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Buy Buy Baby: Is the Physical Store Dead for Baby Brands? · Omni Talk Retail

• 0:00
  Bye
• 0:00
  Bye
• 0:00
  Baby
• 0:01
  plans
• 0:01
  to
• 0:01
  close
• 0:01
  all
• 0:01
  of
• 0:02
  its
• 0:02
  stores
• 0:02
  less
• 0:02
  than
• 0:03
  a
• 0:03
  year
• 0:03
  after
• 0:03
  its
• 0:04
  launch,
• 0:04
  according
• 0:05
  to
• 0:05
  retail
• 0:05
  dive.
• 0:05
  Bye
• 0:06
  Bye
• 0:06
  Baby
• 0:06
  plans
• 0:06
  to
• 0:07
  close
• 0:07
  its
• 0:07
  entire
• 0:08
  physical
• 0:08
  store
• 0:08
  footprint
• 0:09
  by
• 0:09
  the
• 0:09
  end
• 0:09
  of
• 0:09
  this
• 0:10
  year,
• 0:10
  quote
• 0:10
  transforming
• 0:11
  into
• 0:11
  a
• 0:11
  digital
• 0:12
  first
• 0:12
  brand,
• 0:13
  end
• 0:13
  quote,
• 0:13
  and
• 0:14
  allowing
• 0:14
  it
• 0:14
  to
• 0:14
  focus,
• 0:15
  quote,
• 0:15
  all
• 0:15
  our
• 0:16
  energy
• 0:16
  on
• 0:16
  providing
• 0:17
  an
• 0:17
  exceptional
• 0:18
  online
• 0:18
  experience.
• 0:19
  Also
• 0:19
  another
• 0:19
  end
• 0:19
  quote,
• 0:20
  store
• 0:21
  closing
• 0:21
  sales
• 0:21
  began
• 0:22
  on
• 0:22
  Friday
• 0:22
  and
• 0:22
  the
• 0:22
  banner
• 0:23
  will
• 0:23
  transition
• 0:23
  to
• 0:24
  an
• 0:24
  online
• 0:24
  only
• 0:25
  business,
• 0:25
  the
• 0:25
  company
• 0:25
  said
• 0:26
  in
• 0:26
  an
• 0:26
  FAQ
• 0:27
  on
• 0:27
  its
• 0:27
  website.
• 0:28
  Omnitalk
• 0:28
  fans
• 0:28
  will
• 0:29
  remember
• 0:29
  that
• 0:29
  the
• 0:29
  New
• 0:30
  Jersey
• 0:30
  based
• 0:31
  Dream
• 0:31
  On
• 0:31
  Me
• 0:32
  won
• 0:32
  the
• 0:32
  Bye
• 0:33
  Bye
• 0:33
  Baby
• 0:33
  brand,
• 0:34
  intellectual
• 0:34
  property
• 0:35
  and
• 0:35
  digital
• 0:36
  assets
• 0:36
  at
• 0:36
  auction
• 0:36
  for
• 0:37
  15
• 0:37
  and
• 0:38
  a
• 0:38
  half
• 0:38
  million
• 0:39
  dollars
• 0:39
  and
• 0:40
  then
• 0:40
  bought
• 0:40
  11
• 0:41
  store
• 0:41
  leases
• 0:42
  in
• 0:42
  seven
• 0:42
  states
• 0:43
  for
• 0:43
  $1.17
• 0:44
  million
• 0:44
  in
• 0:44
  a
• 0:45
  separate
• 0:45
  auction
• 0:46
  and
• 0:46
  relaunched
• 0:46
  the
• 0:47
  company
• 0:47
  in
• 0:48
  11
• 0:48
  stores
• 0:49
  last
• 0:49
  fall
• 0:50
  ahead
• 0:50
  of
• 0:51
  the
• 0:51
  store
• 0:51
  launch.
• 0:51
  Bye
• 0:52
  Bye
• 0:52
  Baby
• 0:52
  CEO
• 0:53
  Pete
• 0:53
  Deledin
• 0:54
  said
• 0:54
  in
• 0:54
  a
• 0:55
  statement
• 0:55
  that
• 0:55
  the
• 0:55
  retailer
• 0:56
  sought
• 0:56
  to
• 0:56
  position
• 0:57
  itself
• 0:57
  as
• 0:57
  a
• 0:57
  go
• 0:58
  to
• 0:58
  destination
• 0:58
  for
• 0:58
  all
• 0:59
  parents,
• 0:59
  caregivers
• 1:00
  and
• 1:00
  families
• 1:01
  seeking
• 1:01
  thoughtfully
• 1:01
  designed
• 1:02
  and
• 1:02
  quality
• 1:02
  baby
• 1:03
  and
• 1:03
  child
• 1:03
  focused
• 1:03
  products
• 1:04
  and
• 1:04
  exceptional
• 1:05
  customer
• 1:06
  service,
• 1:06
  end
• 1:06
  quote.
• 1:08
  Lakshman,
• 1:08
  let's
• 1:09
  go
• 1:09
  back
• 1:09
  to
• 1:09
  you
• 1:09
  on
• 1:09
  this
• 1:10
  one.
• 1:10
  Can
• 1:10
  a
• 1:10
  successful
• 1:11
  baby
• 1:12
  business
• 1:12
  exist
• 1:12
  in
• 1:13
  the
• 1:13
  long
• 1:13
  term
• 1:13
  without
• 1:14
  a
• 1:14
  store
• 1:14
  footprint?
• 1:17
  Well,
• 1:18
  I'd
• 1:18
  like
• 1:18
  to
• 1:19
  connect
• 1:19
  three
• 1:20
  disparate
• 1:20
  data
• 1:21
  points
• 1:21
  and
• 1:21
  probably
• 1:22
  try
• 1:22
  to
• 1:22
  make
• 1:23
  the
• 1:23
  connection.
• 1:23
  So
• 1:23
  first
• 1:24
  is
• 1:24
  the
• 1:24
  birth
• 1:24
  rates,
• 1:26
  second
• 1:27
  is
• 1:27
  influencers
• 1:28
  and
• 1:29
  third
• 1:29
  is
• 1:29
  quality,
• 1:31
  right?
• 1:32
  I
• 1:32
  mean
• 1:32
  we
• 1:33
  are
• 1:33
  currently
• 1:33
  at
• 1:34
  1.6
• 1:34
  birth
• 1:35
  rate
• 1:36
  which
• 1:36
  is
• 1:37
  well
• 1:37
  below
• 1:38
  the
• 1:39
  2.1,
• 1:39
  you
• 1:39
  know,
• 1:40
  replacement.
• 1:41
  So
• 1:41
  much
• 1:42
  so
• 1:42
  that
• 1:42
  you
• 1:42
  know,
• 1:42
  the
• 1:43
  likely
• 1:43
  huge
• 1:44
  billionaires
• 1:44
  and
• 1:45
  leaders
• 1:45
  of
• 1:46
  the
• 1:46
  society
• 1:46
  and
• 1:47
  politicians
• 1:47
  are
• 1:48
  talking
• 1:48
  about
• 1:48
  this
• 1:49
  consistently
• 1:49
  now
• 1:50
  and
• 1:50
  it's
• 1:51
  gotten
• 1:51
  national
• 1:52
  press,
• 1:52
  right?
• 1:52
  Including
• 1:53
  Wall
• 1:53
  Street
• 1:53
  Journal
• 1:54
  and
• 1:54
  other,
• 1:55
  you
• 1:55
  know,
• 1:55
  talking
• 1:56
  shining
• 1:56
  a
• 1:56
  light
• 1:56
  on
• 1:57
  this,
• 1:57
  this
• 1:57
  particular
• 1:58
  problem.
• 1:59
  So
• 2:00
  industry
• 2:01
  itself
• 2:01
  has
• 2:02
  a
• 2:02
  population
• 2:03
  headwind
• 2:04
  that
• 2:05
  is
• 2:05
  fundamental
• 2:06
  and
• 2:06
  structural.
• 2:07
  So
• 2:07
  there
• 2:08
  is
• 2:08
  that
• 2:08
  particular
• 2:09
  pressure
• 2:09
  that
• 2:09
  is
• 2:09
  kind
• 2:09
  of
• 2:10
  building
• 2:10
  up
• 2:10
  towards
• 2:11
  for
• 2:11
  it
• 2:12
  or
• 2:12
  against
• 2:12
  it.
• 2:13
  Then
• 2:13
  you
• 2:14
  have
• 2:14
  the
• 2:14
  second
• 2:15
  part
• 2:15
  of
• 2:15
  this
• 2:15
  is
• 2:16
  influencers
• 2:18
  over
• 2:18
  the
• 2:18
  last
• 2:18
  three
• 2:19
  to
• 2:19
  five
• 2:19
  years
• 2:19
  since
• 2:19
  the
• 2:20
  time
• 2:20
  of
• 2:20
  COVID
• 2:21
  if
• 2:21
  you
• 2:21
  go
• 2:21
  to
• 2:21
  YouTube
• 2:22
  or
• 2:22
  Instagram,
• 2:23
  one
• 2:23
  of
• 2:23
  the
• 2:24
  highest
• 2:25
  group
• 2:26
  of
• 2:26
  influencers
• 2:27
  belong
• 2:28
  to
• 2:28
  this
• 2:28
  young
• 2:29
  mothers
• 2:30
  and
• 2:30
  or
• 2:30
  expectant
• 2:31
  mothers.
• 2:32
  They
• 2:32
  are
• 2:33
  publishing
• 2:34
  so
• 2:34
  much
• 2:35
  content
• 2:35
  and
• 2:36
  material
• 2:37
  on
• 2:37
  how
• 2:37
  to
• 2:38
  have
• 2:39
  safe,
• 2:39
  high
• 2:40
  quality
• 2:40
  products
• 2:41
  access
• 2:41
  to
• 2:42
  them.
• 2:42
  Where
• 2:42
  can
• 2:42
  you
• 2:42
  find
• 2:43
  it,
• 2:43
  how
• 2:43
  can
• 2:44
  you
• 2:44
  use
• 2:44
  it,
• 2:44
  how
• 2:44
  can
• 2:44
  you
• 2:45
  install
• 2:45
  it,
• 2:45
  right?
• 2:46
  All
• 2:47
  of
• 2:47
  that
• 2:47
  has
• 2:47
  become
• 2:48
  such
• 2:48
  a
• 2:48
  big,
• 2:49
  big
• 2:51
  driver
• 2:51
  of
• 2:52
  that
• 2:53
  group
• 2:53
  of
• 2:54
  small
• 2:54
  group
• 2:55
  of
• 2:55
  influencers
• 2:55
  that
• 2:55
  are
• 2:55
  very,
• 2:56
  very
• 2:56
  vocal
• 2:56
  and
• 2:57
  influential.
• 2:58
  The
• 2:58
  third
• 2:59
  is
• 2:59
  the
• 3:00
  commoditization
• 3:01
  of
• 3:01
  some
• 3:02
  of
• 3:02
  these
• 3:02
  products
• 3:03
  themselves.
• 3:04
  Where
• 3:04
  you
• 3:04
  wanted
• 3:04
  to
• 3:04
  test
• 3:05
  drive,
• 3:06
  you
• 3:06
  wanted
• 3:06
  to
• 3:07
  go
• 3:08
  look
• 3:08
  and
• 3:09
  feel
• 3:09
  Touch.
• 3:10
  But
• 3:12
  since
• 3:12
  COVID
• 3:13
  what
• 3:13
  has
• 3:13
  happened
• 3:13
  is,
• 3:14
  I
• 3:14
  mean
• 3:15
  interestingly,
• 3:16
  the
• 3:16
  quality
• 3:17
  of
• 3:17
  the
• 3:17
  product
• 3:17
  again
• 3:18
  tying
• 3:18
  to
• 3:18
  influencers
• 3:19
  and
• 3:19
  all
• 3:19
  of
• 3:19
  the
• 3:19
  ratings
• 3:20
  out
• 3:20
  there.
• 3:21
  You
• 3:21
  have
• 3:21
  almost
• 3:22
  commoditized
• 3:23
  something
• 3:24
  as
• 3:25
  complex
• 3:25
  as
• 3:26
  a
• 3:26
  stroller
• 3:27
  into
• 3:28
  a
• 3:28
  very
• 3:28
  simple
• 3:28
  scorecard
• 3:30
  that
• 3:30
  clearly
• 3:30
  lays
• 3:30
  out
• 3:31
  does
• 3:31
  it
• 3:31
  have,
• 3:32
  you
• 3:32
  know,
• 3:33
  harmful
• 3:33
  chemicals
• 3:34
  in
• 3:34
  it?
• 3:34
  Does
• 3:35
  it
• 3:35
  have
• 3:36
  stability?
• 3:36
  Does
• 3:36
  it
• 3:37
  have
• 3:37
  balancing
• 3:37
  wheels?
• 3:38
  Does
• 3:38
  it
• 3:38
  have
• 3:38
  counter.
• 3:39
  All
• 3:39
  of
• 3:39
  these
• 3:40
  content
• 3:40
  metadata
• 3:41
  characteristics
• 3:41
  of
• 3:42
  the,
• 3:42
  of
• 3:42
  the
• 3:42
  product
• 3:43
  itself
• 3:43
  has
• 3:43
  been
• 3:43
  very
• 3:44
  widely
• 3:45
  published
• 3:45
  and
• 3:46
  there
• 3:46
  are
• 3:46
  tons
• 3:47
  and
• 3:47
  tons
• 3:48
  and
• 3:48
  tons
• 3:48
  of
• 3:49
  information
• 3:49
  and
• 3:50
  content
• 3:50
  regarding
• 3:50
  how
• 3:51
  it
• 3:51
  can
• 3:51
  be
• 3:51
  done.
• 3:52
  So
• 3:52
  consumers
• 3:52
  have
• 3:53
  naturally
• 3:53
  gravitated
• 3:54
  towards
• 3:54
  the
• 3:55
  department
• 3:55
  stores
• 3:56
  and
• 3:56
  Amazon
• 3:57
  where
• 3:57
  if
• 3:58
  you
• 3:58
  think
• 3:58
  about
• 3:58
  this
• 3:59
  entire
• 3:59
  segment,
• 4:00
  about,
• 4:00
  you
• 4:00
  know,
• 4:00
  12,
• 4:01
  13
• 4:01
  billion
• 4:01
  in
• 4:01
  size,
• 4:02
  you
• 4:03
  have
• 4:03
  Amazon,
• 4:04
  Target
• 4:05
  and
• 4:05
  Walmart
• 4:06
  dominating
• 4:06
  80%
• 4:07
  of
• 4:07
  the
• 4:07
  market
• 4:07
  share
• 4:08
  here.
• 4:08
  Yep.
• 4:09
  Right.
• 4:10
  So
• 4:11
  it
• 4:11
  feels
• 4:12
  like
• 4:12
  a
• 4:12
  logical
• 4:13
  move
• 4:13
  from
• 4:14
  Bye
• 4:14
  Bye
• 4:14
  Baby
• 4:15
  to
• 4:15
  kind
• 4:15
  of
• 4:15
  shutter
• 4:15
  the
• 4:16
  store
• 4:16
  because
• 4:17
  of
• 4:17
  the
• 4:17
  high
• 4:18
  operating
• 4:19
  expenses
• 4:19
  likely
• 4:20
  in
• 4:20
  the
• 4:20
  area
• 4:20
  that
• 4:20
  they
• 4:20
  were
• 4:21
  thinking
• 4:21
  about
• 4:21
  and
• 4:22
  you
• 4:22
  know,
• 4:22
  likely
• 4:22
  exiting
• 4:23
  all
• 4:23
  of
• 4:23
  its
• 4:23
  formats
• 4:24
  and
• 4:25
  just
• 4:25
  being
• 4:26
  a
• 4:26
  online
• 4:27
  store
• 4:28
  where
• 4:28
  they
• 4:28
  can
• 4:28
  invest
• 4:30
  more
• 4:30
  into
• 4:30
  the
• 4:31
  marketing
• 4:31
  and
• 4:32
  attracting
• 4:32
  and
• 4:33
  go
• 4:33
  to
• 4:33
  the
• 4:33
  higher
• 4:33
  end
• 4:34
  of
• 4:34
  the
• 4:34
  funnel
• 4:35
  as
• 4:35
  opposed
• 4:35
  to
• 4:35
  servicing
• 4:36
  the
• 4:36
  customer
• 4:37
  in
• 4:37
  store
• 4:37
  through
• 4:37
  all
• 4:38
  of
• 4:38
  the
• 4:38
  associate
• 4:39
  experience.
• 4:40
  Okay,
• 4:40
  so
• 4:40
  interesting
• 4:41
  points.
• 4:41
  So
• 4:41
  you,
• 4:41
  so
• 4:41
  you
• 4:42
  like,
• 4:42
  you
• 4:43
  like
• 4:43
  this
• 4:43
  move.
• 4:43
  Hmm.
• 4:44
  Okay,
• 4:44
  Throwing
• 4:44
  me
• 4:44
  for
• 4:44
  a
• 4:45
  loop
• 4:45
  here
• 4:45
  already.
• 4:45
  Chris,
• 4:46
  what
• 4:46
  are
• 4:46
  your
• 4:46
  thoughts
• 4:47
  on
• 4:47
  this?
• 4:47
  It's
• 4:48
  a
• 4:48
  good
• 4:48
  point
• 4:48
  Lakshman
• 4:49
  raises.
• 4:49
  I
• 4:50
  guess
• 4:50
  the,
• 4:51
  the,
• 4:51
  the
• 4:52
  first
• 4:52
  like
• 4:52
  the
• 4:52
  counter
• 4:53
  to
• 4:53
  the
• 4:53
  question
• 4:53
  of
• 4:53
  can
• 4:53
  you
• 4:54
  survive
• 4:54
  without
• 4:55
  a
• 4:55
  physical
• 4:55
  retail
• 4:56
  store
• 4:56
  is
• 4:56
  like
• 4:57
  can,
• 4:57
  can
• 4:57
  anyone
• 4:57
  survive
• 4:58
  with
• 4:58
  one?
• 4:58
  Right.
• 4:59
  Like
• 4:59
  everyone
• 4:59
  in
• 5:00
  Baby.
• 5:00
  I
• 5:00
  mean
• 5:01
  there's
• 5:01
  like
• 5:01
  15
• 5:02
  to
• 5:02
  20
• 5:02
  million
• 5:03
  feet
• 5:03
  of
• 5:03
  retail
• 5:04
  space
• 5:04
  has
• 5:05
  been
• 5:05
  vacated
• 5:05
  that
• 5:05
  used
• 5:06
  to
• 5:06
  be
• 5:06
  in
• 5:06
  Baby
• 5:06
  like
• 5:07
  Gymboree,
• 5:08
  Babies
• 5:08
  R
• 5:08
  Us.
• 5:09
  Carter's
• 5:10
  is
• 5:10
  closing
• 5:10
  stores.
• 5:11
  Bye
• 5:11
  Bye
• 5:12
  Baby.
• 5:13
  You
• 5:14
  know,
• 5:14
  now
• 5:14
  you
• 5:14
  have
• 5:15
  Once
• 5:15
  Upon
• 5:15
  a
• 5:15
  Child
• 5:16
  is
• 5:16
  like
• 5:16
  that
• 5:16
  consignment
• 5:17
  space
• 5:17
  and
• 5:18
  local
• 5:19
  luxury
• 5:19
  boutique.
• 5:20
  So
• 5:20
  most
• 5:20
  at
• 5:21
  scale,
• 5:21
  there's
• 5:22
  very
• 5:22
  few.
• 5:22
  I
• 5:22
  don't
• 5:23
  know
• 5:23
  of
• 5:23
  another
• 5:23
  major
• 5:24
  baby
• 5:24
  brand
• 5:25
  that
• 5:25
  has
• 5:25
  a
• 5:25
  big
• 5:25
  physical
• 5:26
  retail
• 5:26
  footprint.
• 5:28
  Like
• 5:28
  a
• 5:28
  lot
• 5:28
  of
• 5:28
  the
• 5:28
  people
• 5:29
  who
• 5:29
  would
• 5:29
  do
• 5:30
  try,
• 5:31
  you
• 5:31
  know,
• 5:31
  try
• 5:31
  and
• 5:32
  browse
• 5:32
  would
• 5:32
  end
• 5:33
  up
• 5:33
  going
• 5:33
  to
• 5:33
  buy
• 5:34
  online
• 5:35
  to,
• 5:35
  to
• 5:36
  what
• 5:36
  Lakshman's
• 5:36
  point
• 5:37
  was
• 5:37
  that
• 5:37
  role
• 5:38
  that
• 5:38
  used
• 5:38
  to
• 5:39
  get
• 5:39
  traffic
• 5:39
  in
• 5:40
  the
• 5:40
  door,
• 5:40
  which
• 5:40
  was
• 5:40
  like
• 5:41
  try
• 5:41
  and
• 5:41
  evaluate
• 5:42
  is
• 5:42
  now
• 5:43
  being
• 5:43
  filled
• 5:43
  in
• 5:43
  by
• 5:44
  social
• 5:44
  media
• 5:44
  and
• 5:45
  influencers.
• 5:45
  So
• 5:46
  then
• 5:46
  it
• 5:46
  makes
• 5:47
  sense.
• 5:47
  Maybe
• 5:47
  you
• 5:47
  don't
• 5:48
  have
• 5:48
  the
• 5:48
  physical
• 5:48
  retail
• 5:49
  footprint,
• 5:49
  but
• 5:50
  then
• 5:50
  the
• 5:50
  question
• 5:50
  is
• 5:51
  so
• 5:51
  you're
• 5:51
  just
• 5:52
  competing
• 5:52
  to
• 5:52
  buy
• 5:53
  traffic.
• 5:54
  So
• 5:54
  basically
• 5:55
  they
• 5:55
  already
• 5:55
  know
• 5:55
  the
• 5:56
  product
• 5:56
  they
• 5:56
  want
• 5:56
  to
• 5:56
  buy.
• 5:57
  So
• 5:57
  then
• 5:57
  you're
• 5:58
  just
• 5:58
  spending
• 5:59
  marketing
• 5:59
  and
• 5:59
  your
• 6:00
  customer
• 6:00
  acquisition
• 6:01
  cost
• 6:01
  goes
• 6:02
  up
• 6:02
  and
• 6:02
  then
• 6:02
  you're
• 6:02
  just
• 6:03
  competing
• 6:03
  against
• 6:03
  Target
• 6:04
  Walmart
• 6:04
  to
• 6:04
  buy
• 6:04
  that
• 6:05
  traffic
• 6:05
  and
• 6:06
  then
• 6:06
  you
• 6:06
  don't
• 6:07
  have
• 6:07
  the
• 6:08
  lifetime
• 6:08
  of
• 6:08
  the
• 6:08
  customer
• 6:09
  to
• 6:09
  make
• 6:10
  that
• 6:10
  money
• 6:10
  back,
• 6:10
  that
• 6:11
  investment
• 6:11
  back.
• 6:11
  Whereas
• 6:12
  Target
• 6:13
  Walmart
• 6:13
  and
• 6:14
  Amazon,
• 6:14
  you
• 6:15
  can
• 6:15
  spend
• 6:15
  more
• 6:16
  to
• 6:16
  acquire
• 6:16
  a
• 6:16
  customer
• 6:17
  because
• 6:17
  your
• 6:17
  customer
• 6:17
  lifetime
• 6:18
  value
• 6:18
  is
• 6:18
  so
• 6:18
  much
• 6:19
  higher
• 6:19
  because
• 6:19
  for
• 6:19
  the
• 6:19
  next
• 6:20
  20
• 6:20
  years
• 6:21
  they're
• 6:21
  going
• 6:21
  to
• 6:21
  be
• 6:21
  buying
• 6:21
  product
• 6:22
  from
• 6:22
  you.
• 6:22
  Whereas
• 6:23
  if
• 6:23
  you're
• 6:23
  buy
• 6:23
  by
• 6:23
  baby,
• 6:24
  you
• 6:24
  have
• 6:25
  to
• 6:25
  make
• 6:26
  enough
• 6:26
  back
• 6:26
  from
• 6:27
  that
• 6:27
  customer
• 6:27
  over
• 6:28
  the
• 6:28
  next
• 6:28
  year
• 6:28
  and
• 6:28
  a
• 6:28
  half
• 6:29
  of
• 6:29
  their
• 6:29
  baby
• 6:29
  purchases
• 6:30
  to
• 6:31
  be
• 6:31
  able
• 6:31
  to
• 6:32
  make
• 6:32
  the
• 6:32
  investment
• 6:32
  to
• 6:33
  capture
• 6:33
  that
• 6:33
  customer.
• 6:34
  I
• 6:34
  mean
• 6:34
  I'm
• 6:35
  sure
• 6:35
  there's
• 6:35
  some
• 6:35
  potential
• 6:36
  here,
• 6:36
  but
• 6:36
  for
• 6:36
  me
• 6:37
  I'm
• 6:37
  a
• 6:37
  pessimist
• 6:38
  on
• 6:38
  whether,
• 6:38
  whether
• 6:38
  you
• 6:39
  can
• 6:39
  really
• 6:39
  survive
• 6:40
  and
• 6:40
  compete
• 6:40
  against
• 6:40
  the
• 6:41
  brands
• 6:41
  that
• 6:41
  have
• 6:41
  taken
• 6:41
  so
• 6:42
  much
• 6:42
  of
• 6:42
  your
• 6:42
  market
• 6:42
  share
• 6:43
  already
• 6:43
  without
• 6:44
  a
• 6:44
  physical
• 6:45
  footprint.
• 6:45
  So
• 6:45
  yeah,
• 6:46
  pessimistic.
• 6:47
  So
• 6:47
  that,
• 6:48
  that's
• 6:48
  interesting.
• 6:48
  So
• 6:48
  you
• 6:49
  basically
• 6:49
  just
• 6:49
  think
• 6:49
  at
• 6:49
  this
• 6:50
  point,
• 6:50
  given
• 6:50
  the
• 6:50
  saturation
• 6:51
  of
• 6:51
  the
• 6:51
  marketplace,
• 6:52
  just
• 6:52
  the
• 6:52
  baby
• 6:53
  business
• 6:53
  is
• 6:53
  just
• 6:53
  a
• 6:53
  bad
• 6:54
  business
• 6:54
  to
• 6:54
  be
• 6:54
  in.
• 6:55
  And
• 6:55
  particularly
• 6:55
  when
• 6:55
  you
• 6:55
  look
• 6:55
  at
• 6:55
  the
• 6:56
  macroeconomic
• 6:56
  factors
• 6:57
  too
• 6:57
  in
• 6:57
  terms
• 6:57
  of
• 6:57
  the
• 6:58
  declining
• 6:58
  birth
• 6:58
  rates
• 6:58
  as
• 6:59
  well,
• 6:59
  that
• 6:59
  can't
• 6:59
  help
• 7:00
  anything
• 7:00
  too.
• 7:00
  That's
• 7:00
  your
• 7:01
  point,
• 7:01
  Chris,
• 7:01
  right?
• 7:01
  Totally.
• 7:02
  I
• 7:02
  mean
• 7:02
  it's
• 7:02
  puzzling,
• 7:02
  right?
• 7:03
  It's
• 7:03
  a
• 7:03
  hundred
• 7:03
  billion
• 7:03
  dollar
• 7:04
  market
• 7:05
  and
• 7:05
  it's
• 7:05
  really,
• 7:06
  really
• 7:06
  like
• 7:06
  you'd
• 7:06
  think
• 7:07
  massive
• 7:07
  market
• 7:08
  share,
• 7:09
  currently
• 7:10
  only
• 7:10
  being
• 7:10
  done
• 7:10
  by
• 7:11
  Amazon,
• 7:11
  Target,
• 7:12
  Walmart
• 7:12
  really
• 7:12
  well.
• 7:13
  Wow,
• 7:13
  that
• 7:13
  sounds
• 7:14
  like
• 7:14
  a
• 7:14
  great
• 7:14
  opportunity
• 7:15
  for
• 7:15
  like
• 7:15
  a
• 7:15
  niche
• 7:16
  brand
• 7:16
  that
• 7:16
  better
• 7:16
  connects
• 7:17
  with
• 7:17
  consumers.
• 7:17
  But
• 7:18
  no
• 7:18
  one's
• 7:18
  been
• 7:19
  able
• 7:19
  to
• 7:19
  do
• 7:19
  it
• 7:19
  really
• 7:20
  successfully.
• 7:21
  Yeah,
• 7:21
  yeah,
• 7:21
  and
• 7:22
  I
• 7:22
  100%
• 7:22
  agree
• 7:22
  with
• 7:22
  you
• 7:23
  too.
• 7:23
  I
• 7:23
  think
• 7:23
  the
• 7:23
  idea
• 7:24
  of
• 7:24
  doing
• 7:24
  it
• 7:24
  alone
• 7:24
  on
• 7:25
  the
• 7:25
  online
• 7:25
  only
• 7:26
  side
• 7:26
  is
• 7:26
  a
• 7:26
  fool's,
• 7:27
  fool's
• 7:27
  errand
• 7:28
  honestly.
• 7:28
  Because
• 7:29
  the
• 7:29
  margins,
• 7:29
  the
• 7:30
  products
• 7:30
  are
• 7:30
  all
• 7:30
  market
• 7:31
  available,
• 7:31
  right.
• 7:31
  There's
• 7:31
  not
• 7:32
  one
• 7:32
  thing
• 7:32
  that
• 7:32
  differentiates
• 7:33
  you
• 7:33
  from
• 7:33
  anyone
• 7:33
  else.
• 7:33
  You
• 7:33
  can
• 7:34
  get
• 7:34
  it
• 7:34
  from
• 7:34
  Amazon's
• 7:34
  third
• 7:35
  party
• 7:35
  marketplace
• 7:35
  pretty
• 7:36
  easily
• 7:37
  and
• 7:37
  it's
• 7:37
  really
• 7:38
  expensive
• 7:38
  to
• 7:38
  ship
• 7:39
  the
• 7:39
  gear
• 7:39
  in
• 7:39
  the
• 7:39
  cribs.
• 7:40
  The
• 7:40
  only
• 7:40
  margin
• 7:41
  in
• 7:41
  the
• 7:41
  business
• 7:41
  as
• 7:42
  the
• 7:42
  former,
• 7:42
  you
• 7:42
  know,
• 7:43
  head
• 7:43
  of
• 7:43
  this
• 7:43
  for
• 7:43
  Target
• 7:44
  is
• 7:44
  in
• 7:44
  the
• 7:44
  feeding
• 7:45
  area
• 7:45
  and
• 7:46
  the
• 7:46
  clothing
• 7:46
  area
• 7:47
  which
• 7:47
  quite
• 7:47
  honestly
• 7:48
  are
• 7:48
  a
• 7:48
  little
• 7:48
  postnatal
• 7:49
  too,
• 7:49
  as
• 7:49
  much
• 7:49
  as
• 7:49
  they
• 7:50
  are
• 7:50
  prenatal.
• 7:51
  And
• 7:51
  so
• 7:51
  that's
• 7:51
  kind
• 7:51
  of
• 7:51
  a
• 7:52
  different
• 7:52
  business
• 7:52
  in
• 7:52
  that
• 7:53
  first
• 7:53
  time
• 7:53
  mom
• 7:53
  business
• 7:54
  as
• 7:54
  well.
• 7:54
  So,
• 7:55
  so
• 7:55
  yeah,
• 7:55
  so
• 7:55
  it's
• 7:55
  just
• 7:56
  the
• 7:56
  market's
• 7:56
  too
• 7:56
  saturated
• 7:57
  with
• 7:57
  the
• 7:57
  incumbents
• 7:58
  to,
• 7:58
  to
• 7:58
  make
• 7:58
  a
• 7:59
  hay
• 7:59
  at
• 7:59
  this
• 7:59
  I
• 7:59
  think
• 8:00
  without
• 8:00
  a
• 8:00
  physical
• 8:00
  store
• 8:00
  presence
• 8:01
  in
• 8:01
  particular.
• 8:01
  But
• 8:01
  Anne,
• 8:02
  what
• 8:02
  do
• 8:02
  you
• 8:02
  think?
• 8:03
  I,
• 8:03
  you
• 8:04
  know,
• 8:04
  I,
• 8:04
  I
• 8:05
  agree
• 8:05
  with
• 8:05
  what
• 8:05
  you're
• 8:06
  saying.
• 8:06
  I
• 8:06
  don't
• 8:07
  think
• 8:07
  that
• 8:07
  they
• 8:07
  need
• 8:07
  to
• 8:07
  have
• 8:08
  these
• 8:08
  again
• 8:08
  like
• 8:09
  we
• 8:09
  were
• 8:09
  saying
• 8:09
  with,
• 8:09
  with
• 8:10
  beyond,
• 8:10
  like
• 8:10
  I
• 8:11
  don't
• 8:11
  think
• 8:11
  that
• 8:11
  there
• 8:11
  needs
• 8:11
  to
• 8:12
  be
• 8:12
  this
• 8:12
  Baby
• 8:13
  superstore
• 8:13
  anymore.
• 8:14
  Do
• 8:14
  think
• 8:15
  we
• 8:15
  have
• 8:15
  to
• 8:15
  look
• 8:15
  at
• 8:16
  what's
• 8:17
  happening
• 8:17
  with
• 8:17
  like
• 8:18
  Babies
• 8:18
  are
• 8:18
  us
• 8:18
  and
• 8:18
  Kohl's.
• 8:19
  I
• 8:19
  do
• 8:19
  think
• 8:20
  that
• 8:20
  there
• 8:20
  still
• 8:20
  is
• 8:21
  a
• 8:21
  need
• 8:21
  to
• 8:22
  go
• 8:22
  out
• 8:22
  and
• 8:22
  test
• 8:23
  and
• 8:23
  trial
• 8:23
  some
• 8:23
  of
• 8:23
  these
• 8:24
  products,
• 8:24
  especially
• 8:25
  the
• 8:25
  gear.
• 8:25
  So
• 8:26
  I
• 8:26
  do,
• 8:26
  I
• 8:27
  think
• 8:27
  the
• 8:27
  smart
• 8:27
  move
• 8:28
  from
• 8:28
  Buy
• 8:28
  by
• 8:28
  Baby
• 8:29
  might
• 8:29
  be
• 8:29
  to
• 8:29
  look
• 8:30
  for
• 8:30
  a
• 8:30
  partner
• 8:30
  the
• 8:31
  same
• 8:31
  way
• 8:31
  that
• 8:31
  beyond
• 8:32
  is
• 8:32
  looking
• 8:32
  at
• 8:33
  Container
• 8:33
  Store
• 8:34
  and
• 8:34
  at
• 8:34
  Kirkland's
• 8:35
  because
• 8:36
  you
• 8:36
  do
• 8:36
  get
• 8:36
  traffic
• 8:37
  from
• 8:37
  that.
• 8:37
  So
• 8:37
  whether
• 8:38
  or
• 8:38
  not
• 8:38
  they're
• 8:38
  ordering
• 8:39
  that
• 8:39
  stroller
• 8:39
  from
• 8:40
  you,
• 8:40
  for
• 8:40
  example,
• 8:41
  you
• 8:41
  do
• 8:41
  get
• 8:41
  people
• 8:42
  in
• 8:42
  the
• 8:42
  store
• 8:42
  to
• 8:42
  test
• 8:43
  it.
• 8:43
  And
• 8:43
  I
• 8:43
  think
• 8:43
  that's
• 8:44
  what
• 8:44
  Kohl's
• 8:44
  is
• 8:44
  banking
• 8:45
  on
• 8:45
  here
• 8:45
  with
• 8:45
  their
• 8:45
  strategy.
• 8:46
  Pay
• 8:47
  is
• 8:47
  like
• 8:47
  hopefully
• 8:48
  once
• 8:48
  you're
• 8:48
  inside
• 8:48
  of
• 8:49
  a
• 8:49
  Kohl's
• 8:49
  they're
• 8:50
  capturing
• 8:50
  you
• 8:50
  as
• 8:51
  a
• 8:51
  longer
• 8:51
  term
• 8:51
  customer.
• 8:52
  Like
• 8:52
  Chris
• 8:52
  was
• 8:52
  saying,
• 8:53
  they're,
• 8:53
  you
• 8:53
  know,
• 8:53
  they're
• 8:54
  giving
• 8:54
  you
• 8:54
  some
• 8:55
  reason
• 8:55
  to
• 8:56
  kind
• 8:56
  of
• 8:56
  be
• 8:56
  and
• 8:57
  start
• 8:57
  to
• 8:57
  stay
• 8:58
  and
• 8:58
  develop
• 8:58
  a
• 8:58
  relationship
• 8:59
  in
• 8:59
  the
• 8:59
  store.
• 9:00
  I
• 9:00
  just,
• 9:00
  I
• 9:01
  don't
• 9:01
  think
• 9:01
  that
• 9:01
  it
• 9:02
  needs
• 9:02
  to
• 9:02
  be
• 9:02
  the
• 9:03
  grand
• 9:03
  footprint
• 9:03
  that
• 9:03
  we're
• 9:04
  talking
• 9:04
  about.
• 9:04
  And
• 9:04
  if
• 9:05
  I
• 9:05
  were
• 9:05
  Bye
• 9:05
  bye
• 9:05
  Baby,
• 9:06
  I
• 9:06
  would
• 9:06
  start
• 9:06
  looking
• 9:07
  for
• 9:07
  a
• 9:07
  similar
• 9:07
  partnership
• 9:08
  of
• 9:08
  Kohl's
• 9:08
  and
• 9:09
  Babies
• 9:09
  R
• 9:09
  Us
• 9:09
  with
• 9:09
  another
• 9:10
  retailer
• 9:10
  like
• 9:10
  especially,
• 9:11
  you
• 9:11
  know,
• 9:12
  might
• 9:12
  be
• 9:13
  far
• 9:13
  fetched
• 9:13
  but
• 9:13
  even
• 9:13
  like
• 9:14
  an
• 9:14
  Ikea
• 9:14
  where
• 9:15
  you're
• 9:15
  like
• 9:15
  really
• 9:15
  in
• 9:15
  the
• 9:16
  furniture
• 9:16
  space
• 9:16
  or
• 9:16
  you're
• 9:17
  thinking
• 9:17
  of
• 9:17
  like
• 9:17
  a
• 9:18
  place
• 9:18
  that
• 9:18
  you're
• 9:18
  going
• 9:18
  to
• 9:18
  get
• 9:19
  people
• 9:19
  to
• 9:19
  invest
• 9:19
  in
• 9:20
  for
• 9:20
  the
• 9:20
  coming
• 9:21
  years
• 9:21
  after
• 9:21
  that
• 9:22
  in
• 9:22
  other
• 9:23
  higher
• 9:23
  margin
• 9:23
  areas
• 9:24
  potentially.
• 9:24
  But
• 9:25
  that's
• 9:26
  that
• 9:26
  key
• 9:26
  answer.
• 9:27
  Yeah,
• 9:27
  I
• 9:27
  mean
• 9:28
  the
• 9:28
  thing
• 9:28
  that,
• 9:29
  the
• 9:29
  thing
• 9:29
  that,
• 9:29
  the
• 9:30
  thing
• 9:30
  that's
• 9:30
  interesting
• 9:30
  about
• 9:30
  Buy
• 9:31
  by
• 9:31
  Baby
• 9:31
  is
• 9:31
  they
• 9:31
  get
• 9:32
  the
• 9:32
  brands
• 9:32
  that
• 9:32
  the
• 9:33
  targets
• 9:33
  in
• 9:33
  the
• 9:33
  Walmart's
• 9:34
  don't
• 9:34
  get
• 9:34
  too.
• 9:35
  They
• 9:35
  get
• 9:35
  the
• 9:35
  upper
• 9:35
  echelon
• 9:36
  gear
• 9:36
  brands
• 9:37
  which
• 9:37
  is
• 9:37
  what
• 9:37
  is
• 9:38
  the
• 9:38
  differentiation
• 9:38
  point.
• 9:39
  So
• 9:39
  that's
• 9:39
  what
• 9:39
  you
• 9:39
  have
• 9:39
  to
• 9:39
  play
• 9:39
  up.
• 9:40
  The
• 9:40
  last
• 9:40
  thing
• 9:41
  I'd
• 9:41
  make
• 9:41
  here
• 9:41
  too,
• 9:42
  I
• 9:42
  think
• 9:42
  if
• 9:42
  there's
• 9:42
  a
• 9:42
  condemnation
• 9:43
  that
• 9:43
  should
• 9:44
  go
• 9:44
  out
• 9:44
  on
• 9:44
  this
• 9:44
  headline,
• 9:45
  it's
• 9:45
  that,
• 9:45
  it's
• 9:46
  that
• 9:46
  they
• 9:46
  try
• 9:46
  that
• 9:46
  they
• 9:47
  have
• 9:47
  the
• 9:47
  audacity
• 9:47
  to
• 9:47
  think
• 9:48
  they
• 9:48
  could
• 9:49
  run
• 9:50
  stores
• 9:50
  across
• 9:51
  what
• 9:51
  was
• 9:51
  it,
• 9:51
  seven
• 9:52
  states
• 9:53
  as
• 9:53
  an
• 9:54
  online
• 9:54
  only
• 9:54
  brand.
• 9:54
  You're
• 9:54
  going
• 9:55
  to
• 9:55
  come
• 9:55
  in
• 9:55
  and
• 9:55
  know
• 9:56
  how
• 9:56
  to
• 9:56
  do
• 9:56
  that.
• 9:56
  That's
• 9:57
  just
• 9:57
  really
• 9:57
  hard.
• 9:57
  So
• 9:58
  you
• 9:59
  shot
• 9:59
  too
• 9:59
  hard
• 10:00
  and
• 10:00
  why
• 10:00
  didn't
• 10:00
  you
• 10:00
  just
• 10:01
  keep
• 10:01
  one
• 10:01
  of
• 10:02
  them
• 10:02
  and
• 10:02
  make
• 10:02
  one
• 10:02
  of
• 10:03
  them
• 10:03
  really,
• 10:03
  really
• 10:04
  strong?
• 10:04
  I'm
• 10:04
  curious
• 10:05
  why
• 10:05
  that
• 10:05
  isn't
• 10:05
  part
• 10:06
  of
• 10:06
  this
• 10:06
  announcement.
• 10:06
  Why
• 10:06
  is
• 10:07
  it
• 10:07
  just
• 10:07
  shutting
• 10:07
  everything
• 10:08
  down
• 10:08
  completely.
• 10:08
  I
• 10:08
  don't
• 10:08
  know,
• 10:09
  you
• 10:10
  gotta
• 10:10
  wonder
• 10:10
  like.
• 10:11
  How
• 10:11
  bad
• 10:11
  it
• 10:11
  was
• 10:12
  going
• 10:12
  for
• 10:12
  them
• 10:13
  for
• 10:13
  them
• 10:13
  to
• 10:13
  buy
• 10:14
  11
• 10:15
  leases
• 10:15
  and
• 10:15
  within.
• 10:16
  Oh
• 10:16
  my
• 10:16
  God.
• 10:17
  Because
• 10:17
  when
• 10:17
  you
• 10:17
  open
• 10:18
  a
• 10:18
  new
• 10:18
  retail
• 10:18
  store,
• 10:19
  you
• 10:19
  have
• 10:19
  a
• 10:19
  new
• 10:19
  presence.
• 10:20
  I
• 10:20
  mean,
• 10:20
  there's
• 10:20
  a
• 10:20
  ramp
• 10:21
  up
• 10:21
  time.
• 10:21
  Right.
• 10:21
  So
• 10:22
  how
• 10:22
  bad
• 10:22
  was
• 10:23
  it
• 10:23
  going
• 10:23
  that
• 10:23
  like.
• 10:24
  Because
• 10:24
  that
• 10:24
  decision
• 10:24
  was
• 10:25
  probably
• 10:25
  made
• 10:25
  four
• 10:26
  or
• 10:26
  five
• 10:26
  months
• 10:26
  ago
• 10:26
  to
• 10:27
  close
• 10:27
  it
• 10:27
  all
• 10:27
  down.
• 10:27
  So,
• 10:27
  you
• 10:28
  know,
• 10:28
  within
• 10:28
  the
• 10:28
  first
• 10:28
  five
• 10:29
  months
• 10:29
  they
• 10:29
  were
• 10:30
  just
• 10:30
  like,
• 10:30
  oh
• 10:31
  my
• 10:31
  God,
• 10:31
  no.
• 10:33
  Yeah,
• 10:33
  they
• 10:33
  must
• 10:33
  have
• 10:33
  been
• 10:34
  like
• 10:34
  drowning.
• 10:34
  That's
• 10:34
  the
• 10:35
  only
• 10:35
  thing
• 10:35
  I
• 10:35
  could
• 10:35
  think
• 10:35
  of.
• 10:35
  They're
• 10:35
  like,
• 10:36
  what
• 10:36
  do
• 10:36
  we
• 10:36
  get
• 10:36
  ourselves
• 10:37
  into?
• 10:37
  Let's
• 10:37
  just
• 10:37
  get
• 10:38
  out
• 10:38
  of
• 10:38
  this
• 10:38
  completely.
• 10:39
  And.
• 10:40
  And
• 10:40
  that's
• 10:41
  what
• 10:41
  ultimately
• 10:41
  didn't
• 10:42
  work
• 10:42
  here.
• 10:42
  Which
• 10:42
  is
• 10:42
  why
• 10:43
  I
• 10:43
  still
• 10:43
  think
• 10:44
  there
• 10:44
  could
• 10:45
  be
• 10:45
  a
• 10:45
  concept
• 10:46
  for
• 10:46
  the
• 10:46
  baby
• 10:46
  market
• 10:47
  at
• 10:48
  the
• 10:48
  upper
• 10:48
  end.