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NRF's Matt Shay on Trade Policies and Retail's Future at NRF Europe · Omni Talk Retail

• 0:00
  Bonjour,
• 0:01
  and
• 0:01
  hello,
• 0:01
  everyone.
• 0:02
  This
• 0:02
  is
• 0:02
  omnitalk
• 0:03
  Retail.
• 0:03
  I'm
• 0:03
  Chris
• 0:03
  Walton.
• 0:04
  And
• 0:04
  I'm
• 0:04
  Anne
• 0:04
  Mazinga.
• 0:05
  And
• 0:05
  we
• 0:05
  are
• 0:05
  coming
• 0:05
  to
• 0:05
  you
• 0:05
  live
• 0:06
  from
• 0:06
  the
• 0:06
  Fusion
• 0:06
  Group's
• 0:07
  podcast
• 0:07
  studio
• 0:08
  at
• 0:08
  the
• 0:08
  NRF
• 0:08
  big
• 0:09
  show
• 0:09
  in
• 0:09
  Paris.
• 0:10
  And
• 0:10
  we
• 0:10
  are
• 0:11
  pleased
• 0:11
  to
• 0:11
  kick
• 0:11
  off
• 0:11
  our
• 0:11
  coverage
• 0:12
  today
• 0:12
  with
• 0:12
  none
• 0:12
  other
• 0:13
  than
• 0:13
  Matt
• 0:13
  Shea,
• 0:14
  the
• 0:14
  president
• 0:14
  and
• 0:14
  CEO
• 0:15
  of
• 0:15
  nrf.
• 0:15
  Matt,
• 0:16
  welcome
• 0:16
  back
• 0:16
  to
• 0:16
  omnitalk.
• 0:17
  Happy
• 0:18
  to
• 0:18
  be
• 0:18
  here.
• 0:18
  Thanks
• 0:18
  for
• 0:18
  the
• 0:18
  invitation.
• 0:20
  Well,
• 0:20
  Matt,
• 0:20
  let's
• 0:21
  start
• 0:21
  off.
• 0:21
  It's
• 0:22
  day
• 0:22
  one.
• 0:22
  You
• 0:23
  just
• 0:23
  got
• 0:23
  off
• 0:23
  the
• 0:23
  stage.
• 0:25
  How's
• 0:25
  the
• 0:25
  show
• 0:26
  starting
• 0:26
  for
• 0:26
  you?
• 0:26
  And
• 0:27
  tell
• 0:27
  us.
• 0:27
  Tell
• 0:27
  us
• 0:28
  how,
• 0:28
  like,
• 0:28
  NRF
• 0:29
  Europe
• 0:29
  came
• 0:29
  about,
• 0:30
  because
• 0:30
  this
• 0:30
  is
• 0:30
  a
• 0:30
  pretty
• 0:30
  big
• 0:31
  deal
• 0:31
  for
• 0:31
  us
• 0:31
  and
• 0:31
  for
• 0:32
  everybody
• 0:32
  attending.
• 0:33
  Yeah.
• 0:33
  So
• 0:33
  I
• 0:34
  think
• 0:34
  this,
• 0:34
  the
• 0:34
  show
• 0:35
  coming
• 0:35
  about
• 0:35
  is
• 0:36
  really
• 0:37
  the
• 0:37
  culmination
• 0:37
  of
• 0:38
  lots
• 0:38
  of
• 0:38
  conversations
• 0:39
  that
• 0:39
  took
• 0:39
  place
• 0:39
  almost
• 0:40
  over
• 0:40
  the
• 0:40
  last
• 0:40
  decade.
• 0:41
  Okay.
• 0:41
  But
• 0:41
  this
• 0:41
  all
• 0:42
  started
• 0:42
  before
• 0:42
  the
• 0:42
  pandemic,
• 0:43
  and
• 0:44
  we
• 0:44
  began
• 0:44
  talking
• 0:45
  to
• 0:45
  our
• 0:45
  partner
• 0:46
  here,
• 0:46
  a
• 0:46
  company
• 0:46
  called
• 0:46
  comicsposium,
• 0:48
  about
• 0:49
  doing
• 0:49
  events
• 0:50
  globally.
• 0:50
  Okay.
• 0:51
  And
• 0:51
  we
• 0:51
  eventually
• 0:52
  launched.
• 0:52
  Two
• 0:53
  years
• 0:53
  ago,
• 0:53
  we
• 0:53
  launched
• 0:54
  NRF
• 0:55
  Asia
• 0:55
  Pacific
• 0:56
  Singapore.
• 0:57
  And
• 0:57
  we
• 0:57
  thought,
• 0:58
  well,
• 0:58
  where.
• 0:58
  Where
• 0:58
  else
• 0:59
  is
• 0:59
  there
• 0:59
  a
• 0:59
  market
• 0:59
  where
• 1:00
  we
• 1:00
  could
• 1:00
  add
• 1:00
  something?
• 1:01
  And
• 1:02
  Paris
• 1:02
  retail
• 1:03
  week
• 1:03
  had
• 1:03
  been
• 1:03
  around
• 1:03
  for
• 1:04
  many
• 1:04
  years,
• 1:05
  but
• 1:05
  com
• 1:05
  exposium
• 1:06
  thought
• 1:06
  with
• 1:06
  the
• 1:06
  partnership
• 1:07
  with
• 1:07
  nrf,
• 1:07
  we
• 1:07
  could
• 1:07
  really
• 1:08
  improve
• 1:08
  it
• 1:08
  and
• 1:09
  elevate
• 1:09
  it.
• 1:10
  And
• 1:10
  I
• 1:10
  think
• 1:10
  based
• 1:11
  on
• 1:11
  what
• 1:11
  we've
• 1:11
  already
• 1:11
  seen
• 1:12
  this
• 1:12
  week,
• 1:12
  today,
• 1:13
  I
• 1:13
  think
• 1:13
  we've
• 1:13
  achieved
• 1:14
  a
• 1:14
  lot
• 1:14
  of
• 1:14
  that
• 1:15
  success.
• 1:15
  I
• 1:15
  think
• 1:15
  there's
• 1:16
  still
• 1:16
  room
• 1:16
  to
• 1:16
  grow,
• 1:16
  but
• 1:16
  we've
• 1:17
  got
• 1:17
  25,000
• 1:18
  square
• 1:19
  meters
• 1:19
  of
• 1:19
  exhibit
• 1:20
  space,
• 1:20
  which
• 1:20
  is
• 1:21
  the
• 1:21
  largest
• 1:21
  they've
• 1:21
  ever
• 1:22
  had.
• 1:22
  We've
• 1:23
  got
• 1:23
  12,000
• 1:24
  attendees.
• 1:25
  We've
• 1:25
  got
• 1:26
  500
• 1:26
  exhibitors,
• 1:27
  200
• 1:27
  speakers.
• 1:28
  So
• 1:28
  really,
• 1:28
  for
• 1:28
  year
• 1:29
  one,
• 1:29
  we're
• 1:30
  really,
• 1:30
  really
• 1:30
  pleased.
• 1:31
  We're
• 1:31
  off
• 1:31
  to
• 1:31
  a
• 1:31
  great
• 1:31
  start.
• 1:32
  Yeah.
• 1:32
  You
• 1:32
  just
• 1:32
  came
• 1:32
  off
• 1:33
  stage.
• 1:33
  Right.
• 1:33
  You
• 1:33
  just
• 1:33
  opened
• 1:34
  the
• 1:34
  show.
• 1:34
  You
• 1:34
  know,
• 1:34
  what
• 1:34
  was
• 1:35
  the
• 1:35
  energy
• 1:35
  like?
• 1:35
  The
• 1:36
  energy
• 1:36
  was
• 1:36
  great.
• 1:36
  Room
• 1:36
  was
• 1:37
  full,
• 1:37
  standing
• 1:37
  room
• 1:37
  only,
• 1:38
  people
• 1:38
  all
• 1:38
  across
• 1:39
  the
• 1:39
  back.
• 1:39
  The.
• 1:40
  The
• 1:40
  French
• 1:40
  fire
• 1:41
  marshal
• 1:41
  was
• 1:42
  having
• 1:42
  coffee
• 1:43
  and
• 1:43
  just
• 1:43
  watching.
• 1:43
  Didn't
• 1:44
  really
• 1:44
  care,
• 1:44
  but
• 1:45
  just
• 1:45
  casual.
• 1:45
  No
• 1:46
  big
• 1:46
  deal.
• 1:47
  Yeah,
• 1:47
  no
• 1:48
  big
• 1:48
  deal.
• 1:48
  We
• 1:48
  need
• 1:48
  some
• 1:48
  more
• 1:48
  people
• 1:49
  in
• 1:49
  here.
• 1:49
  Yeah,
• 1:50
  Right,
• 1:50
  Right.
• 1:50
  Yeah,
• 1:51
  right.
• 1:51
  Awesome.
• 1:52
  All
• 1:52
  right,
• 1:52
  so
• 1:52
  let'
• 1:54
  Great
• 1:54
  crowd,
• 1:54
  great
• 1:54
  crowd.
• 1:54
  Be
• 1:54
  here
• 1:55
  all
• 1:55
  day.
• 1:55
  Beer
• 1:55
  all
• 1:55
  day.
• 1:55
  Right?
• 1:56
  Yeah.
• 1:56
  Thanks
• 1:56
  so
• 1:56
  much.
• 1:57
  All
• 1:57
  right,
• 1:58
  so
• 1:58
  let's
• 1:58
  get
• 1:58
  serious
• 1:58
  now.
• 1:59
  So
• 1:59
  last
• 1:59
  year,
• 1:59
  you
• 1:59
  know,
• 2:00
  retail,
• 2:00
  the
• 2:00
  holiday
• 2:01
  season
• 2:01
  was
• 2:01
  fairly
• 2:01
  strong.
• 2:02
  We
• 2:02
  did
• 2:02
  pretty
• 2:02
  well
• 2:02
  as
• 2:02
  an
• 2:03
  industry.
• 2:03
  What's
• 2:03
  your
• 2:04
  outlook
• 2:04
  for
• 2:04
  this
• 2:04
  year?
• 2:04
  How
• 2:04
  are
• 2:04
  you
• 2:05
  thinking
• 2:05
  about
• 2:05
  this
• 2:05
  year?
• 2:05
  How's
• 2:06
  things
• 2:06
  going
• 2:06
  to
• 2:06
  shape
• 2:06
  up?
• 2:07
  Well,
• 2:07
  our
• 2:07
  stated
• 2:08
  outlook
• 2:08
  is
• 2:08
  that
• 2:08
  we'll
• 2:09
  continue
• 2:09
  to
• 2:09
  see.
• 2:09
  We're
• 2:10
  seeing
• 2:10
  Growth,
• 2:10
  we
• 2:10
  will
• 2:10
  see
• 2:11
  growth.
• 2:11
  Our
• 2:12
  forecast
• 2:12
  was
• 2:13
  for
• 2:13
  growth
• 2:14
  of
• 2:14
  between
• 2:14
  2.7
• 2:15
  and
• 2:15
  3.7%,
• 2:17
  better
• 2:17
  than
• 2:18
  last
• 2:18
  year.
• 2:18
  We're
• 2:18
  actually
• 2:20
  running
• 2:20
  ahead
• 2:20
  of
• 2:20
  that
• 2:20
  at
• 2:20
  the
• 2:21
  moment.
• 2:22
  And
• 2:22
  I
• 2:23
  think
• 2:23
  the
• 2:23
  thing
• 2:23
  that
• 2:23
  has
• 2:24
  really
• 2:24
  been
• 2:24
  the
• 2:24
  real
• 2:24
  wild
• 2:25
  card,
• 2:25
  of
• 2:25
  course,
• 2:26
  has
• 2:26
  been
• 2:26
  the
• 2:26
  whole
• 2:26
  situation
• 2:27
  with
• 2:27
  our
• 2:27
  trade
• 2:28
  conversations
• 2:28
  and
• 2:29
  tariffs.
• 2:30
  And
• 2:30
  one
• 2:31
  of
• 2:31
  the
• 2:31
  reasons
• 2:31
  we're
• 2:31
  running
• 2:32
  ahead
• 2:33
  is
• 2:33
  because
• 2:33
  many
• 2:34
  of
• 2:34
  the
• 2:34
  tariffs
• 2:34
  were
• 2:34
  announced
• 2:35
  and
• 2:35
  then
• 2:35
  delayed.
• 2:36
  Right.
• 2:36
  And
• 2:37
  so
• 2:37
  retailers
• 2:38
  brought
• 2:38
  in
• 2:38
  inventory
• 2:39
  before
• 2:39
  the
• 2:39
  impact
• 2:39
  of
• 2:39
  tariffs.
• 2:40
  Consumers
• 2:40
  went
• 2:41
  out
• 2:41
  and
• 2:41
  pre
• 2:42
  bought
• 2:42
  goods
• 2:42
  and
• 2:42
  stocked
• 2:43
  up
• 2:43
  ahead
• 2:43
  of
• 2:43
  time.
• 2:44
  And
• 2:44
  so
• 2:45
  really
• 2:45
  we
• 2:45
  pulled
• 2:45
  a
• 2:45
  lot
• 2:46
  of
• 2:46
  sales
• 2:47
  forward,
• 2:47
  we
• 2:47
  think,
• 2:48
  from
• 2:48
  future
• 2:48
  markets,
• 2:49
  future
• 2:49
  quarters.
• 2:50
  Right.
• 2:50
  And
• 2:50
  pulled
• 2:51
  it
• 2:51
  into
• 2:51
  current
• 2:51
  year
• 2:52
  quarters.
• 2:52
  And
• 2:52
  that's
• 2:53
  part
• 2:53
  of
• 2:53
  the
• 2:53
  explanation
• 2:54
  for
• 2:54
  why
• 2:54
  the
• 2:55
  numbers
• 2:55
  have
• 2:55
  been
• 2:55
  higher
• 2:56
  than
• 2:56
  we
• 2:56
  expected.
• 2:57
  But
• 2:57
  the
• 2:57
  real,
• 2:57
  the
• 2:58
  real
• 2:58
  wild
• 2:58
  card
• 2:58
  has
• 2:58
  been
• 2:59
  the
• 2:59
  issue
• 3:00
  of
• 3:00
  trade
• 3:00
  and
• 3:00
  tariffs.
• 3:01
  The
• 3:01
  tax
• 3:01
  bill
• 3:02
  was,
• 3:03
  was
• 3:03
  extended
• 3:03
  and
• 3:04
  renewed
• 3:04
  the
• 3:05
  2017
• 3:06
  tax
• 3:06
  bill
• 3:06
  that
• 3:06
  created.
• 3:07
  Right.
• 3:07
  Among
• 3:07
  other
• 3:08
  things,
• 3:08
  the
• 3:08
  21%
• 3:09
  corporate
• 3:09
  tax
• 3:09
  rate.
• 3:09
  That
• 3:10
  was
• 3:10
  a
• 3:10
  huge
• 3:10
  deal
• 3:10
  for
• 3:10
  retailers.
• 3:11
  So
• 3:11
  we
• 3:12
  were
• 3:12
  pleased
• 3:12
  to
• 3:12
  see
• 3:12
  that
• 3:12
  happen.
• 3:14
  But
• 3:14
  overall,
• 3:14
  consumers
• 3:15
  are
• 3:15
  holding
• 3:15
  up
• 3:15
  pretty
• 3:16
  well.
• 3:16
  I
• 3:16
  think
• 3:16
  the
• 3:16
  real
• 3:17
  trick,
• 3:17
  as
• 3:18
  you
• 3:18
  both
• 3:18
  know,
• 3:19
  have
• 3:19
  to
• 3:20
  have
• 3:20
  great
• 3:20
  product
• 3:20
  and
• 3:20
  merchandise.
• 3:22
  But
• 3:22
  really,
• 3:23
  consumers
• 3:23
  are
• 3:24
  shopping
• 3:25
  and
• 3:25
  behaving
• 3:26
  based
• 3:26
  on
• 3:26
  the
• 3:27
  job
• 3:27
  market.
• 3:28
  And
• 3:28
  as
• 3:28
  long
• 3:28
  as
• 3:28
  they're
• 3:28
  employed
• 3:29
  and
• 3:29
  their
• 3:29
  wages
• 3:30
  exceed
• 3:30
  inflation
• 3:31
  and
• 3:31
  they
• 3:32
  feel
• 3:32
  somewhat
• 3:33
  confident
• 3:33
  about
• 3:33
  the
• 3:34
  economy,
• 3:34
  we're
• 3:34
  going
• 3:34
  to
• 3:34
  see
• 3:34
  consumer
• 3:35
  engagement.
• 3:35
  And
• 3:36
  that's
• 3:36
  what's
• 3:36
  really
• 3:36
  started
• 3:37
  to
• 3:37
  slip.
• 3:37
  We've
• 3:37
  seen
• 3:38
  consumer
• 3:38
  confidence
• 3:38
  numbers
• 3:39
  down.
• 3:40
  We've
• 3:40
  seen
• 3:40
  big
• 3:40
  concerns
• 3:41
  about
• 3:41
  the
• 3:41
  jobs
• 3:41
  market.
• 3:42
  We've
• 3:42
  seen
• 3:43
  less
• 3:43
  mobility
• 3:45
  in
• 3:45
  the
• 3:45
  jobs
• 3:45
  market,
• 3:46
  fewer
• 3:46
  people
• 3:46
  moving,
• 3:47
  changing
• 3:47
  jobs
• 3:47
  moving
• 3:48
  because
• 3:48
  they're
• 3:48
  worried
• 3:49
  about
• 3:49
  job
• 3:49
  security.
• 3:50
  We've
• 3:50
  seen
• 3:50
  companies
• 3:51
  not
• 3:51
  refilling
• 3:52
  positions.
• 3:52
  We
• 3:53
  saw
• 3:53
  the
• 3:53
  Restatement
• 3:53
  of
• 3:54
  of
• 3:54
  jobs
• 3:54
  last
• 3:55
  week.
• 3:55
  Right.
• 3:55
  A
• 3:55
  million
• 3:56
  jobs
• 3:56
  lost
• 3:56
  in
• 3:56
  the
• 3:57
  last
• 3:57
  year,
• 3:57
  lower
• 3:57
  than
• 3:58
  we
• 3:58
  thought
• 3:58
  we
• 3:58
  had
• 3:58
  created.
• 3:59
  So
• 3:59
  I
• 4:00
  think
• 4:00
  that
• 4:00
  suggests
• 4:02
  some
• 4:02
  potential
• 4:02
  challenges
• 4:03
  in
• 4:03
  the
• 4:03
  labor
• 4:03
  market
• 4:04
  and
• 4:04
  that
• 4:04
  contributes
• 4:05
  to
• 4:05
  consumer
• 4:05
  behavior
• 4:06
  and
• 4:06
  then
• 4:06
  in
• 4:07
  turn,
• 4:07
  that
• 4:07
  will
• 4:07
  impact
• 4:08
  retail
• 4:08
  sales
• 4:09
  in
• 4:09
  the
• 4:09
  future.
• 4:10
  So
• 4:10
  Matt,
• 4:10
  if
• 4:10
  you
• 4:11
  were
• 4:11
  to
• 4:11
  kind
• 4:11
  of
• 4:11
  distill
• 4:12
  that
• 4:12
  down
• 4:12
  to
• 4:13
  maybe
• 4:14
  two
• 4:14
  or
• 4:14
  three
• 4:14
  things
• 4:15
  that
• 4:15
  you
• 4:15
  feel
• 4:15
  like
• 4:16
  retailers
• 4:16
  are
• 4:16
  really
• 4:17
  focused
• 4:18
  on
• 4:18
  right
• 4:18
  now
• 4:19
  or
• 4:19
  the
• 4:19
  variables
• 4:20
  that
• 4:20
  they're
• 4:20
  watching,
• 4:21
  what
• 4:21
  would
• 4:21
  those
• 4:21
  top
• 4:22
  two
• 4:22
  be
• 4:23
  or
• 4:23
  top
• 4:23
  three?
• 4:24
  Well,
• 4:25
  I
• 4:25
  think
• 4:25
  number
• 4:25
  one,
• 4:26
  two
• 4:26
  and
• 4:26
  three
• 4:26
  is,
• 4:27
  is
• 4:27
  really
• 4:27
  tariffs.
• 4:29
  And
• 4:29
  I
• 4:30
  think
• 4:30
  it's
• 4:30
  all
• 4:30
  about
• 4:30
  execution
• 4:31
  everywhere.
• 4:32
  The
• 4:32
  tariffs
• 4:32
  are
• 4:33
  what
• 4:33
  they
• 4:33
  are.
• 4:33
  Right.
• 4:34
  And,
• 4:34
  and
• 4:34
  no
• 4:34
  amount
• 4:35
  of
• 4:36
  shouting
• 4:36
  into
• 4:36
  the
• 4:37
  wind
• 4:38
  as
• 4:38
  effectively
• 4:39
  as
• 4:39
  we
• 4:39
  have
• 4:39
  shouted
• 4:40
  is
• 4:41
  changing
• 4:41
  the
• 4:42
  current
• 4:42
  environment
• 4:42
  in
• 4:42
  and
• 4:43
  of
• 4:43
  itself.
• 4:44
  The
• 4:44
  administration
• 4:45
  is
• 4:45
  committed
• 4:46
  to
• 4:47
  tariffs
• 4:48
  as
• 4:48
  a
• 4:49
  policy
• 4:49
  tool.
• 4:51
  We
• 4:52
  certainly
• 4:52
  agree
• 4:52
  that
• 4:53
  tariffs
• 4:53
  are
• 4:54
  important
• 4:54
  tools
• 4:54
  for
• 4:55
  any
• 4:55
  president
• 4:55
  to
• 4:55
  have.
• 4:56
  We
• 4:57
  think
• 4:57
  the
• 4:57
  broad
• 4:58
  application
• 5:00
  has
• 5:00
  not
• 5:01
  been
• 5:02
  the
• 5:02
  most
• 5:02
  thoughtful
• 5:03
  and
• 5:03
  strategic
• 5:03
  use
• 5:04
  of
• 5:04
  tariffs
• 5:05
  and
• 5:05
  has
• 5:05
  had
• 5:05
  negative
• 5:06
  consequences
• 5:06
  for
• 5:07
  the
• 5:07
  economy.
• 5:07
  Maybe
• 5:08
  they
• 5:08
  haven't
• 5:08
  all
• 5:08
  shown
• 5:08
  up
• 5:08
  yet,
• 5:09
  but
• 5:09
  they
• 5:09
  will.
• 5:09
  So
• 5:09
  I
• 5:09
  think
• 5:10
  retailers
• 5:10
  understand
• 5:11
  that
• 5:11
  environment.
• 5:12
  Yeah,
• 5:13
  there
• 5:13
  aren't
• 5:14
  any
• 5:14
  questions
• 5:14
  about
• 5:16
  will
• 5:16
  or
• 5:16
  won't.
• 5:16
  Tariffs
• 5:17
  are
• 5:17
  here
• 5:19
  and
• 5:19
  in
• 5:19
  some
• 5:19
  form
• 5:19
  are
• 5:20
  probably
• 5:20
  going
• 5:20
  to
• 5:20
  be
• 5:20
  here
• 5:21
  for
• 5:22
  some
• 5:22
  time.
• 5:22
  And
• 5:22
  so
• 5:23
  I
• 5:23
  think
• 5:23
  retailers
• 5:24
  are
• 5:24
  focused
• 5:24
  on
• 5:25
  execution
• 5:26
  and
• 5:26
  agility
• 5:27
  and
• 5:27
  taking
• 5:28
  the
• 5:28
  things
• 5:28
  they
• 5:29
  learned
• 5:29
  from
• 5:30
  the
• 5:30
  pandemic
• 5:31
  forward
• 5:32
  and
• 5:32
  Even
• 5:32
  the
• 5:32
  last
• 5:33
  10
• 5:33
  years
• 5:34
  in
• 5:34
  the
• 5:34
  age
• 5:34
  of
• 5:35
  transforming
• 5:36
  digital
• 5:36
  commerce.
• 5:37
  And
• 5:37
  they're
• 5:37
  applying
• 5:37
  all
• 5:38
  of
• 5:38
  it
• 5:38
  to
• 5:39
  find
• 5:39
  solutions
• 5:41
  to
• 5:41
  preserve
• 5:42
  margins,
• 5:42
  but
• 5:43
  also
• 5:43
  to
• 5:43
  serve
• 5:43
  customers
• 5:44
  and
• 5:44
  provide
• 5:44
  lower
• 5:45
  prices
• 5:45
  and
• 5:45
  real
• 5:45
  value.
• 5:46
  And
• 5:47
  I
• 5:47
  think
• 5:48
  that
• 5:48
  is
• 5:49
  number
• 5:49
  one,
• 5:49
  two
• 5:49
  and
• 5:49
  three
• 5:50
  for
• 5:50
  every
• 5:50
  retail
• 5:51
  CEO
• 5:52
  and
• 5:52
  every
• 5:52
  C
• 5:52
  suite
• 5:53
  and
• 5:53
  every
• 5:53
  management
• 5:54
  team
• 5:54
  right
• 5:54
  now.
• 5:56
  Very
• 5:56
  pointed.
• 5:57
  That's
• 5:57
  great.
• 5:58
  All
• 5:58
  right,
• 5:58
  so
• 5:58
  let's
• 5:58
  step
• 5:58
  up
• 5:59
  a
• 5:59
  level
• 5:59
  now,
• 5:59
  because
• 5:59
  we've
• 6:00
  had
• 6:00
  you.
• 6:00
  I
• 6:00
  think
• 6:01
  we've
• 6:01
  interviewed
• 6:01
  you
• 6:01
  now
• 6:01
  probably
• 6:02
  five
• 6:02
  or
• 6:02
  six
• 6:02
  half
• 6:03
  dozen
• 6:03
  times,
• 6:03
  you
• 6:03
  know,
• 6:04
  and
• 6:04
  one
• 6:04
  question
• 6:04
  that
• 6:05
  we've
• 6:05
  always.
• 6:05
  Wanted
• 6:05
  seems
• 6:06
  like
• 6:06
  10
• 6:06
  or
• 6:06
  15.
• 6:06
  Right?
• 6:06
  Right.
• 6:07
  It
• 6:07
  feels
• 6:07
  like
• 6:07
  a
• 6:07
  lot
• 6:07
  more,
• 6:07
  doesn't
• 6:08
  it?
• 6:08
  Yeah.
• 6:08
  For
• 6:08
  you
• 6:08
  guys,
• 6:08
  it's
• 6:09
  only
• 6:09
  seems
• 6:09
  like
• 6:09
  20
• 6:09
  times.
• 6:10
  I
• 6:10
  guess
• 6:10
  it's
• 6:11
  been
• 6:11
  three.
• 6:12
  I
• 6:12
  lost
• 6:13
  count.
• 6:13
  Honestly.
• 6:14
  Can't
• 6:14
  wait
• 6:15
  till
• 6:15
  we
• 6:15
  do
• 6:15
  that.
• 6:17
  All
• 6:17
  right,
• 6:18
  so
• 6:18
  one
• 6:18
  question
• 6:18
  we've
• 6:19
  always
• 6:19
  wanted
• 6:19
  to
• 6:19
  ask
• 6:19
  you
• 6:20
  is,
• 6:21
  you
• 6:21
  know,
• 6:21
  if
• 6:22
  you
• 6:22
  look
• 6:22
  at
• 6:22
  the
• 6:22
  macroeconomics
• 6:23
  aside
• 6:23
  of
• 6:23
  the
• 6:23
  current
• 6:24
  climate,
• 6:24
  like,
• 6:24
  if
• 6:24
  you're
• 6:24
  evaluating
• 6:25
  a
• 6:25
  policy
• 6:26
  proposal
• 6:27
  that
• 6:27
  impacts
• 6:28
  retail,
• 6:29
  what
• 6:29
  is
• 6:29
  your
• 6:29
  rubric
• 6:30
  for
• 6:30
  deciding
• 6:30
  whether
• 6:31
  or
• 6:31
  not
• 6:31
  that's
• 6:31
  the
• 6:31
  right
• 6:31
  policy
• 6:32
  to
• 6:32
  go
• 6:32
  after
• 6:32
  for
• 6:33
  the
• 6:33
  industry?
• 6:34
  The
• 6:34
  rubrics
• 6:35
  cube.
• 6:37
  You
• 6:37
  know
• 6:37
  what
• 6:39
  I
• 6:39
  think
• 6:39
  in
• 6:39
  the
• 6:40
  last.
• 6:40
  So
• 6:41
  the
• 6:41
  team
• 6:41
  came
• 6:41
  in
• 6:42
  15
• 6:42
  years
• 6:42
  ago.
• 6:43
  So
• 6:44
  the
• 6:44
  NRF
• 6:44
  has
• 6:44
  gone
• 6:44
  through
• 6:45
  a
• 6:45
  lot
• 6:45
  of
• 6:45
  change,
• 6:45
  just
• 6:45
  as
• 6:45
  the
• 6:46
  industry
• 6:46
  has
• 6:46
  in
• 6:46
  the
• 6:46
  last
• 6:47
  15
• 6:47
  years.
• 6:48
  And
• 6:49
  while
• 6:49
  the
• 6:50
  composition
• 6:50
  of
• 6:50
  our
• 6:51
  membership
• 6:51
  has
• 6:51
  evolved
• 6:53
  and
• 6:53
  while
• 6:53
  the
• 6:53
  volunteer
• 6:54
  leaders
• 6:55
  sitting
• 6:55
  around
• 6:55
  the
• 6:56
  table
• 6:56
  has
• 6:56
  changed
• 6:57
  and
• 6:57
  while
• 6:58
  the
• 6:58
  industry
• 6:59
  itself
• 6:59
  has
• 7:00
  transformed
• 7:01
  and
• 7:02
  disrupted
• 7:02
  and
• 7:03
  transformed
• 7:03
  again.
• 7:04
  I
• 7:04
  think
• 7:04
  the
• 7:04
  thing
• 7:05
  that
• 7:05
  we
• 7:05
  have
• 7:05
  heard
• 7:05
  consistently
• 7:06
  from
• 7:06
  our
• 7:07
  members
• 7:07
  throughout,
• 7:09
  from
• 7:10
  the
• 7:10
  leaders,
• 7:10
  from
• 7:10
  the
• 7:10
  chairs,
• 7:11
  from
• 7:11
  the
• 7:11
  officers,
• 7:12
  from
• 7:12
  the
• 7:12
  board
• 7:12
  members,
• 7:13
  from
• 7:14
  all
• 7:14
  of
• 7:14
  the
• 7:14
  members,
• 7:16
  is
• 7:16
  how
• 7:16
  much
• 7:17
  they
• 7:17
  value
• 7:17
  the
• 7:17
  diversity
• 7:18
  of
• 7:18
  thought
• 7:18
  and
• 7:19
  viewpoint
• 7:19
  inside
• 7:19
  the
• 7:20
  nrf.
• 7:20
  Because
• 7:20
  the
• 7:20
  NRF
• 7:21
  represents
• 7:22
  every
• 7:23
  segment
• 7:23
  of
• 7:23
  retail,
• 7:23
  from
• 7:24
  the
• 7:24
  very
• 7:24
  largest
• 7:24
  to
• 7:24
  the
• 7:25
  very
• 7:25
  smallest.
• 7:25
  And
• 7:25
  across
• 7:26
  categories,
• 7:28
  department
• 7:28
  store,
• 7:29
  discount
• 7:29
  store,
• 7:29
  luxury
• 7:30
  store,
• 7:30
  specialty
• 7:31
  grocery,
• 7:31
  chain,
• 7:31
  restaurant,
• 7:33
  online,
• 7:34
  digital,
• 7:35
  first
• 7:37
  home
• 7:37
  goods,
• 7:38
  home
• 7:38
  improvement,
• 7:39
  furnishings,
• 7:40
  you
• 7:40
  name
• 7:40
  it.
• 7:41
  From
• 7:41
  the
• 7:42
  very
• 7:42
  largest
• 7:42
  companies
• 7:43
  in
• 7:43
  the
• 7:44
  world
• 7:44
  with
• 7:44
  global
• 7:45
  footprints
• 7:45
  down
• 7:46
  to
• 7:46
  retailers
• 7:47
  that
• 7:47
  have,
• 7:48
  you
• 7:48
  know,
• 7:48
  the
• 7:48
  proverbial
• 7:49
  one
• 7:49
  store
• 7:49
  on
• 7:49
  Main
• 7:49
  Street.
• 7:50
  And,
• 7:51
  and
• 7:51
  that
• 7:51
  level
• 7:52
  of
• 7:52
  diversity
• 7:53
  of
• 7:53
  thought
• 7:54
  and
• 7:54
  perspective
• 7:55
  contributes
• 7:56
  to
• 7:56
  the
• 7:56
  way
• 7:56
  in
• 7:57
  which
• 7:57
  decisions
• 7:57
  get
• 7:58
  okay
• 7:58
  and
• 7:59
  I
• 7:59
  think
• 7:59
  ensures
• 8:00
  that
• 8:00
  there's
• 8:00
  a
• 8:01
  very
• 8:01
  representative
• 8:02
  set
• 8:02
  of
• 8:02
  perspectives
• 8:03
  that
• 8:03
  get
• 8:03
  shared
• 8:04
  as
• 8:04
  the
• 8:05
  volunteer
• 8:06
  committees
• 8:06
  and
• 8:06
  as
• 8:06
  the
• 8:06
  volunteer
• 8:07
  leaders
• 8:07
  on
• 8:07
  the
• 8:07
  board
• 8:07
  and
• 8:08
  the
• 8:08
  executive
• 8:08
  committee
• 8:09
  make
• 8:09
  decisions
• 8:10
  about
• 8:11
  policy
• 8:12
  priorities.
• 8:13
  And
• 8:14
  sometimes
• 8:14
  it's
• 8:14
  very
• 8:14
  easy,
• 8:15
  right?
• 8:15
  In
• 8:15
  the
• 8:15
  current
• 8:15
  environment,
• 8:16
  it's
• 8:16
  easy
• 8:16
  to
• 8:16
  say
• 8:17
  we
• 8:17
  need
• 8:17
  to
• 8:17
  be
• 8:17
  involved
• 8:17
  on
• 8:18
  trade
• 8:18
  and
• 8:18
  tariffs.
• 8:19
  Right.
• 8:20
  It's
• 8:20
  self
• 8:20
  evident,
• 8:21
  right.
• 8:22
  And
• 8:22
  the
• 8:23
  same
• 8:23
  is
• 8:23
  true
• 8:23
  on
• 8:23
  an
• 8:24
  issue
• 8:24
  like
• 8:24
  taxes
• 8:25
  or
• 8:25
  an
• 8:25
  issue
• 8:25
  like
• 8:25
  organized
• 8:26
  retail
• 8:26
  crime,
• 8:28
  or
• 8:28
  even
• 8:29
  an
• 8:29
  issue
• 8:30
  like
• 8:30
  regulatory
• 8:30
  reform
• 8:31
  broadly.
• 8:33
  So
• 8:33
  in
• 8:33
  terms
• 8:34
  of
• 8:34
  the
• 8:34
  decision
• 8:34
  making
• 8:35
  process,
• 8:36
  I
• 8:36
  guess
• 8:37
  I
• 8:37
  would
• 8:37
  say
• 8:38
  that
• 8:39
  we
• 8:39
  have
• 8:39
  this
• 8:40
  very
• 8:40
  representative
• 8:40
  group
• 8:41
  of
• 8:41
  members.
• 8:41
  We
• 8:42
  have
• 8:43
  dozens
• 8:43
  and
• 8:43
  dozens
• 8:44
  of
• 8:44
  standing
• 8:44
  committees
• 8:45
  of
• 8:45
  members,
• 8:46
  volunteer
• 8:46
  leaders,
• 8:48
  whether
• 8:48
  it's
• 8:48
  for
• 8:49
  chief
• 8:50
  operating
• 8:50
  officers
• 8:50
  or
• 8:51
  general
• 8:51
  counsels
• 8:51
  or
• 8:51
  digital
• 8:52
  officers
• 8:52
  or
• 8:53
  marketing
• 8:53
  officers,
• 8:53
  or
• 8:54
  supply
• 8:54
  chain
• 8:55
  or
• 8:55
  loss
• 8:55
  prevention.
• 8:57
  And
• 8:57
  they
• 8:57
  meet
• 8:57
  regularly,
• 8:58
  they
• 8:58
  have
• 8:58
  conversations
• 8:59
  about
• 8:59
  issues,
• 9:00
  and
• 9:00
  those
• 9:00
  issues
• 9:01
  end
• 9:01
  up
• 9:01
  being
• 9:02
  discussed
• 9:04
  by
• 9:04
  the
• 9:04
  board
• 9:04
  and
• 9:04
  by
• 9:05
  the
• 9:05
  officers,
• 9:06
  and
• 9:06
  it
• 9:06
  sort
• 9:06
  of
• 9:06
  percolates
• 9:07
  into
• 9:08
  here
• 9:08
  are
• 9:08
  the
• 9:08
  things
• 9:09
  that
• 9:09
  our
• 9:10
  members
• 9:10
  care
• 9:10
  about,
• 9:11
  and
• 9:12
  are
• 9:12
  there
• 9:12
  some
• 9:12
  ways
• 9:13
  in
• 9:13
  which
• 9:13
  we
• 9:13
  could
• 9:13
  bring
• 9:14
  the
• 9:15
  perspective
• 9:15
  of
• 9:15
  our
• 9:15
  members
• 9:16
  to
• 9:16
  life
• 9:16
  through
• 9:16
  our
• 9:17
  advocacy
• 9:17
  or
• 9:17
  our
• 9:18
  communication
• 9:18
  on
• 9:18
  a
• 9:19
  particular
• 9:19
  topic?
• 9:20
  And
• 9:20
  that's
• 9:20
  really
• 9:21
  how
• 9:21
  it
• 9:21
  works.
• 9:21
  And
• 9:22
  the
• 9:22
  board
• 9:22
  is
• 9:22
  discussing
• 9:23
  this
• 9:23
  all
• 9:23
  the
• 9:23
  time.
• 9:24
  We
• 9:25
  do,
• 9:25
  of
• 9:25
  course,
• 9:25
  lots
• 9:26
  of
• 9:26
  regular
• 9:26
  updates
• 9:27
  to
• 9:27
  the
• 9:27
  board
• 9:27
  and
• 9:28
  have
• 9:28
  very,
• 9:29
  very
• 9:29
  thorough,
• 9:29
  thoughtful
• 9:30
  discussions.
• 9:31
  And
• 9:31
  you
• 9:31
  know,
• 9:32
  when
• 9:32
  the
• 9:32
  board
• 9:33
  and
• 9:33
  the
• 9:33
  volunteer
• 9:33
  leaders
• 9:34
  say
• 9:34
  either
• 9:35
  we
• 9:35
  should
• 9:35
  be
• 9:35
  somewhere
• 9:35
  we
• 9:36
  aren't
• 9:36
  or
• 9:36
  we
• 9:36
  should
• 9:37
  stop
• 9:37
  doing
• 9:37
  something
• 9:37
  we
• 9:38
  don't
• 9:38
  need
• 9:38
  to
• 9:38
  anymore,
• 9:39
  then
• 9:40
  we
• 9:40
  quickly
• 9:40
  adjust
• 9:41
  and
• 9:41
  make
• 9:41
  those
• 9:42
  changes.
• 9:42
  That's
• 9:42
  the
• 9:43
  inside
• 9:43
  baseball
• 9:43
  look.
• 9:43
  Okay,
• 9:44
  I
• 9:44
  love
• 9:44
  it.
• 9:44
  Well,
• 9:45
  Matt,
• 9:46
  let's
• 9:46
  close
• 9:46
  things
• 9:46
  out
• 9:46
  with
• 9:47
  this.
• 9:47
  Hopefully
• 9:48
  we'll
• 9:48
  be
• 9:48
  talking
• 9:49
  to
• 9:49
  you
• 9:49
  in
• 9:49
  New
• 9:49
  York
• 9:49
  at
• 9:50
  NRF
• 9:50
  here
• 9:51
  in
• 9:51
  a
• 9:51
  few
• 9:51
  months.
• 9:52
  But
• 9:53
  between
• 9:53
  now
• 9:54
  and
• 9:54
  then,
• 9:54
  and
• 9:54
  even
• 9:55
  as
• 9:55
  we
• 9:55
  head
• 9:55
  into
• 9:55
  2026,
• 9:56
  what
• 9:57
  would
• 9:57
  you
• 9:57
  say
• 9:57
  your
• 9:58
  own
• 9:58
  priorities
• 9:59
  are?
• 9:59
  As
• 9:59
  we
• 9:59
  start
• 10:00
  to
• 10:00
  think
• 10:00
  about,
• 10:00
  you
• 10:01
  know,
• 10:01
  what's
• 10:01
  ahead
• 10:01
  for
• 10:02
  the
• 10:02
  retail,
• 10:03
  the
• 10:03
  National
• 10:04
  Retail
• 10:04
  Federation
• 10:05
  and
• 10:05
  then
• 10:05
  for
• 10:05
  the
• 10:06
  retail
• 10:06
  organizations
• 10:07
  that
• 10:07
  are
• 10:07
  members
• 10:07
  of
• 10:07
  that.
• 10:08
  Well,
• 10:08
  you
• 10:08
  know,
• 10:09
  as
• 10:09
  we
• 10:10
  were
• 10:10
  discussing
• 10:10
  downstairs
• 10:11
  the
• 10:11
  opening
• 10:11
  session
• 10:11
  a
• 10:11
  minute
• 10:12
  ago,
• 10:12
  I
• 10:12
  mean,
• 10:13
  our
• 10:13
  three
• 10:13
  priorities
• 10:14
  are
• 10:14
  advocacy,
• 10:14
  communication
• 10:15
  and
• 10:15
  education.
• 10:16
  And
• 10:16
  we're
• 10:17
  doing
• 10:17
  those
• 10:17
  constantly,
• 10:18
  all
• 10:18
  the
• 10:18
  time,
• 10:18
  in
• 10:18
  a
• 10:19
  variety
• 10:19
  of,
• 10:19
  variety
• 10:20
  of
• 10:20
  initiatives
• 10:20
  and
• 10:20
  programs.
• 10:22
  And
• 10:22
  so
• 10:22
  the
• 10:23
  advocacy
• 10:23
  will
• 10:24
  continue.
• 10:25
  And
• 10:25
  I
• 10:25
  think
• 10:26
  in
• 10:26
  the
• 10:26
  near
• 10:26
  term,
• 10:27
  you
• 10:27
  know,
• 10:27
  as
• 10:28
  the
• 10:28
  economy
• 10:28
  potentially
• 10:29
  continues
• 10:30
  to
• 10:30
  face
• 10:30
  uncertainty,
• 10:31
  which
• 10:31
  I
• 10:31
  think
• 10:31
  is
• 10:31
  the
• 10:31
  one
• 10:32
  thing
• 10:32
  we
• 10:32
  all
• 10:32
  agree
• 10:32
  is
• 10:33
  likely
• 10:34
  to
• 10:34
  happen
• 10:34
  in
• 10:34
  the
• 10:34
  future,
• 10:35
  things
• 10:35
  change
• 10:35
  so
• 10:36
  quickly
• 10:37
  and
• 10:37
  it's
• 10:37
  a
• 10:37
  very,
• 10:38
  in
• 10:38
  many
• 10:39
  ways
• 10:39
  a
• 10:39
  very
• 10:39
  challenging
• 10:40
  environment.
• 10:40
  I
• 10:41
  think
• 10:41
  communicating
• 10:43
  to
• 10:44
  public
• 10:44
  audiences,
• 10:45
  to
• 10:45
  policymakers,
• 10:46
  to
• 10:46
  the
• 10:46
  media
• 10:46
  and
• 10:46
  others,
• 10:47
  the
• 10:48
  work
• 10:48
  that
• 10:48
  goes
• 10:48
  into
• 10:49
  the
• 10:49
  retail
• 10:49
  industry
• 10:49
  trying
• 10:50
  to
• 10:50
  deliver
• 10:50
  value
• 10:51
  for
• 10:51
  consumers
• 10:52
  at
• 10:53
  a
• 10:53
  time
• 10:53
  when
• 10:53
  consumers
• 10:54
  may
• 10:54
  be
• 10:54
  feeling
• 10:55
  the
• 10:55
  challenges.
• 10:56
  You
• 10:56
  know,
• 10:56
  the
• 10:57
  statistic
• 10:57
  that
• 10:57
  I
• 10:58
  read
• 10:58
  recently
• 10:58
  that
• 10:58
  struck
• 10:59
  me
• 10:59
  that
• 10:59
  our
• 10:59
  research
• 11:00
  team
• 11:00
  gave
• 11:01
  me
• 11:01
  was
• 11:01
  that
• 11:02
  10
• 11:02
  years
• 11:03
  ago,
• 11:04
  the
• 11:04
  top
• 11:04
  10%
• 11:05
  of
• 11:05
  Americans
• 11:06
  accounted
• 11:06
  for
• 11:06
  about
• 11:07
  37%
• 11:08
  of
• 11:08
  all
• 11:08
  consumption.
• 11:09
  And
• 11:09
  today,
• 11:09
  the
• 11:10
  top
• 11:10
  10%
• 11:10
  of
• 11:11
  Americans
• 11:11
  by
• 11:11
  household
• 11:12
  wealth
• 11:12
  account
• 11:12
  for
• 11:13
  more
• 11:13
  than
• 11:13
  half,
• 11:13
  more
• 11:14
  than
• 11:14
  50%
• 11:15
  of
• 11:15
  all
• 11:15
  consumption.
• 11:16
  Which
• 11:16
  shows
• 11:17
  you
• 11:17
  that
• 11:17
  there's
• 11:17
  increasing
• 11:18
  pressure
• 11:19
  on
• 11:19
  those
• 11:19
  other
• 11:19
  households.
• 11:21
  And
• 11:21
  I
• 11:21
  think
• 11:21
  that,
• 11:22
  you
• 11:22
  know,
• 11:22
  unless
• 11:22
  we
• 11:23
  see
• 11:23
  some
• 11:23
  real
• 11:24
  panacea,
• 11:24
  some
• 11:24
  real
• 11:25
  relief,
• 11:25
  that's
• 11:25
  going
• 11:25
  to
• 11:25
  continue.
• 11:26
  And
• 11:27
  so
• 11:27
  I
• 11:27
  think
• 11:27
  telling
• 11:28
  the
• 11:28
  story
• 11:28
  of
• 11:28
  how
• 11:28
  retailers
• 11:29
  are
• 11:29
  serving
• 11:30
  those
• 11:30
  consumers,
• 11:31
  those
• 11:32
  individuals,
• 11:32
  those
• 11:33
  households,
• 11:33
  those
• 11:34
  communities
• 11:34
  that
• 11:34
  are
• 11:34
  really
• 11:35
  feeling
• 11:35
  pressure,
• 11:35
  I
• 11:35
  think
• 11:36
  is
• 11:36
  an
• 11:36
  important
• 11:36
  story
• 11:37
  to
• 11:37
  tell
• 11:37
  at
• 11:38
  a
• 11:38
  time
• 11:38
  like
• 11:38
  this.
• 11:39
  And
• 11:39
  then
• 11:40
  I
• 11:40
  think
• 11:40
  the
• 11:40
  other
• 11:40
  thing
• 11:40
  that
• 11:40
  we
• 11:40
  talk
• 11:41
  about,
• 11:41
  and
• 11:42
  I
• 11:42
  don't
• 11:42
  think
• 11:42
  people
• 11:42
  appreciate
• 11:43
  fully
• 11:44
  unless
• 11:44
  they've
• 11:44
  been
• 11:44
  to
• 11:44
  an
• 11:45
  event
• 11:45
  like
• 11:45
  this
• 11:45
  or
• 11:45
  the
• 11:45
  New
• 11:45
  York
• 11:46
  show,
• 11:46
  is
• 11:47
  the
• 11:47
  level
• 11:47
  of
• 11:47
  innovation
• 11:48
  that
• 11:48
  retailers
• 11:49
  deploy
• 11:50
  to
• 11:50
  serve
• 11:51
  customers,
• 11:51
  to
• 11:52
  deliver
• 11:52
  that
• 11:52
  value,
• 11:53
  to
• 11:53
  give
• 11:53
  them
• 11:54
  what
• 11:54
  they
• 11:54
  need
• 11:55
  and
• 11:55
  want
• 11:55
  at
• 11:56
  a
• 11:56
  time
• 11:56
  and
• 11:56
  place
• 11:56
  and
• 11:56
  a
• 11:57
  price
• 11:57
  at
• 11:57
  which
• 11:57
  they
• 11:57
  want
• 11:57
  it.
• 11:58
  And
• 11:59
  people
• 11:59
  still
• 11:59
  have
• 12:00
  an
• 12:00
  antiquated,
• 12:00
  outdated,
• 12:02
  inaccurate
• 12:03
  kind
• 12:03
  of
• 12:03
  perception
• 12:04
  of
• 12:04
  retail
• 12:05
  when
• 12:05
  they
• 12:05
  think
• 12:05
  of
• 12:06
  all
• 12:06
  they
• 12:06
  see
• 12:06
  is
• 12:06
  the
• 12:06
  front
• 12:06
  of
• 12:07
  the
• 12:07
  store.
• 12:07
  They
• 12:07
  don't
• 12:07
  appreciate
• 12:08
  the
• 12:08
  90%
• 12:09
  that's
• 12:09
  below
• 12:10
  the
• 12:10
  waterline
• 12:10
  on
• 12:11
  that
• 12:11
  iceberg.
• 12:12
  And
• 12:12
  there's
• 12:12
  an
• 12:13
  enormous
• 12:13
  amount
• 12:13
  of
• 12:13
  technology
• 12:14
  and
• 12:14
  innovation,
• 12:14
  as
• 12:15
  you
• 12:15
  know,
• 12:15
  that
• 12:16
  as
• 12:16
  we
• 12:16
  see
• 12:16
  here
• 12:16
  standing
• 12:17
  on
• 12:17
  the
• 12:17
  show
• 12:17
  floor
• 12:17
  with
• 12:17
  500
• 12:18
  exhibitors
• 12:19
  here
• 12:19
  in
• 12:19
  Europe
• 12:19
  for
• 12:20
  our
• 12:20
  first
• 12:20
  NRF
• 12:21
  Europe
• 12:21
  show
• 12:21
  ever.
• 12:22
  So
• 12:22
  I
• 12:23
  think
• 12:23
  that's
• 12:23
  also
• 12:23
  a
• 12:24
  story
• 12:24
  that
• 12:24
  we
• 12:24
  can't
• 12:25
  ever
• 12:25
  tell
• 12:26
  too
• 12:26
  often
• 12:27
  because
• 12:27
  it
• 12:27
  helps
• 12:28
  explain
• 12:29
  how
• 12:29
  retailers
• 12:30
  are
• 12:30
  able
• 12:30
  to
• 12:30
  accomplish
• 12:30
  that
• 12:31
  other
• 12:31
  objective,
• 12:31
  which
• 12:32
  is
• 12:32
  serving
• 12:32
  customers
• 12:33
  and
• 12:33
  delivering
• 12:33
  value.
• 12:34
  Yeah,
• 12:34
  that's
• 12:34
  a
• 12:34
  great
• 12:34
  point.
• 12:34
  Like
• 12:35
  we
• 12:35
  always
• 12:35
  say,
• 12:35
  and
• 12:35
  retail
• 12:35
  is
• 12:36
  detail,
• 12:36
  and
• 12:36
  there's
• 12:36
  a
• 12:36
  heck
• 12:37
  of
• 12:37
  a
• 12:37
  lot
• 12:37
  of
• 12:37
  detail
• 12:37
  that
• 12:37
  goes
• 12:38
  on
• 12:38
  behind
• 12:38
  the
• 12:38
  scenes.
• 12:39
  Yeah.
• 12:39
  Well,
• 12:39
  Matt,
• 12:40
  thank
• 12:40
  you
• 12:40
  for
• 12:40
  joining
• 12:41
  us
• 12:41
  today.
• 12:41
  My
• 12:41
  pleasure.
• 12:42
  Thank
• 12:42
  you.
• 12:42
  Our
• 12:42
  first
• 12:43
  interview
• 12:43
  to
• 12:43
  kick
• 12:43
  off
• 12:43
  the
• 12:44
  show.
• 12:44
  We
• 12:44
  appreciate
• 12:44
  you
• 12:44
  spending
• 12:45
  the
• 12:45
  time
• 12:45
  with
• 12:45
  us.
• 12:45
  And
• 12:46
  you
• 12:46
  heard
• 12:46
  it
• 12:46
  here,
• 12:46
  folks.
• 12:47
  Very
• 12:47
  focused
• 12:47
  on
• 12:48
  the
• 12:48
  trade
• 12:48
  policies
• 12:49
  that
• 12:49
  are
• 12:49
  happening
• 12:49
  in
• 12:50
  the
• 12:50
  U.S.
• 12:50
  particularly.
• 12:51
  So,
• 12:51
  Ann,
• 12:52
  until
• 12:52
  next
• 12:52
  time,
• 12:53
  thanks.
• 12:54
  Big
• 12:54
  thank
• 12:54
  you
• 12:54
  to
• 12:54
  Fusion
• 12:55
  Group,
• 12:55
  and
• 12:55
  be
• 12:55
  careful
• 12:56
  out
• 12:56
  there.