:39
  Yeah.
• 32:40
  Yeah.
• 32:41
  And
• 32:41
  we
• 32:41
  don't
• 32:41
  need
• 32:41
  as
• 32:42
  much
• 32:42
  of
• 32:42
  it.
• 32:42
  I
• 32:42
  mean,
• 32:42
  that's
• 32:42
  the
• 32:42
  other
• 32:43
  thing.
• 32:43
  Part
• 32:43
  of
• 32:43
  this
• 32:43
  discussion,
• 32:44
  too,
• 32:44
  which
• 32:44
  we
• 32:44
  haven't
• 32:44
  talked
• 32:45
  about,
• 32:45
  is
• 32:45
  some
• 32:45
  of
• 32:45
  the
• 32:45
  malls
• 32:46
  that
• 32:46
  were
• 32:46
  competing
• 32:46
  in
• 32:47
  this
• 32:47
  space
• 32:47
  have
• 32:47
  died
• 32:47
  off.
• 32:47
  You
• 32:48
  know,
• 32:48
  they've
• 32:48
  gone
• 32:48
  away.
• 32:48
  They're
• 32:49
  not
• 32:49
  as
• 32:49
  relevant
• 32:50
  anymore.
• 32:50
  And
• 32:50
  that's
• 32:50
  a
• 32:50
  factor,
• 32:51
  too.
• 32:51
  Yeah,
• 32:52
  totally.
• 32:52
  Or
• 32:52
  they
• 32:52
  repurpose.
• 32:53
  They
• 32:53
  were
• 32:53
  focused
• 32:53
  on
• 32:53
  other
• 32:54
  things.
• 32:55
  Okay.
• 32:56
  The
• 32:57
  last
• 32:57
  bit
• 32:58
  is
• 32:58
  the
• 32:58
  needs
• 32:58
  improvement
• 32:59
  category.
• 33:00
  All
• 33:00
  right,
• 33:00
  here
• 33:00
  we
• 33:01
  go.
• 33:01
  Here
• 33:01
  we
• 33:02
  go.
• 33:02
  The
• 33:03
  gloves
• 33:03
  come
• 33:03
  on.
• 33:04
  But.
• 33:04
  Yeah,
• 33:04
  Right.
• 33:05
  So
• 33:05
  these
• 33:05
  are
• 33:05
  the
• 33:06
  ones
• 33:06
  where
• 33:06
  we
• 33:06
  think
• 33:06
  there's
• 33:06
  been
• 33:06
  some
• 33:07
  challenges.
• 33:07
  Right.
• 33:07
  And.
• 33:07
  Oh,
• 33:08
  boy,
• 33:08
  it's
• 33:08
  gonna
• 33:08
  be
• 33:08
  interesting
• 33:08
  to
• 33:09
  see
• 33:09
  how
• 33:09
  they.
• 33:09
  How
• 33:09
  they.
• 33:10
  So.
• 33:10
  And
• 33:10
  all
• 33:10
  of
• 33:11
  these
• 33:11
  are
• 33:11
  gonna
• 33:11
  obviously
• 33:11
  be
• 33:12
  massive
• 33:12
  surprises.
• 33:12
  No
• 33:12
  one
• 33:13
  signed.
• 33:13
  Wow.
• 33:14
  So
• 33:14
  the
• 33:14
  first
• 33:14
  is
• 33:15
  like.
• 33:15
  I
• 33:15
  mean,
• 33:15
  it's
• 33:16
  a
• 33:16
  weird
• 33:16
  one
• 33:16
  for
• 33:16
  me,
• 33:17
  and
• 33:17
  it
• 33:18
  breaks
• 33:18
  my
• 33:18
  one
• 33:18
  rule
• 33:18
  of
• 33:19
  never
• 33:19
  bet
• 33:19
  against
• 33:19
  Lululemon.
• 33:20
  But
• 33:22
  I
• 33:22
  think
• 33:22
  there's
• 33:23
  some
• 33:23
  certain
• 33:23
  challenges.
• 33:24
  And
• 33:24
  like,
• 33:24
  I.
• 33:25
  It's.
• 33:25
  It's.
• 33:27
  Again,
• 33:27
  I.
• 33:28
  Early
• 33:28
  on
• 33:29
  in
• 33:29
  my
• 33:29
  placer
• 33:29
  career,
• 33:30
  I
• 33:30
  looked
• 33:30
  at
• 33:30
  Lululemon
• 33:31
  stores,
• 33:31
  and
• 33:31
  I
• 33:31
  said,
• 33:31
  there's
• 33:31
  too
• 33:31
  many
• 33:32
  stores
• 33:32
  in
• 33:32
  too
• 33:32
  tight
• 33:32
  of
• 33:33
  a
• 33:33
  trade
• 33:33
  area.
• 33:34
  It
• 33:34
  doesn't
• 33:34
  seem
• 33:34
  like
• 33:34
  it
• 33:34
  makes
• 33:34
  sense.
• 33:35
  There's
• 33:35
  gonna
• 33:35
  be
• 33:35
  Cannibal.
• 33:37
  I
• 33:37
  would
• 33:37
  watch
• 33:37
  out
• 33:38
  for.
• 33:38
  And
• 33:38
  then
• 33:38
  I
• 33:38
  couldn't
• 33:39
  have
• 33:39
  been
• 33:39
  more
• 33:39
  wrong.
• 33:40
  And
• 33:40
  then
• 33:40
  you
• 33:41
  see
• 33:41
  kind
• 33:41
  of
• 33:41
  the
• 33:41
  dips
• 33:41
  and
• 33:41
  you're
• 33:42
  like,
• 33:42
  well,
• 33:42
  maybe
• 33:42
  I
• 33:43
  wasn't
• 33:43
  so
• 33:43
  wrong.
• 33:43
  Maybe
• 33:44
  there
• 33:44
  are
• 33:44
  some
• 33:44
  challenges
• 33:45
  in
• 33:45
  terms
• 33:45
  of
• 33:45
  how
• 33:45
  many
• 33:45
  locations
• 33:46
  they
• 33:46
  actually
• 33:46
  need
• 33:46
  and
• 33:46
  that's
• 33:47
  why
• 33:47
  visits
• 33:47
  are
• 33:47
  dropping.
• 33:48
  Perhaps
• 33:48
  it's.
• 33:49
  Look,
• 33:49
  there's
• 33:50
  just
• 33:50
  only
• 33:50
  so
• 33:50
  much
• 33:51
  of
• 33:51
  that
• 33:51
  cycling
• 33:51
  in
• 33:52
  and
• 33:52
  out
• 33:52
  of
• 33:52
  those
• 33:52
  clothes
• 33:52
  that
• 33:53
  you
• 33:53
  need.
• 33:53
  It's
• 33:54
  certainly
• 33:54
  not
• 33:54
  the
• 33:54
  fitness
• 33:55
  space
• 33:55
  slowing
• 33:55
  down.
• 33:55
  It's
• 33:55
  not.
• 33:56
  It
• 33:56
  could
• 33:56
  be
• 33:56
  competition,
• 33:57
  but
• 33:57
  I
• 33:57
  do
• 33:58
  think
• 33:58
  there
• 33:58
  is
• 33:58
  challenges
• 33:59
  in
• 33:59
  that
• 33:59
  space.
• 34:01
  Obviously,
• 34:02
  critically,
• 34:02
  you're
• 34:02
  talking
• 34:02
  about
• 34:02
  a
• 34:03
  dominant
• 34:03
  player.
• 34:03
  It's
• 34:04
  not
• 34:04
  like
• 34:04
  they've
• 34:04
  become
• 34:05
  undominant.
• 34:05
  If
• 34:05
  you
• 34:05
  look
• 34:06
  at
• 34:06
  Visit
• 34:06
  share,
• 34:06
  they
• 34:06
  are
• 34:07
  clearly
• 34:07
  the,
• 34:08
  the,
• 34:08
  the
• 34:08
  top
• 34:08
  player
• 34:09
  in
• 34:09
  that
• 34:09
  kind
• 34:09
  of
• 34:09
  niche.
• 34:10
  But
• 34:11
  it's
• 34:11
  not
• 34:11
  as.
• 34:12
  It's
• 34:12
  not
• 34:13
  as
• 34:13
  clear
• 34:13
  sailing
• 34:13
  as
• 34:14
  it
• 34:14
  might
• 34:14
  have
• 34:14
  been
• 34:14
  before.
• 34:14
  There
• 34:15
  is
• 34:15
  clearly
• 34:15
  competition
• 34:16
  that
• 34:16
  is
• 34:17
  making
• 34:17
  it
• 34:17
  more
• 34:17
  difficult
• 34:17
  for
• 34:18
  Lulu,
• 34:18
  though,
• 34:18
  again,
• 34:19
  we
• 34:19
  did
• 34:19
  see
• 34:19
  that
• 34:19
  pop
• 34:20
  at
• 34:20
  the
• 34:20
  end
• 34:20
  of
• 34:20
  May.
• 34:21
  Got
• 34:22
  it,
• 34:22
  Got
• 34:22
  it.
• 34:22
  So,
• 34:22
  so
• 34:23
  the,
• 34:23
  the
• 34:23
  big,
• 34:23
  the
• 34:23
  big
• 34:24
  stark
• 34:24
  con,
• 34:24
  the
• 34:25
  big,
• 34:25
  big
• 34:25
  one
• 34:25
  to
• 34:25
  call
• 34:25
  out
• 34:26
  here,
• 34:26
  though,
• 34:26
  Ethan,
• 34:27
  is,
• 34:27
  is
• 34:27
  Target.
• 34:28
  I
• 34:28
  mean,
• 34:28
  that's
• 34:28
  a
• 34:28
  precipitous
• 34:29
  drop
• 34:30
  in
• 34:30
  February.
• 34:31
  Any
• 34:32
  thoughts
• 34:32
  on
• 34:32
  that
• 34:32
  one?
• 34:33
  Okay,
• 34:34
  so
• 34:34
  I
• 34:34
  have
• 34:34
  many
• 34:35
  thoughts
• 34:35
  on
• 34:35
  Target.
• 34:37
  I
• 34:37
  think
• 34:38
  that
• 34:38
  clearly
• 34:39
  there
• 34:39
  was
• 34:39
  a
• 34:40
  negative
• 34:40
  impact
• 34:41
  to
• 34:41
  the
• 34:42
  more
• 34:42
  buzzy
• 34:43
  topics
• 34:43
  that
• 34:43
  were
• 34:43
  impacting.
• 34:44
  Whether
• 34:44
  it
• 34:44
  was
• 34:44
  this
• 34:44
  conversation
• 34:45
  around
• 34:45
  dei.
• 34:46
  I
• 34:46
  have
• 34:46
  no
• 34:46
  doubt
• 34:47
  that
• 34:47
  there
• 34:48
  is
• 34:48
  a
• 34:48
  significant
• 34:48
  portion
• 34:49
  of
• 34:49
  visitors
• 34:49
  that
• 34:49
  said,
• 34:50
  all
• 34:50
  right,
• 34:50
  it's
• 34:50
  not
• 34:50
  where
• 34:50
  it's
• 34:50
  going
• 34:50
  to
• 34:50
  go
• 34:51
  to
• 34:51
  my
• 34:51
  visit.
• 34:52
  I
• 34:52
  don't
• 34:52
  think
• 34:53
  that's
• 34:53
  the
• 34:53
  primary
• 34:53
  issue
• 34:54
  of
• 34:54
  their
• 34:54
  challenges.
• 34:55
  I
• 34:55
  think
• 34:56
  from
• 34:56
  my
• 34:56
  own
• 34:56
  personal
• 34:56
  shopping
• 34:57
  experience
• 34:57
  as
• 34:57
  a
• 34:58
  huge
• 34:58
  Target
• 34:58
  fan,
• 35:00
  I
• 35:00
  think
• 35:01
  we've
• 35:01
  all
• 35:01
  had
• 35:02
  experiences
• 35:02
  walking
• 35:02
  to
• 35:02
  a
• 35:02
  store
• 35:03
  that's
• 35:03
  just
• 35:03
  messier
• 35:03
  than
• 35:03
  it
• 35:03
  used
• 35:04
  to
• 35:04
  be.
• 35:04
  We've
• 35:04
  all
• 35:04
  had
• 35:04
  an
• 35:05
  experience
• 35:05
  of
• 35:05
  walking
• 35:05
  in
• 35:05
  where
• 35:06
  it's
• 35:06
  like,
• 35:06
  there's
• 35:06
  not
• 35:07
  as
• 35:07
  many
• 35:07
  people
• 35:07
  on
• 35:08
  staff
• 35:08
  to
• 35:08
  help
• 35:08
  you
• 35:09
  as
• 35:09
  there
• 35:09
  used
• 35:09
  to
• 35:09
  be.
• 35:10
  Right.
• 35:10
  And
• 35:10
  so
• 35:11
  I
• 35:11
  think,
• 35:12
  I
• 35:12
  think
• 35:13
  the
• 35:13
  core
• 35:14
  things,
• 35:14
  I
• 35:14
  think
• 35:15
  obviously
• 35:15
  there
• 35:15
  are
• 35:15
  those
• 35:15
  kind
• 35:16
  of
• 35:16
  shocks
• 35:16
  to
• 35:16
  the
• 35:16
  system.
• 35:16
  There
• 35:17
  are
• 35:17
  things
• 35:17
  that
• 35:17
  create
• 35:17
  kind
• 35:17
  of,
• 35:18
  kind
• 35:18
  of
• 35:18
  challenges.
• 35:20
  I
• 35:20
  feel
• 35:20
  like
• 35:20
  it
• 35:20
  is
• 35:21
  a.
• 35:22
  If
• 35:22
  I
• 35:22
  were,
• 35:23
  I
• 35:24
  know
• 35:24
  it's
• 35:24
  going
• 35:24
  to
• 35:24
  shock
• 35:24
  you.
• 35:24
  They're
• 35:24
  not
• 35:25
  asking
• 35:25
  me
• 35:25
  to
• 35:25
  be
• 35:25
  the
• 35:25
  CEO
• 35:25
  of
• 35:26
  Target,
• 35:26
  but
• 35:26
  if
• 35:26
  they
• 35:26
  were
• 35:26
  to
• 35:27
  ask
• 35:27
  me
• 35:27
  to
• 35:27
  be
• 35:27
  the
• 35:27
  CEO
• 35:27
  of
• 35:28
  Target,
• 35:28
  I
• 35:28
  would
• 35:28
  be
• 35:28
  like,
• 35:29
  let's
• 35:29
  not
• 35:29
  forget
• 35:30
  what
• 35:30
  makes
• 35:31
  Target
• 35:31
  so
• 35:31
  special.
• 35:32
  It's
• 35:32
  something
• 35:32
  we've
• 35:32
  talked
• 35:33
  about
• 35:33
  so
• 35:33
  many
• 35:33
  times.
• 35:33
  They
• 35:34
  are
• 35:34
  the,
• 35:35
  maybe
• 35:35
  the
• 35:36
  only
• 35:36
  retailer
• 35:37
  who's
• 35:37
  ever
• 35:37
  proven
• 35:38
  to
• 35:38
  consistently
• 35:39
  understand
• 35:39
  what
• 35:40
  the
• 35:40
  middle
• 35:41
  cares
• 35:41
  about.
• 35:41
  They
• 35:41
  care
• 35:42
  about
• 35:42
  how
• 35:42
  they
• 35:43
  can
• 35:43
  create
• 35:43
  this
• 35:44
  Mix
• 35:44
  of
• 35:44
  products
• 35:44
  that
• 35:45
  are
• 35:45
  higher
• 35:45
  end
• 35:45
  but
• 35:45
  I'm
• 35:46
  willing
• 35:46
  to
• 35:46
  buy.
• 35:46
  But
• 35:46
  here
• 35:46
  it's
• 35:47
  right
• 35:47
  next
• 35:47
  to
• 35:47
  this
• 35:47
  value
• 35:47
  product
• 35:48
  that
• 35:48
  I
• 35:48
  don't
• 35:48
  want
• 35:48
  to
• 35:48
  spend
• 35:48
  too
• 35:48
  much
• 35:49
  on.
• 35:49
  And
• 35:50
  that
• 35:50
  is
• 35:50
  kind
• 35:50
  of
• 35:50
  a
• 35:51
  magic
• 35:51
  mix,
• 35:52
  I
• 35:52
  think.
• 35:52
  Going
• 35:53
  back
• 35:53
  to
• 35:53
  basics,
• 35:54
  making
• 35:54
  sure
• 35:55
  the
• 35:55
  stores
• 35:55
  are
• 35:55
  effective,
• 35:56
  making
• 35:56
  sure
• 35:56
  that
• 35:56
  the
• 35:57
  pricing
• 35:57
  is
• 35:57
  right.
• 35:58
  I
• 35:58
  don't
• 35:58
  think
• 35:58
  any
• 35:58
  of
• 35:58
  these
• 36:00
  more
• 36:00
  buzzy
• 36:01
  topics
• 36:01
  are
• 36:01
  as
• 36:02
  big
• 36:02
  as
• 36:03
  the,
• 36:03
  as
• 36:03
  the
• 36:03
  core
• 36:03
  elements.
• 36:04
  And
• 36:04
  I
• 36:04
  think
• 36:04
  you
• 36:04
  would
• 36:04
  see
• 36:04
  a
• 36:05
  very
• 36:05
  rapid
• 36:06
  turnaround
• 36:06
  if
• 36:07
  just
• 36:07
  some
• 36:07
  of
• 36:07
  the
• 36:07
  basics
• 36:08
  were
• 36:08
  back
• 36:08
  in
• 36:09
  line.
• 36:10
  Ethan,
• 36:11
  I'm
• 36:11
  curious
• 36:11
  too.
• 36:11
  Do
• 36:12
  you
• 36:12
  know,
• 36:12
  you
• 36:12
  might
• 36:12
  not
• 36:13
  know
• 36:13
  this
• 36:13
  too.
• 36:13
  This
• 36:13
  might
• 36:13
  be
• 36:13
  similar
• 36:13
  to
• 36:14
  the
• 36:14
  Walmart
• 36:14
  question
• 36:14
  and
• 36:15
  something
• 36:15
  that
• 36:15
  you
• 36:15
  and
• 36:16
  I
• 36:16
  could
• 36:16
  potentially
• 36:16
  look
• 36:16
  at
• 36:16
  from
• 36:17
  my
• 36:17
  next
• 36:17
  article
• 36:18
  I
• 36:18
  put
• 36:18
  together
• 36:18
  for
• 36:18
  you
• 36:18
  guys
• 36:19
  too.
• 36:19
  Do
• 36:19
  you
• 36:19
  know,
• 36:20
  are
• 36:20
  these
• 36:20
  traffic
• 36:20
  patterns
• 36:21
  consistent
• 36:21
  by
• 36:22
  geography
• 36:22
  or
• 36:23
  do
• 36:23
  they
• 36:23
  skew
• 36:24
  one
• 36:24
  way
• 36:24
  or
• 36:25
  another?
• 36:25
  You
• 36:25
  know,
• 36:26
  depending
• 36:26
  on
• 36:26
  where
• 36:26
  you're
• 36:26
  looking
• 36:27
  in
• 36:27
  the
• 36:27
  United
• 36:27
  States,
• 36:27
  you
• 36:28
  know
• 36:28
  the
• 36:28
  answer
• 36:28
  to
• 36:28
  that.
• 36:28
  I'm
• 36:28
  just
• 36:28
  curious.
• 36:29
  We
• 36:29
  did
• 36:29
  look
• 36:30
  at
• 36:30
  this
• 36:30
  one.
• 36:30
  I
• 36:30
  haven't
• 36:31
  done
• 36:31
  an
• 36:31
  update
• 36:31
  recently,
• 36:32
  so
• 36:32
  I
• 36:32
  don't
• 36:32
  want
• 36:33
  to
• 36:33
  speak
• 36:33
  at
• 36:33
  a
• 36:33
  turn.
• 36:33
  It
• 36:34
  might
• 36:34
  be
• 36:34
  different,
• 36:34
  but
• 36:34
  it
• 36:34
  wasn't
• 36:35
  anything
• 36:35
  dramatic.
• 36:36
  It
• 36:37
  wasn't.
• 36:37
  Okay,
• 36:37
  so
• 36:37
  it's
• 36:38
  consistent
• 36:38
  across
• 36:38
  the
• 36:38
  board.
• 36:39
  Which
• 36:39
  again
• 36:40
  leads
• 36:40
  you
• 36:40
  into
• 36:40
  this
• 36:40
  idea
• 36:41
  that
• 36:41
  like
• 36:41
  there's
• 36:42
  a
• 36:42
  lot
• 36:42
  of
• 36:42
  things
• 36:42
  happening
• 36:43
  and
• 36:43
  look,
• 36:43
  there's
• 36:43
  also
• 36:43
  important
• 36:44
  things.
• 36:44
  A
• 36:44
  lot
• 36:44
  of
• 36:44
  operational
• 36:45
  dynamics.
• 36:45
  Yeah,
• 36:46
  exactly.
• 36:46
  Like
• 36:47
  weather
• 36:47
  has
• 36:47
  an
• 36:48
  effect
• 36:48
  and
• 36:48
  it's
• 36:48
  also,
• 36:48
  it's
• 36:49
  coming
• 36:49
  back.
• 36:50
  Like,
• 36:50
  let's
• 36:51
  be
• 36:51
  clear,
• 36:51
  like
• 36:51
  the
• 36:51
  visit
• 36:51
  gaps
• 36:52
  were
• 36:52
  larger
• 36:52
  in
• 36:53
  February,
• 36:53
  smaller
• 36:53
  in
• 36:54
  March,
• 36:54
  smaller
• 36:54
  in
• 36:54
  April,
• 36:55
  smaller
• 36:55
  in
• 36:55
  May.
• 36:56
  Back
• 36:57
  to
• 36:57
  school
• 36:57
  is
• 36:57
  a
• 36:57
  very
• 36:57
  good
• 36:58
  time
• 36:58
  to
• 36:58
  then
• 36:58
  carry
• 36:59
  that,
• 36:59
  that,
• 36:59
  that
• 37:00
  turnaround
• 37:00
  further.
• 37:01
  I
• 37:02
  also
• 37:02
  think,
• 37:02
  and
• 37:02
  it's,
• 37:03
  it's
• 37:03
  super
• 37:03
  important
• 37:03
  to
• 37:04
  remind
• 37:04
  ourselves
• 37:04
  of
• 37:04
  this.
• 37:05
  It's.
• 37:06
  We
• 37:06
  have
• 37:06
  a
• 37:06
  tendency
• 37:07
  to
• 37:07
  look
• 37:07
  at
• 37:07
  the,
• 37:08
  the
• 37:08
  leaders
• 37:09
  of
• 37:09
  the
• 37:09
  space
• 37:09
  and
• 37:09
  call
• 37:10
  out
• 37:10
  the
• 37:10
  small
• 37:10
  weaknesses.
• 37:11
  And
• 37:11
  this
• 37:11
  is
• 37:11
  like,
• 37:12
  I'll
• 37:12
  pull
• 37:12
  the
• 37:12
  sports
• 37:12
  example,
• 37:13
  but
• 37:13
  think
• 37:14
  of
• 37:14
  like,
• 37:14
  oh
• 37:15
  my
• 37:15
  God,
• 37:15
  Giannis
• 37:16
  is
• 37:16
  having
• 37:16
  a
• 37:17
  rough
• 37:17
  season.
• 37:17
  He's
• 37:18
  only
• 37:18
  averaging
• 37:18
  25
• 37:19
  points
• 37:19
  a
• 37:19
  game
• 37:20
  this
• 37:20
  year.
• 37:20
  It's
• 37:20
  like,
• 37:20
  yeah,
• 37:21
  he's
• 37:21
  one
• 37:21
  of
• 37:21
  them.
• 37:21
  Let's,
• 37:22
  let's
• 37:22
  not.
• 37:22
  And
• 37:23
  so
• 37:23
  I
• 37:23
  do
• 37:23
  think
• 37:23
  it's
• 37:23
  like
• 37:23
  very
• 37:24
  often
• 37:24
  and
• 37:24
  I
• 37:25
  this
• 37:25
  is
• 37:25
  especially
• 37:26
  so
• 37:26
  as
• 37:26
  someone
• 37:26
  who
• 37:26
  is
• 37:27
  a,
• 37:28
  a
• 37:28
  very
• 37:28
  avid
• 37:29
  target
• 37:30
  shopper.
• 37:31
  Right.
• 37:31
  It's
• 37:32
  like,
• 37:32
  look,
• 37:32
  yeah,
• 37:32
  you're
• 37:33
  a
• 37:33
  little
• 37:33
  frustrated,
• 37:33
  but
• 37:33
  let's
• 37:33
  not
• 37:34
  forget
• 37:34
  all
• 37:34
  the
• 37:34
  amazing
• 37:35
  things
• 37:35
  are
• 37:35
  happening,
• 37:35
  the
• 37:35
  good
• 37:35
  things
• 37:35
  and
• 37:36
  the
• 37:36
  positive
• 37:36
  momentum.
• 37:37
  So
• 37:38
  I
• 37:38
  think
• 37:38
  there
• 37:38
  is
• 37:39
  clearly
• 37:39
  needs,
• 37:40
  there
• 37:40
  is
• 37:40
  a
• 37:40
  fits
• 37:41
  in
• 37:41
  this
• 37:41
  needs
• 37:41
  improvement
• 37:42
  category
• 37:42
  for,
• 37:43
  for
• 37:43
  the
• 37:43
  first
• 37:43
  half.
• 37:44
  But
• 37:44
  if
• 37:44
  this
• 37:44
  is
• 37:44
  something
• 37:44
  that
• 37:45
  Turned
• 37:45
  around
• 37:45
  fast.
• 37:46
  Would
• 37:46
  it
• 37:46
  surprise
• 37:46
  me
• 37:47
  in
• 37:47
  the
• 37:47
  slightest?
• 37:47
  No.
• 37:48
  No.
• 37:48
  Right?
• 37:49
  Yeah.
• 37:49
  It's
• 37:49
  still
• 37:49
  like
• 37:49
  a
• 37:49
  $100
• 37:50
  billion
• 37:50
  retailer.
• 37:50
  That's
• 37:51
  what
• 37:51
  you're
• 37:51
  saying.
• 37:51
  Like,
• 37:51
  you
• 37:51
  know,
• 37:52
  we
• 37:52
  don't
• 37:52
  want
• 37:52
  to
• 37:52
  be
• 37:52
  a
• 37:52
  hundred
• 37:53
  billion
• 37:53
  dollar
• 37:53
  retailer.
• 37:54
  They're
• 37:54
  so
• 37:54
  innovative
• 37:55
  and
• 37:55
  they've
• 37:55
  been
• 37:55
  so
• 37:55
  far
• 37:55
  ahead
• 37:55
  of
• 37:56
  the
• 37:56
  curve
• 37:56
  and
• 37:56
  their
• 37:56
  innovation
• 37:56
  has
• 37:57
  been
• 37:57
  smart
• 37:57
  and
• 37:57
  it
• 37:57
  hasn't
• 37:58
  been
• 37:58
  this
• 37:58
  like,
• 37:59
  overstretching
• 38:00
  for
• 38:00
  the
• 38:00
  most
• 38:00
  part.
• 38:01
  Like,
• 38:01
  so
• 38:02
  again,
• 38:02
  it's
• 38:03
  like,
• 38:03
  for
• 38:03
  me,
• 38:04
  like,
• 38:04
  I
• 38:04
  always
• 38:04
  throw
• 38:05
  Best
• 38:05
  Buy
• 38:05
  into
• 38:05
  this
• 38:05
  category
• 38:06
  too.
• 38:06
  Of
• 38:06
  like,
• 38:06
  you
• 38:07
  think
• 38:07
  about
• 38:07
  how
• 38:07
  many
• 38:07
  strategic
• 38:08
  decisions
• 38:08
  you've
• 38:08
  seen
• 38:08
  Best
• 38:09
  Buy
• 38:09
  roll
• 38:09
  out
• 38:09
  and
• 38:09
  be
• 38:09
  like,
• 38:10
  if
• 38:10
  I
• 38:10
  trust
• 38:10
  somebody
• 38:11
  to
• 38:11
  kind
• 38:11
  of
• 38:12
  find
• 38:12
  their
• 38:12
  way
• 38:12
  after
• 38:13
  like
• 38:13
  a
• 38:13
  bumpier
• 38:14
  period,
• 38:14
  it's
• 38:14
  these
• 38:15
  retailers
• 38:15
  that
• 38:15
  you
• 38:15
  see
• 38:15
  consistently
• 38:16
  make
• 38:16
  smart
• 38:16
  decisions,
• 38:16
  strategic
• 38:17
  decisions
• 38:17
  that
• 38:17
  have
• 38:18
  that
• 38:18
  brand.
• 38:18
  And
• 38:19
  so
• 38:19
  again,
• 38:19
  they.
• 38:20
  I
• 38:20
  put
• 38:20
  them
• 38:20
  in
• 38:20
  that
• 38:20
  same
• 38:21
  category.
• 38:23
  All
• 38:23
  right.
• 38:23
  Others.
• 38:24
  Dave
• 38:24
  and
• 38:24
  Busters
• 38:25
  was
• 38:25
  one
• 38:25
  that
• 38:25
  we
• 38:25
  were
• 38:25
  seeing
• 38:26
  amazing
• 38:26
  things
• 38:26
  from.
• 38:27
  We
• 38:27
  saw
• 38:27
  that
• 38:27
  kind
• 38:28
  of
• 38:28
  fade.
• 38:28
  I
• 38:28
  think
• 38:29
  a
• 38:29
  lot
• 38:29
  of
• 38:29
  that
• 38:29
  is
• 38:29
  pricing.
• 38:30
  I
• 38:30
  think
• 38:30
  a
• 38:30
  lot
• 38:30
  of
• 38:30
  that
• 38:31
  is
• 38:32
  this
• 38:32
  whole
• 38:32
  experience
• 38:33
  model
• 38:33
  is
• 38:34
  fantastic
• 38:34
  and
• 38:34
  it
• 38:35
  certainly
• 38:35
  drives
• 38:35
  attention.
• 38:36
  But
• 38:37
  it.
• 38:37
  At
• 38:37
  what
• 38:37
  point
• 38:38
  are
• 38:38
  you
• 38:38
  like,
• 38:38
  well,
• 38:38
  you
• 38:38
  know,
• 38:38
  fine,
• 38:38
  we
• 38:39
  can
• 38:39
  do
• 38:39
  without
• 38:39
  the
• 38:39
  Skeet
• 38:39
  ball
• 38:39
  today.
• 38:40
  We're
• 38:40
  going
• 38:40
  to
• 38:40
  go,
• 38:40
  we're
• 38:40
  going
• 38:40
  to
• 38:41
  go
• 38:41
  to
• 38:41
  this
• 38:41
  other
• 38:41
  restaurant
• 38:41
  because
• 38:41
  they're
• 38:42
  a
• 38:42
  little
• 38:42
  bit
• 38:42
  cheaper.
• 38:42
  We're
• 38:43
  trying
• 38:43
  to
• 38:43
  save
• 38:43
  a
• 38:43
  few
• 38:43
  bucks.
• 38:43
  Right.
• 38:44
  Like,
• 38:44
  and
• 38:45
  so
• 38:45
  I
• 38:45
  think
• 38:45
  finding
• 38:46
  these,
• 38:46
  these
• 38:46
  extra
• 38:47
  layers
• 38:48
  and,
• 38:48
  and
• 38:48
  elements
• 38:49
  are.
• 38:49
  Is
• 38:49
  going
• 38:49
  to
• 38:49
  be
• 38:49
  really
• 38:50
  key
• 38:50
  in
• 38:50
  that.
• 38:50
  And
• 38:50
  then
• 38:50
  Wendy's.
• 38:51
  I
• 38:51
  think
• 38:51
  Wendy's.
• 38:51
  A
• 38:52
  lot
• 38:52
  of
• 38:52
  the
• 38:52
  visit
• 38:52
  decline
• 38:52
  has
• 38:53
  been
• 38:53
  because
• 38:53
  of
• 38:53
  the
• 38:54
  removal
• 38:54
  of
• 38:54
  breakfast.
• 38:54
  Right?
• 38:55
  They
• 38:55
  made
• 38:55
  this
• 38:55
  play
• 38:56
  into
• 38:56
  breakfast.
• 38:56
  It
• 38:57
  did
• 38:57
  see
• 38:57
  some
• 38:57
  visit
• 38:57
  peaks
• 38:58
  and
• 38:58
  some
• 38:58
  expansion
• 38:58
  of
• 38:59
  that
• 38:59
  play.
• 38:59
  They
• 38:59
  removed
• 39:00
  it.
• 39:00
  We're
• 39:00
  seeing
• 39:00
  some,
• 39:01
  some
• 39:01
  the
• 39:01
  decrease
• 39:02
  in
• 39:02
  obviously
• 39:02
  in
• 39:02
  that
• 39:02
  segment
• 39:03
  when
• 39:03
  you
• 39:03
  don't
• 39:03
  have
• 39:03
  a
• 39:03
  breakfast
• 39:03
  offering
• 39:04
  or
• 39:04
  the
• 39:04
  same
• 39:05
  caliber
• 39:05
  breakfast
• 39:05
  offering.
• 39:06
  And
• 39:06
  so
• 39:08
  this
• 39:08
  kind
• 39:08
  of
• 39:08
  what's
• 39:09
  their
• 39:09
  next
• 39:09
  move
• 39:09
  in
• 39:10
  a
• 39:10
  very
• 39:10
  competitive
• 39:11
  space
• 39:11
  is
• 39:12
  going
• 39:12
  to
• 39:12
  be
• 39:12
  really
• 39:12
  interesting.
• 39:13
  You
• 39:13
  know,
• 39:13
  obviously,
• 39:14
  you
• 39:14
  know,
• 39:15
  chicken
• 39:15
  players
• 39:15
  are
• 39:15
  still
• 39:15
  like
• 39:16
  this
• 39:16
  dominant,
• 39:16
  ridiculously
• 39:18
  strong
• 39:18
  force
• 39:18
  that
• 39:18
  you're
• 39:19
  like,
• 39:19
  at
• 39:19
  some
• 39:19
  point
• 39:19
  people
• 39:20
  are
• 39:20
  gonna
• 39:20
  not
• 39:21
  care
• 39:21
  about
• 39:21
  that
• 39:21
  as
• 39:21
  much.
• 39:22
  Stop
• 39:22
  eating
• 39:22
  chicken.
• 39:24
  But
• 39:24
  like,
• 39:24
  but
• 39:24
  yeah,
• 39:25
  but
• 39:25
  like,
• 39:25
  why
• 39:25
  have
• 39:25
  we
• 39:25
  stopped
• 39:26
  eating
• 39:26
  like
• 39:26
  burgers
• 39:26
  and
• 39:26
  sandwiches?
• 39:27
  And
• 39:27
  so
• 39:27
  it's.
• 39:28
  I
• 39:28
  think
• 39:28
  there
• 39:28
  is
• 39:28
  this.
• 39:29
  A
• 39:29
  lot
• 39:29
  of
• 39:30
  folks
• 39:30
  are
• 39:30
  kind
• 39:30
  of
• 39:30
  grappling
• 39:30
  with
• 39:31
  the
• 39:31
  same
• 39:31
  question
• 39:31
  of
• 39:31
  like,
• 39:31
  what's
• 39:32
  our
• 39:32
  next
• 39:32
  layer?
• 39:32
  What's
• 39:32
  our
• 39:32
  next
• 39:33
  move?
• 39:33
  And
• 39:33
  I
• 39:33
  think
• 39:33
  Wendy's
• 39:34
  fits
• 39:34
  within
• 39:34
  that
• 39:34
  category.
• 39:37
  All
• 39:37
  right,
• 39:37
  what.
• 39:38
  Let's
• 39:38
  wrap
• 39:38
  it
• 39:38
  up.
• 39:39
  Ethan,
• 39:39
  what
• 39:39
  do
• 39:40
  we
• 39:40
  have
• 39:40
  to
• 39:40
  close.
• 39:42
  To
• 39:42
  close
• 39:43
  those
• 39:44
  Are
• 39:44
  the
• 39:44
  grades
• 39:45
  again,
• 39:45
  we're
• 39:45
  looking
• 39:46
  a
• 39:47
  Montessori
• 39:47
  esque,
• 39:48
  like,
• 39:49
  grading
• 39:49
  style
• 39:50
  of
• 39:50
  like,
• 39:50
  I
• 39:50
  appreciate
• 39:51
  you.
• 39:51
  It
• 39:51
  was
• 39:51
  creative
• 39:52
  doing.
• 39:54
  Yeah.
• 39:54
  I
• 39:54
  mean,
• 39:54
  like,
• 39:55
  anyone
• 39:55
  could
• 39:55
  give
• 39:56
  an
• 39:56
  A
• 39:56
  or
• 39:56
  a
• 39:56
  B,
• 39:56
  but
• 39:57
  how
• 39:57
  many
• 39:57
  people
• 39:57
  could
• 39:57
  figure
• 39:58
  out
• 39:58
  it
• 39:58
  needs
• 39:58
  improvement?
• 39:59
  Yeah.
• 39:59
  Or
• 40:00
  a
• 40:00
  myth
• 40:00
  blockbuster.
• 40:01
  Like,
• 40:02
  that
• 40:02
  was,
• 40:02
  that
• 40:02
  was
• 40:02
  a
• 40:03
  good
• 40:03
  one
• 40:03
  too,
• 40:03
  Ethan.
• 40:04
  I
• 40:04
  like
• 40:04
  that
• 40:04
  one.
• 40:05
  Right.
• 40:05
  Like,
• 40:05
  I
• 40:06
  was
• 40:06
  also
• 40:06
  the
• 40:07
  slide
• 40:07
  tries
• 40:07
  to
• 40:08
  be
• 40:08
  like,
• 40:08
  really
• 40:08
  like,
• 40:08
  ooh,
• 40:09
  can
• 40:09
  I,
• 40:09
  can
• 40:09
  I,
• 40:09
  can
• 40:10
  I
• 40:10
  get
• 40:10
  kitschy
• 40:10
  here?
• 40:11
  Yes.
• 40:11
  Yeah.
• 40:12
  I
• 40:12
  think,
• 40:12
  I
• 40:12
  think
• 40:12
  overall,
• 40:13
  I
• 40:13
  think
• 40:13
  the
• 40:13
  interesting
• 40:13
  thing
• 40:13
  about
• 40:13
  this
• 40:14
  year
• 40:14
  is
• 40:14
  it's
• 40:14
  been,
• 40:15
  I
• 40:16
  would
• 40:16
  say
• 40:16
  almost
• 40:16
  retail
• 40:16
  has
• 40:16
  performed
• 40:17
  better
• 40:17
  than
• 40:17
  you
• 40:17
  would
• 40:17
  expect
• 40:18
  it
• 40:18
  to
• 40:18
  do.
• 40:18
  Like,
• 40:19
  with
• 40:19
  all
• 40:19
  of
• 40:19
  the
• 40:19
  kind
• 40:20
  of
• 40:20
  craziness
• 40:20
  around
• 40:20
  it.
• 40:21
  Yeah,
• 40:21
  yeah,
• 40:21
  yeah.
• 40:22
  And
• 40:22
  I
• 40:22
  think
• 40:22
  there's,
• 40:23
  I
• 40:23
  do
• 40:23
  think
• 40:23
  this
• 40:24
  and
• 40:24
  calling
• 40:24
  out,
• 40:25
  you
• 40:25
  know,
• 40:25
  is
• 40:25
  a
• 40:26
  conversation
• 40:26
  that
• 40:26
  I
• 40:26
  think
• 40:26
  we
• 40:27
  both
• 40:27
  had
• 40:27
  with
• 40:27
  a,
• 40:27
  with
• 40:27
  a
• 40:28
  mutual
• 40:28
  friend,
• 40:28
  Ben
• 40:28
  Miller,
• 40:29
  of
• 40:29
  Shop
• 40:30
  Talk
• 40:30
  fame.
• 40:31
  I
• 40:31
  think
• 40:31
  this
• 40:31
  idea
• 40:32
  of
• 40:32
  reason
• 40:32
  for
• 40:32
  being
• 40:33
  is
• 40:33
  so
• 40:34
  important
• 40:34
  and
• 40:34
  I
• 40:34
  can't.
• 40:35
  Get
• 40:35
  it
• 40:35
  out
• 40:35
  of
• 40:35
  my
• 40:35
  head
• 40:35
  when.
• 40:36
  I
• 40:36
  look
• 40:36
  at
• 40:36
  retail
• 40:36
  of
• 40:36
  like,
• 40:37
  who
• 40:37
  do
• 40:38
  you
• 40:38
  know,
• 40:38
  what
• 40:38
  you
• 40:38
  were
• 40:39
  there
• 40:39
  to
• 40:40
  do?
• 40:40
  Because
• 40:41
  if
• 40:41
  you
• 40:41
  know,
• 40:41
  you're
• 40:42
  generally
• 40:42
  making
• 40:43
  good
• 40:43
  decisions
• 40:43
  about
• 40:44
  where
• 40:44
  you
• 40:44
  want
• 40:44
  to
• 40:44
  be,
• 40:45
  what
• 40:45
  you
• 40:45
  want
• 40:45
  your
• 40:45
  store
• 40:45
  to
• 40:45
  look
• 40:46
  like,
• 40:46
  what
• 40:46
  offerings
• 40:47
  you
• 40:47
  want
• 40:47
  to
• 40:47
  launch,
• 40:47
  how
• 40:47
  you
• 40:47
  want
• 40:48
  to
• 40:48
  leverage
• 40:48
  new
• 40:48
  innovation,
• 40:49
  whether
• 40:49
  a
• 40:49
  certain
• 40:49
  innovation
• 40:50
  is
• 40:50
  not
• 40:50
  for
• 40:50
  you.
• 40:51
  All
• 40:51
  of
• 40:51
  those
• 40:51
  decisions
• 40:52
  are
• 40:52
  so
• 40:52
  much
• 40:53
  easier
• 40:53
  to
• 40:53
  make
• 40:53
  when
• 40:53
  you
• 40:53
  have
• 40:53
  a
• 40:54
  really
• 40:54
  good
• 40:54
  sense
• 40:54
  of
• 40:55
  who
• 40:55
  you
• 40:55
  are
• 40:55
  and
• 40:56
  what
• 40:56
  you're
• 40:56
  attempting
• 40:56
  to
• 40:56
  deliver.
• 40:57
  Yeah,
• 40:58
  you
• 40:58
  have
• 40:58
  a
• 40:58
  North
• 40:58
  Star
• 40:59
  to
• 40:59
  go
• 40:59
  after.
• 40:59
  You
• 40:59
  have
• 40:59
  one
• 41:00
  direction
• 41:00
  that
• 41:00
  people
• 41:00
  are
• 41:01
  all
• 41:01
  going
• 41:01
  after.
• 41:01
  It's
• 41:01
  not
• 41:02
  about
• 41:02
  what
• 41:02
  your
• 41:02
  competitors
• 41:03
  are
• 41:03
  doing.
• 41:03
  It's
• 41:03
  about
• 41:03
  what
• 41:04
  you
• 41:04
  uniquely
• 41:05
  offer
• 41:05
  the
• 41:05
  market
• 41:06
  and
• 41:06
  your
• 41:06
  customers.
• 41:08
  Well,
• 41:08
  and
• 41:08
  the
• 41:08
  other
• 41:08
  takeaway
• 41:08
  I
• 41:09
  take
• 41:09
  too,
• 41:09
  Ethan,
• 41:09
  I
• 41:10
  think
• 41:10
  to
• 41:10
  expand
• 41:10
  upon
• 41:10
  that,
• 41:11
  that
• 41:11
  I
• 41:11
  got
• 41:11
  from
• 41:11
  you,
• 41:12
  particularly
• 41:12
  in
• 41:12
  this
• 41:13
  conversation,
• 41:13
  was
• 41:14
  it's
• 41:14
  still
• 41:14
  about
• 41:14
  retail
• 41:15
  101.
• 41:15
  Like,
• 41:16
  don't
• 41:16
  get,
• 41:16
  don't
• 41:16
  get
• 41:16
  lost
• 41:17
  in
• 41:17
  the
• 41:17
  shiny
• 41:17
  penny
• 41:17
  of
• 41:18
  the
• 41:18
  latest
• 41:18
  tech.
• 41:18
  Use
• 41:19
  the
• 41:19
  latest
• 41:19
  tech
• 41:20
  to
• 41:20
  improve
• 41:21
  your
• 41:21
  positioning
• 41:22
  on
• 41:22
  your
• 41:22
  retail
• 41:22
  101.
• 41:23
  Like,
• 41:23
  become
• 41:24
  a
• 41:24
  better
• 41:24
  merchant,
• 41:24
  become
• 41:25
  a
• 41:25
  better
• 41:25
  operator,
• 41:26
  but
• 41:26
  don't
• 41:26
  focus
• 41:27
  on
• 41:27
  the
• 41:27
  stuff
• 41:27
  that
• 41:27
  is
• 41:27
  just
• 41:28
  cool
• 41:28
  for
• 41:29
  the
• 41:29
  sake
• 41:29
  of
• 41:29
  what's
• 41:30
  out
• 41:30
  there.
• 41:30
  You've
• 41:30
  got
• 41:31
  to
• 41:31
  be
• 41:31
  good
• 41:31
  at
• 41:31
  the
• 41:32
  101
• 41:32
  Basics
• 41:33
  of
• 41:33
  Retail.
• 41:34
  I
• 41:34
  think
• 41:34
  that's
• 41:34
  important.
• 41:35
  Something
• 41:35
  I
• 41:35
  hadn't
• 41:36
  thought
• 41:36
  about.
• 41:36
  You
• 41:37
  know,
• 41:37
  I,
• 41:37
  I,
• 41:37
  I
• 41:37
  think
• 41:38
  about
• 41:38
  this
• 41:38
  a,
• 41:39
  a
• 41:39
  lot
• 41:39
  and
• 41:40
  it's,
• 41:40
  it
• 41:40
  gets
• 41:40
  deepened
• 41:41
  every
• 41:41
  time
• 41:41
  because
• 41:41
  I
• 41:41
  think
• 41:41
  every
• 41:42
  year
• 41:42
  there's
• 41:42
  some
• 41:43
  sort
• 41:43
  of
• 41:43
  like,
• 41:43
  retail
• 41:44
  topic
• 41:44
  that
• 41:44
  nobody
• 41:45
  can
• 41:45
  stop
• 41:45
  talking
• 41:46
  about.
• 41:46
  So
• 41:46
  whether
• 41:46
  it
• 41:46
  was
• 41:46
  like
• 41:47
  shrink
• 41:48
  or
• 41:48
  obviously
• 41:49
  like
• 41:49
  whatever
• 41:49
  innovation
• 41:50
  Things,
• 41:50
  the
• 41:50
  metaverse,
• 41:51
  all
• 41:51
  these
• 41:51
  kind
• 41:51
  of
• 41:51
  things
• 41:52
  just
• 41:52
  walk
• 41:52
  out.
• 41:52
  You
• 41:53
  know,
• 41:53
  I
• 41:53
  got
• 41:53
  caught
• 41:54
  up
• 41:54
  in
• 41:54
  that.
• 41:54
  Yep.
• 41:55
  But
• 41:55
  it's
• 41:55
  easy
• 41:56
  to
• 41:56
  get
• 41:56
  really
• 41:56
  caught
• 41:56
  up
• 41:56
  because
• 41:56
  it's
• 41:57
  like,
• 41:57
  oh,
• 41:57
  smart
• 41:57
  carts,
• 41:58
  vision,
• 41:58
  or
• 41:59
  these
• 41:59
  reasons
• 41:59
  why.
• 42:00
  And
• 42:00
  in
• 42:00
  the
• 42:01
  end,
• 42:01
  it's
• 42:01
  like,
• 42:01
  it's
• 42:02
  usually
• 42:03
  not
• 42:04
  the
• 42:04
  make
• 42:04
  or
• 42:04
  break.
• 42:04
  The
• 42:05
  make
• 42:05
  or
• 42:05
  break.
• 42:05
  Great
• 42:06
  retailers
• 42:06
  are
• 42:06
  doing
• 42:06
  the
• 42:07
  core
• 42:07
  really,
• 42:07
  really
• 42:08
  well.
• 42:09
  And
• 42:09
  when
• 42:09
  you
• 42:09
  see
• 42:10
  them
• 42:10
  kind
• 42:10
  of
• 42:11
  look,
• 42:11
  Sprouts
• 42:12
  had
• 42:12
  a
• 42:12
  rough
• 42:12
  go
• 42:12
  the
• 42:12
  early
• 42:13
  part
• 42:13
  of
• 42:13
  this
• 42:13
  decade.
• 42:13
  Like,
• 42:14
  we
• 42:14
  saw
• 42:14
  this.
• 42:14
  Yeah,
• 42:14
  they
• 42:14
  did.
• 42:15
  And
• 42:15
  then,
• 42:15
  like,
• 42:15
  look
• 42:15
  how
• 42:15
  well
• 42:16
  they're
• 42:16
  doing
• 42:16
  now,
• 42:17
  again,
• 42:17
  because
• 42:17
  of
• 42:17
  those
• 42:18
  core
• 42:18
  reasons.
• 42:18
  So
• 42:18
  I
• 42:18
  think
• 42:18
  it
• 42:18
  gives
• 42:19
  you
• 42:19
  a
• 42:19
  lot
• 42:19
  of
• 42:19
  confidence
• 42:19
  in
• 42:20
  what
• 42:20
  is
• 42:20
  the
• 42:21
  driving
• 42:21
  force
• 42:21
  behind
• 42:22
  that
• 42:22
  success.
• 42:23
  Yeah.
• 42:23
  And
• 42:23
  there's
• 42:23
  no
• 42:23
  technology
• 42:24
  at
• 42:24
  play
• 42:24
  at
• 42:24
  Sprouts,
• 42:25
  really,
• 42:25
  for
• 42:25
  the
• 42:25
  most
• 42:26
  part.
• 42:26
  Trader
• 42:26
  Joe's.
• 42:27
  Yeah,
• 42:27
  Trader
• 42:28
  Joe's.
• 42:28
  Same
• 42:28
  thing.
• 42:29
  It's
• 42:29
  just
• 42:29
  basic,
• 42:29
  good
• 42:30
  merchandising,
• 42:31
  smart
• 42:31
  box
• 42:32
  optimization,
• 42:33
  smart
• 42:34
  growth
• 42:34
  strategies
• 42:35
  in
• 42:35
  terms
• 42:35
  of
• 42:35
  where
• 42:36
  to
• 42:36
  put
• 42:36
  those
• 42:36
  stores.
• 42:36
  Yeah.
• 42:38
  Products
• 42:38
  you
• 42:38
  want,
• 42:39
  products
• 42:39
  that
• 42:40
  you.
• 42:40
  You.
• 42:40
  And
• 42:40
  then
• 42:41
  figuring
• 42:41
  out
• 42:41
  which
• 42:41
  products
• 42:41
  are
• 42:42
  we
• 42:42
  gonna
• 42:42
  take
• 42:42
  away
• 42:43
  from
• 42:43
  you
• 42:43
  and
• 42:43
  then
• 42:43
  give
• 42:43
  you
• 42:43
  back
• 42:44
  seasonally.
• 42:44
  So
• 42:44
  there's
• 42:44
  reasons
• 42:45
  to
• 42:45
  come
• 42:45
  back
• 42:45
  and
• 42:45
  visit.
• 42:46
  Like,
• 42:46
  yeah,
• 42:47
  look,
• 42:47
  you
• 42:47
  put
• 42:47
  sea
• 42:48
  salt
• 42:48
  on
• 42:48
  my
• 42:48
  brownies.
• 42:48
  I'm
• 42:49
  coming
• 42:49
  into
• 42:49
  your
• 42:49
  store.
• 42:49
  And
• 42:50
  that's
• 42:50
  the
• 42:50
  thing.
• 42:51
  That's
• 42:51
  all
• 42:51
  you
• 42:51
  need,
• 42:52
  Ethan.
• 42:52
  That's
• 42:52
  all
• 42:53
  you
• 42:53
  need.
• 42:53
  A
• 42:53
  little
• 42:53
  sea
• 42:54
  salt
• 42:54
  sprinkle
• 42:55
  on
• 42:55
  the.
• 42:56
  Look
• 42:56
  out
• 42:56
  for
• 42:56
  Wendy's
• 42:57
  new
• 42:57
  sea
• 42:58
  salsa
• 42:58
  sprinkle.
• 42:58
  Oh,
• 42:58
  my
• 42:58
  God.
• 43:00
  Well,
• 43:00
  Ethan,
• 43:01
  we
• 43:01
  really
• 43:01
  appreciate
• 43:02
  you
• 43:02
  taking
• 43:02
  the
• 43:03
  time
• 43:03
  to
• 43:03
  sit
• 43:03
  down
• 43:03
  with
• 43:03
  us
• 43:04
  today.
• 43:05
  It
• 43:05
  was
• 43:05
  very,
• 43:06
  very
• 43:06
  insightful,
• 43:07
  as
• 43:07
  always.
• 43:08
  If
• 43:08
  people
• 43:08
  want
• 43:09
  to
• 43:09
  get
• 43:09
  in
• 43:09
  touch
• 43:09
  with
• 43:09
  you
• 43:10
  or
• 43:10
  they
• 43:11
  want
• 43:11
  to
• 43:11
  learn
• 43:12
  more
• 43:12
  about
• 43:12
  Placer
• 43:13
  and
• 43:13
  how
• 43:13
  they
• 43:13
  can
• 43:13
  add
• 43:14
  insights
• 43:15
  like
• 43:15
  these
• 43:16
  to
• 43:16
  drive
• 43:16
  their
• 43:16
  businesses.
• 43:17
  What's
• 43:17
  the
• 43:17
  best
• 43:17
  way
• 43:18
  for
• 43:18
  them
• 43:18
  to
• 43:18
  get
• 43:18
  in
• 43:18
  touch
• 43:19
  with
• 43:19
  you?
• 43:19
  So
• 43:20
  if
• 43:20
  you
• 43:20
  want
• 43:20
  to
• 43:20
  get
• 43:20
  in
• 43:20
  touch
• 43:20
  with
• 43:21
  me
• 43:21
  Personally,
• 43:22
  I'm
• 43:22
  on
• 43:22
  LinkedIn.
• 43:23
  My
• 43:23
  name
• 43:23
  is
• 43:23
  is
• 43:24
  Ethan
• 43:24
  Chernofsky,
• 43:25
  as
• 43:25
  it's
• 43:25
  spelled
• 43:26
  here.
• 43:26
  And
• 43:27
  then
• 43:27
  if
• 43:27
  you.
• 43:27
  And
• 43:28
  if
• 43:28
  you
• 43:28
  are
• 43:28
  interested
• 43:28
  in
• 43:28
  Placer
• 43:30
  more,
• 43:30
  more
• 43:30
  broadly,
• 43:31
  you
• 43:31
  can
• 43:31
  reach
• 43:31
  out
• 43:31
  to
• 43:31
  us
• 43:32
  at
• 43:32
  IdeaSplacer
• 43:33
  AI
• 43:33
  or
• 43:33
  check
• 43:33
  out
• 43:33
  our
• 43:33
  website.
• 43:34
  We
• 43:34
  have
• 43:34
  a
• 43:34
  free
• 43:34
  version
• 43:34
  of
• 43:35
  our
• 43:35
  premium
• 43:35
  product.
• 43:35
  And
• 43:36
  come
• 43:36
  get
• 43:36
  in
• 43:37
  touch
• 43:37
  with
• 43:37
  us.
• 43:38
  Amazing.
• 43:39
  That
• 43:39
  wraps
• 43:39
  us
• 43:40
  up.
• 43:40
  Thank
• 43:40
  you
• 43:40
  so
• 43:40
  much
• 43:40
  to
• 43:41
  all
• 43:41
  of
• 43:41
  you
• 43:41
  who've
• 43:41
  joined
• 43:42
  us
• 43:42
  live
• 43:42
  today
• 43:42
  on
• 43:43
  LinkedIn.
• 43:44
  Thank
• 43:44
  you
• 43:44
  again
• 43:44
  to
• 43:44
  Ethan
• 43:45
  Chernofsky
• 43:45
  of
• 43:46
  Placer
• 43:46
  AI
• 43:46
  for
• 43:47
  sitting
• 43:47
  down
• 43:47
  with
• 43:47
  us.
• 43:48
  And
• 43:48
  as
• 43:48
  always,
• 43:49
  on
• 43:49
  behalf
• 43:49
  of
• 43:50
  all
• 43:50
  of
• 43:50
  us
• 43:50
  here
• 43:50
  at
• 43:50
  omnitalk,
• 43:51
  be
• 43:51
  careful
• 43:51
  out
• 43:52
  there.