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Why In The World Would Ulta Pause Its Target Expansion? · Omni Talk Retail

• 0:00
  Ulta
• 0:00
  has
• 0:01
  announced
• 0:01
  that
• 0:01
  it's
• 0:01
  pausing
• 0:02
  its
• 0:02
  stop,
• 0:03
  shop
• 0:03
  and
• 0:03
  shop,
• 0:04
  not
• 0:04
  stop
• 0:04
  and
• 0:05
  shop,
• 0:05
  which
• 0:06
  you
• 0:06
  could
• 0:06
  also
• 0:06
  do,
• 0:06
  but
• 0:07
  it's
• 0:07
  pausing
• 0:07
  its
• 0:08
  shop
• 0:08
  and
• 0:08
  shop
• 0:08
  expansion
• 0:09
  plans
• 0:09
  with
• 0:09
  Target,
• 0:10
  according
• 0:10
  to
• 0:10
  Retail
• 0:11
  Dive.
• 0:11
  Ulta
• 0:12
  Beauty's
• 0:12
  new
• 0:12
  CEO
• 0:13
  Keisha
• 0:13
  Steelman,
• 0:14
  told
• 0:14
  an
• 0:14
  audience
• 0:14
  at
• 0:15
  JP
• 0:15
  Morgan's
• 0:15
  annual
• 0:16
  Retail
• 0:16
  Roundup
• 0:16
  conference
• 0:17
  last
• 0:17
  week
• 0:17
  that
• 0:18
  the
• 0:18
  beauty
• 0:18
  retailer
• 0:19
  would
• 0:19
  hold
• 0:19
  steady
• 0:20
  at
• 0:20
  its
• 0:20
  roughly
• 0:20
  610
• 0:22
  target
• 0:22
  shop
• 0:22
  and
• 0:22
  shops
• 0:23
  this
• 0:23
  year.
• 0:24
  The
• 0:24
  news
• 0:24
  comes
• 0:24
  after
• 0:25
  the
• 0:25
  two
• 0:25
  retailers
• 0:26
  opened
• 0:26
  101
• 0:27
  Ulta
• 0:27
  Beauty
• 0:28
  at
• 0:28
  Target
• 0:28
  locations
• 0:29
  in
• 0:29
  2024
• 0:30
  and
• 0:30
  and
• 0:31
  that
• 0:31
  back
• 0:31
  in
• 0:31
  Q2
• 0:32
  last
• 0:32
  year,
• 0:32
  Stillman
• 0:33
  said
• 0:33
  that
• 0:34
  Alta
• 0:35
  was
• 0:35
  still
• 0:35
  on
• 0:36
  track
• 0:36
  at
• 0:36
  that
• 0:37
  point
• 0:37
  to
• 0:37
  meet
• 0:37
  their
• 0:37
  800
• 0:38
  store
• 0:38
  commitment
• 0:39
  with
• 0:39
  Target.
• 0:40
  Chris,
• 0:40
  I
• 0:41
  have
• 0:41
  to
• 0:41
  know,
• 0:41
  what
• 0:42
  do
• 0:42
  you
• 0:42
  think
• 0:42
  here
• 0:42
  about
• 0:42
  Alta's
• 0:43
  decision
• 0:43
  to
• 0:44
  pause
• 0:45
  this
• 0:45
  expansion
• 0:46
  at
• 0:46
  Target?
• 0:46
  And
• 0:47
  what
• 0:47
  does
• 0:47
  this
• 0:47
  tell
• 0:48
  you
• 0:48
  about
• 0:48
  that
• 0:49
  relationship?
• 0:50
  Ooh.
• 0:51
  Oh
• 0:52
  man.
• 0:52
  And
• 0:52
  yes,
• 0:52
  we're
• 0:52
  starting
• 0:53
  off
• 0:53
  a
• 0:53
  little
• 0:53
  spicy.
• 0:54
  Starting
• 0:55
  off.
• 0:55
  Yeah,
• 0:55
  why
• 0:55
  not
• 0:56
  April
• 0:56
  16th
• 0:57
  podcast
• 0:57
  off
• 0:58
  spicy.
• 0:58
  It's
• 0:58
  after
• 0:58
  tax
• 0:59
  day,
• 0:59
  so
• 0:59
  why
• 0:59
  not
• 0:59
  let's
• 1:00
  get
• 1:00
  a
• 1:00
  little
• 1:00
  hot
• 1:00
  under
• 1:01
  the
• 1:01
  collar
• 1:01
  to
• 1:01
  start
• 1:01
  out.
• 1:03
  Well,
• 1:03
  my
• 1:03
  big
• 1:04
  take
• 1:04
  here
• 1:04
  is
• 1:04
  that
• 1:05
  something
• 1:05
  definitely
• 1:05
  feels
• 1:06
  amiss.
• 1:06
  You
• 1:07
  know,
• 1:07
  I
• 1:07
  think
• 1:07
  that's
• 1:07
  without
• 1:08
  a
• 1:08
  doubt.
• 1:09
  Yeah.
• 1:09
  Because
• 1:09
  I
• 1:09
  look
• 1:09
  and
• 1:10
  here's
• 1:10
  why
• 1:10
  I
• 1:11
  look
• 1:11
  back
• 1:11
  at
• 1:11
  Target's
• 1:11
  earnings
• 1:12
  call,
• 1:12
  because
• 1:12
  I
• 1:12
  was
• 1:12
  kind
• 1:12
  of
• 1:12
  like,
• 1:13
  I
• 1:13
  thought
• 1:13
  they
• 1:13
  talked
• 1:13
  about
• 1:13
  beauty
• 1:14
  performing
• 1:14
  pretty
• 1:15
  well
• 1:15
  and
• 1:16
  they
• 1:16
  did.
• 1:17
  Here
• 1:17
  was
• 1:17
  a
• 1:17
  direct
• 1:18
  quote
• 1:18
  from
• 1:18
  Target
• 1:19
  CEO
• 1:19
  Brian
• 1:20
  Cornell
• 1:20
  right
• 1:21
  out
• 1:21
  of
• 1:21
  the
• 1:21
  get
• 1:21
  go
• 1:22
  in
• 1:22
  that
• 1:22
  earnings
• 1:22
  call.
• 1:23
  And
• 1:23
  I
• 1:23
  counted
• 1:23
  it,
• 1:24
  folks,
• 1:24
  in
• 1:24
  the
• 1:25
  sixth
• 1:25
  paragraph
• 1:25
  of
• 1:26
  his
• 1:26
  24
• 1:27
  paragraph
• 1:27
  opening
• 1:28
  prepared
• 1:28
  remarks.
• 1:29
  That's
• 1:29
  how
• 1:29
  early
• 1:30
  it
• 1:30
  was.
• 1:30
  He
• 1:30
  said,
• 1:31
  quote,
• 1:31
  we
• 1:31
  had
• 1:32
  an
• 1:32
  outstanding
• 1:32
  year
• 1:33
  in
• 1:33
  beauty.
• 1:33
  We
• 1:34
  saw
• 1:34
  nearly
• 1:34
  7%
• 1:35
  sales
• 1:35
  growth
• 1:36
  and
• 1:36
  share
• 1:37
  gains.
• 1:37
  End
• 1:38
  quote.
• 1:38
  I'm
• 1:39
  like,
• 1:39
  say
• 1:39
  what?
• 1:40
  Like,
• 1:40
  and,
• 1:40
  and
• 1:40
  Ulta's
• 1:41
  pausing.
• 1:42
  So
• 1:42
  how
• 1:42
  does,
• 1:43
  how
• 1:43
  does
• 1:43
  that
• 1:43
  jive?
• 1:44
  And
• 1:44
  like,
• 1:44
  I
• 1:44
  just
• 1:45
  don't
• 1:45
  get
• 1:45
  it.
• 1:45
  I'm
• 1:45
  dying
• 1:45
  to
• 1:46
  hear
• 1:46
  what
• 1:46
  you
• 1:46
  think
• 1:46
  too.
• 1:46
  But,
• 1:47
  but
• 1:47
  it
• 1:47
  does
• 1:47
  make
• 1:47
  me
• 1:47
  wonder.
• 1:48
  It
• 1:48
  makes
• 1:48
  me
• 1:48
  wonder
• 1:48
  a
• 1:48
  few
• 1:49
  things.
• 1:49
  So
• 1:49
  first
• 1:49
  of
• 1:49
  all,
• 1:50
  how
• 1:51
  was
• 1:51
  that
• 1:51
  sales
• 1:51
  performance
• 1:52
  that
• 1:52
  he
• 1:52
  quoted
• 1:52
  weighted
• 1:53
  against
• 1:53
  the
• 1:53
  front
• 1:54
  end
• 1:54
  of
• 1:54
  last
• 1:54
  year
• 1:54
  versus
• 1:55
  the
• 1:55
  back
• 1:55
  end?
• 1:55
  Because
• 1:55
  Target's
• 1:56
  back
• 1:56
  end
• 1:56
  has
• 1:56
  not
• 1:57
  been
• 1:57
  that
• 1:57
  great.
• 1:57
  Number
• 1:58
  two,
• 1:59
  the
• 1:59
  numbers
• 1:59
  I've
• 2:00
  seen
• 2:00
  from
• 2:00
  our
• 2:00
  friends
• 2:00
  at
• 2:01
  Placer
• 2:01
  AI
• 2:02
  recently
• 2:03
  show
• 2:03
  Targets
• 2:04
  Traffic
• 2:04
  just
• 2:05
  fought.
• 2:05
  Sorry,
• 2:06
  sorry.
• 2:06
  Targets
• 2:07
  traffic.
• 2:07
  Traffic.
• 2:08
  What
• 2:08
  the
• 2:08
  hell
• 2:08
  is
• 2:08
  traffic
• 2:09
  at
• 2:10
  Targets
• 2:10
  Traffic
• 2:11
  falling
• 2:12
  off
• 2:12
  an
• 2:12
  absolute
• 2:12
  cliff
• 2:13
  in
• 2:13
  February.
• 2:13
  Now,
• 2:14
  I
• 2:14
  haven't
• 2:14
  seen
• 2:14
  the
• 2:14
  March
• 2:14
  numbers
• 2:15
  yet,
• 2:15
  but
• 2:16
  you
• 2:16
  know,
• 2:16
  that's
• 2:16
  particularly,
• 2:17
  you
• 2:17
  know,
• 2:17
  it's
• 2:18
  correlated
• 2:18
  with
• 2:18
  their
• 2:18
  DEI
• 2:19
  stance.
• 2:19
  And
• 2:20
  so
• 2:20
  God
• 2:20
  knows
• 2:20
  what
• 2:21
  Ulta
• 2:21
  is
• 2:21
  seeing
• 2:21
  from
• 2:22
  a
• 2:22
  traffic
• 2:22
  perspective.
• 2:23
  And
• 2:23
  Ulta
• 2:23
  is
• 2:24
  probably
• 2:24
  looking
• 2:24
  at
• 2:24
  this
• 2:24
  as
• 2:24
  well
• 2:24
  as
• 2:25
  all
• 2:25
  the
• 2:25
  other
• 2:25
  macroeconomic
• 2:26
  economic
• 2:26
  factors
• 2:27
  that
• 2:27
  are
• 2:27
  playing
• 2:27
  into
• 2:27
  things
• 2:28
  and
• 2:28
  saying,
• 2:28
  like,
• 2:28
  I.
• 2:29
  We
• 2:29
  just.
• 2:29
  We
• 2:29
  just
• 2:29
  don't
• 2:30
  want
• 2:30
  to
• 2:30
  make
• 2:30
  investments
• 2:30
  right
• 2:31
  now
• 2:31
  in
• 2:31
  this.
• 2:31
  And.
• 2:32
  And,
• 2:32
  sorry,
• 2:32
  Target,
• 2:33
  like,
• 2:33
  you're
• 2:33
  just
• 2:33
  not
• 2:34
  showing
• 2:34
  us
• 2:34
  what
• 2:34
  we
• 2:34
  need
• 2:35
  to
• 2:35
  see
• 2:35
  from
• 2:35
  you
• 2:36
  to
• 2:36
  say,
• 2:36
  hey,
• 2:36
  we
• 2:36
  want
• 2:36
  to
• 2:37
  invest
• 2:37
  in
• 2:37
  200
• 2:38
  more
• 2:38
  stores
• 2:38
  roughly
• 2:38
  with
• 2:39
  you.
• 2:39
  So.
• 2:39
  So
• 2:40
  that
• 2:40
  can't
• 2:40
  be
• 2:40
  good
• 2:41
  for
• 2:41
  Target
• 2:42
  because
• 2:42
  that
• 2:42
  means
• 2:43
  some
• 2:43
  of
• 2:43
  the
• 2:43
  comp
• 2:44
  sales
• 2:44
  that
• 2:44
  they
• 2:44
  were
• 2:44
  counting
• 2:45
  on
• 2:45
  from
• 2:45
  this
• 2:45
  rollout
• 2:46
  is
• 2:46
  not
• 2:46
  going
• 2:46
  to
• 2:47
  happen.
• 2:47
  And,
• 2:47
  you
• 2:47
  know,
• 2:48
  Target,
• 2:48
  as
• 2:48
  we
• 2:48
  talked
• 2:49
  about
• 2:49
  on
• 2:49
  the
• 2:49
  show,
• 2:49
  growth
• 2:50
  and
• 2:50
  comp
• 2:50
  has
• 2:50
  been
• 2:51
  hard
• 2:51
  to
• 2:51
  come
• 2:51
  by,
• 2:52
  so.
• 2:52
  And
• 2:52
  it's
• 2:53
  sort
• 2:53
  of
• 2:53
  the
• 2:53
  best
• 2:53
  analogy
• 2:54
  that
• 2:54
  I
• 2:54
  can
• 2:54
  make.
• 2:54
  I
• 2:54
  think
• 2:55
  you're
• 2:55
  going
• 2:55
  to
• 2:55
  love
• 2:55
  this.
• 2:56
  Remember
• 2:56
  the
• 2:56
  movie
• 2:56
  Can't
• 2:56
  Buy
• 2:57
  Me
• 2:57
  Wait?
• 2:57
  You
• 2:57
  remember
• 2:58
  Can't
• 2:59
  Hardly
• 2:59
  Wait?
• 2:59
  Remember
• 2:59
  the
• 3:00
  Can
• 3:00
  Hardly
• 3:00
  Wait?
• 3:01
  Yes.
• 3:01
  Can't
• 3:01
  Hardly
• 3:02
  Wait.
• 3:02
  I
• 3:02
  Can't
• 3:02
  Buy
• 3:02
  Me
• 3:02
  love.
• 3:03
  Can't
• 3:03
  Hardly
• 3:03
  Wait.
• 3:03
  You
• 3:03
  remember
• 3:03
  that
• 3:04
  movie
• 3:05
  Mike?
• 3:05
  You
• 3:05
  remember
• 3:06
  Mike
• 3:06
  Dexter?
• 3:06
  Mike
• 3:07
  Dexter
• 3:07
  was
• 3:07
  like,
• 3:07
  the
• 3:08
  cool
• 3:08
  guy.
• 3:08
  And
• 3:09
  then
• 3:09
  Jennifer
• 3:09
  Love
• 3:10
  Hewitt
• 3:10
  dumps
• 3:10
  him.
• 3:11
  He's
• 3:11
  like
• 3:11
  the
• 3:11
  bee's
• 3:11
  knees.
• 3:12
  He's
• 3:12
  dating
• 3:12
  her,
• 3:13
  and
• 3:13
  then
• 3:13
  he's
• 3:14
  left
• 3:14
  for
• 3:14
  the
• 3:14
  entire
• 3:15
  movie
• 3:15
  just
• 3:16
  wandering
• 3:16
  around
• 3:16
  the
• 3:17
  party
• 3:17
  looking
• 3:18
  absolutely
• 3:18
  pathetic.
• 3:18
  And
• 3:19
  I
• 3:19
  feel
• 3:19
  like
• 3:19
  Target
• 3:20
  is
• 3:20
  becoming
• 3:20
  the
• 3:20
  Mike
• 3:21
  Dexter
• 3:21
  of
• 3:21
  retail
• 3:22
  now,
• 3:22
  potentially,
• 3:22
  with
• 3:23
  saying,
• 3:23
  like,
• 3:24
  you
• 3:24
  know,
• 3:24
  we're
• 3:24
  not
• 3:25
  going
• 3:25
  to
• 3:25
  go
• 3:25
  with
• 3:25
  you.
• 3:25
  They're
• 3:25
  going
• 3:25
  Dexter
• 3:26
  Spade,
• 3:27
  which
• 3:27
  is
• 3:27
  kind.
• 3:27
  Of
• 3:27
  like
• 3:28
  a
• 3:28
  Kate
• 3:28
  Spade,
• 3:29
  is
• 3:29
  kind
• 3:29
  of
• 3:29
  like,
• 3:29
  yeah,
• 3:29
  okay,
• 3:30
  whatever.
• 3:30
  You
• 3:31
  know,
• 3:31
  they've
• 3:31
  got
• 3:31
  the
• 3:31
  pea
• 3:31
  catchers
• 3:32
  on
• 3:32
  the
• 3:32
  aisle.
• 3:32
  Like,
• 3:33
  what's
• 3:33
  going
• 3:33
  on?
• 3:34
  Like,
• 3:34
  I
• 3:34
  don't
• 3:34
  want
• 3:34
  Target
• 3:34
  to
• 3:35
  be
• 3:35
  the
• 3:35
  Mike
• 3:35
  Dexter
• 3:35
  of
• 3:35
  retail.
• 3:36
  But
• 3:36
  anyway,
• 3:36
  what
• 3:37
  do
• 3:37
  you
• 3:37
  think?
• 3:37
  And
• 3:37
  so
• 3:37
  I
• 3:37
  told
• 3:38
  you
• 3:38
  I
• 3:38
  was
• 3:38
  going
• 3:38
  to
• 3:38
  start
• 3:38
  off
• 3:38
  hot.
• 3:39
  I
• 3:39
  did.
• 3:39
  I
• 3:39
  tried
• 3:40
  to
• 3:40
  bring
• 3:40
  the
• 3:40
  analogy.
• 3:42
  You
• 3:42
  brought
• 3:42
  it
• 3:43
  all.
• 3:43
  And
• 3:43
  how
• 3:43
  I'm
• 3:44
  going
• 3:44
  to
• 3:44
  tie
• 3:44
  this
• 3:44
  together
• 3:45
  is
• 3:45
  still
• 3:46
  a
• 3:46
  mystery
• 3:46
  to
• 3:47
  me.
• 3:47
  So
• 3:47
  stick
• 3:47
  with
• 3:48
  us,
• 3:48
  folks.
• 3:49
  I.
• 3:49
  Look,
• 3:50
  I'm
• 3:50
  not
• 3:50
  too
• 3:50
  surprised.
• 3:51
  I
• 3:51
  mean,
• 3:51
  just
• 3:52
  given
• 3:52
  what
• 3:52
  you
• 3:53
  said
• 3:53
  in
• 3:53
  traffic
• 3:53
  alone.
• 3:54
  I
• 3:54
  mean,
• 3:55
  Ulta
• 3:55
  and
• 3:56
  Sephora
• 3:56
  are
• 3:57
  neck
• 3:57
  and
• 3:57
  neck
• 3:58
  trying
• 3:58
  to
• 3:58
  gain
• 3:59
  share
• 3:59
  in
• 3:59
  as
• 4:00
  many
• 4:00
  locations
• 4:01
  as
• 4:01
  they
• 4:01
  possibly
• 4:02
  can
• 4:02
  right
• 4:02
  now.
• 4:03
  And
• 4:03
  I
• 4:04
  think
• 4:04
  for
• 4:05
  me,
• 4:05
  it's
• 4:05
  really
• 4:05
  looking
• 4:06
  at
• 4:06
  Keisha
• 4:06
  Steelman.
• 4:07
  She
• 4:07
  just
• 4:07
  took
• 4:07
  the
• 4:08
  reins
• 4:08
  as
• 4:09
  CEO
• 4:09
  a
• 4:09
  few
• 4:10
  months
• 4:10
  ago,
• 4:10
  and
• 4:11
  she's
• 4:11
  a
• 4:11
  tried
• 4:11
  and
• 4:11
  true
• 4:12
  ops
• 4:12
  leader.
• 4:12
  I
• 4:12
  mean,
• 4:12
  she
• 4:13
  also
• 4:13
  worked
• 4:13
  at
• 4:14
  Target
• 4:14
  herself
• 4:14
  before,
• 4:15
  you
• 4:15
  know,
• 4:15
  coming
• 4:16
  into
• 4:16
  role
• 4:17
  at
• 4:17
  at
• 4:17
  Ulta.
• 4:18
  And
• 4:18
  so
• 4:18
  I
• 4:19
  trust
• 4:19
  that
• 4:19
  she's
• 4:20
  making
• 4:20
  a
• 4:20
  move
• 4:20
  here
• 4:21
  that's
• 4:21
  looking
• 4:21
  out
• 4:22
  for
• 4:22
  what's
• 4:22
  best
• 4:22
  for
• 4:23
  Ulta
• 4:23
  and
• 4:23
  the
• 4:23
  operations
• 4:24
  that
• 4:24
  they're
• 4:25
  doing
• 4:25
  inside
• 4:25
  those
• 4:26
  Target
• 4:26
  stor.
• 4:27
  And
• 4:27
  my
• 4:27
  guess
• 4:27
  is
• 4:27
  it's
• 4:28
  just,
• 4:28
  you
• 4:28
  know,
• 4:28
  it's
• 4:28
  a
• 4:28
  perfect
• 4:29
  storm
• 4:29
  of,
• 4:30
  of
• 4:30
  things
• 4:30
  happening
• 4:31
  all
• 4:31
  at
• 4:31
  once.
• 4:32
  I
• 4:32
  think
• 4:32
  it's
• 4:32
  an
• 4:32
  uncertain
• 4:33
  economy,
• 4:34
  lower
• 4:34
  football.
• 4:35
  And
• 4:35
  also,
• 4:36
  you
• 4:36
  know,
• 4:37
  maybe
• 4:37
  she
• 4:37
  just
• 4:38
  wants
• 4:38
  to
• 4:38
  give
• 4:38
  a
• 4:38
  little
• 4:38
  more
• 4:38
  germination
• 4:39
  time
• 4:39
  to
• 4:39
  some
• 4:40
  of
• 4:40
  these
• 4:40
  concepts
• 4:40
  too.
• 4:40
  Like
• 4:41
  they
• 4:41
  just
• 4:41
  rolled
• 4:42
  out
• 4:42
  a
• 4:42
  bunch
• 4:42
  more
• 4:43
  in
• 4:43
  2024.
• 4:44
  Like,
• 4:44
  this
• 4:44
  is,
• 4:45
  this
• 4:45
  is
• 4:45
  a
• 4:45
  big.
• 4:46
  Right,
• 4:47
  right.
• 4:47
  And
• 4:47
  so
• 4:48
  I
• 4:48
  think
• 4:48
  that
• 4:48
  maybe
• 4:48
  it's
• 4:49
  just
• 4:49
  like,
• 4:49
  let's
• 4:50
  pause,
• 4:50
  let's
• 4:51
  not
• 4:51
  invest
• 4:51
  a
• 4:52
  bunch
• 4:52
  of
• 4:52
  money
• 4:52
  right
• 4:53
  now
• 4:53
  and
• 4:53
  just
• 4:53
  keep,
• 4:54
  keep
• 4:54
  it
• 4:54
  on
• 4:54
  going
• 4:54
  and
• 4:55
  then
• 4:55
  dealing
• 4:55
  with
• 4:55
  the
• 4:55
  issues
• 4:56
  that
• 4:56
  may
• 4:56
  be
• 4:57
  arising
• 4:58
  positive
• 4:58
  and
• 4:58
  negative
• 4:59
  out
• 4:59
  of
• 4:59
  this.
• 4:59
  And
• 4:59
  let's
• 5:00
  just
• 5:00
  be
• 5:00
  really
• 5:00
  strategic
• 5:01
  and
• 5:01
  thoughtful
• 5:02
  about
• 5:02
  it.
• 5:02
  And
• 5:02
  I
• 5:03
  think
• 5:03
  the
• 5:03
  last
• 5:03
  part
• 5:03
  that
• 5:03
  I'll
• 5:04
  add,
• 5:04
  especially
• 5:05
  in
• 5:05
  a
• 5:05
  beauty
• 5:06
  category,
• 5:06
  Chris,
• 5:07
  I'm
• 5:08
  wondering
• 5:09
  how
• 5:09
  much
• 5:09
  the
• 5:09
  impact
• 5:10
  of
• 5:11
  a
• 5:11
  brand
• 5:11
  that's
• 5:11
  not
• 5:12
  doing
• 5:12
  well
• 5:12
  in
• 5:12
  popular
• 5:13
  culture
• 5:13
  right
• 5:13
  now
• 5:14
  and
• 5:14
  among
• 5:14
  some
• 5:14
  audiences
• 5:15
  that
• 5:16
  are
• 5:16
  big
• 5:16
  beauty
• 5:17
  supporters
• 5:17
  and
• 5:18
  big
• 5:18
  beauty
• 5:19
  spenders.
• 5:20
  I'm
• 5:20
  wondering,
• 5:20
  where
• 5:20
  are
• 5:21
  you
• 5:21
  going
• 5:21
  with
• 5:21
  this?
• 5:21
  Wow.
• 5:22
  I'm
• 5:22
  wondering
• 5:22
  what,
• 5:23
  I'm
• 5:23
  wondering
• 5:23
  what's
• 5:24
  happening
• 5:24
  in
• 5:25
  terms
• 5:25
  of,
• 5:25
  you
• 5:26
  know,
• 5:26
  I
• 5:26
  mean,
• 5:26
  I,
• 5:26
  I
• 5:27
  look
• 5:27
  at
• 5:27
  just
• 5:27
  the
• 5:27
  posts
• 5:28
  that
• 5:28
  have
• 5:28
  been
• 5:28
  or
• 5:29
  the
• 5:29
  comments
• 5:29
  that
• 5:29
  have
• 5:29
  been
• 5:29
  made
• 5:29
  on
• 5:30
  our
• 5:30
  Target
• 5:30
  posts
• 5:31
  alone,
• 5:31
  and
• 5:32
  I
• 5:32
  can
• 5:32
  only
• 5:32
  imagine
• 5:33
  what's
• 5:33
  happening
• 5:34
  to
• 5:34
  Target
• 5:34
  and
• 5:35
  right
• 5:35
  now
• 5:35
  and
• 5:35
  what,
• 5:36
  what
• 5:36
  feedback
• 5:36
  they're
• 5:37
  getting
• 5:37
  from
• 5:37
  people.
• 5:37
  And
• 5:38
  maybe
• 5:38
  it's
• 5:39
  just
• 5:39
  Ala
• 5:39
  saying,
• 5:40
  like,
• 5:40
  hey,
• 5:40
  let's
• 5:40
  like,
• 5:41
  let
• 5:41
  some
• 5:41
  of
• 5:41
  this
• 5:42
  settle
• 5:42
  before
• 5:42
  we
• 5:43
  start
• 5:43
  going
• 5:43
  big
• 5:43
  and
• 5:44
  we
• 5:44
  wrap
• 5:44
  our
• 5:44
  brands
• 5:45
  together
• 5:46
  so
• 5:46
  closely.
• 5:46
  So
• 5:47
  I,
• 5:47
  those
• 5:47
  are
• 5:48
  just
• 5:48
  a
• 5:48
  few
• 5:48
  things
• 5:48
  that
• 5:49
  I
• 5:49
  think
• 5:49
  could
• 5:49
  be
• 5:50
  swirling
• 5:50
  around
• 5:50
  in
• 5:50
  the
• 5:51
  background.
• 5:51
  Ultimately,
• 5:52
  I
• 5:52
  think
• 5:52
  it's,
• 5:53
  it's
• 5:53
  its
• 5:54
  traffic
• 5:54
  to
• 5:54
  the
• 5:54
  stores
• 5:55
  and
• 5:55
  whether
• 5:55
  or
• 5:55
  not
• 5:56
  this
• 5:56
  is
• 5:56
  really
• 5:56
  going
• 5:57
  to
• 5:57
  continue
• 5:57
  to
• 5:57
  make
• 5:57
  an
• 5:57
  investment
• 5:58
  for
• 5:58
  Ulta.
• 5:58
  But
• 5:58
  I
• 5:59
  think
• 5:59
  that
• 5:59
  some
• 5:59
  of
• 5:59
  those
• 5:59
  other
• 5:59
  things
• 6:00
  are
• 6:00
  also
• 6:00
  playing
• 6:00
  a
• 6:01
  factor.
• 6:02
  Wow.
• 6:02
  Wow.
• 6:03
  Okay,
• 6:03
  so
• 6:03
  a
• 6:03
  couple,
• 6:04
  a
• 6:04
  couple,
• 6:04
  a
• 6:04
  couple
• 6:05
  of
• 6:05
  questions
• 6:05
  for
• 6:05
  you
• 6:06
  in
• 6:06
  tort.
• 6:07
  So
• 6:07
  you
• 6:08
  interviewed
• 6:08
  Keisha
• 6:08
  Steelman
• 6:09
  at
• 6:09
  Shop
• 6:09
  Talk
• 6:09
  Fall.
• 6:09
  Right.
• 6:10
  You
• 6:10
  last
• 6:10
  year
• 6:10
  on
• 6:11
  stage.
• 6:11
  Yes.
• 6:11
  Yep.
• 6:12
  Yep.
• 6:12
  Right
• 6:12
  before
• 6:12
  she
• 6:13
  took
• 6:13
  the
• 6:13
  CEO
• 6:14
  role.
• 6:14
  Yes.
• 6:14
  I
• 6:15
  can't
• 6:15
  remember,
• 6:15
  was
• 6:15
  she
• 6:16
  in
• 6:16
  charge
• 6:16
  or
• 6:17
  did
• 6:17
  she
• 6:17
  oversee
• 6:18
  the
• 6:18
  Target
• 6:18
  rollout?
• 6:19
  She
• 6:19
  did.
• 6:19
  She
• 6:19
  did.
• 6:20
  Right?
• 6:20
  Yeah.
• 6:20
  So
• 6:21
  this
• 6:21
  is
• 6:21
  a
• 6:21
  big
• 6:21
  deal
• 6:22
  because
• 6:22
  she's,
• 6:22
  it's
• 6:22
  not
• 6:22
  like
• 6:23
  she's
• 6:23
  the
• 6:23
  new
• 6:23
  CEO
• 6:24
  saying,
• 6:24
  I
• 6:24
  want
• 6:24
  to
• 6:25
  reevaluate
• 6:25
  this.
• 6:26
  You
• 6:26
  know,
• 6:26
  I'm
• 6:26
  going
• 6:26
  to
• 6:26
  come
• 6:27
  in,
• 6:27
  you
• 6:27
  know,
• 6:27
  carte
• 6:28
  blanche,
• 6:28
  stop
• 6:28
  everything
• 6:29
  till
• 6:29
  I
• 6:29
  get
• 6:29
  a
• 6:29
  sense
• 6:29
  of
• 6:29
  what's
• 6:30
  going
• 6:30
  on.
• 6:30
  No,
• 6:30
  she's
• 6:31
  been
• 6:31
  intimately
• 6:32
  connected
• 6:32
  with
• 6:32
  this
• 6:32
  rollout
• 6:33
  for
• 6:33
  a
• 6:33
  long
• 6:33
  time.
• 6:34
  So
• 6:34
  that
• 6:34
  makes
• 6:34
  this
• 6:35
  News
• 6:35
  even
• 6:35
  bigger
• 6:36
  to
• 6:36
  me
• 6:36
  when
• 6:36
  you
• 6:36
  read
• 6:37
  between
• 6:37
  the
• 6:37
  headlines.
• 6:37
  Right,
• 6:38
  I
• 6:38
  agree.
• 6:39
  Yeah.
• 6:39
  Yeah.
• 6:40
  Especially
• 6:40
  like
• 6:40
  I
• 6:41
  said,
• 6:41
  given
• 6:41
  her
• 6:41
  background,
• 6:42
  like,
• 6:42
  I
• 6:42
  think
• 6:42
  she's
• 6:43
  everyone
• 6:43
  that
• 6:43
  I've
• 6:44
  talked
• 6:44
  to
• 6:44
  that's
• 6:44
  worked
• 6:44
  for
• 6:45
  her.
• 6:45
  It
• 6:45
  said
• 6:46
  that
• 6:46
  she's,
• 6:47
  you
• 6:47
  know,
• 6:47
  a
• 6:47
  no
• 6:48
  BS
• 6:48
  kind
• 6:48
  of
• 6:48
  person.
• 6:49
  Like
• 6:49
  either
• 6:49
  it's
• 6:50
  working
• 6:50
  or
• 6:50
  it's
• 6:50
  not.
• 6:50
  And
• 6:51
  we
• 6:51
  course
• 6:51
  correct
• 6:52
  immediately
• 6:52
  if
• 6:52
  it's
• 6:53
  not.
• 6:53
  And
• 6:53
  so
• 6:53
  that's,
• 6:54
  that's
• 6:54
  where
• 6:54
  I
• 6:55
  think,
• 6:55
  like
• 6:55
  you're.
• 6:55
  You're
• 6:56
  really
• 6:56
  looking
• 6:56
  at
• 6:56
  some,
• 6:57
  some
• 6:57
  big
• 6:58
  calls
• 6:58
  here
• 6:58
  from
• 6:59
  Keisha
• 6:59
  about
• 7:00
  where
• 7:00
  the
• 7:00
  direction
• 7:01
  of
• 7:01
  the
• 7:01
  company
• 7:01
  is
• 7:02
  going
• 7:02
  and
• 7:02
  what's
• 7:02
  best
• 7:02
  for
• 7:03
  Alta.
• 7:03
  So.
• 7:04
  And,
• 7:05
  and
• 7:05
  the
• 7:05
  other.
• 7:06
  Yeah,
• 7:06
  no,
• 7:06
  and
• 7:06
  the
• 7:07
  other
• 7:07
  question
• 7:07
  I
• 7:07
  want
• 7:07
  to
• 7:07
  ask
• 7:07
  you
• 7:07
  to
• 7:08
  and
• 7:08
  was,
• 7:10
  can
• 7:10
  you
• 7:10
  ever
• 7:11
  remember
• 7:11
  a
• 7:11
  time
• 7:12
  in
• 7:12
  the
• 7:12
  history
• 7:12
  of
• 7:12
  Target
• 7:13
  with
• 7:13
  its
• 7:13
  brand
• 7:13
  and
• 7:14
  its
• 7:14
  brand
• 7:14
  cachet
• 7:15
  where
• 7:15
  someone
• 7:15
  has
• 7:16
  announced
• 7:16
  a
• 7:16
  rollout
• 7:17
  and
• 7:17
  then
• 7:17
  said
• 7:18
  we're
• 7:18
  going
• 7:18
  to
• 7:18
  pull
• 7:18
  back
• 7:19
  and
• 7:19
  not
• 7:19
  go
• 7:19
  forward
• 7:19
  with
• 7:20
  this?
• 7:20
  I
• 7:20
  cannot.
• 7:21
  Not
• 7:21
  that
• 7:21
  I
• 7:21
  can
• 7:21
  think
• 7:22
  about
• 7:22
  the.
• 7:22
  Top
• 7:22
  of
• 7:22
  my
• 7:23
  entire
• 7:23
  20
• 7:23
  year
• 7:24
  history
• 7:24
  of
• 7:24
  being
• 7:25
  intimately
• 7:25
  involved
• 7:26
  with
• 7:26
  that
• 7:26
  brand.
• 7:26
  Yeah,
• 7:27
  I
• 7:27
  mean,
• 7:27
  this
• 7:27
  is
• 7:28
  a
• 7:28
  huge
• 7:28
  undertaking
• 7:29
  as
• 7:29
  well.
• 7:29
  I
• 7:29
  mean,
• 7:30
  we're
• 7:30
  talking
• 7:30
  about
• 7:30
  complete
• 7:31
  remodels
• 7:32
  of
• 7:32
  stores
• 7:32
  and
• 7:32
  things
• 7:33
  to
• 7:33
  support
• 7:33
  this.
• 7:33
  So
• 7:33
  I
• 7:34
  think,
• 7:34
  you
• 7:34
  know,
• 7:34
  this
• 7:34
  is
• 7:34
  really
• 7:35
  a
• 7:35
  unique
• 7:35
  case,
• 7:36
  but
• 7:36
  I
• 7:37
  think.
• 7:38
  That
• 7:38
  I
• 7:38
  have
• 7:38
  all
• 7:38
  the
• 7:38
  time.
• 7:39
  That's
• 7:40
  all
• 7:40
  the
• 7:40
  time.
• 7:41
  I
• 7:41
  think
• 7:41
  the
• 7:42
  remodel
• 7:42
  level.
• 7:43
  Not
• 7:43
  to
• 7:43
  the
• 7:43
  level,
• 7:44
  particularly
• 7:44
  if
• 7:44
  Ulta
• 7:45
  and
• 7:45
  location.
• 7:47
  Not
• 7:47
  for
• 7:47
  Ulta.
• 7:47
  No,
• 7:47
  not
• 7:48
  for
• 7:48
  Ulta.
• 7:48
  And
• 7:48
  the
• 7:48
  cost
• 7:49
  for
• 7:49
  Ulta
• 7:49
  too.
• 7:49
  But.
• 7:49
  Yeah,
• 7:50
  but
• 7:50
  people
• 7:50
  are
• 7:50
  coming
• 7:50
  in
• 7:50
  and
• 7:50
  remodeling
• 7:51
  those
• 7:51
  stores
• 7:51
  all
• 7:51
  the
• 7:51
  time
• 7:51
  and
• 7:52
  paying
• 7:52
  for
• 7:52
  the
• 7:52
  remodels
• 7:52
  all
• 7:53
  the
• 7:53
  time.
• 7:53
  But
• 7:53
  to
• 7:53
  your
• 7:53
  point.
• 7:53
  Yeah,
• 7:54
  right.
• 7:54
  Yeah.
• 7:54
  Ulta
• 7:55
  just
• 7:55
  doesn't
• 7:55
  see
• 7:55
  the
• 7:55
  value
• 7:56
  in
• 7:56
  it.
• 7:56
  So
• 7:57
  crazy.
• 7:57
  Wow.
• 7:58
  Yeah.
• 7:58
  Wow.
• 7:59
  Either
• 7:59
  way,
• 7:59
  not
• 7:59
  good
• 8:00
  news
• 8:00
  for
• 8:00
  Target
• 8:00
  right
• 8:01
  now
• 8:01
  on
• 8:01
  top
• 8:02
  of
• 8:02
  everything
• 8:02
  else
• 8:02
  they're
• 8:03
  dealing
• 8:03
  with.
• 8:04
  Not
• 8:05
  the
• 8:05
  news
• 8:05
  that
• 8:05
  you
• 8:05
  want
• 8:06
  to
• 8:06
  be
• 8:06
  going
• 8:07
  out
• 8:07
  at
• 8:07
  this
• 8:07
  time.
• 8:07
  So
• 8:08
  hopefully
• 8:09
  something
• 8:10
  so
• 8:11
  net
• 8:11
  net.
• 8:11
  This
• 8:11
  story
• 8:12
  is
• 8:12
  more
• 8:12
  about
• 8:12
  Target
• 8:13
  2
• 8:13
  than
• 8:13
  it
• 8:13
  is
• 8:13
  about
• 8:13
  Ulta.
• 8:14
  Do
• 8:14
  you
• 8:14
  think
• 8:14
  that's
• 8:14
  because
• 8:14
  of
• 8:15
  our
• 8:15
  Minneapolis
• 8:15
  bias
• 8:16
  or
• 8:16
  do
• 8:16
  you
• 8:16
  think
• 8:16
  that's
• 8:16
  really
• 8:16
  the
• 8:17
  case?
• 8:17
  I
• 8:17
  think
• 8:17
  it's
• 8:17
  actually
• 8:18
  really
• 8:18
  the
• 8:18
  case.
• 8:18
  I
• 8:18
  do.
• 8:19
  We
• 8:19
  try
• 8:19
  not
• 8:19
  to
• 8:19
  be
• 8:19
  biased
• 8:20
  on
• 8:20
  this
• 8:20
  show
• 8:20
  as
• 8:20
  much
• 8:20
  as
• 8:21
  possible.
• 8:23
  Yeah,
• 8:23
  I.
• 8:24
  I
• 8:24
  would
• 8:24
  say
• 8:24
  it's
• 8:24
  more
• 8:24
  about
• 8:25
  what's
• 8:25
  happening
• 8:25
  with
• 8:26
  Target
• 8:26
  than.
• 8:27
  I
• 8:27
  think
• 8:27
  you're
• 8:27
  right.
• 8:27
  I
• 8:27
  think
• 8:27
  it's
• 8:28
  more
• 8:28
  about
• 8:28
  what's
• 8:28
  happening
• 8:28
  with
• 8:29
  Target
• 8:29
  and
• 8:29
  Alta's
• 8:30
  response
• 8:30
  to
• 8:30
  it.
• 8:31
  Yeah.
• 8:32
  Wow.
• 8:32
  Fascinating.
• 8:33
  Fascinating
• 8:33
  discussion.
• 8:34
  God,
• 8:34
  it's
• 8:34
  going
• 8:34
  to
• 8:34
  be
• 8:35
  fun
• 8:35
  to
• 8:35
  watch
• 8:35
  this
• 8:35
  year
• 8:36
  play
• 8:36
  out.