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

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

• 0:00
  Foreign.
• 0:06
  Welcome
• 0:07
  to
• 0:07
  the
• 0:07
  latest
• 0:07
  edition
• 0:07
  of
• 0:08
  the
• 0:08
  omnitalk
• 0:08
  Retail
• 0:09
  Ask
• 0:09
  An
• 0:09
  Expert
• 0:10
  series.
• 0:10
  I'm
• 0:10
  your
• 0:10
  host,
• 0:10
  Chris
• 0:11
  Walton,
• 0:11
  and
• 0:11
  Today's
• 0:11
  webinar
• 0:12
  on
• 0:12
  LinkedIn
• 0:13
  just
• 0:13
  may
• 0:13
  be
• 0:13
  one
• 0:14
  of
• 0:14
  my
• 0:14
  favorite
• 0:14
  things
• 0:14
  that
• 0:15
  we
• 0:15
  do
• 0:15
  each
• 0:15
  and
• 0:16
  every
• 0:16
  year.
• 0:16
  Ethan,
• 0:17
  what
• 0:17
  is
• 0:17
  this?
• 0:17
  Is
• 0:17
  this
• 0:17
  our
• 0:18
  third
• 0:18
  time
• 0:19
  doing
• 0:19
  this?
• 0:19
  I
• 0:19
  think
• 0:19
  it's
• 0:20
  at
• 0:20
  least
• 0:20
  our
• 0:20
  third
• 0:20
  time,
• 0:21
  right?
• 0:21
  At
• 0:21
  least
• 0:22
  Time
• 0:22
  number
• 0:22
  three.
• 0:22
  So
• 0:23
  this
• 0:23
  is
• 0:23
  when
• 0:23
  we're
• 0:23
  really
• 0:23
  gonna.
• 0:24
  Really
• 0:24
  gonna
• 0:24
  perfect
• 0:25
  it,
• 0:25
  right?
• 0:26
  Third
• 0:26
  time's
• 0:26
  the
• 0:26
  charm,
• 0:27
  right?
• 0:27
  I
• 0:27
  think
• 0:27
  that's
• 0:27
  the
• 0:27
  phrase.
• 0:28
  I
• 0:28
  don't
• 0:28
  know.
• 0:28
  I
• 0:29
  lost
• 0:29
  track
• 0:30
  already.
• 0:30
  Well,
• 0:30
  Ethan
• 0:31
  and
• 0:31
  I
• 0:31
  are
• 0:31
  going
• 0:31
  to
• 0:31
  do
• 0:31
  our
• 0:32
  mid
• 0:32
  year
• 0:32
  assessment
• 0:33
  of
• 0:33
  the
• 0:33
  state
• 0:34
  of
• 0:34
  retail,
• 0:34
  or
• 0:34
  actually
• 0:35
  Ethan
• 0:35
  is.
• 0:36
  And
• 0:36
  of
• 0:36
  course,
• 0:36
  many
• 0:37
  of
• 0:37
  you
• 0:37
  probably
• 0:37
  know
• 0:37
  Ethan
• 0:38
  already,
• 0:38
  but
• 0:38
  in
• 0:39
  case
• 0:39
  you
• 0:39
  don't,
• 0:39
  Ethan
• 0:40
  Chernofsky
• 0:41
  is
• 0:41
  the
• 0:41
  Chief
• 0:41
  Marketing
• 0:42
  Officer
• 0:42
  at
• 0:43
  Placer
• 0:43
  AI.
• 0:44
  And
• 0:44
  whenever
• 0:44
  Ethan
• 0:45
  is
• 0:45
  on
• 0:45
  with
• 0:46
  omnitalk,
• 0:47
  he
• 0:47
  and
• 0:47
  I
• 0:48
  take
• 0:48
  a
• 0:48
  very
• 0:48
  different
• 0:48
  and
• 0:49
  deliberate
• 0:49
  approach.
• 0:50
  On
• 0:50
  purpose.
• 0:51
  Everything
• 0:51
  Ethan
• 0:52
  is
• 0:52
  about
• 0:52
  to
• 0:52
  share
• 0:53
  with
• 0:53
  me
• 0:53
  and
• 0:53
  with
• 0:54
  you
• 0:54
  and
• 0:55
  I
• 0:55
  have
• 0:55
  never
• 0:56
  seen
• 0:56
  before.
• 0:57
  I
• 0:57
  have
• 0:57
  not
• 0:57
  even
• 0:58
  talked
• 0:58
  about
• 0:58
  it
• 0:58
  with
• 0:58
  him
• 0:59
  in
• 0:59
  advance.
• 0:59
  So
• 1:00
  my
• 1:00
  reactions
• 1:00
  are
• 1:01
  all
• 1:01
  going
• 1:01
  to
• 1:01
  be
• 1:01
  live
• 1:01
  and
• 1:02
  in
• 1:02
  the
• 1:02
  moment,
• 1:03
  and
• 1:03
  my
• 1:03
  questions
• 1:04
  back
• 1:04
  to
• 1:04
  Ethan
• 1:04
  are
• 1:05
  going
• 1:05
  to
• 1:05
  be
• 1:06
  the
• 1:06
  same.
• 1:07
  So.
• 1:07
  So,
• 1:07
  Ethan,
• 1:08
  what.
• 1:08
  How
• 1:08
  would
• 1:08
  you
• 1:09
  sum
• 1:09
  up
• 1:09
  what
• 1:09
  you're
• 1:09
  about
• 1:10
  to
• 1:10
  share
• 1:11
  with
• 1:11
  me
• 1:11
  and
• 1:11
  with
• 1:11
  our
• 1:12
  audience?
• 1:13
  Retail
• 1:14
  superlatives.
• 1:15
  Retail
• 1:15
  awards
• 1:16
  at
• 1:16
  the
• 1:16
  halfway
• 1:17
  point.
• 1:17
  Okay,
• 1:18
  so
• 1:18
  it's
• 1:18
  like,
• 1:18
  it's
• 1:19
  like,
• 1:19
  it's
• 1:19
  like
• 1:19
  retail's
• 1:20
  version
• 1:20
  of
• 1:20
  the
• 1:20
  Oscars
• 1:21
  here,
• 1:21
  right?
• 1:21
  It's.
• 1:22
  It's
• 1:22
  the
• 1:22
  beginning
• 1:23
  of
• 1:23
  July
• 1:23
  and
• 1:24
  we're
• 1:24
  like,
• 1:25
  we're,
• 1:25
  we've,
• 1:25
  we've
• 1:26
  got
• 1:26
  six.
• 1:27
  Six
• 1:27
  months
• 1:27
  behind
• 1:27
  us,
• 1:28
  and
• 1:28
  we're
• 1:28
  going
• 1:28
  to
• 1:28
  take
• 1:29
  a
• 1:29
  look
• 1:29
  back
• 1:29
  and
• 1:29
  say,
• 1:30
  who's
• 1:30
  won
• 1:30
  the
• 1:31
  first
• 1:31
  six
• 1:31
  months
• 1:31
  of
• 1:31
  2026?
• 1:32
  Is
• 1:32
  that,
• 1:32
  is
• 1:33
  that,
• 1:33
  is
• 1:33
  that
• 1:33
  a
• 1:33
  fair
• 1:33
  comparison,
• 1:34
  Ethan?
• 1:35
  It's
• 1:35
  the
• 1:35
  only,
• 1:35
  the
• 1:36
  only.
• 1:36
  I
• 1:36
  think
• 1:36
  by
• 1:37
  next
• 1:37
  year
• 1:37
  people
• 1:37
  will
• 1:38
  be
• 1:38
  wearing
• 1:38
  tuxedos
• 1:39
  and
• 1:39
  we'll
• 1:39
  be
• 1:39
  doing
• 1:39
  this
• 1:39
  in
• 1:39
  person.
• 1:40
  Okay.
• 1:41
  Okay,
• 1:41
  I,
• 1:41
  I'm,
• 1:41
  I'm
• 1:41
  down
• 1:42
  with
• 1:42
  that.
• 1:42
  Definitely
• 1:42
  not
• 1:43
  wearing
• 1:43
  a
• 1:43
  tuxedo
• 1:43
  where
• 1:44
  I
• 1:44
  am
• 1:44
  currently,
• 1:44
  because
• 1:44
  it
• 1:45
  is
• 1:45
  really,
• 1:45
  really
• 1:46
  hot.
• 1:46
  But
• 1:46
  all
• 1:47
  right,
• 1:47
  to
• 1:47
  that,
• 1:48
  to
• 1:48
  that
• 1:48
  point,
• 1:48
  we're
• 1:49
  here
• 1:49
  to
• 1:49
  celebrate
• 1:49
  and
• 1:50
  also
• 1:50
  maybe
• 1:51
  throw
• 1:51
  a
• 1:51
  little
• 1:51
  shade,
• 1:51
  depending
• 1:52
  on
• 1:52
  what
• 1:52
  Ethan
• 1:52
  shares
• 1:53
  with
• 1:53
  me.
• 1:53
  You
• 1:53
  know,
• 1:53
  that's
• 1:54
  kind
• 1:54
  of
• 1:54
  customary
• 1:55
  if
• 1:55
  you're
• 1:55
  watching
• 1:55
  a
• 1:55
  podcast
• 1:56
  with
• 1:56
  me.
• 1:56
  But
• 1:57
  before
• 1:57
  we
• 1:57
  get
• 1:57
  into
• 1:58
  our
• 1:58
  discussion,
• 1:58
  just
• 1:58
  a
• 1:58
  quick
• 1:59
  reminder.
• 2:00
  For
• 2:00
  those
• 2:00
  watching
• 2:00
  the
• 2:01
  early
• 2:01
  release
• 2:01
  of
• 2:01
  this
• 2:02
  interview
• 2:02
  live
• 2:02
  with
• 2:02
  us
• 2:03
  on
• 2:03
  LinkedIn,
• 2:04
  feel
• 2:04
  free
• 2:04
  to
• 2:05
  ask
• 2:05
  your
• 2:05
  questions
• 2:05
  of
• 2:06
  Ethan
• 2:06
  or
• 2:06
  of
• 2:07
  me
• 2:07
  at
• 2:07
  any
• 2:07
  time
• 2:08
  through
• 2:08
  the
• 2:08
  chat
• 2:09
  session
• 2:09
  window,
• 2:10
  which
• 2:10
  you
• 2:10
  can
• 2:10
  find
• 2:10
  to
• 2:11
  the
• 2:11
  right
• 2:11
  hand
• 2:11
  side
• 2:11
  of
• 2:12
  your
• 2:12
  screen
• 2:12
  if
• 2:12
  you're
• 2:12
  on
• 2:12
  desktop
• 2:13
  or
• 2:13
  down
• 2:13
  below
• 2:14
  if
• 2:14
  you're
• 2:14
  on
• 2:14
  mobile.
• 2:15
  All
• 2:15
  right,
• 2:15
  Ethan,
• 2:15
  before
• 2:16
  we
• 2:16
  get
• 2:16
  started,
• 2:17
  tell
• 2:17
  us
• 2:17
  about
• 2:18
  Placer
• 2:18
  AI
• 2:19
  and
• 2:19
  what
• 2:19
  it
• 2:20
  does
• 2:20
  and
• 2:20
  how
• 2:20
  it
• 2:21
  gives
• 2:21
  you
• 2:21
  all
• 2:22
  this
• 2:22
  great
• 2:22
  data
• 2:22
  and
• 2:23
  information
• 2:23
  that
• 2:23
  is
• 2:24
  the
• 2:25
  genesis
• 2:25
  for
• 2:26
  what
• 2:26
  you're
• 2:26
  going
• 2:26
  to
• 2:26
  share
• 2:26
  with
• 2:27
  us
• 2:27
  today.
• 2:27
  So
• 2:28
  happy
• 2:28
  you
• 2:28
  asked
• 2:28
  that,
• 2:28
  Chris.
• 2:29
  So
• 2:29
  Placer
• 2:29
  is
• 2:30
  a
• 2:30
  location
• 2:30
  analytics
• 2:31
  company.
• 2:31
  What
• 2:32
  does
• 2:32
  that
• 2:32
  mean?
• 2:32
  People
• 2:33
  vote
• 2:33
  with
• 2:33
  their
• 2:33
  feet.
• 2:33
  We
• 2:33
  show
• 2:34
  you
• 2:34
  how
• 2:34
  they
• 2:34
  vote
• 2:34
  across
• 2:34
  the
• 2:35
  United
• 2:35
  States
• 2:35
  every
• 2:36
  single
• 2:36
  day.
• 2:36
  We
• 2:36
  do
• 2:36
  that
• 2:37
  by
• 2:37
  analyzing
• 2:38
  a
• 2:38
  panel
• 2:38
  of
• 2:39
  tens
• 2:39
  of
• 2:39
  millions
• 2:39
  of
• 2:39
  mobile
• 2:40
  devices
• 2:40
  very
• 2:40
  critically.
• 2:41
  This
• 2:41
  is
• 2:41
  all
• 2:41
  aggregate
• 2:42
  data
• 2:42
  that
• 2:42
  has
• 2:42
  been
• 2:42
  stripped
• 2:43
  of
• 2:43
  identifiers
• 2:43
  like
• 2:44
  maids.
• 2:44
  So
• 2:44
  we
• 2:44
  are
• 2:45
  gdpr,
• 2:45
  CCPA
• 2:46
  compliant.
• 2:46
  We
• 2:46
  then
• 2:46
  analyze
• 2:47
  that
• 2:47
  with
• 2:47
  machine
• 2:48
  learning
• 2:48
  and
• 2:48
  AI
• 2:48
  algorithms,
• 2:49
  and
• 2:49
  we
• 2:50
  present
• 2:50
  it
• 2:50
  in
• 2:50
  a
• 2:50
  wealth
• 2:51
  of
• 2:51
  different
• 2:51
  reports
• 2:51
  within
• 2:51
  our
• 2:52
  platform
• 2:52
  on
• 2:52
  everything
• 2:52
  from
• 2:53
  categorization,
• 2:54
  visit
• 2:54
  trends,
• 2:55
  the
• 2:55
  customer
• 2:55
  journey,
• 2:56
  true
• 2:56
  trade
• 2:56
  areas,
• 2:57
  and
• 2:57
  a
• 2:57
  whole
• 2:57
  lot
• 2:58
  more.
• 2:59
  All
• 3:00
  right,
• 3:00
  well,
• 3:00
  let's
• 3:01
  not
• 3:01
  hold
• 3:01
  everyone
• 3:01
  in
• 3:02
  suspense
• 3:02
  any
• 3:02
  longer.
• 3:03
  I
• 3:03
  know
• 3:03
  I'm
• 3:03
  at
• 3:04
  the
• 3:04
  edge
• 3:04
  of
• 3:04
  my
• 3:04
  seat.
• 3:04
  Ethan,
• 3:05
  what
• 3:05
  is
• 3:06
  our
• 3:06
  first
• 3:06
  award
• 3:07
  that
• 3:07
  you
• 3:07
  are
• 3:07
  handing
• 3:07
  out
• 3:07
  today?
• 3:08
  So
• 3:08
  the
• 3:08
  first
• 3:08
  award
• 3:09
  we're
• 3:09
  going
• 3:09
  to
• 3:10
  start
• 3:10
  with,
• 3:11
  pretty
• 3:11
  down
• 3:11
  the
• 3:11
  middle,
• 3:11
  just
• 3:12
  the
• 3:12
  most
• 3:12
  impressive
• 3:13
  retail.
• 3:14
  There's
• 3:14
  a
• 3:14
  handful
• 3:15
  to
• 3:15
  hit
• 3:15
  the
• 3:15
  list,
• 3:16
  and
• 3:16
  they
• 3:16
  all
• 3:16
  hit
• 3:16
  the
• 3:16
  list
• 3:17
  kind
• 3:17
  of
• 3:17
  for
• 3:17
  different
• 3:17
  reasons
• 3:18
  for
• 3:18
  us.
• 3:19
  So
• 3:19
  the
• 3:19
  first
• 3:19
  one
• 3:20
  is.
• 3:20
  Is.
• 3:21
  Is
• 3:21
  five
• 3:21
  Below
• 3:22
  and
• 3:22
  five
• 3:22
  Below
• 3:23
  hit
• 3:23
  it.
• 3:23
  Because
• 3:24
  we
• 3:24
  were
• 3:24
  looking
• 3:24
  back
• 3:25
  at
• 3:25
  the
• 3:25
  data,
• 3:26
  very
• 3:26
  often
• 3:26
  you'll
• 3:27
  see
• 3:27
  significant
• 3:27
  visit
• 3:28
  growth.
• 3:28
  And
• 3:29
  that
• 3:29
  significant
• 3:29
  visit
• 3:29
  growth
• 3:30
  comes
• 3:30
  because
• 3:30
  of
• 3:31
  major
• 3:31
  expansions.
• 3:32
  Right?
• 3:32
  So
• 3:32
  it's
• 3:33
  predictable,
• 3:33
  like
• 3:33
  you're
• 3:33
  going
• 3:34
  to
• 3:34
  open
• 3:34
  more
• 3:34
  stores,
• 3:34
  you're
• 3:35
  going
• 3:35
  to
• 3:35
  reach
• 3:35
  more
• 3:35
  people.
• 3:36
  Very
• 3:37
  rarely
• 3:37
  do
• 3:37
  we
• 3:38
  see
• 3:38
  the
• 3:38
  combination
• 3:39
  of
• 3:39
  visit
• 3:39
  growth
• 3:40
  that
• 3:40
  five
• 3:40
  Below
• 3:40
  has
• 3:41
  seen
• 3:42
  in
• 3:43
  visits
• 3:43
  and
• 3:43
  visits
• 3:44
  per
• 3:44
  venue
• 3:45
  and
• 3:45
  the
• 3:45
  consistency
• 3:45
  over
• 3:46
  time.
• 3:46
  So
• 3:47
  on
• 3:47
  average
• 3:48
  visit
• 3:49
  growth
• 3:49
  monthly,
• 3:50
  average
• 3:50
  year
• 3:50
  over
• 3:50
  year
• 3:51
  in
• 3:51
  2022
• 3:51
  for
• 3:52
  5
• 3:52
  below
• 3:52
  was
• 3:52
  just
• 3:52
  over
• 3:52
  12%.
• 3:53
  In
• 3:54
  23
• 3:54
  was
• 3:54
  almost
• 3:55
  16%.
• 3:55
  24
• 3:56
  dipped
• 3:56
  a
• 3:56
  little
• 3:56
  bit
• 3:56
  to
• 3:57
  14%.
• 3:57
  25,
• 3:58
  12%
• 3:59
  this
• 3:59
  year
• 4:00
  so
• 4:00
  far,
• 4:00
  it's
• 4:00
  been
• 4:01
  23.5%
• 4:02
  monthly
• 4:02
  average
• 4:03
  growth
• 4:03
  year
• 4:03
  over
• 4:03
  year.
• 4:05
  At
• 4:05
  the
• 4:05
  same
• 4:06
  time,
• 4:06
  the
• 4:06
  business
• 4:06
  per
• 4:07
  venue
• 4:07
  growth
• 4:07
  is
• 4:07
  strong.
• 4:08
  So
• 4:08
  each
• 4:08
  location
• 4:09
  is
• 4:09
  doing
• 4:09
  well.
• 4:10
  And
• 4:10
  so
• 4:10
  we
• 4:10
  have
• 4:11
  19
• 4:11
  growth
• 4:12
  in
• 4:13
  May,
• 4:13
  as
• 4:13
  an
• 4:13
  example,
• 4:14
  year
• 4:14
  over
• 4:15
  year,
• 4:15
  visits
• 4:15
  per
• 4:15
  venue
• 4:16
  was
• 4:16
  up
• 4:16
  16%.
• 4:17
  So
• 4:18
  this
• 4:18
  isn't
• 4:18
  just
• 4:19
  expansions.
• 4:20
  It's
• 4:20
  that
• 4:21
  everywhere
• 4:21
  they
• 4:21
  expand
• 4:22
  or
• 4:22
  almost
• 4:23
  everywhere
• 4:23
  is
• 4:23
  doing
• 4:24
  well
• 4:24
  too.
• 4:24
  And
• 4:24
  it
• 4:24
  speaks
• 4:25
  to
• 4:25
  this
• 4:25
  really
• 4:26
  powerful
• 4:26
  model,
• 4:27
  a
• 4:27
  really
• 4:27
  good
• 4:27
  offering
• 4:28
  and
• 4:28
  the
• 4:28
  ability
• 4:28
  to
• 4:29
  effectively
• 4:30
  act
• 4:30
  on
• 4:30
  that
• 4:31
  offering,
• 4:31
  to
• 4:31
  deliver
• 4:31
  on
• 4:32
  that
• 4:32
  promise.
• 4:33
  So
• 4:33
  five
• 4:34
  Below
• 4:34
  is,
• 4:34
  is.
• 4:35
  Is
• 4:35
  a
• 4:35
  huge
• 4:35
  one
• 4:35
  for
• 4:35
  us.
• 4:36
  Another
• 4:36
  One
• 4:37
  that
• 4:38
  we
• 4:38
  don't
• 4:38
  often
• 4:38
  call
• 4:39
  out
• 4:39
  and
• 4:39
  we
• 4:39
  certainly
• 4:39
  don't
• 4:40
  call
• 4:40
  that
• 4:40
  enough
• 4:40
  is
• 4:40
  Ross
• 4:41
  right.
• 4:41
  When
• 4:41
  we
• 4:42
  talk
• 4:42
  about
• 4:42
  off
• 4:43
  price,
• 4:43
  we,
• 4:44
  and
• 4:44
  rightfully
• 4:44
  so,
• 4:44
  we
• 4:45
  give
• 4:45
  the
• 4:45
  flowers
• 4:45
  to
• 4:45
  Marshall,
• 4:46
  we
• 4:46
  give
• 4:46
  the
• 4:46
  flowers
• 4:46
  to
• 4:46
  TJ
• 4:47
  Maxx
• 4:47
  and
• 4:48
  others
• 4:48
  in
• 4:48
  that
• 4:48
  space.
• 4:49
  We
• 4:49
  don't
• 4:49
  talk
• 4:50
  about
• 4:50
  Ross
• 4:50
  enough.
• 4:51
  And
• 4:51
  Ross
• 4:51
  has
• 4:51
  been
• 4:52
  leading
• 4:52
  the
• 4:52
  pack
• 4:52
  both
• 4:53
  in
• 4:53
  terms
• 4:53
  of
• 4:53
  visits
• 4:53
  and
• 4:54
  visits
• 4:54
  per
• 4:54
  venue
• 4:55
  in
• 4:55
  this
• 4:55
  super
• 4:56
  strong
• 4:56
  category.
• 4:56
  So
• 4:57
  actually
• 4:58
  the
• 4:58
  past
• 4:58
  couple
• 4:58
  of
• 4:58
  years
• 4:58
  or
• 4:59
  especially
• 4:59
  this
• 4:59
  year,
• 4:59
  we've
• 5:00
  seen
• 5:00
  a
• 5:00
  little
• 5:00
  bit
• 5:00
  more
• 5:01
  kind
• 5:01
  of
• 5:01
  sometimes
• 5:01
  visit
• 5:02
  dips
• 5:02
  a
• 5:02
  little,
• 5:02
  sometimes
• 5:03
  visit
• 5:03
  growth
• 5:03
  like
• 5:04
  it's
• 5:04
  leveling
• 5:04
  off
• 5:04
  for
• 5:05
  these
• 5:05
  high
• 5:05
  performance
• 5:06
  sectors
• 5:07
  and
• 5:07
  these
• 5:07
  top
• 5:07
  brands
• 5:07
  within
• 5:08
  it.
• 5:08
  But
• 5:08
  Ross
• 5:08
  has
• 5:09
  just
• 5:09
  been
• 5:09
  crushing
• 5:09
  it
• 5:10
  from
• 5:10
  a
• 5:10
  visit
• 5:10
  perspective.
• 5:11
  Visits
• 5:11
  up
• 5:11
  January
• 5:12
  through
• 5:12
  May,
• 5:13
  almost
• 5:13
  17%
• 5:14
  year
• 5:14
  over
• 5:15
  year.
• 5:16
  The
• 5:16
  other
• 5:16
  two
• 5:16
  we
• 5:16
  have
• 5:17
  to
• 5:17
  call
• 5:17
  out
• 5:17
  is
• 5:18
  one
• 5:18
  is
• 5:18
  Costco
• 5:19
  just
• 5:19
  because
• 5:19
  the
• 5:20
  success
• 5:20
  is
• 5:20
  so
• 5:20
  significant
• 5:21
  and
• 5:21
  we're
• 5:21
  going
• 5:21
  to
• 5:21
  show
• 5:21
  a
• 5:22
  slide
• 5:22
  for,
• 5:22
  for
• 5:22
  a
• 5:22
  different
• 5:23
  superlative
• 5:23
  that
• 5:23
  will
• 5:24
  include
• 5:24
  Costco,
• 5:25
  but
• 5:26
  the
• 5:26
  ability
• 5:26
  to
• 5:27
  just
• 5:27
  always
• 5:28
  be
• 5:28
  so
• 5:29
  good
• 5:29
  is,
• 5:30
  is
• 5:30
  super
• 5:31
  worthy
• 5:31
  of
• 5:31
  a
• 5:31
  call
• 5:31
  out.
• 5:32
  And
• 5:32
  the
• 5:32
  last
• 5:32
  one
• 5:33
  is
• 5:33
  Walmart
• 5:34
  and
• 5:34
  the
• 5:34
  Walmart
• 5:34
  one,
• 5:35
  I,
• 5:35
  specifically
• 5:36
  for
• 5:36
  me
• 5:36
  is
• 5:36
  a
• 5:36
  big
• 5:37
  one
• 5:37
  because
• 5:38
  I,
• 5:38
  I
• 5:38
  just
• 5:39
  don't
• 5:39
  think
• 5:39
  I
• 5:39
  realized
• 5:40
  how
• 5:40
  great
• 5:40
  Walmart
• 5:41
  was
• 5:41
  overall.
• 5:42
  And
• 5:42
  it
• 5:42
  kind
• 5:43
  of
• 5:43
  the
• 5:43
  epiphany
• 5:43
  for
• 5:43
  me
• 5:43
  was
• 5:44
  last
• 5:44
  year
• 5:44
  was
• 5:44
  looking
• 5:45
  at
• 5:45
  things
• 5:45
  sometimes
• 5:46
  you
• 5:46
  see
• 5:46
  like
• 5:46
  smaller
• 5:47
  visit
• 5:47
  growth
• 5:47
  and
• 5:48
  you're
• 5:48
  like,
• 5:49
  but
• 5:49
  that's
• 5:49
  because
• 5:51
  it's
• 5:51
  such
• 5:52
  massive
• 5:52
  visits
• 5:53
  over
• 5:53
  such
• 5:53
  an
• 5:53
  extended
• 5:54
  period
• 5:54
  of
• 5:54
  time.
• 5:54
  And
• 5:54
  I
• 5:55
  think
• 5:55
  when
• 5:55
  you
• 5:55
  combine
• 5:56
  what
• 5:56
  Walmart's
• 5:56
  doing
• 5:56
  from
• 5:57
  an
• 5:57
  innovation
• 5:57
  perspective,
• 5:58
  the
• 5:58
  portfolio
• 5:59
  of
• 5:59
  brands
• 6:00
  that
• 6:00
  they
• 6:00
  have
• 6:00
  underneath
• 6:00
  it,
• 6:00
  and
• 6:01
  this
• 6:01
  is
• 6:01
  really
• 6:01
  just
• 6:01
  looking
• 6:01
  at
• 6:01
  the
• 6:01
  Walmart
• 6:02
  flagship,
• 6:03
  the
• 6:04
  success
• 6:04
  is
• 6:04
  absolutely
• 6:05
  unbelievable.
• 6:06
  And
• 6:06
  this
• 6:06
  is
• 6:06
  especially
• 6:07
  because
• 6:07
  it's
• 6:07
  a
• 6:07
  superstore
• 6:08
  category.
• 6:08
  This
• 6:09
  is
• 6:09
  fascinating
• 6:09
  that
• 6:10
  when
• 6:10
  you
• 6:10
  look
• 6:10
  at
• 6:10
  overall
• 6:11
  retail
• 6:11
  visits,
• 6:12
  that
• 6:12
  superstore
• 6:13
  category,
• 6:13
  its
• 6:14
  share
• 6:14
  is
• 6:14
  growing,
• 6:15
  so
• 6:15
  it's
• 6:15
  a
• 6:16
  console,
• 6:16
  it's
• 6:16
  strength
• 6:17
  within
• 6:17
  a
• 6:17
  consolidating
• 6:18
  space.
• 6:19
  Really
• 6:19
  impressive,
• 6:19
  really
• 6:20
  amazing.
• 6:20
  And
• 6:20
  I
• 6:20
  think
• 6:20
  they
• 6:20
  are
• 6:21
  the
• 6:21
  flag
• 6:21
  bearer
• 6:21
  of
• 6:21
  that
• 6:21
  sector.
• 6:22
  Yeah,
• 6:22
  100%.
• 6:23
  So
• 6:23
  yeah.
• 6:23
  So
• 6:23
  what
• 6:23
  you're
• 6:24
  saying
• 6:24
  there
• 6:24
  is
• 6:24
  basically
• 6:24
  like,
• 6:25
  you
• 6:25
  know,
• 6:25
  don't,
• 6:26
  don't
• 6:26
  be
• 6:26
  deceived
• 6:26
  by
• 6:27
  the
• 6:27
  two
• 6:27
  and
• 6:27
  a
• 6:27
  half
• 6:27
  number
• 6:28
  here
• 6:28
  relative
• 6:28
  to
• 6:28
  everyone
• 6:29
  else
• 6:29
  because
• 6:29
  the
• 6:29
  base
• 6:30
  is
• 6:30
  so,
• 6:31
  so
• 6:31
  large
• 6:31
  and
• 6:32
  Walmart
• 6:32
  has
• 6:32
  been
• 6:32
  gaining
• 6:33
  share,
• 6:33
  you
• 6:34
  know,
• 6:34
  across
• 6:35
  particularly
• 6:35
  from
• 6:35
  the
• 6:35
  grocers
• 6:36
  primarily
• 6:37
  as,
• 6:37
  as
• 6:37
  they
• 6:37
  are
• 6:38
  spending
• 6:38
  less
• 6:39
  time
• 6:39
  there
• 6:39
  and
• 6:39
  going
• 6:39
  to
• 6:39
  the
• 6:39
  supercenter.
• 6:40
  But
• 6:40
  yeah,
• 6:40
  Ethan,
• 6:41
  I
• 6:41
  don't,
• 6:41
  I
• 6:41
  don't,
• 6:42
  I
• 6:42
  don't
• 6:42
  think
• 6:42
  I
• 6:42
  have
• 6:42
  any,
• 6:44
  any
• 6:44
  thoughts
• 6:45
  on
• 6:45
  that.
• 6:45
  This
• 6:45
  thing,
• 6:45
  this
• 6:46
  seems,
• 6:46
  this
• 6:46
  seems
• 6:46
  like
• 6:46
  the
• 6:47
  perfect
• 6:47
  lineup
• 6:48
  of
• 6:48
  who
• 6:48
  I
• 6:48
  would
• 6:48
  have
• 6:49
  picked
• 6:49
  going
• 6:49
  in.
• 6:50
  So,
• 6:50
  you
• 6:50
  know,
• 6:50
  I
• 6:51
  don't
• 6:51
  have
• 6:51
  any
• 6:52
  negative
• 6:52
  comments
• 6:53
  to
• 6:53
  say
• 6:53
  on
• 6:53
  this.
• 6:53
  I
• 6:54
  think
• 6:54
  just
• 6:54
  positive
• 6:54
  commendations
• 6:55
  for
• 6:55
  who
• 6:55
  you
• 6:56
  chose
• 6:56
  here.
• 6:56
  But
• 6:56
  the
• 6:57
  part
• 6:57
  that
• 6:57
  I
• 6:57
  wanted
• 6:57
  to
• 6:57
  single
• 6:58
  in
• 6:58
  on
• 6:58
  is
• 7:01
  why
• 7:01
  you
• 7:01
  chose
• 7:02
  these.
• 7:02
  Right.
• 7:02
  Because
• 7:02
  I
• 7:03
  think
• 7:03
  if
• 7:03
  I
• 7:03
  read
• 7:03
  between
• 7:04
  the
• 7:04
  lines
• 7:04
  or
• 7:04
  I
• 7:04
  heard
• 7:04
  what
• 7:05
  you
• 7:05
  were
• 7:05
  saying
• 7:05
  too,
• 7:06
  in
• 7:07
  addition
• 7:07
  to
• 7:07
  the
• 7:07
  traffic
• 7:08
  data
• 7:08
  that
• 7:08
  you're
• 7:08
  seeing
• 7:09
  here,
• 7:09
  you
• 7:10
  also
• 7:10
  think
• 7:10
  these
• 7:10
  four
• 7:11
  retailers,
• 7:11
  particularly,
• 7:12
  because
• 7:12
  I
• 7:12
  know
• 7:12
  you
• 7:12
  and
• 7:13
  I
• 7:13
  have
• 7:13
  talked
• 7:13
  about
• 7:13
  this
• 7:13
  on
• 7:13
  shows
• 7:14
  in
• 7:14
  the
• 7:14
  past,
• 7:15
  they
• 7:15
  just
• 7:16
  know
• 7:16
  what
• 7:16
  they
• 7:16
  do
• 7:17
  really
• 7:17
  well
• 7:17
  and
• 7:17
  they
• 7:18
  do
• 7:18
  it
• 7:18
  over
• 7:18
  and
• 7:19
  over
• 7:19
  again.
• 7:20
  The
• 7:20
  exception
• 7:20
  probably
• 7:21
  being
• 7:21
  Walmart.
• 7:21
  Walmart's
• 7:22
  probably
• 7:22
  extensive
• 7:23
  themselves
• 7:23
  a
• 7:23
  little
• 7:23
  bit
• 7:23
  into
• 7:23
  new
• 7:24
  arenas,
• 7:24
  but
• 7:25
  the
• 7:25
  other
• 7:25
  three
• 7:25
  really
• 7:26
  get
• 7:26
  their
• 7:26
  value
• 7:26
  proposition
• 7:27
  and
• 7:27
  they
• 7:27
  get
• 7:28
  the
• 7:28
  basic
• 7:28
  blocking
• 7:29
  and
• 7:29
  tackling
• 7:29
  of
• 7:30
  retail
• 7:30
  done
• 7:30
  really
• 7:31
  well
• 7:31
  consistently
• 7:32
  time
• 7:32
  and
• 7:33
  time
• 7:33
  again.
• 7:33
  Yeah,
• 7:34
  I
• 7:34
  agree.
• 7:34
  I
• 7:34
  also
• 7:35
  think
• 7:35
  there's
• 7:35
  an
• 7:35
  element
• 7:35
  of
• 7:39
  it's
• 7:39
  hard
• 7:39
  to
• 7:40
  do
• 7:40
  well
• 7:40
  in
• 7:40
  retail.
• 7:41
  It's
• 7:42
  really
• 7:42
  hard
• 7:42
  to
• 7:42
  do
• 7:42
  well
• 7:43
  in
• 7:43
  retail
• 7:43
  over
• 7:43
  time.
• 7:44
  And
• 7:44
  it's
• 7:44
  really
• 7:44
  hard
• 7:45
  to
• 7:45
  stand
• 7:45
  out
• 7:45
  from
• 7:45
  a
• 7:46
  crowd
• 7:46
  where
• 7:46
  your
• 7:46
  competitors
• 7:47
  are
• 7:47
  also
• 7:47
  great.
• 7:48
  So
• 7:48
  when
• 7:48
  we
• 7:48
  think
• 7:49
  about,
• 7:49
  like
• 7:49
  the
• 7:50
  volatility
• 7:50
  that
• 7:51
  Walmart's
• 7:51
  competitors
• 7:52
  have
• 7:52
  seen
• 7:52
  and
• 7:52
  when
• 7:52
  you
• 7:53
  think
• 7:53
  about
• 7:53
  how
• 7:53
  consistent
• 7:54
  they've
• 7:54
  been,
• 7:55
  that's
• 7:55
  unbelievably
• 7:56
  impressive.
• 7:56
  We
• 7:56
  think
• 7:56
  about
• 7:56
  Ross
• 7:57
  standing
• 7:57
  out
• 7:57
  amidst
• 7:58
  a
• 7:58
  category
• 7:58
  that
• 7:59
  has
• 7:59
  some
• 8:00
  of
• 8:00
  the
• 8:00
  best
• 8:00
  retailers,
• 8:01
  period.
• 8:02
  That's
• 8:03
  really
• 8:03
  impressive.
• 8:04
  And
• 8:04
  five
• 8:05
  below
• 8:05
  the
• 8:05
  same.
• 8:05
  Like,
• 8:06
  think
• 8:06
  about
• 8:06
  who
• 8:06
  they're
• 8:07
  competing
• 8:07
  with
• 8:07
  for
• 8:07
  those
• 8:08
  visits.
• 8:08
  These
• 8:08
  are
• 8:08
  not
• 8:09
  small
• 8:09
  regional
• 8:10
  players.
• 8:11
  These
• 8:11
  are
• 8:11
  the
• 8:11
  biggest
• 8:12
  or
• 8:12
  expanding
• 8:12
  tremendously.
• 8:14
  And
• 8:14
  so
• 8:14
  to
• 8:14
  have
• 8:14
  this
• 8:14
  type
• 8:15
  of
• 8:15
  success
• 8:15
  at
• 8:16
  this
• 8:16
  scale
• 8:16
  in
• 8:16
  this
• 8:17
  type
• 8:17
  of
• 8:17
  competitive
• 8:17
  land,
• 8:18
  type
• 8:18
  of
• 8:18
  competitive
• 8:19
  landscape,
• 8:20
  I
• 8:20
  don't
• 8:20
  think
• 8:20
  we,
• 8:20
  and
• 8:21
  I
• 8:21
  mean
• 8:21
  placer,
• 8:21
  I'm
• 8:21
  not
• 8:21
  going
• 8:22
  to
• 8:22
  put
• 8:22
  on
• 8:22
  anyone
• 8:23
  else.
• 8:23
  I
• 8:23
  don't
• 8:23
  think
• 8:24
  we
• 8:24
  do
• 8:24
  a
• 8:24
  good
• 8:24
  enough
• 8:24
  job
• 8:24
  of
• 8:25
  recognizing.
• 8:25
  We
• 8:26
  always
• 8:26
  are
• 8:26
  excited
• 8:26
  by
• 8:27
  the
• 8:27
  blips.
• 8:27
  Like
• 8:27
  the
• 8:27
  thing
• 8:28
  that
• 8:28
  performed
• 8:28
  well
• 8:29
  when
• 8:29
  you
• 8:29
  didn't
• 8:29
  necessarily
• 8:29
  expect
• 8:30
  it
• 8:30
  or
• 8:30
  the
• 8:30
  zig
• 8:31
  when
• 8:31
  everyone
• 8:31
  else
• 8:31
  was
• 8:31
  zagging.
• 8:32
  I
• 8:32
  think
• 8:32
  when
• 8:33
  we
• 8:33
  were
• 8:33
  thinking
• 8:33
  about
• 8:33
  this
• 8:34
  category,
• 8:34
  it
• 8:35
  was
• 8:35
  who
• 8:35
  has
• 8:35
  been
• 8:36
  amazing
• 8:37
  consistently
• 8:38
  and
• 8:38
  over
• 8:39
  time
• 8:39
  and
• 8:39
  not
• 8:39
  in
• 8:39
  an
• 8:40
  easy
• 8:40
  circumstance.
• 8:42
  Yeah,
• 8:42
  and
• 8:42
  the
• 8:42
  other
• 8:42
  point
• 8:42
  too
• 8:42
  is
• 8:43
  like,
• 8:43
  I
• 8:43
  mean,
• 8:43
  you
• 8:43
  could,
• 8:43
  you
• 8:44
  could
• 8:44
  look
• 8:44
  at
• 8:44
  this
• 8:44
  slide
• 8:44
  and
• 8:44
  be
• 8:44
  like,
• 8:44
  ah,
• 8:45
  yeah,
• 8:45
  it's
• 8:45
  correlated
• 8:45
  to
• 8:46
  macroeconomic
• 8:46
  indicators
• 8:47
  and
• 8:47
  whatnot.
• 8:47
  But
• 8:48
  the
• 8:48
  key
• 8:48
  point
• 8:48
  here
• 8:48
  is
• 8:49
  that
• 8:49
  all
• 8:49
  of
• 8:49
  these
• 8:49
  retailers
• 8:50
  are
• 8:50
  also
• 8:51
  gaining
• 8:52
  share
• 8:52
  in
• 8:52
  their
• 8:52
  respective
• 8:53
  spaces.
• 8:53
  So
• 8:53
  they
• 8:54
  must
• 8:54
  be
• 8:54
  capitalizing
• 8:55
  on
• 8:55
  those
• 8:56
  macroeconomic
• 8:57
  conditions
• 8:57
  in
• 8:58
  a
• 8:58
  different
• 8:58
  way
• 8:58
  or
• 8:58
  in
• 8:59
  a
• 8:59
  better
• 8:59
  way
• 8:59
  even
• 9:00
  than
• 9:00
  their
• 9:00
  competitive
• 9:01
  set.
• 9:01
  You
• 9:02
  know,
• 9:02
  it's
• 9:02
  a
• 9:02
  really
• 9:02
  important
• 9:02
  point
• 9:03
  too,
• 9:03
  by
• 9:03
  the
• 9:03
  way.
• 9:04
  Because
• 9:04
  I
• 9:04
  think
• 9:05
  people
• 9:05
  look
• 9:05
  at.
• 9:06
  Oh,
• 9:06
  you're.
• 9:06
  Is
• 9:06
  it
• 9:07
  just
• 9:07
  macroeconomics?
• 9:08
  And
• 9:08
  there
• 9:08
  is
• 9:09
  going
• 9:09
  to
• 9:09
  be
• 9:10
  pops
• 9:10
  when
• 9:10
  there
• 9:10
  is
• 9:11
  a
• 9:11
  macroeconomic
• 9:12
  headwind,
• 9:12
  tailwind,
• 9:13
  whatever
• 9:13
  it
• 9:13
  may
• 9:13
  be.
• 9:15
  With
• 9:15
  that
• 9:15
  said,
• 9:15
  the
• 9:16
  thing
• 9:16
  we're
• 9:16
  really
• 9:16
  looking
• 9:17
  for
• 9:17
  is
• 9:17
  not
• 9:17
  how
• 9:17
  high
• 9:17
  your
• 9:18
  peak
• 9:18
  is,
• 9:18
  is
• 9:19
  when
• 9:19
  you
• 9:19
  get
• 9:19
  that
• 9:20
  peak.
• 9:20
  Have
• 9:20
  you
• 9:20
  done
• 9:20
  enough
• 9:21
  to
• 9:21
  turn
• 9:21
  those
• 9:21
  people
• 9:22
  into.
• 9:22
  To
• 9:22
  grab
• 9:23
  a
• 9:23
  percentage
• 9:23
  of
• 9:23
  their
• 9:24
  visitation
• 9:24
  that
• 9:24
  you
• 9:24
  wouldn't
• 9:25
  have
• 9:25
  had
• 9:25
  pre.
• 9:26
  So
• 9:26
  the
• 9:26
  fact
• 9:26
  that
• 9:26
  there
• 9:26
  is
• 9:27
  a
• 9:27
  head
• 9:28
  tailwind.
• 9:28
  Excuse
• 9:29
  me.
• 9:29
  That
• 9:29
  gives
• 9:29
  you
• 9:29
  an
• 9:29
  opportunity.
• 9:30
  Fantastic.
• 9:31
  But
• 9:31
  if
• 9:32
  you
• 9:32
  can
• 9:32
  hold
• 9:32
  on
• 9:32
  share,
• 9:32
  it
• 9:33
  doesn't
• 9:33
  have
• 9:33
  to
• 9:33
  be
• 9:33
  as
• 9:33
  many
• 9:33
  visits
• 9:34
  as
• 9:34
  before,
• 9:35
  but
• 9:35
  if
• 9:35
  you
• 9:35
  can
• 9:35
  hold
• 9:35
  on
• 9:35
  part
• 9:35
  of
• 9:36
  that
• 9:36
  share,
• 9:36
  you've
• 9:37
  taken
• 9:37
  advantage
• 9:38
  of
• 9:38
  a
• 9:38
  tailwind.
• 9:39
  We
• 9:39
  have
• 9:39
  seen
• 9:39
  so
• 9:40
  many
• 9:40
  retailers.
• 9:40
  Look,
• 9:41
  the
• 9:41
  whole
• 9:41
  pull
• 9:42
  forward
• 9:42
  of
• 9:42
  demand
• 9:43
  narrative
• 9:43
  a
• 9:44
  few
• 9:44
  years
• 9:44
  ago
• 9:45
  is
• 9:45
  because
• 9:46
  it's
• 9:47
  not
• 9:47
  easy
• 9:47
  to
• 9:48
  grab
• 9:48
  tremendous
• 9:49
  demand
• 9:49
  and
• 9:49
  then
• 9:49
  maintain
• 9:49
  it.
• 9:50
  Right.
• 9:50
  It's
• 9:50
  harder.
• 9:51
  And
• 9:51
  so
• 9:51
  if
• 9:52
  you
• 9:52
  can
• 9:52
  pull
• 9:52
  in
• 9:52
  these
• 9:53
  visitors
• 9:53
  who
• 9:53
  are
• 9:53
  coming
• 9:53
  for
• 9:54
  a
• 9:54
  whole
• 9:54
  variety
• 9:54
  of
• 9:54
  reasons
• 9:55
  and
• 9:55
  convince
• 9:55
  them
• 9:56
  via
• 9:56
  experience,
• 9:57
  value,
• 9:57
  etc.
• 9:58
  That
• 9:58
  you're
• 9:58
  worth
• 9:59
  more
• 9:59
  visits
• 10:00
  over
• 10:00
  time,
• 10:01
  that's
• 10:01
  just
• 10:01
  great
• 10:01
  retail.
• 10:02
  That's
• 10:02
  not
• 10:02
  macroeconomics.
• 10:04
  Right.
• 10:05
  Well
• 10:05
  said.
• 10:05
  Well
• 10:05
  said,
• 10:05
  man.
• 10:06
  All
• 10:06
  right,
• 10:06
  what's.
• 10:06
  What's
• 10:07
  the
• 10:07
  second
• 10:07
  award
• 10:07
  we're
• 10:08
  handing
• 10:08
  out
• 10:08
  today?
• 10:09
  I
• 10:09
  know
• 10:09
  you're
• 10:09
  gonna
• 10:09
  love
• 10:10
  this
• 10:10
  one.
• 10:10
  I
• 10:10
  got
• 10:10
  no
• 10:10
  issues
• 10:10
  with
• 10:11
  the
• 10:11
  first
• 10:11
  one.
• 10:11
  So
• 10:11
  what's
• 10:12
  the
• 10:12
  second
• 10:12
  one?
• 10:12
  It's
• 10:13
  most
• 10:13
  improved.
• 10:14
  Okay.
• 10:14
  And
• 10:15
  I
• 10:15
  have.
• 10:15
  I.
• 10:16
  I
• 10:17
  know,
• 10:17
  I
• 10:17
  know.
• 10:17
  I
• 10:18
  was
• 10:18
  so
• 10:18
  excited.
• 10:18
  All
• 10:18
  right,
• 10:19
  both.
• 10:19
  Both
• 10:19
  of
• 10:20
  these
• 10:20
  are
• 10:20
  a
• 10:20
  little
• 10:20
  bit
• 10:20
  like,
• 10:21
  I
• 10:21
  don't
• 10:21
  know.
• 10:22
  We'll
• 10:22
  see.
• 10:22
  All
• 10:22
  right,
• 10:22
  convince
• 10:23
  me.
• 10:23
  All
• 10:23
  right,
• 10:23
  let's
• 10:24
  go.
• 10:25
  We,
• 10:25
  you
• 10:26
  know,
• 10:26
  we
• 10:26
  ran
• 10:26
  this
• 10:26
  deep
• 10:27
  analysis
• 10:27
  recently.
• 10:27
  We're
• 10:28
  gonna
• 10:28
  do
• 10:28
  a
• 10:28
  full
• 10:28
  report
• 10:28
  in
• 10:28
  the
• 10:29
  future
• 10:29
  of
• 10:30
  Starbucks
• 10:31
  in
• 10:31
  the
• 10:31
  back
• 10:31
  to
• 10:32
  Starbucks
• 10:32
  era.
• 10:33
  Yeah.
• 10:33
  Right.
• 10:33
  What
• 10:34
  has
• 10:34
  happened.
• 10:35
  And
• 10:35
  essentially
• 10:35
  what
• 10:36
  you
• 10:36
  see
• 10:36
  is
• 10:36
  decline
• 10:37
  right
• 10:37
  away,
• 10:37
  which
• 10:37
  makes
• 10:38
  sense.
• 10:38
  It's
• 10:38
  a
• 10:38
  continuation
• 10:39
  of
• 10:39
  the
• 10:39
  trend.
• 10:39
  A
• 10:40
  stabilization
• 10:40
  period
• 10:41
  and
• 10:41
  then
• 10:41
  this
• 10:42
  period
• 10:42
  of
• 10:42
  consistent
• 10:43
  and
• 10:43
  ongoing
• 10:43
  growth
• 10:43
  from
• 10:44
  Q3,
• 10:44
  2025
• 10:45
  through
• 10:45
  Q1
• 10:46
  2026,
• 10:46
  and
• 10:46
  now
• 10:47
  into
• 10:47
  Q2
• 10:47
  2026.
• 10:49
  That's
• 10:49
  not
• 10:49
  random.
• 10:50
  That's
• 10:50
  great
• 10:51
  strategy.
• 10:51
  Right.
• 10:51
  This
• 10:52
  is
• 10:52
  a.
• 10:52
  A
• 10:53
  great
• 10:53
  chain
• 10:54
  that
• 10:55
  recognized
• 10:55
  that
• 10:55
  there's
• 10:56
  two
• 10:56
  things
• 10:56
  that
• 10:56
  set
• 10:56
  it
• 10:56
  apart
• 10:57
  from
• 10:57
  one,
• 10:57
  the
• 10:57
  third
• 10:58
  place
• 10:58
  concept
• 10:58
  that
• 10:58
  they
• 10:59
  invented
• 10:59
  and
• 10:59
  to
• 11:00
  their
• 11:00
  ability
• 11:00
  to
• 11:00
  focus
• 11:00
  on
• 11:01
  convenience
• 11:01
  with
• 11:01
  their
• 11:01
  scale.
• 11:03
  I
• 11:03
  can't
• 11:04
  stress
• 11:04
  this
• 11:04
  enough.
• 11:05
  Those
• 11:05
  two
• 11:06
  things
• 11:06
  are
• 11:06
  in
• 11:06
  conflict.
• 11:07
  100%
• 11:09
  to
• 11:09
  do
• 11:09
  those
• 11:09
  well
• 11:10
  at
• 11:10
  the
• 11:10
  same
• 11:10
  time.
• 11:11
  Yeah.
• 11:11
  So
• 11:12
  unbelievably
• 11:12
  difficult,
• 11:13
  even
• 11:13
  if
• 11:13
  it's
• 11:14
  the
• 11:14
  right
• 11:14
  path.
• 11:15
  Right.
• 11:15
  So
• 11:15
  if
• 11:15
  this
• 11:15
  had
• 11:16
  taken
• 11:16
  another
• 11:16
  six
• 11:16
  months
• 11:17
  or
• 11:17
  a
• 11:17
  year,
• 11:17
  it
• 11:17
  would
• 11:17
  have
• 11:17
  been
• 11:18
  legitimate.
• 11:18
  It
• 11:19
  didn't.
• 11:19
  We're
• 11:19
  already
• 11:19
  seeing
• 11:20
  the
• 11:20
  turnaround
• 11:20
  and
• 11:20
  we're
• 11:20
  seeing
• 11:22
  an
• 11:22
  emphasis,
• 11:22
  like
• 11:23
  sometimes
• 11:23
  when
• 11:23
  things
• 11:23
  are
• 11:23
  a
• 11:24
  little
• 11:24
  bit
• 11:24
  lower,
• 11:24
  we,
• 11:25
  we're
• 11:25
  talking
• 11:25
  about
• 11:25
  declines.
• 11:26
  We're
• 11:26
  not
• 11:26
  talking
• 11:26
  about
• 11:26
  30%
• 11:27
  declines
• 11:27
  in
• 11:27
  visitation,
• 11:28
  we're
• 11:28
  talking
• 11:28
  about
• 11:28
  a
• 11:28
  couple
• 11:28
  of
• 11:29
  percentage
• 11:29
  points.
• 11:30
  But
• 11:30
  when
• 11:30
  we
• 11:31
  see
• 11:31
  that
• 11:31
  turnaround,
• 11:31
  it's
• 11:31
  because
• 11:32
  they
• 11:32
  looked
• 11:32
  at
• 11:32
  their
• 11:34
  kind
• 11:34
  of
• 11:34
  array
• 11:34
  of
• 11:35
  assets
• 11:35
  and
• 11:35
  they
• 11:35
  said
• 11:35
  here
• 11:35
  are
• 11:36
  the
• 11:36
  things
• 11:36
  we
• 11:36
  do
• 11:36
  really
• 11:36
  well
• 11:36
  and
• 11:36
  we're
• 11:37
  going
• 11:37
  to
• 11:37
  keep
• 11:37
  on
• 11:37
  doing
• 11:37
  them.
• 11:37
  Here
• 11:38
  are
• 11:38
  the
• 11:38
  things
• 11:38
  we
• 11:38
  need
• 11:38
  to
• 11:38
  add
• 11:38
  to
• 11:38
  the
• 11:39
  mix
• 11:40
  and
• 11:40
  you
• 11:40
  see
• 11:40
  the
• 11:40
  impact
• 11:41
  of
• 11:41
  it.
• 11:41
  And
• 11:41
  so
• 11:41
  I,
• 11:42
  I
• 11:42
  am
• 11:42
  a
• 11:42
  huge
• 11:43
  believer
• 11:43
  in
• 11:43
  this
• 11:44
  strategy.
• 11:45
  I
• 11:45
  think
• 11:45
  that
• 11:45
  you're
• 11:46
  willing
• 11:46
  to
• 11:46
  see
• 11:46
  long
• 11:46
  term
• 11:46
  success.
• 11:47
  I
• 11:47
  think
• 11:47
  we've
• 11:47
  done
• 11:48
  analyses
• 11:48
  in
• 11:48
  the
• 11:48
  past
• 11:48
  of
• 11:49
  where
• 11:49
  the
• 11:49
  expansion
• 11:49
  opportunity
• 11:50
  still
• 11:50
  is
• 11:50
  for
• 11:50
  Starbucks
• 11:51
  and
• 11:51
  there's
• 11:51
  still
• 11:51
  areas
• 11:52
  where
• 11:52
  there's
• 11:52
  massive
• 11:53
  expansion
• 11:53
  opportunity
• 11:54
  and
• 11:55
  those
• 11:55
  are
• 11:55
  areas
• 11:55
  that
• 11:56
  are
• 11:56
  seeing
• 11:56
  a
• 11:56
  good
• 11:56
  influx
• 11:57
  from
• 11:57
  a
• 11:57
  migration
• 11:57
  perspective.
• 11:58
  So
• 11:58
  there's
• 11:58
  even
• 11:58
  more
• 11:59
  than
• 11:59
  there
• 11:59
  was
• 11:59
  when
• 11:59
  we
• 11:59
  did
• 11:59
  this
• 12:00
  analysis
• 12:00
  a
• 12:00
  few
• 12:00
  years
• 12:01
  ago.
• 12:01
  So
• 12:01
  I'm
• 12:02
  a
• 12:02
  big
• 12:02
  believer
• 12:02
  in
• 12:02
  it.
• 12:02
  So,
• 12:03
  Ethan.
• 12:03
  Yeah.
• 12:03
  Before
• 12:03
  we
• 12:03
  go
• 12:04
  on
• 12:04
  the
• 12:04
  next
• 12:04
  one,
• 12:04
  because
• 12:04
  I
• 12:04
  know
• 12:04
  we're
• 12:04
  going
• 12:05
  to
• 12:05
  spend
• 12:05
  time
• 12:05
  on
• 12:05
  the
• 12:05
  next
• 12:05
  one
• 12:05
  and
• 12:06
  for
• 12:06
  those
• 12:06
  that
• 12:06
  are
• 12:06
  listening
• 12:07
  and
• 12:07
  not
• 12:07
  watching,
• 12:07
  he's
• 12:08
  got
• 12:08
  Starbucks
• 12:08
  and
• 12:08
  Target
• 12:09
  on
• 12:09
  here.
• 12:09
  So
• 12:09
  it's,
• 12:10
  you
• 12:10
  know,
• 12:10
  why
• 12:10
  this
• 12:10
  one's
• 12:10
  already
• 12:11
  a
• 12:11
  hot
• 12:11
  topic
• 12:11
  on
• 12:11
  the
• 12:12
  slide.
• 12:13
  So
• 12:13
  just
• 12:13
  to
• 12:14
  go
• 12:14
  into
• 12:14
  the
• 12:14
  Starbucks
• 12:15
  thing,
• 12:15
  because
• 12:16
  I
• 12:16
  think
• 12:16
  I
• 12:16
  agree
• 12:17
  with
• 12:17
  you
• 12:17
  and
• 12:17
  I
• 12:17
  think
• 12:18
  what
• 12:18
  you,
• 12:18
  I
• 12:18
  thought,
• 12:18
  I
• 12:18
  loved
• 12:19
  how
• 12:19
  you
• 12:19
  said
• 12:19
  that
• 12:19
  too,
• 12:19
  is
• 12:19
  like
• 12:20
  threading
• 12:20
  the
• 12:20
  needle
• 12:21
  on
• 12:21
  the
• 12:21
  balance
• 12:21
  between
• 12:21
  being
• 12:22
  the
• 12:22
  third
• 12:22
  place
• 12:22
  and
• 12:23
  then
• 12:23
  deciding
• 12:23
  how
• 12:23
  to
• 12:24
  keep
• 12:24
  the
• 12:24
  convenience
• 12:24
  element
• 12:25
  alive
• 12:25
  is
• 12:25
  really
• 12:25
  important.
• 12:26
  And
• 12:26
  what
• 12:26
  the
• 12:26
  format
• 12:27
  strategy
• 12:27
  is
• 12:27
  around
• 12:27
  that
• 12:28
  is
• 12:28
  also
• 12:29
  very
• 12:29
  critically
• 12:29
  important.
• 12:30
  And
• 12:30
  you
• 12:31
  said
• 12:31
  something
• 12:31
  there
• 12:31
  that
• 12:31
  I
• 12:32
  thought
• 12:32
  was
• 12:32
  interesting
• 12:32
  too.
• 12:32
  You
• 12:33
  said
• 12:33
  you've
• 12:33
  done
• 12:33
  some
• 12:33
  analysis
• 12:34
  on
• 12:34
  where
• 12:34
  the
• 12:35
  further
• 12:35
  growth
• 12:35
  opportunity
• 12:36
  lies
• 12:36
  for
• 12:36
  Starbucks.
• 12:37
  We
• 12:37
  talked
• 12:37
  about
• 12:37
  this
• 12:37
  on
• 12:38
  a
• 12:38
  Ben
• 12:38
  Miller
• 12:38
  and
• 12:38
  I
• 12:38
  actually
• 12:39
  talked
• 12:39
  about
• 12:39
  this
• 12:39
  on
• 12:39
  a
• 12:39
  podcast
• 12:40
  a
• 12:40
  couple
• 12:40
  weeks
• 12:40
  ago
• 12:41
  when
• 12:41
  Starbucks
• 12:42
  said
• 12:42
  they
• 12:42
  have
• 12:42
  room
• 12:43
  for
• 12:43
  as
• 12:43
  many
• 12:43
  as
• 12:43
  5
• 12:44
  to
• 12:44
  10,000
• 12:44
  more
• 12:45
  stores,
• 12:45
  you
• 12:45
  know,
• 12:46
  in
• 12:46
  the
• 12:46
  U.S.
• 12:47
  i'm
• 12:47
  curious,
• 12:47
  like
• 12:48
  from
• 12:48
  your
• 12:48
  analysis,
• 12:49
  where,
• 12:49
  where
• 12:49
  have
• 12:49
  you
• 12:50
  seen
• 12:50
  that
• 12:50
  opportunity
• 12:51
  potentially
• 12:52
  pop
• 12:52
  up
• 12:52
  for
• 12:52
  Starbucks?
• 12:53
  A
• 12:53
  lot
• 12:53
  of
• 12:53
  it
• 12:53
  was
• 12:54
  in
• 12:54
  the
• 12:54
  Rust
• 12:54
  Belt
• 12:54
  States.
• 12:54
  A
• 12:55
  lot
• 12:55
  of
• 12:55
  it
• 12:55
  was
• 12:55
  in
• 12:55
  the
• 12:55
  areas
• 12:56
  where
• 12:56
  you're
• 12:56
  seeing
• 12:56
  those
• 12:56
  positive
• 12:57
  migration
• 12:57
  trends.
• 12:57
  And
• 12:58
  again,
• 12:58
  this
• 12:58
  is
• 12:58
  several
• 12:58
  years
• 12:58
  ago.
• 12:59
  So
• 12:59
  this
• 12:59
  is
• 12:59
  before
• 12:59
  a
• 12:59
  lot
• 12:59
  of
• 13:00
  those
• 13:00
  migration
• 13:00
  trends
• 13:00
  really
• 13:01
  took.
• 13:01
  What
• 13:01
  we
• 13:02
  were
• 13:02
  looking
• 13:02
  at
• 13:02
  is
• 13:03
  visits
• 13:04
  and
• 13:04
  locations
• 13:05
  compared
• 13:05
  to
• 13:05
  where
• 13:05
  there
• 13:05
  were
• 13:06
  empty
• 13:06
  visits
• 13:06
  and
• 13:07
  where
• 13:07
  there
• 13:07
  were
• 13:07
  locations
• 13:07
  that
• 13:08
  were
• 13:08
  a
• 13:08
  certain
• 13:08
  distance
• 13:08
  from
• 13:09
  a
• 13:09
  location
• 13:10
  and
• 13:10
  so
• 13:11
  we
• 13:11
  found
• 13:11
  that
• 13:12
  there
• 13:12
  is
• 13:13
  a
• 13:13
  huge
• 13:13
  opportunity.
• 13:14
  I
• 13:14
  don't
• 13:14
  know
• 13:14
  if
• 13:14
  it's
• 13:14
  5
• 13:15
  to
• 13:15
  10,000
• 13:15
  locations,
• 13:16
  I
• 13:16
  don't
• 13:16
  know
• 13:16
  how
• 13:16
  many
• 13:16
  it
• 13:16
  is
• 13:16
  in
• 13:17
  the
• 13:17
  end,
• 13:17
  but
• 13:18
  it's
• 13:18
  not
• 13:18
  small.
• 13:19
  There
• 13:19
  is
• 13:19
  still
• 13:19
  growth
• 13:20
  potential
• 13:20
  just
• 13:20
  from
• 13:20
  a
• 13:20
  location
• 13:21
  perspective,
• 13:22
  let
• 13:22
  alone
• 13:22
  the
• 13:23
  fact
• 13:23
  that,
• 13:24
  I
• 13:24
  mean,
• 13:24
  I
• 13:25
  really,
• 13:25
  we've
• 13:25
  talked
• 13:26
  about
• 13:26
  this
• 13:26
  many
• 13:26
  times,
• 13:26
  like,
• 13:27
  I'm
• 13:27
  still
• 13:27
  a
• 13:27
  big
• 13:27
  believer
• 13:28
  in
• 13:28
  the
• 13:28
  third
• 13:28
  place.
• 13:28
  And
• 13:29
  I
• 13:29
  think
• 13:29
  if
• 13:29
  you
• 13:29
  look
• 13:30
  at
• 13:30
  their
• 13:30
  competitive
• 13:30
  set,
• 13:30
  like
• 13:31
  the
• 13:31
  seven
• 13:31
  brews
• 13:31
  of
• 13:32
  Dutch
• 13:32
  Rows,
• 13:32
  really
• 13:33
  awesome
• 13:33
  companies
• 13:33
  that
• 13:34
  are
• 13:34
  expanding
• 13:34
  tremendously
• 13:35
  because
• 13:35
  they
• 13:35
  were
• 13:36
  regionally
• 13:36
  oriented
• 13:37
  and
• 13:37
  now
• 13:37
  they're
• 13:37
  kind
• 13:37
  of
• 13:37
  going.
• 13:38
  They're
• 13:38
  both
• 13:39
  pretty.
• 13:39
  A
• 13:40
  lot
• 13:40
  of
• 13:40
  these
• 13:40
  players
• 13:40
  are
• 13:41
  really
• 13:41
  focused
• 13:41
  on
• 13:42
  convenience,
• 13:42
  drive
• 13:43
  through,
• 13:43
  get
• 13:43
  in,
• 13:43
  get
• 13:44
  out.
• 13:44
  Great
• 13:44
  experience.
• 13:45
  But
• 13:45
  getting
• 13:45
  get
• 13:46
  out,
• 13:46
  no
• 13:46
  one's
• 13:47
  really
• 13:47
  coming
• 13:47
  after
• 13:48
  the
• 13:48
  third
• 13:48
  place.
• 13:49
  And
• 13:49
  they're
• 13:49
  obviously
• 13:49
  local
• 13:49
  players,
• 13:50
  more
• 13:50
  kind
• 13:50
  of
• 13:51
  regional
• 13:51
  operators,
• 13:52
  but
• 13:53
  might
• 13:53
  be
• 13:53
  the
• 13:53
  only
• 13:53
  one
• 13:54
  that's
• 13:54
  really
• 13:54
  looking
• 13:54
  to
• 13:54
  combine
• 13:55
  that
• 13:55
  tremendous
• 13:56
  scale
• 13:56
  with
• 13:57
  that
• 13:57
  experiential
• 13:58
  element.
• 13:58
  And
• 13:58
  I
• 13:58
  think
• 13:59
  if
• 13:59
  they
• 13:59
  can
• 13:59
  continue
• 14:00
  to
• 14:00
  execute
• 14:00
  on
• 14:00
  it,
• 14:00
  it's
• 14:01
  a
• 14:01
  huge
• 14:01
  opportunity.
• 14:02
  Yeah,
• 14:02
  I
• 14:03
  agree
• 14:03
  with
• 14:03
  you.
• 14:03
  And
• 14:03
  I
• 14:03
  think
• 14:04
  both
• 14:04
  things
• 14:04
  can
• 14:04
  be
• 14:05
  true
• 14:05
  depending
• 14:05
  on
• 14:06
  the
• 14:06
  formats
• 14:06
  that
• 14:06
  you
• 14:07
  choose
• 14:07
  to
• 14:07
  deploy
• 14:07
  too.
• 14:08
  And
• 14:08
  that's
• 14:08
  where
• 14:09
  I
• 14:09
  think
• 14:10
  Nickel
• 14:10
  to
• 14:10
  his
• 14:10
  credit,
• 14:11
  has
• 14:11
  done
• 14:11
  a
• 14:11
  good
• 14:11
  job
• 14:12
  of
• 14:12
  stepping
• 14:13
  back
• 14:13
  and
• 14:13
  saying,
• 14:13
  let's
• 14:14
  reset
• 14:14
  the
• 14:14
  table
• 14:14
  on
• 14:15
  that
• 14:15
  and
• 14:15
  look
• 14:15
  at
• 14:15
  what
• 14:16
  are
• 14:16
  the
• 14:16
  right
• 14:17
  new
• 14:17
  store
• 14:17
  formats
• 14:18
  we
• 14:18
  want
• 14:18
  to
• 14:18
  put
• 14:18
  into
• 14:19
  market.
• 14:19
  Where
• 14:19
  do
• 14:20
  we
• 14:20
  want
• 14:20
  to
• 14:20
  put
• 14:20
  them
• 14:20
  into
• 14:21
  market?
• 14:21
  And
• 14:21
  let's
• 14:21
  fuel
• 14:22
  growth
• 14:22
  that
• 14:22
  way
• 14:22
  and
• 14:22
  decide
• 14:23
  ultimately
• 14:23
  in
• 14:24
  the
• 14:24
  long,
• 14:24
  longer
• 14:24
  run,
• 14:25
  is
• 14:25
  it
• 14:25
  the
• 14:25
  third
• 14:25
  place
• 14:26
  across
• 14:26
  the
• 14:26
  board?
• 14:27
  Is
• 14:27
  it
• 14:27
  the
• 14:27
  third
• 14:27
  place
• 14:28
  in
• 14:28
  some
• 14:28
  locations?
• 14:28
  Is
• 14:29
  it
• 14:29
  convenience
• 14:29
  and
• 14:30
  pickup
• 14:30
  in
• 14:30
  other
• 14:30
  locations?
• 14:31
  But
• 14:31
  let's
• 14:32
  be
• 14:32
  smart
• 14:32
  about
• 14:32
  it
• 14:33
  and
• 14:33
  start
• 14:33
  with
• 14:33
  a
• 14:33
  clean
• 14:34
  fresh
• 14:34
  slate
• 14:34
  and
• 14:35
  go
• 14:35
  after
• 14:35
  it.
• 14:35
  And
• 14:36
  I
• 14:36
  think
• 14:36
  to
• 14:36
  the
• 14:36
  point
• 14:37
  on
• 14:37
  the
• 14:37
  slide.
• 14:37
  Yeah,
• 14:38
  those
• 14:38
  are
• 14:38
  impressive
• 14:39
  results.
• 14:39
  I
• 14:39
  mean,
• 14:39
  those
• 14:39
  are
• 14:39
  year
• 14:40
  over
• 14:40
  year
• 14:41
  traffic
• 14:41
  gains.
• 14:41
  You
• 14:42
  know,
• 14:42
  when
• 14:42
  you,
• 14:42
  when
• 14:42
  you
• 14:43
  look
• 14:43
  at
• 14:43
  the
• 14:43
  numbers
• 14:43
  there.
• 14:44
  Yeah.
• 14:44
  And
• 14:44
  it's
• 14:45
  in
• 14:45
  a
• 14:45
  space
• 14:45
  that's
• 14:45
  doing
• 14:45
  well,
• 14:46
  obviously.
• 14:46
  But
• 14:46
  I
• 14:46
  also,
• 14:46
  I
• 14:47
  agree
• 14:47
  with
• 14:47
  you.
• 14:47
  I
• 14:48
  don't
• 14:48
  think
• 14:48
  it's
• 14:48
  going
• 14:48
  to
• 14:48
  be.
• 14:49
  Every
• 14:49
  location
• 14:50
  is
• 14:50
  going
• 14:50
  to
• 14:50
  be
• 14:50
  oriented
• 14:50
  towards
• 14:51
  people
• 14:51
  sitting
• 14:51
  there
• 14:51
  and
• 14:51
  spending
• 14:51
  a
• 14:52
  lot
• 14:52
  of
• 14:52
  time.
• 14:53
  But
• 14:53
  your
• 14:53
  suburban
• 14:54
  locations,
• 14:55
  maybe
• 14:55
  you
• 14:56
  should
• 14:56
  think
• 14:56
  differently
• 14:56
  about
• 14:56
  them
• 14:57
  than
• 14:57
  your
• 14:57
  urban
• 14:57
  locations.
• 14:57
  And
• 14:58
  maybe,
• 14:58
  by
• 14:59
  the
• 14:59
  way,
• 14:59
  maybe
• 15:00
  it's
• 15:00
  the
• 15:00
  flip
• 15:00
  side,
• 15:00
  but
• 15:00
  I
• 15:01
  think
• 15:01
  the
• 15:01
  willingness
• 15:02
  to
• 15:02
  say
• 15:02
  our
• 15:03
  goal
• 15:03
  is
• 15:03
  to
• 15:03
  have
• 15:04
  those
• 15:04
  elements
• 15:05
  and
• 15:05
  we're
• 15:05
  going
• 15:05
  to
• 15:05
  optimize
• 15:06
  them
• 15:06
  per
• 15:06
  location,
• 15:07
  I
• 15:07
  think
• 15:07
  that's
• 15:08
  what
• 15:08
  you
• 15:08
  want
• 15:08
  to
• 15:08
  hear.
• 15:08
  That's
• 15:08
  good
• 15:09
  strategy.
• 15:09
  Right,
• 15:10
  Right.
• 15:11
  That's
• 15:12
  the
• 15:12
  fundamental
• 15:12
  point.
• 15:12
  Yeah,
• 15:13
  that's
• 15:13
  very
• 15:13
  well
• 15:13
  Said,
• 15:14
  yep.
• 15:15
  All
• 15:15
  right.
• 15:15
  The
• 15:16
  second
• 15:16
  one,
• 15:16
  which
• 15:16
  I
• 15:17
  expect
• 15:17
  no
• 15:17
  pushback
• 15:18
  from
• 15:18
  whatsoever
• 15:19
  is,
• 15:19
  is
• 15:19
  Target.
• 15:20
  And
• 15:20
  I
• 15:21
  think
• 15:21
  the
• 15:21
  big
• 15:21
  reason
• 15:22
  is
• 15:23
  I,
• 15:24
  I
• 15:24
  am,
• 15:24
  you
• 15:25
  know,
• 15:25
  obviously
• 15:25
  I
• 15:26
  have
• 15:26
  read
• 15:27
  the
• 15:28
  thoughts
• 15:28
  of
• 15:28
  certain
• 15:29
  voices
• 15:30
  of
• 15:30
  what
• 15:30
  the
• 15:30
  problems
• 15:30
  are
• 15:31
  in
• 15:31
  the
• 15:31
  long
• 15:31
  term.
• 15:31
  Challenges
• 15:31
  with
• 15:32
  Target.
• 15:33
  Target
• 15:33
  went
• 15:34
  through
• 15:34
  a
• 15:34
  period
• 15:34
  where
• 15:34
  I
• 15:35
  think
• 15:35
  it
• 15:35
  was,
• 15:36
  it
• 15:36
  was
• 15:37
  a
• 15:37
  period
• 15:37
  of
• 15:37
  80%
• 15:38
  of
• 15:38
  weeks
• 15:39
  over.
• 15:39
  I
• 15:39
  think
• 15:39
  it
• 15:39
  was
• 15:39
  a
• 15:40
  55
• 15:40
  week
• 15:40
  period.
• 15:41
  Saw
• 15:41
  visits
• 15:42
  down
• 15:42
  year
• 15:42
  over
• 15:42
  year.
• 15:43
  Now
• 15:43
  there
• 15:44
  is
• 15:44
  a
• 15:44
  myriad
• 15:44
  of
• 15:44
  reasons
• 15:45
  if
• 15:45
  you
• 15:46
  ask
• 15:46
  this
• 15:46
  person
• 15:46
  who
• 15:47
  doesn't
• 15:47
  know
• 15:47
  it
• 15:47
  as
• 15:47
  well
• 15:48
  as
• 15:48
  others
• 15:48
  but
• 15:48
  has,
• 15:48
  has
• 15:49
  their,
• 15:49
  their,
• 15:49
  their
• 15:49
  perspective.
• 15:50
  Yeah,
• 15:51
  that
• 15:51
  was
• 15:52
  because
• 15:52
  the
• 15:52
  fundamentals
• 15:53
  were
• 15:53
  off.
• 15:53
  Right.
• 15:54
  It
• 15:54
  just.
• 15:54
  There
• 15:54
  was
• 15:54
  something
• 15:55
  in
• 15:55
  the
• 15:55
  store
• 15:55
  that
• 15:55
  wasn't
• 15:55
  working
• 15:56
  well.
• 15:56
  Right.
• 15:56
  Like
• 15:56
  I
• 15:57
  am
• 15:57
  a
• 15:57
  huge
• 15:57
  Target
• 15:58
  shopper.
• 15:59
  The
• 15:59
  amount
• 15:59
  of
• 15:59
  times
• 15:59
  I
• 15:59
  walked
• 16:00
  into
• 16:00
  a
• 16:00
  location
• 16:00
  and
• 16:00
  the
• 16:01
  store
• 16:01
  was
• 16:01
  either
• 16:02
  messy,
• 16:03
  they
• 16:03
  didn't
• 16:03
  have
• 16:03
  products,
• 16:04
  there
• 16:05
  wasn't
• 16:05
  enough
• 16:05
  people
• 16:05
  to
• 16:05
  help.
• 16:06
  Was
• 16:06
  it
• 16:06
  was,
• 16:07
  it
• 16:07
  was
• 16:08
  visible
• 16:08
  and
• 16:08
  noticeable
• 16:08
  and
• 16:09
  like
• 16:09
  other.
• 16:09
  I
• 16:09
  think
• 16:09
  Target
• 16:10
  stands
• 16:10
  were
• 16:11
  kind
• 16:11
  of
• 16:11
  saying
• 16:11
  a
• 16:11
  very
• 16:12
  similar
• 16:12
  story.
• 16:15
  We've
• 16:15
  seen
• 16:15
  that
• 16:15
  turnaround.
• 16:16
  Do
• 16:16
  I
• 16:16
  think
• 16:16
  this
• 16:17
  is
• 16:17
  exact?
• 16:18
  No.
• 16:18
  There
• 16:18
  was
• 16:19
  clearly
• 16:19
  softer
• 16:20
  comps
• 16:20
  when
• 16:20
  you
• 16:20
  think
• 16:20
  about
• 16:21
  what
• 16:21
  was
• 16:21
  going
• 16:21
  on
• 16:21
  in
• 16:21
  Q1,
• 16:22
  but
• 16:22
  it's
• 16:23
  continued.
• 16:23
  You're
• 16:23
  talking
• 16:23
  about
• 16:23
  a
• 16:24
  20
• 16:24
  week
• 16:24
  period
• 16:24
  from
• 16:25
  the
• 16:25
  end
• 16:25
  of
• 16:25
  January
• 16:26
  through
• 16:26
  the
• 16:26
  end
• 16:27
  of
• 16:27
  middle
• 16:28
  of
• 16:28
  June
• 16:29
  where
• 16:29
  all
• 16:29
  of
• 16:30
  the
• 16:30
  visits
• 16:30
  have
• 16:31
  been
• 16:31
  up
• 16:31
  year
• 16:31
  over
• 16:31
  year.
• 16:33
  I
• 16:33
  think
• 16:33
  there
• 16:33
  is
• 16:33
  an
• 16:34
  increased
• 16:34
  focus
• 16:34
  and
• 16:35
  you're
• 16:35
  seeing
• 16:35
  action
• 16:35
  from
• 16:36
  Target
• 16:36
  leadership
• 16:37
  to
• 16:37
  focus
• 16:37
  on
• 16:37
  the
• 16:38
  fundamentals,
• 16:38
  get
• 16:38
  more
• 16:38
  people
• 16:39
  in
• 16:39
  store,
• 16:40
  make
• 16:40
  the
• 16:40
  experience
• 16:40
  better.
• 16:41
  Make
• 16:41
  sure
• 16:41
  you
• 16:42
  have
• 16:42
  product
• 16:42
  in
• 16:43
  stock
• 16:43
  that
• 16:43
  you
• 16:44
  don't
• 16:44
  have
• 16:44
  empty
• 16:44
  shelves.
• 16:44
  Make
• 16:44
  sure
• 16:45
  you
• 16:45
  have
• 16:45
  the
• 16:45
  right
• 16:45
  products
• 16:45
  in
• 16:46
  stock,
• 16:46
  make
• 16:46
  sure
• 16:47
  people
• 16:47
  there
• 16:47
  to
• 16:47
  help.
• 16:48
  Like
• 16:48
  one
• 16:48
  of
• 16:48
  the
• 16:49
  things.
• 16:49
  I
• 16:49
  think
• 16:49
  about
• 16:49
  this
• 16:50
  a
• 16:50
  lot.
• 16:51
  There's
• 16:51
  a
• 16:51
  data
• 16:51
  point,
• 16:52
  I'm
• 16:52
  sure
• 16:52
  I've
• 16:52
  mentioned
• 16:52
  it
• 16:53
  here
• 16:53
  before,
• 16:53
  but
• 16:53
  that
• 16:53
  there's
• 16:54
  a
• 16:54
  6%
• 16:54
  basket
• 16:54
  size
• 16:55
  increase
• 16:55
  when
• 16:55
  you're
• 16:56
  greeted
• 16:56
  at
• 16:56
  the
• 16:56
  front
• 16:56
  door.
• 16:57
  I
• 16:57
  don't
• 16:58
  think
• 16:58
  it's
• 16:58
  because
• 16:58
  people
• 16:59
  walk
• 16:59
  into
• 16:59
  a
• 17:00
  store
• 17:00
  and
• 17:00
  someone
• 17:00
  says
• 17:00
  hi.
• 17:01
  They're
• 17:01
  like,
• 17:01
  well
• 17:01
  I
• 17:01
  gotta
• 17:01
  buy
• 17:01
  stuff
• 17:02
  now.
• 17:02
  No,
• 17:03
  it's
• 17:03
  because
• 17:03
  if
• 17:03
  someone
• 17:03
  greets
• 17:04
  you
• 17:04
  and
• 17:04
  says
• 17:04
  hi
• 17:04
  to
• 17:04
  you,
• 17:05
  how
• 17:05
  are
• 17:05
  you?
• 17:05
  How
• 17:05
  can
• 17:05
  I
• 17:05
  help
• 17:06
  you?
• 17:06
  You're
• 17:06
  more
• 17:06
  likely
• 17:07
  to
• 17:07
  ask
• 17:07
  the
• 17:07
  question
• 17:07
  and
• 17:07
  find
• 17:08
  the
• 17:08
  thing
• 17:08
  you
• 17:08
  were
• 17:08
  looking
• 17:08
  for.
• 17:10
  That's
• 17:10
  why
• 17:10
  you
• 17:10
  need
• 17:11
  good
• 17:11
  service
• 17:11
  in
• 17:11
  stores.
• 17:12
  It's
• 17:12
  not
• 17:12
  for
• 17:12
  fun,
• 17:13
  it's
• 17:13
  not
• 17:13
  to
• 17:13
  make
• 17:13
  people
• 17:14
  feel
• 17:14
  good.
• 17:14
  It
• 17:14
  might
• 17:15
  do
• 17:15
  those
• 17:15
  things.
• 17:15
  It's
• 17:16
  to
• 17:16
  make
• 17:16
  the
• 17:17
  retail
• 17:17
  experience
• 17:18
  more
• 17:18
  effective.
• 17:19
  And
• 17:19
  I
• 17:19
  think
• 17:19
  Target's
• 17:20
  refocusing
• 17:20
  there.
• 17:21
  I
• 17:21
  don't
• 17:21
  think
• 17:22
  obviously
• 17:22
  they're
• 17:22
  softer
• 17:22
  comps,
• 17:23
  but
• 17:23
  I
• 17:23
  think
• 17:23
  the
• 17:24
  how
• 17:24
  extended
• 17:25
  this
• 17:25
  streak
• 17:25
  has
• 17:25
  been
• 17:26
  of
• 17:26
  visit
• 17:26
  increases
• 17:27
  is
• 17:27
  powerful
• 17:28
  and
• 17:28
  I
• 17:28
  think
• 17:28
  it
• 17:28
  speaks
• 17:29
  to
• 17:29
  a
• 17:29
  brand
• 17:30
  or
• 17:30
  a
• 17:30
  retailer
• 17:30
  that
• 17:31
  is
• 17:31
  clearly
• 17:31
  on
• 17:31
  the
• 17:32
  improvement
• 17:32
  track
• 17:32
  and
• 17:33
  has
• 17:33
  the
• 17:33
  potential
• 17:33
  to
• 17:34
  take
• 17:34
  even
• 17:34
  further
• 17:34
  steps
• 17:35
  forward.
• 17:37
  Yeah,
• 17:37
  I
• 17:37
  think
• 17:38
  on
• 17:38
  this
• 17:38
  one,
• 17:38
  I
• 17:38
  don't
• 17:38
  think
• 17:38
  it's
• 17:39
  going
• 17:39
  to
• 17:39
  surprise
• 17:39
  you.
• 17:39
  I
• 17:39
  think
• 17:39
  I
• 17:39
  disagree
• 17:40
  with
• 17:40
  you
• 17:40
  on
• 17:40
  this
• 17:40
  one
• 17:41
  because
• 17:41
  I
• 17:41
  think
• 17:41
  the
• 17:41
  comps
• 17:42
  are
• 17:42
  pretty
• 17:42
  easy,
• 17:43
  especially
• 17:43
  when
• 17:43
  I
• 17:43
  look
• 17:43
  at
• 17:44
  it
• 17:44
  in
• 17:44
  comparison
• 17:44
  to
• 17:44
  what's
• 17:45
  on
• 17:45
  the
• 17:45
  Starbucks
• 17:45
  chart.
• 17:46
  The
• 17:46
  other
• 17:47
  point
• 17:47
  of
• 17:47
  this
• 17:47
  too
• 17:47
  is
• 17:47
  what
• 17:48
  data
• 17:48
  is
• 17:48
  not
• 17:48
  on
• 17:48
  the
• 17:48
  chart
• 17:49
  and
• 17:49
  what
• 17:50
  contextual
• 17:51
  evidence
• 17:52
  is
• 17:52
  out
• 17:52
  there
• 17:53
  that
• 17:53
  supports
• 17:53
  the
• 17:53
  point
• 17:53
  one
• 17:54
  versus
• 17:54
  the
• 17:54
  other.
• 17:54
  And
• 17:55
  the
• 17:55
  point
• 17:55
  I
• 17:55
  bring
• 17:55
  up
• 17:56
  is
• 17:57
  nickel,
• 17:57
  I
• 17:57
  believe
• 17:58
  started
• 17:58
  in
• 17:58
  September
• 17:59
  of
• 17:59
  2024.
• 18:01
  And
• 18:01
  so
• 18:01
  he's
• 18:02
  got
• 18:02
  a
• 18:02
  lot
• 18:02
  longer
• 18:03
  of
• 18:03
  a
• 18:03
  Runway
• 18:03
  to
• 18:03
  make
• 18:04
  hay
• 18:04
  on
• 18:04
  this.
• 18:04
  And
• 18:05
  you're
• 18:05
  starting
• 18:05
  to
• 18:05
  see
• 18:06
  the
• 18:06
  proof
• 18:06
  in
• 18:06
  the
• 18:06
  pudding
• 18:07
  in
• 18:07
  terms
• 18:07
  of
• 18:07
  not
• 18:07
  just
• 18:07
  anniversary
• 18:08
  in
• 18:08
  the
• 18:08
  comp,
• 18:08
  but
• 18:09
  exceeding
• 18:09
  the
• 18:10
  comp
• 18:10
  that
• 18:10
  you
• 18:10
  did
• 18:10
  before.
• 18:11
  Whereas
• 18:12
  the
• 18:12
  new
• 18:12
  CEO
• 18:14
  that
• 18:14
  target,
• 18:14
  Fidelke,
• 18:15
  he's.
• 18:16
  I
• 18:16
  mean,
• 18:16
  he
• 18:16
  didn't
• 18:16
  even
• 18:17
  start
• 18:17
  to
• 18:17
  technically
• 18:18
  start
• 18:18
  until
• 18:18
  February.
• 18:19
  I
• 18:19
  think
• 18:19
  he
• 18:19
  probably,
• 18:20
  you
• 18:20
  know,
• 18:20
  kind
• 18:20
  of
• 18:21
  below
• 18:21
  the
• 18:21
  covers
• 18:22
  took
• 18:22
  over
• 18:22
  like
• 18:22
  in
• 18:23
  September
• 18:23
  when
• 18:23
  they
• 18:23
  made
• 18:24
  the
• 18:24
  announcement.
• 18:25
  But
• 18:25
  that's
• 18:25
  just
• 18:25
  not
• 18:26
  enough
• 18:26
  time
• 18:26
  for
• 18:27
  a
• 18:27
  recovery
• 18:28
  to
• 18:28
  seed
• 18:29
  itself
• 18:29
  to
• 18:29
  the
• 18:29
  degree
• 18:30
  to
• 18:30
  which
• 18:31
  we're
• 18:31
  hopeful
• 18:31
  or
• 18:32
  are
• 18:32
  talking
• 18:32
  about
• 18:32
  it.
• 18:33
  And
• 18:33
  so
• 18:33
  that's
• 18:34
  the
• 18:34
  one
• 18:34
  caveat
• 18:35
  I
• 18:35
  would
• 18:35
  have
• 18:35
  here
• 18:36
  where
• 18:36
  they
• 18:36
  probably
• 18:36
  wouldn't
• 18:37
  make
• 18:37
  my
• 18:37
  most
• 18:37
  improved
• 18:38
  list
• 18:38
  yet.
• 18:39
  I
• 18:39
  think
• 18:39
  they
• 18:39
  are
• 18:40
  angled
• 18:40
  towards
• 18:40
  the
• 18:41
  right
• 18:41
  things,
• 18:41
  particularly
• 18:42
  in
• 18:42
  that
• 18:42
  in
• 18:42
  store
• 18:43
  experience.
• 18:43
  But
• 18:43
  I
• 18:43
  think
• 18:43
  those
• 18:44
  are,
• 18:44
  those
• 18:44
  are
• 18:45
  where
• 18:45
  I
• 18:45
  still
• 18:45
  have
• 18:45
  some
• 18:46
  misgivings
• 18:47
  about,
• 18:47
  you
• 18:48
  know,
• 18:48
  saying,
• 18:48
  you
• 18:48
  know,
• 18:49
  targets
• 18:49
  back.
• 18:49
  I
• 18:50
  think,
• 18:50
  I
• 18:50
  think
• 18:50
  the
• 18:50
  proof's
• 18:51
  going
• 18:51
  to
• 18:51
  be
• 18:51
  in
• 18:51
  the
• 18:51
  pudding,
• 18:52
  really.
• 18:52
  Probably
• 18:53
  next
• 18:53
  Q1
• 18:54
  is
• 18:54
  really
• 18:54
  where
• 18:55
  we're
• 18:55
  going
• 18:55
  to
• 18:55
  be
• 18:55
  able
• 18:55
  to
• 18:55
  make
• 18:55
  the
• 18:56
  call
• 18:56
  on
• 18:56
  that.
• 18:57
  But,
• 18:57
  you
• 18:57
  know,
• 18:58
  it's
• 18:58
  at
• 18:58
  least,
• 18:59
  it's
• 18:59
  at
• 18:59
  least
• 18:59
  a
• 19:00
  sign
• 19:00
  in
• 19:00
  the
• 19:00
  right
• 19:00
  direction.
• 19:01
  I
• 19:01
  mean,
• 19:01
  if
• 19:01
  it
• 19:02
  wasn't
• 19:02
  this,
• 19:02
  we'd
• 19:03
  be
• 19:03
  saying
• 19:03
  the
• 19:03
  exact
• 19:03
  opposite
• 19:04
  thing.
• 19:04
  But
• 19:04
  I
• 19:04
  think
• 19:05
  it's
• 19:05
  probably
• 19:05
  a
• 19:05
  little
• 19:05
  too
• 19:06
  early
• 19:06
  to
• 19:06
  call.
• 19:06
  I
• 19:07
  think
• 19:07
  this
• 19:07
  is
• 19:07
  a
• 19:07
  great
• 19:08
  tease
• 19:08
  for
• 19:08
  our
• 19:08
  in
• 19:09
  person
• 19:09
  black
• 19:09
  tie
• 19:09
  event
• 19:10
  next
• 19:10
  year.
• 19:10
  Okay.
• 19:11
  Yeah,
• 19:11
  I
• 19:11
  like
• 19:11
  that.
• 19:12
  Yeah.
• 19:12
  Or.
• 19:12
  Or
• 19:13
  the
• 19:13
  end
• 19:13
  of
• 19:13
  year
• 19:13
  awards
• 19:14
  too.
• 19:14
  That
• 19:14
  we
• 19:14
  do
• 19:14
  too.
• 19:15
  Right.
• 19:15
  So
• 19:16
  we're
• 19:16
  the
• 19:16
  only
• 19:17
  Oscars
• 19:17
  that
• 19:17
  has
• 19:17
  two
• 19:18
  award
• 19:18
  shows.
• 19:18
  Ethan,
• 19:19
  why
• 19:19
  can
• 19:20
  you
• 19:20
  do
• 19:20
  it
• 19:20
  just
• 19:20
  one?
• 19:21
  Right.
• 19:21
  Why
• 19:22
  not?
• 19:22
  Amen.
• 19:23
  Okay.
• 19:24
  Ready?
• 19:25
  Chris,
• 19:25
  this
• 19:25
  is
• 19:25
  a
• 19:26
  classic
• 19:26
  Oscar.
• 19:27
  It's
• 19:27
  the
• 19:27
  biggest
• 19:28
  foundational
• 19:30
  trend
• 19:30
  award.
• 19:31
  All
• 19:31
  right.
• 19:31
  Okay.
• 19:32
  And
• 19:32
  by
• 19:33
  this
• 19:33
  we
• 19:33
  mean,
• 19:33
  look,
• 19:33
  there's
• 19:33
  a
• 19:34
  lot
• 19:34
  of
• 19:34
  trends
• 19:34
  that
• 19:34
  you
• 19:34
  see
• 19:35
  that
• 19:35
  are
• 19:35
  interesting.
• 19:36
  They
• 19:36
  are
• 19:37
  cool.
• 19:37
  They
• 19:38
  indicate
• 19:38
  something
• 19:39
  powerful,
• 19:40
  but
• 19:40
  they're
• 19:41
  limited.
• 19:42
  There
• 19:42
  are
• 19:42
  things
• 19:42
  that
• 19:43
  you
• 19:43
  think,
• 19:43
  we
• 19:43
  think
• 19:43
  you
• 19:43
  see
• 19:44
  that
• 19:44
  aren't
• 19:45
  just
• 19:46
  small
• 19:46
  changes,
• 19:47
  they're
• 19:47
  a
• 19:47
  change
• 19:47
  with
• 19:48
  massive
• 19:48
  ripples.
• 19:48
  Right.
• 19:49
  The
• 19:49
  waves
• 19:49
  that
• 19:49
  are
• 19:49
  going
• 19:49
  to
• 19:49
  be
• 19:50
  felt
• 19:50
  are
• 19:50
  going
• 19:50
  to
• 19:50
  be
• 19:50
  felt
• 19:50
  across
• 19:50
  this.
• 19:51
  And
• 19:51
  this
• 19:51
  is
• 19:52
  I
• 19:52
  think
• 19:52
  a
• 19:53
  version
• 19:53
  of
• 19:54
  something
• 19:54
  we
• 19:54
  probably
• 19:54
  talked
• 19:54
  about
• 19:54
  two
• 19:55
  or
• 19:55
  three
• 19:55
  years
• 19:55
  ago,
• 19:55
  which
• 19:55
  is
• 19:55
  the
• 19:56
  recovery
• 19:56
  of
• 19:56
  the
• 19:56
  mall.
• 19:57
  So
• 19:57
  we've
• 19:57
  been
• 19:57
  tracking
• 19:58
  this
• 19:58
  a
• 19:58
  lot.
• 19:58
  We've
• 19:58
  always
• 19:59
  been
• 19:59
  very
• 19:59
  bullish,
• 19:59
  especially
• 20:00
  on
• 20:00
  top
• 20:00
  tier
• 20:00
  malls.
• 20:01
  There
• 20:01
  are
• 20:01
  things
• 20:01
  that
• 20:02
  we
• 20:02
  expected
• 20:02
  to
• 20:03
  see,
• 20:03
  we
• 20:03
  expected
• 20:03
  to
• 20:04
  see
• 20:04
  recoveries,
• 20:04
  we
• 20:04
  expected
• 20:05
  the
• 20:05
  suburbs
• 20:05
  to
• 20:06
  kind
• 20:06
  of
• 20:06
  push
• 20:06
  that.
• 20:06
  We've
• 20:07
  seen
• 20:07
  strong
• 20:07
  visit
• 20:07
  rates.
• 20:10
  What
• 20:10
  we
• 20:10
  didn't
• 20:11
  expect
• 20:12
  was
• 20:14
  the
• 20:14
  speed
• 20:15
  at
• 20:15
  which
• 20:15
  it
• 20:16
  would
• 20:16
  have
• 20:17
  other
• 20:17
  impacts
• 20:17
  that
• 20:18
  we
• 20:18
  thought
• 20:18
  would
• 20:18
  be
• 20:18
  more
• 20:19
  future
• 20:19
  looking.
• 20:19
  So
• 20:20
  let's
• 20:20
  take
• 20:20
  a
• 20:20
  step
• 20:20
  back.
• 20:21
  When
• 20:21
  we
• 20:21
  saw
• 20:21
  business
• 20:21
  up
• 20:22
  again,
• 20:22
  we
• 20:22
  basically
• 20:22
  said
• 20:22
  it's
• 20:23
  well
• 20:23
  because
• 20:23
  of
• 20:23
  improved
• 20:24
  tenant
• 20:24
  mix,
• 20:24
  a
• 20:25
  greater
• 20:25
  diversification
• 20:26
  of
• 20:26
  the
• 20:26
  types
• 20:26
  of
• 20:26
  tenants,
• 20:27
  a
• 20:27
  really
• 20:28
  heavy
• 20:28
  emphasis
• 20:29
  on
• 20:29
  place
• 20:29
  making
• 20:30
  and
• 20:30
  that
• 20:30
  was
• 20:30
  what
• 20:30
  was
• 20:30
  going
• 20:30
  to
• 20:31
  drive
• 20:31
  people
• 20:31
  there.
• 20:31
  People
• 20:31
  moving
• 20:31
  to
• 20:32
  the
• 20:32
  suburbs
• 20:32
  needing
• 20:32
  a
• 20:32
  place
• 20:33
  to
• 20:33
  have
• 20:33
  this
• 20:33
  urban
• 20:33
  esque
• 20:34
  experiences.
• 20:34
  Awesome.
• 20:36
  I
• 20:36
  don't
• 20:36
  think
• 20:37
  what
• 20:37
  we
• 20:37
  saw
• 20:37
  coming
• 20:38
  this
• 20:38
  fast
• 20:39
  was
• 20:40
  younger
• 20:41
  generations
• 20:42
  coming
• 20:42
  and
• 20:42
  spending
• 20:43
  time,
• 20:44
  right?
• 20:44
  So
• 20:44
  not
• 20:45
  just
• 20:45
  kind
• 20:46
  of
• 20:46
  Gen
• 20:46
  Z
• 20:46
  audiences,
• 20:47
  younger
• 20:47
  millennial
• 20:48
  audiences
• 20:48
  coming
• 20:48
  and
• 20:49
  spending
• 20:49
  time
• 20:49
  in
• 20:49
  the
• 20:49
  mall.
• 20:49
  We
• 20:50
  expected
• 20:50
  that
• 20:50
  from
• 20:51
  like
• 20:51
  the
• 20:51
  exodus
• 20:51
  from
• 20:51
  the
• 20:52
  cities
• 20:52
  folks.
• 20:52
  We're
• 20:53
  like
• 20:53
  a
• 20:53
  couple
• 20:53
  of
• 20:54
  kids
• 20:54
  needing
• 20:54
  a
• 20:54
  thing
• 20:54
  to
• 20:55
  do
• 20:55
  on
• 20:55
  the
• 20:55
  weekends.
• 20:56
  But
• 20:56
  these
• 20:56
  are
• 20:56
  single
• 20:57
  families,
• 20:58
  these
• 20:58
  are
• 20:58
  not,
• 20:59
  these
• 20:59
  are
• 20:59
  just
• 20:59
  marries
• 21:00
  people
• 21:00
  without
• 21:00
  a
• 21:00
  family
• 21:01
  yet
• 21:01
  going
• 21:01
  to
• 21:01
  the
• 21:02
  mall
• 21:02
  as
• 21:02
  a
• 21:02
  place
• 21:02
  to
• 21:02
  hang
• 21:03
  out,
• 21:03
  as
• 21:03
  a
• 21:03
  place
• 21:03
  to
• 21:04
  spend
• 21:04
  time,
• 21:05
  that
• 21:05
  is
• 21:05
  really
• 21:06
  powerful.
• 21:07
  Not
• 21:08
  just
• 21:08
  because
• 21:09
  that
• 21:09
  they're
• 21:10
  coming
• 21:10
  there
• 21:10
  and
• 21:10
  now
• 21:10
  they
• 21:11
  can
• 21:11
  spend
• 21:11
  more
• 21:11
  dollars
• 21:11
  for
• 21:12
  the
• 21:12
  folks
• 21:12
  who
• 21:12
  are
• 21:12
  already
• 21:12
  there,
• 21:13
  but
• 21:13
  it's
• 21:13
  who
• 21:13
  else
• 21:14
  is
• 21:14
  going
• 21:14
  to
• 21:14
  chase
• 21:14
  and
• 21:15
  who
• 21:15
  else
• 21:15
  is
• 21:15
  going
• 21:15
  to
• 21:15
  look
• 21:15
  to
• 21:16
  take
• 21:16
  advantage
• 21:16
  of
• 21:16
  these
• 21:16
  spaces.
• 21:17
  So
• 21:17
  if
• 21:17
  you
• 21:17
  have
• 21:17
  a
• 21:18
  mall
• 21:18
  location
• 21:18
  that
• 21:19
  is
• 21:19
  now
• 21:19
  thinking
• 21:20
  more
• 21:20
  about
• 21:20
  how
• 21:21
  do
• 21:21
  I
• 21:21
  have
• 21:21
  kind
• 21:21
  of
• 21:21
  these
• 21:22
  experiential
• 21:22
  offerings,
• 21:23
  these
• 21:23
  events,
• 21:24
  things
• 21:24
  that
• 21:24
  are
• 21:24
  not
• 21:25
  all
• 21:25
  the
• 21:25
  time
• 21:26
  kind
• 21:26
  of
• 21:27
  pop
• 21:27
  ups
• 21:27
  and
• 21:27
  the
• 21:27
  like.
• 21:28
  Like
• 21:28
  we
• 21:28
  were
• 21:28
  at
• 21:29
  the
• 21:29
  Aventura
• 21:30
  mall
• 21:30
  a
• 21:30
  summer
• 21:30
  ago
• 21:30
  when
• 21:30
  they
• 21:30
  had
• 21:31
  a
• 21:31
  Nintendo
• 21:31
  experience
• 21:33
  for
• 21:33
  an
• 21:34
  entire,
• 21:34
  you
• 21:34
  know,
• 21:34
  I
• 21:34
  think
• 21:35
  it
• 21:35
  was
• 21:35
  like
• 21:35
  two
• 21:35
  weeks,
• 21:35
  right?
• 21:36
  This
• 21:36
  Nintendo
• 21:37
  pop
• 21:37
  up,
• 21:37
  super
• 21:38
  cool,
• 21:38
  not
• 21:38
  a
• 21:39
  classic
• 21:39
  thing
• 21:39
  you
• 21:39
  expect
• 21:39
  to
• 21:39
  see
• 21:40
  in
• 21:40
  the
• 21:40
  mall.
• 21:41
  It
• 21:41
  widens
• 21:42
  who
• 21:43
  will
• 21:43
  come.
• 21:43
  It
• 21:44
  widens
• 21:44
  the
• 21:44
  types
• 21:45
  of
• 21:45
  people
• 21:45
  that
• 21:45
  are
• 21:46
  going
• 21:46
  to
• 21:46
  come
• 21:46
  in
• 21:46
  and
• 21:46
  widens
• 21:47
  the
• 21:47
  type
• 21:47
  of
• 21:47
  brands
• 21:48
  we're
• 21:48
  going
• 21:49
  to
• 21:49
  want
• 21:49
  to
• 21:49
  engage.
• 21:50
  And
• 21:50
  I
• 21:50
  think
• 21:51
  as
• 21:51
  we
• 21:51
  see
• 21:51
  the
• 21:51
  decline
• 21:52
  especially
• 21:52
  of
• 21:52
  digitally
• 21:53
  natives
• 21:53
  opening
• 21:54
  large
• 21:54
  amounts
• 21:54
  of
• 21:54
  stores,
• 21:55
  this
• 21:56
  type
• 21:56
  of
• 21:56
  experiential
• 21:57
  offering
• 21:58
  that
• 21:58
  can
• 21:58
  be
• 21:58
  kind
• 21:58
  of
• 21:58
  pop
• 21:59
  up
• 21:59
  and
• 21:59
  happen
• 22:00
  some
• 22:00
  of
• 22:00
  the
• 22:00
  time,
• 22:00
  not
• 22:00
  all
• 22:01
  the
• 22:01
  time,
• 22:01
  is
• 22:02
  really
• 22:02
  powerful.
• 22:02
  And
• 22:02
  I
• 22:03
  think
• 22:03
  it
• 22:03
  offers
• 22:03
  an
• 22:03
  even
• 22:04
  bigger
• 22:04
  level
• 22:04
  to
• 22:05
  the
• 22:05
  mall
• 22:05
  recovery
• 22:05
  that
• 22:06
  we
• 22:07
  thought.
• 22:07
  Even
• 22:07
  though
• 22:08
  we
• 22:08
  were
• 22:08
  pretty
• 22:08
  bullish
• 22:08
  and
• 22:09
  optimistic,
• 22:09
  we
• 22:10
  thought
• 22:10
  this
• 22:10
  was
• 22:10
  a
• 22:10
  couple
• 22:10
  of
• 22:11
  years
• 22:11
  away
• 22:11
  at
• 22:11
  best.
• 22:11
  And
• 22:12
  so
• 22:12
  this
• 22:12
  has
• 22:12
  been
• 22:12
  very
• 22:13
  exciting.
• 22:14
  Yeah.
• 22:14
  This
• 22:14
  is
• 22:14
  the
• 22:14
  one
• 22:15
  that
• 22:15
  just
• 22:15
  keeps.
• 22:15
  It
• 22:15
  just.
• 22:16
  It
• 22:16
  keeps
• 22:16
  making
• 22:17
  me
• 22:17
  scratch
• 22:17
  my
• 22:17
  head.
• 22:17
  Like
• 22:18
  there's
• 22:18
  something
• 22:18
  fundamentally
• 22:19
  going
• 22:19
  on
• 22:20
  here,
• 22:20
  you
• 22:20
  know,
• 22:20
  And
• 22:21
  I
• 22:21
  like.
• 22:21
  I
• 22:21
  like
• 22:21
  the
• 22:21
  acronym
• 22:22
  here,
• 22:22
  too.
• 22:22
  The
• 22:22
  bft.
• 22:23
  You
• 22:23
  know,
• 22:23
  this
• 22:23
  is
• 22:24
  the
• 22:24
  bft,
• 22:24
  the
• 22:24
  big
• 22:25
  foundational
• 22:25
  trend.
• 22:26
  Because,
• 22:26
  like,
• 22:27
  this
• 22:27
  shouldn't
• 22:28
  be
• 22:28
  happening
• 22:28
  right
• 22:29
  now.
• 22:29
  Right,
• 22:29
  Ethan?
• 22:29
  Because,
• 22:30
  like,
• 22:30
  discretionary
• 22:31
  categories,
• 22:31
  which
• 22:32
  are
• 22:32
  what
• 22:33
  def.
• 22:33
  You
• 22:33
  know,
• 22:34
  predominantly
• 22:34
  dominate
• 22:35
  the
• 22:35
  mall,
• 22:36
  you
• 22:36
  know,
• 22:37
  should
• 22:37
  be
• 22:37
  the
• 22:37
  ones
• 22:37
  most
• 22:38
  impacted
• 22:38
  by
• 22:39
  the
• 22:39
  macroeconomic
• 22:40
  forces
• 22:40
  that
• 22:40
  are
• 22:40
  out
• 22:40
  there.
• 22:40
  And
• 22:41
  yet
• 22:41
  we're
• 22:42
  seeing
• 22:42
  malls
• 22:42
  still
• 22:43
  do
• 22:43
  as
• 22:43
  well
• 22:44
  as
• 22:44
  this
• 22:44
  slide
• 22:44
  indicates.
• 22:45
  So.
• 22:46
  So.
• 22:46
  Yep.
• 22:47
  Why
• 22:47
  is
• 22:48
  that?
• 22:48
  Like,
• 22:48
  it's
• 22:48
  just
• 22:48
  hard
• 22:49
  for
• 22:49
  me
• 22:49
  to
• 22:49
  understand.
• 22:50
  It's
• 22:51
  just.
• 22:51
  Because
• 22:51
  it's
• 22:51
  not
• 22:52
  just
• 22:52
  retail.
• 22:52
  Right.
• 22:52
  It's
• 22:53
  the.
• 22:53
  It's
• 22:53
  the
• 22:53
  desire
• 22:54
  of
• 22:54
  the
• 22:54
  younger
• 22:55
  generations
• 22:55
  to
• 22:56
  spend
• 22:56
  time
• 22:56
  and
• 22:57
  money
• 22:57
  on
• 22:57
  experiences.
• 22:59
  Yes.
• 22:59
  And
• 22:59
  to
• 22:59
  spend
• 23:00
  time
• 23:00
  around
• 23:01
  people.
• 23:02
  Okay.
• 23:03
  So
• 23:03
  the
• 23:03
  idea.
• 23:03
  The
• 23:03
  social
• 23:04
  aspect
• 23:04
  of
• 23:04
  shopping.
• 23:05
  To
• 23:05
  spend
• 23:05
  time.
• 23:06
  Yeah.
• 23:06
  And
• 23:06
  I.
• 23:06
  I
• 23:07
  don't
• 23:07
  even
• 23:07
  think
• 23:07
  the
• 23:07
  mall,
• 23:08
  like.
• 23:08
  And
• 23:08
  I.
• 23:09
  I
• 23:09
  give
• 23:10
  so
• 23:10
  much
• 23:10
  credit
• 23:11
  to
• 23:11
  the
• 23:11
  mall
• 23:11
  owners
• 23:12
  that
• 23:12
  lead
• 23:12
  these
• 23:12
  top
• 23:12
  channels
• 23:13
  because,
• 23:13
  again,
• 23:13
  I
• 23:13
  think
• 23:13
  they
• 23:14
  saw
• 23:14
  something.
• 23:14
  Right.
• 23:15
  A
• 23:15
  decade
• 23:15
  ago.
• 23:16
  More.
• 23:16
  Yeah.
• 23:16
  They
• 23:16
  did.
• 23:17
  Changes.
• 23:17
  They
• 23:17
  did.
• 23:18
  I
• 23:18
  don't
• 23:19
  even
• 23:19
  think
• 23:19
  they
• 23:19
  saw
• 23:19
  this.
• 23:19
  That
• 23:20
  if
• 23:20
  we
• 23:20
  create
• 23:20
  these
• 23:20
  greats,
• 23:21
  it's.
• 23:21
  It's
• 23:22
  like
• 23:22
  something
• 23:23
  else
• 23:23
  in
• 23:23
  a
• 23:23
  different
• 23:24
  podcast.
• 23:24
  So,
• 23:24
  like,
• 23:25
  forgive
• 23:25
  me.
• 23:26
  It's
• 23:26
  like
• 23:26
  a
• 23:27
  field
• 23:27
  of
• 23:27
  dreams
• 23:27
  moment.
• 23:28
  They
• 23:29
  built
• 23:29
  it,
• 23:29
  and
• 23:29
  now
• 23:30
  people
• 23:30
  are
• 23:30
  coming,
• 23:30
  and
• 23:31
  it's
• 23:31
  not
• 23:31
  all
• 23:31
  the
• 23:32
  people
• 23:32
  they
• 23:32
  expected.
• 23:33
  And
• 23:33
  it's.
• 23:34
  And
• 23:34
  I
• 23:34
  think
• 23:34
  that
• 23:34
  is
• 23:35
  where
• 23:36
  this
• 23:36
  is
• 23:36
  really
• 23:37
  exciting
• 23:37
  because
• 23:38
  it
• 23:38
  has
• 23:38
  a.
• 23:39
  A
• 23:39
  bigger
• 23:40
  draw
• 23:40
  than
• 23:41
  you
• 23:41
  would
• 23:41
  have
• 23:41
  hoped
• 23:42
  for
• 23:42
  even
• 23:42
  initially.
• 23:43
  Why
• 23:43
  do
• 23:44
  you
• 23:44
  say
• 23:44
  that?
• 23:44
  It's
• 23:44
  not
• 23:44
  the
• 23:45
  people
• 23:45
  they
• 23:45
  would
• 23:45
  have
• 23:45
  expected.
• 23:46
  Like,
• 23:46
  what,
• 23:47
  What,
• 23:47
  What?
• 23:47
  Why
• 23:48
  are
• 23:48
  you
• 23:48
  saying
• 23:48
  that
• 23:49
  malls
• 23:49
  are
• 23:50
  in
• 23:50
  the
• 23:50
  suburbs?
• 23:51
  Malls
• 23:51
  are
• 23:51
  like,
• 23:52
  all
• 23:52
  right,
• 23:52
  you
• 23:52
  want
• 23:52
  to
• 23:53
  convince
• 23:53
  me
• 23:53
  that
• 23:53
  a
• 23:53
  family
• 23:54
  who
• 23:54
  just
• 23:54
  moved
• 23:54
  from
• 23:54
  New
• 23:54
  York
• 23:55
  City
• 23:55
  who
• 23:55
  now
• 23:55
  lives
• 23:55
  in
• 23:55
  Jersey
• 23:56
  is
• 23:56
  going
• 23:56
  to
• 23:56
  go
• 23:57
  to,
• 23:57
  you
• 23:57
  know,
• 23:58
  the
• 23:58
  mall
• 23:58
  in
• 23:59
  the
• 24:00
  Garden
• 24:00
  State
• 24:00
  Plaza.
• 24:01
  Sure.
• 24:01
  They're
• 24:01
  going
• 24:01
  to
• 24:02
  spend
• 24:03
  hours
• 24:03
  on
• 24:03
  a.
• 24:04
  On
• 24:04
  a
• 24:04
  Sunday,
• 24:04
  on
• 24:04
  whatever
• 24:05
  afternoon
• 24:05
  day
• 24:05
  it
• 24:06
  is
• 24:06
  or
• 24:06
  a
• 24:06
  Saturday
• 24:06
  afternoon,
• 24:07
  they're
• 24:07
  going
• 24:07
  to
• 24:07
  spend
• 24:07
  their
• 24:07
  time
• 24:07
  there.
• 24:08
  Yeah.
• 24:08
  100.
• 24:08
  I
• 24:09
  buy
• 24:09
  it.
• 24:09
  Totally
• 24:10
  get
• 24:10
  it.
• 24:10
  Makes
• 24:10
  perfect
• 24:10
  sense.
• 24:11
  The
• 24:11
  idea
• 24:12
  that
• 24:12
  a
• 24:12
  young
• 24:12
  single
• 24:13
  is
• 24:13
  saying,
• 24:14
  you
• 24:14
  know
• 24:14
  what?
• 24:14
  Where
• 24:14
  am
• 24:14
  I
• 24:14
  going
• 24:14
  to
• 24:14
  Go
• 24:15
  hang
• 24:15
  out.
• 24:15
  Go
• 24:15
  hang
• 24:15
  out
• 24:15
  at
• 24:15
  the
• 24:15
  mall.
• 24:15
  Go
• 24:16
  meet
• 24:16
  my
• 24:16
  friends
• 24:16
  there.
• 24:17
  Like,
• 24:17
  that's.
• 24:18
  That's
• 24:19
  really
• 24:19
  cool.
• 24:19
  The
• 24:19
  Gen
• 24:19
  Z
• 24:20
  who's
• 24:20
  in
• 24:20
  the
• 24:20
  suburbs,
• 24:20
  again,
• 24:20
  it
• 24:21
  makes
• 24:21
  sense.
• 24:21
  But
• 24:21
  that
• 24:21
  middle
• 24:22
  group
• 24:22
  also
• 24:23
  deciding
• 24:23
  this
• 24:24
  is
• 24:24
  the
• 24:24
  place
• 24:24
  they
• 24:24
  want
• 24:24
  to
• 24:24
  spend
• 24:24
  time.
• 24:25
  It's
• 24:26
  again,
• 24:26
  it's
• 24:26
  not
• 24:26
  just
• 24:27
  the
• 24:27
  retail.
• 24:27
  It's
• 24:27
  the
• 24:27
  fact
• 24:27
  that
• 24:28
  there's
• 24:28
  good
• 24:28
  food
• 24:28
  there,
• 24:29
  there's
• 24:29
  good
• 24:29
  experiences,
• 24:30
  and
• 24:30
  it's
• 24:30
  a
• 24:30
  place
• 24:30
  to
• 24:31
  kind
• 24:31
  of
• 24:31
  spend
• 24:31
  time,
• 24:31
  have
• 24:31
  this
• 24:32
  day
• 24:32
  out.
• 24:32
  I
• 24:33
  think
• 24:33
  it's
• 24:33
  really
• 24:33
  exciting
• 24:34
  and
• 24:34
  powerful.
• 24:34
  Right?
• 24:35
  Right.
• 24:35
  Okay.
• 24:36
  Yeah.
• 24:36
  Wow.
• 24:36
  All
• 24:37
  right.
• 24:37
  Love
• 24:37
  it.
• 24:37
  Love
• 24:37
  it,
• 24:38
  man.
• 24:38
  All
• 24:38
  right,
• 24:38
  what
• 24:38
  do
• 24:38
  we
• 24:39
  got
• 24:39
  next?
• 24:39
  This
• 24:39
  is
• 24:40
  another
• 24:40
  classic
• 24:41
  Oscars
• 24:41
  category.
• 24:42
  Most
• 24:42
  difficult
• 24:43
  trend
• 24:43
  to
• 24:43
  pin
• 24:43
  down.
• 24:44
  And
• 24:44
  this
• 24:44
  is
• 24:44
  one
• 24:44
  that
• 24:45
  ttpd.
• 24:45
  All
• 24:46
  right.
• 24:46
  Yeah,
• 24:46
  this
• 24:47
  is.
• 24:47
  This
• 24:47
  is.
• 24:47
  You
• 24:47
  mentioned
• 24:48
  our
• 24:48
  good
• 24:48
  friend
• 24:48
  Ben
• 24:49
  Miller,
• 24:49
  so
• 24:49
  we
• 24:50
  can.
• 24:50
  We
• 24:50
  can
• 24:50
  give
• 24:50
  him
• 24:50
  his
• 24:50
  second
• 24:51
  shout
• 24:51
  out.
• 24:51
  Ben
• 24:51
  Miller
• 24:52
  was
• 24:52
  doing
• 24:52
  something
• 24:53
  with
• 24:53
  us,
• 24:53
  and
• 24:53
  we
• 24:53
  were
• 24:53
  talking
• 24:54
  a
• 24:55
  lot
• 24:55
  about
• 24:55
  GLP1s.
• 24:56
  Okay.
• 24:57
  And
• 24:57
  we
• 24:57
  were
• 24:58
  talking
• 24:58
  a
• 24:58
  lot
• 24:58
  about
• 24:58
  why.
• 24:59
  I
• 24:59
  like
• 24:59
  where
• 24:59
  this
• 25:00
  is
• 25:00
  going.
• 25:00
  Okay.
• 25:00
  And
• 25:00
  I
• 25:01
  was
• 25:01
  like,
• 25:01
  all
• 25:01
  right.
• 25:02
  Ben
• 25:02
  turned
• 25:03
  me
• 25:03
  on
• 25:03
  to
• 25:03
  this
• 25:03
  idea.
• 25:04
  I'm
• 25:04
  going
• 25:04
  to
• 25:04
  go
• 25:04
  dig
• 25:04
  in.
• 25:05
  And
• 25:05
  I
• 25:06
  spent
• 25:06
  a
• 25:06
  lot
• 25:06
  of
• 25:07
  time
• 25:07
  digging
• 25:07
  in.
• 25:07
  Yeah.
• 25:08
  Yeah.
• 25:08
  I
• 25:08
  looked
• 25:09
  at
• 25:09
  fitness.
• 25:10
  Here's
• 25:10
  the
• 25:10
  thing.
• 25:10
  I
• 25:11
  can't
• 25:11
  tell
• 25:11
  if
• 25:11
  it's
• 25:11
  a
• 25:11
  chicken
• 25:11
  or
• 25:12
  the
• 25:12
  egg.
• 25:12
  Fitness
• 25:13
  started.
• 25:13
  The
• 25:13
  GLP
• 25:13
  ones
• 25:14
  came
• 25:14
  afterwards.
• 25:14
  Fitness
• 25:15
  was
• 25:15
  already
• 25:15
  in
• 25:15
  a
• 25:15
  wave,
• 25:16
  but
• 25:16
  the
• 25:16
  week's
• 25:16
  clearly
• 25:17
  continuing.
• 25:17
  Is
• 25:17
  there
• 25:18
  an
• 25:18
  impact?
• 25:18
  I'm
• 25:18
  sure.
• 25:19
  Can
• 25:19
  I
• 25:19
  tell
• 25:20
  you
• 25:20
  what
• 25:20
  it
• 25:20
  is?
• 25:20
  No.
• 25:21
  I
• 25:21
  looked
• 25:22
  at
• 25:22
  health
• 25:22
  and
• 25:23
  wellness
• 25:23
  chains,
• 25:23
  like
• 25:23
  people
• 25:23
  who
• 25:24
  are
• 25:24
  focused
• 25:24
  on
• 25:24
  those
• 25:24
  types
• 25:24
  of
• 25:25
  products.
• 25:26
  Again,
• 25:26
  the
• 25:26
  Trend
• 25:27
  started
• 25:27
  before
• 25:27
  GLP1.
• 25:28
  So
• 25:28
  do
• 25:28
  I
• 25:29
  think
• 25:29
  GLP1's
• 25:29
  a
• 25:29
  part
• 25:29
  of
• 25:30
  it?
• 25:30
  Yes,
• 25:30
  of
• 25:30
  course.
• 25:31
  Can't
• 25:31
  see
• 25:31
  it.
• 25:32
  Can't
• 25:32
  see
• 25:32
  it.
• 25:32
  Okay.
• 25:33
  Grocery,
• 25:33
  the
• 25:34
  same.
• 25:34
  The
• 25:34
  fresh
• 25:34
  format.
• 25:35
  I
• 25:35
  don't
• 25:35
  know.
• 25:36
  Chicken
• 25:36
  or
• 25:36
  egg.
• 25:37
  And
• 25:37
  so
• 25:38
  I.
• 25:39
  I
• 25:39
  think
• 25:39
  it's
• 25:40
  really
• 25:40
  difficult
• 25:41
  to
• 25:42
  make
• 25:42
  the
• 25:42
  argument
• 25:42
  that
• 25:42
  GLP1s
• 25:43
  are
• 25:43
  not
• 25:43
  having
• 25:43
  a
• 25:44
  big
• 25:44
  impact.
• 25:44
  I
• 25:44
  think
• 25:45
  they
• 25:45
  most
• 25:45
  likely
• 25:46
  are,
• 25:47
  but
• 25:47
  I
• 25:47
  can't
• 25:47
  tell
• 25:48
  you
• 25:48
  how
• 25:48
  or
• 25:48
  why
• 25:48
  or
• 25:49
  where.
• 25:49
  I
• 25:50
  think
• 25:50
  there
• 25:50
  are
• 25:50
  correlations,
• 25:51
  but
• 25:52
  from
• 25:52
  a
• 25:53
  visit
• 25:53
  perspective,
• 25:53
  from
• 25:54
  how
• 25:54
  people
• 25:54
  are
• 25:54
  moving,
• 25:54
  where
• 25:54
  they're
• 25:55
  visiting,
• 25:55
  where
• 25:55
  they're
• 25:55
  going,
• 25:56
  I
• 25:56
  don't
• 25:56
  think
• 25:56
  we
• 25:57
  see
• 25:57
  it
• 25:57
  yet.
• 25:57
  And
• 25:58
  this
• 26:00
  I.
• 26:00
  I
• 26:02
  still
• 26:02
  conceptually,
• 26:03
  fundamentally
• 26:04
  agree
• 26:04
  with
• 26:04
  it.
• 26:04
  I
• 26:05
  think
• 26:05
  it's
• 26:05
  a
• 26:05
  big,
• 26:05
  big
• 26:06
  deal.
• 26:06
  But
• 26:07
  the
• 26:07
  fact
• 26:07
  that
• 26:07
  I
• 26:07
  can't
• 26:08
  find
• 26:08
  it
• 26:09
  gives
• 26:09
  me
• 26:09
  a
• 26:09
  moment
• 26:10
  of
• 26:10
  pause
• 26:10
  where
• 26:10
  I'm
• 26:11
  like,
• 26:11
  is
• 26:11
  there
• 26:12
  something
• 26:12
  else
• 26:12
  going
• 26:12
  on
• 26:12
  that
• 26:13
  GLP1s
• 26:13
  are
• 26:13
  a
• 26:13
  part
• 26:14
  of
• 26:14
  or
• 26:15
  ones
• 26:15
  driving
• 26:15
  something
• 26:16
  very
• 26:16
  significant.
• 26:16
  And
• 26:17
  it
• 26:17
  might
• 26:17
  be
• 26:17
  in
• 26:17
  the
• 26:17
  transaction
• 26:18
  data.
• 26:18
  It
• 26:19
  might
• 26:19
  be
• 26:19
  in
• 26:19
  other
• 26:19
  areas
• 26:20
  you
• 26:20
  can
• 26:20
  get
• 26:20
  that
• 26:20
  viewpoint,
• 26:21
  but
• 26:21
  I
• 26:22
  don't
• 26:22
  think
• 26:22
  you're
• 26:22
  getting
• 26:22
  it
• 26:23
  here.
• 26:24
  Is
• 26:24
  it
• 26:24
  because
• 26:25
  it's
• 26:25
  hard
• 26:25
  to
• 26:25
  strip
• 26:25
  it
• 26:25
  out
• 26:26
  too,
• 26:26
  and
• 26:26
  to
• 26:26
  isolate
• 26:27
  it
• 26:27
  with
• 26:27
  all
• 26:27
  the
• 26:27
  economic
• 26:28
  factors
• 26:28
  that
• 26:28
  are
• 26:28
  driving
• 26:30
  which,
• 26:30
  which
• 26:30
  retailers
• 26:31
  are
• 26:31
  getting
• 26:31
  frequented
• 26:32
  in
• 26:32
  which
• 26:33
  trade
• 26:33
  areas
• 26:33
  as
• 26:33
  well.
• 26:34
  And
• 26:34
  is,
• 26:34
  is
• 26:35
  that
• 26:35
  a
• 26:35
  whole
• 26:35
  complicating
• 26:36
  factor
• 26:36
  here
• 26:36
  as
• 26:36
  you
• 26:36
  try
• 26:36
  to
• 26:36
  piece
• 26:37
  this
• 26:37
  apart?
• 26:37
  I
• 26:37
  gotta
• 26:37
  think
• 26:38
  it
• 26:38
  is,
• 26:38
  right?
• 26:39
  It
• 26:39
  is.
• 26:39
  I
• 26:40
  just
• 26:40
  think
• 26:40
  most
• 26:40
  of
• 26:40
  the
• 26:41
  places
• 26:41
  where
• 26:41
  you'd
• 26:41
  expect
• 26:41
  to
• 26:42
  find
• 26:42
  that
• 26:42
  correlation,
• 26:43
  the
• 26:44
  timing
• 26:44
  doesn't
• 26:44
  line
• 26:44
  up.
• 26:45
  The
• 26:45
  timing
• 26:45
  starts.
• 26:46
  Yeah.
• 26:47
  And
• 26:47
  so
• 26:47
  I
• 26:47
  think
• 26:48
  we're
• 26:48
  seeing
• 26:48
  this
• 26:48
  health
• 26:48
  and
• 26:48
  wellness
• 26:49
  wave.
• 26:49
  I
• 26:49
  think
• 26:50
  you
• 26:50
  add
• 26:50
  a
• 26:50
  GLP
• 26:50
  one
• 26:51
  layer
• 26:51
  to
• 26:51
  it.
• 26:51
  I
• 26:52
  buy
• 26:52
  this
• 26:52
  idea,
• 26:52
  and
• 26:53
  Ben
• 26:53
  talked
• 26:53
  about
• 26:53
  this,
• 26:53
  talks
• 26:54
  about
• 26:54
  this
• 26:54
  brilliantly,
• 26:54
  of
• 26:55
  which
• 26:55
  product
• 26:55
  people
• 26:56
  are
• 26:56
  buying
• 26:56
  and
• 26:56
  therefore
• 26:57
  where
• 26:57
  they're
• 26:57
  going.
• 26:58
  But
• 26:58
  if
• 26:58
  the
• 26:58
  traditional
• 26:59
  grocery
• 26:59
  stores
• 26:59
  are
• 26:59
  starting
• 27:00
  to
• 27:00
  bring
• 27:00
  those
• 27:00
  products
• 27:00
  into
• 27:00
  the
• 27:00
  mix,
• 27:01
  then
• 27:01
  it's
• 27:01
  not
• 27:01
  really
• 27:01
  going
• 27:01
  to
• 27:01
  change
• 27:02
  their
• 27:02
  patterns.
• 27:03
  But
• 27:03
  then
• 27:04
  it's
• 27:04
  just
• 27:04
  a
• 27:04
  really
• 27:05
  complex
• 27:06
  idea
• 27:06
  to
• 27:07
  understand
• 27:08
  though.
• 27:08
  Clearly
• 27:09
  people
• 27:09
  think
• 27:09
  it's
• 27:09
  changing
• 27:10
  their
• 27:10
  patterns.
• 27:10
  You
• 27:10
  see
• 27:10
  the
• 27:11
  survey
• 27:11
  data
• 27:11
  and
• 27:11
  what
• 27:11
  it,
• 27:11
  what
• 27:12
  it
• 27:12
  shows,
• 27:12
  but
• 27:13
  one
• 27:13
  that
• 27:13
  I
• 27:14
  can't,
• 27:15
  we
• 27:16
  can't
• 27:16
  really
• 27:16
  pin
• 27:17
  down
• 27:17
  yet.
• 27:17
  Right,
• 27:18
  right.
• 27:18
  Well,
• 27:18
  even
• 27:18
  as
• 27:19
  you're
• 27:19
  talking,
• 27:19
  even
• 27:19
  as
• 27:19
  you're
• 27:19
  saying
• 27:20
  that
• 27:20
  out
• 27:20
  loud,
• 27:20
  like
• 27:20
  too,
• 27:20
  the
• 27:21
  parts
• 27:21
  that
• 27:21
  are
• 27:21
  going
• 27:21
  through
• 27:21
  my
• 27:21
  head
• 27:21
  is
• 27:22
  like,
• 27:22
  you
• 27:22
  know,
• 27:23
  should
• 27:23
  we
• 27:23
  expect
• 27:24
  to
• 27:24
  see
• 27:24
  less
• 27:24
  visits
• 27:25
  to
• 27:25
  the
• 27:25
  grocery
• 27:25
  store
• 27:25
  or
• 27:25
  should
• 27:26
  we
• 27:26
  just
• 27:26
  expect
• 27:26
  to
• 27:26
  see
• 27:27
  different
• 27:27
  visits
• 27:27
  to
• 27:27
  a
• 27:28
  grocery
• 27:28
  store?
• 27:28
  Do
• 27:29
  we
• 27:29
  just
• 27:29
  expect
• 27:29
  to
• 27:30
  see
• 27:30
  less
• 27:30
  basket
• 27:31
  sizes?
• 27:31
  Or,
• 27:31
  you
• 27:32
  know,
• 27:32
  are
• 27:32
  we,
• 27:33
  or
• 27:33
  are
• 27:33
  we
• 27:33
  buying
• 27:34
  the
• 27:34
  same
• 27:34
  amount
• 27:34
  or
• 27:35
  same
• 27:35
  with
• 27:35
  the
• 27:35
  gym,
• 27:35
  like
• 27:36
  if
• 27:36
  I'm
• 27:36
  on
• 27:36
  a
• 27:36
  GLP1,
• 27:37
  do
• 27:37
  I
• 27:37
  go
• 27:37
  to
• 27:37
  the
• 27:37
  gym
• 27:38
  as
• 27:38
  much
• 27:38
  or
• 27:38
  do
• 27:38
  I
• 27:38
  not
• 27:39
  go
• 27:39
  to
• 27:39
  the
• 27:39
  gym
• 27:39
  or
• 27:39
  do
• 27:40
  I
• 27:40
  go
• 27:40
  to
• 27:40
  the
• 27:40
  gym
• 27:40
  more?
• 27:41
  I
• 27:41
  don't,
• 27:42
  I
• 27:43
  don't
• 27:43
  know
• 27:43
  the
• 27:43
  answers
• 27:43
  to
• 27:43
  that.
• 27:44
  I've
• 27:44
  seen
• 27:44
  it
• 27:44
  both
• 27:44
  ways.
• 27:45
  That's.
• 27:45
  So
• 27:46
  that's
• 27:46
  basically
• 27:46
  what
• 27:46
  you're
• 27:46
  saying
• 27:47
  here
• 27:47
  is
• 27:47
  like,
• 27:48
  it's
• 27:48
  too
• 27:48
  early
• 27:48
  to
• 27:48
  call.
• 27:49
  We
• 27:49
  don't
• 27:49
  know
• 27:49
  it's
• 27:50
  too
• 27:50
  early
• 27:50
  to
• 27:50
  call.
• 27:50
  And
• 27:51
  I
• 27:51
  don't,
• 27:51
  I
• 27:52
  don't
• 27:52
  know,
• 27:54
  I
• 27:54
  don't
• 27:55
  know
• 27:55
  what
• 27:55
  the
• 27:55
  after
• 27:55
  effects
• 27:56
  are
• 27:56
  meaning.
• 27:56
  Like
• 27:56
  it's,
• 27:57
  it's
• 27:57
  there.
• 27:58
  We
• 27:58
  don't
• 27:58
  really
• 27:58
  know
• 27:59
  what
• 27:59
  it
• 27:59
  is
• 27:59
  yet.
• 27:59
  And
• 28:00
  I've
• 28:00
  seen
• 28:00
  people
• 28:00
  say
• 28:01
  it's
• 28:01
  like,
• 28:01
  oh,
• 28:01
  gyms
• 28:02
  are
• 28:02
  clearly
• 28:02
  being
• 28:02
  impacted.
• 28:03
  I'm
• 28:03
  like,
• 28:03
  I
• 28:03
  don't
• 28:04
  see
• 28:04
  it.
• 28:05
  It's,
• 28:05
  it's
• 28:05
  changing
• 28:06
  how,
• 28:06
  which,
• 28:06
  which
• 28:06
  grocery
• 28:07
  stores
• 28:07
  we
• 28:07
  go
• 28:07
  to.
• 28:08
  I
• 28:08
  don't
• 28:08
  know
• 28:08
  that
• 28:08
  I
• 28:08
  see
• 28:08
  it.
• 28:09
  And
• 28:09
  it
• 28:09
  could
• 28:09
  be
• 28:09
  that
• 28:09
  everyone
• 28:09
  adjusted
• 28:10
  to
• 28:10
  this,
• 28:10
  but
• 28:11
  I
• 28:11
  don't
• 28:11
  think
• 28:11
  it's
• 28:11
  that
• 28:12
  cut
• 28:12
  and
• 28:12
  dry.
• 28:13
  It's
• 28:13
  kind
• 28:13
  of
• 28:14
  like
• 28:14
  Victor
• 28:14
  Wembanyama,
• 28:15
  you
• 28:15
  know,
• 28:15
  it's
• 28:15
  this
• 28:16
  freak
• 28:16
  of
• 28:16
  nature.
• 28:17
  You
• 28:18
  don't
• 28:18
  know
• 28:18
  what
• 28:18
  it
• 28:18
  is.
• 28:19
  Starts
• 28:19
  off
• 28:19
  a
• 28:19
  little,
• 28:20
  you
• 28:20
  know,
• 28:20
  first
• 28:20
  year.
• 28:20
  Okay.
• 28:21
  And
• 28:21
  then,
• 28:21
  boom.
• 28:21
  Explodes,
• 28:22
  you
• 28:22
  know,
• 28:23
  could
• 28:23
  be
• 28:23
  like
• 28:23
  that.
• 28:23
  You
• 28:23
  know,
• 28:24
  it's
• 28:24
  hard
• 28:24
  to
• 28:24
  know.
• 28:24
  I'm
• 28:24
  trying
• 28:25
  to.
• 28:25
  Trying
• 28:25
  to
• 28:25
  put
• 28:25
  some
• 28:26
  type
• 28:26
  of
• 28:26
  analogy
• 28:26
  on
• 28:27
  it.
• 28:27
  I
• 28:27
  was
• 28:27
  trying
• 28:27
  to
• 28:27
  think
• 28:27
  of
• 28:27
  a
• 28:27
  movie,
• 28:28
  but
• 28:28
  Victor
• 28:28
  was
• 28:28
  the
• 28:28
  best
• 28:29
  I
• 28:29
  could
• 28:29
  come
• 28:29
  up
• 28:29
  with.
• 28:29
  Victor
• 28:30
  was
• 28:30
  the
• 28:30
  best
• 28:30
  you
• 28:30
  could
• 28:30
  come
• 28:30
  up
• 28:30
  with?
• 28:31
  Yeah.
• 28:31
  Is
• 28:31
  this
• 28:31
  when
• 28:32
  GLP1s
• 28:32
  tell
• 28:32
  us
• 28:32
  that
• 28:33
  they're
• 28:33
  in
• 28:33
  our
• 28:33
  heads
• 28:33
  and
• 28:33
  then
• 28:34
  we
• 28:34
  find
• 28:34
  out
• 28:34
  that
• 28:34
  we
• 28:34
  actually
• 28:35
  don't
• 28:35
  need
• 28:35
  them
• 28:35
  anymore?
• 28:36
  Yeah.
• 28:36
  Oh,
• 28:37
  solid.
• 28:38
  Solid.
• 28:38
  From
• 28:39
  a
• 28:39
  Knicks.
• 28:40
  You
• 28:40
  see
• 28:40
  who
• 28:40
  I
• 28:40
  was
• 28:41
  voting
• 28:41
  for?
• 28:41
  Yeah.
• 28:41
  Oh,
• 28:42
  I
• 28:42
  know
• 28:42
  which
• 28:42
  way
• 28:42
  you
• 28:42
  were
• 28:43
  rolling.
• 28:43
  You.
• 28:43
  I
• 28:43
  know
• 28:44
  which
• 28:44
  way
• 28:44
  you
• 28:44
  were
• 28:44
  roll.
• 28:44
  And
• 28:44
  congrats,
• 28:45
  by
• 28:45
  the
• 28:45
  way.
• 28:45
  Congrats.
• 28:46
  Thank
• 28:46
  you.
• 28:46
  Thank
• 28:46
  you.
• 28:46
  It
• 28:46
  was
• 28:46
  a
• 28:47
  big
• 28:47
  one.
• 28:47
  All
• 28:47
  right,
• 28:47
  what
• 28:47
  do
• 28:48
  we
• 28:48
  got?
• 28:48
  All
• 28:49
  right.
• 28:49
  The.
• 28:50
  The.
• 28:50
  Didn't
• 28:50
  see
• 28:51
  this
• 28:51
  coming.
• 28:53
  I
• 28:53
  got
• 28:53
  two
• 28:53
  for
• 28:54
  you.
• 28:54
  Two.
• 28:54
  Okay.
• 28:55
  One.
• 28:55
  Okay.
• 28:56
  Okay.
• 28:56
  Traditional
• 28:57
  grocery.
• 28:58
  We
• 28:58
  have
• 28:58
  been
• 28:58
  ragged
• 28:59
  on
• 28:59
  traditional,
• 29:00
  not
• 29:00
  ragged.
• 29:00
  But
• 29:00
  we've
• 29:00
  been
• 29:01
  noting
• 29:01
  that
• 29:01
  fresh
• 29:01
  format
• 29:02
  and
• 29:02
  value
• 29:02
  have
• 29:02
  seen
• 29:03
  much
• 29:03
  significant,
• 29:03
  much
• 29:04
  better
• 29:04
  metrics.
• 29:05
  Right.
• 29:05
  A
• 29:05
  lot
• 29:05
  of
• 29:05
  better
• 29:06
  visits.
• 29:06
  And
• 29:06
  by
• 29:06
  the
• 29:06
  way,
• 29:06
  that's
• 29:07
  still
• 29:07
  held
• 29:07
  like,
• 29:07
  the
• 29:07
  visits
• 29:08
  are
• 29:08
  up.
• 29:08
  You
• 29:09
  know,
• 29:09
  the
• 29:09
  visits
• 29:09
  per
• 29:09
  location.
• 29:10
  Traditional
• 29:11
  is
• 29:11
  doing
• 29:11
  a
• 29:11
  really
• 29:12
  nice
• 29:12
  job.
• 29:15
  That
• 29:15
  is
• 29:15
  really
• 29:16
  interesting,
• 29:17
  the
• 29:17
  fact
• 29:17
  that
• 29:17
  you
• 29:18
  see
• 29:18
  that
• 29:18
  increase
• 29:19
  as
• 29:19
  these
• 29:19
  other
• 29:19
  players
• 29:20
  are
• 29:20
  increasing
• 29:20
  locations.
• 29:21
  They're
• 29:21
  kind
• 29:21
  of
• 29:21
  holding
• 29:21
  on
• 29:22
  to
• 29:22
  those
• 29:22
  visits
• 29:22
  for
• 29:22
  location
• 29:23
  as
• 29:23
  a
• 29:23
  segment,
• 29:24
  I
• 29:24
  think
• 29:24
  it's
• 29:24
  super
• 29:24
  powerful.
• 29:25
  It
• 29:26
  doesn't
• 29:26
  change
• 29:26
  the
• 29:26
  underlying
• 29:27
  challenge
• 29:27
  that
• 29:28
  they
• 29:28
  face
• 29:28
  in
• 29:28
  the
• 29:28
  sense
• 29:28
  that
• 29:29
  people
• 29:29
  are
• 29:29
  going
• 29:29
  to
• 29:29
  more
• 29:29
  locations,
• 29:30
  and
• 29:30
  therefore
• 29:30
  the
• 29:30
  baskets
• 29:31
  are
• 29:31
  decreasing
• 29:31
  from
• 29:31
  a
• 29:32
  number
• 29:32
  of
• 29:32
  item
• 29:32
  size.
• 29:32
  So
• 29:33
  the
• 29:33
  battle
• 29:33
  is
• 29:33
  slightly
• 29:33
  different.
• 29:34
  But
• 29:34
  I
• 29:34
  think
• 29:35
  anyone
• 29:35
  who's
• 29:36
  over
• 29:36
  counting
• 29:37
  out
• 29:37
  traditional
• 29:37
  grocers,
• 29:38
  I
• 29:38
  would
• 29:38
  say
• 29:39
  beware.
• 29:39
  Like,
• 29:40
  there
• 29:40
  is
• 29:40
  ample
• 29:41
  opportunity
• 29:41
  for
• 29:42
  this
• 29:42
  segment
• 29:42
  to
• 29:43
  regrab
• 29:44
  spaces
• 29:44
  or
• 29:44
  widen
• 29:45
  their
• 29:45
  offerings
• 29:45
  so
• 29:45
  they
• 29:45
  can
• 29:46
  happen
• 29:46
  to
• 29:46
  new
• 29:46
  spaces.
• 29:48
  I
• 29:48
  think
• 29:48
  that
• 29:49
  was
• 29:49
  really
• 29:49
  interesting
• 29:50
  when
• 29:50
  you
• 29:50
  were
• 29:50
  looking
• 29:51
  at
• 29:51
  two
• 29:51
  trends.
• 29:51
  The
• 29:52
  edges
• 29:52
  of
• 29:52
  retail,
• 29:53
  which
• 29:53
  is
• 29:54
  to
• 29:54
  quote
• 29:54
  my
• 29:54
  friend
• 29:54
  Garrett
• 29:55
  Kaner
• 29:55
  from
• 29:55
  Dunhumby,
• 29:56
  Quality
• 29:57
  LED
• 29:58
  or
• 29:58
  savings
• 29:58
  led
• 29:59
  were
• 29:59
  really
• 29:59
  kind
• 29:59
  of
• 30:00
  dominating.
• 30:00
  That's
• 30:00
  a
• 30:00
  super
• 30:01
  interesting
• 30:01
  data
• 30:01
  point
• 30:01
  from
• 30:01
  the
• 30:02
  first
• 30:02
  half
• 30:02
  of
• 30:02
  this
• 30:02
  year,
• 30:03
  especially,
• 30:04
  by
• 30:04
  the
• 30:04
  way,
• 30:04
  with
• 30:04
  macroeconomic
• 30:05
  headwinds,
• 30:05
  where
• 30:06
  you'd
• 30:06
  expect
• 30:06
  value
• 30:07
  to
• 30:07
  savings
• 30:08
  led
• 30:08
  to
• 30:08
  even
• 30:09
  take
• 30:09
  an
• 30:09
  even
• 30:09
  further
• 30:09
  side.
• 30:10
  The
• 30:11
  second
• 30:11
  one,
• 30:12
  just
• 30:13
  real
• 30:13
  quick
• 30:13
  on
• 30:13
  that
• 30:13
  one
• 30:13
  for
• 30:13
  my.
• 30:14
  I
• 30:14
  mean,
• 30:14
  I
• 30:14
  think
• 30:14
  traditional
• 30:15
  ghosts
• 30:15
  are
• 30:15
  the
• 30:15
  Rocky
• 30:16
  Balboa
• 30:16
  retail.
• 30:17
  To
• 30:17
  draw
• 30:17
  an
• 30:17
  analogy.
• 30:17
  I
• 30:17
  mean,
• 30:17
  they
• 30:18
  just
• 30:18
  keep
• 30:18
  Taking
• 30:18
  punches
• 30:19
  and
• 30:19
  have
• 30:19
  taken
• 30:19
  punches
• 30:20
  and
• 30:20
  punches
• 30:20
  and
• 30:21
  figure
• 30:21
  out
• 30:21
  a
• 30:21
  way
• 30:21
  to
• 30:21
  keep
• 30:22
  on.
• 30:22
  Keep
• 30:23
  on,
• 30:23
  keep
• 30:23
  on
• 30:23
  in
• 30:23
  the
• 30:24
  fight,
• 30:24
  keep
• 30:24
  on
• 30:25
  fighting.
• 30:25
  So,
• 30:25
  yeah,
• 30:26
  100%.
• 30:26
  But
• 30:28
  it's
• 30:28
  across
• 30:28
  the
• 30:28
  board.
• 30:29
  Like,
• 30:29
  there's
• 30:29
  times
• 30:29
  you
• 30:29
  look
• 30:30
  at
• 30:30
  it,
• 30:30
  you're
• 30:30
  like,
• 30:30
  all
• 30:30
  right,
• 30:30
  I
• 30:30
  get
• 30:30
  Hebb.
• 30:31
  Heb
• 30:32
  does
• 30:32
  something
• 30:32
  that
• 30:32
  no
• 30:33
  one
• 30:33
  else
• 30:33
  can
• 30:33
  do.
• 30:33
  Right?
• 30:34
  Just
• 30:34
  do.
• 30:34
  There's
• 30:34
  few
• 30:35
  HBs
• 30:35
  out
• 30:35
  there.
• 30:35
  Yeah,
• 30:36
  yeah,
• 30:36
  Publix
• 30:36
  too,
• 30:37
  maybe.
• 30:37
  But
• 30:37
  they're
• 30:38
  all
• 30:38
  doing
• 30:38
  it.
• 30:38
  Like
• 30:39
  the
• 30:39
  Croakers,
• 30:39
  the
• 30:40
  Albertsons.
• 30:40
  Like,
• 30:40
  it's
• 30:40
  really.
• 30:41
  It's
• 30:41
  really
• 30:41
  impressive.
• 30:42
  The
• 30:43
  second
• 30:43
  one
• 30:43
  was,
• 30:43
  was
• 30:44
  she.
• 30:44
  And
• 30:46
  I
• 30:46
  find
• 30:47
  Shein
• 30:47
  fascinating.
• 30:48
  Oh,
• 30:48
  wow.
• 30:48
  Okay.
• 30:49
  I
• 30:49
  wasn't
• 30:49
  expecting
• 30:49
  to
• 30:49
  go
• 30:49
  here.
• 30:50
  She
• 30:50
  was
• 30:50
  fascinating.
• 30:51
  Like,
• 30:51
  we
• 30:51
  looked
• 30:52
  at
• 30:52
  she
• 30:52
  and
• 30:52
  Pop
• 30:53
  up
• 30:53
  several
• 30:53
  years
• 30:53
  ago
• 30:54
  and
• 30:54
  they
• 30:54
  were
• 30:54
  one
• 30:54
  of
• 30:54
  the
• 30:54
  most
• 30:55
  interesting
• 30:56
  examples
• 30:57
  of
• 30:57
  these
• 30:58
  wildly
• 30:58
  successful
• 30:59
  pop
• 30:59
  ups.
• 31:00
  And
• 31:00
  so
• 31:00
  when
• 31:00
  the
• 31:00
  Everlane
• 31:01
  acquisition
• 31:01
  was
• 31:02
  announced,
• 31:03
  we
• 31:03
  were,
• 31:05
  we
• 31:05
  were
• 31:05
  like,
• 31:07
  our
• 31:07
  interest
• 31:07
  was
• 31:08
  peaked
• 31:08
  because
• 31:08
  we're
• 31:08
  like,
• 31:09
  here's
• 31:09
  a
• 31:09
  retailer
• 31:10
  that
• 31:10
  is.
• 31:10
  They're
• 31:11
  super
• 31:11
  smart
• 31:12
  and
• 31:12
  savvy.
• 31:12
  I
• 31:13
  don't
• 31:13
  think
• 31:13
  they
• 31:13
  do
• 31:13
  things
• 31:14
  random.
• 31:15
  There
• 31:15
  was
• 31:15
  an
• 31:15
  idea
• 31:15
  that
• 31:16
  was
• 31:16
  pushed
• 31:16
  out
• 31:16
  that
• 31:16
  they're
• 31:16
  going
• 31:17
  to
• 31:17
  buy
• 31:17
  some
• 31:17
  of
• 31:17
  the
• 31:17
  credibility
• 31:18
  that
• 31:18
  Everlane
• 31:19
  had
• 31:19
  to
• 31:19
  kind
• 31:19
  of
• 31:20
  offset
• 31:20
  concerns
• 31:21
  people.
• 31:21
  Like,
• 31:23
  I
• 31:23
  don't
• 31:23
  know
• 31:23
  that
• 31:23
  I
• 31:23
  think
• 31:24
  it's
• 31:24
  that
• 31:24
  big
• 31:24
  of
• 31:24
  a
• 31:24
  deal.
• 31:24
  Again,
• 31:25
  I
• 31:25
  might
• 31:25
  be
• 31:25
  wrong.
• 31:26
  I
• 31:26
  think
• 31:26
  the
• 31:26
  far
• 31:26
  bigger
• 31:27
  deal
• 31:27
  is
• 31:27
  who
• 31:27
  is
• 31:27
  the
• 31:27
  audience.
• 31:28
  Shein's
• 31:29
  trying
• 31:29
  to.
• 31:29
  Trying
• 31:30
  to
• 31:30
  expand
• 31:30
  and
• 31:30
  reach
• 31:31
  other
• 31:31
  people.
• 31:31
  And
• 31:31
  by
• 31:31
  the
• 31:31
  way,
• 31:32
  it's
• 31:32
  an
• 31:32
  off
• 31:32
  price
• 31:33
  move,
• 31:33
  right?
• 31:33
  Off
• 31:34
  price
• 31:34
  in
• 31:34
  the
• 31:34
  middle
• 31:34
  of
• 31:34
  the
• 31:35
  pandemic?
• 31:35
  One
• 31:35
  of
• 31:36
  the
• 31:36
  most
• 31:36
  interesting
• 31:36
  things
• 31:36
  we
• 31:37
  ever
• 31:37
  did
• 31:37
  is
• 31:37
  we
• 31:37
  worked
• 31:37
  with
• 31:38
  us
• 31:38
  with
• 31:38
  a
• 31:38
  survey
• 31:39
  group.
• 31:39
  We
• 31:39
  did
• 31:39
  a
• 31:39
  survey
• 31:40
  of
• 31:40
  people
• 31:40
  who
• 31:40
  are
• 31:40
  visiting
• 31:40
  off
• 31:40
  price
• 31:41
  for
• 31:41
  the
• 31:41
  first
• 31:41
  time
• 31:41
  post
• 31:41
  pandemic.
• 31:42
  And
• 31:43
  one
• 31:43
  of
• 31:43
  the
• 31:43
  things
• 31:43
  we
• 31:43
  found
• 31:43
  was
• 31:43
  the
• 31:44
  highest
• 31:44
  income
• 31:44
  bracket
• 31:45
  was
• 31:46
  most
• 31:46
  likely
• 31:46
  to
• 31:47
  have
• 31:47
  tried
• 31:47
  off
• 31:47
  price
• 31:47
  for
• 31:48
  the
• 31:48
  first
• 31:48
  time,
• 31:48
  and
• 31:49
  they
• 31:49
  were
• 31:49
  the
• 31:49
  most
• 31:49
  likely
• 31:50
  to
• 31:50
  want
• 31:50
  to
• 31:50
  go
• 31:50
  back.
• 31:51
  So
• 31:51
  it
• 31:51
  wasn't
• 31:51
  the.
• 31:52
  It
• 31:52
  wasn't
• 31:52
  like
• 31:52
  just
• 31:52
  a
• 31:53
  cost
• 31:53
  thing.
• 31:53
  It
• 31:53
  was
• 31:53
  like,
• 31:54
  oh,
• 31:54
  this
• 31:54
  is
• 31:54
  really
• 31:54
  fun.
• 31:54
  We
• 31:55
  enjoy
• 31:55
  this.
• 31:56
  I
• 31:56
  think
• 31:56
  she's
• 31:56
  taking
• 31:56
  a
• 31:57
  similar
• 31:57
  page.
• 31:57
  I
• 31:57
  think
• 31:57
  they're
• 31:58
  like,
• 31:58
  how
• 31:58
  do
• 31:58
  we
• 31:58
  grab
• 31:58
  some
• 31:58
  of
• 31:59
  these
• 31:59
  people,
• 31:59
  pull
• 31:59
  them
• 31:59
  into
• 31:59
  our
• 31:59
  world?
• 32:00
  We
• 32:00
  have
• 32:01
  things
• 32:01
  that
• 32:01
  are
• 32:01
  cheaper,
• 32:01
  but
• 32:01
  we
• 32:01
  might.
• 32:02
  We
• 32:02
  can
• 32:02
  then
• 32:03
  move
• 32:03
  up
• 32:03
  with
• 32:03
  that.
• 32:04
  But
• 32:04
  we
• 32:04
  just
• 32:04
  bring
• 32:04
  people
• 32:05
  in.
• 32:05
  And
• 32:05
  I
• 32:05
  think
• 32:05
  the
• 32:06
  cool,
• 32:06
  exciting
• 32:06
  Everlane
• 32:07
  mix
• 32:08
  and
• 32:08
  who
• 32:08
  they're
• 32:09
  attracting
• 32:09
  is
• 32:10
  a
• 32:10
  really
• 32:10
  important
• 32:10
  part
• 32:11
  of
• 32:11
  that.
• 32:11
  Yeah,
• 32:12
  that's
• 32:12
  a
• 32:12
  really
• 32:12
  good
• 32:12
  point.
• 32:13
  Like,
• 32:13
  I
• 32:13
  hadn't
• 32:13
  thought
• 32:13
  about
• 32:13
  that.
• 32:13
  And
• 32:14
  you
• 32:14
  know,
• 32:14
  as
• 32:14
  I
• 32:14
  stepped
• 32:14
  back
• 32:15
  and
• 32:15
  was
• 32:15
  thinking
• 32:15
  about
• 32:15
  like,
• 32:15
  what
• 32:16
  are
• 32:16
  you
• 32:16
  going
• 32:16
  to
• 32:16
  Share
• 32:16
  with
• 32:16
  me
• 32:16
  today
• 32:17
  before
• 32:17
  we
• 32:17
  join
• 32:17
  this
• 32:17
  call.
• 32:18
  Like,
• 32:18
  I
• 32:18
  was
• 32:18
  like,
• 32:19
  yeah,
• 32:19
  this
• 32:19
  one.
• 32:19
  This
• 32:19
  one
• 32:20
  didn't
• 32:20
  hit
• 32:20
  my
• 32:20
  radar
• 32:20
  screen
• 32:21
  at
• 32:21
  all.
• 32:21
  But
• 32:21
  yeah,
• 32:21
  it
• 32:21
  was.
• 32:22
  It
• 32:22
  was
• 32:22
  a
• 32:22
  very
• 32:23
  interesting
• 32:24
  announcement
• 32:25
  when
• 32:25
  this
• 32:25
  went
• 32:26
  down.
• 32:27
  Yeah.
• 32:27
  And
• 32:28
  it
• 32:28
  speaks
• 32:28
  to.
• 32:29
  It
• 32:29
  speaks
• 32:29
  to
• 32:30
  like,
• 32:30
  like
• 32:30
  we're
• 32:30
  saying
• 32:31
  at
• 32:31
  the
• 32:31
  outset
• 32:31
  with
• 32:31
  the
• 32:31
  side
• 32:32
  of
• 32:32
  the
• 32:32
  four
• 32:32
  winners.
• 32:33
  You
• 32:33
  know,
• 32:33
  the
• 32:33
  four.
• 32:33
  The.
• 32:34
  The.
• 32:34
  The
• 32:34
  four.
• 32:36
  You
• 32:36
  know,
• 32:36
  retailers
• 32:37
  have
• 32:37
  been
• 32:37
  doing
• 32:38
  super
• 32:38
  well
• 32:38
  this
• 32:38
  first
• 32:39
  six
• 32:39
  months
• 32:39
  a
• 32:39
  year.
• 32:40
  It's
• 32:40
  about
• 32:40
  figuring
• 32:41
  out
• 32:41
  how
• 32:41
  to
• 32:42
  talk
• 32:42
  to
• 32:42
  people
• 32:43
  in
• 32:43
  the
• 32:43
  given
• 32:44
  niche
• 32:44
  in
• 32:44
  which
• 32:44
  you're
• 32:44
  trying
• 32:45
  to
• 32:45
  operate
• 32:46
  in
• 32:46
  and
• 32:46
  extending
• 32:47
  yourself,
• 32:49
  you
• 32:49
  know,
• 32:49
  into
• 32:49
  new
• 32:49
  areas
• 32:50
  as
• 32:50
  well.
• 32:50
  But
• 32:50
  doing
• 32:50
  it
• 32:51
  with
• 32:51
  the
• 32:51
  core
• 32:52
  of
• 32:52
  what
• 32:52
  you
• 32:52
  do
• 32:53
  well
• 32:53
  each
• 32:53
  and
• 32:53
  every
• 32:54
  day.
• 32:54
  Yeah.
• 32:55
  100.
• 32:55
  And
• 32:56
  then
• 32:56
  I
• 32:56
  got.
• 32:56
  We'll
• 32:56
  do
• 32:56
  these
• 32:57
  ones
• 32:57
  quick
• 32:57
  because
• 32:57
  I
• 32:57
  got
• 32:57
  two.
• 32:57
  Okay.
• 32:58
  I
• 32:58
  cut
• 32:58
  this
• 32:59
  down.
• 32:59
  I
• 32:59
  had
• 32:59
  like
• 32:59
  20.
• 33:00
  How
• 33:00
  many
• 33:00
  more
• 33:00
  do
• 33:00
  we
• 33:00
  have?
• 33:01
  We
• 33:01
  only
• 33:01
  have
• 33:01
  two
• 33:01
  more,
• 33:02
  but
• 33:02
  we
• 33:02
  have
• 33:02
  two
• 33:02
  more.
• 33:02
  Okay.
• 33:03
  Too
• 33:03
  much
• 33:03
  fun
• 33:03
  with
• 33:03
  this
• 33:03
  one.
• 33:04
  Yeah.
• 33:04
  Wow.
• 33:05
  This
• 33:05
  is
• 33:05
  fun.
• 33:05
  I'm
• 33:05
  having
• 33:05
  a
• 33:06
  blast.
• 33:06
  Yeah.
• 33:06
  We'll
• 33:07
  do
• 33:07
  these
• 33:07
  quick
• 33:07
  sectors
• 33:08
  to
• 33:08
  watch.
• 33:08
  I
• 33:08
  don't
• 33:08
  think
• 33:08
  there's
• 33:08
  anything
• 33:09
  crazy
• 33:09
  here.
• 33:09
  Okay.
• 33:10
  Really
• 33:10
  blown
• 33:10
  away
• 33:10
  by
• 33:10
  coffee.
• 33:11
  I
• 33:11
  think
• 33:11
  the
• 33:11
  expansions.
• 33:12
  There's
• 33:13
  something
• 33:13
  happening
• 33:13
  where
• 33:13
  it's
• 33:13
  like
• 33:14
  these.
• 33:14
  This
• 33:14
  space
• 33:15
  is
• 33:15
  hot.
• 33:15
  Right?
• 33:16
  There's.
• 33:16
  It
• 33:16
  does
• 33:16
  feel
• 33:17
  like
• 33:17
  Starbucks.
• 33:18
  Yeah.
• 33:18
  Dutch
• 33:18
  Bros.
• 33:19
  7.
• 33:19
  There's
• 33:20
  so
• 33:20
  many
• 33:20
  others
• 33:20
  that
• 33:20
  are
• 33:21
  doing
• 33:21
  awesome.
• 33:22
  They're
• 33:22
  expanding
• 33:22
  effectively.
• 33:23
  They're
• 33:23
  finding
• 33:23
  locations.
• 33:24
  People
• 33:24
  are
• 33:24
  really
• 33:24
  getting
• 33:25
  into
• 33:25
  it.
• 33:25
  They're
• 33:25
  going
• 33:25
  to
• 33:25
  lots
• 33:26
  of
• 33:26
  different
• 33:26
  types
• 33:26
  of
• 33:26
  locations.
• 33:27
  Yeah,
• 33:27
  it's.
• 33:28
  It's
• 33:28
  a
• 33:28
  wave.
• 33:28
  And
• 33:29
  I
• 33:29
  think
• 33:29
  great
• 33:30
  players.
• 33:31
  It's
• 33:31
  like
• 33:31
  a
• 33:31
  lot
• 33:31
  of
• 33:32
  great
• 33:32
  players
• 33:32
  all
• 33:32
  at
• 33:32
  once.
• 33:32
  Take
• 33:33
  the
• 33:33
  NBA
• 33:33
  analogy.
• 33:34
  Like,
• 33:34
  the
• 33:34
  NBA
• 33:34
  is
• 33:34
  just
• 33:34
  better
• 33:35
  than
• 33:35
  it
• 33:35
  was
• 33:35
  10
• 33:35
  years
• 33:36
  ago.
• 33:36
  There's
• 33:36
  just
• 33:36
  more
• 33:37
  great
• 33:37
  players.
• 33:37
  I
• 33:37
  think
• 33:37
  that's
• 33:38
  happening
• 33:38
  in
• 33:38
  coffee.
• 33:39
  Okay,
• 33:40
  nice.
• 33:40
  I
• 33:40
  like
• 33:40
  that.
• 33:41
  That's
• 33:41
  a
• 33:41
  good
• 33:41
  analogy
• 33:41
  too.
• 33:42
  I
• 33:42
  love
• 33:42
  that.
• 33:42
  Yeah,
• 33:42
  I
• 33:42
  appreciate
• 33:43
  that.
• 33:43
  Fitness2Fitness,
• 33:45
  I
• 33:45
  think,
• 33:45
  is
• 33:45
  more
• 33:45
  of
• 33:46
  like
• 33:46
  a
• 33:46
  tailwind.
• 33:47
  I
• 33:47
  think
• 33:48
  people
• 33:49
  care
• 33:49
  about
• 33:49
  fitness
• 33:50
  more
• 33:50
  than
• 33:50
  ever.
• 33:50
  I
• 33:50
  think
• 33:51
  we
• 33:51
  have.
• 33:51
  That
• 33:51
  is
• 33:52
  one
• 33:52
  of
• 33:52
  the
• 33:52
  things
• 33:52
  that
• 33:52
  got
• 33:53
  triggered
• 33:53
  in
• 33:53
  that
• 33:53
  post
• 33:54
  pandemic
• 33:54
  environment
• 33:54
  of
• 33:55
  like,
• 33:55
  we
• 33:55
  gotta
• 33:56
  be
• 33:56
  healthier.
• 33:57
  Almost
• 33:58
  every
• 33:58
  sub
• 33:58
  segment.
• 33:59
  Any
• 33:59
  way
• 33:59
  you
• 33:59
  want
• 34:00
  to
• 34:00
  slice
• 34:00
  and
• 34:00
  dice
• 34:00
  this,
• 34:01
  everyone's
• 34:01
  doing
• 34:02
  well.
• 34:02
  If
• 34:02
  you're
• 34:02
  oriented
• 34:03
  towards
• 34:03
  kind
• 34:03
  of
• 34:04
  like
• 34:04
  yoga
• 34:04
  and
• 34:04
  specialty
• 34:05
  kind
• 34:05
  of
• 34:06
  classes,
• 34:06
  you're
• 34:06
  doing
• 34:06
  well.
• 34:07
  If
• 34:07
  you're
• 34:07
  kind
• 34:08
  of
• 34:08
  on
• 34:08
  the
• 34:08
  low
• 34:08
  end,
• 34:08
  you're
• 34:08
  doing
• 34:09
  well.
• 34:09
  If
• 34:09
  you're
• 34:09
  on
• 34:09
  the
• 34:09
  higher
• 34:10
  end
• 34:10
  and
• 34:10
  you
• 34:10
  have
• 34:10
  all
• 34:10
  these
• 34:11
  all
• 34:11
  inclusive
• 34:11
  packages,
• 34:12
  you're
• 34:12
  doing
• 34:12
  well
• 34:12
  too.
• 34:13
  It
• 34:13
  is
• 34:13
  a
• 34:14
  great
• 34:14
  time
• 34:14
  to
• 34:14
  be
• 34:14
  in
• 34:14
  fitness.
• 34:15
  I
• 34:15
  don't
• 34:15
  think
• 34:15
  that's
• 34:16
  Going
• 34:16
  anywhere
• 34:17
  again,
• 34:17
  growth
• 34:18
  on
• 34:18
  growth
• 34:18
  on
• 34:18
  growth
• 34:19
  is,
• 34:19
  is
• 34:19
  insane.
• 34:20
  This
• 34:20
  amount
• 34:21
  of
• 34:21
  consistency
• 34:21
  over
• 34:22
  this
• 34:22
  amount
• 34:22
  of
• 34:22
  time
• 34:23
  and
• 34:23
  the
• 34:23
  last
• 34:23
  one
• 34:23
  is,
• 34:24
  and
• 34:24
  this
• 34:24
  speaks
• 34:24
  to
• 34:24
  the
• 34:24
  point
• 34:24
  we're
• 34:24
  making
• 34:26
  super
• 34:26
  short.
• 34:27
  And
• 34:27
  then
• 34:27
  we
• 34:27
  put
• 34:27
  Walmart
• 34:28
  in
• 34:28
  that
• 34:28
  category,
• 34:28
  Target
• 34:28
  in
• 34:29
  that
• 34:29
  category.
• 34:29
  We
• 34:29
  have
• 34:29
  Dollar
• 34:29
  General
• 34:30
  in
• 34:30
  that
• 34:30
  category,
• 34:30
  Costco,
• 34:31
  the
• 34:31
  membership
• 34:31
  clubs,
• 34:32
  they
• 34:33
  are
• 34:33
  expanding
• 34:33
  their
• 34:34
  overall
• 34:34
  visit
• 34:35
  share
• 34:35
  compared
• 34:36
  to
• 34:36
  all
• 34:36
  of
• 34:36
  retail.
• 34:37
  But
• 34:37
  when
• 34:37
  you
• 34:38
  compare
• 34:38
  them
• 34:38
  to
• 34:38
  just
• 34:39
  grocery,
• 34:39
  the
• 34:39
  segment
• 34:40
  that
• 34:40
  again
• 34:41
  six,
• 34:41
  seven
• 34:41
  years
• 34:41
  ago
• 34:41
  we
• 34:42
  were
• 34:42
  told
• 34:42
  they
• 34:42
  were
• 34:42
  going
• 34:42
  to
• 34:43
  kill,
• 34:43
  the
• 34:44
  visit
• 34:44
  shares
• 34:44
  stayed
• 34:45
  incredibly
• 34:45
  flat.
• 34:46
  And
• 34:46
  that
• 34:47
  tells
• 34:47
  a
• 34:47
  really
• 34:47
  powerful
• 34:48
  story
• 34:48
  of
• 34:48
  groceries
• 34:50
  sectors
• 34:50
  hold.
• 34:51
  Again
• 34:51
  this,
• 34:51
  I
• 34:51
  like
• 34:51
  the
• 34:51
  Rocky
• 34:52
  Balboa
• 34:52
  example
• 34:53
  because
• 34:53
  I
• 34:53
  don't
• 34:53
  think
• 34:53
  it's
• 34:53
  going
• 34:53
  to
• 34:54
  be,
• 34:54
  oh
• 34:54
  my
• 34:54
  God,
• 34:54
  it's
• 34:55
  going
• 34:55
  to
• 34:55
  go
• 34:55
  from
• 34:55
  where
• 34:55
  it
• 34:55
  is
• 34:55
  today
• 34:55
  to
• 34:56
  70%
• 34:56
  of
• 34:56
  the
• 34:56
  overall
• 34:57
  visit
• 34:57
  share.
• 34:57
  But
• 34:58
  I
• 34:58
  think
• 34:58
  it's
• 34:58
  going
• 34:58
  to
• 34:58
  hold
• 34:58
  on
• 34:58
  to
• 34:59
  its
• 34:59
  space
• 34:59
  and
• 34:59
  I
• 34:59
  think
• 35:00
  it
• 35:00
  is,
• 35:01
  it
• 35:01
  is
• 35:01
  something
• 35:01
  that
• 35:02
  is
• 35:02
  going
• 35:02
  to
• 35:02
  be
• 35:02
  part
• 35:02
  of
• 35:02
  the
• 35:02
  mix.
• 35:03
  We
• 35:03
  need
• 35:03
  to
• 35:03
  accept
• 35:04
  it.
• 35:04
  They
• 35:04
  need
• 35:04
  to
• 35:04
  figure
• 35:05
  out
• 35:05
  how
• 35:05
  do
• 35:05
  they
• 35:05
  expand
• 35:05
  their
• 35:06
  reach
• 35:06
  or
• 35:06
  how
• 35:06
  do
• 35:06
  they
• 35:06
  maximize
• 35:07
  you
• 35:07
  to
• 35:07
  visit.
• 35:08
  But
• 35:08
  groceries
• 35:09
  performance
• 35:09
  over
• 35:09
  the
• 35:10
  last
• 35:10
  seven,
• 35:10
  eight
• 35:11
  years
• 35:11
  is
• 35:11
  something
• 35:12
  to
• 35:12
  behold,
• 35:13
  especially
• 35:13
  considering
• 35:14
  how
• 35:14
  pessimistic
• 35:15
  so
• 35:16
  many
• 35:16
  were
• 35:16
  about
• 35:16
  what
• 35:17
  its
• 35:17
  prospects
• 35:17
  were.
• 35:18
  Yeah.
• 35:18
  Although
• 35:19
  the
• 35:19
  one
• 35:19
  caveat
• 35:19
  though
• 35:20
  which
• 35:20
  I
• 35:20
  think
• 35:20
  is
• 35:20
  an
• 35:20
  important
• 35:20
  caveat,
• 35:21
  which
• 35:21
  I
• 35:21
  know
• 35:21
  you'll
• 35:22
  agree
• 35:22
  with,
• 35:22
  is
• 35:23
  this
• 35:23
  is
• 35:23
  just
• 35:23
  visit
• 35:24
  data.
• 35:24
  Right.
• 35:24
  And
• 35:25
  so
• 35:25
  if
• 35:25
  you
• 35:25
  look
• 35:25
  at
• 35:25
  the
• 35:25
  share
• 35:26
  of
• 35:26
  the
• 35:26
  online
• 35:26
  grocery
• 35:27
  business,
• 35:27
  the
• 35:27
  online
• 35:28
  grocery
• 35:28
  business
• 35:28
  share
• 35:29
  has
• 35:29
  decidedly
• 35:29
  gone
• 35:30
  the
• 35:30
  other
• 35:30
  way
• 35:30
  towards
• 35:31
  the
• 35:31
  superstore.
• 35:31
  So
• 35:32
  the
• 35:32
  big
• 35:32
  question,
• 35:32
  and
• 35:33
  particularly
• 35:34
  because
• 35:34
  of
• 35:34
  Walmart
• 35:34
  and
• 35:34
  also
• 35:35
  the
• 35:35
  advent
• 35:35
  of
• 35:35
  Amazon,
• 35:36
  getting
• 35:36
  into
• 35:36
  same
• 35:36
  day
• 35:37
  delivery.
• 35:37
  And
• 35:38
  so
• 35:38
  the
• 35:38
  question
• 35:38
  then
• 35:39
  becomes,
• 35:39
  you
• 35:39
  know,
• 35:39
  how
• 35:40
  long
• 35:40
  can
• 35:40
  Rocky
• 35:41
  Balboa
• 35:42
  take
• 35:42
  those
• 35:43
  many
• 35:43
  punches
• 35:43
  and
• 35:44
  cuts
• 35:44
  to
• 35:44
  the
• 35:44
  face
• 35:45
  over
• 35:45
  the
• 35:45
  long
• 35:45
  run
• 35:45
  when
• 35:46
  they
• 35:46
  don't
• 35:46
  have
• 35:47
  that
• 35:47
  volume
• 35:47
  coming
• 35:48
  through
• 35:48
  their
• 35:48
  doors
• 35:48
  anymore?
• 35:49
  And
• 35:49
  that's
• 35:49
  the
• 35:50
  big
• 35:50
  question
• 35:50
  that
• 35:50
  I
• 35:50
  think
• 35:51
  none
• 35:51
  of
• 35:51
  us
• 35:52
  know
• 35:52
  the
• 35:52
  answer
• 35:52
  to
• 35:52
  yet,
• 35:53
  but
• 35:53
  we've
• 35:53
  got
• 35:53
  to
• 35:53
  keep
• 35:53
  an
• 35:54
  eye
• 35:54
  on.
• 35:54
  I
• 35:55
  agree,
• 35:55
  you
• 35:55
  do
• 35:55
  have
• 35:55
  to
• 35:55
  keep
• 35:55
  an
• 35:55
  eye
• 35:56
  on
• 35:56
  it.
• 35:56
  I'll
• 35:56
  go
• 35:56
  back
• 35:56
  to
• 35:57
  the
• 35:57
  basketball
• 35:57
  analogy.
• 35:58
  If
• 35:58
  you
• 35:58
  are,
• 35:59
  if
• 35:59
  you
• 35:59
  are
• 35:59
  a
• 35:59
  team,
• 36:00
  you
• 36:00
  build
• 36:00
  around
• 36:01
  the
• 36:01
  strengths
• 36:01
  of
• 36:01
  your
• 36:01
  players.
• 36:02
  You
• 36:02
  don't
• 36:02
  try
• 36:02
  to
• 36:02
  copy
• 36:03
  someone
• 36:03
  else's
• 36:03
  system.
• 36:04
  Right.
• 36:04
  Grocery
• 36:04
  has
• 36:05
  strengths
• 36:05
  that
• 36:06
  you
• 36:06
  go
• 36:06
  there,
• 36:06
  you
• 36:07
  go
• 36:07
  there
• 36:07
  often
• 36:07
  you're
• 36:08
  close,
• 36:08
  you
• 36:09
  have
• 36:09
  this
• 36:09
  array
• 36:09
  of
• 36:09
  products,
• 36:10
  you
• 36:10
  have
• 36:10
  fresh
• 36:11
  really
• 36:11
  well,
• 36:11
  there's
• 36:12
  certain
• 36:12
  elements
• 36:12
  you
• 36:12
  don't
• 36:13
  want
• 36:13
  to
• 36:13
  buy
• 36:13
  online.
• 36:14
  Lean
• 36:14
  into
• 36:15
  those
• 36:15
  strengths,
• 36:15
  build
• 36:16
  around
• 36:16
  those
• 36:16
  strengths.
• 36:17
  Right?
• 36:17
  Yep.
• 36:18
  Get
• 36:18
  to
• 36:18
  table
• 36:18
  stakes
• 36:18
  on
• 36:19
  what
• 36:19
  the
• 36:19
  customer
• 36:19
  expects
• 36:20
  for
• 36:20
  you
• 36:20
  from
• 36:20
  an
• 36:21
  online
• 36:21
  standpoint
• 36:22
  and
• 36:22
  get
• 36:22
  there
• 36:22
  as
• 36:22
  quick
• 36:23
  as
• 36:23
  you
• 36:23
  can.
• 36:23
  Right?
• 36:23
  Amen.
• 36:25
  Last
• 36:25
  one.
• 36:26
  Most
• 36:27
  interesting
• 36:27
  data
• 36:27
  point.
• 36:28
  Now
• 36:28
  there's
• 36:28
  two
• 36:28
  here.
• 36:29
  I'm
• 36:29
  going
• 36:29
  to
• 36:29
  start
• 36:30
  with
• 36:30
  the
• 36:30
  second
• 36:30
  one
• 36:30
  first
• 36:30
  because
• 36:31
  I
• 36:31
  think
• 36:31
  it's
• 36:31
  the.
• 36:31
  It's
• 36:31
  probably
• 36:32
  the
• 36:32
  coolest,
• 36:32
  but
• 36:32
  I
• 36:32
  like
• 36:33
  the
• 36:33
  other
• 36:33
  one
• 36:33
  better.
• 36:33
  Okay.
• 36:34
  And
• 36:34
  it's
• 36:34
  the.
• 36:35
  This
• 36:35
  is
• 36:35
  the
• 36:36
  line
• 36:36
  at
• 36:36
  how.
• 36:37
  Oh
• 36:37
  yeah,
• 36:37
  gas
• 36:38
  prices
• 36:38
  impacted
• 36:39
  visits
• 36:39
  to
• 36:40
  BJ's,
• 36:40
  Costco
• 36:40
  and
• 36:41
  SAM's
• 36:41
  club's
• 36:41
  gas
• 36:41
  stations.
• 36:42
  Yeah.
• 36:42
  It
• 36:42
  is
• 36:44
  unreal.
• 36:46
  Yeah.
• 36:46
  You're
• 36:46
  just
• 36:46
  like,
• 36:47
  prices
• 36:47
  are
• 36:48
  up.
• 36:48
  I
• 36:48
  know
• 36:48
  exactly
• 36:48
  where
• 36:48
  I'm
• 36:48
  going.
• 36:49
  There
• 36:49
  was
• 36:49
  crazy
• 36:49
  lines.
• 36:50
  I
• 36:50
  don't
• 36:50
  care.
• 36:51
  The
• 36:52
  insane
• 36:52
  level
• 36:53
  of
• 36:53
  association
• 36:54
  that
• 36:54
  consumers
• 36:55
  clearly
• 36:55
  have
• 36:56
  in
• 36:56
  terms
• 36:56
  of
• 36:57
  value
• 36:57
  with
• 36:57
  those
• 36:58
  players
• 36:58
  from
• 36:58
  a
• 36:58
  gas
• 36:58
  perspective,
• 36:59
  a
• 36:59
  retail
• 37:00
  perspective
• 37:00
  is
• 37:01
  incredible.
• 37:02
  It's
• 37:02
  what
• 37:02
  we
• 37:02
  talk
• 37:03
  about
• 37:03
  of
• 37:03
  like
• 37:04
  the
• 37:04
  long
• 37:04
  term
• 37:05
  impact
• 37:05
  of
• 37:05
  short
• 37:05
  term
• 37:06
  wins.
• 37:06
  When
• 37:06
  you
• 37:07
  are
• 37:07
  able
• 37:07
  to
• 37:08
  win
• 37:08
  these
• 37:08
  moments,
• 37:09
  right.
• 37:09
  Aren't
• 37:09
  just
• 37:10
  winning
• 37:10
  them
• 37:10
  today,
• 37:11
  you
• 37:11
  are
• 37:11
  winning
• 37:11
  them.
• 37:12
  Whenever
• 37:12
  that
• 37:12
  consumer,
• 37:13
  whether
• 37:13
  it's
• 37:14
  on
• 37:14
  a
• 37:14
  personal
• 37:14
  level
• 37:14
  or
• 37:15
  on
• 37:15
  a
• 37:15
  macro
• 37:15
  level,
• 37:16
  is
• 37:16
  feeling
• 37:16
  the
• 37:16
  heat,
• 37:17
  they
• 37:17
  are
• 37:17
  turning
• 37:17
  to
• 37:17
  you.
• 37:18
  And
• 37:18
  it
• 37:18
  is
• 37:18
  an
• 37:19
  association
• 37:19
  that
• 37:19
  goes
• 37:19
  far
• 37:20
  beyond
• 37:20
  gas,
• 37:20
  but
• 37:20
  it's
• 37:21
  a
• 37:21
  massive
• 37:21
  win.
• 37:22
  And
• 37:22
  we're
• 37:22
  talking
• 37:23
  about
• 37:23
  why
• 37:23
  are
• 37:23
  these
• 37:24
  players
• 37:24
  doing
• 37:24
  so
• 37:24
  well.
• 37:25
  It's
• 37:25
  because
• 37:25
  of
• 37:26
  moments
• 37:26
  like
• 37:26
  this
• 37:27
  or
• 37:27
  moments
• 37:27
  like
• 37:27
  this
• 37:27
  play
• 37:28
  a
• 37:28
  significant
• 37:28
  role
• 37:29
  in
• 37:29
  that
• 37:29
  success.
• 37:31
  100%.
• 37:33
  Last
• 37:33
  one.
• 37:35
  I
• 37:35
  have
• 37:35
  never
• 37:35
  mentioned
• 37:36
  on
• 37:36
  any
• 37:37
  webinar,
• 37:37
  on
• 37:38
  any
• 37:38
  podcast
• 37:39
  ever.
• 37:40
  It's
• 37:40
  Dairy
• 37:40
  Queen.
• 37:41
  Dairy
• 37:41
  Queen.
• 37:42
  You've
• 37:42
  never
• 37:42
  mentioned
• 37:43
  Dairy
• 37:43
  Queen
• 37:43
  ever.
• 37:43
  I've
• 37:43
  never
• 37:44
  mentioned
• 37:44
  Dairy
• 37:44
  Queen.
• 37:44
  I'm
• 37:44
  shocked.
• 37:45
  Okay.
• 37:45
  All
• 37:45
  right.
• 37:46
  Here's
• 37:46
  what
• 37:46
  shocked
• 37:46
  me
• 37:47
  about
• 37:47
  Dairy
• 37:47
  Queen.
• 37:48
  Dairy
• 37:48
  Queen.
• 37:48
  Now
• 37:49
  anyone
• 37:49
  knows
• 37:49
  the
• 37:50
  ice
• 37:50
  cream
• 37:50
  business.
• 37:50
  Ice
• 37:51
  cream
• 37:51
  business
• 37:51
  peaks
• 37:51
  in
• 37:51
  the
• 37:51
  summer.
• 37:52
  Right.
• 37:52
  Very
• 37:52
  highly
• 37:53
  correlated
• 37:53
  with
• 37:54
  weather.
• 37:54
  Right.
• 37:54
  Chris
• 37:55
  is
• 37:55
  hot
• 37:55
  right
• 37:56
  now.
• 37:56
  He's
• 37:56
  gonna
• 37:56
  go
• 37:56
  get
• 37:56
  an
• 37:56
  ice
• 37:56
  cream
• 37:57
  afterwards.
• 37:57
  Oh,
• 37:58
  yeah.
• 38:00
  If
• 38:00
  you
• 38:00
  look
• 38:00
  at
• 38:01
  their.
• 38:01
  I
• 38:01
  had
• 38:02
  a
• 38:02
  colleague
• 38:02
  who
• 38:02
  showed
• 38:02
  me,
• 38:02
  oh,
• 38:02
  look
• 38:03
  at.
• 38:03
  They
• 38:03
  have
• 38:03
  a
• 38:03
  huge
• 38:03
  day
• 38:04
  on
• 38:04
  National
• 38:05
  Ice
• 38:05
  Cream
• 38:05
  Day.
• 38:06
  That's
• 38:06
  awesome.
• 38:06
  Let's
• 38:07
  look
• 38:07
  at
• 38:07
  it
• 38:07
  over
• 38:07
  a
• 38:07
  couple
• 38:07
  of
• 38:08
  years.
• 38:08
  But
• 38:08
  we
• 38:08
  found
• 38:09
  that
• 38:09
  National
• 38:09
  Ice
• 38:10
  Cream
• 38:10
  Day
• 38:10
  is
• 38:11
  not
• 38:11
  the
• 38:11
  biggest
• 38:11
  day
• 38:12
  for
• 38:12
  Dairy
• 38:12
  Queen.
• 38:12
  Even
• 38:12
  though
• 38:13
  it's
• 38:13
  right
• 38:13
  in
• 38:13
  the
• 38:13
  peak
• 38:13
  of
• 38:13
  the
• 38:13
  summer,
• 38:14
  the
• 38:14
  biggest
• 38:14
  day
• 38:15
  comes
• 38:15
  in
• 38:15
  March.
• 38:16
  The
• 38:16
  classic
• 38:17
  day
• 38:18
  for
• 38:18
  getting
• 38:18
  ice
• 38:18
  cream.
• 38:19
  Why
• 38:20
  you
• 38:20
  ask?
• 38:20
  Oh,
• 38:21
  I'll
• 38:21
  tell
• 38:21
  you.
• 38:22
  It's
• 38:22
  because
• 38:22
  it's
• 38:22
  free
• 38:23
  scoop
• 38:23
  day.
• 38:25
  This
• 38:26
  is
• 38:26
  what
• 38:26
  I
• 38:26
  love.
• 38:27
  This
• 38:27
  is
• 38:27
  a
• 38:27
  re
• 38:28
  not
• 38:28
  retailer
• 38:29
  dining
• 38:29
  chain.
• 38:30
  This
• 38:30
  is
• 38:30
  a
• 38:30
  dining
• 38:31
  chain
• 38:31
  that
• 38:31
  says,
• 38:32
  all
• 38:32
  right,
• 38:32
  it's
• 38:33
  the
• 38:33
  winter.
• 38:34
  I'm
• 38:34
  not
• 38:34
  going
• 38:34
  to
• 38:34
  get
• 38:34
  amazing
• 38:35
  traffic.
• 38:35
  Right.
• 38:36
  How
• 38:36
  do
• 38:36
  I
• 38:36
  pique
• 38:37
  people's
• 38:37
  interest?
• 38:37
  How
• 38:37
  do
• 38:38
  I
• 38:38
  pick
• 38:38
  people's
• 38:38
  interest
• 38:39
  close
• 38:39
  enough
• 38:39
  to
• 38:39
  my
• 38:40
  high
• 38:40
  season
• 38:40
  that
• 38:40
  this
• 38:40
  isn't
• 38:41
  something
• 38:41
  that
• 38:41
  will,
• 38:41
  like,
• 38:42
  start
• 38:42
  of.
• 38:42
  The
• 38:42
  season,
• 38:42
  it
• 38:42
  looks
• 38:43
  like.
• 38:43
  Yeah,
• 38:43
  exactly.
• 38:44
  How
• 38:44
  do
• 38:44
  I
• 38:44
  play
• 38:44
  this
• 38:44
  perfect?
• 38:45
  How
• 38:45
  do
• 38:45
  I
• 38:45
  maybe
• 38:45
  even
• 38:45
  kick
• 38:46
  off
• 38:46
  the
• 38:46
  season,
• 38:46
  like,
• 38:46
  get
• 38:47
  people
• 38:47
  excited
• 38:47
  about
• 38:47
  ice
• 38:47
  cream
• 38:48
  again?
• 38:48
  So
• 38:48
  what
• 38:49
  do
• 38:49
  they
• 38:49
  do?
• 38:49
  They
• 38:49
  find
• 38:49
  that
• 38:50
  perfect
• 38:50
  date,
• 38:50
  they
• 38:51
  have
• 38:51
  the
• 38:51
  offering,
• 38:51
  they
• 38:51
  bring
• 38:52
  in
• 38:52
  the
• 38:52
  visits,
• 38:52
  and
• 38:52
  they
• 38:53
  reap
• 38:53
  the
• 38:53
  benefits.
• 38:53
  And
• 38:54
  this
• 38:54
  is,
• 38:54
  to
• 38:54
  me,
• 38:55
  the.
• 38:55
  The
• 38:55
  genius
• 38:56
  of
• 38:56
  retail
• 38:57
  and
• 38:57
  restaurants.
• 38:57
  And
• 38:57
  when
• 38:58
  people
• 38:58
  launch
• 38:58
  things
• 38:58
  and
• 38:59
  the
• 38:59
  control
• 39:00
  that
• 39:01
  we
• 39:01
  sometimes
• 39:02
  give
• 39:03
  to
• 39:04
  macroeconomic
• 39:05
  factors
• 39:05
  matter.
• 39:06
  Seasonality.
• 39:07
  Yeah,
• 39:07
  yeah,
• 39:07
  yeah.
• 39:07
  The
• 39:08
  retailer
• 39:08
  has.
• 39:08
  The
• 39:09
  retailer,
• 39:09
  the
• 39:09
  dining
• 39:09
  chain,
• 39:10
  whoever.
• 39:10
  You
• 39:10
  have
• 39:11
  more
• 39:11
  power
• 39:11
  than
• 39:11
  you
• 39:12
  realize
• 39:12
  to
• 39:12
  dictate
• 39:13
  how
• 39:13
  these,
• 39:14
  how
• 39:14
  we
• 39:14
  operate.
• 39:16
  And
• 39:16
  obviously
• 39:17
  giving
• 39:17
  away
• 39:17
  something
• 39:17
  free
• 39:18
  is
• 39:18
  great.
• 39:19
  It
• 39:19
  has
• 39:19
  a
• 39:19
  bigger
• 39:20
  impact
• 39:20
  than
• 39:20
  I
• 39:20
  think.
• 39:20
  We
• 39:20
  sometimes
• 39:21
  make
• 39:21
  it
• 39:21
  seem
• 39:22
  like
• 39:22
  it
• 39:22
  does.
• 39:22
  And
• 39:23
  it
• 39:23
  shows
• 39:24
  the
• 39:24
  power
• 39:25
  that
• 39:25
  great
• 39:26
  thinking
• 39:26
  and
• 39:26
  great
• 39:26
  strategy
• 39:27
  can
• 39:27
  have
• 39:27
  in
• 39:27
  these
• 39:27
  spaces.
• 39:28
  Yeah,
• 39:29
  that's
• 39:29
  a
• 39:29
  great
• 39:29
  point.
• 39:29
  It
• 39:29
  reminds
• 39:30
  me
• 39:30
  of
• 39:30
  the
• 39:30
  anecdote
• 39:30
  I
• 39:30
  said
• 39:30
  when
• 39:31
  I
• 39:31
  was
• 39:31
  running
• 39:31
  lawn
• 39:31
  and
• 39:31
  patio
• 39:32
  at
• 39:32
  Target.
• 39:32
  My
• 39:32
  boss
• 39:33
  used
• 39:33
  to
• 39:33
  say,
• 39:33
  you
• 39:34
  know,
• 39:34
  he
• 39:34
  used
• 39:34
  to
• 39:35
  make
• 39:35
  fun
• 39:35
  of
• 39:35
  all
• 39:35
  the
• 39:35
  retailers
• 39:36
  that
• 39:36
  would
• 39:36
  like,
• 39:36
  say,
• 39:37
  you
• 39:37
  know,
• 39:37
  it
• 39:37
  was
• 39:37
  too
• 39:37
  hot
• 39:38
  or
• 39:38
  it
• 39:38
  was
• 39:38
  too
• 39:38
  cold
• 39:38
  this
• 39:39
  year.
• 39:39
  The
• 39:39
  weather
• 39:39
  was
• 39:39
  never
• 39:40
  right
• 39:40
  in
• 39:40
  their
• 39:40
  earnings
• 39:41
  reports.
• 39:41
  And
• 39:41
  he's
• 39:41
  like,
• 39:42
  the
• 39:42
  weather's
• 39:42
  not
• 39:42
  right
• 39:42
  for
• 39:43
  anyone
• 39:43
  in
• 39:43
  their
• 39:43
  earnings
• 39:43
  report.
• 39:44
  It's
• 39:44
  a
• 39:44
  total
• 39:44
  cop
• 39:45
  out.
• 39:45
  And
• 39:45
  so,
• 39:46
  like,
• 39:46
  your
• 39:46
  point
• 39:46
  is,
• 39:47
  right?
• 39:47
  Like,
• 39:47
  it's
• 39:47
  about
• 39:48
  doing
• 39:49
  things
• 39:49
  that
• 39:49
  are
• 39:49
  really
• 39:50
  just
• 39:50
  meaningful
• 39:51
  to
• 39:51
  your
• 39:51
  customers
• 39:52
  at
• 39:52
  the
• 39:52
  end
• 39:52
  of
• 39:52
  the
• 39:52
  day
• 39:52
  and
• 39:53
  being
• 39:53
  good
• 39:53
  merchants
• 39:53
  on
• 39:54
  it.
• 39:54
  And
• 39:54
  so,
• 39:54
  yeah,
• 39:54
  if
• 39:54
  you're
• 39:55
  going
• 39:55
  to
• 39:55
  get
• 39:55
  in
• 39:55
  front
• 39:55
  of
• 39:55
  the
• 39:55
  season
• 39:56
  on
• 39:56
  free
• 39:57
  scoop
• 39:57
  day,
• 39:57
  get
• 39:58
  in
• 39:58
  front
• 39:58
  of
• 39:58
  the
• 39:58
  season.
• 39:59
  You
• 39:59
  know,
• 39:59
  you're
• 39:59
  going
• 39:59
  to
• 39:59
  sell
• 40:00
  gas
• 40:00
  at
• 40:01
  a
• 40:01
  discount.
• 40:01
  That
• 40:01
  creates
• 40:02
  those
• 40:02
  long
• 40:02
  term.
• 40:03
  That
• 40:03
  creates
• 40:03
  a
• 40:04
  long
• 40:04
  term
• 40:04
  hold
• 40:04
  on
• 40:05
  your
• 40:05
  customer.
• 40:05
  Do
• 40:06
  it,
• 40:06
  you
• 40:06
  know,
• 40:06
  but
• 40:06
  you
• 40:07
  got
• 40:07
  to
• 40:07
  find
• 40:07
  what
• 40:07
  those
• 40:08
  things
• 40:08
  are
• 40:09
  and
• 40:09
  they're
• 40:09
  all.
• 40:10
  This
• 40:10
  is
• 40:10
  the
• 40:10
  other
• 40:10
  point
• 40:11
  that
• 40:11
  I
• 40:11
  just
• 40:11
  thought
• 40:11
  about
• 40:11
  too,
• 40:12
  in
• 40:12
  a
• 40:12
  conversation
• 40:12
  I
• 40:12
  was
• 40:12
  having
• 40:13
  earlier
• 40:13
  today.
• 40:13
  Ethan,
• 40:15
  they're
• 40:15
  different
• 40:16
  every
• 40:16
  year.
• 40:17
  You
• 40:17
  got
• 40:17
  to
• 40:17
  constantly
• 40:18
  evolve
• 40:18
  them.
• 40:18
  You
• 40:19
  can't
• 40:19
  let
• 40:19
  them
• 40:20
  go
• 40:20
  stale.
• 40:21
  And
• 40:21
  I
• 40:21
  think
• 40:21
  that's
• 40:22
  also,
• 40:22
  you
• 40:22
  know,
• 40:23
  some
• 40:23
  of
• 40:23
  what
• 40:23
  we
• 40:23
  see
• 40:24
  traditionally
• 40:24
  in
• 40:24
  retail
• 40:25
  is
• 40:25
  that
• 40:25
  we
• 40:25
  just
• 40:25
  do
• 40:25
  the
• 40:25
  same
• 40:26
  things
• 40:26
  over
• 40:26
  and
• 40:26
  over
• 40:26
  again,
• 40:27
  hoping
• 40:27
  for
• 40:27
  a
• 40:27
  different
• 40:27
  result.
• 40:28
  But
• 40:28
  you
• 40:28
  got
• 40:28
  to
• 40:29
  keep
• 40:29
  pushing
• 40:29
  the
• 40:30
  envelope
• 40:30
  from
• 40:30
  a
• 40:30
  merchandising
• 40:31
  standpoint.
• 40:31
  I
• 40:32
  agree.
• 40:32
  You
• 40:32
  want
• 40:32
  to
• 40:32
  see
• 40:32
  ideas.
• 40:33
  I
• 40:33
  feel
• 40:33
  like
• 40:33
  we
• 40:34
  don't
• 40:34
  give
• 40:34
  enough
• 40:34
  credit.
• 40:36
  Obviously,
• 40:36
  if
• 40:36
  it's
• 40:37
  a
• 40:37
  stupid
• 40:37
  idea,
• 40:37
  how
• 40:37
  dare
• 40:38
  you.
• 40:38
  But
• 40:39
  if
• 40:39
  the
• 40:39
  idea
• 40:40
  makes
• 40:40
  sense
• 40:41
  and
• 40:41
  it
• 40:41
  works
• 40:41
  amazing.
• 40:42
  But
• 40:42
  if
• 40:42
  the
• 40:42
  idea
• 40:43
  makes
• 40:43
  sense,
• 40:43
  doesn't
• 40:44
  work
• 40:44
  still,
• 40:45
  like,
• 40:45
  good,
• 40:45
  that's
• 40:46
  going
• 40:46
  to
• 40:46
  take
• 40:46
  you
• 40:46
  to
• 40:46
  the
• 40:46
  next
• 40:47
  great
• 40:47
  idea.
• 40:48
  I
• 40:48
  want
• 40:48
  to
• 40:48
  see
• 40:48
  more
• 40:49
  of
• 40:49
  an
• 40:49
  emphasis
• 40:49
  on,
• 40:50
  like,
• 40:50
  rewarding
• 40:51
  and
• 40:51
  getting
• 40:51
  excited
• 40:52
  by
• 40:52
  great
• 40:52
  strategy.
• 40:53
  And
• 40:54
  that's
• 40:54
  why
• 40:54
  I
• 40:54
  got
• 40:54
  into
• 40:54
  retail,
• 40:55
  too,
• 40:55
  because,
• 40:55
  like,
• 40:55
  if
• 40:55
  it
• 40:55
  doesn't
• 40:56
  work,
• 40:56
  just
• 40:56
  don't
• 40:56
  do
• 40:57
  it
• 40:57
  next
• 40:57
  year.
• 40:58
  Like,
• 40:58
  as
• 40:59
  long
• 40:59
  as
• 40:59
  you
• 40:59
  don't
• 40:59
  do
• 40:59
  something
• 41:00
  stupid,
• 41:00
  like,
• 41:00
  just
• 41:01
  don't
• 41:01
  do
• 41:01
  something
• 41:01
  stupid.
• 41:02
  But
• 41:02
  you
• 41:03
  have
• 41:03
  the
• 41:03
  freedom
• 41:03
  to
• 41:03
  try
• 41:04
  a
• 41:04
  lot
• 41:04
  of
• 41:04
  different
• 41:04
  things,
• 41:05
  and
• 41:05
  if
• 41:05
  they
• 41:05
  don't
• 41:05
  work,
• 41:06
  just
• 41:06
  don't
• 41:07
  do
• 41:07
  them
• 41:07
  again.
• 41:07
  That's
• 41:07
  the
• 41:08
  way
• 41:08
  it
• 41:08
  works.
• 41:09
  Amen.
• 41:09
  Amen.
• 41:10
  Chris.
• 41:11
  Dude,
• 41:11
  that
• 41:12
  was
• 41:12
  great.
• 41:13
  That
• 41:13
  was
• 41:13
  fun.
• 41:14
  That
• 41:14
  was
• 41:14
  really
• 41:14
  fun.
• 41:15
  Well,
• 41:15
  hey,
• 41:15
  if
• 41:15
  people
• 41:15
  want
• 41:15
  to
• 41:15
  get
• 41:16
  in
• 41:16
  touch
• 41:16
  with
• 41:16
  you,
• 41:17
  learn
• 41:17
  more
• 41:18
  about
• 41:18
  you,
• 41:19
  tap
• 41:20
  into
• 41:20
  your
• 41:20
  data,
• 41:20
  what's
• 41:20
  the
• 41:21
  best
• 41:21
  way
• 41:21
  for
• 41:21
  them
• 41:21
  to
• 41:21
  do
• 41:21
  that?
• 41:21
  Ethan
• 41:22
  the
• 41:22
  best
• 41:22
  way
• 41:23
  to
• 41:23
  do
• 41:23
  it
• 41:23
  is
• 41:23
  to
• 41:23
  go
• 41:23
  to
• 41:23
  Placer
• 41:24
  AI,
• 41:24
  try
• 41:25
  the
• 41:25
  free
• 41:25
  version
• 41:25
  of
• 41:25
  our
• 41:26
  platform.
• 41:26
  The
• 41:27
  other
• 41:27
  great
• 41:28
  thing
• 41:28
  to
• 41:28
  try
• 41:28
  is
• 41:28
  you
• 41:28
  can
• 41:28
  always
• 41:29
  reach
• 41:29
  out
• 41:29
  to
• 41:29
  me,
• 41:29
  right?
• 41:29
  I'm
• 41:30
  EthanLacer
• 41:31
  AI.
• 41:31
  Or
• 41:31
  you
• 41:31
  can
• 41:31
  find
• 41:31
  me
• 41:31
  on
• 41:32
  LinkedIn
• 41:32
  at
• 41:32
  my.
• 41:33
  My
• 41:33
  real
• 41:33
  name,
• 41:34
  Ethan
• 41:34
  Chernofsky.
• 41:35
  This
• 41:35
  isn't
• 41:35
  an
• 41:35
  alias.
• 41:38
  And
• 41:38
  yeah,
• 41:38
  it
• 41:38
  was.
• 41:38
  I
• 41:39
  mean,
• 41:39
  I
• 41:39
  blast
• 41:39
  doing
• 41:40
  this.
• 41:40
  Thanks
• 41:40
  everyone
• 41:40
  for
• 41:40
  joining.
• 41:41
  I
• 41:41
  hope
• 41:41
  you
• 41:41
  guys
• 41:41
  tune
• 41:41
  in
• 41:42
  next
• 41:42
  time
• 41:42
  as
• 41:42
  well.
• 41:43
  Yeah,
• 41:43
  right.
• 41:43
  Well,
• 41:43
  it's
• 41:44
  an
• 41:44
  annual.
• 41:44
  It's
• 41:44
  become
• 41:44
  an
• 41:44
  annual
• 41:45
  tradition.
• 41:45
  Hopefully
• 41:45
  we'll
• 41:46
  keep.
• 41:46
  Keep
• 41:46
  it
• 41:46
  in
• 41:46
  annual
• 41:47
  tradition.
• 41:48
  And
• 41:48
  on
• 41:49
  behalf
• 41:49
  of
• 41:49
  Ethan
• 41:49
  and
• 41:50
  myself,
• 41:50
  I
• 41:50
  just
• 41:50
  want
• 41:50
  to
• 41:50
  say
• 41:50
  thank
• 41:51
  you
• 41:51
  to
• 41:51
  Ella
• 41:51
  Sirjord
• 41:52
  for
• 41:52
  producing
• 41:52
  today's
• 41:53
  webinar
• 41:53
  as
• 41:54
  well.
• 41:54
  We
• 41:54
  hope
• 41:54
  you
• 41:55
  all
• 41:55
  enjoyed
• 41:55
  it,
• 41:55
  especially
• 41:56
  those
• 41:56
  watching
• 41:57
  live
• 41:57
  and
• 41:57
  asking
• 41:57
  your
• 41:58
  questions.
• 41:59
  And
• 41:59
  for
• 41:59
  those
• 41:59
  listening
• 41:59
  in
• 41:59
  later,
• 42:00
  we
• 42:00
  hope
• 42:00
  you
• 42:00
  enjoyed
• 42:01
  it
• 42:01
  as
• 42:01
  well.
• 42:01
  And
• 42:01
  on
• 42:02
  behalf
• 42:02
  of
• 42:02
  all
• 42:02
  of
• 42:02
  us
• 42:02
  here
• 42:02
  at
• 42:03
  omnitalk,
• 42:03
  as
• 42:04
  always,
• 42:04
  be
• 42:04
  careful
• 42:04
  out
• 42:05
  there.