Latest / Omni Talk Retail / NRF's Matthew Shay On Consumer Resilience, AI & His Bold 2026 Retail Prediction | NRF 2026

Transcript

NRF's Matthew Shay On Consumer Resilience, AI & His Bold 2026 Retail Prediction | NRF 2026 · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  everyone
• 0:01
  from
• 0:01
  New
• 0:01
  York
• 0:02
  City.
• 0:02
  This
• 0:02
  is
• 0:03
  Omnitalk
• 0:03
  Retail
• 0:04
  coming
• 0:04
  to
• 0:04
  you
• 0:05
  live
• 0:05
  from
• 0:05
  NRF's
• 0:06
  big
• 0:07
  show.
• 0:07
  I'm
• 0:07
  Ann
• 0:08
  Mazinga.
• 0:08
  And
• 0:08
  I'm
• 0:08
  Chris
• 0:09
  Walton.
• 0:09
  And
• 0:09
  we
• 0:09
  are
• 0:09
  coming
• 0:10
  to
• 0:10
  you
• 0:10
  live
• 0:10
  from
• 0:10
  the
• 0:10
  Fusion
• 0:11
  group,
• 0:11
  booth
• 0:11
  number
• 0:12
  4921.
• 0:13
  Chris
• 0:13
  and
• 0:13
  I
• 0:13
  are
• 0:13
  going
• 0:14
  to
• 0:14
  be
• 0:14
  here
• 0:14
  for
• 0:14
  the
• 0:14
  next
• 0:15
  three
• 0:15
  days
• 0:16
  covering
• 0:17
  every
• 0:17
  inch
• 0:17
  of
• 0:18
  this
• 0:18
  conference,
• 0:19
  every
• 0:19
  retailer
• 0:20
  and
• 0:20
  brand
• 0:20
  you
• 0:20
  can
• 0:20
  imagine.
• 0:21
  So
• 0:21
  make
• 0:22
  sure
• 0:22
  to
• 0:22
  stay
• 0:23
  tuned.
• 0:24
  But
• 0:24
  right
• 0:24
  now
• 0:25
  we
• 0:25
  have
• 0:25
  a
• 0:26
  very
• 0:26
  special
• 0:26
  guest.
• 0:27
  This
• 0:27
  is
• 0:27
  the
• 0:27
  the
• 0:27
  best
• 0:28
  way
• 0:28
  we
• 0:28
  could
• 0:28
  kick
• 0:29
  off
• 0:29
  our
• 0:29
  coverage.
• 0:30
  Matt
• 0:30
  is
• 0:31
  with
• 0:31
  NRF
• 0:32
  President
• 0:32
  and
• 0:33
  CEO
• 0:34
  Matthew
• 0:34
  Shea.
• 0:34
  Matt,
• 0:35
  welcome
• 0:35
  back
• 0:35
  to
• 0:36
  omnitalk.
• 0:36
  It's
• 0:36
  so
• 0:36
  great
• 0:37
  to
• 0:37
  have
• 0:37
  you.
• 0:37
  Thank
• 0:37
  you,
• 0:37
  Ann.
• 0:38
  Thank
• 0:38
  you,
• 0:38
  Ann.
• 0:38
  Chris,
• 0:39
  I'm
• 0:39
  glad
• 0:39
  to
• 0:39
  be
• 0:39
  with
• 0:39
  you
• 0:39
  guys.
• 0:40
  Thank
• 0:40
  you
• 0:40
  for
• 0:40
  the
• 0:40
  invitation.
• 0:41
  Thanks
• 0:41
  for
• 0:41
  being
• 0:41
  here.
• 0:42
  I
• 0:43
  love
• 0:43
  what
• 0:43
  you've
• 0:43
  done
• 0:43
  with
• 0:43
  the
• 0:43
  place.
• 0:45
  Every
• 0:45
  year
• 0:45
  it
• 0:45
  gets
• 0:46
  better
• 0:46
  every
• 0:47
  year.
• 0:47
  Yes.
• 0:47
  This
• 0:48
  is
• 0:48
  like
• 0:48
  full
• 0:48
  on
• 0:48
  professional,
• 0:49
  a
• 0:49
  real
• 0:50
  studio.
• 0:51
  And
• 0:52
  the
• 0:53
  new
• 0:53
  technician
• 0:53
  is
• 0:53
  doing
• 0:53
  a
• 0:54
  really
• 0:54
  nice
• 0:54
  job
• 0:54
  for
• 0:54
  you.
• 0:54
  Great.
• 0:55
  Yeah,
• 0:55
  yeah,
• 0:55
  yeah.
• 0:56
  That's
• 0:56
  funny.
• 0:56
  Yeah.
• 0:56
  Matt's
• 0:57
  alluded
• 0:57
  to
• 0:57
  the
• 0:57
  fact,
• 0:57
  for
• 0:57
  those
• 0:58
  listening
• 0:58
  at
• 0:58
  home
• 0:58
  and
• 0:58
  watch,
• 0:59
  I'm
• 0:59
  learning
• 0:59
  new
• 0:59
  skills.
• 1:00
  I'm
• 1:00
  running
• 1:00
  the
• 1:00
  tech
• 1:00
  today,
• 1:01
  so
• 1:01
  trying
• 1:02
  out
• 1:02
  some
• 1:02
  new
• 1:02
  things.
• 1:02
  But
• 1:02
  yes,
• 1:02
  the
• 1:03
  Vuzion
• 1:03
  Group.
• 1:03
  The
• 1:03
  Vuzion
• 1:04
  Vuzion,
• 1:04
  actually
• 1:04
  not
• 1:05
  the
• 1:05
  vision
• 1:05
  group
• 1:05
  now
• 1:05
  named
• 1:06
  the
• 1:06
  Vuzion
• 1:07
  Vusion,
• 1:08
  does
• 1:08
  a
• 1:08
  fabulous
• 1:08
  job
• 1:09
  for
• 1:09
  us
• 1:09
  each
• 1:09
  and
• 1:09
  every
• 1:09
  year.
• 1:10
  So.
• 1:10
  All
• 1:10
  right,
• 1:10
  Matt,
• 1:11
  let's
• 1:11
  get
• 1:11
  to
• 1:11
  it.
• 1:11
  So,
• 1:12
  you
• 1:12
  know,
• 1:13
  my
• 1:13
  question
• 1:13
  for
• 1:13
  you
• 1:13
  is
• 1:13
  you
• 1:14
  talk
• 1:14
  to
• 1:14
  a
• 1:14
  lot
• 1:14
  of
• 1:14
  retailers
• 1:15
  day
• 1:15
  in
• 1:15
  and
• 1:16
  day
• 1:16
  out,
• 1:16
  big
• 1:16
  part
• 1:16
  of
• 1:17
  the
• 1:17
  job.
• 1:17
  What's
• 1:18
  the
• 1:18
  general
• 1:18
  mood
• 1:18
  and
• 1:18
  sentiment
• 1:19
  right
• 1:19
  now?
• 1:19
  Are
• 1:20
  people
• 1:20
  optimistic?
• 1:21
  Are
• 1:21
  they
• 1:21
  cautious?
• 1:21
  I
• 1:22
  know
• 1:22
  when
• 1:22
  we
• 1:22
  talked
• 1:22
  to
• 1:22
  you
• 1:22
  last
• 1:22
  year,
• 1:22
  there
• 1:23
  was
• 1:23
  a
• 1:23
  lot
• 1:23
  of
• 1:23
  caution.
• 1:24
  How
• 1:24
  would
• 1:24
  you
• 1:24
  sum
• 1:25
  it
• 1:25
  up
• 1:25
  right
• 1:25
  now?
• 1:25
  I
• 1:26
  think
• 1:26
  someone
• 1:26
  asked
• 1:26
  me
• 1:27
  a
• 1:27
  similar
• 1:27
  question
• 1:27
  earlier
• 1:28
  this
• 1:28
  morning
• 1:28
  and
• 1:28
  I
• 1:29
  think
• 1:29
  think
• 1:30
  there's
• 1:30
  more
• 1:31
  optimism
• 1:32
  even
• 1:32
  now
• 1:32
  than
• 1:33
  there
• 1:33
  was
• 1:33
  a
• 1:33
  year
• 1:33
  ago.
• 1:33
  And
• 1:33
  I
• 1:34
  say
• 1:34
  that
• 1:34
  because
• 1:34
  really
• 1:35
  last
• 1:36
  year
• 1:37
  we
• 1:37
  knew
• 1:37
  we
• 1:37
  were
• 1:38
  in
• 1:38
  for
• 1:38
  a
• 1:38
  lot
• 1:38
  of
• 1:38
  disruptive
• 1:39
  change
• 1:39
  from
• 1:40
  a
• 1:40
  policy
• 1:40
  and
• 1:41
  political
• 1:41
  perspective.
• 1:42
  And
• 1:43
  we
• 1:43
  anticipated
• 1:44
  things
• 1:44
  might
• 1:45
  be
• 1:45
  really
• 1:45
  challenging.
• 1:45
  And
• 1:45
  in
• 1:46
  some
• 1:46
  ways
• 1:46
  they
• 1:46
  did
• 1:46
  get
• 1:46
  very
• 1:47
  challenging.
• 1:47
  And
• 1:47
  yet
• 1:47
  we
• 1:47
  had
• 1:48
  a
• 1:48
  very
• 1:48
  strong
• 1:48
  year
• 1:49
  in
• 1:49
  terms
• 1:49
  of
• 1:50
  consumer
• 1:50
  engagement,
• 1:51
  retail
• 1:51
  sales,
• 1:53
  very
• 1:53
  strong
• 1:53
  holiday
• 1:54
  numbers,
• 1:55
  a
• 1:55
  great
• 1:55
  Thanksgiving
• 1:56
  weekend.
• 1:57
  And
• 1:58
  we're
• 1:58
  going
• 1:58
  to
• 1:58
  release
• 2:00
  tomorrow
• 2:00
  morning
• 2:01
  on
• 2:01
  air
• 2:01
  with
• 2:01
  cnbc,
• 2:02
  we'll
• 2:02
  release
• 2:03
  the
• 2:03
  results
• 2:04
  of
• 2:04
  the
• 2:05
  December
• 2:06
  CNBC
• 2:06
  NRF
• 2:07
  Retail
• 2:07
  Monitor.
• 2:08
  And,
• 2:09
  and
• 2:09
  I
• 2:09
  think
• 2:09
  everything
• 2:10
  that
• 2:10
  we've
• 2:10
  seen
• 2:11
  thus
• 2:11
  far
• 2:12
  makes
• 2:13
  us
• 2:13
  feel
• 2:13
  pretty
• 2:14
  confident
• 2:14
  that,
• 2:14
  that
• 2:15
  the
• 2:15
  holiday
• 2:15
  season
• 2:15
  finished
• 2:16
  in
• 2:16
  a
• 2:16
  strong
• 2:16
  way,
• 2:17
  which
• 2:17
  positions
• 2:17
  us.
• 2:18
  Well,
• 2:19
  I
• 2:19
  guess
• 2:19
  back
• 2:19
  to
• 2:19
  your
• 2:19
  Question
• 2:20
  about
• 2:20
  why
• 2:20
  we
• 2:20
  focus.
• 2:21
  Feel
• 2:21
  optimistic
• 2:21
  about
• 2:21
  this
• 2:22
  year.
• 2:22
  There's.
• 2:22
  There's,
• 2:22
  I
• 2:23
  think,
• 2:23
  still
• 2:23
  a
• 2:23
  fair
• 2:23
  amount
• 2:24
  of
• 2:24
  momentum
• 2:24
  in
• 2:24
  the
• 2:24
  economy.
• 2:25
  Yeah.
• 2:25
  Let's
• 2:26
  talk
• 2:26
  a
• 2:26
  little
• 2:26
  bit
• 2:26
  more
• 2:26
  about
• 2:27
  that.
• 2:27
  Can
• 2:27
  you
• 2:27
  give
• 2:27
  us
• 2:28
  any
• 2:28
  more
• 2:28
  of
• 2:28
  a
• 2:29
  sneak
• 2:29
  peek
• 2:29
  of
• 2:29
  what
• 2:30
  we
• 2:30
  might
• 2:30
  hear
• 2:30
  tomorrow,
• 2:31
  Matt,
• 2:31
  like,
• 2:31
  what
• 2:31
  were
• 2:32
  your
• 2:32
  general
• 2:32
  sentiments
• 2:33
  about
• 2:33
  the
• 2:33
  holiday
• 2:34
  season
• 2:34
  in
• 2:34
  2025
• 2:35
  and
• 2:36
  what
• 2:36
  do
• 2:36
  you
• 2:36
  think
• 2:36
  that
• 2:36
  might
• 2:36
  indicate
• 2:37
  for
• 2:37
  retailers
• 2:38
  and
• 2:38
  brands
• 2:39
  for
• 2:39
  2026?
• 2:40
  I
• 2:41
  think
• 2:41
  that
• 2:41
  there
• 2:41
  were
• 2:41
  two
• 2:42
  things
• 2:42
  that,
• 2:43
  that
• 2:43
  really.
• 2:44
  Two
• 2:44
  words
• 2:44
  that
• 2:45
  really
• 2:45
  dominated
• 2:46
  the
• 2:46
  conversation
• 2:47
  this
• 2:47
  year.
• 2:47
  And,
• 2:48
  and
• 2:49
  for
• 2:49
  the
• 2:49
  first
• 2:49
  half
• 2:50
  and
• 2:50
  through
• 2:50
  the
• 2:50
  end
• 2:50
  of
• 2:50
  the
• 2:50
  year,
• 2:51
  it
• 2:51
  was
• 2:52
  resilience
• 2:53
  when
• 2:53
  it
• 2:53
  comes
• 2:53
  to
• 2:53
  the
• 2:54
  behavior
• 2:54
  of
• 2:54
  the
• 2:54
  consumer.
• 2:55
  Sure.
• 2:55
  But
• 2:56
  the
• 2:56
  longer
• 2:56
  we
• 2:56
  got
• 2:57
  into
• 2:57
  the
• 2:57
  calendar
• 2:58
  year
• 2:58
  25,
• 2:59
  it
• 3:00
  was
• 3:00
  also
• 3:00
  affordability.
• 3:02
  And
• 3:03
  those
• 3:03
  two
• 3:03
  sort
• 3:04
  of
• 3:05
  are
• 3:05
  a
• 3:06
  little
• 3:06
  bit
• 3:06
  in
• 3:06
  conflict
• 3:07
  with
• 3:07
  each
• 3:07
  other.
• 3:08
  You
• 3:08
  can
• 3:08
  only
• 3:09
  be
• 3:09
  resilient
• 3:09
  for
• 3:10
  so
• 3:10
  long
• 3:11
  if
• 3:11
  things
• 3:11
  from
• 3:12
  a
• 3:12
  consumer
• 3:12
  perspective
• 3:13
  are
• 3:13
  no
• 3:13
  longer
• 3:13
  truly
• 3:14
  affordable.
• 3:16
  And,
• 3:17
  you
• 3:17
  know,
• 3:18
  I
• 3:18
  had
• 3:18
  this
• 3:19
  conversation
• 3:19
  with
• 3:19
  a
• 3:19
  few
• 3:19
  of
• 3:19
  the
• 3:20
  CEOs
• 3:20
  about.
• 3:20
  Well,
• 3:20
  if
• 3:20
  you
• 3:20
  look
• 3:21
  up
• 3:21
  the
• 3:21
  definition
• 3:21
  of
• 3:21
  the
• 3:22
  word
• 3:22
  resilience,
• 3:22
  it's
• 3:23
  about
• 3:23
  dealing
• 3:23
  with
• 3:23
  adversity
• 3:24
  in
• 3:24
  a
• 3:24
  constructive
• 3:25
  way.
• 3:26
  And
• 3:26
  that's
• 3:26
  why
• 3:26
  I
• 3:26
  think
• 3:26
  what
• 3:27
  consumers
• 3:27
  did.
• 3:28
  Consumers
• 3:29
  are
• 3:29
  very
• 3:29
  smart,
• 3:30
  they're
• 3:30
  very
• 3:30
  shrewd,
• 3:31
  They've
• 3:31
  got
• 3:31
  access
• 3:32
  to
• 3:32
  enormous
• 3:32
  amounts
• 3:32
  of
• 3:33
  information.
• 3:34
  They've
• 3:34
  got
• 3:34
  lots
• 3:34
  of
• 3:35
  choices
• 3:35
  in
• 3:35
  the
• 3:35
  retail
• 3:36
  industry.
• 3:37
  And
• 3:37
  so
• 3:37
  consumers
• 3:38
  reallocated
• 3:38
  the
• 3:38
  way
• 3:39
  they
• 3:40
  spend
• 3:40
  their
• 3:41
  monthly
• 3:41
  disposable
• 3:42
  income
• 3:43
  relative
• 3:44
  to
• 3:44
  the
• 3:44
  way
• 3:44
  their
• 3:44
  expenses
• 3:45
  changed.
• 3:46
  And
• 3:46
  that
• 3:46
  had
• 3:46
  different
• 3:47
  kinds
• 3:47
  of
• 3:47
  consequences
• 3:48
  for
• 3:48
  households
• 3:49
  at
• 3:49
  different
• 3:49
  economic
• 3:50
  levels.
• 3:51
  And
• 3:52
  yet
• 3:52
  all
• 3:52
  economic
• 3:53
  levels
• 3:53
  managed
• 3:54
  to
• 3:54
  continue
• 3:54
  to
• 3:54
  be
• 3:54
  engaged
• 3:56
  in
• 3:56
  the
• 3:56
  economy
• 3:57
  from
• 3:57
  a
• 3:57
  consumption
• 3:58
  perspective.
• 3:59
  So
• 4:00
  we
• 4:00
  managed
• 4:00
  the
• 4:00
  year
• 4:01
  pretty
• 4:01
  effectively.
• 4:02
  We're,
• 4:02
  I
• 4:03
  think,
• 4:03
  starting
• 4:03
  with
• 4:03
  a
• 4:03
  good
• 4:03
  base
• 4:04
  as
• 4:04
  we
• 4:04
  go
• 4:04
  into
• 4:04
  the
• 4:05
  new
• 4:05
  year.
• 4:05
  There
• 4:06
  is,
• 4:06
  I
• 4:06
  think,
• 4:06
  a
• 4:07
  strong
• 4:07
  sense
• 4:07
  of,
• 4:07
  okay,
• 4:08
  maybe
• 4:09
  in
• 4:09
  some
• 4:09
  ways,
• 4:09
  some
• 4:09
  of
• 4:10
  the
• 4:10
  worst
• 4:10
  of
• 4:10
  this
• 4:10
  is
• 4:11
  behind
• 4:11
  us,
• 4:11
  the
• 4:11
  policy
• 4:11
  uncertainties.
• 4:12
  I
• 4:12
  mean,
• 4:13
  you
• 4:13
  know,
• 4:13
  you
• 4:14
  go
• 4:14
  through
• 4:14
  the
• 4:14
  Liberation
• 4:14
  Day
• 4:15
  tariffs,
• 4:15
  the
• 4:16
  things
• 4:16
  that
• 4:16
  were
• 4:16
  thrown
• 4:17
  at
• 4:17
  the
• 4:17
  retail
• 4:17
  industry
• 4:19
  in
• 4:19
  the
• 4:19
  past
• 4:19
  six
• 4:19
  months,
• 4:20
  I'd
• 4:21
  like
• 4:21
  to
• 4:21
  say
• 4:21
  it
• 4:21
  can't
• 4:22
  get
• 4:22
  any
• 4:22
  worse.
• 4:22
  From
• 4:23
  a
• 4:23
  consumer
• 4:23
  perspective,
• 4:25
  lightning
• 4:26
  may
• 4:26
  strike
• 4:26
  us
• 4:27
  here.
• 4:27
  Yeah,
• 4:27
  right.
• 4:28
  But.
• 4:28
  But
• 4:29
  I
• 4:29
  think
• 4:29
  in
• 4:29
  general,
• 4:30
  people
• 4:30
  would
• 4:31
  say,
• 4:31
  okay,
• 4:31
  we
• 4:31
  navigated
• 4:32
  those
• 4:32
  challenges.
• 4:32
  If
• 4:33
  we
• 4:33
  could
• 4:33
  navigate
• 4:33
  that,
• 4:34
  you
• 4:34
  know,
• 4:34
  we're
• 4:35
  positioned
• 4:35
  to
• 4:35
  keep
• 4:35
  going
• 4:36
  forward.
• 4:37
  So
• 4:37
  then
• 4:37
  as
• 4:37
  you
• 4:38
  look
• 4:38
  to
• 4:38
  Your
• 4:38
  role
• 4:38
  in
• 4:38
  2026
• 4:39
  and
• 4:40
  the
• 4:40
  advocacy
• 4:40
  that
• 4:41
  NRF
• 4:41
  leads,
• 4:42
  is
• 4:43
  that
• 4:43
  what
• 4:43
  you're
• 4:43
  focused
• 4:43
  on
• 4:44
  in
• 4:44
  terms
• 4:44
  of
• 4:44
  trying
• 4:44
  to
• 4:45
  help
• 4:45
  in
• 4:45
  regards
• 4:45
  to
• 4:46
  that
• 4:46
  dichotomy
• 4:46
  you
• 4:46
  just
• 4:47
  spoke
• 4:47
  about,
• 4:47
  or
• 4:47
  is
• 4:47
  there
• 4:47
  other
• 4:48
  things
• 4:48
  that
• 4:48
  are
• 4:48
  on
• 4:48
  top
• 4:49
  of
• 4:49
  mind
• 4:49
  for
• 4:49
  you?
• 4:49
  Well,
• 4:50
  the
• 4:50
  conversation
• 4:50
  around
• 4:53
  sort
• 4:53
  of
• 4:53
  the
• 4:53
  policy,
• 4:55
  the
• 4:55
  economic
• 4:57
  implications
• 4:57
  of
• 4:58
  policy
• 4:58
  choices
• 4:59
  on
• 5:00
  consumers
• 5:00
  is
• 5:01
  the
• 5:01
  way
• 5:01
  we
• 5:01
  try
• 5:01
  to
• 5:02
  frame
• 5:02
  our
• 5:02
  conversation.
• 5:03
  So
• 5:04
  yes,
• 5:04
  it
• 5:04
  impacts
• 5:05
  retailers,
• 5:06
  you
• 5:06
  know,
• 5:07
  tax
• 5:07
  reform,
• 5:09
  trade,
• 5:10
  labor
• 5:10
  and
• 5:11
  working
• 5:11
  conditions.
• 5:12
  But
• 5:13
  ultimately
• 5:13
  it
• 5:14
  impacts
• 5:14
  consumers
• 5:15
  and
• 5:15
  working
• 5:15
  families
• 5:16
  and
• 5:17
  Americans.
• 5:18
  And
• 5:18
  so
• 5:19
  the
• 5:19
  conversation
• 5:19
  we
• 5:20
  try
• 5:20
  to
• 5:20
  have
• 5:20
  with
• 5:20
  policymakers
• 5:21
  is,
• 5:22
  you
• 5:23
  know,
• 5:23
  there
• 5:23
  are
• 5:23
  always
• 5:23
  unintended
• 5:24
  consequences.
• 5:25
  And
• 5:25
  so
• 5:25
  you
• 5:25
  may
• 5:25
  be
• 5:26
  trying
• 5:26
  to
• 5:26
  accomplish
• 5:26
  this,
• 5:27
  but
• 5:27
  stop
• 5:27
  and
• 5:27
  think
• 5:27
  about
• 5:28
  how
• 5:28
  that
• 5:28
  really
• 5:28
  impacts
• 5:29
  a
• 5:29
  household
• 5:30
  or
• 5:30
  an
• 5:30
  employee
• 5:31
  or
• 5:31
  a
• 5:31
  consumer.
• 5:32
  And
• 5:32
  we're
• 5:32
  all
• 5:32
  consumers,
• 5:33
  so
• 5:33
  it's
• 5:33
  usually
• 5:34
  pretty
• 5:34
  easy
• 5:35
  to
• 5:35
  have
• 5:35
  that
• 5:36
  conversation
• 5:36
  and
• 5:36
  get
• 5:36
  someone
• 5:37
  to
• 5:37
  be
• 5:37
  able
• 5:37
  to
• 5:37
  relate
• 5:38
  to
• 5:38
  what
• 5:38
  you're
• 5:38
  trying
• 5:38
  to
• 5:39
  explain.
• 5:40
  So
• 5:40
  we
• 5:41
  got
• 5:41
  tax
• 5:41
  reform
• 5:41
  done
• 5:42
  last
• 5:42
  year.
• 5:42
  That's
• 5:42
  going
• 5:43
  to
• 5:43
  create
• 5:43
  some
• 5:43
  more
• 5:44
  positive
• 5:44
  momentum.
• 5:45
  I
• 5:46
  think,
• 5:46
  you
• 5:46
  know,
• 5:46
  we
• 5:46
  continue
• 5:47
  to
• 5:47
  watch
• 5:47
  the
• 5:47
  labor
• 5:47
  market,
• 5:49
  job
• 5:50
  creation
• 5:50
  and
• 5:51
  the
• 5:51
  unemployment
• 5:51
  number
• 5:53
  and
• 5:53
  particularly
• 5:53
  the
• 5:53
  workforce
• 5:54
  participation
• 5:54
  rate
• 5:55
  and
• 5:55
  which
• 5:55
  is
• 5:56
  about
• 5:56
  62%
• 5:57
  right
• 5:57
  now,
• 5:57
  which
• 5:57
  is
• 5:57
  a
• 5:58
  little
• 5:58
  bit
• 5:58
  on
• 5:58
  the
• 5:59
  lower
• 5:59
  side.
• 5:59
  So
• 6:00
  we'd
• 6:00
  like
• 6:00
  to
• 6:00
  see
• 6:00
  more
• 6:00
  people
• 6:01
  working.
• 6:02
  So
• 6:03
  but
• 6:04
  anything
• 6:04
  that
• 6:04
  grows
• 6:04
  the
• 6:04
  economy
• 6:05
  and
• 6:05
  I
• 6:05
  think
• 6:05
  we're
• 6:05
  going
• 6:06
  to
• 6:06
  see
• 6:06
  when
• 6:06
  the
• 6:07
  various
• 6:07
  Federal
• 6:08
  Reserve
• 6:08
  banks,
• 6:08
  the
• 6:09
  regional
• 6:09
  feds
• 6:10
  report
• 6:11
  fourth
• 6:12
  quarter
• 6:12
  gdp,
• 6:12
  it's
• 6:13
  going
• 6:13
  to
• 6:13
  be
• 6:13
  a
• 6:13
  big
• 6:13
  number.
• 6:14
  And
• 6:14
  I
• 6:14
  think
• 6:14
  that
• 6:14
  suggests
• 6:15
  there's
• 6:15
  still
• 6:15
  momentum
• 6:16
  in
• 6:16
  the
• 6:16
  economy.
• 6:17
  Right.
• 6:18
  Matt,
• 6:18
  we
• 6:19
  talked
• 6:19
  a
• 6:19
  little
• 6:19
  bit
• 6:19
  about
• 6:20
  resilience.
• 6:20
  We
• 6:21
  talked
• 6:21
  about
• 6:21
  a
• 6:21
  consumer
• 6:22
  who
• 6:23
  is
• 6:23
  changing
• 6:24
  what
• 6:24
  they're
• 6:25
  spending
• 6:25
  their
• 6:25
  money
• 6:25
  on
• 6:26
  right
• 6:26
  now.
• 6:27
  As
• 6:27
  we
• 6:27
  kind
• 6:28
  of
• 6:28
  head
• 6:28
  into
• 6:28
  2026,
• 6:29
  what
• 6:30
  advice
• 6:30
  are
• 6:30
  you
• 6:30
  giving
• 6:31
  CEOs
• 6:32
  at
• 6:32
  retailers
• 6:32
  and
• 6:33
  brands
• 6:33
  in
• 6:33
  the
• 6:33
  US
• 6:33
  how
• 6:34
  can
• 6:34
  they
• 6:34
  prepare
• 6:35
  best
• 6:35
  for
• 6:36
  the
• 6:36
  year
• 6:36
  ahead?
• 6:37
  The
• 6:37
  best
• 6:37
  way
• 6:37
  to
• 6:38
  prepare
• 6:38
  for
• 6:38
  the
• 6:38
  year
• 6:38
  ahead
• 6:39
  if
• 6:39
  you're
• 6:39
  a
• 6:39
  retailer
• 6:39
  is
• 6:40
  to
• 6:40
  attend
• 6:40
  the
• 6:40
  NRF
• 6:41
  Big
• 6:41
  Show
• 6:42
  2020.
• 6:43
  Right.
• 6:43
  Well
• 6:43
  said
• 6:44
  to
• 6:44
  be
• 6:44
  right
• 6:44
  here
• 6:44
  with
• 6:44
  us.
• 6:46
  Proper
• 6:46
  plug
• 6:47
  to
• 6:47
  be
• 6:47
  walking
• 6:48
  around
• 6:48
  here.
• 6:49
  Get
• 6:50
  on
• 6:50
  a
• 6:50
  plane
• 6:50
  and
• 6:50
  get
• 6:50
  out.
• 6:50
  Here
• 6:51
  if
• 6:51
  you're
• 6:51
  not
• 6:51
  here.
• 6:52
  355,000
• 6:53
  square
• 6:53
  feet
• 6:54
  of
• 6:54
  Javits
• 6:54
  exhibit
• 6:55
  space
• 6:55
  here
• 6:55
  at
• 6:56
  the
• 6:56
  Convention
• 6:56
  center
• 6:56
  near
• 6:56
  Hudson
• 6:57
  Yards.
• 6:58
  1030
• 6:59
  exhibitors,
• 7:01
  180
• 7:03
  educational
• 7:04
  sessions,
• 7:05
  hundreds
• 7:06
  and
• 7:06
  hundreds
• 7:06
  of
• 7:06
  speakers.
• 7:08
  No,
• 7:08
  I
• 7:08
  think
• 7:08
  really
• 7:09
  in
• 7:09
  this
• 7:09
  environment
• 7:12
  and
• 7:12
  I'm
• 7:13
  not
• 7:13
  being
• 7:13
  tried
• 7:14
  about,
• 7:15
  people
• 7:15
  do
• 7:15
  need
• 7:15
  to
• 7:15
  talk
• 7:16
  to
• 7:16
  each
• 7:16
  other
• 7:16
  and
• 7:16
  learn
• 7:16
  from
• 7:16
  each
• 7:17
  other
• 7:17
  and
• 7:17
  events
• 7:18
  like
• 7:18
  this
• 7:18
  are
• 7:18
  a
• 7:18
  great
• 7:18
  way
• 7:19
  to
• 7:19
  do
• 7:19
  that.
• 7:21
  But
• 7:21
  there
• 7:21
  are
• 7:21
  so
• 7:22
  many
• 7:22
  tools
• 7:23
  available
• 7:24
  to
• 7:24
  retailers
• 7:25
  of
• 7:25
  all
• 7:25
  sizes.
• 7:26
  And
• 7:26
  of
• 7:26
  course
• 7:27
  AI
• 7:28
  and
• 7:28
  its
• 7:28
  various
• 7:30
  dimensions
• 7:31
  have
• 7:31
  been
• 7:31
  a
• 7:31
  big
• 7:31
  piece
• 7:32
  of
• 7:32
  what
• 7:32
  we
• 7:32
  are
• 7:32
  all
• 7:32
  talking
• 7:33
  about.
• 7:34
  And
• 7:34
  I
• 7:35
  think
• 7:35
  that
• 7:35
  even
• 7:35
  though
• 7:35
  it's
• 7:36
  going
• 7:36
  to
• 7:36
  be
• 7:36
  deployed
• 7:36
  by
• 7:36
  different
• 7:37
  organizations,
• 7:38
  different
• 7:38
  retailers
• 7:38
  at
• 7:39
  different
• 7:39
  scale,
• 7:40
  the
• 7:40
  there's
• 7:40
  a
• 7:41
  value
• 7:41
  for
• 7:41
  everyone.
• 7:42
  So
• 7:42
  it's
• 7:43
  a
• 7:43
  great
• 7:43
  force
• 7:43
  multiplier
• 7:44
  if
• 7:44
  you're
• 7:44
  a
• 7:44
  smaller
• 7:45
  retailer
• 7:45
  or
• 7:45
  smaller
• 7:46
  business,
• 7:46
  it
• 7:47
  can
• 7:47
  help
• 7:47
  you
• 7:47
  leverage
• 7:47
  up
• 7:48
  into,
• 7:49
  you
• 7:49
  know,
• 7:49
  things
• 7:49
  you
• 7:49
  wouldn't
• 7:50
  be
• 7:50
  able
• 7:50
  to
• 7:50
  do
• 7:50
  otherwise,
• 7:51
  because
• 7:51
  so
• 7:51
  much
• 7:52
  of
• 7:52
  this
• 7:52
  is
• 7:52
  so
• 7:53
  approachable
• 7:53
  from
• 7:53
  a
• 7:53
  price
• 7:54
  perspective.
• 7:54
  So
• 7:54
  I
• 7:54
  think
• 7:55
  the
• 7:55
  technology
• 7:56
  that
• 7:56
  we're
• 7:57
  seeing
• 7:57
  deployed
• 7:57
  now
• 7:58
  and
• 7:58
  the
• 7:58
  promise
• 7:59
  of
• 7:59
  how
• 7:59
  that's
• 7:59
  going
• 7:59
  to
• 7:59
  help
• 8:00
  businesses
• 8:00
  of
• 8:00
  all
• 8:00
  sizes
• 8:01
  really
• 8:02
  grow
• 8:03
  their
• 8:03
  businesses,
• 8:03
  but
• 8:03
  also
• 8:04
  reach
• 8:04
  their
• 8:04
  customers
• 8:05
  is
• 8:05
  really
• 8:05
  exciting.
• 8:05
  And
• 8:06
  that's
• 8:06
  a
• 8:06
  big
• 8:06
  part
• 8:06
  of
• 8:06
  the
• 8:07
  conversations
• 8:07
  this
• 8:07
  week.
• 8:08
  Well,
• 8:08
  and
• 8:08
  Matt,
• 8:08
  let's
• 8:09
  also
• 8:09
  not
• 8:09
  forget
• 8:09
  Ryan
• 8:10
  Reynolds
• 8:10
  is
• 8:10
  here,
• 8:10
  too.
• 8:10
  Right.
• 8:11
  Like,
• 8:11
  we
• 8:11
  can't
• 8:12
  leave
• 8:12
  that
• 8:12
  out.
• 8:12
  That's
• 8:13
  what
• 8:13
  I
• 8:13
  heard.
• 8:13
  That's
• 8:14
  what
• 8:14
  my
• 8:14
  wife
• 8:14
  told
• 8:14
  me.
• 8:16
  All
• 8:16
  right,
• 8:16
  we'll
• 8:16
  get
• 8:16
  you
• 8:16
  out
• 8:16
  of
• 8:17
  here
• 8:17
  on
• 8:17
  this.
• 8:17
  We
• 8:17
  always
• 8:17
  like
• 8:17
  to
• 8:17
  leave
• 8:18
  on
• 8:18
  the
• 8:18
  end
• 8:18
  when,
• 8:19
  when,
• 8:19
  whenever
• 8:19
  we
• 8:20
  can
• 8:20
  ask
• 8:20
  this
• 8:20
  question.
• 8:20
  We
• 8:21
  like
• 8:21
  to
• 8:21
  get
• 8:21
  predictions.
• 8:22
  So
• 8:22
  we're
• 8:22
  going
• 8:22
  to
• 8:22
  ask
• 8:22
  you
• 8:22
  to
• 8:22
  put
• 8:22
  your
• 8:23
  prediction
• 8:23
  hat
• 8:23
  on.
• 8:24
  What
• 8:24
  is
• 8:24
  one
• 8:25
  bold
• 8:25
  prediction
• 8:25
  you
• 8:25
  would
• 8:26
  make
• 8:26
  for
• 8:26
  the
• 8:26
  industry
• 8:26
  in
• 8:27
  2026
• 8:27
  that
• 8:28
  people
• 8:28
  possibly
• 8:28
  aren't
• 8:29
  talking
• 8:29
  about
• 8:30
  yet?
• 8:32
  That
• 8:33
  is
• 8:33
  a
• 8:33
  great
• 8:33
  question.
• 8:35
  I
• 8:35
  heard
• 8:36
  some
• 8:36
  things
• 8:36
  this
• 8:36
  morning,
• 8:37
  both
• 8:38
  in
• 8:38
  the
• 8:38
  green
• 8:38
  rooms
• 8:39
  of
• 8:39
  various
• 8:39
  of
• 8:40
  the
• 8:40
  keynote
• 8:40
  sessions,
• 8:41
  but
• 8:41
  also
• 8:41
  from
• 8:41
  the
• 8:42
  stage
• 8:44
  that
• 8:44
  probably
• 8:46
  might
• 8:46
  be
• 8:46
  too
• 8:46
  provocative
• 8:47
  to
• 8:47
  put
• 8:47
  on
• 8:48
  tape.
• 8:48
  Okay.
• 8:49
  But
• 8:49
  I
• 8:49
  think
• 8:50
  there'll
• 8:51
  be
• 8:51
  more
• 8:52
  big
• 8:52
  announcements
• 8:53
  about
• 8:53
  developments
• 8:54
  in
• 8:54
  retail
• 8:55
  companies
• 8:56
  in
• 8:56
  the
• 8:56
  year
• 8:57
  ahead,
• 8:57
  about
• 8:57
  transformation
• 9:00
  in
• 9:00
  ways
• 9:00
  that.
• 9:01
  And
• 9:01
  partnerships
• 9:02
  and
• 9:02
  alliances
• 9:03
  that
• 9:03
  maybe
• 9:03
  we
• 9:03
  don't
• 9:03
  anticipate
• 9:04
  right
• 9:04
  now.
• 9:05
  I
• 9:05
  think
• 9:05
  it'll
• 9:05
  be
• 9:05
  really
• 9:05
  interesting.
• 9:06
  Wow.
• 9:06
  Great.
• 9:07
  That's
• 9:07
  a
• 9:07
  great.
• 9:07
  What
• 9:08
  a
• 9:08
  great
• 9:08
  tease.
• 9:09
  Wow.
• 9:09
  Glad
• 9:10
  we
• 9:10
  asked
• 9:10
  that
• 9:10
  question.
• 9:11
  Can't
• 9:11
  wait
• 9:11
  to
• 9:12
  find
• 9:12
  out
• 9:12
  what
• 9:12
  that's
• 9:12
  about,
• 9:13
  too.
• 9:13
  All
• 9:13
  right,
• 9:13
  well,
• 9:13
  that
• 9:14
  wraps
• 9:14
  us
• 9:14
  up.
• 9:14
  Matt,
• 9:14
  thanks
• 9:15
  for
• 9:15
  joining
• 9:15
  us,
• 9:15
  as
• 9:15
  always.
• 9:16
  My
• 9:16
  pleasure.
• 9:16
  Thank
• 9:17
  you
• 9:17
  both
• 9:17
  for
• 9:17
  being
• 9:17
  here.
• 9:17
  Thanks
• 9:18
  for
• 9:18
  your
• 9:18
  great
• 9:18
  support
• 9:18
  for
• 9:18
  NRF
• 9:19
  and
• 9:19
  the
• 9:19
  big
• 9:19
  show.
• 9:19
  Yeah,
• 9:20
  absolutely.
• 9:20
  Matt
• 9:20
  Shea,
• 9:20
  the
• 9:21
  president
• 9:21
  and
• 9:22
  president
• 9:22
  and
• 9:22
  CEO
• 9:23
  of
• 9:23
  nrf,
• 9:24
  I
• 9:24
  should
• 9:24
  say.
• 9:24
  And
• 9:25
  until
• 9:25
  next
• 9:25
  time,
• 9:26
  Ann,
• 9:26
  be
• 9:26
  careful
• 9:27
  out
• 9:27
  there.