Latest / Omni Talk Retail / Amazon's Master Plan, Starbucks Bets On The Couch & Dollar General Pumps Up The Volume | Fast Five

Transcript

Amazon's Master Plan, Starbucks Bets On The Couch & Dollar General Pumps Up The Volume | Fast Five · Omni Talk Retail

• 0:04
  The
• 0:04
  customer
• 0:04
  experience
• 0:05
  is
• 0:05
  never
• 0:05
  going
• 0:05
  to
• 0:06
  exceed
• 0:06
  the
• 0:06
  employee
• 0:06
  experience.
• 0:07
  AI
• 0:08
  is
• 0:08
  the
• 0:08
  center
• 0:08
  of
• 0:09
  gravity.
• 0:09
  We're
• 0:09
  not
• 0:10
  chasing
• 0:10
  AI,
• 0:10
  we're
• 0:11
  enabling
• 0:11
  it
• 0:11
  for
• 0:12
  everyone
• 0:12
  else.
• 0:12
  We're
• 0:13
  not
• 0:13
  your
• 0:13
  grandmother's
• 0:14
  retailer
• 0:14
  anymore.
• 0:15
  You
• 0:15
  can
• 0:15
  have
• 0:16
  a
• 0:16
  good
• 0:16
  plan,
• 0:16
  but
• 0:16
  without
• 0:17
  the
• 0:17
  right
• 0:17
  leadership
• 0:17
  to
• 0:17
  drive
• 0:18
  that,
• 0:18
  you
• 0:18
  know,
• 0:18
  you
• 0:19
  probably
• 0:19
  wouldn't
• 0:19
  be
• 0:19
  as
• 0:19
  successful.
• 0:20
  They're
• 0:21
  finally
• 0:21
  investing
• 0:21
  in
• 0:21
  the
• 0:21
  system,
• 0:22
  not
• 0:22
  just
• 0:22
  the
• 0:22
  brand.
• 0:22
  And
• 0:23
  that's
• 0:23
  why
• 0:23
  it's
• 0:23
  working.
• 0:24
  That's
• 0:24
  why
• 0:25
  people
• 0:25
  come
• 0:25
  to
• 0:25
  Omnita,
• 0:26
  because
• 0:26
  they
• 0:26
  get
• 0:26
  the
• 0:26
  real
• 0:26
  inside
• 0:27
  scoop.
• 0:30
  Hello
• 0:30
  and
• 0:30
  welcome
• 0:30
  to
• 0:30
  The
• 0:31
  OmniTalk
• 0:31
  Retail
• 0:31
  Fast
• 0:32
  5.
• 0:32
  Today's
• 0:33
  episode
• 0:33
  is
• 0:33
  another
• 0:33
  great
• 0:34
  example
• 0:34
  of
• 0:34
  what
• 0:35
  makes
• 0:35
  The
• 0:35
  Omnitalk
• 0:36
  Retail
• 0:36
  Fast
• 0:36
  5
• 0:37
  unique.
• 0:38
  This
• 0:38
  week
• 0:38
  I'm
• 0:38
  joined
• 0:39
  by
• 0:39
  Jennifer
• 0:39
  Myers
• 0:39
  and
• 0:40
  John
• 0:40
  Benson
• 0:40
  of
• 0:40
  the
• 0:41
  AM
• 0:41
  Consumer
• 0:41
  and
• 0:42
  Retail
• 0:42
  Group.
• 0:42
  I
• 0:43
  always
• 0:43
  love
• 0:43
  when
• 0:43
  the
• 0:43
  folks
• 0:44
  from
• 0:44
  A
• 0:44
  and
• 0:44
  M
• 0:44
  CRG
• 0:45
  join
• 0:45
  us
• 0:45
  because
• 0:45
  they
• 0:46
  are
• 0:46
  never
• 0:46
  afraid
• 0:47
  to
• 0:47
  share
• 0:47
  their
• 0:48
  thoughts
• 0:48
  about
• 0:48
  the
• 0:48
  headlines.
• 0:49
  They
• 0:49
  don't
• 0:49
  mince
• 0:49
  words.
• 0:50
  And
• 0:50
  for
• 0:50
  that
• 0:50
  reason,
• 0:51
  our
• 0:51
  conversations
• 0:52
  every
• 0:52
  month
• 0:52
  are
• 0:53
  just
• 0:53
  about
• 0:53
  the
• 0:53
  most
• 0:53
  well
• 0:54
  rounded
• 0:54
  and
• 0:54
  thoughtful
• 0:55
  discussions
• 0:56
  of
• 0:56
  the
• 0:56
  real
• 0:56
  issues
• 0:57
  facing
• 0:57
  retailers
• 0:57
  and
• 0:58
  brands.
• 0:59
  Not
• 0:59
  to
• 0:59
  mention
• 1:00
  the
• 1:00
  fabulous
• 1:01
  Lightning
• 1:01
  Round
• 1:01
  which
• 1:01
  you're
• 1:02
  going
• 1:02
  to
• 1:02
  hear
• 1:02
  about
• 1:02
  at
• 1:02
  the
• 1:02
  end
• 1:02
  of
• 1:03
  today's
• 1:03
  show
• 1:03
  in
• 1:04
  which
• 1:04
  I
• 1:04
  asked
• 1:04
  John
• 1:05
  point
• 1:05
  blank
• 1:05
  if
• 1:05
  he
• 1:06
  is
• 1:06
  Team
• 1:06
  Alex
• 1:07
  or
• 1:07
  Team
• 1:08
  Alex
• 1:08
  as
• 1:09
  in
• 1:09
  Team
• 1:09
  Alex
• 1:09
  Cooper
• 1:10
  or
• 1:10
  Team
• 1:10
  Alex
• 1:11
  Earl.
• 1:11
  I'm
• 1:12
  excited
• 1:12
  to
• 1:12
  introduce
• 1:12
  Jen
• 1:13
  and
• 1:13
  John
• 1:13
  into
• 1:13
  the
• 1:13
  Omnitalk
• 1:14
  family
• 1:14
  for
• 1:15
  the
• 1:15
  first
• 1:15
  time.
• 1:15
  But
• 1:15
  before
• 1:16
  I
• 1:16
  do,
• 1:16
  let's
• 1:17
  take
• 1:17
  a
• 1:17
  quick
• 1:17
  break
• 1:17
  to
• 1:18
  hear
• 1:18
  from
• 1:18
  all
• 1:18
  our
• 1:19
  wonderful
• 1:19
  sponsors
• 1:20
  who
• 1:20
  make
• 1:20
  this
• 1:20
  podcast
• 1:21
  possible.
• 1:22
  And
• 1:22
  each
• 1:22
  and
• 1:22
  every
• 1:23
  week,
• 1:24
  this
• 1:24
  episode
• 1:25
  of
• 1:25
  the
• 1:25
  OMNITALK
• 1:26
  Retail
• 1:26
  Fast
• 1:26
  5
• 1:26
  is
• 1:27
  brought
• 1:27
  to
• 1:27
  you
• 1:27
  by
• 1:27
  the
• 1:28
  A
• 1:28
  and
• 1:28
  M
• 1:28
  Consumer
• 1:28
  and
• 1:29
  Retail
• 1:29
  Group.
• 1:29
  The
• 1:29
  A
• 1:29
  and
• 1:29
  M
• 1:29
  Consumer
• 1:30
  and
• 1:30
  Retail
• 1:30
  Group
• 1:30
  is
• 1:31
  a
• 1:31
  management
• 1:31
  consulting
• 1:32
  firm
• 1:32
  that
• 1:32
  tackles
• 1:32
  the
• 1:33
  most
• 1:33
  complex
• 1:33
  challenges
• 1:34
  and
• 1:34
  advances
• 1:35
  its
• 1:35
  clients,
• 1:35
  people
• 1:36
  and
• 1:36
  communities
• 1:37
  toward
• 1:37
  their
• 1:37
  maximum
• 1:38
  potential.
• 1:39
  CRG
• 1:39
  brings
• 1:40
  the
• 1:40
  experience,
• 1:40
  tools
• 1:40
  and
• 1:41
  operator
• 1:41
  like
• 1:42
  pragmatism
• 1:42
  to
• 1:43
  help
• 1:43
  retailers
• 1:43
  and
• 1:43
  consumer
• 1:44
  products
• 1:44
  companies
• 1:45
  be
• 1:45
  on
• 1:45
  the
• 1:45
  right
• 1:45
  side
• 1:46
  of
• 1:46
  disruption
• 1:47
  and
• 1:47
  Miracle
• 1:48
  the
• 1:48
  the
• 1:49
  catalyst
• 1:49
  of
• 1:49
  commerce.
• 1:50
  Over
• 1:50
  450
• 1:51
  retailers
• 1:51
  are
• 1:52
  opening
• 1:52
  new
• 1:52
  revenue
• 1:53
  streams
• 1:53
  with
• 1:53
  marketplaces,
• 1:54
  dropship
• 1:54
  and
• 1:55
  retail
• 1:55
  media
• 1:55
  and
• 1:56
  succeeding.
• 1:56
  With
• 1:57
  Miracle,
• 1:57
  you
• 1:57
  can
• 1:57
  unlock
• 1:58
  more
• 1:58
  products,
• 1:58
  more
• 1:59
  partners
• 1:59
  and
• 1:59
  more
• 2:00
  profits
• 2:00
  without
• 2:00
  the
• 2:01
  heavy
• 2:01
  lifting.
• 2:01
  So
• 2:02
  what's
• 2:02
  holding
• 2:02
  you
• 2:02
  back?
• 2:03
  Visit
• 2:03
  miracle.com
• 2:04
  to
• 2:04
  learn
• 2:04
  more.
• 2:05
  That's
• 2:05
  M
• 2:05
  I
• 2:05
  R
• 2:06
  A
• 2:06
  K
• 2:06
  L
• 2:07
  Com
• 2:08
  and
• 2:08
  Corso.
• 2:09
  Your
• 2:09
  stores
• 2:10
  are
• 2:10
  full
• 2:10
  of
• 2:10
  data,
• 2:11
  but
• 2:11
  are
• 2:11
  your
• 2:11
  teams
• 2:12
  acting
• 2:12
  on
• 2:12
  it?
• 2:13
  Corso
• 2:13
  turns
• 2:14
  retail
• 2:14
  data
• 2:14
  into
• 2:14
  personalized
• 2:15
  daily
• 2:15
  to
• 2:16
  DOS
• 2:16
  that
• 2:16
  drive
• 2:16
  sales,
• 2:17
  reduce
• 2:17
  waste
• 2:18
  and
• 2:18
  improve
• 2:18
  execution.
• 2:19
  No
• 2:20
  fluff,
• 2:20
  just
• 2:21
  action.
• 2:21
  Help
• 2:21
  your
• 2:22
  managers
• 2:22
  focus
• 2:22
  on
• 2:22
  what
• 2:23
  matters
• 2:23
  most.
• 2:23
  Visit
• 2:24
  corso.com
• 2:25
  to
• 2:25
  see
• 2:25
  Intelligent
• 2:26
  Management
• 2:27
  in
• 2:27
  motion
• 2:28
  and
• 2:28
  Infios.
• 2:29
  At
• 2:29
  Infios,
• 2:29
  they
• 2:30
  unite
• 2:30
  warehousing,
• 2:30
  transportation
• 2:31
  and
• 2:31
  order
• 2:32
  management
• 2:32
  into
• 2:32
  a
• 2:33
  seamless,
• 2:33
  adaptable
• 2:34
  network.
• 2:34
  Infios
• 2:35
  helps
• 2:35
  you
• 2:35
  stay
• 2:35
  ahead
• 2:36
  from
• 2:36
  promise
• 2:37
  to
• 2:37
  delivery
• 2:37
  and
• 2:38
  every
• 2:38
  step
• 2:38
  in
• 2:38
  between.
• 2:39
  To
• 2:39
  learn
• 2:40
  more,
• 2:40
  visit
• 2:40
  infios.com
• 2:42
  and
• 2:42
  Ocampo
• 2:43
  Capital.
• 2:43
  Ocampo
• 2:44
  Capital
• 2:44
  is
• 2:44
  a
• 2:45
  venture
• 2:45
  capital
• 2:45
  firm
• 2:46
  founded
• 2:46
  by
• 2:46
  retail
• 2:47
  executives
• 2:47
  with
• 2:47
  the
• 2:48
  aim
• 2:48
  of
• 2:48
  helping
• 2:48
  early
• 2:49
  stage
• 2:49
  consumer
• 2:49
  businesses
• 2:50
  succeed
• 2:50
  through
• 2:51
  investment
• 2:51
  and
• 2:52
  operational
• 2:52
  support.
• 2:53
  Learn
• 2:53
  more@ocampocapital.com
• 2:56
  and
• 2:57
  finally,
• 2:57
  Valoc
• 2:57
  Veloc
• 2:58
  is
• 2:58
  a
• 2:58
  proven
• 2:59
  E
• 2:59
  grocery
• 2:59
  technology
• 3:00
  built
• 3:00
  by
• 3:00
  grocers
• 3:01
  for
• 3:01
  grocers.
• 3:02
  Exactly
• 3:02
  the
• 3:03
  type
• 3:03
  of
• 3:03
  technology
• 3:03
  we
• 3:03
  like
• 3:04
  here
• 3:04
  at
• 3:04
  Omnitalk.
• 3:05
  They
• 3:05
  unite
• 3:05
  proprietary
• 3:06
  software
• 3:06
  with
• 3:07
  right
• 3:07
  size
• 3:07
  automation
• 3:08
  to
• 3:08
  make
• 3:08
  same
• 3:08
  day
• 3:09
  delivery
• 3:09
  profitable.
• 3:10
  To
• 3:10
  learn
• 3:11
  more,
• 3:11
  visit
• 3:11
  veloc.
• 3:12
  Com
• 3:12
  that's
• 3:13
  V
• 3:13
  e
• 3:13
  L
• 3:13
  O
• 3:13
  Q2
• 3:16
  newbies
• 3:16
  today,
• 3:17
  Jen
• 3:17
  Meyers
• 3:17
  and
• 3:17
  John
• 3:18
  Benson
• 3:18
  from
• 3:18
  the
• 3:18
  A
• 3:19
  and
• 3:19
  M
• 3:19
  Consumer
• 3:19
  and
• 3:20
  Retail
• 3:20
  Group.
• 3:20
  I
• 3:20
  want
• 3:20
  to
• 3:21
  get
• 3:21
  to
• 3:21
  know
• 3:21
  each
• 3:21
  of
• 3:22
  you
• 3:22
  a
• 3:22
  bit
• 3:22
  first
• 3:23
  before
• 3:23
  we
• 3:23
  get
• 3:23
  to
• 3:24
  the
• 3:24
  headlines.
• 3:24
  So,
• 3:24
  Jen,
• 3:25
  let's
• 3:25
  start
• 3:25
  with
• 3:25
  you.
• 3:26
  Jen
• 3:26
  Myers
• 3:27
  spent
• 3:27
  the
• 3:28
  last,
• 3:28
  I
• 3:28
  don't
• 3:29
  want
• 3:29
  to
• 3:29
  say
• 3:29
  how
• 3:29
  many
• 3:29
  decades
• 3:30
  of
• 3:30
  my
• 3:30
  career
• 3:31
  working
• 3:31
  in
• 3:32
  retail
• 3:32
  and
• 3:32
  restaurants,
• 3:33
  both
• 3:33
  on
• 3:33
  the
• 3:34
  industry
• 3:34
  side.
• 3:34
  Started
• 3:35
  out
• 3:35
  at
• 3:35
  Arby's
• 3:36
  and
• 3:36
  Jack
• 3:36
  in
• 3:36
  the
• 3:36
  Box
• 3:37
  and
• 3:37
  then
• 3:38
  did
• 3:38
  the
• 3:38
  fun
• 3:39
  MBA
• 3:39
  stint
• 3:40
  at
• 3:40
  night
• 3:41
  full
• 3:41
  time
• 3:42
  and
• 3:42
  then
• 3:43
  transitioned.
• 3:43
  Yeah.
• 3:44
  Because
• 3:45
  I
• 3:45
  don't
• 3:45
  enjoy
• 3:45
  sleep.
• 3:46
  That's
• 3:46
  pretty
• 3:46
  obvious
• 3:47
  being
• 3:47
  someone
• 3:48
  who
• 3:48
  worked
• 3:48
  full
• 3:48
  time
• 3:48
  and
• 3:48
  then
• 3:49
  went
• 3:49
  to
• 3:49
  school
• 3:49
  at
• 3:49
  night
• 3:50
  and
• 3:50
  went
• 3:51
  into
• 3:51
  consulting.
• 3:52
  So
• 3:52
  that's
• 3:53
  pretty
• 3:53
  much
• 3:53
  my
• 3:53
  vibe.
• 3:54
  And
• 3:54
  then
• 3:55
  have
• 3:55
  spent
• 3:55
  the
• 3:55
  last
• 3:56
  decade
• 3:57
  or
• 3:57
  so
• 3:58
  in
• 3:58
  consulting.
• 3:59
  Consulting
• 4:00
  for
• 4:01
  iconic
• 4:01
  retailers
• 4:02
  like
• 4:03
  Louis
• 4:03
  Vuitton
• 4:04
  and
• 4:05
  Neiman
• 4:05
  Marcus
• 4:07
  and
• 4:07
  Wendy's.
• 4:09
  Okay.
• 4:11
  Along
• 4:12
  with
• 4:12
  other
• 4:13
  brands
• 4:13
  that
• 4:13
  I
• 4:13
  can't
• 4:14
  mention.
• 4:14
  But
• 4:14
  yeah,
• 4:15
  I've
• 4:15
  enjoyed
• 4:15
  my
• 4:16
  career
• 4:16
  in
• 4:16
  consulting
• 4:17
  and
• 4:17
  in
• 4:17
  industry
• 4:17
  and
• 4:18
  I'm
• 4:18
  really
• 4:18
  excited
• 4:18
  to
• 4:19
  be
• 4:19
  here
• 4:19
  and
• 4:20
  hopefully
• 4:21
  drop
• 4:21
  some
• 4:21
  knowledge
• 4:22
  over
• 4:22
  the
• 4:22
  next
• 4:23
  10
• 4:24
  minutes
• 4:24
  or
• 4:25
  an
• 4:25
  hour
• 4:25
  or
• 4:25
  so.
• 4:26
  Yeah,
• 4:26
  yeah,
• 4:26
  no,
• 4:27
  yeah,
• 4:27
  we're
• 4:27
  gonna
• 4:27
  give
• 4:27
  it
• 4:27
  a
• 4:27
  solid
• 4:28
  hour,
• 4:28
  Jed.
• 4:28
  But
• 4:28
  wow,
• 4:29
  that's
• 4:29
  quite
• 4:29
  the
• 4:30
  spectrum.
• 4:30
  Louis
• 4:30
  Vuitton
• 4:31
  to
• 4:31
  Wendy's.
• 4:32
  Okay,
• 4:32
  Jack
• 4:32
  of
• 4:33
  all
• 4:33
  trades.
• 4:34
  I
• 4:34
  got
• 4:34
  to
• 4:34
  ask
• 4:34
  you
• 4:34
  to
• 4:34
  like,
• 4:35
  because
• 4:36
  I
• 4:36
  saw
• 4:36
  Jack
• 4:36
  in
• 4:36
  the
• 4:36
  Box
• 4:37
  in
• 4:37
  your
• 4:37
  background
• 4:37
  and
• 4:37
  being
• 4:38
  from
• 4:38
  Arizona,
• 4:38
  I'm
• 4:38
  a
• 4:38
  big
• 4:39
  Jack
• 4:39
  in
• 4:39
  the
• 4:39
  Box
• 4:39
  fan.
• 4:39
  So
• 4:40
  I
• 4:40
  have
• 4:40
  to
• 4:40
  ask
• 4:40
  you,
• 4:40
  I
• 4:40
  have
• 4:40
  to
• 4:40
  ask
• 4:40
  you
• 4:41
  a
• 4:41
  couple
• 4:41
  of
• 4:41
  questions
• 4:41
  because
• 4:41
  I
• 4:42
  just
• 4:42
  can't
• 4:42
  let
• 4:42
  this
• 4:42
  go.
• 4:43
  The
• 4:43
  Supreme
• 4:44
  Croissant
• 4:44
  sandwich.
• 4:45
  Is
• 4:45
  that
• 4:45
  the
• 4:45
  best
• 4:46
  breakfast
• 4:46
  sandwich
• 4:47
  in
• 4:47
  all
• 4:47
  of
• 4:48
  fast
• 4:48
  food
• 4:48
  restaurants?
• 4:49
  What's
• 4:49
  your
• 4:49
  take?
• 4:50
  Well,
• 4:50
  being
• 4:50
  a
• 4:50
  Southern
• 4:51
  Californian,
• 4:51
  I'm
• 4:52
  partial
• 4:52
  to
• 4:52
  a
• 4:53
  breakfast
• 4:53
  burrito.
• 4:54
  So,
• 4:55
  you
• 4:55
  know,
• 4:55
  I
• 4:56
  mean,
• 4:56
  I
• 4:56
  did
• 4:56
  live
• 4:56
  in
• 4:57
  Paris
• 4:57
  when
• 4:57
  I
• 4:57
  was
• 4:57
  in
• 4:57
  Louis
• 4:58
  Vuitton,
• 4:58
  so
• 4:59
  obviously
• 4:59
  the
• 4:59
  croissant
• 5:00
  part,
• 5:00
  I'm
• 5:00
  a
• 5:01
  little
• 5:01
  bit.
• 5:02
  Yeah,
• 5:02
  yeah.
• 5:02
  But
• 5:03
  yeah,
• 5:03
  I'm
• 5:03
  a
• 5:03
  big
• 5:03
  burrito
• 5:04
  lover.
• 5:04
  Breakfast
• 5:05
  bowls,
• 5:06
  things
• 5:06
  of
• 5:06
  that
• 5:06
  nature.
• 5:06
  So
• 5:07
  I
• 5:07
  have
• 5:07
  to
• 5:07
  say
• 5:07
  that
• 5:07
  breakfast
• 5:07
  burritos
• 5:08
  more
• 5:08
  my
• 5:08
  vibe.
• 5:09
  All
• 5:09
  right,
• 5:09
  well,
• 5:10
  we
• 5:10
  won't
• 5:10
  get
• 5:10
  into
• 5:10
  the
• 5:10
  is
• 5:11
  the
• 5:11
  burrito
• 5:11
  a
• 5:11
  sandwich
• 5:12
  Argument
• 5:12
  but
• 5:13
  because
• 5:13
  I
• 5:13
  want
• 5:13
  to
• 5:13
  get
• 5:13
  to
• 5:13
  my
• 5:14
  other
• 5:14
  question
• 5:14
  about
• 5:14
  Jack
• 5:14
  the
• 5:15
  Box.
• 5:15
  The
• 5:16
  tacos.
• 5:16
  The
• 5:16
  tacos
• 5:17
  at
• 5:17
  Jack
• 5:17
  of
• 5:17
  the
• 5:18
  Box
• 5:18
  are
• 5:18
  some
• 5:18
  of
• 5:18
  the
• 5:18
  most
• 5:18
  underrated
• 5:19
  items
• 5:19
  I've
• 5:20
  ever
• 5:20
  had
• 5:20
  in
• 5:20
  my
• 5:20
  life.
• 5:21
  What's
• 5:21
  your
• 5:21
  take
• 5:21
  on
• 5:21
  their
• 5:21
  tacos?
• 5:22
  I
• 5:22
  think
• 5:22
  the
• 5:23
  tacos
• 5:23
  are
• 5:23
  great.
• 5:23
  I
• 5:23
  mean
• 5:24
  it's,
• 5:24
  it.
• 5:24
  I
• 5:24
  think
• 5:25
  they
• 5:25
  lean
• 5:25
  into
• 5:26
  the
• 5:26
  snack,
• 5:27
  you
• 5:27
  know,
• 5:27
  as
• 5:28
  an
• 5:28
  additional
• 5:28
  item
• 5:29
  to
• 5:29
  your
• 5:30
  current
• 5:30
  menu
• 5:31
  or
• 5:31
  you
• 5:31
  can
• 5:31
  make
• 5:31
  them
• 5:31
  a
• 5:31
  meal.
• 5:32
  So
• 5:32
  I
• 5:32
  think
• 5:32
  the
• 5:32
  tacos
• 5:32
  are
• 5:33
  super
• 5:33
  versatile.
• 5:34
  I
• 5:34
  used
• 5:35
  to
• 5:35
  love
• 5:35
  the
• 5:35
  monster
• 5:36
  taco
• 5:36
  as
• 5:36
  well.
• 5:36
  But
• 5:37
  the
• 5:37
  299
• 5:38
  cents
• 5:38
  is
• 5:38
  not
• 5:38
  only
• 5:39
  a
• 5:39
  great
• 5:39
  deal,
• 5:39
  but
• 5:39
  it's
• 5:40
  a
• 5:40
  great
• 5:40
  addition
• 5:40
  to
• 5:40
  any
• 5:41
  meal
• 5:41
  and
• 5:41
  I
• 5:42
  think
• 5:42
  it's
• 5:42
  iconic.
• 5:42
  When
• 5:42
  you
• 5:43
  think
• 5:43
  of
• 5:43
  Jack
• 5:43
  in
• 5:43
  the
• 5:43
  Box,
• 5:43
  you
• 5:44
  think
• 5:44
  of
• 5:44
  two
• 5:44
  tacos
• 5:44
  for
• 5:44
  99
• 5:45
  cents.
• 5:46
  Yeah,
• 5:46
  you
• 5:46
  do.
• 5:46
  Yeah.
• 5:47
  But
• 5:47
  not
• 5:47
  that
• 5:47
  many
• 5:47
  people
• 5:48
  realize
• 5:48
  that.
• 5:48
  That's
• 5:48
  so
• 5:48
  great.
• 5:49
  I've
• 5:49
  not
• 5:49
  had
• 5:49
  the
• 5:49
  monster
• 5:50
  taco.
• 5:50
  I
• 5:50
  got
• 5:50
  to
• 5:50
  give
• 5:50
  that
• 5:50
  a
• 5:51
  shot.
• 5:51
  All
• 5:51
  right,
• 5:51
  John,
• 5:52
  let's
• 5:52
  let
• 5:52
  you
• 5:52
  in
• 5:52
  here.
• 5:53
  Why
• 5:53
  don't
• 5:53
  you
• 5:53
  tell
• 5:53
  the
• 5:53
  audience
• 5:54
  about
• 5:54
  who
• 5:54
  you
• 5:54
  are
• 5:55
  as
• 5:55
  well
• 5:55
  and,
• 5:56
  and
• 5:56
  what
• 5:56
  you
• 5:56
  focus
• 5:56
  on.
• 5:57
  Do
• 5:57
  you
• 5:57
  focus
• 5:57
  on
• 5:57
  everything
• 5:57
  as
• 5:58
  wide
• 5:58
  as
• 5:58
  Louis
• 5:58
  Vuitton
• 5:59
  to
• 5:59
  Wendy's?
• 6:00
  I
• 6:00
  can't
• 6:00
  say
• 6:00
  I
• 6:00
  do.
• 6:01
  So
• 6:01
  a
• 6:01
  little
• 6:01
  slightly
• 6:02
  different
• 6:02
  background
• 6:02
  but
• 6:03
  a
• 6:04
  fair
• 6:04
  amount
• 6:04
  of
• 6:04
  overlap
• 6:04
  as
• 6:05
  well.
• 6:05
  So
• 6:05
  yeah.
• 6:05
  So
• 6:06
  John
• 6:06
  Benson
• 6:06
  here,
• 6:06
  great
• 6:07
  to.
• 6:07
  Thanks
• 6:07
  for
• 6:07
  having
• 6:07
  us
• 6:08
  on.
• 6:08
  Really
• 6:08
  looking
• 6:08
  forward
• 6:09
  to
• 6:09
  the
• 6:09
  conversation.
• 6:10
  So
• 6:11
  I
• 6:11
  actually
• 6:11
  started
• 6:12
  my
• 6:12
  career
• 6:14
  in
• 6:14
  the
• 6:14
  Marine
• 6:14
  Corps.
• 6:14
  I
• 6:15
  did
• 6:15
  a
• 6:15
  short
• 6:15
  stint
• 6:15
  for
• 6:16
  about
• 6:17
  four
• 6:17
  years
• 6:18
  in
• 6:18
  the
• 6:18
  Marine
• 6:18
  Corps
• 6:19
  and
• 6:19
  then
• 6:20
  from
• 6:20
  there
• 6:20
  since
• 6:21
  then
• 6:21
  have
• 6:21
  been
• 6:22
  working
• 6:23
  in
• 6:23
  various
• 6:23
  advisory
• 6:24
  roles
• 6:25
  for
• 6:26
  the
• 6:26
  past
• 6:26
  call
• 6:26
  it
• 6:26
  15
• 6:27
  plus
• 6:27
  years
• 6:27
  or
• 6:28
  so.
• 6:28
  But
• 6:29
  really
• 6:29
  focus
• 6:29
  on
• 6:29
  the
• 6:29
  food
• 6:29
  space,
• 6:30
  you
• 6:30
  know,
• 6:30
  so
• 6:30
  all
• 6:31
  things
• 6:31
  food,
• 6:31
  you
• 6:31
  know,
• 6:32
  so
• 6:32
  probably
• 6:32
  the
• 6:32
  majority
• 6:33
  of
• 6:33
  my
• 6:33
  time
• 6:34
  is
• 6:34
  in
• 6:34
  the,
• 6:34
  is
• 6:34
  in
• 6:34
  the
• 6:35
  restaurant
• 6:35
  space.
• 6:35
  So
• 6:36
  I
• 6:36
  work
• 6:36
  with,
• 6:36
  you
• 6:37
  know,
• 6:38
  many
• 6:38
  different
• 6:38
  brands
• 6:39
  across,
• 6:39
  you
• 6:39
  know,
• 6:39
  mostly
• 6:40
  the
• 6:40
  limited
• 6:40
  service
• 6:40
  type
• 6:41
  restaurants,
• 6:42
  but
• 6:42
  you
• 6:42
  know,
• 6:42
  up
• 6:43
  and
• 6:43
  down
• 6:43
  the
• 6:43
  food
• 6:43
  value
• 6:44
  chain.
• 6:44
  So
• 6:44
  food
• 6:44
  distributors,
• 6:45
  food
• 6:45
  manufacturers,
• 6:46
  CPG
• 6:47
  companies,
• 6:47
  so
• 6:47
  on
• 6:47
  and
• 6:48
  so
• 6:48
  forth.
• 6:48
  But
• 6:49
  that's
• 6:49
  really
• 6:49
  where
• 6:49
  my
• 6:49
  passion
• 6:50
  is,
• 6:50
  is
• 6:50
  all
• 6:50
  things
• 6:50
  food,
• 6:51
  all
• 6:51
  things
• 6:51
  food
• 6:51
  related.
• 6:52
  I've
• 6:52
  worked
• 6:52
  at
• 6:52
  a
• 6:53
  lot
• 6:53
  of
• 6:53
  different,
• 6:53
  you
• 6:53
  know,
• 6:53
  consumer,
• 6:54
  multisite,
• 6:55
  consumer
• 6:55
  facing
• 6:55
  brands.
• 6:56
  Probably
• 6:57
  not,
• 6:57
  not
• 6:58
  the
• 6:58
  Louis
• 6:58
  Vuitton
• 6:58
  of
• 6:59
  the
• 6:59
  world
• 6:59
  necessarily,
• 7:00
  but,
• 7:00
  but
• 7:01
  lots
• 7:01
  of
• 7:01
  other
• 7:01
  great
• 7:01
  companies.
• 7:02
  As
• 7:02
  well.
• 7:02
  So,
• 7:03
  so
• 7:03
  that's
• 7:04
  a
• 7:04
  bit
• 7:04
  about
• 7:04
  me.
• 7:05
  Yeah.
• 7:05
  Well,
• 7:05
  we've
• 7:06
  got
• 7:06
  a
• 7:06
  lot
• 7:06
  of
• 7:06
  germane
• 7:06
  headlines
• 7:07
  for
• 7:07
  you,
• 7:07
  particularly
• 7:08
  then,
• 7:08
  given
• 7:08
  your
• 7:08
  background
• 7:09
  today,
• 7:09
  John.
• 7:09
  That's
• 7:10
  funny
• 7:10
  how
• 7:10
  that
• 7:10
  works
• 7:10
  too,
• 7:11
  depending
• 7:11
  on
• 7:11
  what,
• 7:11
  you
• 7:12
  know,
• 7:12
  what
• 7:12
  hits
• 7:12
  the
• 7:12
  news
• 7:13
  cycle
• 7:13
  this
• 7:13
  week.
• 7:13
  So
• 7:14
  I'm
• 7:14
  curious
• 7:14
  too,
• 7:14
  do
• 7:14
  you,
• 7:15
  do
• 7:15
  you
• 7:15
  kind
• 7:15
  of
• 7:15
  lean
• 7:15
  into
• 7:16
  the
• 7:16
  typical,
• 7:16
  what
• 7:16
  you
• 7:16
  see
• 7:17
  from
• 7:17
  those
• 7:17
  in
• 7:17
  the
• 7:17
  service?
• 7:17
  Like,
• 7:18
  are
• 7:18
  you
• 7:18
  more
• 7:18
  on
• 7:18
  the
• 7:18
  op
• 7:19
  side
• 7:19
  of,
• 7:20
  of
• 7:20
  consulting?
• 7:22
  You
• 7:22
  know,
• 7:22
  I,
• 7:22
  I
• 7:22
  think
• 7:23
  so.
• 7:23
  I
• 7:23
  mean,
• 7:23
  I
• 7:23
  have
• 7:23
  a
• 7:24
  natural
• 7:24
  kind
• 7:24
  of
• 7:24
  affinity
• 7:25
  to,
• 7:25
  you
• 7:25
  know,
• 7:25
  you
• 7:26
  know,
• 7:26
  driving
• 7:26
  operational
• 7:27
  transformations,
• 7:27
  things
• 7:28
  like
• 7:28
  that.
• 7:28
  But,
• 7:29
  but
• 7:29
  honestly,
• 7:29
  for
• 7:29
  me,
• 7:30
  you
• 7:30
  know,
• 7:30
  especially
• 7:30
  in
• 7:31
  the
• 7:31
  restaurant
• 7:31
  space,
• 7:31
  you
• 7:32
  know,
• 7:32
  a
• 7:32
  lot
• 7:32
  of
• 7:32
  these
• 7:32
  companies
• 7:32
  are,
• 7:33
  you
• 7:33
  know,
• 7:33
  I
• 7:34
  mean,
• 7:34
  it's
• 7:34
  a
• 7:34
  broad
• 7:34
  range,
• 7:35
  but
• 7:35
  there's
• 7:35
  a
• 7:35
  lot
• 7:35
  of
• 7:35
  kind
• 7:35
  of
• 7:35
  mid
• 7:36
  market
• 7:36
  companies
• 7:36
  that
• 7:36
  we
• 7:36
  work
• 7:37
  with.
• 7:37
  So
• 7:37
  it's.
• 7:38
  I
• 7:38
  always
• 7:38
  think
• 7:38
  about
• 7:38
  it,
• 7:39
  from
• 7:39
  the
• 7:39
  strategy
• 7:39
  to
• 7:40
  the
• 7:40
  operations
• 7:40
  and
• 7:40
  then
• 7:41
  the
• 7:41
  financials.
• 7:41
  You
• 7:42
  got
• 7:42
  to
• 7:42
  get
• 7:42
  that
• 7:42
  whole
• 7:42
  equation
• 7:43
  right.
• 7:43
  And
• 7:43
  that's
• 7:43
  really
• 7:44
  kind
• 7:44
  of
• 7:44
  where
• 7:44
  we,
• 7:45
  you
• 7:45
  know,
• 7:45
  advise
• 7:45
  our
• 7:46
  clients
• 7:46
  on
• 7:46
  and
• 7:46
  work
• 7:46
  with
• 7:47
  our
• 7:47
  clients
• 7:47
  to
• 7:47
  drive
• 7:48
  transformations
• 7:48
  or
• 7:49
  really
• 7:49
  across
• 7:49
  all
• 7:50
  of
• 7:50
  those
• 7:50
  three
• 7:50
  areas.
• 7:51
  Right,
• 7:51
  yeah.
• 7:52
  And
• 7:52
  whenever
• 7:52
  food's
• 7:53
  involved,
• 7:53
  the
• 7:53
  operational
• 7:53
  dynamics
• 7:54
  and
• 7:54
  the
• 7:54
  supply
• 7:55
  chain
• 7:55
  dynamics
• 7:55
  are
• 7:55
  always
• 7:55
  much
• 7:56
  more
• 7:56
  intense
• 7:57
  and
• 7:57
  involved
• 7:57
  in,
• 7:58
  say,
• 7:58
  other
• 7:58
  operations
• 7:59
  of
• 7:59
  retail,
• 7:59
  depending
• 8:00
  on
• 8:00
  how
• 8:00
  you
• 8:00
  want
• 8:00
  to
• 8:01
  look
• 8:01
  at
• 8:01
  it,
• 8:01
  of
• 8:01
  course.
• 8:02
  All
• 8:02
  right,
• 8:02
  you
• 8:03
  two,
• 8:03
  well,
• 8:03
  thanks
• 8:03
  for
• 8:04
  that
• 8:04
  introduction
• 8:05
  from
• 8:05
  both
• 8:05
  of
• 8:05
  you.
• 8:06
  That
• 8:06
  was
• 8:06
  really
• 8:06
  wonderful.
• 8:07
  And
• 8:07
  Jen,
• 8:07
  thanks
• 8:07
  for
• 8:07
  indulging
• 8:08
  my,
• 8:08
  my
• 8:09
  passionate
• 8:09
  Jack
• 8:09
  in
• 8:10
  the
• 8:10
  box
• 8:10
  love
• 8:10
  affair
• 8:11
  that
• 8:11
  I've
• 8:11
  had
• 8:11
  since
• 8:11
  I
• 8:11
  was
• 8:11
  a
• 8:12
  young
• 8:12
  lad.
• 8:13
  All
• 8:13
  right,
• 8:13
  in
• 8:13
  today's
• 8:13
  Fast5,
• 8:14
  we've
• 8:14
  got
• 8:14
  news
• 8:15
  on
• 8:15
  Starbucks
• 8:16
  unveiling
• 8:16
  its
• 8:17
  new
• 8:17
  uplifted
• 8:18
  store
• 8:18
  designs
• 8:18
  in
• 8:19
  Chicago
• 8:19
  while
• 8:19
  also
• 8:20
  rolling
• 8:20
  out
• 8:20
  bonuses
• 8:21
  and
• 8:21
  expanded
• 8:22
  tipping
• 8:23
  for
• 8:23
  baristas.
• 8:24
  Burger
• 8:24
  King.
• 8:25
  Oh,
• 8:25
  here
• 8:25
  we
• 8:25
  go,
• 8:26
  John.
• 8:26
  Burger
• 8:26
  King
• 8:26
  going
• 8:27
  on
• 8:27
  a
• 8:27
  massive
• 8:27
  hiring
• 8:28
  spree
• 8:28
  on
• 8:28
  the
• 8:28
  back
• 8:28
  of
• 8:28
  its
• 8:29
  reclaim
• 8:30
  the
• 8:30
  flame
• 8:30
  turnaround.
• 8:31
  That's
• 8:31
  always
• 8:31
  fun
• 8:32
  to
• 8:32
  say.
• 8:32
  Dollar
• 8:33
  General's
• 8:33
  media
• 8:33
  network
• 8:34
  rolling
• 8:34
  out
• 8:34
  an
• 8:34
  AI
• 8:35
  enabled
• 8:35
  in
• 8:35
  store
• 8:36
  audio
• 8:36
  program
• 8:37
  to
• 8:37
  1200
• 8:37
  stores.
• 8:38
  And
• 8:38
  old
• 8:38
  Navy
• 8:39
  reportedly
• 8:39
  developing
• 8:40
  a
• 8:40
  new
• 8:41
  freestanding
• 8:42
  athleisure
• 8:42
  format,
• 8:43
  one
• 8:43
  it's
• 8:43
  calling
• 8:44
  Old
• 8:44
  Navy
• 8:44
  Sport.
• 8:45
  But
• 8:45
  we
• 8:45
  begin
• 8:45
  today
• 8:46
  with
• 8:46
  the
• 8:46
  one
• 8:46
  thing
• 8:47
  that
• 8:47
  no
• 8:47
  doubt
• 8:47
  many
• 8:48
  of
• 8:48
  you
• 8:49
  read
• 8:49
  this
• 8:49
  week,
• 8:50
  and
• 8:50
  that
• 8:50
  is
• 8:50
  Amazon
• 8:51
  CEO
• 8:52
  Andy
• 8:52
  Jassy's
• 8:53
  annual
• 8:53
  letter
• 8:53
  to
• 8:54
  shareholders.
• 8:55
  Amazon
• 8:55
  CEO
• 8:56
  Andy
• 8:56
  Jassy
• 8:57
  published
• 8:57
  his
• 8:57
  annual
• 8:57
  letter
• 8:58
  to
• 8:58
  shareholders,
• 8:59
  and
• 8:59
  in
• 8:59
  it
• 8:59
  he
• 8:59
  laid
• 9:00
  out
• 9:00
  Amazon's
• 9:01
  sweeping
• 9:01
  vision
• 9:01
  for
• 9:02
  robotics,
• 9:02
  world
• 9:03
  delivery,
• 9:03
  satellite
• 9:04
  broadband
• 9:05
  drone
• 9:05
  delivery
• 9:06
  and
• 9:06
  ultra
• 9:06
  fast
• 9:07
  fulfillment.
• 9:07
  Just,
• 9:07
  just,
• 9:08
  just
• 9:08
  those
• 9:08
  things.
• 9:09
  And
• 9:10
  the
• 9:10
  one
• 9:10
  through
• 9:10
  line
• 9:11
  of
• 9:11
  the
• 9:11
  letter
• 9:11
  is
• 9:12
  Jassy's
• 9:12
  belief
• 9:12
  that
• 9:13
  progress
• 9:14
  rarely
• 9:14
  follows
• 9:15
  a
• 9:15
  straight
• 9:15
  line.
• 9:16
  Arguing
• 9:16
  that
• 9:16
  durable
• 9:17
  companies
• 9:17
  must
• 9:18
  be
• 9:18
  adept
• 9:18
  at
• 9:18
  navigating
• 9:19
  inflection
• 9:19
  points,
• 9:20
  not
• 9:20
  just
• 9:21
  executing
• 9:21
  a
• 9:22
  single
• 9:22
  playbook.
• 9:23
  Jen,
• 9:24
  what
• 9:24
  stood
• 9:24
  out
• 9:25
  to
• 9:25
  you
• 9:25
  most
• 9:25
  about
• 9:25
  Andy
• 9:26
  Jassy's
• 9:26
  2026
• 9:27
  letter
• 9:28
  to
• 9:28
  shareholders?
• 9:30
  Well,
• 9:30
  as
• 9:30
  an
• 9:30
  AI
• 9:31
  led
• 9:31
  growth
• 9:31
  strategist,
• 9:32
  what
• 9:32
  stood
• 9:33
  out
• 9:33
  to
• 9:33
  me
• 9:33
  is
• 9:33
  that
• 9:33
  AI
• 9:34
  is
• 9:34
  at
• 9:34
  the
• 9:34
  center.
• 9:34
  It's
• 9:35
  infrastructure
• 9:35
  is
• 9:35
  the
• 9:35
  strategy
• 9:36
  and
• 9:36
  everything
• 9:37
  from
• 9:37
  cost
• 9:38
  savings
• 9:38
  to
• 9:38
  logistics
• 9:39
  improvements.
• 9:40
  It's
• 9:40
  really
• 9:40
  about
• 9:41
  fueling
• 9:41
  reinvestment
• 9:42
  into
• 9:42
  that
• 9:43
  long
• 9:43
  term
• 9:43
  machine.
• 9:44
  And
• 9:44
  I
• 9:44
  thought
• 9:44
  it
• 9:44
  was
• 9:45
  really
• 9:45
  fascinating
• 9:45
  that
• 9:45
  they've
• 9:46
  shift
• 9:46
  from
• 9:46
  storytelling
• 9:47
  about
• 9:47
  the
• 9:47
  consumer
• 9:48
  to
• 9:48
  storytelling
• 9:49
  about
• 9:49
  the
• 9:50
  machine.
• 9:51
  AI
• 9:51
  is
• 9:51
  the
• 9:51
  center
• 9:52
  of
• 9:52
  gravity.
• 9:52
  It's
• 9:53
  not
• 9:53
  as
• 9:53
  much
• 9:53
  of
• 9:53
  a
• 9:54
  side
• 9:54
  bet.
• 9:54
  It's
• 9:54
  embedded
• 9:55
  across
• 9:55
  AWS
• 9:56
  retail
• 9:57
  advertising
• 9:58
  and
• 9:58
  the
• 9:58
  clear
• 9:59
  message
• 9:59
  was
• 9:59
  we're
• 9:59
  not
• 10:00
  chasing
• 10:00
  AI,
• 10:00
  we're
• 10:01
  enabling
• 10:01
  it
• 10:01
  for
• 10:02
  everyone
• 10:02
  else.
• 10:02
  He's
• 10:03
  very
• 10:03
  explicit
• 10:04
  that
• 10:04
  AI
• 10:05
  isn't
• 10:05
  a
• 10:05
  feature.
• 10:05
  It's
• 10:06
  going
• 10:06
  to
• 10:06
  rein
• 10:07
  every
• 10:07
  customer
• 10:07
  experience
• 10:08
  and
• 10:08
  Amazon
• 10:08
  wants
• 10:09
  to
• 10:09
  power
• 10:09
  that
• 10:09
  across
• 10:09
  the
• 10:10
  entire
• 10:10
  stack.
• 10:11
  Yeah,
• 10:11
  I
• 10:11
  agree.
• 10:11
  Like
• 10:12
  that
• 10:12
  was,
• 10:12
  that
• 10:12
  was
• 10:12
  the
• 10:13
  key
• 10:13
  thing
• 10:13
  I
• 10:13
  took
• 10:13
  from
• 10:13
  it
• 10:13
  too.
• 10:14
  Like
• 10:14
  this
• 10:14
  was
• 10:14
  all
• 10:14
  about
• 10:15
  we're,
• 10:15
  we're,
• 10:15
  we're
• 10:16
  the
• 10:16
  infrastructure
• 10:16
  company
• 10:17
  now.
• 10:17
  You
• 10:17
  know,
• 10:18
  we're
• 10:18
  not,
• 10:18
  we're
• 10:18
  not
• 10:18
  your,
• 10:19
  you're
• 10:19
  not,
• 10:19
  we're
• 10:19
  not
• 10:19
  your
• 10:20
  grandmother's
• 10:20
  retailer
• 10:21
  anymore,
• 10:21
  for,
• 10:21
  for
• 10:22
  lack
• 10:22
  of
• 10:22
  a
• 10:22
  better
• 10:22
  way
• 10:22
  to
• 10:23
  put
• 10:23
  it.
• 10:23
  Did
• 10:23
  you
• 10:23
  like
• 10:24
  the
• 10:24
  straight
• 10:24
  line
• 10:24
  analogy,
• 10:25
  Jen?
• 10:25
  Did
• 10:26
  you
• 10:26
  feel
• 10:26
  like
• 10:26
  that
• 10:26
  worked
• 10:26
  for
• 10:27
  him?
• 10:27
  I
• 10:28
  did.
• 10:28
  Although
• 10:28
  I
• 10:28
  feel
• 10:29
  like
• 10:29
  Amazon's
• 10:29
  become
• 10:29
  a
• 10:29
  little
• 10:30
  bit
• 10:30
  more
• 10:30
  of
• 10:30
  a
• 10:30
  spider
• 10:30
  web
• 10:31
  catching
• 10:31
  us
• 10:31
  all
• 10:32
  then.
• 10:33
  Oh
• 10:33
  wow.
• 10:34
  Wow.
• 10:36
  You
• 10:36
  Gwen
• 10:37
  Stefani,
• 10:37
  right?
• 10:37
  She's
• 10:37
  the
• 10:38
  one.
• 10:38
  The
• 10:38
  Spider
• 10:38
  Web
• 10:38
  song.
• 10:39
  Yeah,
• 10:39
  I
• 10:39
  actually
• 10:39
  liked
• 10:40
  it.
• 10:40
  I
• 10:40
  thought
• 10:40
  it
• 10:40
  was
• 10:40
  a
• 10:40
  good
• 10:41
  move
• 10:41
  from
• 10:41
  him
• 10:41
  too
• 10:41
  in
• 10:41
  the
• 10:42
  sense
• 10:42
  of
• 10:42
  it
• 10:43
  kind
• 10:43
  of
• 10:43
  gave
• 10:43
  him
• 10:43
  a
• 10:44
  personality.
• 10:44
  It
• 10:44
  gave
• 10:45
  him
• 10:45
  a
• 10:45
  calling
• 10:45
  card
• 10:45
  which
• 10:46
  people
• 10:46
  will
• 10:46
  attribute
• 10:47
  to
• 10:47
  him
• 10:47
  too.
• 10:48
  Like,
• 10:48
  you
• 10:48
  know,
• 10:48
  they'll
• 10:49
  start
• 10:49
  using
• 10:49
  that
• 10:49
  quote,
• 10:50
  they'll
• 10:50
  start,
• 10:50
  you
• 10:50
  know,
• 10:51
  trying
• 10:51
  to
• 10:51
  be
• 10:51
  like
• 10:51
  more
• 10:52
  like
• 10:52
  Amazon
• 10:52
  and
• 10:53
  explaining
• 10:53
  it
• 10:53
  as
• 10:53
  a
• 10:54
  rationale
• 10:54
  for
• 10:55
  innovation.
• 10:55
  But
• 10:56
  yeah,
• 10:56
  I
• 10:56
  was,
• 10:56
  but
• 10:56
  I
• 10:57
  was
• 10:57
  taken
• 10:57
  aback
• 10:57
  by
• 10:57
  just
• 10:58
  how
• 10:58
  much
• 10:58
  they
• 10:58
  did.
• 10:59
  I
• 10:59
  didn't
• 10:59
  discuss
• 11:00
  retail.
• 11:01
  It
• 11:01
  sounds
• 11:01
  like
• 11:01
  you
• 11:01
  were
• 11:02
  too.
• 11:03
  Absolutely.
• 11:03
  I
• 11:03
  also
• 11:04
  thought
• 11:04
  it
• 11:04
  was
• 11:04
  interesting.
• 11:05
  It
• 11:05
  reminded
• 11:05
  me
• 11:05
  of
• 11:06
  like
• 11:06
  the
• 11:06
  1998
• 11:07
  letter
• 11:07
  from
• 11:07
  Bezos.
• 11:09
  So
• 11:09
  that
• 11:09
  reflecting
• 11:10
  that
• 11:10
  day
• 11:10
  one
• 11:11
  mindset,
• 11:12
  talking
• 11:12
  about
• 11:13
  like
• 11:13
  relentless
• 11:13
  reinvestment
• 11:15
  signaling
• 11:15
  this
• 11:15
  notion
• 11:16
  of
• 11:16
  like
• 11:16
  long
• 11:16
  term
• 11:17
  dominance
• 11:17
  over
• 11:18
  short
• 11:18
  term
• 11:18
  margin
• 11:19
  and
• 11:19
  it
• 11:19
  was
• 11:19
  reinforcing,
• 11:20
  you
• 11:21
  know,
• 11:21
  Amazon
• 11:21
  wins
• 11:21
  by
• 11:22
  out
• 11:22
  investing
• 11:22
  competitors
• 11:23
  consistently
• 11:24
  and
• 11:24
  it's
• 11:24
  really
• 11:24
  consistent
• 11:25
  with
• 11:25
  Amazon's
• 11:25
  DNA.
• 11:26
  He's
• 11:26
  basically
• 11:26
  saying
• 11:27
  we're
• 11:27
  going
• 11:27
  to
• 11:27
  keep
• 11:27
  investing
• 11:28
  aggressively
• 11:28
  even
• 11:28
  if
• 11:29
  it
• 11:29
  pressures
• 11:29
  margin
• 11:30
  in
• 11:30
  the
• 11:30
  near
• 11:30
  term.
• 11:31
  Yeah,
• 11:31
  yeah.
• 11:32
  The
• 11:32
  one
• 11:32
  Retail
• 11:33
  thing
• 11:33
  I
• 11:33
  did
• 11:33
  pick
• 11:33
  up
• 11:33
  in
• 11:33
  there
• 11:34
  too
• 11:34
  was
• 11:34
  like
• 11:34
  they're
• 11:34
  going
• 11:34
  after
• 11:35
  the
• 11:35
  underserved
• 11:35
  communities,
• 11:36
  they're
• 11:36
  trying
• 11:36
  to
• 11:37
  get
• 11:37
  to
• 11:37
  grocery
• 11:38
  through
• 11:38
  the
• 11:39
  additional
• 11:39
  items,
• 11:40
  you
• 11:40
  know,
• 11:40
  in
• 11:40
  the
• 11:40
  basket
• 11:41
  of
• 11:41
  the
• 11:41
  trip.
• 11:41
  And
• 11:42
  that
• 11:42
  does
• 11:42
  seem
• 11:42
  to
• 11:42
  be
• 11:42
  working
• 11:43
  on
• 11:43
  the
• 11:43
  margins
• 11:44
  for
• 11:44
  them
• 11:44
  against
• 11:44
  how
• 11:45
  their
• 11:45
  current
• 11:45
  business
• 11:45
  model
• 11:46
  also
• 11:46
  works.
• 11:47
  John,
• 11:47
  what'd
• 11:47
  you
• 11:47
  think?
• 11:48
  Did
• 11:48
  you
• 11:48
  have
• 11:48
  any
• 11:48
  other
• 11:49
  takeaways
• 11:49
  from
• 11:49
  the
• 11:49
  letter?
• 11:51
  You
• 11:51
  know,
• 11:51
  I
• 11:52
  thought
• 11:52
  it
• 11:52
  was
• 11:52
  great.
• 11:52
  I
• 11:52
  really
• 11:53
  liked
• 11:53
  it.
• 11:53
  And
• 11:54
  actually
• 11:54
  I
• 11:54
  think
• 11:54
  what
• 11:55
  I,
• 11:55
  what
• 11:56
  I
• 11:56
  was
• 11:56
  attracted
• 11:57
  to
• 11:57
  or
• 11:57
  what
• 11:57
  kind
• 11:57
  of
• 11:57
  zeroed
• 11:58
  in
• 11:58
  on
• 11:58
  was
• 11:58
  the
• 11:59
  bit
• 11:59
  of
• 11:59
  the
• 11:59
  storytelling
• 12:00
  and
• 12:00
  the
• 12:01
  like
• 12:01
  the
• 12:01
  intangibles
• 12:02
  part
• 12:02
  of
• 12:02
  it.
• 12:02
  You
• 12:02
  know,
• 12:03
  the,
• 12:03
  I
• 12:03
  thought
• 12:03
  the
• 12:03
  analogy
• 12:04
  on
• 12:04
  the
• 12:04
  straight
• 12:04
  line,
• 12:06
  the,
• 12:06
  you
• 12:07
  know,
• 12:07
  the
• 12:07
  path
• 12:07
  not
• 12:07
  being
• 12:07
  straight
• 12:08
  line
• 12:08
  was,
• 12:08
  was
• 12:09
  right
• 12:09
  on,
• 12:09
  you
• 12:09
  know,
• 12:09
  and
• 12:10
  I
• 12:10
  think
• 12:10
  we're
• 12:10
  seeing
• 12:10
  it
• 12:10
  across,
• 12:11
  not
• 12:11
  just
• 12:11
  consumer
• 12:12
  facing
• 12:12
  businesses,
• 12:13
  but
• 12:13
  businesses
• 12:14
  across
• 12:14
  the
• 12:14
  board
• 12:14
  in
• 12:15
  terms
• 12:15
  of
• 12:15
  disruption.
• 12:16
  And
• 12:16
  you
• 12:16
  know,
• 12:16
  they
• 12:16
  talked
• 12:16
  about
• 12:17
  in
• 12:17
  terms
• 12:17
  of
• 12:17
  inflection
• 12:17
  points,
• 12:18
  but
• 12:18
  you
• 12:19
  know,
• 12:19
  it's
• 12:20
  happening
• 12:20
  across
• 12:20
  the
• 12:20
  board.
• 12:21
  We
• 12:21
  see
• 12:21
  it
• 12:21
  in
• 12:21
  the
• 12:21
  restaurant
• 12:22
  food
• 12:22
  space,
• 12:22
  but
• 12:23
  there
• 12:23
  are
• 12:23
  these
• 12:24
  disruptions
• 12:25
  and
• 12:25
  you
• 12:25
  know,
• 12:25
  companies
• 12:26
  that
• 12:26
  aren't
• 12:27
  agile
• 12:27
  and
• 12:27
  are
• 12:27
  adapting
• 12:29
  are
• 12:29
  the
• 12:29
  ones
• 12:29
  that
• 12:30
  are
• 12:30
  unfortunately
• 12:31
  going
• 12:31
  to
• 12:31
  lose
• 12:32
  in
• 12:32
  that
• 12:32
  situation.
• 12:32
  So
• 12:33
  to
• 12:33
  me
• 12:33
  it's
• 12:33
  that
• 12:34
  he
• 12:35
  talked
• 12:35
  about
• 12:36
  initiative,
• 12:36
  creativity,
• 12:37
  willpower,
• 12:38
  having
• 12:38
  to
• 12:38
  kind
• 12:38
  of
• 12:39
  drive
• 12:39
  that
• 12:39
  decision
• 12:40
  making
• 12:40
  and
• 12:40
  drive
• 12:41
  kind
• 12:41
  of
• 12:41
  how
• 12:41
  they
• 12:41
  think
• 12:41
  about
• 12:42
  their
• 12:42
  business.
• 12:42
  So
• 12:43
  I
• 12:43
  thought
• 12:43
  what
• 12:43
  stood
• 12:43
  out
• 12:44
  to
• 12:44
  me
• 12:44
  was
• 12:44
  the
• 12:44
  intangibles
• 12:45
  and
• 12:45
  how
• 12:46
  apart
• 12:46
  from
• 12:46
  all
• 12:46
  the
• 12:46
  different
• 12:47
  business
• 12:47
  units
• 12:48
  that
• 12:48
  they
• 12:48
  run
• 12:48
  and
• 12:48
  that
• 12:48
  they're
• 12:49
  exploring
• 12:49
  and
• 12:49
  that
• 12:49
  they're
• 12:50
  investing
• 12:50
  in
• 12:51
  just
• 12:51
  how
• 12:51
  they
• 12:52
  think
• 12:52
  about,
• 12:53
  from
• 12:53
  an
• 12:54
  intangible
• 12:54
  side
• 12:55
  of
• 12:55
  the
• 12:55
  equation,
• 12:56
  their
• 12:57
  business.
• 12:58
  Yeah.
• 12:58
  So
• 12:58
  John,
• 12:59
  I'm
• 12:59
  curious,
• 12:59
  when
• 12:59
  I,
• 12:59
  when
• 12:59
  I
• 12:59
  read
• 12:59
  between
• 13:00
  the
• 13:00
  lines
• 13:00
  what
• 13:00
  you
• 13:00
  said
• 13:00
  to
• 13:00
  like,
• 13:01
  I'm
• 13:01
  also
• 13:01
  picking
• 13:01
  up
• 13:01
  that
• 13:02
  you
• 13:02
  kind
• 13:02
  of
• 13:02
  got
• 13:02
  the
• 13:02
  sense
• 13:02
  that
• 13:03
  he's
• 13:03
  just
• 13:03
  like
• 13:03
  a
• 13:04
  pragmatic,
• 13:04
  normal
• 13:05
  guy
• 13:05
  too.
• 13:06
  That
• 13:06
  is
• 13:06
  just
• 13:06
  writing
• 13:07
  a
• 13:07
  letter
• 13:07
  and
• 13:07
  that's
• 13:07
  how
• 13:08
  it
• 13:08
  came
• 13:08
  across.
• 13:08
  You
• 13:09
  do,
• 13:09
  is
• 13:09
  that,
• 13:09
  am
• 13:10
  I
• 13:10
  reading
• 13:10
  you
• 13:10
  right?
• 13:11
  Yeah,
• 13:11
  absolutely.
• 13:12
  And
• 13:12
  I
• 13:12
  think
• 13:12
  it's
• 13:13
  a
• 13:13
  quality
• 13:13
  of
• 13:13
  like
• 13:13
  leadership,
• 13:14
  you
• 13:14
  know,
• 13:14
  and
• 13:15
  you
• 13:15
  know,
• 13:15
  I
• 13:15
  don't
• 13:16
  follow
• 13:16
  him
• 13:16
  that
• 13:16
  closely
• 13:17
  to,
• 13:17
  you
• 13:18
  know,
• 13:18
  to
• 13:18
  really
• 13:18
  opine
• 13:18
  on
• 13:19
  this,
• 13:19
  but
• 13:19
  my
• 13:19
  take
• 13:19
  on
• 13:20
  reading
• 13:20
  that
• 13:20
  letter
• 13:21
  was,
• 13:21
  you
• 13:21
  know,
• 13:21
  it's
• 13:22
  a
• 13:22
  strong
• 13:22
  leader.
• 13:22
  You
• 13:22
  know,
• 13:23
  strong
• 13:23
  leaders,
• 13:24
  you
• 13:24
  write
• 13:24
  letters
• 13:25
  like
• 13:25
  that,
• 13:25
  they
• 13:25
  make
• 13:25
  it
• 13:26
  personal.
• 13:26
  They,
• 13:26
  they,
• 13:27
  you
• 13:27
  know,
• 13:27
  they
• 13:28
  exude
• 13:28
  empathy
• 13:29
  kind
• 13:29
  of
• 13:29
  in
• 13:29
  how
• 13:29
  they
• 13:29
  talk
• 13:30
  about
• 13:30
  themselves
• 13:30
  and
• 13:31
  the
• 13:31
  business.
• 13:31
  So.
• 13:32
  Yeah,
• 13:32
  absolutely.
• 13:34
  Yeah,
• 13:34
  that's
• 13:34
  a
• 13:35
  great
• 13:35
  point
• 13:35
  too
• 13:35
  because
• 13:35
  one
• 13:35
  of
• 13:35
  the
• 13:35
  things
• 13:36
  I
• 13:36
  like
• 13:36
  when
• 13:36
  I
• 13:36
  read
• 13:36
  these
• 13:36
  things
• 13:37
  too
• 13:37
  is
• 13:37
  like,
• 13:37
  do
• 13:38
  I
• 13:38
  know
• 13:38
  where
• 13:38
  the
• 13:39
  growth
• 13:39
  is
• 13:39
  going
• 13:39
  to
• 13:39
  come
• 13:40
  from.
• 13:40
  And
• 13:40
  he
• 13:41
  articulated
• 13:41
  it
• 13:41
  very
• 13:41
  well.
• 13:42
  He
• 13:42
  used
• 13:42
  an
• 13:42
  analogy
• 13:43
  with
• 13:43
  an,
• 13:43
  I
• 13:43
  think
• 13:43
  it
• 13:43
  was
• 13:44
  an
• 13:44
  Australian
• 13:44
  or
• 13:44
  New
• 13:44
  Zealand
• 13:45
  band,
• 13:45
  you
• 13:45
  know,
• 13:46
  that's
• 13:46
  going
• 13:46
  to
• 13:46
  stick
• 13:46
  with
• 13:46
  us
• 13:46
  forever.
• 13:47
  And
• 13:47
  we
• 13:48
  know,
• 13:48
  I
• 13:48
  read
• 13:48
  him
• 13:48
  at
• 13:48
  the
• 13:49
  outset,
• 13:49
  we
• 13:49
  know
• 13:49
  the
• 13:50
  four
• 13:50
  to
• 13:50
  five
• 13:51
  areas
• 13:51
  in
• 13:51
  which
• 13:51
  they're
• 13:52
  really
• 13:52
  focused
• 13:52
  on
• 13:53
  and
• 13:53
  those
• 13:53
  are
• 13:53
  real
• 13:54
  tangible
• 13:54
  growth
• 13:55
  areas
• 13:55
  too.
• 13:55
  They're
• 13:55
  not
• 13:55
  like
• 13:56
  just
• 13:56
  some
• 13:56
  amorphous
• 13:57
  concept
• 13:57
  of
• 13:57
  like,
• 13:58
  you
• 13:58
  know,
• 13:58
  we're
• 13:58
  going
• 13:58
  to,
• 13:59
  we're
• 13:59
  going
• 13:59
  to
• 14:00
  win
• 14:00
  with,
• 14:00
  you
• 14:00
  know,
• 14:01
  selling
• 14:01
  more
• 14:02
  basic
• 14:02
  product
• 14:02
  or
• 14:02
  something
• 14:03
  which
• 14:03
  you
• 14:03
  hear
• 14:03
  about
• 14:03
  all
• 14:03
  the
• 14:04
  time
• 14:04
  in
• 14:04
  retail
• 14:05
  earnings
• 14:05
  reports.
• 14:05
  So
• 14:06
  yeah,
• 14:06
  I
• 14:06
  think
• 14:06
  kudos
• 14:06
  to
• 14:06
  him
• 14:07
  for
• 14:07
  that.
• 14:07
  All
• 14:07
  right,
• 14:07
  let's
• 14:07
  keep
• 14:08
  moving.
• 14:08
  Headline
• 14:08
  number
• 14:08
  two,
• 14:09
  Starbucks
• 14:10
  is
• 14:10
  doubling
• 14:10
  down
• 14:10
  on
• 14:10
  its
• 14:11
  back
• 14:11
  to
• 14:11
  Starbucks
• 14:12
  turnaround
• 14:12
  with
• 14:12
  two
• 14:13
  significant
• 14:13
  moves
• 14:14
  this
• 14:14
  week.
• 14:14
  The
• 14:14
  coffee
• 14:15
  chain
• 14:15
  unveiled
• 14:15
  its
• 14:16
  new
• 14:16
  uplifted
• 14:17
  store
• 14:17
  designs
• 14:17
  in
• 14:17
  Chicago
• 14:18
  and
• 14:18
  separately
• 14:19
  announced
• 14:19
  a
• 14:19
  new
• 14:19
  performance
• 14:20
  bonus
• 14:20
  program
• 14:20
  and
• 14:21
  expanded
• 14:21
  tipping
• 14:22
  options
• 14:23
  that
• 14:23
  could
• 14:23
  put
• 14:23
  up
• 14:23
  to
• 14:23
  1200
• 14:24
  more
• 14:25
  dollars
• 14:25
  per
• 14:25
  year
• 14:26
  into
• 14:26
  barista's
• 14:27
  pockets.
• 14:28
  According
• 14:28
  to
• 14:28
  the
• 14:28
  Chicago
• 14:29
  Tribune.
• 14:29
  On
• 14:29
  the
• 14:30
  store
• 14:30
  design
• 14:30
  front,
• 14:30
  Starbucks
• 14:31
  unveiled
• 14:31
  one
• 14:31
  of
• 14:31
  its
• 14:32
  first
• 14:32
  Chicago
• 14:32
  area
• 14:33
  uplifted
• 14:33
  locations
• 14:34
  on
• 14:34
  Cicero
• 14:35
  Avenue
• 14:35
  in
• 14:36
  the
• 14:36
  old
• 14:36
  Irving
• 14:37
  park
• 14:37
  neighborhood.
• 14:37
  And
• 14:38
  it
• 14:38
  features,
• 14:38
  just
• 14:39
  wait
• 14:39
  for
• 14:39
  it
• 14:39
  folks,
• 14:40
  leather
• 14:40
  couches,
• 14:41
  cushy
• 14:41
  chairs,
• 14:42
  throw
• 14:42
  rugs,
• 14:43
  drapes.
• 14:43
  I
• 14:43
  see
• 14:43
  Jen
• 14:44
  smiling
• 14:44
  in
• 14:44
  the
• 14:44
  background,
• 14:45
  neighborhood
• 14:45
  specific
• 14:46
  art
• 14:46
  and
• 14:46
  a
• 14:47
  decidedly
• 14:48
  cozier
• 14:48
  feel.
• 14:48
  Well,
• 14:48
  it
• 14:49
  would
• 14:49
  have
• 14:49
  to
• 14:49
  if
• 14:49
  it
• 14:49
  has
• 14:50
  couches
• 14:50
  and
• 14:51
  cushy,
• 14:52
  cushy
• 14:52
  chairs.
• 14:53
  On
• 14:53
  the
• 14:53
  barista
• 14:54
  compensation
• 14:54
  front,
• 14:55
  starting
• 14:55
  in
• 14:55
  July
• 14:55
  2026,
• 14:56
  Starbucks
• 14:57
  will
• 14:57
  introduce
• 14:57
  a
• 14:58
  new
• 14:58
  quarterly
• 14:58
  bonus
• 14:59
  program.
• 14:59
  Baristas
• 15:00
  and
• 15:00
  shift
• 15:00
  supervisors
• 15:01
  can
• 15:01
  earn
• 15:01
  up
• 15:01
  to
• 15:02
  $300
• 15:02
  per
• 15:02
  quarter
• 15:03
  or
• 15:03
  $1,200
• 15:04
  per
• 15:04
  year
• 15:05
  when
• 15:05
  their
• 15:05
  location
• 15:06
  meets
• 15:06
  or
• 15:06
  exceeds
• 15:06
  sales,
• 15:07
  operational
• 15:07
  and
• 15:07
  customer
• 15:08
  service
• 15:08
  targets.
• 15:09
  And
• 15:10
  Starbucks
• 15:10
  is
• 15:10
  also
• 15:11
  expanding
• 15:11
  tipping
• 15:12
  options
• 15:12
  so
• 15:13
  customers
• 15:13
  can
• 15:13
  tip
• 15:14
  via
• 15:14
  credit
• 15:14
  and
• 15:15
  debit
• 15:15
  card
• 15:16
  through
• 15:16
  mobile
• 15:16
  order
• 15:17
  and
• 15:17
  pay
• 15:17
  and
• 15:17
  scan
• 15:18
  and
• 15:18
  pay
• 15:18
  at
• 15:18
  the
• 15:18
  register.
• 15:19
  Previously,
• 15:20
  tips
• 15:20
  were
• 15:20
  only
• 15:20
  available
• 15:21
  on
• 15:21
  in
• 15:21
  store
• 15:22
  cash
• 15:22
  and
• 15:22
  card
• 15:23
  transactions
• 15:23
  and
• 15:24
  drive
• 15:24
  thru.
• 15:24
  I
• 15:24
  did
• 15:24
  not
• 15:25
  know
• 15:25
  that.
• 15:25
  All
• 15:26
  us
• 15:26
  store
• 15:26
  employees
• 15:27
  will
• 15:27
  also
• 15:27
  move
• 15:27
  to
• 15:28
  weekly
• 15:28
  pay,
• 15:29
  which
• 15:29
  is
• 15:29
  important
• 15:30
  starting
• 15:30
  in
• 15:30
  August.
• 15:31
  John,
• 15:32
  on
• 15:32
  a
• 15:32
  scale
• 15:32
  of
• 15:33
  1
• 15:33
  to
• 15:33
  10,
• 15:34
  1
• 15:34
  to
• 15:35
  10,
• 15:35
  how
• 15:36
  confident
• 15:36
  are
• 15:36
  you
• 15:36
  that
• 15:37
  the
• 15:37
  Back
• 15:37
  to
• 15:37
  Starbucks
• 15:38
  plan
• 15:38
  is
• 15:39
  actually
• 15:39
  working
• 15:40
  as
• 15:40
  intended?
• 15:41
  So
• 15:41
  I
• 15:41
  would
• 15:42
  say
• 15:42
  if
• 15:42
  you're
• 15:42
  forcing
• 15:43
  me
• 15:43
  to
• 15:43
  scale
• 15:43
  once,
• 15:43
  I'm
• 15:44
  bullish.
• 15:44
  First
• 15:44
  of
• 15:44
  all,
• 15:45
  I
• 15:45
  would
• 15:45
  say
• 15:45
  are
• 15:45
  you
• 15:46
  okay?
• 15:46
  I'm
• 15:47
  bullish.
• 15:47
  So
• 15:48
  put
• 15:48
  bullish
• 15:48
  it
• 15:48
  maybe
• 15:49
  in
• 15:49
  eight.
• 15:49
  I
• 15:49
  don't
• 15:49
  want
• 15:49
  to
• 15:49
  be
• 15:50
  overly
• 15:50
  confident
• 15:50
  and
• 15:50
  be
• 15:51
  completely
• 15:51
  wrong.
• 15:51
  But
• 15:52
  look,
• 15:53
  I
• 15:53
  love
• 15:53
  the,
• 15:54
  the
• 15:54
  moves
• 15:55
  that
• 15:55
  the
• 15:55
  company's
• 15:56
  announcing.
• 15:56
  First
• 15:57
  of
• 15:57
  all,
• 15:57
  just
• 15:57
  going
• 15:57
  back
• 15:57
  to
• 15:58
  kind
• 15:58
  of
• 15:58
  the
• 15:58
  comments
• 15:58
  about
• 15:59
  leadership
• 15:59
  generally,
• 16:00
  I
• 16:00
  think
• 16:00
  Brian
• 16:00
  Nicholl,
• 16:01
  you
• 16:01
  know
• 16:01
  I'm
• 16:02
  watching
• 16:03
  closely
• 16:03
  what
• 16:04
  they're
• 16:04
  doing
• 16:04
  on
• 16:04
  a
• 16:04
  daily
• 16:05
  basis,
• 16:05
  you
• 16:06
  know,
• 16:06
  at
• 16:06
  that
• 16:06
  brand.
• 16:07
  I
• 16:07
  love
• 16:07
  the
• 16:07
  kind
• 16:07
  of
• 16:07
  the
• 16:08
  turnaround
• 16:08
  plan
• 16:08
  that
• 16:08
  they're
• 16:08
  putting
• 16:09
  in
• 16:09
  place.
• 16:09
  But
• 16:10
  some
• 16:10
  of
• 16:10
  these
• 16:10
  specific
• 16:11
  initiatives
• 16:11
  that
• 16:11
  we're
• 16:12
  talking
• 16:12
  about
• 16:12
  here,
• 16:12
  I
• 16:12
  think
• 16:13
  are
• 16:13
  spot
• 16:13
  on.
• 16:14
  You
• 16:14
  know,
• 16:14
  there's
• 16:14
  a.
• 16:14
  There's
• 16:15
  a
• 16:16
  saying
• 16:16
  or
• 16:17
  an
• 16:18
  aphorism
• 16:18
  that
• 16:19
  we
• 16:19
  talk
• 16:19
  about.
• 16:19
  You
• 16:19
  know,
• 16:20
  the
• 16:20
  customer
• 16:21
  experience
• 16:21
  is
• 16:21
  never
• 16:21
  going
• 16:22
  to
• 16:22
  exceed
• 16:22
  the
• 16:22
  employee
• 16:23
  experience.
• 16:23
  You
• 16:24
  know,
• 16:24
  I
• 16:24
  think
• 16:24
  that,
• 16:24
  you
• 16:24
  know,
• 16:25
  the
• 16:25
  best
• 16:25
  brands
• 16:26
  out
• 16:26
  there
• 16:26
  in
• 16:26
  restaurant
• 16:27
  companies,
• 16:27
  like
• 16:27
  your
• 16:28
  Chick
• 16:28
  Fil
• 16:28
  A's
• 16:28
  and
• 16:28
  things
• 16:29
  like
• 16:29
  that,
• 16:29
  are
• 16:30
  known
• 16:30
  for
• 16:30
  investing
• 16:31
  in
• 16:31
  their
• 16:31
  teams
• 16:32
  and
• 16:32
  doing
• 16:33
  moves
• 16:33
  like
• 16:33
  this.
• 16:34
  And
• 16:34
  I
• 16:34
  think
• 16:34
  that.
• 16:35
  I
• 16:36
  think
• 16:36
  it's
• 16:36
  going
• 16:36
  to
• 16:37
  pay
• 16:37
  dividends.
• 16:37
  It
• 16:38
  will
• 16:38
  take
• 16:38
  some
• 16:38
  time.
• 16:38
  These
• 16:39
  things
• 16:40
  don't
• 16:40
  happen
• 16:40
  overnight,
• 16:41
  and
• 16:41
  it
• 16:41
  doesn't
• 16:41
  change
• 16:41
  kind
• 16:42
  of
• 16:42
  behaviors
• 16:42
  necessarily
• 16:43
  overnight.
• 16:43
  But
• 16:43
  I
• 16:43
  think
• 16:44
  the
• 16:44
  direction
• 16:44
  it's
• 16:45
  going
• 16:45
  makes
• 16:45
  a
• 16:45
  ton
• 16:45
  of
• 16:46
  sense.
• 16:46
  I've
• 16:47
  seen.
• 16:47
  And
• 16:47
  actually,
• 16:48
  we've
• 16:48
  helped
• 16:48
  companies
• 16:49
  implement
• 16:49
  very
• 16:50
  similar
• 16:52
  incentive
• 16:52
  programs
• 16:53
  a
• 16:53
  lot
• 16:53
  of
• 16:54
  times.
• 16:54
  In
• 16:54
  the
• 16:54
  restaurant
• 16:54
  space,
• 16:56
  incentive
• 16:56
  pay
• 16:56
  is
• 16:57
  limited
• 16:57
  to
• 16:58
  maybe
• 16:58
  a
• 16:58
  general
• 16:58
  manager,
• 16:59
  assistant
• 17:00
  manager.
• 17:00
  It
• 17:00
  doesn't
• 17:00
  get
• 17:00
  down
• 17:01
  to
• 17:01
  the.
• 17:01
  To
• 17:01
  the,
• 17:02
  in
• 17:02
  this
• 17:02
  case,
• 17:02
  the
• 17:02
  barista
• 17:03
  level
• 17:03
  or
• 17:03
  the
• 17:03
  supervisor
• 17:04
  level.
• 17:05
  But
• 17:05
  I
• 17:05
  mean,
• 17:05
  we've.
• 17:06
  We've
• 17:06
  done
• 17:07
  this
• 17:07
  for
• 17:07
  a
• 17:07
  couple
• 17:08
  of
• 17:08
  different
• 17:08
  companies
• 17:09
  to.
• 17:09
  Frankly,
• 17:10
  I'll
• 17:10
  be
• 17:10
  honest
• 17:10
  with
• 17:10
  you,
• 17:11
  mixed
• 17:11
  results.
• 17:12
  Sometimes
• 17:12
  the,
• 17:12
  you
• 17:12
  know,
• 17:13
  the
• 17:13
  baristas
• 17:13
  don't
• 17:14
  always
• 17:14
  think
• 17:14
  about
• 17:14
  it
• 17:15
  in
• 17:15
  those
• 17:15
  terms.
• 17:16
  One
• 17:16
  question
• 17:16
  I
• 17:16
  have
• 17:16
  is
• 17:17
  the
• 17:17
  quarterly
• 17:17
  payout,
• 17:18
  you
• 17:18
  know,
• 17:19
  is
• 17:19
  that
• 17:19
  too
• 17:20
  long
• 17:20
  for
• 17:20
  a
• 17:20
  barista?
• 17:21
  Where
• 17:21
  they
• 17:21
  say,
• 17:21
  okay,
• 17:22
  yeah,
• 17:22
  you
• 17:22
  know,
• 17:23
  they
• 17:23
  just
• 17:23
  think
• 17:23
  about
• 17:24
  it,
• 17:24
  you
• 17:24
  know,
• 17:24
  more
• 17:25
  in
• 17:25
  a
• 17:25
  shorter
• 17:26
  or
• 17:26
  nearer
• 17:26
  term
• 17:26
  basis.
• 17:27
  That's
• 17:27
  some
• 17:27
  of
• 17:27
  the
• 17:27
  challenges
• 17:28
  that
• 17:28
  I've
• 17:28
  seen
• 17:28
  in
• 17:29
  the
• 17:29
  past
• 17:29
  with
• 17:29
  these
• 17:29
  types
• 17:30
  of
• 17:30
  incentive
• 17:30
  programs.
• 17:31
  But
• 17:31
  to
• 17:31
  me,
• 17:33
  it's
• 17:33
  sharing
• 17:34
  back
• 17:35
  some
• 17:35
  of
• 17:35
  the
• 17:35
  benefits
• 17:36
  of
• 17:36
  what
• 17:37
  they're
• 17:37
  trying
• 17:37
  to
• 17:37
  drive
• 17:37
  in
• 17:38
  terms
• 17:38
  of
• 17:38
  efficiency
• 17:39
  and
• 17:39
  improve
• 17:39
  profitability
• 17:40
  of
• 17:40
  these
• 17:40
  units.
• 17:40
  Sharing
• 17:41
  some
• 17:41
  of
• 17:41
  that
• 17:41
  back
• 17:42
  through
• 17:43
  these
• 17:43
  incentive
• 17:44
  programs
• 17:44
  with
• 17:44
  the
• 17:45
  baristas
• 17:45
  and
• 17:45
  supervisors,
• 17:46
  the
• 17:46
  people
• 17:46
  on
• 17:46
  the
• 17:46
  front
• 17:46
  lines
• 17:47
  that
• 17:47
  they
• 17:47
  need
• 17:47
  to
• 17:48
  help
• 17:49
  put
• 17:49
  in
• 17:49
  place.
• 17:49
  The
• 17:49
  turnaround
• 17:50
  plan,
• 17:50
  to
• 17:51
  me
• 17:51
  is
• 17:51
  a
• 17:51
  great
• 17:51
  idea,
• 17:52
  and
• 17:52
  it's
• 17:52
  hitting
• 17:53
  on
• 17:53
  all
• 17:53
  the
• 17:53
  right
• 17:53
  messages.
• 17:54
  So
• 17:55
  frankly,
• 17:55
  I'd
• 17:55
  love
• 17:55
  it.
• 17:56
  Got
• 17:57
  it.
• 17:57
  Okay,
• 17:57
  John,
• 17:57
  so
• 17:58
  based
• 17:58
  on
• 17:58
  your
• 17:58
  experience,
• 17:58
  I'm
• 17:58
  curious
• 17:59
  because
• 17:59
  they
• 17:59
  talked
• 17:59
  about
• 17:59
  three
• 17:59
  things.
• 18:00
  They
• 18:00
  talked
• 18:00
  about,
• 18:01
  you
• 18:01
  know,
• 18:01
  giving
• 18:02
  more
• 18:02
  access
• 18:02
  to
• 18:02
  tips.
• 18:03
  They
• 18:03
  talk
• 18:03
  about
• 18:03
  a
• 18:03
  quarterly
• 18:04
  incentive
• 18:04
  program.
• 18:04
  They
• 18:04
  talked
• 18:05
  about
• 18:05
  weekly
• 18:05
  pay.
• 18:06
  Which
• 18:06
  of
• 18:06
  those
• 18:06
  three
• 18:07
  things
• 18:07
  in
• 18:07
  your
• 18:07
  mind,
• 18:07
  given
• 18:08
  your
• 18:08
  experience,
• 18:08
  will
• 18:09
  be
• 18:09
  most
• 18:10
  enjoyed
• 18:11
  or
• 18:11
  liked
• 18:12
  by
• 18:12
  the
• 18:13
  baristas
• 18:14
  themselves?
• 18:15
  If
• 18:15
  you
• 18:15
  had
• 18:15
  to
• 18:15
  guess?
• 18:17
  My
• 18:17
  guess
• 18:18
  is
• 18:18
  that
• 18:18
  the
• 18:18
  baristas,
• 18:19
  it's
• 18:19
  going
• 18:19
  to
• 18:19
  be
• 18:20
  the
• 18:20
  weekly
• 18:20
  pay
• 18:20
  and
• 18:20
  the
• 18:20
  tipping.
• 18:21
  Me
• 18:21
  too.
• 18:21
  And
• 18:21
  then,
• 18:22
  and
• 18:22
  then
• 18:22
  for
• 18:22
  the
• 18:22
  supervisors,
• 18:23
  it's
• 18:23
  going
• 18:23
  to
• 18:23
  be
• 18:24
  the
• 18:24
  quarterly
• 18:25
  incentive.
• 18:25
  You
• 18:26
  know,
• 18:26
  I
• 18:26
  think
• 18:26
  that's
• 18:26
  just
• 18:26
  how,
• 18:27
  how,
• 18:27
  you
• 18:27
  know,
• 18:28
  different
• 18:28
  people
• 18:28
  in
• 18:28
  different
• 18:29
  stages
• 18:29
  of
• 18:29
  their
• 18:29
  life
• 18:29
  and
• 18:30
  different
• 18:30
  stages
• 18:30
  of
• 18:30
  their
• 18:31
  career,
• 18:31
  that's
• 18:31
  kind
• 18:31
  of
• 18:31
  just
• 18:32
  how
• 18:32
  they
• 18:32
  think
• 18:32
  about
• 18:32
  it.
• 18:33
  And
• 18:34
  so,
• 18:34
  I
• 18:34
  mean,
• 18:34
  who
• 18:34
  knows?
• 18:35
  I
• 18:35
  mean,
• 18:35
  but
• 18:35
  that,
• 18:35
  that
• 18:35
  would
• 18:36
  be
• 18:36
  my
• 18:36
  guess.
• 18:37
  And
• 18:37
  John,
• 18:38
  why,
• 18:38
  why
• 18:38
  is
• 18:38
  we,
• 18:38
  we
• 18:39
  could
• 18:39
  pay
• 18:39
  seems
• 18:39
  pretty
• 18:40
  differentiating,
• 18:40
  but
• 18:40
  it
• 18:41
  also
• 18:41
  seems
• 18:41
  like
• 18:41
  that's
• 18:42
  where
• 18:42
  my
• 18:42
  head
• 18:42
  goes
• 18:42
  too.
• 18:42
  Like
• 18:43
  that's
• 18:43
  what,
• 18:43
  if
• 18:43
  I
• 18:43
  was
• 18:43
  an
• 18:43
  employee,
• 18:44
  that's
• 18:44
  what
• 18:44
  I
• 18:44
  would
• 18:44
  want.
• 18:45
  What
• 18:45
  is
• 18:45
  it
• 18:45
  that,
• 18:45
  what
• 18:46
  is
• 18:46
  it
• 18:46
  that
• 18:46
  generally
• 18:46
  prevents
• 18:47
  like
• 18:48
  retailers
• 18:48
  or
• 18:48
  QSR
• 18:49
  operations
• 18:49
  from
• 18:49
  just
• 18:49
  doing
• 18:50
  that
• 18:50
  to
• 18:50
  begin
• 18:50
  with?
• 18:50
  Or
• 18:51
  do
• 18:51
  you
• 18:51
  think
• 18:51
  we'll
• 18:51
  start
• 18:51
  to
• 18:51
  see
• 18:51
  a
• 18:52
  move
• 18:52
  in
• 18:52
  that
• 18:52
  direction?
• 18:53
  So
• 18:54
  I've
• 18:54
  done
• 18:54
  a
• 18:54
  lot
• 18:54
  of
• 18:54
  stuff
• 18:55
  in
• 18:55
  my
• 18:55
  career.
• 18:56
  One
• 18:56
  of
• 18:56
  the
• 18:56
  things
• 18:56
  that
• 18:57
  I've
• 18:57
  done,
• 18:57
  and
• 18:58
  I
• 18:58
  won't
• 18:58
  get
• 18:58
  into
• 18:58
  all
• 18:58
  the
• 18:59
  backstory
• 18:59
  or
• 18:59
  whatever
• 19:00
  on
• 19:00
  it
• 19:00
  is
• 19:00
  help
• 19:01
  very
• 19:01
  frontline
• 19:03
  in
• 19:04
  the
• 19:04
  weeds
• 19:04
  payroll
• 19:05
  processes
• 19:06
  where
• 19:06
  I
• 19:06
  was
• 19:06
  basically
• 19:07
  helping
• 19:07
  prepare
• 19:08
  payroll
• 19:08
  files
• 19:08
  and
• 19:09
  all
• 19:09
  these
• 19:09
  different
• 19:09
  things
• 19:10
  for
• 19:10
  certain
• 19:11
  brands
• 19:11
  that
• 19:11
  I
• 19:11
  was
• 19:12
  working
• 19:12
  with.
• 19:12
  And
• 19:12
  I'll
• 19:13
  be
• 19:13
  honest
• 19:13
  with
• 19:13
  you,
• 19:13
  it
• 19:13
  sounds
• 19:14
  simple
• 19:14
  and
• 19:15
  it
• 19:15
  should
• 19:15
  be
• 19:15
  simple,
• 19:15
  but
• 19:16
  I
• 19:16
  think
• 19:16
  for
• 19:16
  a
• 19:16
  lot
• 19:16
  of
• 19:16
  companies,
• 19:17
  some
• 19:18
  of
• 19:18
  these
• 19:18
  processes
• 19:19
  are,
• 19:20
  it
• 19:20
  does
• 19:20
  take
• 19:20
  time
• 19:21
  and
• 19:21
  some
• 19:21
  of
• 19:21
  them
• 19:22
  are
• 19:22
  manual.
• 19:22
  You're
• 19:23
  managing
• 19:23
  exceptions
• 19:24
  because
• 19:24
  if
• 19:24
  you're
• 19:24
  thinking
• 19:25
  about
• 19:25
  weekly
• 19:25
  pay,
• 19:25
  that
• 19:26
  means
• 19:26
  you
• 19:26
  got
• 19:26
  to
• 19:26
  close
• 19:26
  out
• 19:26
  the
• 19:27
  hours
• 19:27
  and
• 19:28
  all
• 19:28
  that
• 19:28
  kind
• 19:28
  of
• 19:29
  stuff
• 19:29
  and
• 19:29
  get
• 19:30
  that
• 19:30
  correct.
• 19:30
  So
• 19:31
  it
• 19:31
  does.
• 19:31
  Having
• 19:32
  to
• 19:32
  do
• 19:32
  that
• 19:32
  on
• 19:32
  a
• 19:32
  weekly
• 19:33
  cycle
• 19:33
  rather
• 19:33
  than
• 19:34
  a
• 19:34
  bi
• 19:34
  weekly
• 19:35
  cycle,
• 19:35
  it
• 19:36
  just
• 19:36
  adds
• 19:36
  twice
• 19:37
  as
• 19:37
  much
• 19:37
  work
• 19:37
  overall
• 19:38
  for
• 19:39
  the
• 19:39
  managers
• 19:39
  and
• 19:39
  the
• 19:40
  people
• 19:40
  who
• 19:40
  have
• 19:40
  to
• 19:40
  go
• 19:40
  through
• 19:41
  that
• 19:41
  process
• 19:41
  and
• 19:42
  process
• 19:42
  all
• 19:42
  of
• 19:42
  that.
• 19:43
  So
• 19:43
  to
• 19:43
  me
• 19:43
  there's
• 19:44
  an
• 19:44
  element
• 19:44
  of
• 19:44
  just
• 19:45
  kind
• 19:45
  of
• 19:46
  back
• 19:46
  office
• 19:47
  work
• 19:47
  that
• 19:47
  needs
• 19:47
  to
• 19:48
  get
• 19:48
  done
• 19:48
  to
• 19:48
  do
• 19:48
  it.
• 19:49
  So
• 19:49
  it
• 19:50
  doesn't
• 19:50
  come.
• 19:50
  It's
• 19:51
  not
• 19:51
  as
• 19:51
  easy
• 19:51
  as
• 19:51
  just
• 19:51
  flipping
• 19:52
  the
• 19:52
  switch
• 19:52
  or
• 19:52
  whatever.
• 19:53
  There's
• 19:53
  work
• 19:54
  to
• 19:54
  do
• 19:54
  on
• 19:54
  it.
• 19:54
  So
• 19:54
  I
• 19:54
  think
• 19:55
  a
• 19:55
  lot
• 19:55
  of
• 19:55
  it
• 19:55
  is
• 19:56
  very
• 19:56
  practical
• 19:57
  considerations
• 19:57
  like
• 19:57
  that.
• 19:58
  But
• 19:58
  you
• 19:59
  know,
• 19:59
  I
• 19:59
  think
• 19:59
  they're
• 19:59
  doing
• 19:59
  the
• 19:59
  right
• 20:00
  thing
• 20:00
  to
• 20:00
  say,
• 20:00
  okay,
• 20:00
  we're
• 20:01
  going
• 20:01
  to
• 20:01
  do
• 20:01
  that,
• 20:01
  we're
• 20:02
  going
• 20:02
  to
• 20:02
  invest
• 20:02
  in
• 20:02
  kind
• 20:02
  of,
• 20:03
  you
• 20:03
  know,
• 20:03
  putting
• 20:04
  resources
• 20:04
  and
• 20:04
  time
• 20:04
  behind
• 20:05
  that
• 20:05
  because
• 20:05
  we
• 20:06
  think
• 20:06
  it's
• 20:06
  going
• 20:06
  to
• 20:06
  make
• 20:06
  a
• 20:06
  difference
• 20:07
  to
• 20:07
  our
• 20:07
  teams
• 20:07
  and
• 20:08
  hopefully
• 20:08
  that
• 20:08
  is
• 20:09
  reflected
• 20:09
  in
• 20:09
  how
• 20:10
  they
• 20:10
  interact
• 20:10
  with
• 20:11
  the
• 20:11
  guests
• 20:11
  and,
• 20:12
  and
• 20:12
  implement
• 20:12
  the
• 20:13
  different
• 20:13
  aspects
• 20:14
  of
• 20:14
  the
• 20:14
  plan
• 20:14
  that
• 20:14
  they
• 20:14
  want
• 20:15
  to.
• 20:15
  That
• 20:15
  they
• 20:15
  want
• 20:15
  to
• 20:16
  do.
• 20:16
  Yeah.
• 20:17
  So
• 20:17
  I
• 20:17
  mean,
• 20:17
  I
• 20:17
  think
• 20:18
  it
• 20:18
  says
• 20:18
  a
• 20:18
  lot
• 20:18
  about
• 20:18
  Starbucks
• 20:19
  too
• 20:19
  that
• 20:19
  they're
• 20:19
  willing
• 20:19
  to
• 20:20
  unwind
• 20:20
  years
• 20:21
  and
• 20:21
  years
• 20:21
  of
• 20:21
  doing
• 20:22
  it
• 20:22
  at
• 20:22
  the
• 20:22
  scale
• 20:22
  that
• 20:23
  they
• 20:23
  are
• 20:23
  doing
• 20:23
  it
• 20:23
  because
• 20:24
  there's
• 20:24
  going
• 20:24
  to
• 20:24
  be
• 20:24
  a
• 20:24
  cost
• 20:24
  to
• 20:25
  put
• 20:25
  this
• 20:25
  into
• 20:25
  place,
• 20:25
  like
• 20:26
  you
• 20:26
  said.
• 20:26
  Yes,
• 20:26
  but
• 20:26
  they're,
• 20:27
  they're,
• 20:27
  they're
• 20:28
  taking
• 20:28
  on
• 20:28
  that
• 20:28
  cost
• 20:28
  and
• 20:29
  trying
• 20:29
  to
• 20:29
  do
• 20:29
  this
• 20:29
  for
• 20:30
  the
• 20:30
  benefits
• 20:30
  of
• 20:30
  their
• 20:30
  employees.
• 20:31
  All
• 20:31
  right,
• 20:32
  Jed,
• 20:32
  I'm
• 20:32
  curious,
• 20:33
  are
• 20:33
  you
• 20:33
  as
• 20:33
  bullish
• 20:34
  as
• 20:34
  John,
• 20:34
  though?
• 20:34
  John
• 20:35
  gave
• 20:35
  it
• 20:35
  an
• 20:35
  eight.
• 20:36
  John
• 20:36
  gave
• 20:36
  it
• 20:36
  an
• 20:37
  eight.
• 20:37
  I
• 20:37
  think
• 20:37
  you
• 20:37
  can
• 20:37
  tell
• 20:37
  which
• 20:38
  way
• 20:38
  I'm
• 20:38
  leading.
• 20:38
  I'm
• 20:38
  not
• 20:39
  quite
• 20:39
  as
• 20:39
  bullish,
• 20:39
  but
• 20:39
  I
• 20:40
  want
• 20:40
  to
• 20:40
  go
• 20:40
  to
• 20:40
  you
• 20:40
  first.
• 20:40
  So
• 20:41
  like
• 20:42
  a
• 20:42
  scale
• 20:42
  of
• 20:42
  1
• 20:42
  to
• 20:43
  10,
• 20:43
  how
• 20:43
  bullish
• 20:43
  are
• 20:43
  you
• 20:44
  on
• 20:44
  the
• 20:44
  back
• 20:44
  to
• 20:44
  Starbucks
• 20:45
  turnaround
• 20:45
  plan?
• 20:46
  I
• 20:46
  wouldn't
• 20:47
  give
• 20:47
  a
• 20:47
  number,
• 20:47
  but
• 20:47
  I'd
• 20:48
  say
• 20:48
  I'm
• 20:48
  cautiously
• 20:48
  optimistic.
• 20:50
  They're
• 20:51
  so
• 20:51
  above
• 20:51
  a
• 20:52
  five.
• 20:53
  All
• 20:54
  right.
• 20:54
  I
• 20:54
  would
• 20:54
  say
• 20:54
  closer
• 20:55
  to
• 20:55
  where
• 20:55
  John
• 20:55
  is.
• 20:56
  You
• 20:56
  know,
• 20:56
  they're
• 20:57
  improving,
• 20:57
  but
• 20:57
  it's
• 20:57
  not
• 20:57
  proven
• 20:58
  yet.
• 20:58
  So
• 20:58
  I
• 20:58
  want
• 20:58
  to
• 20:58
  see
• 20:58
  how
• 20:59
  it
• 20:59
  plays
• 20:59
  out.
• 20:59
  I
• 21:00
  think
• 21:00
  the
• 21:00
  biggest
• 21:00
  challenge
• 21:01
  for
• 21:01
  Starbucks
• 21:02
  today
• 21:02
  is
• 21:02
  it's
• 21:02
  really
• 21:03
  three
• 21:03
  businesses.
• 21:04
  It's
• 21:04
  a
• 21:04
  cafe
• 21:04
  experience,
• 21:05
  a
• 21:05
  drive
• 21:06
  thru
• 21:06
  QSR
• 21:07
  and
• 21:07
  a
• 21:07
  digital
• 21:07
  pickup
• 21:08
  model.
• 21:08
  I
• 21:08
  was
• 21:09
  looking
• 21:09
  into
• 21:09
  it
• 21:10
  and
• 21:10
  about
• 21:10
  60%
• 21:10
  of
• 21:11
  their
• 21:11
  transactions
• 21:11
  touch
• 21:12
  the
• 21:12
  store,
• 21:12
  but
• 21:13
  only
• 21:13
  half
• 21:13
  are
• 21:14
  actually
• 21:14
  people
• 21:14
  enjoying
• 21:15
  the
• 21:15
  cafe,
• 21:16
  while
• 21:16
  the
• 21:16
  other
• 21:16
  half
• 21:16
  is
• 21:17
  mobile
• 21:17
  pickup.
• 21:17
  And
• 21:17
  then
• 21:18
  Obviously
• 21:18
  the
• 21:18
  remaining
• 21:18
  40%
• 21:19
  is
• 21:19
  drive
• 21:19
  thru.
• 21:20
  And
• 21:20
  so
• 21:20
  these
• 21:21
  are
• 21:21
  very
• 21:21
  different
• 21:21
  and
• 21:22
  often
• 21:22
  competing
• 21:22
  needs.
• 21:23
  So
• 21:23
  they're
• 21:23
  doing
• 21:24
  the
• 21:24
  right
• 21:24
  things,
• 21:24
  they're
• 21:24
  reinvesting
• 21:25
  in
• 21:25
  partners,
• 21:25
  as
• 21:25
  you
• 21:26
  guys
• 21:26
  mentioned.
• 21:26
  They're
• 21:26
  simplifying
• 21:27
  the
• 21:27
  experience
• 21:27
  and
• 21:28
  bringing
• 21:28
  back
• 21:29
  the
• 21:29
  original
• 21:29
  notion
• 21:30
  of
• 21:30
  the
• 21:30
  third
• 21:30
  place.
• 21:31
  But
• 21:31
  that
• 21:32
  tension
• 21:32
  is
• 21:32
  going
• 21:32
  to
• 21:32
  be
• 21:32
  the
• 21:33
  high,
• 21:33
  that
• 21:33
  highest
• 21:33
  ticket
• 21:34
  experience
• 21:34
  being
• 21:34
  in
• 21:35
  store.
• 21:35
  It's
• 21:35
  actually
• 21:35
  the
• 21:35
  least
• 21:36
  efficient.
• 21:37
  And
• 21:37
  while
• 21:37
  drive
• 21:38
  thru
• 21:38
  and
• 21:38
  mobile
• 21:38
  are
• 21:38
  what
• 21:38
  really
• 21:39
  are
• 21:39
  driving
• 21:39
  the
• 21:39
  throughput
• 21:40
  and
• 21:40
  profitability.
• 21:41
  So
• 21:41
  my
• 21:41
  bullish,
• 21:42
  my,
• 21:42
  my.
• 21:43
  I
• 21:43
  would
• 21:43
  say
• 21:43
  leaning
• 21:43
  towards
• 21:43
  the
• 21:44
  bullishness
• 21:44
  of
• 21:44
  John
• 21:45
  is
• 21:45
  I
• 21:45
  think
• 21:45
  they've
• 21:45
  rediscovered
• 21:46
  the
• 21:46
  soul
• 21:47
  of
• 21:47
  the
• 21:47
  brand.
• 21:47
  But
• 21:47
  the
• 21:47
  question
• 21:48
  is
• 21:48
  really
• 21:48
  going
• 21:48
  to
• 21:48
  be
• 21:49
  whether
• 21:49
  they
• 21:49
  can
• 21:49
  operationalize
• 21:50
  that
• 21:50
  at
• 21:50
  scale.
• 21:51
  Yes,
• 21:52
  yes,
• 21:52
  I
• 21:52
  100%
• 21:53
  agree.
• 21:53
  And
• 21:53
  I
• 21:53
  think,
• 21:53
  you
• 21:54
  know,
• 21:54
  when
• 21:54
  I
• 21:54
  came
• 21:54
  into
• 21:54
  this
• 21:55
  I
• 21:55
  was
• 21:55
  like,
• 21:55
  I
• 21:55
  was
• 21:55
  like
• 21:55
  a
• 21:56
  five
• 21:56
  because
• 21:56
  I
• 21:57
  was
• 21:57
  like,
• 21:57
  I
• 21:57
  was
• 21:57
  like
• 21:57
  right
• 21:57
  in
• 21:58
  the
• 21:58
  middle.
• 21:58
  But
• 21:58
  I
• 21:59
  think
• 21:59
  talking
• 21:59
  to
• 21:59
  both
• 21:59
  of
• 21:59
  you,
• 22:00
  I'm
• 22:00
  kind
• 22:00
  of
• 22:00
  pushing
• 22:00
  it
• 22:00
  up
• 22:00
  into
• 22:01
  the
• 22:01
  6
• 22:01
  to
• 22:01
  7
• 22:02
  range
• 22:02
  because
• 22:02
  I
• 22:02
  think,
• 22:03
  you
• 22:03
  know,
• 22:03
  you
• 22:03
  know,
• 22:04
  as
• 22:04
  John,
• 22:04
  you
• 22:04
  are
• 22:04
  ticket,
• 22:05
  you
• 22:05
  had
• 22:05
  the
• 22:05
  quota
• 22:05
  quote
• 22:06
  of
• 22:06
  the
• 22:06
  show
• 22:06
  so
• 22:06
  far,
• 22:06
  which
• 22:07
  was
• 22:07
  the
• 22:07
  thing
• 22:07
  you
• 22:07
  said
• 22:08
  about,
• 22:08
  you
• 22:08
  know,
• 22:08
  customers
• 22:09
  in
• 22:09
  relation
• 22:09
  to
• 22:09
  employees.
• 22:11
  These
• 22:11
  are
• 22:11
  the
• 22:11
  right
• 22:11
  moves
• 22:11
  for
• 22:12
  the
• 22:12
  employees.
• 22:12
  And
• 22:12
  so
• 22:12
  Jen,
• 22:13
  to
• 22:13
  your
• 22:13
  point,
• 22:13
  like,
• 22:13
  even
• 22:14
  though,
• 22:14
  you
• 22:14
  know,
• 22:15
  less
• 22:16
  and
• 22:16
  less
• 22:16
  customers
• 22:16
  are
• 22:17
  coming
• 22:17
  into
• 22:17
  the
• 22:17
  store,
• 22:17
  Every
• 22:18
  day
• 22:18
  you
• 22:18
  still
• 22:18
  need
• 22:18
  happy
• 22:19
  employees
• 22:19
  to
• 22:19
  run
• 22:19
  the
• 22:20
  operations
• 22:20
  for
• 22:20
  mobile
• 22:21
  pickup
• 22:21
  and
• 22:21
  a
• 22:21
  drive
• 22:22
  thru.
• 22:22
  And
• 22:23
  that's
• 22:23
  fundamental.
• 22:24
  So
• 22:24
  I
• 22:24
  like
• 22:24
  that
• 22:25
  in
• 22:25
  terms
• 22:25
  of
• 22:25
  the
• 22:25
  strategy,
• 22:26
  but
• 22:26
  the
• 22:26
  one
• 22:27
  thing
• 22:27
  I
• 22:27
  just
• 22:27
  keep
• 22:27
  coming
• 22:27
  back
• 22:28
  to
• 22:28
  is
• 22:28
  no
• 22:29
  matter
• 22:29
  how
• 22:29
  hard
• 22:29
  I
• 22:30
  try,
• 22:30
  every
• 22:30
  time
• 22:30
  I
• 22:31
  interact
• 22:31
  with
• 22:31
  Starbucks
• 22:32
  now
• 22:32
  it
• 22:32
  is
• 22:32
  through
• 22:32
  the
• 22:32
  mobile
• 22:33
  app.
• 22:33
  And
• 22:33
  so
• 22:34
  that
• 22:34
  is
• 22:34
  going
• 22:35
  to
• 22:35
  become
• 22:35
  an
• 22:35
  operational
• 22:36
  throughput.
• 22:36
  You
• 22:37
  did
• 22:37
  the
• 22:37
  same
• 22:37
  thing,
• 22:37
  right?
• 22:37
  You've
• 22:38
  got
• 22:38
  your
• 22:38
  coffee
• 22:38
  cup
• 22:38
  right
• 22:39
  there.
• 22:39
  And
• 22:39
  so
• 22:40
  like
• 22:40
  that's
• 22:40
  going
• 22:40
  to
• 22:40
  become
• 22:41
  an
• 22:42
  operational
• 22:42
  throughput
• 22:43
  issue
• 22:43
  over
• 22:44
  time,
• 22:44
  the
• 22:44
  more
• 22:44
  and
• 22:44
  more
• 22:45
  people
• 22:45
  you
• 22:45
  push
• 22:45
  through
• 22:46
  that.
• 22:46
  And
• 22:46
  I
• 22:46
  just
• 22:46
  don't
• 22:47
  know
• 22:48
  that
• 22:49
  this
• 22:49
  is
• 22:49
  enough.
• 22:50
  There
• 22:50
  has
• 22:50
  to
• 22:50
  be
• 22:51
  more
• 22:51
  things
• 22:51
  than
• 22:52
  cozy
• 22:53
  couches
• 22:53
  and
• 22:54
  soft
• 22:54
  leather
• 22:55
  sofas
• 22:56
  and
• 22:56
  things
• 22:56
  like
• 22:56
  that
• 22:57
  to
• 22:58
  ameliorate
• 22:58
  that
• 22:58
  problem.
• 22:58
  But
• 22:59
  Jen,
• 22:59
  I'll
• 22:59
  give
• 22:59
  you
• 22:59
  the
• 22:59
  last
• 23:00
  word
• 23:00
  here.
• 23:01
  Yeah,
• 23:01
  I
• 23:01
  mean,
• 23:01
  as
• 23:02
  you
• 23:02
  mentioned,
• 23:03
  they're
• 23:03
  trying
• 23:03
  to
• 23:03
  essentially
• 23:04
  determine
• 23:05
  will
• 23:05
  that
• 23:05
  draw
• 23:06
  customers
• 23:06
  in.
• 23:06
  Right?
• 23:07
  Like,
• 23:07
  is
• 23:07
  that
• 23:07
  what
• 23:07
  customers
• 23:07
  want
• 23:08
  anymore?
• 23:08
  Are
• 23:09
  they
• 23:09
  leaning
• 23:09
  back
• 23:09
  into
• 23:09
  the
• 23:10
  original
• 23:10
  notion
• 23:10
  of
• 23:10
  Starbucks,
• 23:11
  which
• 23:11
  is
• 23:11
  much
• 23:11
  more
• 23:12
  experiential,
• 23:13
  or
• 23:13
  do
• 23:14
  they
• 23:14
  prefer
• 23:14
  things
• 23:14
  to
• 23:14
  be
• 23:15
  transactional
• 23:15
  in
• 23:15
  nature,
• 23:16
  like
• 23:17
  the
• 23:17
  mobile
• 23:17
  order
• 23:17
  pickup
• 23:18
  that
• 23:18
  I
• 23:18
  have
• 23:18
  in
• 23:18
  my
• 23:19
  hand?
• 23:20
  Right.
• 23:20
  Yeah,
• 23:20
  the
• 23:21
  Venti,
• 23:21
  I
• 23:21
  might
• 23:21
  add
• 23:22
  to
• 23:22
  that.
• 23:22
  Looks
• 23:22
  like
• 23:22
  a
• 23:22
  Venti.
• 23:23
  It's
• 23:23
  early
• 23:24
  in
• 23:24
  California.
• 23:25
  Oh
• 23:26
  my
• 23:26
  God.
• 23:26
  Yes,
• 23:26
  you're.
• 23:26
  I
• 23:27
  didn't
• 23:27
  ask
• 23:27
  you
• 23:27
  guys.
• 23:27
  You
• 23:28
  should
• 23:28
  ask
• 23:28
  you
• 23:28
  guys
• 23:28
  where
• 23:28
  you
• 23:28
  are
• 23:29
  to
• 23:29
  start
• 23:29
  off.
• 23:30
  Yes,
• 23:30
  it's
• 23:30
  very
• 23:30
  early.
• 23:31
  Oh
• 23:31
  my
• 23:31
  God.
• 23:31
  Fair
• 23:31
  play
• 23:31
  to
• 23:32
  you,
• 23:32
  Jed.
• 23:32
  Man,
• 23:33
  the.
• 23:33
  The
• 23:33
  traitor.
• 23:34
  You
• 23:34
  need
• 23:34
  to
• 23:34
  get
• 23:34
  the
• 23:34
  traitor
• 23:35
  next
• 23:35
  time.
• 23:35
  All
• 23:36
  right,
• 23:36
  let's
• 23:36
  keep
• 23:36
  rolling.
• 23:37
  Headline
• 23:37
  number
• 23:38
  three.
• 23:38
  Oh
• 23:39
  my
• 23:39
  God.
• 23:39
  She's
• 23:39
  got
• 23:39
  two
• 23:40
  of
• 23:40
  them,
• 23:40
  folks.
• 23:40
  All
• 23:41
  right.
• 23:42
  Oh
• 23:42
  my
• 23:42
  God.
• 23:42
  All
• 23:42
  right.
• 23:42
  Headline
• 23:43
  number
• 23:43
  three.
• 23:43
  Burger
• 23:44
  King
• 23:44
  has
• 23:45
  launched
• 23:45
  a
• 23:45
  nationwide
• 23:46
  hiring
• 23:46
  push
• 23:46
  aimed
• 23:46
  at
• 23:47
  bringing
• 23:47
  up
• 23:47
  to
• 23:47
  60,000
• 23:48
  new
• 23:48
  team
• 23:48
  members
• 23:49
  on
• 23:49
  board
• 23:49
  across
• 23:50
  its
• 23:50
  nearly
• 23:50
  6,500
• 23:52
  US
• 23:52
  restaurants,
• 23:53
  citing
• 23:53
  strong
• 23:54
  customer
• 23:54
  traffic
• 23:55
  driven
• 23:55
  by
• 23:55
  its
• 23:55
  multi
• 23:56
  year.
• 23:56
  This
• 23:56
  is
• 23:56
  one
• 23:56
  of
• 23:57
  my
• 23:57
  favorite
• 23:57
  things
• 23:57
  to
• 23:57
  say.
• 23:58
  Reclaim
• 23:58
  the
• 23:59
  Flame
• 24:00
  turnaround
• 24:00
  plan.
• 24:01
  According
• 24:01
  to
• 24:02
  Nation's
• 24:02
  Restaurant
• 24:03
  News
• 24:03
  and
• 24:03
  a
• 24:04
  Burger
• 24:04
  King
• 24:04
  press
• 24:04
  release,
• 24:04
  the
• 24:05
  hiring
• 24:05
  push
• 24:05
  is
• 24:05
  being
• 24:06
  described
• 24:06
  by
• 24:06
  the
• 24:06
  brand
• 24:06
  as,
• 24:07
  quote,
• 24:07
  an
• 24:07
  immediate
• 24:08
  need
• 24:09
  driven
• 24:09
  by
• 24:09
  consecutive
• 24:10
  quarters
• 24:10
  of
• 24:10
  positive
• 24:11
  same
• 24:11
  store
• 24:11
  sales
• 24:12
  and
• 24:12
  traffic
• 24:12
  and
• 24:12
  what
• 24:13
  the
• 24:13
  company
• 24:13
  says
• 24:13
  is
• 24:14
  category
• 24:14
  outperformance
• 24:15
  over
• 24:15
  the
• 24:16
  past
• 24:16
  two
• 24:16
  years.
• 24:17
  The
• 24:17
  Reclaim
• 24:18
  the
• 24:18
  Flame
• 24:19
  strategy,
• 24:19
  which
• 24:19
  was
• 24:19
  put
• 24:20
  in
• 24:20
  place
• 24:20
  in
• 24:20
  2022
• 24:22
  and
• 24:22
  expanded
• 24:23
  in
• 24:23
  2023,
• 24:24
  included
• 24:24
  billions
• 24:24
  of
• 24:25
  dollars
• 24:25
  in
• 24:25
  investment
• 24:25
  across
• 24:26
  restaurant,
• 24:27
  restaurant,
• 24:27
  I
• 24:28
  should
• 24:28
  say
• 24:28
  remodels,
• 24:29
  operational
• 24:30
  improvements,
• 24:30
  menu
• 24:30
  enhancements,
• 24:31
  including
• 24:32
  a
• 24:32
  first
• 24:32
  in
• 24:33
  nearly
• 24:33
  a
• 24:33
  decade,
• 24:34
  Whopper
• 24:34
  Refreshed
• 24:35
  and
• 24:35
  the
• 24:35
  new
• 24:36
  brand
• 24:36
  positioning
• 24:36
  campaign.
• 24:37
  There's
• 24:38
  a
• 24:38
  new
• 24:38
  king
• 24:38
  and
• 24:39
  it's
• 24:39
  you,
• 24:39
  said
• 24:40
  Tom
• 24:40
  Curtis
• 24:41
  President
• 24:41
  of
• 24:41
  Burger
• 24:41
  King,
• 24:42
  U.S.
• 24:42
  and
• 24:42
  Canada,
• 24:43
  quote,
• 24:43
  we've
• 24:44
  done
• 24:44
  the
• 24:44
  important
• 24:44
  work
• 24:45
  of
• 24:45
  strengthening
• 24:46
  our
• 24:46
  operations,
• 24:47
  modernizing
• 24:48
  our
• 24:48
  restaurants
• 24:49
  and
• 24:49
  listening
• 24:49
  to
• 24:50
  our
• 24:50
  guests.
• 24:51
  And
• 24:51
  it's
• 24:51
  paying
• 24:51
  off.
• 24:52
  Now
• 24:52
  we
• 24:53
  need
• 24:53
  great
• 24:53
  people
• 24:53
  to
• 24:53
  help
• 24:54
  us
• 24:54
  keep
• 24:54
  that
• 24:54
  momentum
• 24:55
  going,
• 24:55
  end
• 24:55
  quote.
• 24:56
  John,
• 24:57
  why
• 24:57
  is
• 24:57
  Burger
• 24:57
  King
• 24:58
  suddenly
• 24:58
  the
• 24:58
  talk
• 24:59
  of
• 24:59
  the
• 24:59
  QSR
• 25:00
  industry,
• 25:00
  or
• 25:00
  at
• 25:00
  least
• 25:00
  it
• 25:00
  appears
• 25:01
  that
• 25:01
  way
• 25:01
  to
• 25:01
  me.
• 25:02
  What
• 25:02
  is
• 25:02
  it
• 25:02
  getting
• 25:02
  right
• 25:03
  and
• 25:03
  how
• 25:03
  sustainable
• 25:04
  is
• 25:04
  its
• 25:04
  recent
• 25:05
  success?
• 25:06
  It's
• 25:06
  a
• 25:06
  great
• 25:07
  question.
• 25:07
  Yes,
• 25:08
  this
• 25:08
  is
• 25:08
  another
• 25:08
  concept,
• 25:09
  another
• 25:09
  brand
• 25:10
  that
• 25:10
  I,
• 25:10
  that
• 25:10
  is
• 25:11
  obviously
• 25:11
  doing
• 25:11
  a
• 25:11
  lot
• 25:11
  of
• 25:12
  interesting
• 25:12
  things
• 25:12
  at
• 25:12
  the
• 25:12
  moment.
• 25:13
  And
• 25:13
  this
• 25:13
  is,
• 25:13
  you
• 25:14
  mentioned
• 25:14
  it,
• 25:14
  multi
• 25:15
  year
• 25:15
  turnaround.
• 25:16
  This
• 25:16
  is
• 25:16
  not
• 25:16
  anything
• 25:17
  that,
• 25:17
  you
• 25:18
  know,
• 25:18
  is
• 25:18
  happening
• 25:18
  overnight.
• 25:19
  But
• 25:19
  I
• 25:19
  think,
• 25:19
  for
• 25:20
  me,
• 25:20
  I
• 25:20
  think
• 25:20
  about
• 25:21
  Burger
• 25:21
  King
• 25:21
  and
• 25:21
  I
• 25:21
  think
• 25:22
  about
• 25:22
  them
• 25:22
  as
• 25:22
  a,
• 25:23
  you
• 25:23
  know,
• 25:23
  one
• 25:23
  of
• 25:23
  the
• 25:24
  aspects
• 25:24
  of
• 25:24
  the
• 25:24
  restaurant
• 25:24
  space
• 25:25
  that,
• 25:26
  or
• 25:26
  characteristics
• 25:27
  of
• 25:27
  it
• 25:27
  is
• 25:27
  this
• 25:27
  franchisee
• 25:28
  and
• 25:28
  franchisor
• 25:29
  model.
• 25:30
  And
• 25:30
  Burger
• 25:30
  King
• 25:31
  I
• 25:31
  think
• 25:31
  is
• 25:31
  doing
• 25:32
  a
• 25:32
  lot
• 25:32
  of
• 25:32
  the
• 25:33
  right
• 25:33
  things.
• 25:33
  And
• 25:34
  if
• 25:34
  I
• 25:34
  could
• 25:34
  say,
• 25:35
  maybe
• 25:35
  they
• 25:35
  weren't
• 25:35
  doing
• 25:35
  a
• 25:36
  lot
• 25:36
  of
• 25:36
  the
• 25:36
  right
• 25:36
  things
• 25:36
  for,
• 25:36
  you
• 25:37
  know,
• 25:37
  some
• 25:37
  time
• 25:37
  period,
• 25:37
  but
• 25:38
  they've
• 25:38
  really
• 25:38
  kind
• 25:38
  of
• 25:39
  started
• 25:39
  focusing
• 25:39
  on
• 25:40
  the
• 25:40
  right
• 25:40
  things
• 25:40
  as
• 25:40
  a
• 25:40
  franchisor.
• 25:41
  And
• 25:42
  to
• 25:42
  me,
• 25:42
  what
• 25:42
  that
• 25:42
  is
• 25:43
  is
• 25:43
  just
• 25:43
  really
• 25:43
  taking
• 25:44
  leadership
• 25:44
  and
• 25:44
  investing
• 25:45
  in
• 25:45
  the,
• 25:45
  in
• 25:45
  the
• 25:46
  brand,
• 25:46
  you
• 25:46
  know,
• 25:46
  on
• 25:47
  behalf
• 25:47
  of
• 25:47
  all
• 25:48
  of
• 25:48
  the
• 25:48
  stakeholders,
• 25:49
  the
• 25:49
  customers
• 25:50
  and
• 25:50
  their
• 25:50
  franchisees
• 25:51
  and
• 25:51
  so
• 25:51
  on.
• 25:52
  So
• 25:52
  there's
• 25:52
  Reclaim
• 25:52
  the
• 25:53
  Flame,
• 25:53
  which,
• 25:53
  you
• 25:53
  know,
• 25:53
  a
• 25:54
  lot
• 25:54
  of
• 25:54
  that
• 25:54
  is
• 25:54
  investing
• 25:55
  in
• 25:55
  like
• 25:55
  remodels,
• 25:56
  which,
• 25:56
  you
• 25:56
  know,
• 25:57
  if
• 25:57
  you
• 25:57
  think
• 25:57
  back
• 25:57
  to
• 25:58
  10
• 25:58
  years
• 25:58
  ago
• 25:59
  and
• 25:59
  kind
• 25:59
  of
• 25:59
  the
• 25:59
  Burger
• 25:59
  Kings
• 26:00
  that
• 26:00
  you
• 26:00
  went
• 26:00
  to
• 26:00
  or
• 26:00
  you
• 26:01
  saw
• 26:01
  in
• 26:01
  your
• 26:01
  local
• 26:02
  markets,
• 26:02
  you
• 26:03
  know,
• 26:03
  I
• 26:03
  think
• 26:03
  a
• 26:03
  lot
• 26:03
  of
• 26:03
  people
• 26:04
  would
• 26:04
  have
• 26:04
  experiences,
• 26:05
  say,
• 26:05
  okay,
• 26:05
  yeah,
• 26:05
  a
• 26:05
  little
• 26:06
  bit
• 26:06
  dated,
• 26:06
  you
• 26:06
  know,
• 26:07
  in
• 26:07
  need
• 26:07
  of
• 26:07
  a
• 26:07
  refresh,
• 26:08
  not
• 26:08
  necessarily
• 26:09
  always,
• 26:09
  you
• 26:09
  know,
• 26:10
  supported
• 26:10
  in
• 26:10
  the
• 26:10
  way
• 26:11
  that
• 26:11
  it
• 26:11
  should
• 26:11
  be.
• 26:12
  So
• 26:12
  I
• 26:12
  think
• 26:12
  it
• 26:12
  was
• 26:12
  in
• 26:13
  some
• 26:13
  ways
• 26:13
  long
• 26:13
  overdue.
• 26:14
  But
• 26:14
  I
• 26:14
  think
• 26:14
  that
• 26:15
  the
• 26:15
  franchisor
• 26:16
  Burger
• 26:17
  King
• 26:18
  has
• 26:18
  doubled
• 26:19
  down
• 26:19
  on
• 26:19
  this
• 26:19
  and
• 26:19
  has
• 26:20
  made
• 26:20
  an
• 26:20
  investment
• 26:20
  in
• 26:21
  kind
• 26:21
  of
• 26:21
  what
• 26:21
  they
• 26:21
  think
• 26:21
  the,
• 26:22
  that
• 26:22
  they
• 26:22
  needed
• 26:22
  to
• 26:22
  do
• 26:22
  to
• 26:23
  kind
• 26:23
  of
• 26:23
  help
• 26:23
  turn
• 26:23
  around
• 26:23
  this
• 26:24
  brand.
• 26:24
  I
• 26:24
  think
• 26:24
  the
• 26:25
  other
• 26:25
  thing
• 26:25
  that's
• 26:25
  part
• 26:25
  of
• 26:25
  this
• 26:26
  story
• 26:26
  that,
• 26:26
  you
• 26:26
  know,
• 26:27
  there's
• 26:27
  a
• 26:28
  Reclaim
• 26:28
  the
• 26:28
  Flame,
• 26:29
  but
• 26:29
  there's
• 26:29
  also
• 26:29
  the
• 26:30
  acquisition
• 26:30
  of
• 26:30
  Carols,
• 26:31
  which
• 26:31
  was
• 26:32
  one
• 26:32
  of
• 26:32
  their
• 26:32
  largest
• 26:32
  franchisees.
• 26:33
  And
• 26:34
  so
• 26:34
  it's
• 26:34
  about
• 26:34
  a
• 26:34
  thousand
• 26:35
  units,
• 26:35
  you
• 26:35
  know,
• 26:36
  of
• 26:36
  that
• 26:36
  6,000
• 26:36
  plus
• 26:37
  they
• 26:37
  acquired
• 26:38
  that
• 26:39
  franchisee
• 26:40
  and
• 26:40
  they're
• 26:40
  turning
• 26:40
  around
• 26:41
  a
• 26:41
  lot
• 26:41
  of
• 26:41
  those
• 26:41
  units
• 26:41
  and
• 26:42
  they're
• 26:42
  refranchising
• 26:42
  them
• 26:43
  to
• 26:43
  smaller,
• 26:44
  kind
• 26:44
  of
• 26:44
  more
• 26:45
  local,
• 26:45
  you
• 26:45
  know,
• 26:46
  in
• 26:46
  some
• 26:46
  cases,
• 26:46
  you
• 26:47
  know,
• 26:47
  better
• 26:47
  operating
• 26:48
  franchisees.
• 26:49
  So
• 26:50
  they're
• 26:50
  just
• 26:50
  looking
• 26:50
  at
• 26:50
  the
• 26:51
  holistic
• 26:51
  business
• 26:52
  from
• 26:52
  the
• 26:53
  menu
• 26:53
  to
• 26:53
  the,
• 26:54
  to
• 26:54
  their,
• 26:54
  to
• 26:54
  their
• 26:55
  build
• 26:55
  outs
• 26:55
  and
• 26:55
  what
• 26:55
  this
• 26:56
  store
• 26:56
  looks
• 26:56
  like,
• 26:56
  to
• 26:56
  the
• 26:57
  operations,
• 26:57
  to
• 26:57
  their
• 26:58
  franchisee
• 26:58
  community
• 26:59
  and
• 26:59
  base
• 27:00
  and
• 27:00
  basically,
• 27:01
  you
• 27:01
  know,
• 27:01
  making,
• 27:01
  you
• 27:02
  know,
• 27:02
  pulling
• 27:02
  levers
• 27:03
  across
• 27:03
  all
• 27:03
  of
• 27:03
  those
• 27:04
  and
• 27:04
  doing
• 27:04
  exactly
• 27:05
  what
• 27:05
  a
• 27:05
  franchisor
• 27:06
  should
• 27:06
  do
• 27:06
  to
• 27:07
  support
• 27:07
  the
• 27:07
  business.
• 27:08
  So
• 27:08
  to
• 27:08
  me,
• 27:08
  it's,
• 27:09
  it's,
• 27:09
  it's
• 27:09
  a,
• 27:10
  it's
• 27:10
  a
• 27:10
  lot
• 27:10
  of
• 27:10
  that.
• 27:10
  So
• 27:11
  it's
• 27:11
  the
• 27:11
  turnaround
• 27:11
  plan,
• 27:11
  it's
• 27:12
  the
• 27:12
  acquisition
• 27:12
  of
• 27:12
  Carols,
• 27:13
  and
• 27:13
  then
• 27:13
  finally,
• 27:14
  I
• 27:14
  hate
• 27:14
  to,
• 27:15
  you
• 27:16
  know,
• 27:16
  hit
• 27:16
  it
• 27:16
  too
• 27:16
  hard,
• 27:16
  but
• 27:17
  at
• 27:17
  the
• 27:17
  end
• 27:17
  of
• 27:17
  the
• 27:17
  day,
• 27:18
  a
• 27:18
  lot
• 27:18
  of
• 27:18
  the
• 27:18
  stuff
• 27:18
  is
• 27:18
  just
• 27:18
  comes
• 27:19
  down
• 27:19
  to
• 27:19
  leadership.
• 27:19
  And
• 27:19
  you
• 27:20
  mentioned
• 27:20
  Tom
• 27:20
  Curtis.
• 27:21
  He's
• 27:21
  been
• 27:21
  driving
• 27:22
  that
• 27:22
  turn,
• 27:22
  that
• 27:22
  turnaround.
• 27:23
  And
• 27:23
  I
• 27:23
  think,
• 27:23
  you
• 27:24
  know,
• 27:24
  in
• 27:24
  some
• 27:24
  cases
• 27:25
  it's
• 27:25
  just
• 27:25
  the
• 27:26
  right
• 27:26
  leadership
• 27:26
  in
• 27:26
  place
• 27:26
  to
• 27:27
  drive
• 27:27
  these
• 27:27
  types
• 27:27
  of
• 27:28
  transformations.
• 27:29
  I
• 27:29
  hit
• 27:29
  the
• 27:29
  lottery
• 27:30
  with
• 27:30
  you
• 27:30
  two
• 27:30
  today.
• 27:31
  My
• 27:31
  God,
• 27:31
  like
• 27:31
  some
• 27:32
  inside
• 27:32
  baseball
• 27:32
  on
• 27:33
  that.
• 27:33
  That's
• 27:33
  why
• 27:33
  people
• 27:33
  come
• 27:34
  to
• 27:34
  Omnita
• 27:34
  because
• 27:34
  they
• 27:35
  get
• 27:35
  the
• 27:35
  real
• 27:35
  inside
• 27:35
  scoop.
• 27:36
  Yeah,
• 27:37
  I
• 27:37
  mean,
• 27:37
  I
• 27:38
  mean,
• 27:38
  John,
• 27:39
  like
• 27:39
  you
• 27:39
  talked
• 27:40
  about
• 27:40
  Tom
• 27:40
  Curtis,
• 27:40
  like,
• 27:41
  because
• 27:41
  that's
• 27:41
  what
• 27:41
  I
• 27:41
  was,
• 27:41
  I
• 27:42
  was
• 27:42
  going
• 27:42
  to
• 27:42
  ask
• 27:43
  you,
• 27:43
  but
• 27:43
  then
• 27:43
  you
• 27:43
  said
• 27:43
  at
• 27:44
  the
• 27:44
  end
• 27:44
  I
• 27:44
  was
• 27:44
  going
• 27:44
  to.
• 27:44
  My
• 27:44
  follow
• 27:45
  up
• 27:45
  was
• 27:45
  my
• 27:45
  follow
• 27:45
  up
• 27:45
  question
• 27:45
  to
• 27:45
  you
• 27:46
  is
• 27:46
  going
• 27:46
  to
• 27:46
  be
• 27:46
  like,
• 27:46
  how
• 27:46
  much
• 27:46
  of
• 27:46
  this
• 27:46
  is
• 27:47
  leadership?
• 27:47
  Because
• 27:48
  it
• 27:48
  really
• 27:49
  feels
• 27:49
  like
• 27:49
  this
• 27:50
  guy
• 27:50
  knows
• 27:50
  his
• 27:51
  stuff.
• 27:51
  Like
• 27:51
  he
• 27:51
  has
• 27:51
  a
• 27:51
  true
• 27:52
  operational
• 27:52
  background
• 27:53
  at
• 27:53
  Domino's.
• 27:54
  I
• 27:55
  talked
• 27:55
  to
• 27:55
  somebody
• 27:55
  that
• 27:56
  I
• 27:56
  know
• 27:56
  and
• 27:56
  respect
• 27:56
  who
• 27:57
  works
• 27:57
  there
• 27:57
  at
• 27:57
  nrf
• 27:58
  and
• 27:58
  I
• 27:58
  said
• 27:58
  to
• 27:58
  him
• 27:59
  point
• 27:59
  blank,
• 27:59
  I
• 27:59
  was
• 27:59
  like,
• 27:59
  you
• 28:00
  know,
• 28:00
  because
• 28:00
  he
• 28:00
  was
• 28:00
  doing
• 28:00
  that
• 28:01
  whole,
• 28:01
  like,
• 28:01
  I'm
• 28:02
  gonna
• 28:02
  spend
• 28:02
  four
• 28:02
  hours
• 28:02
  a
• 28:02
  day
• 28:03
  letting
• 28:03
  customers
• 28:03
  call
• 28:04
  me
• 28:04
  at
• 28:04
  the
• 28:04
  time.
• 28:04
  And
• 28:04
  I
• 28:05
  think
• 28:05
  we
• 28:05
  talked
• 28:05
  about
• 28:05
  that
• 28:05
  with
• 28:05
  the
• 28:05
  A
• 28:06
  and
• 28:06
  M
• 28:06
  folks
• 28:06
  when,
• 28:06
  when
• 28:06
  they
• 28:07
  were
• 28:07
  on
• 28:07
  during
• 28:07
  that
• 28:08
  month.
• 28:08
  And
• 28:09
  I
• 28:09
  was
• 28:09
  like,
• 28:09
  is
• 28:09
  this
• 28:10
  guy
• 28:10
  for
• 28:10
  real?
• 28:10
  And
• 28:10
  he's
• 28:11
  like,
• 28:11
  dude,
• 28:11
  this
• 28:11
  guy
• 28:12
  is
• 28:12
  the
• 28:12
  real
• 28:13
  deal.
• 28:13
  This
• 28:14
  guy
• 28:14
  is
• 28:15
  legit.
• 28:15
  And
• 28:15
  I
• 28:15
  was
• 28:16
  like.
• 28:16
  And
• 28:16
  this
• 28:17
  guy
• 28:17
  wouldn't
• 28:17
  blow
• 28:17
  smoke
• 28:17
  up
• 28:18
  my.
• 28:18
  You
• 28:18
  know
• 28:18
  what?
• 28:18
  So
• 28:18
  I
• 28:19
  was
• 28:19
  like,
• 28:19
  all
• 28:19
  right,
• 28:19
  man.
• 28:20
  And
• 28:20
  that,
• 28:20
  and
• 28:20
  it
• 28:20
  seems
• 28:21
  like
• 28:21
  that
• 28:21
  is
• 28:21
  the
• 28:21
  case.
• 28:22
  So,
• 28:22
  so,
• 28:22
  so
• 28:23
  you
• 28:23
  think
• 28:23
  this
• 28:23
  is
• 28:24
  definitely
• 28:24
  a
• 28:24
  function
• 28:24
  of
• 28:24
  leadership
• 28:25
  to
• 28:25
  some
• 28:25
  degree
• 28:25
  as
• 28:26
  well.
• 28:26
  So
• 28:26
  it's
• 28:26
  the
• 28:26
  right
• 28:27
  branding,
• 28:27
  but
• 28:27
  also
• 28:27
  the
• 28:28
  right
• 28:28
  operationals,
• 28:29
  right
• 28:30
  operations,
• 28:30
  and
• 28:30
  the
• 28:31
  right
• 28:31
  leadership
• 28:31
  focus.
• 28:31
  All
• 28:32
  three
• 28:32
  kind
• 28:32
  of
• 28:32
  intertwined.
• 28:34
  Yeah,
• 28:35
  I
• 28:35
  think
• 28:35
  that's
• 28:35
  right.
• 28:35
  I
• 28:36
  think
• 28:36
  it's
• 28:36
  a
• 28:36
  bit
• 28:36
  of
• 28:36
  that
• 28:36
  trifecta,
• 28:37
  you
• 28:37
  know,
• 28:38
  and
• 28:38
  you
• 28:39
  could
• 28:39
  have
• 28:39
  the
• 28:40
  good
• 28:40
  plan,
• 28:40
  you
• 28:40
  could
• 28:40
  have
• 28:41
  the
• 28:41
  Reclaim
• 28:41
  the
• 28:41
  Flame,
• 28:42
  you
• 28:42
  know,
• 28:43
  plan
• 28:43
  in
• 28:44
  place,
• 28:44
  but
• 28:44
  without
• 28:44
  the
• 28:44
  right
• 28:45
  leadership
• 28:45
  to
• 28:45
  kind
• 28:45
  of
• 28:45
  drive
• 28:46
  that,
• 28:46
  you
• 28:46
  know,
• 28:46
  it
• 28:47
  probably
• 28:47
  wouldn't
• 28:47
  be
• 28:47
  as
• 28:47
  successful.
• 28:48
  And
• 28:49
  you
• 28:49
  know,
• 28:49
  it's
• 28:49
  it's
• 28:50
  the
• 28:50
  whole
• 28:50
  company.
• 28:50
  It's
• 28:51
  rbi.
• 28:51
  The.
• 28:51
  The
• 28:51
  parent
• 28:52
  company
• 28:52
  in,
• 28:52
  in
• 28:52
  general,
• 28:53
  willing
• 28:53
  to
• 28:53
  make
• 28:53
  these
• 28:54
  investments.
• 28:54
  I
• 28:54
  mean,
• 28:54
  they're
• 28:54
  obviously
• 28:55
  investing
• 28:55
  a
• 28:55
  ton
• 28:55
  of
• 28:55
  money
• 28:56
  in
• 28:56
  these
• 28:56
  remodels,
• 28:56
  you
• 28:57
  know,
• 28:57
  but
• 28:58
  I
• 28:58
  think,
• 28:58
  you
• 28:58
  know,
• 28:58
  they're
• 28:58
  seeing,
• 28:59
  you
• 28:59
  know,
• 28:59
  20%
• 29:00
  lift,
• 29:00
  I
• 29:00
  think
• 29:01
  sales
• 29:01
  lift
• 29:02
  on
• 29:02
  the,
• 29:02
  the
• 29:02
  model,
• 29:02
  on
• 29:03
  the
• 29:03
  units
• 29:03
  that
• 29:03
  they've
• 29:03
  remodeled.
• 29:04
  So,
• 29:04
  you
• 29:05
  know,
• 29:05
  it's.
• 29:05
  It's
• 29:05
  being
• 29:05
  bold,
• 29:06
  and
• 29:06
  that's
• 29:06
  part
• 29:06
  of
• 29:06
  leadership,
• 29:07
  too.
• 29:07
  Being
• 29:07
  bold
• 29:08
  and,
• 29:08
  you
• 29:08
  know,
• 29:08
  being
• 29:08
  willing
• 29:09
  to
• 29:09
  kind
• 29:09
  of
• 29:09
  make,
• 29:09
  you
• 29:10
  know,
• 29:10
  big
• 29:10
  bets
• 29:10
  on
• 29:10
  certain
• 29:11
  things.
• 29:12
  So
• 29:12
  I
• 29:12
  think
• 29:12
  it's.
• 29:12
  Yeah,
• 29:13
  it's
• 29:13
  all
• 29:13
  of
• 29:13
  those
• 29:13
  elements
• 29:14
  to
• 29:14
  a
• 29:14
  certain
• 29:14
  extent,
• 29:15
  coming
• 29:15
  together
• 29:15
  as
• 29:16
  a,
• 29:16
  for
• 29:16
  lack
• 29:16
  of
• 29:16
  a
• 29:16
  better
• 29:17
  word,
• 29:17
  the
• 29:17
  perfect
• 29:17
  storm
• 29:18
  to
• 29:18
  really
• 29:18
  kind
• 29:18
  of,
• 29:18
  you
• 29:18
  know,
• 29:19
  do
• 29:19
  some
• 29:19
  of
• 29:19
  these
• 29:19
  things.
• 29:20
  Yeah,
• 29:21
  no,
• 29:21
  I
• 29:21
  mean,
• 29:21
  I
• 29:21
  was
• 29:21
  actually
• 29:22
  struck
• 29:22
  by.
• 29:22
  I
• 29:22
  was
• 29:22
  in
• 29:22
  a
• 29:22
  Burger
• 29:23
  King
• 29:23
  recently
• 29:23
  when
• 29:23
  I
• 29:23
  was
• 29:23
  on
• 29:23
  spring
• 29:24
  break,
• 29:24
  and
• 29:24
  I
• 29:24
  was
• 29:24
  struck
• 29:24
  by
• 29:24
  just
• 29:25
  how
• 29:25
  clean
• 29:25
  and
• 29:25
  well
• 29:26
  run
• 29:26
  it
• 29:26
  was.
• 29:26
  I
• 29:26
  went
• 29:26
  to
• 29:26
  one
• 29:27
  at
• 29:27
  the
• 29:27
  airport,
• 29:27
  too.
• 29:28
  Same
• 29:28
  thing.
• 29:28
  Which
• 29:28
  is
• 29:28
  a
• 29:29
  hard
• 29:29
  business
• 29:29
  to
• 29:29
  run.
• 29:30
  But,
• 29:30
  Jen,
• 29:30
  what
• 29:31
  are
• 29:31
  your
• 29:31
  thoughts
• 29:31
  here?
• 29:31
  Any.
• 29:32
  Anything
• 29:32
  you
• 29:33
  would
• 29:33
  add,
• 29:33
  any
• 29:33
  disagreements
• 29:34
  you
• 29:34
  might
• 29:35
  have,
• 29:35
  Any,
• 29:35
  any
• 29:36
  contrarian
• 29:37
  viewpoints
• 29:37
  here?
• 29:37
  What
• 29:38
  do
• 29:38
  you,
• 29:38
  what
• 29:38
  do
• 29:38
  you
• 29:38
  think?
• 29:39
  I
• 29:39
  mean,
• 29:39
  it
• 29:39
  would
• 29:40
  be
• 29:40
  very
• 29:40
  hard
• 29:40
  to
• 29:40
  argue
• 29:40
  with
• 29:41
  John
• 29:41
  here.
• 29:41
  I
• 29:41
  might
• 29:41
  try,
• 29:41
  but
• 29:42
  no,
• 29:42
  I
• 29:42
  think
• 29:42
  Burger
• 29:43
  King's
• 29:43
  doing
• 29:43
  the
• 29:44
  right
• 29:44
  thing.
• 29:44
  They're
• 29:44
  finally
• 29:44
  investing
• 29:45
  in
• 29:45
  the
• 29:45
  system,
• 29:45
  not
• 29:45
  just
• 29:46
  the
• 29:46
  brand,
• 29:47
  and
• 29:47
  that's
• 29:47
  why
• 29:47
  it's
• 29:47
  working.
• 29:48
  You
• 29:48
  know,
• 29:48
  as
• 29:48
  a
• 29:48
  former
• 29:49
  marketer,
• 29:49
  when
• 29:49
  I
• 29:49
  look
• 29:50
  at
• 29:50
  it
• 29:50
  right
• 29:50
  now,
• 29:50
  the
• 29:50
  momentum,
• 29:51
  it's
• 29:51
  not
• 29:51
  coming
• 29:51
  from
• 29:52
  marketing,
• 29:52
  it's
• 29:52
  coming
• 29:52
  from
• 29:53
  fixing
• 29:53
  the
• 29:53
  fundamentals
• 29:54
  of
• 29:54
  the
• 29:54
  system.
• 29:55
  And
• 29:56
  what
• 29:56
  I
• 29:56
  think
• 29:56
  is
• 29:56
  really
• 29:57
  different
• 29:57
  this
• 29:57
  time
• 29:57
  when
• 29:57
  compared
• 29:58
  to
• 29:58
  competitors.
• 29:58
  You
• 29:58
  know,
• 29:59
  McDonald's
• 29:59
  has
• 29:59
  always
• 29:59
  been
• 30:00
  best
• 30:00
  in
• 30:00
  class
• 30:00
  operationally,
• 30:01
  and
• 30:01
  Wendy's
• 30:02
  has
• 30:02
  leaned
• 30:02
  into
• 30:03
  more
• 30:03
  menu
• 30:03
  innovation
• 30:03
  and
• 30:04
  pricing.
• 30:04
  But
• 30:04
  Burger
• 30:04
  King
• 30:05
  had
• 30:05
  fallen
• 30:05
  behind
• 30:05
  in
• 30:06
  execution,
• 30:07
  and
• 30:07
  now
• 30:08
  they
• 30:08
  flipped
• 30:08
  the
• 30:08
  switch
• 30:09
  on
• 30:09
  the
• 30:09
  flame.
• 30:10
  And
• 30:10
  so
• 30:10
  this
• 30:10
  is
• 30:10
  about
• 30:10
  catching
• 30:11
  up
• 30:11
  on
• 30:11
  the
• 30:11
  basics,
• 30:12
  you
• 30:12
  know,
• 30:12
  and
• 30:12
  I
• 30:12
  think
• 30:12
  the
• 30:13
  early
• 30:13
  results
• 30:13
  are
• 30:13
  super
• 30:13
  encouraging.
• 30:14
  The
• 30:14
  question
• 30:14
  will
• 30:15
  just
• 30:15
  be
• 30:15
  sustainability.
• 30:16
  Can
• 30:16
  they
• 30:17
  maintain
• 30:17
  this
• 30:17
  level
• 30:18
  of
• 30:18
  discipline
• 30:18
  or
• 30:18
  do
• 30:18
  they
• 30:19
  drift
• 30:19
  again
• 30:19
  over
• 30:19
  time?
• 30:20
  Right,
• 30:21
  right.
• 30:21
  All
• 30:21
  right,
• 30:21
  well
• 30:22
  said.
• 30:22
  All
• 30:22
  right,
• 30:22
  let's
• 30:23
  keep
• 30:23
  on
• 30:23
  rolling.
• 30:23
  Headline
• 30:24
  number
• 30:24
  four.
• 30:24
  Dollar
• 30:25
  General's
• 30:25
  media
• 30:25
  network
• 30:26
  announced
• 30:26
  this
• 30:27
  week
• 30:27
  that
• 30:27
  they
• 30:28
  are
• 30:28
  rolling
• 30:28
  out
• 30:28
  an
• 30:29
  AI
• 30:29
  enabled
• 30:29
  in
• 30:30
  store
• 30:30
  audio
• 30:30
  program
• 30:31
  to
• 30:31
  approximately
• 30:32
  6,000
• 30:32
  stores
• 30:33
  across
• 30:33
  48
• 30:33
  states
• 30:34
  through
• 30:34
  a
• 30:34
  new
• 30:34
  partnership
• 30:35
  with
• 30:35
  Cusic,
• 30:36
  a
• 30:36
  move
• 30:36
  that
• 30:37
  will
• 30:37
  double
• 30:37
  the
• 30:37
  discount
• 30:38
  retailers
• 30:38
  existing
• 30:39
  in
• 30:39
  store
• 30:39
  audio
• 30:39
  footprint
• 30:40
  and
• 30:40
  bring
• 30:40
  the
• 30:41
  total
• 30:41
  number
• 30:41
  of
• 30:41
  Dollar
• 30:42
  General
• 30:42
  stores
• 30:42
  with
• 30:42
  audio
• 30:43
  capabilities
• 30:43
  to
• 30:44
  12,000
• 30:46
  by
• 30:46
  the
• 30:46
  second
• 30:46
  quarter
• 30:47
  of
• 30:47
  2026,
• 30:48
  according
• 30:48
  to
• 30:49
  retail
• 30:49
  Dive.
• 30:49
  The
• 30:49
  Cusic
• 30:50
  platform
• 30:50
  Combines
• 30:51
  point
• 30:51
  of
• 30:51
  sale
• 30:51
  data,
• 30:51
  curated
• 30:52
  music
• 30:52
  and
• 30:52
  AI
• 30:53
  generated
• 30:53
  audio
• 30:54
  ads
• 30:54
  to
• 30:54
  deliver
• 30:54
  localized
• 30:55
  real
• 30:55
  time
• 30:56
  messaging
• 30:57
  tailored
• 30:57
  to
• 30:57
  each
• 30:57
  store
• 30:58
  environment.
• 30:58
  The
• 30:59
  platform
• 30:59
  is
• 30:59
  designed
• 31:00
  to
• 31:00
  give
• 31:00
  brand
• 31:00
  partners
• 31:01
  improved
• 31:01
  attribution
• 31:02
  and
• 31:02
  performance
• 31:02
  visibility.
• 31:04
  Q6
• 31:04
  closed
• 31:04
  loop
• 31:05
  reporting
• 31:05
  capabilities
• 31:06
  aligned
• 31:06
  with
• 31:06
  IAB
• 31:07
  standards,
• 31:07
  enabling
• 31:08
  advertisers
• 31:09
  to
• 31:09
  measure
• 31:09
  incremental
• 31:10
  impact
• 31:10
  and
• 31:10
  link
• 31:11
  campaign
• 31:11
  exposure
• 31:12
  to
• 31:12
  actual
• 31:12
  sales
• 31:13
  outcomes.
• 31:14
  Jen,
• 31:14
  is
• 31:14
  AI
• 31:15
  powered
• 31:15
  In
• 31:15
  Store
• 31:16
  Audio?
• 31:16
  This
• 31:16
  is
• 31:16
  a
• 31:16
  little
• 31:17
  bit
• 31:17
  of
• 31:17
  a
• 31:17
  leading
• 31:17
  question.
• 31:18
  Is
• 31:18
  AI
• 31:19
  AI
• 31:19
  powered
• 31:20
  In
• 31:20
  Store
• 31:20
  Audio
• 31:20
  the
• 31:21
  most
• 31:21
  underrated
• 31:22
  retail
• 31:22
  media
• 31:22
  channel
• 31:23
  out
• 31:23
  there
• 31:24
  right
• 31:24
  now
• 31:24
  as
• 31:25
  we
• 31:25
  speak?
• 31:26
  I
• 31:26
  think
• 31:27
  it's
• 31:27
  underrated,
• 31:27
  but
• 31:27
  it
• 31:28
  comes
• 31:28
  with
• 31:28
  real
• 31:28
  risk.
• 31:29
  The
• 31:29
  upside
• 31:29
  is
• 31:30
  it
• 31:30
  reaches
• 31:30
  customers,
• 31:31
  you
• 31:31
  know,
• 31:31
  at
• 31:31
  the
• 31:32
  exact
• 31:32
  moment
• 31:32
  of
• 31:32
  decision
• 31:33
  in
• 31:33
  store.
• 31:33
  You
• 31:34
  know,
• 31:34
  it's
• 31:34
  incredibly
• 31:34
  powerful
• 31:36
  and
• 31:36
  especially
• 31:36
  if
• 31:36
  you
• 31:36
  think
• 31:36
  about
• 31:37
  Dollar
• 31:37
  General's
• 31:38
  like
• 31:38
  value
• 31:38
  driven,
• 31:39
  mission
• 31:40
  based
• 31:40
  shopper.
• 31:41
  But
• 31:42
  to
• 31:42
  me,
• 31:42
  I
• 31:42
  think
• 31:43
  it
• 31:43
  could
• 31:43
  inherently
• 31:43
  annoy
• 31:44
  customers
• 31:44
  if
• 31:44
  it's
• 31:44
  not
• 31:45
  done
• 31:45
  well.
• 31:46
  You
• 31:46
  know,
• 31:46
  audio
• 31:47
  is
• 31:47
  interruptive,
• 31:48
  right?
• 31:48
  It
• 31:49
  feels
• 31:49
  like
• 31:49
  advertising
• 31:49
  instead
• 31:50
  of
• 31:50
  something
• 31:50
  helpful
• 31:51
  or
• 31:51
  timely.
• 31:51
  And
• 31:52
  if
• 31:52
  it,
• 31:52
  and
• 31:52
  if
• 31:52
  it
• 31:53
  really
• 31:53
  turns
• 31:54
  in
• 31:54
  that
• 31:54
  vein,
• 31:55
  people
• 31:55
  will
• 31:55
  tune
• 31:55
  it
• 31:55
  out
• 31:55
  quickly.
• 31:57
  And
• 31:57
  I
• 31:57
  was
• 31:57
  thinking
• 31:58
  about
• 31:58
  this,
• 31:58
  but
• 31:58
  the
• 31:58
  other
• 31:58
  piece
• 31:59
  isn't
• 31:59
  just
• 31:59
  that
• 31:59
  customer
• 32:00
  experience
• 32:00
  play,
• 32:00
  it's
• 32:01
  truly
• 32:01
  more
• 32:01
  of
• 32:01
  a
• 32:01
  monetization
• 32:02
  play.
• 32:03
  You
• 32:03
  know,
• 32:03
  when
• 32:03
  you
• 32:03
  think
• 32:03
  about
• 32:03
  like
• 32:04
  retail
• 32:04
  media
• 32:04
  networks,
• 32:05
  they're
• 32:06
  building
• 32:06
  it
• 32:06
  out
• 32:06
  and
• 32:06
  I
• 32:06
  think
• 32:06
  that's
• 32:07
  a
• 32:07
  high
• 32:07
  margin
• 32:07
  revenue
• 32:08
  stream
• 32:08
  layered
• 32:08
  on
• 32:09
  top
• 32:09
  of
• 32:09
  a
• 32:09
  very
• 32:09
  low
• 32:10
  margin
• 32:10
  business.
• 32:11
  So
• 32:12
  this
• 32:12
  is
• 32:12
  really
• 32:12
  about
• 32:12
  turning
• 32:13
  the
• 32:13
  store
• 32:13
  into
• 32:13
  a
• 32:13
  media
• 32:14
  channel
• 32:14
  and
• 32:14
  the
• 32:14
  question
• 32:14
  is
• 32:15
  whether
• 32:15
  they
• 32:15
  can
• 32:15
  do
• 32:15
  it
• 32:15
  in
• 32:15
  a
• 32:15
  way
• 32:16
  that
• 32:16
  adds
• 32:16
  value
• 32:16
  instead
• 32:17
  of
• 32:17
  noise.
• 32:19
  Right,
• 32:19
  right,
• 32:19
  right.
• 32:19
  Which
• 32:19
  is
• 32:20
  interesting
• 32:20
  because
• 32:20
  you
• 32:21
  know,
• 32:21
  as
• 32:21
  you
• 32:22
  look
• 32:22
  at
• 32:22
  In
• 32:22
  Store
• 32:23
  Audio,
• 32:23
  In
• 32:24
  Store
• 32:24
  Audio
• 32:24
  in
• 32:24
  Europe
• 32:25
  is
• 32:25
  a
• 32:25
  much
• 32:25
  bigger
• 32:26
  thing
• 32:26
  than
• 32:26
  it
• 32:27
  is
• 32:27
  in
• 32:27
  the
• 32:27
  United
• 32:28
  States.
• 32:28
  And
• 32:28
  so
• 32:29
  then,
• 32:29
  and
• 32:29
  that's
• 32:29
  kind
• 32:30
  of,
• 32:30
  and
• 32:30
  the,
• 32:30
  and
• 32:31
  I
• 32:31
  think
• 32:31
  the
• 32:31
  reason
• 32:31
  for
• 32:31
  that
• 32:32
  is
• 32:32
  what
• 32:32
  you're
• 32:32
  saying,
• 32:32
  right
• 32:32
  Jen.
• 32:33
  It's,
• 32:33
  it's
• 32:33
  the
• 32:34
  brand.
• 32:34
  It's
• 32:34
  like,
• 32:35
  do
• 32:35
  we
• 32:35
  want
• 32:35
  that
• 32:36
  as
• 32:36
  we're
• 32:36
  shopping?
• 32:37
  But,
• 32:37
  but
• 32:37
  I
• 32:38
  mean
• 32:38
  you
• 32:38
  guys,
• 32:38
  you
• 32:38
  guys
• 32:38
  are
• 32:38
  Both
• 32:39
  experiencing
• 32:39
  in
• 32:40
  QSRs
• 32:41
  and,
• 32:42
  and
• 32:42
  you
• 32:42
  know,
• 32:43
  convenience
• 32:43
  operations
• 32:44
  and
• 32:44
  Dollar
• 32:44
  General,
• 32:45
  like
• 32:45
  the
• 32:45
  dynamics
• 32:46
  in
• 32:46
  some
• 32:46
  of
• 32:46
  those
• 32:46
  retail
• 32:47
  environments
• 32:47
  are
• 32:47
  different
• 32:48
  than
• 32:48
  say
• 32:48
  like
• 32:49
  a
• 32:49
  department
• 32:49
  store.
• 32:50
  So.
• 32:51
  So
• 32:51
  Jen,
• 32:51
  like
• 32:52
  how
• 32:52
  much
• 32:52
  do
• 32:52
  you
• 32:52
  think
• 32:52
  that
• 32:53
  fear
• 32:53
  is
• 32:53
  real
• 32:54
  versus
• 32:54
  like
• 32:55
  is
• 32:55
  this
• 32:55
  just
• 32:55
  something
• 32:55
  we
• 32:56
  think
• 32:56
  is
• 32:56
  out
• 32:56
  there?
• 32:57
  I
• 32:58
  think
• 32:58
  it
• 32:58
  depends
• 32:58
  how
• 32:59
  different
• 32:59
  the
• 32:59
  US
• 32:59
  consumer
• 33:00
  is
• 33:00
  to
• 33:00
  those
• 33:00
  abroad.
• 33:01
  And
• 33:02
  it
• 33:02
  basically
• 33:03
  this
• 33:03
  will
• 33:03
  work
• 33:03
  if
• 33:03
  it
• 33:03
  feels
• 33:04
  like
• 33:04
  guidance,
• 33:04
  but
• 33:04
  it'll
• 33:05
  fail
• 33:05
  if
• 33:05
  it
• 33:05
  feels
• 33:06
  like
• 33:06
  advertising.
• 33:07
  So
• 33:07
  I
• 33:08
  think
• 33:08
  we
• 33:08
  have
• 33:08
  to
• 33:08
  make
• 33:08
  sure
• 33:08
  that
• 33:09
  it's
• 33:09
  truly
• 33:09
  additive
• 33:09
  to
• 33:10
  the
• 33:10
  experience
• 33:10
  versus
• 33:11
  a
• 33:11
  distraction
• 33:12
  and
• 33:12
  creates
• 33:12
  too
• 33:13
  much
• 33:13
  noise
• 33:13
  for
• 33:13
  the
• 33:13
  consumer
• 33:14
  and
• 33:14
  actually
• 33:14
  is
• 33:14
  a
• 33:14
  detractor
• 33:15
  from
• 33:15
  the
• 33:15
  overall
• 33:16
  experience
• 33:16
  and
• 33:16
  makes
• 33:16
  them
• 33:16
  want
• 33:17
  to
• 33:17
  go
• 33:17
  somewhere
• 33:17
  else.
• 33:18
  So
• 33:18
  how
• 33:18
  would
• 33:19
  you.
• 33:19
  How
• 33:19
  if
• 33:19
  you're
• 33:19
  going
• 33:19
  to.
• 33:20
  So,
• 33:20
  so,
• 33:21
  so
• 33:21
  granted,
• 33:21
  you
• 33:21
  said
• 33:21
  you
• 33:22
  think
• 33:22
  this
• 33:22
  is
• 33:22
  an
• 33:22
  underrated
• 33:23
  approach
• 33:24
  to
• 33:24
  retail
• 33:24
  media
• 33:25
  and
• 33:25
  for
• 33:25
  the
• 33:25
  reasons
• 33:26
  it's
• 33:26
  underrated
• 33:26
  is
• 33:26
  like
• 33:27
  you
• 33:27
  get
• 33:27
  a
• 33:27
  lot
• 33:27
  of
• 33:28
  like
• 33:28
  relative
• 33:29
  to
• 33:29
  like
• 33:29
  a
• 33:29
  digital
• 33:29
  screen,
• 33:29
  which
• 33:30
  is
• 33:30
  what
• 33:30
  I
• 33:30
  always
• 33:30
  come
• 33:30
  back
• 33:30
  to,
• 33:31
  to.
• 33:31
  Right.
• 33:31
  It's
• 33:31
  much
• 33:32
  cheaper
• 33:32
  than
• 33:32
  putting
• 33:32
  a
• 33:32
  digital
• 33:33
  street
• 33:33
  in
• 33:33
  your
• 33:33
  store.
• 33:34
  It's
• 33:34
  much
• 33:34
  easier
• 33:34
  to
• 33:35
  operate.
• 33:36
  It
• 33:36
  gets
• 33:37
  you
• 33:37
  more
• 33:37
  impressions
• 33:37
  too,
• 33:38
  because
• 33:38
  it
• 33:38
  hits
• 33:38
  everyone
• 33:39
  versus
• 33:39
  whoever's
• 33:40
  just
• 33:40
  seeing
• 33:40
  the
• 33:40
  digital
• 33:40
  screen.
• 33:41
  You
• 33:41
  can
• 33:41
  align
• 33:41
  it
• 33:41
  to
• 33:42
  your
• 33:42
  point
• 33:42
  of
• 33:42
  sale.
• 33:42
  Those
• 33:42
  are
• 33:43
  all
• 33:43
  the
• 33:43
  benefits
• 33:44
  of
• 33:44
  it.
• 33:44
  So
• 33:45
  like.
• 33:45
  But
• 33:46
  taking
• 33:46
  take
• 33:47
  that
• 33:47
  with
• 33:47
  a
• 33:47
  grain
• 33:47
  of
• 33:47
  salt,
• 33:48
  if
• 33:48
  I'm
• 33:48
  hearing
• 33:48
  you
• 33:48
  right,
• 33:49
  is
• 33:49
  like,
• 33:49
  okay,
• 33:49
  you
• 33:50
  know,
• 33:50
  but
• 33:50
  at
• 33:50
  the
• 33:50
  same
• 33:50
  time,
• 33:51
  like,
• 33:51
  it
• 33:51
  could
• 33:51
  be
• 33:51
  more
• 33:52
  disruptive
• 33:52
  to
• 33:53
  my
• 33:53
  shopping
• 33:53
  experience
• 33:53
  than
• 33:54
  just
• 33:54
  passing
• 33:54
  by
• 33:54
  an
• 33:55
  ad
• 33:55
  on
• 33:55
  a
• 33:55
  digital
• 33:55
  screen.
• 33:56
  So
• 33:56
  if
• 33:56
  you
• 33:56
  were
• 33:56
  to
• 33:56
  do
• 33:57
  it,
• 33:57
  what
• 33:57
  type
• 33:57
  of
• 33:57
  ads
• 33:58
  would
• 33:58
  you
• 33:58
  try
• 33:58
  to
• 33:58
  place
• 33:59
  in
• 33:59
  this
• 33:59
  underrated
• 34:00
  or
• 34:00
  underappreciated
• 34:01
  retail
• 34:02
  media
• 34:02
  network?
• 34:02
  I
• 34:03
  think
• 34:03
  they're
• 34:03
  ads
• 34:03
  that
• 34:03
  would
• 34:04
  appeal
• 34:04
  to
• 34:04
  folks
• 34:04
  senses.
• 34:05
  Like
• 34:05
  you
• 34:05
  said,
• 34:05
  we're
• 34:06
  shifting
• 34:06
  from
• 34:06
  screens
• 34:07
  to
• 34:07
  senses.
• 34:08
  And
• 34:08
  so
• 34:09
  in
• 34:09
  that
• 34:09
  moment,
• 34:10
  how
• 34:10
  are
• 34:10
  you
• 34:10
  appealing
• 34:10
  to
• 34:10
  the
• 34:11
  consumer
• 34:11
  and
• 34:11
  helping
• 34:11
  them
• 34:11
  make
• 34:12
  a
• 34:12
  better
• 34:13
  decision
• 34:13
  and
• 34:13
  resonating
• 34:14
  in
• 34:14
  that
• 34:14
  moment
• 34:15
  of
• 34:15
  the
• 34:15
  journey
• 34:15
  versus
• 34:16
  coming
• 34:16
  across
• 34:16
  as
• 34:16
  like
• 34:17
  a
• 34:17
  pure
• 34:17
  advertisement
• 34:18
  that
• 34:18
  feels
• 34:19
  distracting
• 34:19
  or
• 34:19
  disjointed
• 34:20
  from
• 34:20
  the
• 34:21
  moment
• 34:21
  in
• 34:21
  the
• 34:21
  store?
• 34:23
  Yeah,
• 34:23
  I
• 34:23
  kind
• 34:23
  of,
• 34:23
  look,
• 34:24
  I
• 34:24
  kind
• 34:24
  of
• 34:24
  actually,
• 34:24
  I
• 34:25
  find
• 34:25
  a
• 34:25
  lot
• 34:25
  of
• 34:25
  analogies
• 34:26
  from
• 34:26
  what
• 34:26
  the
• 34:26
  convenience
• 34:26
  stores
• 34:27
  are
• 34:27
  doing
• 34:27
  at
• 34:27
  the
• 34:27
  pump,
• 34:27
  you
• 34:28
  know,
• 34:28
  like
• 34:28
  highlighting
• 34:29
  their
• 34:29
  deals
• 34:29
  of
• 34:29
  the
• 34:29
  day.
• 34:29
  Like,
• 34:30
  do
• 34:30
  you
• 34:30
  just
• 34:30
  give
• 34:30
  your
• 34:30
  deals
• 34:31
  of
• 34:31
  the
• 34:31
  day
• 34:31
  every
• 34:31
  hour?
• 34:31
  I'm
• 34:32
  the
• 34:32
  hour.
• 34:32
  And
• 34:32
  just
• 34:32
  see
• 34:33
  what
• 34:33
  happens,
• 34:33
  you
• 34:34
  know,
• 34:34
  as
• 34:34
  an
• 34:34
  experiment,
• 34:35
  see
• 34:35
  what
• 34:35
  the
• 34:35
  responses
• 34:35
  are
• 34:36
  from
• 34:36
  the
• 34:36
  customers,
• 34:37
  see
• 34:37
  if
• 34:37
  they
• 34:37
  vote
• 34:37
  with
• 34:38
  their
• 34:38
  wallets
• 34:38
  and,
• 34:38
  and,
• 34:38
  and
• 34:39
  you
• 34:39
  know,
• 34:39
  go
• 34:39
  from
• 34:39
  there.
• 34:40
  But
• 34:40
  I
• 34:40
  think
• 34:40
  it's
• 34:40
  a
• 34:40
  quick,
• 34:41
  easy
• 34:41
  win
• 34:41
  to
• 34:42
  try
• 34:42
  to
• 34:42
  understand
• 34:43
  or,
• 34:43
  you
• 34:43
  know,
• 34:43
  hey,
• 34:44
  did
• 34:44
  you
• 34:44
  remember
• 34:44
  to
• 34:44
  get
• 34:44
  your
• 34:45
  flu
• 34:45
  shot
• 34:45
  this
• 34:45
  year?
• 34:46
  You
• 34:46
  know,
• 34:46
  stop
• 34:46
  by
• 34:46
  our
• 34:47
  pharmacy
• 34:47
  if
• 34:47
  you've
• 34:48
  forgotten
• 34:48
  to
• 34:48
  do
• 34:48
  that,
• 34:48
  you
• 34:48
  know,
• 34:49
  like
• 34:49
  all
• 34:49
  that
• 34:49
  type
• 34:49
  of
• 34:49
  thing.
• 34:50
  But
• 34:50
  John,
• 34:50
  what
• 34:50
  do
• 34:50
  you
• 34:51
  think?
• 34:51
  Are
• 34:51
  you.
• 34:52
  Where
• 34:52
  do
• 34:52
  you
• 34:53
  come
• 34:53
  down
• 34:53
  in
• 34:53
  this
• 34:53
  argument?
• 34:55
  Yeah,
• 34:55
  I
• 34:56
  think
• 34:56
  generally
• 34:56
  speaking,
• 34:57
  you
• 34:57
  know,
• 34:57
  the
• 34:57
  retail
• 34:57
  media
• 34:58
  networks,
• 34:58
  broadly,
• 34:59
  huge
• 34:59
  opportunity.
• 35:00
  Right.
• 35:00
  And
• 35:00
  I
• 35:01
  think
• 35:01
  this
• 35:01
  is
• 35:01
  another
• 35:01
  channel,
• 35:02
  another
• 35:02
  example
• 35:03
  of
• 35:03
  that
• 35:03
  Dollar
• 35:03
  General
• 35:03
  is
• 35:04
  offering.
• 35:04
  I
• 35:04
  think
• 35:05
  the
• 35:05
  thing
• 35:05
  that
• 35:05
  the
• 35:06
  nuance
• 35:06
  that
• 35:06
  I
• 35:06
  think
• 35:06
  about
• 35:06
  is
• 35:08
  it's
• 35:08
  also
• 35:08
  about
• 35:08
  the
• 35:08
  brand
• 35:09
  partners
• 35:09
  and
• 35:09
  like,
• 35:09
  where
• 35:09
  they
• 35:10
  are
• 35:10
  wanting
• 35:10
  to
• 35:10
  invest.
• 35:11
  And
• 35:11
  I
• 35:11
  think,
• 35:12
  you
• 35:12
  know,
• 35:12
  fundamentally
• 35:13
  there's
• 35:13
  A
• 35:13
  limited
• 35:13
  amount
• 35:14
  of
• 35:14
  trade
• 35:14
  spend
• 35:14
  that
• 35:14
  they're
• 35:15
  going
• 35:15
  to,
• 35:15
  you
• 35:15
  have
• 35:16
  to
• 35:16
  invest
• 35:17
  behind
• 35:17
  their
• 35:17
  products.
• 35:18
  And
• 35:18
  I
• 35:18
  think
• 35:18
  you
• 35:19
  know,
• 35:19
  you
• 35:19
  need
• 35:19
  to
• 35:19
  think
• 35:20
  about
• 35:20
  right
• 35:20
  now,
• 35:21
  you
• 35:21
  know,
• 35:21
  you
• 35:21
  can
• 35:21
  do
• 35:21
  a
• 35:21
  lot
• 35:21
  with
• 35:21
  that
• 35:22
  trade
• 35:22
  spend.
• 35:22
  You
• 35:22
  can
• 35:22
  invest
• 35:22
  in
• 35:23
  retail
• 35:23
  media
• 35:23
  networks
• 35:24
  and
• 35:24
  push
• 35:24
  certain,
• 35:24
  you
• 35:24
  know,
• 35:25
  marketing
• 35:25
  messaging
• 35:26
  to
• 35:26
  consumers,
• 35:26
  try
• 35:26
  to
• 35:27
  engage
• 35:27
  them
• 35:27
  that
• 35:27
  way.
• 35:27
  And
• 35:28
  you
• 35:28
  can
• 35:28
  also
• 35:28
  invest
• 35:28
  in
• 35:29
  discounts
• 35:29
  and
• 35:29
  promotions
• 35:30
  and
• 35:30
  things
• 35:31
  like
• 35:31
  that.
• 35:31
  And
• 35:31
  I
• 35:31
  just
• 35:32
  think
• 35:32
  about,
• 35:32
  you
• 35:32
  know,
• 35:32
  what
• 35:33
  is
• 35:33
  going
• 35:33
  to
• 35:33
  be
• 35:33
  the
• 35:33
  most
• 35:33
  effective
• 35:34
  right
• 35:34
  now
• 35:35
  and
• 35:35
  have
• 35:35
  the
• 35:35
  highest
• 35:36
  return
• 35:36
  on,
• 35:36
  on
• 35:36
  those
• 35:37
  trade
• 35:38
  spend
• 35:38
  dollars.
• 35:39
  And
• 35:39
  I
• 35:39
  think
• 35:39
  about
• 35:40
  the
• 35:40
  consumer
• 35:40
  and
• 35:40
  the
• 35:40
  consumer
• 35:41
  is,
• 35:41
  you
• 35:42
  know
• 35:42
  we
• 35:42
  see
• 35:42
  it
• 35:42
  all
• 35:43
  across
• 35:43
  consumer
• 35:43
  facing
• 35:44
  industries.
• 35:44
  They're,
• 35:45
  they're
• 35:45
  a
• 35:45
  little
• 35:46
  more
• 35:46
  reticent,
• 35:47
  they're
• 35:47
  a
• 35:47
  little
• 35:47
  bit
• 35:47
  more
• 35:47
  being
• 35:47
  more
• 35:48
  intentional
• 35:48
  on
• 35:48
  where
• 35:48
  they're
• 35:48
  spending.
• 35:49
  You
• 35:49
  know
• 35:49
  what
• 35:50
  is
• 35:50
  going
• 35:50
  to
• 35:50
  make
• 35:50
  the
• 35:51
  most,
• 35:51
  what's
• 35:51
  going
• 35:52
  to
• 35:52
  have
• 35:52
  the
• 35:52
  best
• 35:52
  return
• 35:52
  for
• 35:52
  them?
• 35:53
  Is
• 35:53
  it
• 35:53
  going
• 35:53
  to
• 35:53
  be
• 35:53
  focusing
• 35:54
  on
• 35:54
  promos
• 35:54
  and
• 35:55
  discounts
• 35:55
  and
• 35:55
  so
• 35:55
  on
• 35:56
  or
• 35:56
  is
• 35:56
  it
• 35:56
  going
• 35:56
  to
• 35:56
  be
• 35:56
  investing
• 35:57
  in
• 35:57
  some
• 35:57
  of
• 35:57
  the
• 35:58
  new
• 35:58
  channels
• 35:58
  on
• 35:58
  the
• 35:58
  retail
• 35:59
  media
• 35:59
  networks
• 35:59
  that
• 35:59
  are
• 36:00
  opening
• 36:00
  up?
• 36:00
  I
• 36:01
  don't
• 36:01
  know.
• 36:01
  Right,
• 36:01
  right.
• 36:01
  Yeah.
• 36:02
  No,
• 36:02
  I
• 36:02
  think
• 36:02
  you
• 36:02
  know
• 36:03
  at
• 36:03
  full
• 36:03
  disclosure
• 36:03
  here
• 36:03
  for
• 36:04
  the
• 36:04
  audience,
• 36:04
  I
• 36:04
  mean
• 36:04
  most
• 36:04
  people
• 36:04
  probably
• 36:05
  know
• 36:05
  this
• 36:05
  to
• 36:05
  listen
• 36:05
  to
• 36:05
  me.
• 36:05
  I'm
• 36:06
  an
• 36:06
  advisor
• 36:06
  for
• 36:06
  Juki
• 36:07
  which
• 36:07
  is
• 36:07
  in
• 36:07
  this
• 36:07
  space.
• 36:07
  So
• 36:07
  I
• 36:08
  was
• 36:08
  actually
• 36:08
  pumped
• 36:08
  to
• 36:08
  see
• 36:08
  this
• 36:09
  announcement
• 36:09
  from
• 36:09
  Dollar
• 36:09
  General
• 36:10
  because
• 36:10
  it
• 36:10
  validates
• 36:11
  what
• 36:11
  I've
• 36:11
  been
• 36:11
  saying
• 36:11
  for
• 36:11
  a
• 36:11
  while
• 36:12
  that
• 36:12
  in
• 36:12
  store
• 36:12
  audio
• 36:13
  is
• 36:13
  an
• 36:13
  untapped
• 36:14
  part
• 36:14
  of
• 36:14
  the
• 36:14
  media
• 36:14
  network.
• 36:16
  And
• 36:16
  I
• 36:16
  hear
• 36:16
  you,
• 36:17
  I,
• 36:17
  you
• 36:17
  know
• 36:17
  Jen,
• 36:17
  I
• 36:17
  hear
• 36:18
  you
• 36:18
  too.
• 36:18
  I
• 36:18
  mean
• 36:18
  I
• 36:18
  think
• 36:19
  that's
• 36:19
  always
• 36:20
  the
• 36:20
  question
• 36:20
  I
• 36:20
  have
• 36:20
  too
• 36:21
  is
• 36:21
  you
• 36:21
  know,
• 36:21
  how
• 36:21
  will
• 36:21
  it
• 36:21
  resonate
• 36:22
  with
• 36:22
  the
• 36:22
  brand.
• 36:22
  But
• 36:23
  to
• 36:23
  me
• 36:23
  I
• 36:23
  think
• 36:23
  like
• 36:24
  there
• 36:24
  are
• 36:25
  retailers
• 36:25
  where
• 36:25
  there
• 36:26
  people
• 36:26
  are
• 36:26
  just
• 36:27
  not
• 36:27
  going
• 36:27
  to
• 36:27
  be
• 36:27
  as
• 36:27
  concerned
• 36:28
  about
• 36:28
  that.
• 36:28
  Dollar
• 36:28
  General,
• 36:29
  the
• 36:29
  right
• 36:29
  regional
• 36:30
  grocer
• 36:30
  which
• 36:30
  already
• 36:30
  has
• 36:31
  kind
• 36:31
  of
• 36:31
  an
• 36:32
  advertising
• 36:32
  positioning
• 36:33
  with
• 36:33
  their
• 36:34
  clientele
• 36:34
  on
• 36:34
  a
• 36:34
  regular
• 36:35
  basis,
• 36:35
  convenience
• 36:36
  stores,
• 36:36
  like
• 36:36
  I
• 36:37
  said
• 36:37
  with
• 36:37
  the
• 36:37
  kind
• 36:37
  of
• 36:37
  gas
• 36:38
  pump
• 36:38
  analogy
• 36:38
  that's
• 36:38
  already
• 36:39
  out
• 36:39
  there
• 36:39
  and
• 36:40
  it
• 36:40
  is
• 36:40
  a
• 36:40
  way
• 36:40
  of
• 36:40
  life
• 36:40
  in
• 36:41
  Europe.
• 36:41
  So
• 36:41
  I
• 36:41
  always
• 36:41
  ask
• 36:41
  the
• 36:41
  question
• 36:42
  like
• 36:42
  why
• 36:42
  are
• 36:42
  we
• 36:42
  so
• 36:43
  different
• 36:43
  than
• 36:43
  Europeans
• 36:44
  or
• 36:44
  are
• 36:44
  we
• 36:44
  just
• 36:45
  slow
• 36:45
  to
• 36:45
  the
• 36:45
  game
• 36:46
  here?
• 36:47
  Because
• 36:47
  it
• 36:47
  is
• 36:48
  a
• 36:48
  much,
• 36:48
  it
• 36:49
  is
• 36:49
  a
• 36:49
  much
• 36:50
  easier
• 36:50
  way
• 36:50
  to
• 36:50
  attribute
• 36:51
  and
• 36:51
  drive
• 36:52
  sales
• 36:52
  via
• 36:53
  in
• 36:53
  store
• 36:53
  than
• 36:54
  say
• 36:54
  all
• 36:54
  these
• 36:55
  expensive,
• 36:55
  you
• 36:55
  know,
• 36:56
  activations
• 36:57
  that
• 36:57
  we're
• 36:57
  seeing.
• 36:58
  So
• 36:58
  I
• 36:58
  think
• 36:58
  for
• 36:58
  me
• 36:59
  it
• 36:59
  would
• 36:59
  be
• 36:59
  step
• 37:00
  one
• 37:00
  in
• 37:00
  my
• 37:00
  retail
• 37:01
  media
• 37:02
  exploration
• 37:02
  or
• 37:03
  experimentation
• 37:04
  plan.
• 37:04
  100%.
• 37:05
  But
• 37:05
  Jen,
• 37:05
  what
• 37:06
  do
• 37:06
  you
• 37:06
  think?
• 37:07
  I
• 37:07
  think
• 37:07
  the
• 37:07
  most
• 37:07
  interesting
• 37:08
  thing
• 37:08
  will
• 37:08
  be
• 37:08
  how
• 37:09
  it
• 37:09
  connects
• 37:09
  with
• 37:09
  younger
• 37:10
  generations
• 37:10
  like
• 37:11
  Gen
• 37:11
  Alpha.
• 37:12
  They've
• 37:12
  grown
• 37:13
  up
• 37:13
  just
• 37:13
  in
• 37:14
  this
• 37:14
  influencer
• 37:14
  centric
• 37:15
  environment.
• 37:16
  And
• 37:16
  they
• 37:17
  see
• 37:17
  influencers
• 37:17
  as
• 37:18
  their
• 37:18
  friends
• 37:18
  or
• 37:18
  folks
• 37:19
  that
• 37:19
  will
• 37:19
  just
• 37:19
  sell
• 37:19
  them
• 37:19
  things.
• 37:19
  And
• 37:20
  they're
• 37:20
  okay
• 37:20
  with
• 37:20
  that.
• 37:20
  They're
• 37:20
  okay
• 37:21
  with
• 37:21
  more
• 37:21
  of
• 37:21
  this
• 37:21
  like
• 37:22
  advertising
• 37:23
  centric
• 37:23
  way
• 37:23
  of
• 37:24
  communication.
• 37:25
  So
• 37:25
  I
• 37:26
  think
• 37:26
  this
• 37:26
  could
• 37:26
  work
• 37:26
  really
• 37:26
  well
• 37:27
  with
• 37:27
  Gen
• 37:27
  Alpha
• 37:27
  because
• 37:28
  they're
• 37:29
  going
• 37:29
  to
• 37:29
  see
• 37:29
  it
• 37:29
  as
• 37:29
  additive
• 37:30
  to
• 37:30
  the
• 37:30
  experience,
• 37:31
  whereas
• 37:31
  it
• 37:31
  might
• 37:32
  be
• 37:32
  a
• 37:32
  little
• 37:32
  bit
• 37:32
  more
• 37:32
  polarizing
• 37:33
  for
• 37:33
  older
• 37:33
  generations
• 37:34
  as
• 37:34
  well.
• 37:34
  So
• 37:35
  less
• 37:35
  of
• 37:35
  the
• 37:35
  US
• 37:36
  versus
• 37:36
  European
• 37:36
  centric
• 37:37
  and
• 37:37
  more,
• 37:38
  I
• 37:38
  think
• 37:38
  it'll
• 37:38
  attract
• 37:38
  the
• 37:38
  important
• 37:39
  younger
• 37:39
  generations,
• 37:41
  potentially
• 37:41
  even
• 37:42
  more
• 37:42
  so,
• 37:42
  and
• 37:42
  resonate
• 37:43
  with
• 37:43
  them
• 37:43
  at
• 37:43
  a
• 37:43
  higher
• 37:44
  altitude.
• 37:45
  Well,
• 37:45
  that's
• 37:45
  really
• 37:45
  interesting
• 37:46
  too.
• 37:46
  And
• 37:46
  John,
• 37:46
  the
• 37:46
  other
• 37:47
  point
• 37:47
  too,
• 37:47
  I
• 37:47
  never
• 37:47
  thought
• 37:47
  about
• 37:48
  the
• 37:48
  dynamics
• 37:49
  of
• 37:49
  young
• 37:49
  versus
• 37:49
  old.
• 37:50
  There's
• 37:50
  also
• 37:50
  the
• 37:50
  macroeconomic
• 37:51
  climate
• 37:51
  right
• 37:52
  now,
• 37:52
  like
• 37:52
  experimenting
• 37:53
  with
• 37:53
  this
• 37:53
  type
• 37:54
  of
• 37:54
  thing,
• 37:54
  even
• 37:54
  if
• 37:54
  it's
• 37:54
  promotional,
• 37:55
  could
• 37:55
  go
• 37:56
  a
• 37:56
  long
• 37:56
  way
• 37:56
  with
• 37:56
  a
• 37:57
  lot
• 37:57
  of
• 37:57
  your
• 37:57
  customers
• 37:58
  at
• 37:58
  the
• 37:58
  end
• 37:58
  of
• 37:58
  the
• 37:58
  day
• 37:58
  too.
• 37:59
  Right.
• 37:59
  Like,
• 37:59
  so
• 38:00
  if
• 38:00
  you're
• 38:00
  going
• 38:00
  to
• 38:00
  try
• 38:00
  it,
• 38:01
  it
• 38:01
  seems
• 38:01
  like
• 38:01
  the
• 38:02
  next
• 38:02
  couple
• 38:02
  of
• 38:02
  years
• 38:02
  with
• 38:02
  everything
• 38:03
  going
• 38:03
  on
• 38:03
  with,
• 38:04
  you
• 38:04
  know,
• 38:04
  oil
• 38:05
  and
• 38:05
  cost
• 38:06
  of
• 38:06
  food
• 38:06
  and
• 38:06
  all
• 38:06
  that,
• 38:06
  this
• 38:07
  is
• 38:07
  ripe
• 38:08
  for
• 38:08
  experimentation,
• 38:08
  right,
• 38:09
  John?
• 38:09
  Yeah,
• 38:10
  absolutely.
• 38:10
  So
• 38:11
  in
• 38:11
  the,
• 38:11
  the
• 38:11
  pressures
• 38:11
  that
• 38:12
  you
• 38:12
  pointed
• 38:12
  to
• 38:12
  on
• 38:12
  the
• 38:12
  consumer
• 38:13
  side,
• 38:13
  but
• 38:14
  then
• 38:14
  also
• 38:14
  just
• 38:14
  like
• 38:14
  the
• 38:15
  level
• 38:15
  of
• 38:15
  competition,
• 38:16
  you
• 38:16
  know,
• 38:17
  within
• 38:17
  this
• 38:17
  space
• 38:17
  is
• 38:18
  also,
• 38:18
  you
• 38:18
  know,
• 38:19
  you
• 38:19
  know,
• 38:19
  hyperdrive
• 38:20
  right.
• 38:20
  Right
• 38:21
  now.
• 38:21
  And
• 38:21
  you
• 38:21
  know,
• 38:22
  you
• 38:22
  mentioned
• 38:22
  convenience
• 38:23
  stores.
• 38:23
  You
• 38:23
  know,
• 38:23
  there's,
• 38:24
  it's
• 38:24
  really
• 38:24
  the
• 38:24
  ecosystem
• 38:25
  of,
• 38:25
  you
• 38:25
  know,
• 38:25
  discount
• 38:26
  retailers
• 38:26
  like
• 38:26
  your
• 38:27
  dollar
• 38:27
  generals,
• 38:27
  this
• 38:27
  convenience
• 38:28
  stores,
• 38:28
  it's
• 38:28
  grocery,
• 38:29
  it's
• 38:29
  restaurants.
• 38:29
  They're
• 38:29
  of
• 38:29
  all
• 38:30
  kind
• 38:30
  competing
• 38:30
  for
• 38:30
  the
• 38:30
  same
• 38:31
  consumers
• 38:32
  and
• 38:32
  customers.
• 38:33
  And
• 38:33
  so
• 38:33
  it's
• 38:34
  hyper
• 38:34
  competitive
• 38:34
  environment
• 38:35
  right
• 38:35
  now.
• 38:35
  There's
• 38:35
  a
• 38:35
  lot
• 38:36
  of
• 38:36
  headwinds
• 38:36
  on
• 38:37
  the
• 38:37
  consumer.
• 38:38
  So
• 38:38
  absolutely.
• 38:38
  I
• 38:39
  think
• 38:40
  companies
• 38:40
  need
• 38:41
  to
• 38:41
  get
• 38:41
  creative
• 38:41
  on
• 38:42
  how
• 38:42
  they're
• 38:43
  going
• 38:43
  to
• 38:43
  compete
• 38:43
  and
• 38:43
  win
• 38:43
  in
• 38:43
  that
• 38:44
  environment.
• 38:44
  The
• 38:44
  macro
• 38:44
  environment
• 38:45
  is
• 38:45
  absolutely
• 38:47
  not
• 38:47
  easy
• 38:47
  by
• 38:48
  any
• 38:48
  means.
• 38:50
  That's
• 38:50
  the
• 38:50
  understatement
• 38:51
  of
• 38:51
  the
• 38:51
  show.
• 38:51
  You
• 38:52
  got
• 38:52
  the
• 38:52
  quote
• 38:52
  of
• 38:52
  the
• 38:52
  show
• 38:52
  and
• 38:53
  the
• 38:53
  understatement
• 38:53
  of
• 38:53
  the
• 38:54
  show,
• 38:54
  John.
• 38:54
  All
• 38:55
  right.
• 38:55
  Old
• 38:55
  Navy
• 38:56
  headline
• 38:56
  number
• 38:57
  five,
• 38:57
  Old
• 38:57
  Navy
• 38:57
  is
• 38:57
  replaced.
• 38:58
  Reportedly
• 38:58
  set
• 38:58
  to
• 38:59
  launch
• 38:59
  a
• 38:59
  new
• 39:00
  freestanding
• 39:01
  athleisure
• 39:01
  format
• 39:02
  later
• 39:02
  this
• 39:02
  year
• 39:03
  under
• 39:03
  the
• 39:03
  sub
• 39:04
  brand
• 39:04
  name
• 39:04
  Old
• 39:05
  Navy
• 39:05
  Sport.
• 39:06
  According
• 39:06
  to
• 39:07
  wwd,
• 39:08
  Old
• 39:08
  Navy
• 39:08
  Sport
• 39:09
  is
• 39:09
  expected
• 39:09
  to
• 39:09
  include
• 39:10
  leggings,
• 39:10
  sweats,
• 39:11
  sports
• 39:12
  bras
• 39:12
  and
• 39:12
  T
• 39:13
  shirts.
• 39:13
  And
• 39:13
  Old
• 39:14
  Navy
• 39:14
  declined
• 39:15
  to
• 39:15
  comment
• 39:15
  in
• 39:16
  response
• 39:16
  to
• 39:16
  the
• 39:16
  story.
• 39:17
  And
• 39:17
  Gap
• 39:17
  Inc.
• 39:18
  Said
• 39:18
  only
• 39:19
  in
• 39:19
  response
• 39:19
  that
• 39:20
  we
• 39:20
  don't
• 39:20
  comment
• 39:20
  on
• 39:21
  rumor
• 39:21
  or
• 39:21
  speculation.
• 39:22
  End
• 39:22
  quote.
• 39:22
  I
• 39:22
  always
• 39:22
  love
• 39:23
  when
• 39:23
  I
• 39:23
  see
• 39:23
  that
• 39:24
  for
• 39:24
  context.
• 39:24
  Gap
• 39:25
  Inc.
• 39:25
  Has
• 39:25
  said
• 39:25
  Old
• 39:26
  Navy
• 39:26
  is
• 39:26
  the
• 39:26
  nation's
• 39:27
  fifth
• 39:27
  largest
• 39:27
  retailer
• 39:28
  by
• 39:28
  Athleisure
• 39:29
  Volume.
• 39:30
  The
• 39:30
  competitive
• 39:31
  set
• 39:31
  spans
• 39:31
  from
• 39:31
  mass
• 39:32
  value
• 39:32
  to
• 39:32
  ultra
• 39:33
  premium.
• 39:33
  And
• 39:34
  Old
• 39:34
  Navy
• 39:34
  is
• 39:34
  betting
• 39:35
  it
• 39:35
  can
• 39:35
  own
• 39:35
  the
• 39:35
  accessible
• 39:36
  end
• 39:36
  of
• 39:36
  the
• 39:36
  market.
• 39:37
  More
• 39:37
  deliberately,
• 39:38
  the
• 39:38
  tension
• 39:39
  inside
• 39:39
  Gap
• 39:39
  Inc.
• 39:40
  Has
• 39:40
  got
• 39:40
  to
• 39:40
  be
• 39:41
  palpable
• 39:41
  because
• 39:42
  as
• 39:42
  many
• 39:42
  of
• 39:42
  you
• 39:42
  know,
• 39:42
  the
• 39:42
  company
• 39:43
  already
• 39:43
  owns
• 39:43
  Athleta,
• 39:44
  a
• 39:44
  premium
• 39:45
  activewear
• 39:45
  brand
• 39:46
  with
• 39:46
  its
• 39:46
  own
• 39:46
  store
• 39:46
  footprint
• 39:47
  and
• 39:47
  a
• 39:47
  different
• 39:48
  customer
• 39:48
  base.
• 39:49
  Old
• 39:49
  Navy
• 39:49
  Sport,
• 39:50
  by
• 39:50
  contrast,
• 39:50
  is
• 39:50
  described
• 39:51
  as
• 39:51
  targeting
• 39:51
  a
• 39:52
  value
• 39:52
  oriented
• 39:53
  consumer
• 39:53
  with
• 39:54
  accessible
• 39:54
  price
• 39:54
  points.
• 39:55
  John,
• 39:56
  Buy
• 39:56
  or
• 39:57
  sell
• 39:57
  Old
• 39:57
  Navy
• 39:57
  Sport
• 39:58
  becoming
• 39:58
  a
• 39:58
  legitimate
• 39:59
  disruptor
• 40:00
  in
• 40:00
  the
• 40:00
  athleisure
• 40:01
  market.
• 40:03
  I'm
• 40:03
  going
• 40:03
  to
• 40:03
  hold,
• 40:04
  I'm
• 40:04
  going
• 40:04
  to
• 40:04
  hold
• 40:04
  on
• 40:05
  this
• 40:05
  one.
• 40:06
  I,
• 40:06
  you
• 40:07
  know,
• 40:07
  I
• 40:07
  think
• 40:07
  I
• 40:08
  like
• 40:08
  certain
• 40:08
  things
• 40:09
  about
• 40:09
  it.
• 40:09
  I
• 40:09
  like
• 40:09
  the
• 40:10
  diversification
• 40:10
  play.
• 40:12
  I
• 40:12
  like,
• 40:12
  you
• 40:12
  know,
• 40:13
  maybe
• 40:13
  there,
• 40:13
  there's
• 40:13
  an
• 40:13
  opportunity,
• 40:14
  you
• 40:14
  know,
• 40:14
  there's
• 40:15
  a,
• 40:15
  there's
• 40:15
  a,
• 40:16
  an
• 40:16
  opening
• 40:16
  or
• 40:17
  Gap
• 40:17
  right
• 40:17
  now,
• 40:17
  like
• 40:17
  on
• 40:18
  the
• 40:18
  budget,
• 40:18
  friendly,
• 40:19
  accessible
• 40:20
  portion
• 40:20
  of
• 40:20
  this
• 40:20
  market.
• 40:21
  So
• 40:21
  I
• 40:21
  think
• 40:21
  that
• 40:22
  there
• 40:22
  is
• 40:22
  definitely
• 40:23
  some
• 40:23
  potential
• 40:24
  here.
• 40:24
  The
• 40:25
  thing
• 40:25
  that
• 40:25
  I,
• 40:25
  that
• 40:26
  I
• 40:26
  question
• 40:27
  is
• 40:27
  the,
• 40:28
  just
• 40:28
  the
• 40:28
  approach,
• 40:28
  you
• 40:29
  know,
• 40:29
  they're,
• 40:29
  they're
• 40:30
  basically,
• 40:30
  you
• 40:30
  know,
• 40:30
  branding
• 40:31
  as
• 40:31
  an
• 40:31
  Old
• 40:31
  Navy,
• 40:32
  you
• 40:32
  know,
• 40:34
  you
• 40:34
  know,
• 40:35
  words
• 40:35
  of
• 40:35
  branding
• 40:36
  and
• 40:36
  does
• 40:36
  that
• 40:37
  play?
• 40:37
  You
• 40:37
  know,
• 40:37
  and
• 40:37
  I
• 40:37
  look
• 40:38
  at
• 40:38
  like,
• 40:38
  okay,
• 40:38
  they
• 40:38
  went
• 40:39
  with
• 40:39
  the
• 40:39
  Athleta,
• 40:39
  you
• 40:40
  know,
• 40:40
  was
• 40:41
  one
• 40:41
  way
• 40:41
  to
• 40:41
  grow
• 40:41
  into
• 40:42
  a
• 40:42
  certain
• 40:42
  part
• 40:43
  of
• 40:43
  the,
• 40:44
  part
• 40:44
  of
• 40:44
  the
• 40:44
  market.
• 40:45
  You
• 40:45
  know,
• 40:45
  here
• 40:45
  they're
• 40:45
  trying
• 40:46
  to
• 40:46
  create
• 40:46
  a
• 40:46
  new
• 40:46
  format
• 40:47
  or
• 40:48
  potentially
• 40:48
  spin
• 40:48
  off
• 40:48
  on
• 40:49
  their
• 40:49
  brand.
• 40:49
  I
• 40:49
  think
• 40:50
  about
• 40:50
  other
• 40:50
  concepts
• 40:50
  and
• 40:51
  like
• 40:51
  I
• 40:51
  said,
• 40:51
  I
• 40:51
  work
• 40:52
  a
• 40:52
  lot
• 40:52
  in
• 40:52
  the,
• 40:52
  in
• 40:53
  the
• 40:53
  restaurant
• 40:53
  space,
• 40:53
  you
• 40:54
  had
• 40:54
  McDonald's
• 40:54
  and
• 40:55
  you
• 40:55
  had
• 40:55
  Cosmics.
• 40:56
  You
• 40:56
  know,
• 40:56
  Cosmics
• 40:57
  was
• 40:57
  trying
• 40:57
  to
• 40:57
  break
• 40:58
  off
• 40:58
  into
• 40:58
  a
• 40:58
  little
• 40:58
  bit
• 40:59
  of
• 40:59
  the,
• 40:59
  you
• 40:59
  know,
• 40:59
  the
• 41:00
  specialty
• 41:00
  beverage,
• 41:01
  you
• 41:01
  know,
• 41:03
  space.
• 41:03
  There's
• 41:04
  no
• 41:04
  reason
• 41:04
  why
• 41:04
  you
• 41:05
  would
• 41:05
  think
• 41:05
  that
• 41:05
  McDonald's,
• 41:06
  with
• 41:06
  their
• 41:06
  scale
• 41:06
  and
• 41:07
  their
• 41:07
  success
• 41:07
  and,
• 41:07
  you
• 41:07
  know,
• 41:07
  their
• 41:08
  sophistication,
• 41:08
  that
• 41:08
  they
• 41:09
  shouldn't
• 41:09
  have
• 41:09
  been
• 41:09
  able
• 41:09
  to
• 41:09
  be
• 41:10
  successful
• 41:10
  with
• 41:10
  that,
• 41:11
  but
• 41:11
  they
• 41:11
  just
• 41:11
  fail
• 41:12
  to,
• 41:12
  you
• 41:12
  know,
• 41:13
  at
• 41:13
  the
• 41:13
  end
• 41:13
  of
• 41:13
  the
• 41:13
  day,
• 41:13
  gain
• 41:14
  a
• 41:14
  lot
• 41:14
  of
• 41:14
  credibility
• 41:14
  with
• 41:15
  consumers.
• 41:16
  So
• 41:16
  I,
• 41:16
  that's
• 41:17
  where,
• 41:17
  that's
• 41:17
  where
• 41:18
  I
• 41:18
  think
• 41:18
  the
• 41:18
  risk
• 41:18
  is,
• 41:18
  is
• 41:19
  that,
• 41:19
  you
• 41:19
  know,
• 41:20
  you're
• 41:20
  creating
• 41:20
  a
• 41:21
  new
• 41:21
  brand,
• 41:21
  you're
• 41:22
  creating,
• 41:22
  you
• 41:22
  know,
• 41:23
  a
• 41:23
  new
• 41:24
  offering
• 41:24
  in
• 41:24
  a
• 41:24
  certain
• 41:24
  part
• 41:25
  of
• 41:25
  the
• 41:25
  market
• 41:26
  that
• 41:26
  maybe
• 41:26
  it
• 41:27
  hits
• 41:27
  with
• 41:27
  consumers,
• 41:27
  maybe
• 41:28
  it
• 41:28
  doesn't.
• 41:28
  So
• 41:28
  that's
• 41:29
  why,
• 41:29
  for
• 41:29
  me,
• 41:29
  it's
• 41:29
  a,
• 41:29
  it's
• 41:30
  an
• 41:30
  intriguing
• 41:31
  move.
• 41:32
  I
• 41:32
  understand
• 41:33
  the
• 41:33
  rationale
• 41:33
  behind
• 41:34
  it,
• 41:34
  but
• 41:35
  I
• 41:35
  think
• 41:35
  that
• 41:35
  there
• 41:35
  is
• 41:35
  some
• 41:35
  risk
• 41:36
  to
• 41:36
  it.
• 41:37
  So
• 41:37
  would
• 41:37
  you
• 41:37
  do
• 41:38
  it
• 41:38
  if
• 41:38
  you
• 41:38
  were
• 41:38
  them?
• 41:39
  Like,
• 41:39
  if,
• 41:40
  would
• 41:40
  you
• 41:40
  make
• 41:40
  this
• 41:41
  move
• 41:41
  if
• 41:41
  you
• 41:41
  were,
• 41:41
  if
• 41:41
  you
• 41:41
  were
• 41:42
  Gap
• 41:42
  in
• 41:42
  Old
• 41:42
  Navy?
• 41:43
  I'm
• 41:44
  gonna
• 41:44
  go
• 41:44
  and
• 41:44
  say,
• 41:45
  no,
• 41:45
  I
• 41:45
  would
• 41:45
  not
• 41:45
  make
• 41:46
  this
• 41:46
  Move.
• 41:46
  No,
• 41:46
  this
• 41:47
  is
• 41:47
  probably
• 41:47
  not
• 41:48
  where
• 41:48
  I
• 41:48
  would
• 41:48
  spend
• 41:49
  my
• 41:49
  dollars
• 41:49
  and
• 41:50
  resources
• 41:50
  and
• 41:50
  kind
• 41:51
  of
• 41:51
  thinking
• 41:51
  about,
• 41:52
  you
• 41:52
  know,
• 41:53
  on,
• 41:53
  on,
• 41:54
  on
• 41:54
  where,
• 41:54
  where
• 41:55
  to
• 41:55
  play
• 41:55
  and
• 41:55
  kind
• 41:55
  of
• 41:56
  how
• 41:56
  to
• 41:56
  win.
• 41:57
  But,
• 41:57
  you
• 41:57
  know,
• 41:57
  that's,
• 41:58
  that's
• 41:58
  just
• 41:58
  me.
• 41:58
  That's
• 41:58
  my,
• 41:59
  that's
• 41:59
  my,
• 42:00
  that's
• 42:00
  my
• 42:00
  gut
• 42:01
  reaction
• 42:01
  to
• 42:01
  it.
• 42:02
  That's
• 42:02
  why
• 42:02
  we
• 42:02
  do
• 42:02
  this
• 42:03
  show.
• 42:03
  All
• 42:03
  right,
• 42:03
  Jed,
• 42:04
  do
• 42:04
  you
• 42:04
  agree
• 42:04
  or
• 42:04
  disagree
• 42:05
  with
• 42:05
  John?
• 42:05
  Would
• 42:06
  you
• 42:06
  make
• 42:06
  this
• 42:06
  move?
• 42:06
  Finally?
• 42:07
  I
• 42:07
  get
• 42:07
  to
• 42:07
  disagree
• 42:08
  with
• 42:08
  John.
• 42:08
  Yes.
• 42:10
  I
• 42:11
  mean,
• 42:11
  yes,
• 42:11
  the
• 42:12
  category
• 42:12
  is
• 42:12
  crowded,
• 42:13
  but
• 42:13
  more
• 42:13
  crowded
• 42:13
  at
• 42:13
  the
• 42:13
  high
• 42:14
  end.
• 42:14
  You
• 42:14
  think
• 42:14
  of
• 42:14
  like
• 42:14
  the
• 42:14
  Lululemon's
• 42:15
  Nikes
• 42:16
  Vuori,
• 42:16
  right?
• 42:16
  There's.
• 42:17
  But
• 42:17
  I
• 42:17
  think
• 42:18
  there's
• 42:18
  still
• 42:18
  space
• 42:18
  in
• 42:19
  accessible,
• 42:19
  everyday
• 42:20
  activewear.
• 42:20
  And
• 42:21
  I
• 42:21
  don't
• 42:21
  think
• 42:21
  that
• 42:21
  competes
• 42:22
  with
• 42:22
  Athleta
• 42:23
  either.
• 42:23
  So
• 42:24
  the
• 42:24
  risk
• 42:24
  is
• 42:24
  really
• 42:25
  trying
• 42:25
  to
• 42:25
  be
• 42:25
  everything
• 42:25
  or
• 42:26
  just
• 42:26
  becoming
• 42:26
  a
• 42:26
  cheaper
• 42:27
  version
• 42:27
  of
• 42:27
  those
• 42:28
  premium
• 42:28
  brands.
• 42:29
  But
• 42:30
  I
• 42:30
  think
• 42:30
  if
• 42:30
  they
• 42:30
  stay
• 42:30
  focused
• 42:31
  on
• 42:31
  a
• 42:32
  tight
• 42:32
  assortment,
• 42:33
  clear
• 42:33
  positioning
• 42:34
  and
• 42:34
  strong
• 42:34
  execution,
• 42:35
  there's
• 42:35
  a
• 42:35
  real
• 42:35
  opportunity
• 42:36
  to
• 42:36
  scale.
• 42:38
  Yeah,
• 42:38
  I'm
• 42:39
  with,
• 42:39
  I'm
• 42:39
  with
• 42:39
  you,
• 42:40
  Jen.
• 42:40
  No
• 42:40
  disrespect,
• 42:41
  John,
• 42:41
  but
• 42:41
  I'm
• 42:41
  with
• 42:42
  you.
• 42:42
  Like,
• 42:42
  I
• 42:42
  think
• 42:43
  I've
• 42:43
  always
• 42:43
  loved
• 42:44
  this
• 42:44
  idea.
• 42:44
  Like,
• 42:45
  I
• 42:45
  think,
• 42:45
  you
• 42:46
  know,
• 42:46
  it's
• 42:46
  part
• 42:46
  and
• 42:46
  parcel
• 42:47
  of
• 42:47
  Clayton
• 42:47
  Christensen
• 42:48
  disruption
• 42:48
  theory.
• 42:48
  Like,
• 42:48
  things
• 42:49
  always
• 42:49
  gravitate
• 42:49
  towards
• 42:50
  the
• 42:50
  lowest
• 42:50
  price.
• 42:50
  And
• 42:51
  I
• 42:51
  thought
• 42:51
  fabletics
• 42:52
  had
• 42:52
  a
• 42:52
  right
• 42:53
  to
• 42:53
  claim
• 42:53
  this
• 42:53
  space,
• 42:54
  to
• 42:54
  take
• 42:54
  this
• 42:54
  mantle,
• 42:55
  but
• 42:55
  they
• 42:56
  didn't
• 42:56
  and
• 42:56
  they
• 42:56
  haven't.
• 42:57
  And,
• 42:57
  and
• 42:57
  my
• 42:58
  question
• 42:58
  is
• 42:58
  why?
• 42:59
  And
• 42:59
  so
• 42:59
  when
• 42:59
  you
• 42:59
  hear
• 43:00
  the
• 43:00
  numbers
• 43:00
  that
• 43:00
  Old
• 43:00
  Navy's
• 43:01
  already,
• 43:01
  like,
• 43:02
  according
• 43:02
  to
• 43:02
  their
• 43:02
  reporting,
• 43:03
  who
• 43:03
  knows
• 43:03
  how
• 43:03
  true
• 43:03
  it
• 43:03
  is,
• 43:04
  but
• 43:04
  they're
• 43:04
  the
• 43:04
  fifth
• 43:04
  largest
• 43:05
  athleisure
• 43:05
  brand
• 43:06
  in
• 43:06
  the
• 43:06
  country.
• 43:06
  Like,
• 43:07
  yeah,
• 43:07
  then
• 43:08
  this
• 43:08
  space
• 43:08
  is
• 43:08
  ripe
• 43:09
  for
• 43:09
  the
• 43:09
  taking.
• 43:09
  And
• 43:10
  they
• 43:10
  have
• 43:10
  experience
• 43:11
  also.
• 43:11
  Well,
• 43:11
  Navy
• 43:12
  has,
• 43:12
  and
• 43:12
  Gap
• 43:12
  has
• 43:12
  experience,
• 43:13
  you
• 43:13
  know,
• 43:13
  potentially
• 43:14
  working
• 43:14
  through
• 43:14
  the
• 43:14
  cannibalization
• 43:15
  factor
• 43:16
  of
• 43:16
  higher
• 43:16
  end
• 43:16
  brands,
• 43:17
  but
• 43:17
  still
• 43:17
  making
• 43:17
  a
• 43:18
  name
• 43:18
  for
• 43:18
  themselves
• 43:18
  in
• 43:18
  the
• 43:19
  category.
• 43:19
  Because
• 43:19
  you're
• 43:19
  right,
• 43:19
  it's
• 43:20
  a
• 43:20
  very
• 43:20
  distinct,
• 43:21
  it's
• 43:21
  a
• 43:21
  distinctly
• 43:21
  different
• 43:22
  purchase
• 43:22
  than
• 43:22
  higher
• 43:23
  premium,
• 43:24
  you
• 43:24
  know,
• 43:24
  athletic
• 43:25
  wear.
• 43:25
  So
• 43:26
  that's
• 43:26
  one
• 43:27
  thing
• 43:27
  I
• 43:27
  like
• 43:27
  about
• 43:27
  it,
• 43:27
  but
• 43:28
  the
• 43:28
  second
• 43:28
  thing
• 43:28
  I
• 43:28
  like
• 43:28
  about
• 43:29
  it,
• 43:29
  and
• 43:29
  I'm
• 43:29
  going
• 43:29
  to
• 43:29
  bring
• 43:29
  producer
• 43:30
  Ellen
• 43:30
  on
• 43:30
  this
• 43:30
  one,
• 43:30
  too,
• 43:31
  because
• 43:31
  she's
• 43:31
  going
• 43:31
  to
• 43:31
  know
• 43:31
  where
• 43:31
  I'm
• 43:32
  going
• 43:32
  as
• 43:32
  soon
• 43:32
  as
• 43:32
  I
• 43:32
  say
• 43:33
  it.
• 43:33
  I
• 43:34
  think
• 43:34
  when
• 43:34
  you
• 43:34
  factor
• 43:35
  in
• 43:35
  the
• 43:35
  brand
• 43:36
  power
• 43:36
  of
• 43:37
  Gap,
• 43:37
  particularly,
• 43:38
  and
• 43:39
  what
• 43:39
  its
• 43:39
  CEO
• 43:40
  Richard
• 43:40
  Dickson
• 43:41
  also
• 43:41
  as
• 43:41
  the
• 43:41
  leader,
• 43:42
  can
• 43:42
  put
• 43:42
  behind
• 43:42
  it,
• 43:43
  you
• 43:43
  have
• 43:44
  to
• 43:44
  factor
• 43:44
  that
• 43:44
  into
• 43:45
  whether
• 43:45
  or
• 43:45
  not
• 43:45
  this
• 43:45
  can
• 43:46
  be
• 43:46
  successful.
• 43:46
  Because,
• 43:47
  Ella,
• 43:48
  I
• 43:48
  mean,
• 43:48
  the
• 43:49
  new
• 43:49
  ad
• 43:49
  campaign
• 43:50
  sweat
• 43:50
  like
• 43:50
  this,
• 43:50
  I
• 43:51
  said
• 43:51
  that
• 43:51
  to
• 43:51
  you
• 43:51
  immediately
• 43:52
  when
• 43:52
  I
• 43:52
  saw
• 43:53
  that.
• 43:53
  That's
• 43:53
  even
• 43:53
  before
• 43:54
  Old
• 43:54
  Navy
• 43:54
  sport.
• 43:55
  That
• 43:55
  thing
• 43:55
  was
• 43:56
  so
• 43:56
  frickin
• 43:56
  hot.
• 43:58
  Like,
• 43:58
  I
• 43:58
  mean
• 43:58
  it
• 43:59
  just
• 43:59
  blew
• 43:59
  your
• 43:59
  mind,
• 43:59
  right?
• 44:00
  Like
• 44:00
  you
• 44:00
  and
• 44:00
  I
• 44:00
  are
• 44:01
  watching
• 44:01
  it
• 44:01
  together.
• 44:01
  Like
• 44:01
  this
• 44:02
  is
• 44:02
  amazing.
• 44:03
  Yeah.
• 44:03
  I
• 44:03
  think
• 44:03
  my
• 44:04
  response
• 44:04
  to
• 44:04
  you
• 44:04
  was
• 44:05
  genius,
• 44:05
  period.
• 44:06
  Yeah.
• 44:06
  But
• 44:07
  it
• 44:07
  was
• 44:07
  so
• 44:07
  good.
• 44:07
  And
• 44:08
  so
• 44:08
  if
• 44:08
  you
• 44:08
  unleash
• 44:08
  that
• 44:09
  brand
• 44:09
  power
• 44:10
  on
• 44:10
  what
• 44:10
  is
• 44:11
  to
• 44:11
  gen
• 44:11
  to
• 44:12
  your
• 44:12
  point
• 44:12
  and
• 44:12
  un
• 44:13
  tapped
• 44:13
  market
• 44:14
  that
• 44:14
  no
• 44:14
  one
• 44:14
  has
• 44:14
  really
• 44:15
  laid
• 44:15
  claim
• 44:15
  to,
• 44:16
  I
• 44:16
  think
• 44:16
  there's
• 44:16
  a
• 44:17
  win
• 44:17
  there.
• 44:17
  But
• 44:17
  Jen,
• 44:17
  what
• 44:17
  do
• 44:18
  you
• 44:18
  think?
• 44:18
  Close
• 44:18
  us
• 44:18
  out.
• 44:19
  Yeah,
• 44:19
  I
• 44:19
  mean
• 44:19
  I
• 44:20
  worked
• 44:20
  with
• 44:20
  Richard
• 44:20
  back
• 44:20
  in
• 44:20
  the
• 44:21
  day
• 44:21
  so
• 44:21
  I
• 44:22
  oh
• 44:22
  wow.
• 44:24
  He's
• 44:24
  incredible.
• 44:25
  So
• 44:25
  if
• 44:25
  there's
• 44:26
  anybody
• 44:26
  who
• 44:26
  can
• 44:26
  do
• 44:27
  it,
• 44:27
  it's
• 44:27
  him
• 44:27
  and
• 44:28
  I
• 44:28
  think
• 44:28
  he's
• 44:28
  going
• 44:28
  to
• 44:28
  make
• 44:28
  a
• 44:29
  play
• 44:29
  and
• 44:29
  making
• 44:30
  a
• 44:30
  name
• 44:30
  for
• 44:30
  Old
• 44:30
  Navy
• 44:31
  in
• 44:31
  a
• 44:31
  similar
• 44:31
  fashion,
• 44:32
  but
• 44:32
  also
• 44:32
  after
• 44:33
  families.
• 44:34
  Gap
• 44:34
  and
• 44:34
  Old
• 44:34
  Navy
• 44:35
  both
• 44:35
  have
• 44:35
  the
• 44:35
  ability
• 44:35
  to
• 44:36
  go
• 44:36
  after
• 44:36
  family.
• 44:36
  So
• 44:37
  you
• 44:37
  get
• 44:37
  that
• 44:37
  athlete
• 44:38
  or
• 44:38
  athleisure
• 44:39
  breadth
• 44:39
  and
• 44:39
  depth.
• 44:40
  That's
• 44:40
  hard
• 44:40
  to
• 44:40
  say,
• 44:40
  right?
• 44:41
  Yeah,
• 44:41
  it's
• 44:41
  a
• 44:42
  mouthful,
• 44:42
  especially
• 44:42
  at
• 44:42
  this
• 44:42
  hour,
• 44:43
  but
• 44:44
  you
• 44:44
  get
• 44:45
  breadth
• 44:45
  and
• 44:45
  depth
• 44:45
  right
• 44:46
  across
• 44:46
  the
• 44:46
  family.
• 44:47
  And
• 44:47
  I
• 44:48
  think
• 44:48
  that's
• 44:48
  also
• 44:48
  an
• 44:49
  amazing
• 44:49
  play
• 44:49
  versus
• 44:50
  some
• 44:50
  of
• 44:50
  the
• 44:50
  other
• 44:51
  brands
• 44:51
  that
• 44:51
  we
• 44:51
  discuss
• 44:52
  which
• 44:52
  tend
• 44:53
  to
• 44:53
  skew
• 44:53
  a
• 44:53
  little
• 44:53
  bit
• 44:54
  older
• 44:55
  or
• 44:55
  adult
• 44:55
  oriented
• 44:56
  or
• 44:56
  just
• 44:56
  are
• 44:56
  a
• 44:56
  little
• 44:56
  bit,
• 44:57
  you
• 44:57
  know,
• 44:57
  given
• 44:57
  the
• 44:57
  macroec
• 44:58
  economic
• 44:59
  situation
• 45:00
  that
• 45:00
  we
• 45:00
  were
• 45:00
  talking
• 45:00
  about,
• 45:01
  that's
• 45:01
  expensive
• 45:02
  to
• 45:02
  buy
• 45:02
  all
• 45:02
  of
• 45:02
  that
• 45:03
  athleisure
• 45:03
  for
• 45:03
  a
• 45:03
  family.
• 45:04
  So
• 45:04
  I
• 45:04
  think
• 45:04
  it's
• 45:04
  the
• 45:04
  right
• 45:04
  play
• 45:05
  and
• 45:05
  again,
• 45:06
  I'm
• 45:06
  really
• 45:06
  happy
• 45:06
  that
• 45:06
  I
• 45:07
  get
• 45:07
  to
• 45:08
  have
• 45:08
  a
• 45:08
  counter
• 45:08
  to
• 45:09
  John's
• 45:09
  perspective
• 45:10
  on
• 45:10
  this
• 45:10
  one.
• 45:11
  It's
• 45:12
  always
• 45:12
  good
• 45:12
  we
• 45:12
  get
• 45:12
  the
• 45:12
  debate
• 45:13
  going
• 45:13
  too.
• 45:13
  All
• 45:14
  right,
• 45:14
  Jen,
• 45:14
  I've
• 45:14
  got
• 45:14
  to
• 45:14
  ask
• 45:14
  you
• 45:14
  because
• 45:15
  I
• 45:15
  didn't
• 45:15
  know
• 45:15
  that.
• 45:15
  So
• 45:15
  what,
• 45:16
  what?
• 45:16
  Because
• 45:16
  I've
• 45:16
  heard
• 45:17
  a
• 45:17
  lot
• 45:17
  of
• 45:17
  good
• 45:17
  things
• 45:17
  about
• 45:17
  him
• 45:17
  as
• 45:18
  well.
• 45:18
  What
• 45:18
  makes
• 45:18
  him
• 45:19
  so
• 45:19
  special
• 45:19
  as
• 45:20
  a
• 45:20
  leader?
• 45:21
  I
• 45:21
  think
• 45:21
  he's
• 45:21
  a
• 45:21
  visionary.
• 45:22
  You
• 45:22
  know,
• 45:22
  what
• 45:22
  he
• 45:22
  did
• 45:23
  with
• 45:23
  Barbie
• 45:23
  was
• 45:24
  pretty
• 45:24
  impressive
• 45:25
  and
• 45:26
  I
• 45:26
  was
• 45:26
  excited
• 45:27
  when
• 45:27
  I
• 45:27
  heard
• 45:27
  that
• 45:27
  he
• 45:28
  was
• 45:28
  taking
• 45:28
  on
• 45:28
  this
• 45:28
  responsibility
• 45:30
  at
• 45:30
  Gap
• 45:31
  Inc.
• 45:31
  And
• 45:31
  so
• 45:31
  I
• 45:31
  think
• 45:32
  we'll
• 45:32
  see
• 45:32
  a
• 45:32
  lot
• 45:32
  more
• 45:32
  from
• 45:32
  him
• 45:33
  in
• 45:33
  the
• 45:33
  future.
• 45:34
  Yeah,
• 45:34
  that's
• 45:34
  awesome.
• 45:34
  That's
• 45:35
  great
• 45:35
  to
• 45:35
  hear.
• 45:35
  All
• 45:36
  right,
• 45:36
  well,
• 45:36
  let's
• 45:36
  head
• 45:36
  to
• 45:36
  the
• 45:37
  lightning
• 45:37
  round.
• 45:37
  Great
• 45:37
  show
• 45:38
  so
• 45:38
  far.
• 45:38
  All
• 45:38
  right,
• 45:39
  question
• 45:39
  to
• 45:40
  you,
• 45:40
  Jen.
• 45:40
  President
• 45:41
  Trump
• 45:41
  reportedly
• 45:42
  received
• 45:42
  a
• 45:42
  DoorDash
• 45:43
  delivery
• 45:43
  of
• 45:43
  McDonald's
• 45:44
  outside
• 45:44
  the
• 45:44
  Oval
• 45:45
  Office
• 45:45
  recently.
• 45:46
  What
• 45:46
  is
• 45:46
  the
• 45:46
  strangest
• 45:47
  thing
• 45:47
  you
• 45:48
  have
• 45:48
  ever
• 45:48
  doordashed?
• 45:50
  Well,
• 45:50
  it
• 45:50
  definitely
• 45:51
  isn't
• 45:51
  the
• 45:51
  two
• 45:52
  venti
• 45:52
  coffees
• 45:53
  that
• 45:53
  I
• 45:53
  got
• 45:53
  this
• 45:54
  morning,
• 45:54
  plus
• 45:55
  whatever
• 45:55
  else
• 45:55
  is
• 45:56
  in
• 45:56
  this
• 45:56
  mystery
• 45:56
  bag.
• 45:59
  I
• 45:59
  would
• 45:59
  say
• 45:59
  I'm
• 46:00
  known
• 46:00
  for.
• 46:00
  I'm
• 46:01
  known
• 46:01
  for
• 46:01
  over
• 46:02
  ordering
• 46:02
  and
• 46:03
  I
• 46:04
  Sometimes
• 46:04
  fast.
• 46:05
  And
• 46:05
  so
• 46:06
  one
• 46:06
  day
• 46:06
  after
• 46:06
  fasting,
• 46:07
  typically,
• 46:07
  I
• 46:07
  don't
• 46:07
  know
• 46:07
  if
• 46:07
  you
• 46:08
  guys
• 46:08
  are
• 46:08
  like
• 46:08
  this,
• 46:08
  but
• 46:08
  in
• 46:08
  the
• 46:09
  last,
• 46:09
  like,
• 46:09
  hour
• 46:09
  or
• 46:09
  so,
• 46:10
  fasting,
• 46:10
  all
• 46:10
  I
• 46:10
  do
• 46:10
  is
• 46:10
  look
• 46:11
  at
• 46:11
  menus,
• 46:12
  particularly
• 46:12
  online
• 46:12
  menus,
• 46:13
  and
• 46:13
  figure
• 46:13
  out
• 46:13
  what
• 46:13
  I'm
• 46:13
  going
• 46:13
  to
• 46:14
  order.
• 46:14
  And
• 46:14
  I
• 46:14
  placed
• 46:15
  an
• 46:15
  order
• 46:15
  from
• 46:15
  three
• 46:16
  different
• 46:16
  places,
• 46:17
  and
• 46:17
  I
• 46:17
  had
• 46:17
  so
• 46:17
  much
• 46:17
  extra
• 46:18
  food
• 46:18
  that
• 46:18
  I
• 46:18
  had
• 46:19
  sent
• 46:19
  the
• 46:19
  guy
• 46:19
  I
• 46:19
  was
• 46:19
  dating,
• 46:20
  who
• 46:20
  is
• 46:20
  now
• 46:20
  my
• 46:20
  partner
• 46:21
  at
• 46:21
  the
• 46:21
  time,
• 46:21
  home
• 46:22
  with
• 46:22
  a
• 46:22
  bag
• 46:23
  like
• 46:23
  this
• 46:23
  one.
• 46:23
  And
• 46:24
  that's
• 46:24
  how
• 46:24
  she
• 46:24
  discovered
• 46:25
  our
• 46:25
  relationship
• 46:26
  is
• 46:26
  because
• 46:26
  she
• 46:27
  saw
• 46:27
  the
• 46:27
  bag
• 46:27
  in
• 46:28
  his
• 46:28
  fridge
• 46:28
  and
• 46:28
  said,
• 46:28
  who's
• 46:29
  Jennifer?
• 46:30
  Oh,
• 46:31
  wow.
• 46:31
  Oh,
• 46:31
  my
• 46:32
  God.
• 46:32
  That's
• 46:32
  a
• 46:32
  great
• 46:32
  story.
• 46:33
  That's
• 46:33
  a
• 46:33
  great
• 46:33
  story.
• 46:33
  Oh,
• 46:34
  my
• 46:34
  God.
• 46:34
  All
• 46:34
  right,
• 46:35
  John,
• 46:35
  next
• 46:35
  one.
• 46:35
  Little
• 46:36
  House
• 46:36
  on
• 46:36
  the
• 46:36
  Prairie
• 46:36
  is
• 46:37
  getting
• 46:37
  rebooted
• 46:37
  by
• 46:37
  Netflix.
• 46:38
  One,
• 46:39
  did
• 46:39
  you
• 46:40
  ever
• 46:40
  watch
• 46:40
  the
• 46:41
  original?
• 46:41
  This
• 46:41
  is
• 46:41
  kind
• 46:41
  of
• 46:42
  an
• 46:42
  age
• 46:42
  question.
• 46:42
  And
• 46:43
  two,
• 46:43
  will
• 46:43
  you
• 46:44
  be
• 46:44
  tuning
• 46:44
  in
• 46:44
  to
• 46:44
  see
• 46:45
  the
• 46:45
  new
• 46:45
  exploits
• 46:45
  of
• 46:46
  Ma
• 46:46
  and
• 46:46
  Pa
• 46:47
  and
• 46:47
  Mary
• 46:47
  and
• 46:47
  Laura?
• 46:48
  Great
• 46:48
  question.
• 46:49
  So
• 46:50
  growing
• 46:50
  up
• 46:50
  in
• 46:50
  the.
• 46:51
  The
• 46:51
  Benson
• 46:51
  household,
• 46:52
  I
• 46:52
  had
• 46:52
  a
• 46:52
  lot
• 46:53
  of
• 46:53
  older
• 46:53
  siblings.
• 46:55
  It
• 46:55
  was
• 46:56
  what
• 46:56
  I
• 46:56
  remember
• 46:56
  of
• 46:57
  Little
• 46:57
  House
• 46:57
  on
• 46:57
  the
• 46:57
  Prairie.
• 46:57
  It
• 46:58
  was
• 46:58
  always
• 46:58
  on.
• 46:59
  It
• 46:59
  felt
• 46:59
  like
• 46:59
  if
• 46:59
  I
• 47:00
  go
• 47:00
  back
• 47:00
  into
• 47:00
  my
• 47:00
  memory
• 47:01
  bank,
• 47:01
  it
• 47:01
  was,
• 47:01
  like,
• 47:01
  always
• 47:01
  on
• 47:02
  in
• 47:02
  the
• 47:02
  background.
• 47:03
  But
• 47:03
  I
• 47:03
  don't
• 47:03
  know
• 47:04
  that
• 47:04
  I
• 47:04
  actually
• 47:04
  sat
• 47:05
  down
• 47:05
  and,
• 47:05
  like,
• 47:05
  actually
• 47:06
  watched
• 47:06
  those
• 47:06
  episodes.
• 47:07
  Episodes,
• 47:08
  you
• 47:08
  know,
• 47:08
  beginning
• 47:09
  to
• 47:09
  end.
• 47:09
  I
• 47:09
  have
• 47:10
  visions
• 47:10
  and
• 47:10
  kind
• 47:10
  of
• 47:11
  memories
• 47:11
  of
• 47:11
  Michael
• 47:11
  Landon,
• 47:12
  and
• 47:12
  I
• 47:12
  remember
• 47:13
  when,
• 47:13
  you
• 47:13
  know,
• 47:13
  he
• 47:14
  unfortunately
• 47:14
  passed
• 47:15
  away
• 47:15
  at
• 47:15
  an
• 47:15
  early
• 47:15
  age
• 47:16
  and
• 47:16
  things
• 47:16
  like
• 47:16
  that.
• 47:16
  But
• 47:16
  it
• 47:16
  was
• 47:17
  not
• 47:17
  a
• 47:17
  show
• 47:17
  that
• 47:17
  I'm,
• 47:18
  like,
• 47:18
  really
• 47:19
  closely
• 47:20
  connected
• 47:20
  to.
• 47:20
  That
• 47:21
  said,
• 47:21
  I
• 47:22
  now
• 47:22
  have,
• 47:22
  you
• 47:22
  know,
• 47:23
  three
• 47:24
  young
• 47:24
  children.
• 47:25
  My
• 47:25
  oldest,
• 47:25
  who
• 47:25
  is
• 47:26
  10.
• 47:26
  My
• 47:27
  daughter
• 47:27
  is
• 47:28
  a
• 47:28
  big
• 47:28
  Little
• 47:28
  House
• 47:28
  on
• 47:28
  the
• 47:29
  Prairie
• 47:29
  fan.
• 47:29
  She
• 47:29
  has
• 47:29
  all
• 47:30
  the
• 47:30
  books,
• 47:30
  and
• 47:30
  she's
• 47:30
  kind
• 47:31
  of
• 47:31
  read
• 47:31
  them
• 47:31
  all
• 47:31
  and
• 47:31
  all
• 47:31
  that.
• 47:32
  So
• 47:32
  we
• 47:32
  will
• 47:32
  be
• 47:32
  tuning
• 47:33
  in
• 47:33
  to
• 47:34
  watch.
• 47:34
  You
• 47:34
  know,
• 47:35
  she's
• 47:35
  read
• 47:35
  all
• 47:35
  the
• 47:35
  books,
• 47:35
  so
• 47:35
  now
• 47:36
  we
• 47:36
  can
• 47:36
  watch
• 47:36
  the
• 47:37
  TV
• 47:37
  show.
• 47:38
  We'll
• 47:38
  definitely
• 47:39
  be
• 47:39
  tuning
• 47:39
  in
• 47:40
  to
• 47:40
  check
• 47:40
  it
• 47:40
  out
• 47:40
  and.
• 47:41
  And
• 47:41
  show
• 47:42
  her
• 47:42
  some.
• 47:42
  Some
• 47:42
  old
• 47:43
  classics.
• 47:44
  You're
• 47:44
  all
• 47:44
  in
• 47:45
  for
• 47:45
  some
• 47:45
  wholesome
• 47:45
  family
• 47:45
  fun.
• 47:46
  Jen,
• 47:46
  do
• 47:46
  you
• 47:46
  have
• 47:46
  a
• 47:46
  relationship
• 47:47
  with
• 47:47
  Little
• 47:47
  House
• 47:47
  on
• 47:47
  the
• 47:48
  Prairie?
• 47:48
  I've
• 47:48
  never
• 47:48
  seen
• 47:48
  an
• 47:49
  episode
• 47:49
  other
• 47:50
  than
• 47:50
  this
• 47:50
  outfit.
• 47:51
  I
• 47:51
  would
• 47:51
  say
• 47:51
  no.
• 47:53
  Okay.
• 47:53
  All
• 47:53
  right.
• 47:54
  All
• 47:54
  right.
• 47:54
  I'll
• 47:54
  take
• 47:55
  that
• 47:55
  for
• 47:55
  what
• 47:55
  you
• 47:55
  will.
• 47:56
  Take
• 47:56
  that
• 47:56
  for
• 47:56
  what
• 47:56
  you
• 47:56
  will,
• 47:56
  folks.
• 47:57
  All
• 47:57
  right,
• 47:57
  Jay,
• 47:58
  next
• 47:58
  one.
• 47:58
  The
• 47:58
  Boston
• 47:58
  Marathon
• 47:59
  takes
• 47:59
  place
• 47:59
  next
• 48:00
  Monday.
• 48:00
  Always
• 48:01
  a
• 48:01
  fun
• 48:01
  time
• 48:01
  in
• 48:01
  Boston,
• 48:02
  having
• 48:02
  lived
• 48:03
  there
• 48:03
  and
• 48:03
  experienced
• 48:04
  it.
• 48:04
  Have
• 48:04
  you
• 48:04
  ever
• 48:04
  run
• 48:05
  a
• 48:05
  marathon?
• 48:06
  I
• 48:06
  mean,
• 48:06
  I
• 48:07
  appreciate
• 48:07
  that
• 48:07
  you
• 48:07
  would
• 48:07
  ask
• 48:07
  me
• 48:08
  that
• 48:08
  question.
• 48:08
  It's
• 48:08
  obviously
• 48:09
  because
• 48:09
  of
• 48:09
  my
• 48:09
  physique,
• 48:10
  but
• 48:10
  I
• 48:10
  haven't
• 48:11
  run
• 48:11
  a
• 48:11
  marathon
• 48:12
  I
• 48:12
  do
• 48:12
  feel
• 48:13
  like
• 48:13
  I've
• 48:13
  done
• 48:13
  a
• 48:13
  few
• 48:13
  in
• 48:13
  airports
• 48:14
  and
• 48:14
  client
• 48:14
  meetings,
• 48:15
  but
• 48:15
  not
• 48:15
  a
• 48:15
  true
• 48:16
  marathon.
• 48:17
  Got
• 48:17
  it.
• 48:17
  Got
• 48:17
  it.
• 48:17
  Yeah,
• 48:18
  no,
• 48:18
  I
• 48:18
  think
• 48:18
  that's
• 48:19
  fair
• 48:19
  play
• 48:19
  to
• 48:19
  you.
• 48:19
  I've
• 48:20
  never
• 48:20
  done
• 48:20
  one
• 48:20
  myself.
• 48:21
  All
• 48:21
  right,
• 48:21
  John,
• 48:21
  last
• 48:21
  one.
• 48:22
  Alex
• 48:23
  Cooper,
• 48:23
  Broker.
• 48:24
  This
• 48:24
  is
• 48:24
  big,
• 48:24
  John.
• 48:25
  This
• 48:25
  is
• 48:25
  big.
• 48:26
  I
• 48:26
  hope
• 48:26
  everyone's
• 48:26
  sitting
• 48:27
  down
• 48:27
  listening
• 48:27
  to
• 48:27
  this
• 48:27
  or
• 48:27
  driving
• 48:28
  their
• 48:28
  car.
• 48:28
  Make
• 48:28
  sure
• 48:28
  you
• 48:29
  focus
• 48:29
  on
• 48:29
  this
• 48:29
  one,
• 48:29
  everyone.
• 48:30
  Alex
• 48:30
  Cooper
• 48:31
  broke
• 48:31
  her
• 48:31
  silence
• 48:31
  on
• 48:32
  her
• 48:32
  feud
• 48:32
  with
• 48:33
  Alex
• 48:33
  Earl
• 48:33
  this
• 48:34
  week,
• 48:34
  calling
• 48:34
  her
• 48:35
  out
• 48:35
  for
• 48:35
  starting,
• 48:36
  quote,
• 48:36
  fake
• 48:37
  drama
• 48:37
  in
• 48:38
  air
• 48:38
  quotes.
• 48:39
  So
• 48:39
  are
• 48:39
  you
• 48:39
  Team
• 48:39
  Alex
• 48:40
  with
• 48:40
  an
• 48:40
  E
• 48:41
  or
• 48:41
  Team
• 48:41
  Alex
• 48:42
  with
• 48:42
  an
• 48:42
  eye?
• 48:43
  So
• 48:43
  I
• 48:43
  got
• 48:44
  to
• 48:44
  say,
• 48:45
  I
• 48:45
  spend
• 48:45
  most
• 48:46
  of
• 48:46
  my
• 48:46
  free
• 48:46
  time
• 48:47
  when
• 48:47
  I'm
• 48:47
  not
• 48:47
  at
• 48:47
  work,
• 48:48
  you
• 48:48
  know,
• 48:48
  listening
• 48:49
  to
• 48:49
  these
• 48:49
  podcasts,
• 48:49
  so
• 48:50
  I'm
• 48:50
  very
• 48:50
  familiar
• 48:51
  with
• 48:51
  all
• 48:51
  the
• 48:51
  intricate
• 48:52
  details
• 48:52
  of
• 48:52
  this
• 48:52
  feud
• 48:54
  being
• 48:54
  facetious
• 48:55
  here,
• 48:55
  but,
• 48:56
  of
• 48:56
  course,
• 48:57
  you
• 48:57
  know,
• 48:57
  it's
• 48:58
  a
• 48:58
  really
• 48:58
  tough
• 48:58
  call,
• 49:00
  but
• 49:00
  I
• 49:00
  sort
• 49:00
  of
• 49:01
  look
• 49:01
  at
• 49:01
  this
• 49:01
  as,
• 49:01
  you
• 49:02
  know,
• 49:03
  as
• 49:03
  far
• 49:03
  as
• 49:03
  I
• 49:03
  can
• 49:03
  gather.
• 49:04
  From
• 49:04
  what
• 49:04
  I
• 49:04
  understand,
• 49:05
  I
• 49:05
  think,
• 49:06
  you
• 49:06
  know,
• 49:06
  Alex
• 49:06
  Cooper
• 49:07
  is
• 49:07
  a
• 49:07
  bit
• 49:07
  of
• 49:07
  more
• 49:08
  of
• 49:08
  the,
• 49:08
  you
• 49:09
  know,
• 49:10
  original
• 49:11
  kind
• 49:11
  of,
• 49:12
  you
• 49:12
  know,
• 49:12
  the
• 49:13
  og,
• 49:13
  if
• 49:13
  you
• 49:13
  will,
• 49:14
  in
• 49:14
  terms
• 49:14
  of
• 49:14
  the.
• 49:15
  These
• 49:16
  Pockets
• 49:16
  podcast
• 49:16
  and.
• 49:17
  Or
• 49:17
  call.
• 49:17
  Call
• 49:17
  Me
• 49:18
  Daddy
• 49:18
  podcast.
• 49:18
  So
• 49:19
  I
• 49:19
  actually
• 49:19
  am
• 49:20
  sort
• 49:20
  of
• 49:20
  on
• 49:20
  Team
• 49:20
  Alex
• 49:21
  Cooper,
• 49:21
  but
• 49:22
  I
• 49:22
  would
• 49:22
  encourage
• 49:22
  Alex
• 49:22
  Cooper
• 49:23
  to
• 49:23
  take
• 49:23
  it
• 49:23
  easy
• 49:23
  on
• 49:24
  Alex
• 49:25
  Earl.
• 49:25
  You
• 49:25
  know,
• 49:25
  she's.
• 49:26
  She's.
• 49:26
  She's.
• 49:26
  You
• 49:26
  know,
• 49:26
  she's
• 49:27
  your
• 49:27
  protege.
• 49:28
  You
• 49:28
  know,
• 49:28
  give
• 49:28
  her
• 49:28
  a
• 49:29
  little
• 49:29
  bit
• 49:29
  of
• 49:29
  mentoring
• 49:29
  and
• 49:29
  give
• 49:29
  her
• 49:29
  a
• 49:30
  little
• 49:30
  bit
• 49:30
  of
• 49:30
  grace.
• 49:30
  You
• 49:30
  know,
• 49:31
  you
• 49:31
  guys
• 49:31
  are
• 49:31
  friends.
• 49:31
  You
• 49:32
  know,
• 49:32
  kiss
• 49:32
  and
• 49:32
  makeup
• 49:33
  and.
• 49:33
  And
• 49:34
  both
• 49:34
  do
• 49:34
  awesome
• 49:34
  things
• 49:35
  on
• 49:35
  your.
• 49:35
  You
• 49:35
  know,
• 49:36
  on
• 49:36
  your
• 49:36
  podcast.
• 49:37
  That.
• 49:37
  That's
• 49:37
  my.
• 49:38
  That's
• 49:38
  my
• 49:38
  unsolicited
• 49:39
  advice
• 49:39
  to
• 49:39
  Alice
• 49:39
  Cooper,
• 49:40
  but
• 49:40
  I'm
• 49:40
  on
• 49:40
  your
• 49:40
  side,
• 49:41
  Alex.
• 49:42
  All
• 49:42
  right,
• 49:42
  all
• 49:42
  right.
• 49:43
  Jed,
• 49:43
  do
• 49:43
  you
• 49:43
  have
• 49:43
  a
• 49:43
  horse
• 49:43
  in
• 49:43
  this
• 49:44
  race?
• 49:45
  No.
• 49:45
  I
• 49:45
  mean,
• 49:45
  I
• 49:45
  feel
• 49:46
  like
• 49:46
  John
• 49:46
  said
• 49:46
  it.
• 49:47
  Well,
• 49:47
  it
• 49:47
  would
• 49:47
  be
• 49:47
  almost
• 49:47
  like
• 49:48
  if
• 49:48
  John
• 49:48
  and
• 49:48
  I
• 49:48
  had
• 49:48
  feuded,
• 49:49
  you
• 49:49
  know,
• 49:50
  like,
• 49:50
  we.
• 49:50
  You
• 49:50
  can't
• 49:50
  ever
• 49:51
  slide.
• 49:51
  You
• 49:51
  have
• 49:52
  to
• 49:52
  be
• 49:52
  neutral,
• 49:52
  I
• 49:52
  feel.
• 49:53
  Yeah,
• 49:54
  right.
• 49:54
  You
• 49:54
  just
• 49:54
  got
• 49:54
  to
• 49:54
  work
• 49:54
  it
• 49:55
  out.
• 49:55
  You
• 49:55
  got
• 49:55
  to
• 49:55
  work
• 49:55
  it
• 49:55
  out.
• 49:56
  Producer
• 49:56
  Ella.
• 49:57
  Fabulous.
• 49:57
  Producer
• 49:57
  Ella.
• 49:58
  Fpe.
• 49:58
  Do
• 49:58
  you
• 49:58
  have
• 49:58
  a.
• 49:59
  Do
• 49:59
  you
• 49:59
  have
• 49:59
  a
• 49:59
  take
• 49:59
  here?
• 50:00
  I'm
• 50:00
  pretty
• 50:01
  much
• 50:01
  Alex
• 50:01
  Cooper.
• 50:01
  I
• 50:02
  think
• 50:02
  I'm
• 50:02
  with
• 50:02
  John
• 50:02
  on
• 50:02
  this
• 50:03
  one.
• 50:03
  Are
• 50:03
  you
• 50:03
  two
• 50:03
  or.
• 50:04
  Oh,
• 50:04
  no,
• 50:04
  you're
• 50:05
  going
• 50:05
  the
• 50:05
  other
• 50:05
  way.
• 50:05
  On
• 50:05
  me
• 50:06
  because
• 50:06
  I.
• 50:06
  I'm
• 50:06
  chronically
• 50:07
  online,
• 50:07
  so
• 50:08
  I.
• 50:08
  I'm,
• 50:08
  like,
• 50:08
  fully
• 50:09
  in
• 50:09
  this
• 50:09
  debate.
• 50:10
  I'm
• 50:10
  gonna
• 50:10
  pick
• 50:11
  Alex
• 50:11
  Earle.
• 50:12
  I
• 50:12
  hate
• 50:12
  to
• 50:12
  pick
• 50:12
  sides.
• 50:12
  She's
• 50:13
  a
• 50:13
  girl's
• 50:13
  girl.
• 50:13
  That's
• 50:14
  why
• 50:14
  you
• 50:14
  just
• 50:14
  think
• 50:14
  she's
• 50:15
  got
• 50:15
  something.
• 50:15
  She's
• 50:15
  got
• 50:16
  something.
• 50:16
  To
• 50:16
  her
• 50:16
  arguments
• 50:17
  here,
• 50:17
  you
• 50:17
  just
• 50:17
  kind
• 50:17
  of
• 50:17
  just
• 50:18
  believe
• 50:18
  in
• 50:18
  her.
• 50:18
  If
• 50:19
  for
• 50:19
  people
• 50:19
  who
• 50:19
  don't
• 50:20
  know
• 50:20
  the
• 50:20
  difference,
• 50:20
  Alex
• 50:21
  Cooper
• 50:22
  is
• 50:22
  the
• 50:22
  caller
• 50:22
  daddy
• 50:23
  host
• 50:23
  and
• 50:23
  she's
• 50:24
  very
• 50:24
  like
• 50:24
  CEO
• 50:25
  energy.
• 50:26
  So
• 50:26
  she
• 50:26
  does
• 50:26
  a
• 50:26
  lot
• 50:27
  of
• 50:27
  interviews
• 50:27
  with
• 50:27
  like,
• 50:28
  the
• 50:28
  people
• 50:28
  that
• 50:28
  you'd
• 50:29
  want
• 50:29
  to
• 50:29
  scout
• 50:29
  interviews
• 50:30
  for
• 50:30
  the
• 50:30
  people
• 50:30
  who
• 50:30
  have
• 50:31
  those
• 50:31
  big
• 50:31
  stories.
• 50:31
  Right.
• 50:32
  Alex
• 50:32
  Earl
• 50:33
  with
• 50:33
  an
• 50:33
  I.
• 50:34
  She
• 50:35
  is
• 50:35
  more
• 50:36
  the
• 50:36
  tiktoker
• 50:36
  influencer
• 50:37
  that
• 50:38
  just
• 50:38
  like
• 50:38
  takes
• 50:38
  you
• 50:39
  along
• 50:39
  her
• 50:39
  day
• 50:39
  and
• 50:40
  like,
• 50:40
  you
• 50:40
  feel
• 50:40
  like
• 50:40
  you
• 50:41
  trust
• 50:41
  her
• 50:41
  and
• 50:41
  your
• 50:42
  best
• 50:42
  friends,
• 50:42
  right?
• 50:43
  Yeah,
• 50:43
  I
• 50:44
  just
• 50:44
  feel
• 50:44
  like
• 50:44
  I
• 50:44
  trust
• 50:44
  her
• 50:45
  and
• 50:45
  I'm
• 50:45
  her
• 50:45
  best
• 50:45
  friend.
• 50:46
  Wow.
• 50:47
  Part
• 50:47
  of
• 50:47
  me,
• 50:47
  they're
• 50:47
  both
• 50:48
  marketing
• 50:48
  geniuses.
• 50:49
  So
• 50:49
  yeah,
• 50:50
  deep,
• 50:50
  deep
• 50:50
  down
• 50:51
  I'm
• 50:51
  like,
• 50:51
  what
• 50:51
  if
• 50:51
  they're
• 50:52
  doing
• 50:52
  this
• 50:52
  for
• 50:52
  a
• 50:52
  stunt
• 50:53
  and
• 50:53
  they're
• 50:53
  just
• 50:53
  going
• 50:54
  to
• 50:54
  be
• 50:54
  on
• 50:54
  each
• 50:54
  other's
• 50:55
  shows
• 50:55
  to
• 50:55
  that
• 50:56
  point?
• 50:56
  I
• 50:56
  learned
• 50:56
  yesterday
• 50:56
  they
• 50:56
  both
• 50:57
  have
• 50:57
  the
• 50:57
  same
• 50:57
  PR
• 50:57
  agent
• 50:57
  too,
• 50:58
  which
• 50:58
  is
• 50:58
  fascinating
• 50:59
  as
• 50:59
  well.
• 50:59
  So.
• 51:00
  All
• 51:00
  right,
• 51:00
  well,
• 51:01
  with
• 51:01
  that
• 51:01
  said,
• 51:02
  great
• 51:02
  job,
• 51:02
  Ella.
• 51:03
  Great,
• 51:03
  great
• 51:03
  extra
• 51:04
  insight
• 51:04
  into
• 51:04
  what
• 51:05
  is
• 51:05
  probably
• 51:06
  the
• 51:06
  most,
• 51:06
  the
• 51:06
  probably
• 51:07
  the
• 51:07
  least
• 51:07
  important
• 51:08
  topic,
• 51:08
  you
• 51:08
  know,
• 51:09
  in
• 51:09
  terms
• 51:09
  of
• 51:09
  the
• 51:09
  future
• 51:09
  of
• 51:10
  retail
• 51:10
  that
• 51:10
  we've
• 51:10
  discussed
• 51:11
  today.
• 51:11
  But
• 51:11
  happy
• 51:12
  birthday
• 51:12
  today
• 51:13
  to
• 51:13
  the
• 51:13
  two,
• 51:13
  Emma's
• 51:14
  Thompson
• 51:15
  and
• 51:15
  Watson
• 51:16
  and
• 51:16
  to
• 51:16
  Biff
• 51:17
  Tannen
• 51:17
  himself,
• 51:18
  the
• 51:18
  great
• 51:18
  Tom
• 51:19
  Wilson.
• 51:19
  And
• 51:20
  remember,
• 51:20
  if
• 51:20
  you
• 51:20
  can
• 51:20
  only
• 51:20
  read
• 51:21
  or
• 51:21
  listen
• 51:21
  to
• 51:21
  one
• 51:21
  retail
• 51:22
  blog
• 51:22
  in
• 51:22
  the
• 51:22
  business,
• 51:22
  make
• 51:23
  it
• 51:23
  omnitok.
• 51:23
  Our
• 51:23
  Fast
• 51:24
  five
• 51:24
  podcast
• 51:24
  is
• 51:24
  the
• 51:25
  quickest,
• 51:25
  fastest
• 51:25
  rundown
• 51:26
  of
• 51:26
  all
• 51:26
  the
• 51:26
  week's
• 51:27
  top
• 51:27
  news.
• 51:27
  And
• 51:27
  our
• 51:27
  daily
• 51:28
  newsletter,
• 51:28
  the
• 51:28
  Retail
• 51:29
  Daily
• 51:29
  Minute,
• 51:29
  tells
• 51:30
  you
• 51:30
  all
• 51:30
  you
• 51:30
  need
• 51:30
  to
• 51:30
  know
• 51:31
  each
• 51:31
  day
• 51:31
  to
• 51:31
  stay
• 51:31
  on
• 51:31
  top
• 51:32
  of
• 51:32
  your
• 51:32
  game
• 51:32
  as
• 51:32
  a
• 51:32
  retail
• 51:33
  executive
• 51:33
  and
• 51:33
  also
• 51:33
  regularly
• 51:34
  to
• 51:34
  feature
• 51:34
  special
• 51:35
  content
• 51:35
  that
• 51:36
  is
• 51:36
  exclusive
• 51:36
  to
• 51:36
  us
• 51:36
  and
• 51:37
  that
• 51:37
  we
• 51:37
  take
• 51:37
  a
• 51:37
  lot
• 51:37
  of
• 51:38
  pride
• 51:38
  in
• 51:38
  doing
• 51:38
  just
• 51:39
  for
• 51:39
  you.
• 51:39
  Thanks
• 51:39
  as
• 51:40
  always
• 51:40
  for
• 51:40
  listening
• 51:40
  in.
• 51:41
  Please
• 51:41
  remember
• 51:41
  to
• 51:41
  like
• 51:41
  and
• 51:42
  leave
• 51:42
  us
• 51:42
  a
• 51:42
  review
• 51:42
  wherever
• 51:43
  you
• 51:43
  happen
• 51:43
  to
• 51:43
  listen
• 51:44
  to
• 51:44
  your
• 51:44
  podcast
• 51:44
  or
• 51:45
  on
• 51:45
  YouTube.
• 51:45
  You
• 51:46
  can
• 51:46
  follow
• 51:46
  us
• 51:46
  today
• 51:46
  by
• 51:46
  simply
• 51:47
  going
• 51:47
  to
• 51:47
  YouTube.com
• 51:49
  omnitalkretail
• 51:50
  John,
• 51:51
  if
• 51:51
  people
• 51:51
  want
• 51:51
  to
• 51:52
  get
• 51:52
  in
• 51:52
  touch
• 51:52
  with
• 51:52
  you,
• 51:53
  with
• 51:53
  Jen,
• 51:53
  with
• 51:54
  anybody
• 51:54
  at
• 51:54
  the
• 51:55
  A
• 51:55
  and
• 51:55
  M
• 51:55
  consumer
• 51:55
  and
• 51:56
  Retail
• 51:56
  Group,
• 51:56
  what's
• 51:56
  the
• 51:56
  best
• 51:57
  way
• 51:57
  for
• 51:57
  them
• 51:57
  to
• 51:57
  do
• 51:57
  that
• 51:58
  before
• 51:58
  we
• 51:58
  let
• 51:58
  you
• 51:58
  go?
• 51:59
  Yeah,
• 51:59
  definitely
• 52:00
  would
• 52:00
  to
• 52:00
  love
• 52:00
  to
• 52:00
  continue
• 52:00
  the
• 52:00
  conversation,
• 52:01
  you
• 52:01
  know,
• 52:02
  multiple
• 52:02
  ways,
• 52:02
  you
• 52:03
  know,
• 52:03
  reach
• 52:03
  out
• 52:03
  to
• 52:03
  us
• 52:04
  on
• 52:04
  LinkedIn,
• 52:04
  connect
• 52:05
  with
• 52:05
  us
• 52:05
  on
• 52:05
  LinkedIn,
• 52:06
  you
• 52:06
  know,
• 52:07
  you
• 52:07
  know,
• 52:07
  send
• 52:07
  us
• 52:08
  an
• 52:08
  email,
• 52:09
  first
• 52:09
  initial
• 52:09
  last
• 52:10
  name
• 52:10
  at
• 52:11
  Alvarez
• 52:11
  and
• 52:11
  marcel.com
• 52:12
  or
• 52:13
  go
• 52:13
  to
• 52:14
  alvarezmarcel-drg.com
• 52:16
  for
• 52:17
  our
• 52:17
  website.
• 52:19
  Multiple
• 52:19
  ways
• 52:19
  to
• 52:19
  engage.
• 52:20
  But
• 52:20
  we'd
• 52:20
  love
• 52:20
  to
• 52:20
  continue
• 52:20
  the
• 52:21
  conversation.
• 52:21
  This
• 52:21
  is
• 52:22
  great.
• 52:22
  All
• 52:22
  right,
• 52:23
  well,
• 52:23
  on
• 52:23
  behalf
• 52:23
  of
• 52:23
  the
• 52:23
  A
• 52:24
  and
• 52:24
  M
• 52:24
  consumer
• 52:24
  and
• 52:24
  retail
• 52:25
  group
• 52:25
  on
• 52:25
  behalf
• 52:26
  of
• 52:26
  producer
• 52:26
  Ella
• 52:27
  and
• 52:27
  myself
• 52:27
  and
• 52:28
  all
• 52:28
  of
• 52:28
  us
• 52:28
  at
• 52:28
  Omnitalk
• 52:29
  Retail.
• 52:29
  As
• 52:30
  always,
• 52:30
  be
• 52:31
  careful
• 52:31
  out
• 52:31
  there.