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Target Takes On Artificial Dyes In Major Grocery Reset | Fast Five Shorts · Omni Talk Retail

• 0:00
  Target
• 0:00
  last
• 0:00
  week
• 0:01
  announced
• 0:01
  that
• 0:01
  it
• 0:01
  will
• 0:01
  only
• 0:02
  carry
• 0:02
  carry
• 0:03
  cereals
• 0:04
  made
• 0:04
  without
• 0:04
  certified
• 0:05
  synthetic
• 0:05
  colors
• 0:06
  at
• 0:06
  its
• 0:06
  stores
• 0:06
  by
• 0:06
  the
• 0:07
  end
• 0:07
  of
• 0:07
  May,
• 0:07
  putting
• 0:08
  itself
• 0:08
  ahead
• 0:08
  of
• 0:09
  most
• 0:09
  major
• 0:09
  food
• 0:10
  brands
• 0:10
  on
• 0:10
  the
• 0:10
  artificial
• 0:11
  dye
• 0:11
  removal
• 0:12
  timeline.
• 0:13
  According
• 0:13
  to
• 0:13
  the
• 0:13
  Wall
• 0:14
  Street
• 0:14
  Journal,
• 0:14
  Target
• 0:14
  cited
• 0:15
  sales
• 0:15
  data
• 0:15
  and
• 0:16
  customer
• 0:16
  research
• 0:16
  showing
• 0:17
  a
• 0:17
  meaningful
• 0:17
  consumer
• 0:18
  shift
• 0:18
  towards
• 0:18
  food
• 0:19
  without
• 0:20
  artificial
• 0:20
  additives.
• 0:21
  The
• 0:21
  move
• 0:22
  aligns
• 0:22
  with
• 0:22
  the
• 0:22
  broader
• 0:23
  Maha
• 0:23
  Make
• 0:23
  American
• 0:24
  healthy
• 0:24
  movement,
• 0:25
  with
• 0:25
  HHS
• 0:26
  Secretary
• 0:26
  RFK
• 0:27
  Jr
• 0:27
  having
• 0:28
  pushed
• 0:28
  to
• 0:28
  strip
• 0:28
  synthetic
• 0:29
  food
• 0:29
  dyes
• 0:29
  from
• 0:29
  the
• 0:30
  American
• 0:30
  diet.
• 0:31
  Major
• 0:31
  manufacturers
• 0:32
  are
• 0:32
  already
• 0:32
  moving,
• 0:33
  but
• 0:33
  on
• 0:33
  longer
• 0:34
  timelines.
• 0:34
  Kraft
• 0:35
  Heinz,
• 0:35
  for
• 0:35
  example,
• 0:35
  by
• 0:36
  the
• 0:36
  end
• 0:36
  of
• 0:36
  2027.
• 0:37
  W.K.
• 0:38
  kellogg
• 0:38
  by
• 0:38
  also
• 0:39
  by
• 0:39
  the
• 0:39
  end
• 0:39
  of
• 0:39
  2027.
• 0:40
  And
• 0:40
  General
• 0:41
  Mills
• 0:41
  targeting
• 0:42
  summer
• 0:42
  of
• 0:42
  2026
• 0:43
  for
• 0:43
  its
• 0:43
  U.S.
• 0:44
  cereal
• 0:44
  portfolio.
• 0:45
  Target's
• 0:46
  May
• 0:46
  deadline
• 0:46
  means
• 0:47
  it
• 0:47
  is
• 0:47
  not
• 0:47
  waiting
• 0:47
  for
• 0:48
  brand
• 0:48
  commitments.
• 0:48
  It
• 0:48
  is
• 0:49
  pressuring
• 0:49
  brands
• 0:50
  to
• 0:50
  accelerate.
• 0:51
  Said
• 0:51
  Chief
• 0:51
  Merchandising
• 0:52
  Officer
• 0:52
  Kara
• 0:53
  Sylvester.
• 0:53
  Quote,
• 0:54
  we
• 0:54
  know
• 0:54
  consumers
• 0:55
  are
• 0:55
  increasingly
• 0:55
  prioritizing
• 0:56
  healthier
• 0:57
  lifestyles
• 0:57
  and
• 0:57
  we're
• 0:58
  moving
• 0:58
  quickly
• 0:58
  to
• 0:58
  evolve
• 0:59
  our
• 0:59
  offerings
• 0:59
  to
• 0:59
  meet
• 1:00
  their
• 1:00
  needs,
• 1:00
  end
• 1:01
  quote.
• 1:01
  Joanna,
• 1:02
  you're
• 1:02
  going
• 1:02
  to
• 1:02
  start
• 1:03
  us
• 1:03
  off
• 1:03
  today.
• 1:04
  Scale
• 1:04
  of
• 1:04
  1
• 1:04
  to
• 1:05
  10,
• 1:05
  how
• 1:06
  much
• 1:06
  do
• 1:06
  you
• 1:06
  like
• 1:06
  this
• 1:06
  move
• 1:07
  from
• 1:07
  Target?
• 1:08
  Oh,
• 1:08
  Chris,
• 1:09
  I'm
• 1:10
  going
• 1:10
  to
• 1:10
  go
• 1:10
  with,
• 1:11
  I
• 1:11
  know
• 1:11
  a
• 1:11
  scale
• 1:12
  of
• 1:12
  1
• 1:12
  to
• 1:12
  10.
• 1:12
  It's
• 1:13
  so
• 1:13
  hard
• 1:13
  depending
• 1:13
  on
• 1:14
  the
• 1:14
  dimensions,
• 1:14
  but
• 1:15
  I'll
• 1:15
  put
• 1:15
  a
• 1:15
  stake
• 1:15
  in
• 1:16
  the
• 1:16
  ground.
• 1:16
  I'll.
• 1:17
  I'll
• 1:17
  probably
• 1:17
  give
• 1:17
  this
• 1:18
  about
• 1:18
  a
• 1:18
  seven.
• 1:20
  Okay.
• 1:20
  And
• 1:21
  here's
• 1:21
  why.
• 1:22
  I
• 1:22
  think
• 1:22
  on
• 1:23
  the
• 1:23
  surface,
• 1:24
  it's
• 1:25
  a
• 1:25
  strong
• 1:25
  signal.
• 1:26
  You
• 1:26
  know,
• 1:26
  we're
• 1:26
  planting
• 1:27
  a
• 1:27
  flag,
• 1:27
  putting
• 1:28
  a
• 1:28
  stake
• 1:28
  in
• 1:28
  the
• 1:28
  ground,
• 1:30
  positioning
• 1:30
  Target
• 1:31
  in
• 1:32
  a
• 1:32
  clear
• 1:32
  stance
• 1:33
  on
• 1:33
  ingredient
• 1:33
  transparency
• 1:35
  and
• 1:35
  responding
• 1:36
  to,
• 1:36
  you
• 1:36
  know,
• 1:36
  their
• 1:37
  consumer
• 1:37
  demand
• 1:38
  for
• 1:38
  cleaner
• 1:39
  ingredients.
• 1:40
  It
• 1:40
  also
• 1:41
  strategically
• 1:41
  aligns,
• 1:42
  it
• 1:42
  seems,
• 1:43
  with
• 1:44
  Target's
• 1:44
  broader
• 1:45
  effort
• 1:45
  to
• 1:45
  sharpen
• 1:46
  their
• 1:46
  merchandising
• 1:47
  and
• 1:47
  being
• 1:48
  more
• 1:48
  intentional
• 1:49
  about
• 1:49
  the
• 1:49
  assortment
• 1:50
  that
• 1:50
  it
• 1:50
  carries.
• 1:51
  And
• 1:51
  that's
• 1:52
  something
• 1:52
  that
• 1:52
  Target's
• 1:53
  leadership
• 1:54
  has
• 1:54
  emphasized
• 1:55
  in
• 1:55
  their
• 1:55
  new
• 1:55
  growth
• 1:56
  strategy,
• 1:57
  which
• 1:57
  they
• 1:57
  released
• 1:58
  literally
• 1:58
  yesterday
• 1:59
  as
• 2:00
  they
• 2:00
  were,
• 2:00
  as
• 2:00
  they
• 2:00
  were
• 2:01
  talking
• 2:01
  about
• 2:01
  it.
• 2:01
  They
• 2:02
  said
• 2:02
  in
• 2:03
  that
• 2:03
  release
• 2:03
  we
• 2:03
  want
• 2:04
  to
• 2:04
  lead
• 2:04
  with
• 2:05
  trend
• 2:05
  forward
• 2:05
  assortments
• 2:07
  that
• 2:07
  will
• 2:07
  help
• 2:08
  position
• 2:08
  us
• 2:08
  in
• 2:08
  our
• 2:09
  unique
• 2:09
  lean
• 2:09
  in
• 2:10
  retail.
• 2:10
  And
• 2:10
  as
• 2:10
  they
• 2:11
  outline
• 2:11
  their
• 2:11
  2026
• 2:12
  growth
• 2:13
  strategies,
• 2:14
  the
• 2:14
  number
• 2:15
  one
• 2:15
  on
• 2:15
  the
• 2:15
  list
• 2:16
  was
• 2:16
  to
• 2:16
  lead
• 2:16
  with
• 2:17
  merchandising
• 2:17
  authority,
• 2:18
  having
• 2:19
  a
• 2:19
  differentiated
• 2:19
  and
• 2:20
  culturally
• 2:20
  relevant
• 2:21
  assortment.
• 2:21
  And
• 2:22
  so
• 2:22
  it
• 2:22
  seems
• 2:23
  like
• 2:23
  based
• 2:23
  on
• 2:23
  those
• 2:23
  things,
• 2:24
  this
• 2:24
  is
• 2:24
  a
• 2:25
  step
• 2:25
  towards
• 2:25
  fulfilling
• 2:26
  that.
• 2:26
  And
• 2:26
  being
• 2:27
  aggressive
• 2:27
  in
• 2:27
  the
• 2:27
  timeline
• 2:28
  is
• 2:29
  just
• 2:29
  trying
• 2:29
  to
• 2:29
  advance
• 2:30
  that.
• 2:30
  And
• 2:30
  that
• 2:31
  puts
• 2:31
  them
• 2:31
  ahead
• 2:31
  of
• 2:31
  the
• 2:32
  timeline
• 2:32
  that
• 2:32
  Walmart
• 2:33
  had
• 2:33
  publicly
• 2:33
  come
• 2:33
  out
• 2:33
  with,
• 2:34
  which
• 2:34
  was
• 2:34
  early
• 2:35
  27
• 2:35
  for
• 2:36
  that
• 2:36
  requirement.
• 2:36
  So,
• 2:37
  you
• 2:37
  know,
• 2:37
  adding
• 2:37
  a
• 2:38
  little,
• 2:38
  a
• 2:39
  little
• 2:39
  bit
• 2:39
  of
• 2:39
  pressure.
• 2:39
  That
• 2:40
  having
• 2:40
  been
• 2:40
  said,
• 2:40
  I
• 2:41
  do
• 2:41
  think
• 2:41
  that
• 2:41
  execution
• 2:42
  risks
• 2:42
  are
• 2:43
  real
• 2:44
  here.
• 2:45
  As
• 2:45
  we
• 2:45
  think
• 2:46
  about
• 2:46
  the
• 2:46
  reformulation,
• 2:47
  it
• 2:47
  does
• 2:47
  take
• 2:48
  time.
• 2:48
  That's
• 2:48
  why
• 2:48
  companies
• 2:49
  you
• 2:49
  mentioned
• 2:50
  have,
• 2:50
  you
• 2:50
  know,
• 2:50
  2026
• 2:52
  summer
• 2:52
  or
• 2:52
  2027
• 2:53
  in
• 2:54
  their
• 2:54
  horizons
• 2:54
  because
• 2:55
  reformulation
• 2:56
  does
• 2:56
  take
• 2:56
  time.
• 2:57
  And
• 2:58
  so
• 2:58
  even
• 2:58
  with
• 2:59
  this
• 2:59
  may
• 2:59
  deadline,
• 3:00
  there
• 3:00
  is
• 3:01
  a
• 3:01
  real
• 3:01
  possibility
• 3:02
  of
• 3:02
  sort
• 3:02
  of
• 3:02
  near
• 3:03
  term
• 3:03
  assortment
• 3:04
  gaps
• 3:04
  that
• 3:05
  may
• 3:05
  exist.
• 3:06
  And
• 3:07
  Target
• 3:07
  will
• 3:07
  either
• 3:08
  have
• 3:08
  to
• 3:08
  provide
• 3:08
  substitute
• 3:09
  SKUs
• 3:09
  or
• 3:10
  lean
• 3:10
  further
• 3:10
  into
• 3:11
  their
• 3:11
  own
• 3:11
  private
• 3:12
  label
• 3:12
  in
• 3:13
  order
• 3:13
  to
• 3:13
  fill
• 3:13
  the
• 3:14
  aisle
• 3:14
  while
• 3:14
  the
• 3:14
  transition
• 3:16
  is
• 3:16
  occurring.
• 3:17
  And
• 3:17
  cereal,
• 3:17
  as
• 3:18
  we
• 3:18
  know,
• 3:18
  is
• 3:18
  a
• 3:18
  pretty
• 3:19
  brand
• 3:19
  loyal
• 3:19
  category,
• 3:20
  especially
• 3:20
  for
• 3:21
  families.
• 3:22
  And
• 3:22
  so
• 3:22
  if
• 3:23
  current
• 3:23
  legacy
• 3:23
  brands
• 3:24
  are
• 3:24
  sort
• 3:24
  of
• 3:24
  missing
• 3:25
  from
• 3:25
  the
• 3:25
  aisle
• 3:26
  or
• 3:27
  temporarily
• 3:27
  disappear,
• 3:28
  then
• 3:29
  Target
• 3:29
  needs
• 3:30
  to
• 3:30
  sort
• 3:30
  of
• 3:30
  carefully
• 3:31
  manage
• 3:31
  that,
• 3:31
  that
• 3:32
  shopper
• 3:32
  and
• 3:33
  at
• 3:33
  least
• 3:33
  keep
• 3:33
  them
• 3:33
  in
• 3:34
  the
• 3:34
  store
• 3:34
  for
• 3:34
  other,
• 3:35
  other
• 3:35
  things.
• 3:36
  Now
• 3:36
  I
• 3:36
  do
• 3:37
  have
• 3:37
  a
• 3:37
  couple
• 3:37
  additional
• 3:38
  thoughts,
• 3:38
  but
• 3:38
  Chris,
• 3:38
  it
• 3:39
  sounded
• 3:39
  like
• 3:39
  you
• 3:39
  had
• 3:39
  something
• 3:40
  to
• 3:40
  add.
• 3:40
  Yeah,
• 3:41
  no,
• 3:41
  I
• 3:41
  mean,
• 3:41
  I
• 3:42
  mean
• 3:42
  there's
• 3:42
  a,
• 3:43
  there's
• 3:43
  a
• 3:43
  lot
• 3:43
  to
• 3:43
  take
• 3:43
  in
• 3:44
  with
• 3:44
  this
• 3:44
  story.
• 3:44
  I
• 3:44
  think.
• 3:45
  You
• 3:45
  know,
• 3:45
  I
• 3:45
  think
• 3:45
  that's
• 3:45
  the
• 3:46
  key
• 3:46
  thing
• 3:46
  here.
• 3:46
  And
• 3:46
  like,
• 3:47
  you
• 3:47
  know,
• 3:47
  I,
• 3:47
  I'm
• 3:48
  curious,
• 3:48
  I'm
• 3:48
  interested
• 3:49
  to
• 3:49
  hear
• 3:49
  you
• 3:49
  gave
• 3:49
  it
• 3:49
  a
• 3:49
  seven.
• 3:50
  And
• 3:50
  I'm
• 3:50
  curious,
• 3:50
  like,
• 3:50
  because
• 3:51
  I've
• 3:51
  been,
• 3:51
  I've
• 3:51
  been
• 3:51
  debating
• 3:52
  what
• 3:52
  score
• 3:52
  I
• 3:53
  would
• 3:53
  give
• 3:53
  it
• 3:53
  to
• 3:53
  and
• 3:54
  just,
• 3:54
  and
• 3:54
  to
• 3:54
  steal
• 3:55
  the
• 3:55
  thunder,
• 3:55
  not
• 3:55
  to
• 3:56
  steal
• 3:56
  the
• 3:56
  thunder
• 3:56
  here,
• 3:56
  but
• 3:56
  to
• 3:56
  give
• 3:57
  an
• 3:57
  idea
• 3:57
  of
• 3:57
  like
• 3:57
  where
• 3:58
  my
• 3:58
  head
• 3:58
  is.
• 3:58
  I
• 3:58
  went
• 3:59
  anywhere
• 3:59
  from
• 3:59
  like
• 3:59
  a
• 3:59
  five
• 4:00
  to
• 4:00
  an
• 4:00
  eight
• 4:00
  on
• 4:00
  this
• 4:01
  story.
• 4:01
  And
• 4:02
  I'm
• 4:02
  curious,
• 4:02
  did
• 4:02
  you
• 4:02
  do
• 4:03
  the
• 4:03
  same
• 4:03
  thing,
• 4:03
  Joanna?
• 4:04
  Was
• 4:04
  your
• 4:04
  like
• 4:04
  mind
• 4:04
  kind
• 4:05
  of
• 4:05
  going
• 4:05
  back
• 4:05
  and
• 4:05
  forth
• 4:06
  or
• 4:06
  like,
• 4:06
  were
• 4:06
  you
• 4:07
  originally
• 4:07
  lower?
• 4:07
  You
• 4:08
  gave
• 4:08
  it
• 4:08
  a
• 4:08
  seven,
• 4:08
  Were
• 4:08
  you
• 4:09
  like
• 4:09
  a
• 4:09
  nine?
• 4:09
  You
• 4:09
  brought
• 4:09
  it
• 4:10
  down
• 4:10
  to
• 4:10
  a
• 4:10
  seven.
• 4:10
  Like
• 4:11
  talk
• 4:12
  us
• 4:12
  through
• 4:12
  the
• 4:12
  thought
• 4:12
  process
• 4:13
  here
• 4:13
  in
• 4:13
  terms
• 4:13
  of
• 4:14
  what
• 4:14
  are
• 4:14
  some
• 4:14
  of
• 4:14
  the
• 4:14
  considerations
• 4:15
  that
• 4:15
  you
• 4:15
  have
• 4:16
  in
• 4:16
  terms
• 4:16
  of
• 4:16
  liking
• 4:16
  this
• 4:17
  or
• 4:17
  not
• 4:17
  liking
• 4:17
  this
• 4:17
  or
• 4:18
  giving
• 4:18
  this
• 4:18
  above,
• 4:18
  above
• 4:19
  average
• 4:19
  grade,
• 4:19
  so
• 4:20
  to
• 4:20
  speak.
• 4:21
  Yeah,
• 4:21
  I
• 4:21
  did,
• 4:22
  Chris.
• 4:22
  I
• 4:22
  oscillated
• 4:23
  basically
• 4:24
  up
• 4:24
  and
• 4:24
  down
• 4:24
  the
• 4:24
  entire
• 4:25
  scale
• 4:25
  with
• 4:25
  the
• 4:25
  exception
• 4:26
  of
• 4:26
  1
• 4:26
  in
• 4:26
  10.
• 4:27
  Right.
• 4:27
  And
• 4:28
  I
• 4:28
  did.
• 4:28
  And
• 4:29
  I
• 4:29
  think,
• 4:29
  you
• 4:29
  know,
• 4:30
  I
• 4:30
  mentioned
• 4:30
  in
• 4:30
  my
• 4:30
  intro
• 4:31
  I'm
• 4:31
  an
• 4:31
  operations
• 4:31
  person.
• 4:32
  So,
• 4:32
  you
• 4:32
  know,
• 4:33
  at
• 4:33
  heart
• 4:33
  I
• 4:33
  start
• 4:33
  thinking
• 4:34
  about
• 4:34
  the
• 4:34
  execution
• 4:35
  of
• 4:35
  it,
• 4:36
  what
• 4:36
  that
• 4:36
  means,
• 4:36
  how
• 4:37
  they're
• 4:37
  going
• 4:37
  to
• 4:37
  keep
• 4:37
  the
• 4:38
  aisles
• 4:38
  full
• 4:39
  while
• 4:39
  they
• 4:39
  transition.
• 4:40
  Conversely,
• 4:41
  you
• 4:41
  know,
• 4:42
  the
• 4:42
  market
• 4:42
  tends
• 4:42
  to
• 4:43
  love
• 4:43
  brands
• 4:43
  that
• 4:43
  have
• 4:44
  a
• 4:44
  strong
• 4:45
  perspective
• 4:45
  and
• 4:45
  know
• 4:45
  what
• 4:46
  they
• 4:46
  stand
• 4:46
  for.
• 4:46
  And
• 4:46
  that's
• 4:47
  something
• 4:47
  that
• 4:47
  we've
• 4:47
  seen
• 4:47
  Target
• 4:49
  kind
• 4:49
  of
• 4:49
  experiment
• 4:50
  a
• 4:50
  lot
• 4:51
  with
• 4:51
  a
• 4:51
  variety
• 4:52
  of
• 4:52
  initiatives
• 4:52
  over
• 4:53
  the
• 4:53
  past
• 4:53
  several
• 4:53
  years
• 4:54
  trying
• 4:54
  to
• 4:54
  sharpen
• 4:55
  their
• 4:55
  positioning.
• 4:56
  I
• 4:56
  think
• 4:56
  that's
• 4:56
  an
• 4:56
  important
• 4:57
  question
• 4:57
  here
• 4:57
  is
• 4:58
  whether
• 4:58
  or
• 4:58
  not
• 4:58
  this
• 4:59
  is
• 4:59
  another
• 5:00
  experimentation
• 5:01
  or
• 5:01
  if
• 5:01
  this
• 5:01
  is
• 5:02
  really
• 5:03
  a
• 5:03
  strong
• 5:04
  stake
• 5:04
  in
• 5:04
  the
• 5:04
  ground
• 5:04
  as
• 5:05
  part
• 5:05
  of
• 5:05
  their
• 5:05
  growth.
• 5:06
  The
• 5:06
  other
• 5:06
  thing,
• 5:07
  Chris,
• 5:07
  is,
• 5:07
  is
• 5:08
  it,
• 5:08
  is
• 5:08
  cereal
• 5:09
  the
• 5:09
  starting
• 5:10
  point
• 5:10
  or
• 5:10
  is
• 5:11
  it
• 5:11
  an
• 5:11
  exception?
• 5:12
  And
• 5:12
  if
• 5:12
  we
• 5:12
  start
• 5:13
  walking
• 5:13
  the
• 5:13
  aisles,
• 5:14
  you
• 5:14
  know,
• 5:14
  are
• 5:15
  we
• 5:15
  going
• 5:15
  to
• 5:15
  start
• 5:15
  to
• 5:15
  see
• 5:16
  this
• 5:16
  come
• 5:16
  in
• 5:17
  as
• 5:17
  a
• 5:17
  rather
• 5:17
  fast
• 5:18
  follow?
• 5:18
  Because
• 5:18
  now
• 5:19
  they're
• 5:19
  going
• 5:19
  to
• 5:19
  have
• 5:19
  to
• 5:19
  potentially
• 5:20
  stand
• 5:20
  behind
• 5:20
  it
• 5:21
  and
• 5:21
  say,
• 5:21
  we're
• 5:21
  going
• 5:21
  to
• 5:22
  make
• 5:22
  this
• 5:22
  a
• 5:22
  standard
• 5:23
  for
• 5:23
  our
• 5:23
  snack
• 5:23
  aisle.
• 5:24
  We're
• 5:24
  going
• 5:24
  to
• 5:24
  do
• 5:24
  this
• 5:24
  in
• 5:25
  beverage.
• 5:25
  Are
• 5:25
  we
• 5:25
  going
• 5:25
  to
• 5:26
  get
• 5:26
  out
• 5:26
  of
• 5:26
  grocery
• 5:26
  and
• 5:27
  do
• 5:27
  it
• 5:27
  in
• 5:27
  beauty
• 5:27
  and
• 5:28
  say
• 5:28
  we
• 5:28
  only
• 5:28
  carry
• 5:28
  clean
• 5:29
  beauty
• 5:29
  brands?
• 5:30
  And
• 5:30
  so
• 5:31
  where
• 5:31
  does
• 5:31
  it
• 5:31
  end?
• 5:32
  I'm
• 5:32
  not
• 5:33
  sure.
• 5:33
  So,
• 5:34
  but
• 5:34
  I
• 5:34
  think
• 5:34
  as
• 5:34
  a
• 5:35
  starting
• 5:35
  point
• 5:35
  and
• 5:36
  trying
• 5:36
  to
• 5:36
  put
• 5:36
  pressure
• 5:37
  on
• 5:37
  a
• 5:37
  timeline
• 5:38
  that
• 5:38
  was
• 5:38
  already
• 5:39
  kind
• 5:39
  of
• 5:39
  out
• 5:39
  there,
• 5:40
  that
• 5:40
  was
• 5:40
  already
• 5:41
  being
• 5:41
  worked
• 5:42
  towards,
• 5:42
  was
• 5:43
  a
• 5:43
  moment
• 5:44
  to
• 5:44
  try
• 5:44
  and
• 5:44
  grasp
• 5:45
  at.
• 5:45
  We
• 5:45
  are
• 5:46
  trying
• 5:46
  to
• 5:47
  pivot
• 5:47
  our
• 5:47
  merchandising
• 5:48
  assortments
• 5:49
  to,
• 5:50
  to
• 5:51
  something
• 5:51
  that
• 5:52
  some
• 5:52
  customers
• 5:52
  are
• 5:53
  saying
• 5:53
  is,
• 5:53
  is
• 5:54
  extremely
• 5:54
  important.
• 5:55
  Yeah,
• 5:56
  you're
• 5:56
  bringing
• 5:57
  up
• 5:57
  really
• 5:57
  great
• 5:57
  points
• 5:57
  because
• 5:57
  when
• 5:58
  I
• 5:58
  first
• 5:58
  read
• 5:58
  this
• 5:58
  headline,
• 5:58
  I
• 5:59
  was
• 5:59
  like,
• 5:59
  I
• 5:59
  love
• 5:59
  it.
• 5:59
  I
• 5:59
  love
• 5:59
  it.
• 5:59
  From
• 5:59
  a
• 6:00
  differentiation
• 6:00
  perspective.
• 6:01
  It
• 6:01
  keys
• 6:01
  in
• 6:02
  on
• 6:02
  the
• 6:02
  mom,
• 6:02
  the
• 6:02
  family,
• 6:02
  the
• 6:03
  healthy
• 6:03
  eating,
• 6:03
  like
• 6:04
  the
• 6:04
  demographic
• 6:05
  that
• 6:05
  Target
• 6:05
  has
• 6:05
  traditionally,
• 6:06
  you
• 6:06
  know,
• 6:07
  over
• 6:07
  indexed
• 6:08
  in.
• 6:08
  But
• 6:09
  then
• 6:09
  as
• 6:09
  I
• 6:09
  got
• 6:09
  to
• 6:09
  thinking
• 6:09
  about,
• 6:09
  I
• 6:10
  got
• 6:10
  to
• 6:10
  think
• 6:10
  about
• 6:10
  your
• 6:10
  points.
• 6:10
  Like,
• 6:10
  I'm
• 6:11
  like,
• 6:11
  but
• 6:11
  you're
• 6:11
  talking
• 6:11
  out
• 6:11
  of
• 6:11
  both
• 6:11
  sides,
• 6:12
  your
• 6:12
  mouth.
• 6:12
  The
• 6:12
  snacks,
• 6:12
  the
• 6:13
  candy
• 6:13
  aisles
• 6:13
  are
• 6:13
  still
• 6:13
  there.
• 6:14
  Like,
• 6:14
  what
• 6:14
  are
• 6:15
  you
• 6:15
  doing
• 6:15
  there?
• 6:15
  And
• 6:15
  then
• 6:16
  the
• 6:16
  point
• 6:16
  for
• 6:16
  me,
• 6:16
  which,
• 6:16
  Cassie,
• 6:17
  I
• 6:17
  want
• 6:17
  to
• 6:17
  get
• 6:17
  you
• 6:17
  in
• 6:18
  here
• 6:18
  too,
• 6:18
  is
• 6:18
  like,
• 6:18
  I
• 6:19
  was
• 6:19
  like,
• 6:19
  is
• 6:20
  this
• 6:20
  actually
• 6:20
  going
• 6:20
  to
• 6:20
  be
• 6:20
  a
• 6:21
  traffic
• 6:21
  driver
• 6:21
  or
• 6:22
  is
• 6:22
  it
• 6:22
  going
• 6:22
  to
• 6:22
  be
• 6:22
  a
• 6:22
  traffic
• 6:23
  eliminator?
• 6:24
  Because
• 6:24
  now
• 6:24
  I
• 6:24
  know
• 6:25
  I
• 6:25
  can't
• 6:25
  get
• 6:25
  the
• 6:25
  Fruit
• 6:26
  Loops
• 6:26
  or
• 6:26
  stuff
• 6:26
  that
• 6:27
  my
• 6:27
  family
• 6:27
  traditionally
• 6:28
  wants
• 6:28
  on
• 6:28
  my
• 6:29
  trip
• 6:29
  for
• 6:29
  the
• 6:29
  One
• 6:30
  Stop
• 6:30
  Shop.
• 6:30
  And
• 6:31
  I
• 6:31
  don't,
• 6:31
  I
• 6:32
  don't
• 6:32
  actually
• 6:32
  know
• 6:33
  the
• 6:33
  answer
• 6:33
  to
• 6:33
  that
• 6:33
  question.
• 6:34
  So,
• 6:34
  Cassie,
• 6:34
  what
• 6:34
  do
• 6:34
  you
• 6:35
  think?
• 6:36
  Yeah,
• 6:36
  I've
• 6:36
  been
• 6:36
  thinking
• 6:37
  about
• 6:37
  that.
• 6:37
  So
• 6:38
  I
• 6:38
  did
• 6:38
  read
• 6:38
  somewhere
• 6:39
  that
• 6:39
  I
• 6:39
  think
• 6:39
  about
• 6:40
  85%
• 6:40
  of
• 6:40
  their
• 6:41
  sales
• 6:41
  are
• 6:41
  already
• 6:41
  clean
• 6:42
  for
• 6:42
  cereal.
• 6:42
  So
• 6:43
  it
• 6:43
  feels
• 6:43
  a
• 6:44
  bit
• 6:44
  that
• 6:44
  there's
• 6:44
  an
• 6:44
  authenticity
• 6:46
  flag
• 6:46
  here
• 6:47
  that
• 6:47
  could
• 6:47
  be
• 6:47
  at
• 6:47
  risk.
• 6:48
  So
• 6:48
  they're
• 6:48
  getting
• 6:48
  the
• 6:49
  credit
• 6:49
  for
• 6:49
  being
• 6:49
  this
• 6:50
  wellness
• 6:50
  leader.
• 6:51
  But,
• 6:52
  you
• 6:52
  know,
• 6:52
  85%
• 6:53
  are
• 6:53
  already
• 6:53
  supposedly
• 6:54
  clean.
• 6:54
  But
• 6:55
  I
• 6:55
  mean,
• 6:55
  Chris,
• 6:56
  you
• 6:56
  brought
• 6:56
  up
• 6:56
  Fruit
• 6:56
  Loops.
• 6:57
  That
• 6:57
  might
• 6:57
  be
• 6:57
  something
• 6:57
  that
• 6:58
  I
• 6:58
  know
• 6:58
  is
• 6:58
  put
• 6:59
  beyond
• 6:59
  their.
• 6:59
  I
• 7:00
  think
• 7:00
  it's
• 7:00
  a
• 7:00
  27
• 7:01
  play
• 7:01
  that
• 7:01
  they're
• 7:01
  going
• 7:02
  to
• 7:02
  actually
• 7:02
  be
• 7:02
  clean
• 7:03
  if
• 7:03
  someone
• 7:03
  is
• 7:03
  coming
• 7:04
  in.
• 7:04
  Joanna
• 7:04
  made
• 7:04
  the
• 7:05
  point
• 7:05
  that
• 7:05
  cereal
• 7:05
  is
• 7:06
  very
• 7:06
  specifically,
• 7:07
  you
• 7:07
  know,
• 7:07
  people
• 7:07
  are
• 7:08
  brand
• 7:08
  loyal.
• 7:08
  If
• 7:09
  someone
• 7:09
  can't
• 7:09
  get
• 7:09
  their
• 7:09
  Fruit
• 7:10
  Loops,
• 7:10
  is
• 7:10
  that
• 7:10
  going
• 7:10
  to
• 7:11
  be
• 7:11
  something
• 7:11
  that
• 7:11
  they,
• 7:12
  you
• 7:12
  know,
• 7:12
  are
• 7:12
  going
• 7:13
  to
• 7:13
  choose
• 7:13
  Walmart
• 7:13
  instead
• 7:14
  for
• 7:14
  their
• 7:14
  groceries
• 7:15
  rather
• 7:15
  than
• 7:15
  doing
• 7:16
  Target.
• 7:16
  But
• 7:16
  I
• 7:17
  think
• 7:17
  there
• 7:17
  is
• 7:17
  less
• 7:18
  of
• 7:18
  a
• 7:18
  risk
• 7:18
  here
• 7:18
  that
• 7:19
  they
• 7:19
  already
• 7:19
  are
• 7:19
  going
• 7:19
  to
• 7:20
  be
• 7:20
  able
• 7:20
  to
• 7:20
  have
• 7:20
  a
• 7:20
  significant
• 7:21
  portion
• 7:21
  of
• 7:21
  what's
• 7:21
  in
• 7:21
  their
• 7:22
  aisle.
• 7:22
  Right
• 7:22
  now.
• 7:23
  I
• 7:23
  don't
• 7:23
  know
• 7:23
  if
• 7:24
  it's
• 7:24
  actually
• 7:24
  going
• 7:24
  to
• 7:24
  be
• 7:24
  driving
• 7:25
  much
• 7:25
  traffic
• 7:25
  because
• 7:26
  once
• 7:26
  people
• 7:27
  come
• 7:27
  in
• 7:27
  for
• 7:27
  their
• 7:27
  first
• 7:28
  time,
• 7:28
  they
• 7:28
  see
• 7:28
  what
• 7:28
  most
• 7:29
  of
• 7:29
  what
• 7:29
  they
• 7:29
  can
• 7:29
  get
• 7:30
  already
• 7:30
  is
• 7:30
  already
• 7:30
  there.
• 7:31
  They're
• 7:31
  not
• 7:31
  seeing
• 7:32
  much
• 7:32
  of
• 7:32
  a
• 7:32
  play.
• 7:32
  But
• 7:33
  I
• 7:33
  think
• 7:33
  that
• 7:33
  authenticity
• 7:34
  risk
• 7:34
  is
• 7:34
  there.
• 7:35
  It
• 7:35
  seems
• 7:35
  a
• 7:36
  bit
• 7:36
  performative
• 7:36
  in
• 7:37
  some
• 7:37
  ways,
• 7:37
  you
• 7:37
  know,
• 7:37
  if
• 7:37
  you
• 7:38
  don't
• 7:38
  extend
• 7:38
  it
• 7:38
  to
• 7:38
  other
• 7:38
  aisles.
• 7:40
  You
• 7:40
  know,
• 7:40
  we
• 7:40
  brought
• 7:40
  up
• 7:40
  candy
• 7:41
  already
• 7:41
  that
• 7:41
  has
• 7:41
  a
• 7:42
  lot
• 7:42
  of
• 7:42
  dye
• 7:43
  in
• 7:43
  it.
• 7:43
  So
• 7:43
  if
• 7:43
  they're
• 7:43
  not
• 7:44
  going
• 7:44
  to
• 7:44
  continue
• 7:44
  this,
• 7:45
  I
• 7:46
  think,
• 7:46
  you
• 7:46
  know,
• 7:47
  they'll
• 7:47
  get
• 7:47
  headline
• 7:48
  credit
• 7:48
  at
• 7:48
  first.
• 7:48
  But,
• 7:48
  you
• 7:49
  know,
• 7:49
  is
• 7:49
  it
• 7:49
  a
• 7:49
  long
• 7:49
  term
• 7:50
  conversation?
• 7:51
  I
• 7:51
  don't
• 7:51
  know.
• 7:52
  And
• 7:52
  Cassie,
• 7:52
  to
• 7:52
  that
• 7:53
  point,
• 7:53
  is
• 7:53
  it
• 7:53
  serial
• 7:53
  also
• 7:53
  a
• 7:54
  declining
• 7:54
  category
• 7:54
  nationally?
• 7:55
  Like,
• 7:55
  aren't
• 7:56
  people
• 7:56
  eating
• 7:56
  less
• 7:56
  and
• 7:56
  less
• 7:57
  cereal
• 7:57
  as
• 7:57
  well?
• 7:57
  So
• 7:58
  that's
• 7:59
  part
• 7:59
  of
• 7:59
  this
• 7:59
  story
• 7:59
  too.
• 8:00
  Yes,
• 8:00
  it's
• 8:01
  an
• 8:01
  easy
• 8:01
  first
• 8:02
  win.
• 8:03
  It's
• 8:03
  kind
• 8:03
  of
• 8:03
  less
• 8:03
  at
• 8:04
  stake,
• 8:04
  I
• 8:04
  think.
• 8:05
  But
• 8:05
  again,
• 8:05
  and
• 8:06
  they
• 8:06
  get
• 8:06
  that
• 8:06
  headline
• 8:07
  and
• 8:07
  I
• 8:07
  mean,
• 8:07
  it's
• 8:07
  great
• 8:08
  that
• 8:08
  they're
• 8:08
  starting
• 8:08
  to
• 8:08
  move
• 8:08
  and
• 8:08
  maybe
• 8:09
  this
• 8:09
  is
• 8:09
  a
• 8:09
  great
• 8:09
  way
• 8:09
  for
• 8:09
  them
• 8:10
  to
• 8:10
  test
• 8:10
  it
• 8:10
  out
• 8:10
  and
• 8:10
  see
• 8:11
  the
• 8:11
  impact
• 8:11
  there
• 8:12
  before
• 8:12
  they,
• 8:13
  they
• 8:13
  move
• 8:13
  on
• 8:13
  to
• 8:13
  categories
• 8:14
  that
• 8:14
  maybe
• 8:14
  are
• 8:14
  bigger
• 8:14
  drivers.
• 8:15
  Wow.
• 8:16
  Yeah,
• 8:16
  wow.
• 8:16
  Cassie,
• 8:17
  Riding,
• 8:17
  going,
• 8:17
  bringing
• 8:18
  in
• 8:18
  some
• 8:18
  intel
• 8:19
  and
• 8:19
  some
• 8:19
  insight.
• 8:20
  Wow,
• 8:20
  that's
• 8:20
  really
• 8:20
  good
• 8:20
  stuff.
• 8:21
  Yeah,
• 8:21
  I
• 8:21
  never,
• 8:21
  I
• 8:21
  didn't
• 8:21
  even
• 8:21
  think
• 8:22
  about
• 8:22
  the
• 8:22
  performative
• 8:22
  nature
• 8:23
  of
• 8:23
  this
• 8:23
  announcement
• 8:24
  in
• 8:24
  the
• 8:24
  degree
• 8:25
  that
• 8:25
  you,
• 8:25
  you
• 8:26
  just
• 8:26
  described
• 8:26
  it.
• 8:26
  The
• 8:27
  one
• 8:27
  thing
• 8:27
  I
• 8:27
  will
• 8:27
  say
• 8:27
  though
• 8:27
  is
• 8:28
  I
• 8:28
  think,
• 8:28
  you
• 8:28
  know,
• 8:29
  Joanna,
• 8:29
  you
• 8:29
  mentioned
• 8:30
  Michael
• 8:30
  Fedel's,
• 8:31
  you
• 8:32
  know,
• 8:32
  earnings
• 8:33
  investor
• 8:33
  day
• 8:33
  yesterday,
• 8:34
  basically.
• 8:34
  And
• 8:35
  the
• 8:35
  one
• 8:35
  thing
• 8:35
  I
• 8:35
  did
• 8:35
  like
• 8:36
  is
• 8:36
  he
• 8:36
  said
• 8:37
  we
• 8:37
  are
• 8:37
  not
• 8:37
  going
• 8:37
  to
• 8:37
  try
• 8:38
  to
• 8:38
  be
• 8:38
  the
• 8:38
  everything
• 8:38
  grocer,
• 8:39
  which
• 8:39
  I
• 8:39
  think
• 8:39
  people
• 8:40
  have
• 8:40
  pressured
• 8:40
  Target
• 8:41
  to
• 8:41
  be
• 8:41
  for
• 8:41
  a
• 8:41
  long
• 8:42
  time.
• 8:42
  So
• 8:42
  I'm
• 8:42
  glad
• 8:43
  to
• 8:43
  hear
• 8:43
  them
• 8:43
  finally
• 8:44
  say
• 8:44
  that
• 8:44
  because
• 8:44
  I've
• 8:45
  said
• 8:45
  on
• 8:45
  the
• 8:45
  show
• 8:45
  many
• 8:45
  times,
• 8:46
  I
• 8:46
  think
• 8:46
  that's
• 8:47
  a
• 8:47
  red
• 8:47
  herring
• 8:47
  of
• 8:47
  an
• 8:48
  idea.