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Fast Five Shorts | Does The American Consumer Need Smaller Format Burlington Stores? · Omni Talk Retail

• 0:00
  Burlington
• 0:01
  is
• 0:01
  taking
• 0:01
  aim
• 0:02
  at
• 0:02
  Ross
• 0:02
  stores
• 0:03
  and
• 0:03
  TJX
• 0:04
  with
• 0:04
  a
• 0:04
  smaller
• 0:05
  store
• 0:05
  format.
• 0:05
  According
• 0:06
  to
• 0:06
  the
• 0:06
  Wall
• 0:06
  Street
• 0:06
  Journal.
• 0:07
  Unlike
• 0:07
  Burlington,
• 0:08
  whose
• 0:08
  locations
• 0:08
  were
• 0:09
  historically
• 0:09
  the
• 0:10
  size
• 0:10
  of
• 0:10
  department
• 0:11
  stores,
• 0:12
  Ross
• 0:12
  and
• 0:12
  TJX
• 0:13
  brands
• 0:13
  have
• 0:13
  always
• 0:14
  operated
• 0:14
  smaller
• 0:15
  format
• 0:15
  stores.
• 0:16
  Burlington's
• 0:17
  gradual
• 0:17
  downsizing
• 0:18
  accelerated
• 0:19
  under
• 0:19
  the
• 0:19
  leadership
• 0:19
  of
• 0:20
  their
• 0:20
  current
• 0:20
  Chief
• 0:21
  Executive,
• 0:21
  Michael
• 0:22
  O'Sullivan,
• 0:22
  who
• 0:23
  joined
• 0:23
  the
• 0:23
  company
• 0:23
  in
• 0:24
  2019
• 0:24
  after
• 0:25
  16
• 0:25
  years
• 0:25
  at
• 0:26
  Ross,
• 0:26
  where
• 0:26
  he
• 0:27
  ended
• 0:27
  his
• 0:27
  tenure
• 0:27
  as
• 0:28
  president
• 0:29
  and
• 0:29
  chief
• 0:29
  operating
• 0:30
  officer.
• 0:30
  Burlington,
• 0:31
  which
• 0:31
  has
• 0:32
  1103
• 0:33
  stores
• 0:34
  today,
• 0:34
  plans
• 0:34
  to
• 0:34
  open
• 0:35
  about
• 0:35
  100
• 0:36
  net
• 0:36
  new
• 0:36
  locations
• 0:37
  and
• 0:37
  relocate
• 0:38
  a
• 0:38
  couple
• 0:38
  dozen
• 0:39
  annually
• 0:40
  through
• 0:41
  2029.
• 0:42
  The
• 0:42
  company
• 0:42
  believes
• 0:43
  it
• 0:43
  will
• 0:43
  eventually
• 0:44
  grow
• 0:44
  to
• 0:44
  2,000
• 0:45
  total
• 0:46
  stores,
• 0:46
  O'Sullivan
• 0:47
  said.
• 0:48
  John,
• 0:48
  one
• 0:49
  more
• 0:49
  time
• 0:50
  right
• 0:50
  to
• 0:50
  you.
• 0:50
  Does
• 0:51
  the
• 0:51
  American
• 0:51
  consumer
• 0:52
  need
• 0:52
  more
• 0:53
  smaller
• 0:53
  format
• 0:54
  Burlington
• 0:55
  stores?
• 0:55
  Stores?
• 0:57
  Yeah,
• 0:57
  I'll,
• 0:58
  I'll
• 0:58
  give
• 0:58
  my
• 0:58
  kind
• 0:58
  of
• 0:59
  quick
• 0:59
  pitch
• 0:59
  and
• 0:59
  I
• 0:59
  think
• 1:00
  Kelly
• 1:00
  will
• 1:00
  probably
• 1:00
  have
• 1:01
  a
• 1:01
  bigger
• 1:01
  perspective
• 1:02
  here
• 1:02
  as
• 1:02
  well.
• 1:02
  But
• 1:02
  my,
• 1:03
  my
• 1:03
  feeling
• 1:03
  is
• 1:04
  yes,
• 1:05
  I
• 1:05
  think
• 1:06
  Burlington
• 1:06
  is,
• 1:08
  is
• 1:08
  like
• 1:09
  they're,
• 1:09
  they
• 1:09
  have
• 1:10
  consecutive
• 1:10
  quarters
• 1:11
  of
• 1:11
  double
• 1:11
  digit
• 1:12
  growth.
• 1:12
  So
• 1:12
  like
• 1:12
  they
• 1:13
  are
• 1:13
  really
• 1:13
  moving
• 1:14
  forward
• 1:14
  in
• 1:14
  this
• 1:15
  trend
• 1:15
  of
• 1:15
  like
• 1:15
  off
• 1:16
  off
• 1:17
  price
• 1:17
  fashion.
• 1:18
  The
• 1:18
  other
• 1:19
  thing
• 1:19
  that
• 1:19
  I,
• 1:19
  that
• 1:20
  really
• 1:20
  drew
• 1:20
  me
• 1:20
  to
• 1:20
  this
• 1:21
  is
• 1:21
  and
• 1:21
  it's
• 1:22
  a
• 1:22
  little
• 1:22
  bit
• 1:22
  linked
• 1:22
  to
• 1:22
  our
• 1:22
  conversation
• 1:23
  with
• 1:23
  Target
• 1:23
  previously
• 1:24
  is
• 1:24
  now
• 1:25
  what
• 1:25
  do
• 1:26
  great
• 1:26
  retailers
• 1:27
  do
• 1:27
  consistently
• 1:28
  that
• 1:28
  bad
• 1:29
  retailers
• 1:29
  are
• 1:30
  like
• 1:30
  don't
• 1:31
  do
• 1:31
  and
• 1:32
  that
• 1:32
  is
• 1:32
  turn
• 1:33
  inventory.
• 1:33
  And
• 1:34
  Burlington
• 1:34
  turn
• 1:35
  inventory.
• 1:35
  And
• 1:36
  a
• 1:36
  smaller
• 1:36
  format
• 1:38
  for
• 1:38
  me
• 1:38
  will
• 1:38
  only
• 1:39
  accelerate
• 1:39
  how
• 1:39
  good
• 1:40
  they
• 1:40
  are
• 1:40
  at
• 1:40
  that
• 1:40
  already
• 1:41
  because
• 1:41
  they
• 1:41
  know
• 1:41
  what
• 1:42
  they
• 1:42
  need
• 1:42
  to
• 1:42
  do.
• 1:42
  They
• 1:42
  don't
• 1:43
  need
• 1:43
  to
• 1:43
  stuff
• 1:43
  stores
• 1:43
  with
• 1:44
  products
• 1:44
  that
• 1:45
  people
• 1:45
  don't
• 1:45
  need.
• 1:45
  They
• 1:45
  don't
• 1:46
  need
• 1:46
  to
• 1:46
  buy
• 1:46
  inventory.
• 1:47
  And
• 1:48
  I
• 1:48
  think
• 1:48
  it's
• 1:48
  going
• 1:48
  to
• 1:48
  accelerate
• 1:49
  their
• 1:49
  turns.
• 1:49
  That's
• 1:49
  my
• 1:49
  first
• 1:50
  kind
• 1:50
  of
• 1:50
  thought
• 1:50
  when
• 1:50
  I
• 1:51
  looked
• 1:51
  at
• 1:51
  this.
• 1:51
  The
• 1:51
  other
• 1:52
  thing
• 1:52
  is
• 1:52
  that
• 1:52
  we
• 1:52
  see
• 1:53
  consumers
• 1:54
  enjoy
• 1:54
  smaller
• 1:55
  stores
• 1:55
  now.
• 1:56
  They
• 1:56
  prefer
• 1:56
  a
• 1:57
  smaller
• 1:57
  convenience
• 1:57
  store
• 1:58
  they
• 1:58
  get
• 1:58
  in
• 1:58
  and
• 1:58
  out
• 1:59
  of
• 1:59
  and
• 1:59
  you
• 1:59
  can
• 1:59
  still
• 2:00
  have
• 2:01
  aspect
• 2:01
  to
• 2:01
  that
• 2:02
  without
• 2:02
  then
• 2:02
  needing
• 2:03
  a
• 2:03
  department
• 2:03
  store
• 2:04
  size.
• 2:04
  So,
• 2:04
  so
• 2:04
  for
• 2:05
  me
• 2:05
  I
• 2:05
  see
• 2:05
  like
• 2:06
  literally
• 2:06
  zero
• 2:06
  downside
• 2:07
  to
• 2:07
  this
• 2:07
  for
• 2:08
  Burlington.
• 2:08
  I
• 2:09
  think
• 2:09
  it's
• 2:09
  a
• 2:09
  smart
• 2:09
  play.
• 2:10
  I
• 2:10
  think
• 2:10
  it's
• 2:10
  going
• 2:10
  to
• 2:10
  financially
• 2:11
  make
• 2:11
  sense.
• 2:11
  It
• 2:12
  also
• 2:12
  it's
• 2:12
  them
• 2:13
  listening
• 2:13
  to
• 2:13
  their
• 2:13
  customers.
• 2:14
  So
• 2:15
  I
• 2:15
  would
• 2:15
  kind
• 2:15
  of
• 2:15
  be
• 2:15
  really
• 2:15
  interested
• 2:16
  to
• 2:16
  see
• 2:16
  the
• 2:16
  impact
• 2:16
  because
• 2:17
  I
• 2:17
  don't
• 2:17
  see
• 2:17
  a
• 2:17
  negative.
• 2:18
  Yeah,
• 2:18
  I
• 2:19
  agree
• 2:19
  with
• 2:19
  you
• 2:19
  Kelly.
• 2:20
  Where
• 2:20
  do
• 2:20
  you
• 2:20
  land
• 2:20
  on
• 2:21
  this
• 2:21
  one?
• 2:21
  Are
• 2:21
  you
• 2:21
  thinking
• 2:22
  that
• 2:22
  the
• 2:22
  smaller
• 2:23
  store
• 2:23
  format
• 2:23
  is
• 2:23
  the
• 2:23
  way
• 2:23
  to
• 2:24
  go?
• 2:25
  I,
• 2:25
  I
• 2:26
  do
• 2:26
  think
• 2:26
  the
• 2:26
  smaller
• 2:27
  store
• 2:27
  format
• 2:27
  is
• 2:27
  a
• 2:28
  good
• 2:28
  way
• 2:28
  to
• 2:28
  go
• 2:28
  for
• 2:28
  them
• 2:29
  and
• 2:29
  in
• 2:29
  particular
• 2:30
  looking
• 2:31
  at
• 2:31
  the
• 2:31
  types
• 2:32
  of
• 2:32
  real
• 2:32
  estate
• 2:33
  that
• 2:33
  they're
• 2:33
  moving
• 2:33
  into.
• 2:34
  It's,
• 2:34
  it's
• 2:34
  not
• 2:34
  just
• 2:35
  smaller
• 2:35
  format
• 2:35
  but
• 2:36
  I
• 2:36
  think
• 2:36
  they
• 2:36
  mentioned,
• 2:37
  you
• 2:37
  know,
• 2:37
  former
• 2:38
  big
• 2:38
  lots,
• 2:38
  former
• 2:39
  Bed
• 2:39
  Bath
• 2:39
  and
• 2:39
  Beyond.
• 2:40
  So
• 2:40
  they're
• 2:41
  moving
• 2:41
  into
• 2:41
  these
• 2:42
  spaces
• 2:42
  where
• 2:42
  people
• 2:43
  are,
• 2:44
  you
• 2:44
  know,
• 2:44
  it's
• 2:44
  a
• 2:45
  likely
• 2:45
  the
• 2:45
  demographic
• 2:46
  they're
• 2:46
  looking
• 2:46
  for
• 2:47
  Bed
• 2:47
  Bath
• 2:48
  beyond,
• 2:48
  they
• 2:48
  have
• 2:49
  home
• 2:49
  goods.
• 2:50
  So
• 2:50
  people
• 2:50
  are
• 2:50
  looking
• 2:51
  for
• 2:51
  this
• 2:51
  broader
• 2:51
  assortment
• 2:52
  where.
• 2:53
  Which
• 2:53
  has
• 2:53
  also
• 2:53
  been
• 2:53
  a
• 2:53
  big
• 2:54
  effort
• 2:54
  of
• 2:54
  theirs
• 2:54
  over
• 2:55
  the
• 2:55
  last
• 2:55
  few
• 2:55
  years
• 2:56
  to
• 2:56
  ditch
• 2:57
  the
• 2:57
  coats
• 2:58
  only
• 2:59
  merchandising,
• 3:01
  branding.
• 3:01
  And
• 3:02
  I
• 3:02
  was
• 3:02
  really
• 3:03
  surprised
• 3:03
  to
• 3:04
  find
• 3:04
  out
• 3:04
  coats
• 3:05
  are
• 3:05
  only
• 3:05
  about
• 3:06
  5%
• 3:06
  of
• 3:07
  their
• 3:07
  sales
• 3:08
  nowadays.
• 3:08
  Which,
• 3:09
  yeah,
• 3:09
  surprised
• 3:10
  me.
• 3:10
  I
• 3:10
  didn't
• 3:10
  know.
• 3:10
  But
• 3:11
  I.
• 3:11
  I
• 3:12
  do
• 3:12
  think
• 3:12
  smaller
• 3:13
  format,
• 3:13
  the
• 3:13
  locations
• 3:14
  they're
• 3:14
  choosing
• 3:14
  will
• 3:14
  be
• 3:14
  good
• 3:15
  for
• 3:15
  them.
• 3:16
  And
• 3:17
  I
• 3:17
  just
• 3:17
  agree.
• 3:17
  I
• 3:17
  think
• 3:17
  that
• 3:18
  discovery
• 3:19
  and
• 3:19
  kind
• 3:19
  of
• 3:19
  treasure
• 3:20
  hunt
• 3:21
  aspect
• 3:22
  that
• 3:22
  they're
• 3:22
  looking
• 3:22
  to
• 3:23
  bring
• 3:23
  and
• 3:23
  emulate
• 3:24
  like
• 3:24
  the
• 3:24
  other
• 3:24
  off
• 3:25
  pricers
• 3:25
  can
• 3:26
  be
• 3:26
  really
• 3:26
  overwhelming
• 3:27
  in
• 3:27
  a
• 3:27
  big
• 3:27
  space.
• 3:28
  You
• 3:28
  know,
• 3:28
  there's
• 3:29
  stuff
• 3:30
  everywhere.
• 3:30
  You
• 3:31
  don't
• 3:31
  know.
• 3:31
  Are
• 3:32
  you
• 3:32
  taking
• 3:32
  the
• 3:32
  store
• 3:32
  quadrant
• 3:33
  by
• 3:33
  quadrant?
• 3:34
  So
• 3:34
  that
• 3:34
  smaller
• 3:35
  format
• 3:36
  is
• 3:36
  just
• 3:36
  giving
• 3:36
  you
• 3:36
  a
• 3:36
  tighter
• 3:37
  space
• 3:37
  to
• 3:37
  actually
• 3:38
  find
• 3:39
  things
• 3:39
  to
• 3:39
  buy.
• 3:39
  So
• 3:40
  I'm
• 3:40
  excited
• 3:40
  to
• 3:40
  see
• 3:41
  where
• 3:41
  this
• 3:41
  goes.
• 3:42
  Right.
• 3:42
  And
• 3:42
  to.
• 3:43
  To
• 3:43
  John's
• 3:44
  point
• 3:44
  too.
• 3:44
  I
• 3:44
  think
• 3:44
  it
• 3:45
  allows
• 3:45
  you
• 3:45
  to
• 3:45
  update
• 3:45
  the
• 3:46
  inventory
• 3:46
  more
• 3:46
  frequently,
• 3:47
  giving
• 3:47
  people
• 3:47
  a
• 3:48
  reason
• 3:48
  to
• 3:48
  come
• 3:48
  back
• 3:49
  time
• 3:49
  and
• 3:49
  time
• 3:49
  again.
• 3:50
  Maybe
• 3:50
  more
• 3:50
  frequently
• 3:51
  than
• 3:51
  just
• 3:52
  going
• 3:52
  to
• 3:52
  buy
• 3:53
  the
• 3:53
  coats
• 3:53
  for,
• 3:54
  you
• 3:54
  know,
• 3:54
  winter
• 3:54
  time
• 3:55
  or
• 3:55
  back
• 3:55
  to
• 3:55
  school
• 3:56
  stuff
• 3:56
  or
• 3:56
  like
• 3:57
  those
• 3:57
  key
• 3:57
  moments
• 3:58
  where
• 3:58
  you
• 3:58
  might
• 3:58
  go
• 3:59
  in
• 3:59
  there.
• 3:59
  Now
• 3:59
  it's
• 4:00
  kind
• 4:00
  of
• 4:00
  getting
• 4:00
  more
• 4:01
  of
• 4:01
  that
• 4:01
  cachet
• 4:01
  that
• 4:02
  TJX
• 4:02
  and
• 4:03
  Ross
• 4:03
  have
• 4:03
  too.
• 4:04
  Chris,
• 4:05
  what
• 4:05
  about
• 4:05
  you?
• 4:05
  What
• 4:05
  do
• 4:05
  you
• 4:06
  think
• 4:06
  about
• 4:06
  this?
• 4:06
  Are
• 4:06
  you
• 4:07
  pro
• 4:08
  going
• 4:08
  small
• 4:08
  format?
• 4:10
  Well,
• 4:10
  I
• 4:10
  got
• 4:10
  to
• 4:10
  tell
• 4:11
  you
• 4:11
  guys,
• 4:11
  with
• 4:11
  all
• 4:12
  respect,
• 4:12
  I.
• 4:13
  With
• 4:13
  all.
• 4:13
  To
• 4:14
  all
• 4:14
  three
• 4:14
  of
• 4:14
  you,
• 4:14
  I
• 4:14
  100%
• 4:16
  agree
• 4:17
  with
• 4:17
  you.
• 4:17
  I
• 4:17
  100%
• 4:18
  agree
• 4:18
  with
• 4:19
  all
• 4:19
  of
• 4:19
  you.
• 4:19
  You're
• 4:20
  trying
• 4:20
  to.
• 4:20
  I
• 4:20
  think
• 4:20
  it's.
• 4:21
  I
• 4:21
  was
• 4:21
  trying
• 4:21
  to
• 4:22
  trick
• 4:22
  you.
• 4:22
  Yes,
• 4:22
  I
• 4:22
  think,
• 4:23
  I
• 4:23
  think
• 4:23
  it's
• 4:23
  a
• 4:23
  great
• 4:23
  move.
• 4:24
  And
• 4:24
  the
• 4:24
  reason
• 4:25
  I
• 4:25
  would
• 4:25
  call
• 4:25
  out,
• 4:25
  it's
• 4:25
  similar
• 4:25
  to
• 4:26
  what
• 4:26
  everyone
• 4:26
  was
• 4:27
  saying.
• 4:27
  But
• 4:27
  the
• 4:27
  one
• 4:28
  point
• 4:28
  I
• 4:28
  would
• 4:28
  make
• 4:28
  here
• 4:28
  would
• 4:29
  be
• 4:29
  the
• 4:29
  macroeconomic
• 4:30
  tailwind
• 4:30
  is
• 4:30
  at
• 4:31
  their
• 4:31
  back
• 4:31
  in
• 4:31
  terms
• 4:31
  of
• 4:32
  how
• 4:33
  people
• 4:33
  are
• 4:34
  shopping.
• 4:35
  People
• 4:35
  are
• 4:35
  showing
• 4:36
  a
• 4:36
  propensity
• 4:36
  to.
• 4:37
  We
• 4:37
  just
• 4:37
  had
• 4:37
  placer
• 4:38
  on
• 4:38
  our.
• 4:39
  We
• 4:39
  just
• 4:39
  interviewed
• 4:39
  Placers
• 4:40
  Ethan
• 4:40
  Chernovsky
• 4:41
  yesterday
• 4:41
  for
• 4:41
  an
• 4:41
  upcoming
• 4:41
  webinar
• 4:42
  and
• 4:42
  he
• 4:42
  told
• 4:42
  us
• 4:42
  about
• 4:42
  how
• 4:43
  people
• 4:43
  are
• 4:43
  willing
• 4:44
  to
• 4:44
  make
• 4:44
  extra
• 4:45
  trips
• 4:45
  to
• 4:45
  stores
• 4:46
  where
• 4:47
  they
• 4:47
  can
• 4:47
  find
• 4:47
  products
• 4:48
  they
• 4:48
  can't
• 4:48
  find
• 4:48
  anywhere
• 4:48
  else.
• 4:49
  And
• 4:49
  that's
• 4:49
  what
• 4:49
  the
• 4:49
  treasure
• 4:49
  hunt's
• 4:50
  all
• 4:50
  about.
• 4:50
  So,
• 4:51
  you
• 4:51
  know,
• 4:51
  I
• 4:51
  think
• 4:51
  similar
• 4:52
  to
• 4:52
  what
• 4:52
  we've
• 4:52
  seen
• 4:53
  in
• 4:53
  terms
• 4:53
  of
• 4:53
  success
• 4:54
  with
• 4:54
  sprouts
• 4:55
  and
• 4:55
  Trader
• 4:55
  Joe's,
• 4:56
  getting
• 4:56
  that
• 4:56
  extra
• 4:57
  trip
• 4:58
  in
• 4:58
  the
• 4:58
  grocery
• 4:58
  space.
• 4:59
  O'Sullivan
• 5:00
  appears
• 5:00
  to
• 5:01
  have
• 5:01
  found
• 5:01
  a
• 5:01
  smaller
• 5:02
  footprint
• 5:02
  that
• 5:03
  he
• 5:03
  thinks
• 5:03
  works
• 5:04
  in
• 5:04
  that
• 5:04
  same
• 5:05
  vein
• 5:05
  to
• 5:05
  get
• 5:06
  that
• 5:06
  extra
• 5:06
  trip
• 5:06
  from
• 5:06
  people
• 5:07
  and
• 5:07
  is
• 5:07
  scaling
• 5:07
  the
• 5:08
  prototype.
• 5:08
  So
• 5:08
  like
• 5:09
  we
• 5:09
  talked
• 5:09
  about
• 5:09
  in
• 5:09
  the
• 5:09
  last
• 5:09
  headline,
• 5:10
  this
• 5:10
  is
• 5:10
  just
• 5:11
  good
• 5:11
  merchandising.
• 5:12
  And
• 5:12
  so,
• 5:13
  yeah,
• 5:13
  I
• 5:13
  mean,
• 5:13
  ultimately
• 5:14
  I
• 5:14
  think
• 5:14
  it's
• 5:14
  going
• 5:14
  to
• 5:14
  work.
• 5:15
  Yeah.
• 5:15
  I
• 5:15
  mean
• 5:16
  it,
• 5:16
  it's.
• 5:16
  If
• 5:17
  you
• 5:17
  look
• 5:17
  at
• 5:17
  some
• 5:17
  of
• 5:17
  the
• 5:17
  images
• 5:18
  of
• 5:18
  some
• 5:18
  of
• 5:18
  these
• 5:19
  prototype
• 5:19
  stores,
• 5:19
  they
• 5:20
  look
• 5:20
  better,
• 5:21
  they
• 5:21
  look
• 5:21
  more
• 5:21
  inviting,
• 5:22
  they're
• 5:22
  more
• 5:22
  organized.
• 5:23
  Like
• 5:23
  the
• 5:23
  whole
• 5:24
  shopping
• 5:24
  experience
• 5:24
  is
• 5:25
  so
• 5:25
  much
• 5:26
  better
• 5:26
  for
• 5:26
  this
• 5:26
  off
• 5:26
  price
• 5:27
  shopper,
• 5:27
  which
• 5:28
  I
• 5:28
  think
• 5:28
  is,
• 5:29
  you
• 5:29
  know,
• 5:29
  just
• 5:29
  to
• 5:29
  close
• 5:30
  with,
• 5:30
  again,
• 5:30
  Kelly's
• 5:31
  point
• 5:31
  of
• 5:31
  people
• 5:32
  are
• 5:32
  going
• 5:32
  back
• 5:33
  to
• 5:33
  these
• 5:33
  spaces
• 5:33
  where
• 5:34
  they
• 5:34
  expected
• 5:34
  to
• 5:34
  see
• 5:35
  Bed
• 5:35
  Bath
• 5:35
  and
• 5:35
  Beyond.
• 5:36
  And
• 5:36
  it's
• 5:36
  almost
• 5:36
  like
• 5:36
  they're
• 5:37
  rediscovering
• 5:37
  Burlington
• 5:38
  in
• 5:38
  these
• 5:39
  same
• 5:39
  environments.
• 5:39
  Like,
• 5:40
  I
• 5:40
  didn't
• 5:40
  know
• 5:40
  Burlington
• 5:41
  had
• 5:41
  home
• 5:41
  goods.
• 5:41
  Like
• 5:42
  and.
• 5:42
  But
• 5:42
  you're
• 5:43
  going
• 5:43
  in
• 5:43
  there
• 5:43
  with
• 5:44
  a
• 5:44
  similar
• 5:44
  visual
• 5:45
  shopping
• 5:45
  experience.
• 5:46
  And
• 5:46
  I
• 5:46
  imagine
• 5:46
  that
• 5:47
  the
• 5:47
  savings
• 5:47
  that
• 5:47
  they're
• 5:48
  getting
• 5:48
  from
• 5:48
  consolidating
• 5:49
  real
• 5:49
  estate
• 5:50
  will
• 5:50
  help
• 5:50
  them
• 5:50
  continue
• 5:51
  to
• 5:52
  expand
• 5:52
  that
• 5:53
  and
• 5:53
  roll
• 5:53
  that
• 5:53
  out
• 5:53
  to
• 5:53
  newer
• 5:54
  stores.
• 5:55
  Yeah,
• 5:55
  great
• 5:56
  point.
• 5:56
  And
• 5:56
  the
• 5:56
  other
• 5:56
  trend
• 5:57
  that's
• 5:57
  happening
• 5:57
  here
• 5:57
  is
• 5:57
  people
• 5:57
  are
• 5:58
  more
• 5:58
  and
• 5:58
  more
• 5:58
  and
• 5:58
  more
• 5:58
  people
• 5:59
  are
• 5:59
  shopping
• 5:59
  off
• 5:59
  price
• 6:00
  retailers.
• 6:00
  Right.
• 6:00
  That's
• 6:00
  another
• 6:01
  macroeconomic
• 6:01
  trend
• 6:02
  that's
• 6:02
  happening.
• 6:02
  And
• 6:02
  so
• 6:03
  there's
• 6:03
  probably
• 6:04
  room
• 6:04
  for
• 6:04
  a
• 6:04
  new
• 6:04
  entrant
• 6:05
  in
• 6:05
  this
• 6:05
  space
• 6:06
  too.
• 6:06
  If
• 6:07
  not
• 6:07
  a
• 6:07
  new
• 6:07
  entrant,
• 6:08
  but
• 6:08
  a
• 6:08
  more
• 6:09
  substantial
• 6:11
  determination
• 6:12
  to
• 6:12
  go
• 6:13
  after
• 6:13
  that
• 6:13
  business.
• 6:14
  I
• 6:14
  think,
• 6:14
  you
• 6:14
  know,
• 6:14
  to
• 6:15
  be
• 6:15
  that
• 6:15
  third
• 6:15
  or
• 6:16
  even
• 6:16
  that
• 6:16
  second
• 6:16
  or
• 6:16
  first
• 6:17
  player
• 6:17
  over
• 6:17
  the
• 6:17
  long
• 6:17
  run.
• 6:18
  One
• 6:18
  final
• 6:18
  point
• 6:18
  on
• 6:18
  this.
• 6:19
  I
• 6:19
  think
• 6:19
  to
• 6:19
  give
• 6:19
  Burlington
• 6:20
  some
• 6:20
  more
• 6:20
  props
• 6:20
  is
• 6:21
  kind
• 6:21
  of.
• 6:21
  It's
• 6:21
  a
• 6:21
  really
• 6:22
  good
• 6:22
  example
• 6:22
  of
• 6:23
  them
• 6:23
  witnessing
• 6:24
  things
• 6:25
  happening
• 6:25
  in
• 6:25
  a
• 6:25
  macro
• 6:26
  retail
• 6:26
  environment
• 6:27
  that
• 6:27
  they
• 6:27
  can
• 6:27
  take
• 6:27
  advantage
• 6:28
  of.
• 6:28
  Right.
• 6:28
  So
• 6:28
  we
• 6:29
  mentioned
• 6:29
  they're
• 6:30
  taking
• 6:30
  Bed
• 6:30
  bath,
• 6:30
  big
• 6:31
  lot
• 6:31
  stores.
• 6:31
  So
• 6:31
  they
• 6:32
  see
• 6:32
  that
• 6:32
  there's
• 6:33
  real
• 6:33
  estate
• 6:33
  they
• 6:33
  wouldn't
• 6:34
  have
• 6:34
  normally
• 6:34
  gotten
• 6:34
  access
• 6:35
  to.
• 6:35
  And
• 6:35
  then
• 6:35
  they've
• 6:35
  thought,
• 6:36
  well,
• 6:36
  actually
• 6:36
  we
• 6:36
  already.
• 6:37
  We
• 6:37
  also
• 6:37
  think
• 6:38
  we
• 6:38
  can
• 6:38
  be
• 6:38
  a
• 6:38
  consumer
• 6:39
  centric,
• 6:39
  make
• 6:40
  a
• 6:40
  consumer
• 6:40
  centric
• 6:41
  decision
• 6:41
  that
• 6:41
  takes
• 6:41
  advantage
• 6:42
  of
• 6:42
  that
• 6:42
  opportunity.
• 6:43
  So
• 6:43
  it
• 6:43
  actually
• 6:44
  kind
• 6:44
  of
• 6:44
  satisfies
• 6:45
  two
• 6:45
  needs
• 6:45
  at
• 6:45
  the
• 6:45
  same
• 6:45
  time.
• 6:46
  It's
• 6:46
  really,
• 6:46
  really
• 6:47
  clever
• 6:47
  play.
• 6:47
  I
• 6:47
  think
• 6:48
  overall
• 6:48
  from
• 6:48
  them
• 6:48
  then.
• 6:49
  Yeah,
• 6:49
  a
• 6:50
  hundred
• 6:50
  percent.
• 6:50
  Yeah.
• 6:50
  And
• 6:50
  for
• 6:50
  all
• 6:51
  those
• 6:51
  retail
• 6:51
  executives
• 6:51
  out
• 6:52
  there,
• 6:52
  the
• 6:52
  one
• 6:52
  thing
• 6:52
  I've
• 6:52
  Learned
• 6:52
  in
• 6:53
  my
• 6:53
  25
• 6:53
  years
• 6:53
  of
• 6:54
  covering
• 6:54
  retail
• 6:54
  now
• 6:54
  is
• 6:55
  I'd
• 6:55
  rather
• 6:55
  work
• 6:55
  for
• 6:56
  a
• 6:56
  company
• 6:56
  that's
• 6:56
  pushing,
• 6:57
  going
• 6:57
  with
• 6:57
  water
• 6:58
  downhill
• 6:58
  than
• 6:58
  trying
• 6:59
  to
• 6:59
  push
• 6:59
  water
• 6:59
  uphill.
• 7:00
  Right.
• 7:00
  You
• 7:00
  know,
• 7:01
  and
• 7:01
  the
• 7:01
  company
• 7:01
  is
• 7:02
  pushing
• 7:02
  water
• 7:02
  uphill
• 7:02
  like
• 7:03
  Macy's
• 7:03
  and
• 7:03
  et
• 7:03
  cetera.
• 7:04
  It's
• 7:04
  a
• 7:04
  tough
• 7:04
  game.