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Why 19% Changes Everything for Grocers | Fast Five Shorts · Omni Talk Retail

• 0:00
  Grocery
• 0:00
  E
• 0:00
  Commerce
• 0:01
  hit
• 0:01
  a
• 0:01
  slew
• 0:01
  of
• 0:01
  record
• 0:02
  highs
• 0:02
  in
• 0:02
  2025,
• 0:03
  including
• 0:04
  19%
• 0:05
  penetration
• 0:06
  in
• 0:06
  December,
• 0:07
  according
• 0:07
  to
• 0:07
  Grocery
• 0:08
  Dive.
• 0:08
  Nearly
• 0:08
  every
• 0:09
  month
• 0:09
  in
• 0:09
  2025
• 0:10
  saw
• 0:10
  year
• 0:10
  over
• 0:10
  year
• 0:11
  growth
• 0:11
  in
• 0:11
  E
• 0:11
  grocery
• 0:12
  sales
• 0:12
  and
• 0:13
  December
• 0:13
  was
• 0:13
  no
• 0:13
  exception,
• 0:14
  with
• 0:14
  sales
• 0:14
  surging
• 0:15
  to
• 0:15
  a
• 0:15
  record
• 0:15
  $12.7
• 0:16
  billion,
• 0:17
  which
• 0:18
  was
• 0:18
  up
• 0:18
  32%
• 0:19
  year
• 0:19
  over
• 0:20
  year.
• 0:20
  The
• 0:20
  final
• 0:21
  month
• 0:21
  of
• 0:21
  2025
• 0:22
  also
• 0:22
  saw
• 0:23
  the
• 0:23
  online
• 0:23
  share
• 0:23
  of
• 0:24
  total
• 0:24
  grocery
• 0:24
  spending
• 0:25
  reach
• 0:25
  19%,
• 0:26
  up
• 0:26
  4,
• 0:26
  430
• 0:27
  basis
• 0:27
  points
• 0:27
  year
• 0:28
  over
• 0:28
  year
• 0:28
  as
• 0:29
  order
• 0:29
  frequency
• 0:29
  rates
• 0:30
  increased.
• 0:30
  All
• 0:30
  of
• 0:30
  which
• 0:31
  comes
• 0:31
  from
• 0:31
  Brick
• 0:32
  meets
• 0:32
  Click's
• 0:32
  most
• 0:33
  recent
• 0:33
  monthly
• 0:34
  findings.
• 0:34
  And
• 0:34
  those
• 0:34
  guys
• 0:36
  I
• 0:36
  met
• 0:36
  their,
• 0:37
  their
• 0:37
  head
• 0:37
  the
• 0:37
  other
• 0:38
  day,
• 0:38
  Ann,
• 0:38
  and
• 0:39
  those
• 0:39
  guys
• 0:39
  are
• 0:39
  just
• 0:39
  smoking
• 0:40
  it
• 0:40
  with
• 0:40
  these
• 0:40
  monthly
• 0:40
  reports.
• 0:41
  Amazon
• 0:41
  appears
• 0:42
  to
• 0:42
  be
• 0:42
  having
• 0:42
  an
• 0:42
  impact
• 0:42
  too.
• 0:43
  Amazon's
• 0:43
  grocery
• 0:44
  delivery,
• 0:44
  as
• 0:44
  we
• 0:44
  just
• 0:45
  alluded
• 0:45
  to,
• 0:46
  Amazon's
• 0:47
  grocery
• 0:47
  delivery
• 0:47
  offering,
• 0:48
  bolstered
• 0:48
  ship
• 0:48
  to
• 0:48
  homes
• 0:49
  performance.
• 0:49
  In
• 0:49
  December,
• 0:50
  the
• 0:50
  segment's
• 0:51
  average
• 0:51
  order
• 0:51
  value
• 0:52
  grew
• 0:52
  14%,
• 0:53
  exceeding
• 0:54
  delivery
• 0:54
  and
• 0:54
  pickup
• 0:55
  because
• 0:55
  of
• 0:56
  Amazon's
• 0:56
  same
• 0:57
  day
• 0:57
  fresh
• 0:58
  grocery
• 0:58
  delivery.
• 0:59
  Again,
• 0:59
  according
• 1:00
  to
• 1:00
  Brick
• 1:00
  meets
• 1:00
  Click.
• 1:01
  Ken,
• 1:01
  my
• 1:01
  question
• 1:02
  to
• 1:02
  you.
• 1:02
  19%
• 1:03
  E
• 1:03
  Commerce
• 1:03
  Grocery
• 1:04
  penetration
• 1:04
  has
• 1:05
  kind
• 1:05
  of,
• 1:05
  dare
• 1:06
  I
• 1:06
  say
• 1:06
  it
• 1:06
  snuck
• 1:07
  up
• 1:07
  on
• 1:07
  us
• 1:07
  rather
• 1:08
  quickly
• 1:08
  in
• 1:08
  my
• 1:09
  opinion.
• 1:09
  How
• 1:10
  should
• 1:10
  regional
• 1:10
  grocers
• 1:11
  respond
• 1:11
  to
• 1:11
  this
• 1:12
  news?
• 1:12
  I
• 1:12
  think
• 1:13
  they
• 1:13
  definitely
• 1:13
  have
• 1:13
  to,
• 1:13
  they
• 1:14
  have
• 1:14
  to
• 1:14
  be
• 1:14
  in
• 1:14
  the
• 1:14
  game.
• 1:15
  They've
• 1:15
  got
• 1:15
  to
• 1:15
  have
• 1:15
  a
• 1:16
  good
• 1:16
  app,
• 1:16
  a
• 1:16
  good
• 1:16
  shopping
• 1:17
  shopability
• 1:17
  solution.
• 1:18
  They've
• 1:19
  got
• 1:19
  to
• 1:19
  figure
• 1:19
  out
• 1:19
  how
• 1:20
  to
• 1:20
  do
• 1:20
  home
• 1:20
  delivery.
• 1:22
  I
• 1:22
  give
• 1:22
  all
• 1:23
  the
• 1:23
  people
• 1:23
  that
• 1:23
  I
• 1:23
  work
• 1:23
  with
• 1:23
  a
• 1:23
  hard
• 1:24
  time
• 1:24
  because
• 1:24
  they
• 1:24
  tend
• 1:24
  to
• 1:24
  be
• 1:24
  a
• 1:24
  lot
• 1:25
  younger
• 1:25
  than
• 1:25
  I
• 1:25
  am.
• 1:25
  I,
• 1:26
  I
• 1:26
  can't
• 1:26
  imagine
• 1:26
  somebody
• 1:27
  else
• 1:27
  picking
• 1:27
  out
• 1:27
  my
• 1:27
  avocado
• 1:28
  for
• 1:28
  me
• 1:28
  because
• 1:29
  I
• 1:29
  want
• 1:29
  to
• 1:29
  see
• 1:29
  that
• 1:30
  it
• 1:30
  has
• 1:30
  exactly
• 1:30
  the
• 1:31
  right
• 1:31
  ripeness
• 1:32
  or
• 1:32
  the
• 1:32
  right
• 1:32
  feel
• 1:32
  or
• 1:33
  picking
• 1:33
  out
• 1:33
  my
• 1:33
  bananas.
• 1:34
  I
• 1:34
  don't
• 1:34
  do
• 1:34
  green
• 1:35
  bananas,
• 1:35
  you
• 1:35
  know,
• 1:36
  but
• 1:36
  you
• 1:36
  know,
• 1:37
  I
• 1:37
  guess
• 1:37
  other
• 1:37
  people
• 1:37
  can
• 1:37
  get
• 1:38
  over
• 1:38
  those
• 1:38
  critical
• 1:38
  issues
• 1:39
  in
• 1:39
  life
• 1:39
  and
• 1:39
  figure
• 1:39
  out
• 1:40
  that
• 1:40
  someone
• 1:40
  else
• 1:40
  can
• 1:41
  pick
• 1:41
  them
• 1:41
  out
• 1:41
  for
• 1:41
  them.
• 1:41
  But
• 1:42
  I,
• 1:42
  I,
• 1:42
  I
• 1:43
  think
• 1:43
  the
• 1:43
  regionals
• 1:43
  will
• 1:44
  figure
• 1:44
  this
• 1:44
  out.
• 1:44
  I
• 1:44
  think
• 1:45
  assortment
• 1:45
  still
• 1:45
  wins
• 1:46
  the
• 1:46
  day
• 1:46
  for
• 1:46
  a
• 1:46
  lot
• 1:46
  of
• 1:47
  people
• 1:47
  because,
• 1:48
  you
• 1:48
  know,
• 1:49
  the
• 1:49
  better
• 1:49
  stores
• 1:49
  have
• 1:50
  a
• 1:50
  better
• 1:50
  assortment,
• 1:51
  they
• 1:51
  have
• 1:51
  a
• 1:51
  finer
• 1:51
  quality
• 1:52
  of
• 1:52
  product.
• 1:52
  And
• 1:52
  so
• 1:53
  they'll
• 1:53
  always
• 1:54
  be
• 1:54
  those
• 1:54
  consumers
• 1:55
  that
• 1:55
  want
• 1:55
  to
• 1:55
  go
• 1:56
  to
• 1:56
  that
• 1:56
  local,
• 1:56
  regional,
• 1:57
  regional
• 1:58
  location
• 1:59
  with
• 1:59
  a
• 1:59
  better
• 1:59
  assortment.
• 2:00
  But
• 2:01
  you
• 2:02
  know,
• 2:02
  I
• 2:02
  think
• 2:02
  it's
• 2:03
  going
• 2:03
  to
• 2:03
  be
• 2:03
  really
• 2:03
  critical
• 2:03
  how
• 2:03
  all
• 2:04
  this
• 2:04
  works
• 2:04
  out
• 2:04
  because
• 2:05
  you
• 2:05
  probably
• 2:06
  have
• 2:06
  seen
• 2:06
  in
• 2:06
  the
• 2:06
  press
• 2:07
  Kroger's
• 2:07
  massive
• 2:08
  failure
• 2:08
  with
• 2:08
  Ocado,
• 2:09
  their
• 2:09
  distribution
• 2:10
  centers
• 2:10
  that
• 2:11
  they
• 2:11
  try
• 2:11
  to
• 2:12
  put
• 2:12
  in
• 2:12
  place,
• 2:13
  you
• 2:13
  know,
• 2:13
  $2.6
• 2:14
  billion
• 2:15
  of
• 2:15
  impairment
• 2:16
  taken
• 2:16
  in
• 2:16
  those
• 2:17
  scenarios.
• 2:18
  And
• 2:18
  so
• 2:18
  it's
• 2:19
  always
• 2:19
  a
• 2:20
  challenge
• 2:20
  how
• 2:21
  and
• 2:21
  Manage
• 2:21
  fresh
• 2:21
  delivery
• 2:22
  in
• 2:22
  the
• 2:22
  most
• 2:22
  time
• 2:23
  effective
• 2:23
  way.
• 2:24
  But
• 2:25
  you
• 2:25
  know,
• 2:25
  the
• 2:25
  consumer
• 2:26
  behaviors
• 2:26
  are
• 2:26
  changing
• 2:26
  and
• 2:27
  more
• 2:27
  and
• 2:27
  more
• 2:27
  people
• 2:27
  don't
• 2:27
  want
• 2:27
  to
• 2:28
  get
• 2:28
  out
• 2:28
  of
• 2:28
  their
• 2:28
  house.
• 2:28
  It
• 2:29
  at
• 2:29
  a
• 2:29
  personal
• 2:30
  level
• 2:30
  bugs
• 2:30
  me
• 2:30
  because
• 2:31
  we
• 2:31
  got
• 2:31
  to
• 2:31
  get
• 2:31
  people
• 2:31
  out
• 2:31
  of
• 2:31
  their
• 2:32
  houses.
• 2:32
  But
• 2:33
  I
• 2:33
  guess
• 2:33
  those
• 2:33
  folks
• 2:34
  don't
• 2:34
  really
• 2:34
  care
• 2:34
  about
• 2:34
  leaving
• 2:35
  their
• 2:35
  house
• 2:35
  and
• 2:35
  they
• 2:35
  were
• 2:35
  happy
• 2:36
  to
• 2:36
  stay
• 2:36
  at
• 2:36
  home
• 2:36
  and
• 2:36
  have
• 2:36
  somebody
• 2:37
  else
• 2:37
  do
• 2:37
  everything
• 2:37
  for
• 2:37
  them.
• 2:38
  Yeah.
• 2:39
  And
• 2:39
  there's
• 2:39
  two,
• 2:39
  there's
• 2:40
  two
• 2:40
  points
• 2:40
  that
• 2:40
  come
• 2:40
  to
• 2:40
  mind
• 2:40
  for
• 2:41
  me
• 2:41
  on
• 2:41
  this,
• 2:41
  ken
• 2:41
  too
• 2:41
  is
• 2:42
  1,
• 2:42
  is
• 2:42
  1,
• 2:42
  is
• 2:42
  20%
• 2:43
  has
• 2:43
  always
• 2:44
  historically
• 2:44
  been
• 2:44
  the
• 2:45
  inflection
• 2:45
  point
• 2:45
  where
• 2:45
  we
• 2:46
  start
• 2:46
  to
• 2:46
  see
• 2:46
  bankruptcies
• 2:47
  through
• 2:47
  the
• 2:47
  industry.
• 2:48
  And,
• 2:48
  and
• 2:48
  so
• 2:49
  you
• 2:49
  know
• 2:49
  that
• 2:50
  also
• 2:50
  to
• 2:50
  me
• 2:50
  the
• 2:51
  second
• 2:51
  point
• 2:51
  brings
• 2:51
  up
• 2:51
  the
• 2:51
  death
• 2:52
  by
• 2:52
  a
• 2:52
  thousand
• 2:52
  cuts
• 2:53
  because
• 2:53
  grocery
• 2:53
  isn't
• 2:54
  all
• 2:54
  just
• 2:54
  fresh
• 2:54
  produce
• 2:55
  either.
• 2:56
  Right.
• 2:56
  And
• 2:56
  there's
• 2:56
  a,
• 2:57
  and
• 2:57
  especially
• 2:57
  as
• 2:57
  Amazon
• 2:58
  categorizes
• 2:58
  it,
• 2:58
  there's
• 2:59
  a
• 2:59
  lot
• 2:59
  of
• 2:59
  other
• 2:59
  items
• 3:00
  which
• 3:00
  you
• 3:00
  know,
• 3:00
  probably
• 3:01
  helped
• 3:01
  the
• 3:01
  margins
• 3:02
  to
• 3:02
  some
• 3:02
  degree
• 3:03
  too.
• 3:03
  So
• 3:04
  you
• 3:04
  know,
• 3:04
  how
• 3:04
  do
• 3:04
  you,
• 3:05
  how
• 3:05
  do
• 3:05
  you
• 3:06
  think
• 3:06
  about
• 3:06
  that
• 3:06
  in
• 3:07
  terms
• 3:07
  of
• 3:07
  what
• 3:07
  they
• 3:08
  need
• 3:08
  to
• 3:08
  do
• 3:08
  to
• 3:08
  defend
• 3:09
  themselves
• 3:09
  against
• 3:09
  this
• 3:10
  if
• 3:10
  some
• 3:10
  of
• 3:10
  their
• 3:11
  basket
• 3:11
  they
• 3:11
  traditionally
• 3:12
  get
• 3:12
  from
• 3:12
  the
• 3:13
  store
• 3:13
  chip
• 3:13
  starts
• 3:13
  to
• 3:14
  decline?
• 3:16
  Yeah.
• 3:16
  I
• 3:16
  mean
• 3:16
  this
• 3:17
  is
• 3:17
  the
• 3:17
  challenge
• 3:17
  that
• 3:18
  Amazon
• 3:18
  is
• 3:18
  presenting
• 3:18
  to
• 3:19
  so
• 3:19
  many
• 3:19
  companies
• 3:19
  because
• 3:20
  at
• 3:20
  the
• 3:20
  end
• 3:20
  of
• 3:20
  the
• 3:21
  day
• 3:21
  the
• 3:22
  possibility
• 3:22
  of
• 3:22
  me
• 3:23
  ordering
• 3:23
  raspberries
• 3:23
  online
• 3:24
  because
• 3:24
  how
• 3:24
  many
• 3:25
  times
• 3:25
  have
• 3:25
  you
• 3:25
  gotten
• 3:25
  your
• 3:25
  raspberries
• 3:26
  on
• 3:26
  you
• 3:26
  and
• 3:26
  they
• 3:26
  have,
• 3:27
  they
• 3:27
  have
• 3:27
  mold
• 3:28
  on
• 3:28
  them.
• 3:28
  Well,
• 3:28
  I'm
• 3:29
  not
• 3:29
  going
• 3:29
  to
• 3:29
  do
• 3:29
  it.
• 3:30
  But
• 3:30
  the
• 3:30
  trick
• 3:31
  becomes
• 3:31
  is
• 3:31
  when
• 3:32
  all
• 3:32
  of
• 3:32
  a
• 3:32
  sudden
• 3:32
  I
• 3:33
  can't
• 3:33
  use
• 3:33
  my
• 3:33
  local
• 3:34
  grocer
• 3:34
  just
• 3:34
  as
• 3:34
  a
• 3:35
  raspberry
• 3:35
  pickup
• 3:35
  point
• 3:36
  because
• 3:36
  he's
• 3:36
  not
• 3:37
  going
• 3:37
  to
• 3:37
  stay
• 3:37
  in
• 3:37
  business
• 3:37
  that
• 3:38
  way.
• 3:38
  So
• 3:39
  it's
• 3:39
  this
• 3:39
  cannibalization
• 3:40
  question
• 3:41
  and
• 3:41
  the
• 3:42
  consumers
• 3:42
  don't
• 3:42
  appreciate
• 3:43
  the
• 3:44
  impact
• 3:44
  of
• 3:44
  what
• 3:45
  this
• 3:45
  is
• 3:45
  doing
• 3:46
  on
• 3:46
  the
• 3:46
  cannibalization
• 3:47
  front
• 3:47
  because
• 3:48
  those
• 3:49
  grocers
• 3:49
  need
• 3:49
  more
• 3:49
  volume
• 3:50
  to
• 3:50
  stay
• 3:50
  in
• 3:50
  business
• 3:51
  and
• 3:51
  they
• 3:51
  can't
• 3:51
  just
• 3:52
  be,
• 3:52
  to
• 3:52
  use
• 3:52
  my
• 3:53
  overused
• 3:53
  analogy,
• 3:54
  the
• 3:54
  raspberry
• 3:54
  pickup
• 3:54
  point.
• 3:55
  So
• 3:55
  that
• 3:55
  we've
• 3:56
  got
• 3:56
  to
• 3:56
  figure
• 3:56
  this
• 3:56
  out.
• 3:56
  And
• 3:58
  it's
• 3:58
  how
• 3:58
  they
• 3:58
  message
• 3:59
  and
• 3:59
  how
• 3:59
  they
• 3:59
  keep
• 4:00
  their
• 4:00
  assortment
• 4:01
  message
• 4:01
  out
• 4:01
  there.
• 4:02
  And
• 4:02
  the
• 4:02
  key
• 4:02
  thing
• 4:03
  is
• 4:03
  figure
• 4:04
  out
• 4:04
  how
• 4:04
  to
• 4:04
  offer
• 4:04
  same
• 4:05
  day
• 4:05
  delivery.
• 4:05
  There's
• 4:06
  a
• 4:06
  lot
• 4:06
  of
• 4:06
  cool
• 4:06
  technology
• 4:07
  companies
• 4:07
  out
• 4:07
  there
• 4:07
  that
• 4:08
  are
• 4:08
  trying
• 4:08
  to
• 4:08
  be
• 4:08
  the
• 4:08
  anti
• 4:09
  Amazon
• 4:10
  and
• 4:10
  deliver
• 4:11
  real
• 4:11
  time
• 4:11
  delivery
• 4:12
  or
• 4:12
  excuse
• 4:12
  me,
• 4:13
  very
• 4:13
  rapid
• 4:13
  pickup
• 4:14
  solutions.
• 4:15
  And
• 4:15
  the
• 4:15
  grocery
• 4:15
  guys
• 4:16
  now
• 4:16
  don't
• 4:16
  have
• 4:16
  to
• 4:16
  develop
• 4:17
  all
• 4:17
  that
• 4:17
  tech.
• 4:17
  They
• 4:17
  can
• 4:18
  find
• 4:18
  partners
• 4:18
  that
• 4:18
  provide
• 4:19
  it
• 4:19
  and
• 4:19
  that's
• 4:19
  what
• 4:20
  they
• 4:20
  should
• 4:20
  be
• 4:20
  doing.
• 4:21
  Yep.
• 4:22
  Yeah,
• 4:22
  I'm
• 4:22
  curious
• 4:22
  too,
• 4:23
  John,
• 4:23
  I
• 4:23
  want
• 4:23
  to
• 4:23
  bring
• 4:23
  you
• 4:23
  into
• 4:24
  this
• 4:24
  conversation
• 4:24
  too
• 4:25
  Because
• 4:25
  I
• 4:25
  tend
• 4:26
  to
• 4:26
  agree
• 4:26
  with
• 4:26
  what
• 4:26
  you
• 4:26
  just
• 4:27
  said
• 4:27
  there,
• 4:27
  Ken.
• 4:27
  Like
• 4:27
  it's
• 4:28
  not
• 4:28
  going
• 4:28
  to
• 4:28
  be
• 4:28
  an
• 4:28
  easy
• 4:28
  battle.
• 4:29
  And
• 4:29
  I
• 4:29
  love
• 4:29
  you
• 4:29
  don't
• 4:29
  want
• 4:29
  to
• 4:30
  be
• 4:30
  the
• 4:30
  raspberry
• 4:30
  pickup
• 4:31
  spot.
• 4:31
  I
• 4:31
  think
• 4:31
  I
• 4:31
  might
• 4:32
  borrow
• 4:32
  that
• 4:32
  and
• 4:32
  steal
• 4:32
  that
• 4:33
  in
• 4:33
  the
• 4:33
  future
• 4:33
  because
• 4:33
  it's
• 4:34
  really
• 4:34
  true.
• 4:34
  You
• 4:34
  don't
• 4:35
  want
• 4:35
  to
• 4:35
  be
• 4:35
  that.
• 4:36
  And
• 4:36
  so
• 4:36
  part
• 4:37
  of
• 4:37
  me
• 4:37
  starts
• 4:37
  to
• 4:38
  say,
• 4:38
  you
• 4:38
  know
• 4:38
  what,
• 4:38
  maybe
• 4:38
  it's
• 4:39
  time
• 4:39
  for
• 4:39
  the
• 4:39
  regional
• 4:39
  grocers
• 4:40
  to
• 4:40
  get
• 4:40
  out
• 4:40
  and
• 4:40
  harvest,
• 4:41
  you
• 4:41
  know,
• 4:41
  sell
• 4:42
  themselves,
• 4:42
  be
• 4:42
  acquired,
• 4:43
  start
• 4:43
  rolling
• 4:44
  up,
• 4:44
  you
• 4:44
  know.
• 4:44
  John,
• 4:45
  what
• 4:45
  do
• 4:45
  you
• 4:45
  think
• 4:45
  about
• 4:45
  that
• 4:46
  approach?
• 4:47
  Yeah,
• 4:48
  I
• 4:48
  think
• 4:48
  it's
• 4:48
  definitely
• 4:49
  a
• 4:49
  possibility.
• 4:50
  Right.
• 4:50
  And
• 4:50
  some
• 4:51
  of
• 4:51
  them
• 4:51
  are
• 4:51
  going
• 4:51
  to
• 4:51
  go
• 4:52
  that
• 4:52
  way.
• 4:52
  Inevitably
• 4:53
  there's
• 4:53
  not
• 4:53
  going
• 4:54
  to
• 4:54
  be
• 4:54
  one
• 4:54
  outcome.
• 4:55
  Right.
• 4:55
  Some,
• 4:56
  some
• 4:56
  to
• 4:56
  your
• 4:56
  point
• 4:56
  are
• 4:57
  maybe
• 4:57
  not
• 4:57
  going
• 4:57
  to,
• 4:58
  not
• 4:58
  going
• 4:58
  to
• 4:58
  make
• 4:58
  it
• 4:59
  all
• 4:59
  the
• 4:59
  way,
• 4:59
  but
• 4:59
  others
• 4:59
  are
• 5:00
  going
• 5:00
  to
• 5:00
  find
• 5:00
  a
• 5:00
  way
• 5:00
  to
• 5:00
  reinvent
• 5:01
  themselves
• 5:01
  and
• 5:01
  double
• 5:02
  down
• 5:02
  on
• 5:02
  things.
• 5:03
  And
• 5:03
  when
• 5:03
  I
• 5:03
  think
• 5:03
  about
• 5:03
  what
• 5:04
  to
• 5:04
  double
• 5:04
  down
• 5:04
  on,
• 5:04
  if
• 5:04
  I
• 5:05
  can
• 5:05
  expand
• 5:05
  on
• 5:05
  that
• 5:05
  for
• 5:06
  a
• 5:06
  second,
• 5:07
  you
• 5:07
  know,
• 5:07
  grocery,
• 5:08
  let's
• 5:08
  take
• 5:08
  a
• 5:09
  step
• 5:09
  back.
• 5:09
  Right,
• 5:09
  Right.
• 5:10
  Grocery
• 5:10
  is
• 5:10
  fundamentally
• 5:11
  a
• 5:11
  very
• 5:11
  local,
• 5:12
  you
• 5:12
  know,
• 5:12
  business.
• 5:13
  Right.
• 5:13
  I
• 5:13
  mean,
• 5:13
  how
• 5:13
  far
• 5:14
  will
• 5:14
  somebody
• 5:14
  travel
• 5:15
  to
• 5:15
  go
• 5:15
  to
• 5:15
  a
• 5:16
  grocery
• 5:16
  store?
• 5:16
  About
• 5:16
  10
• 5:16
  minutes
• 5:17
  or
• 5:17
  so
• 5:17
  drive
• 5:17
  time.
• 5:18
  Right.
• 5:18
  So
• 5:18
  you
• 5:18
  have
• 5:18
  a
• 5:19
  very
• 5:19
  fixed
• 5:19
  radius.
• 5:19
  Generally
• 5:20
  it's
• 5:21
  a
• 5:21
  real
• 5:21
  estate
• 5:21
  game
• 5:21
  where
• 5:21
  you
• 5:22
  put
• 5:22
  that,
• 5:22
  that
• 5:22
  store
• 5:23
  in
• 5:23
  the
• 5:23
  first
• 5:23
  place.
• 5:24
  So
• 5:24
  if
• 5:24
  you
• 5:24
  take
• 5:25
  that
• 5:25
  thought
• 5:25
  or
• 5:25
  if
• 5:25
  you
• 5:25
  agree
• 5:26
  to
• 5:26
  that
• 5:26
  assumption,
• 5:27
  then
• 5:28
  what
• 5:28
  you
• 5:28
  can
• 5:28
  come
• 5:28
  up,
• 5:29
  come
• 5:29
  up
• 5:29
  with
• 5:29
  is
• 5:29
  if
• 5:30
  you're
• 5:30
  a
• 5:30
  regional
• 5:30
  grocer,
• 5:31
  you
• 5:31
  don't
• 5:31
  have
• 5:31
  the
• 5:32
  infrastructure,
• 5:32
  the
• 5:33
  dollars
• 5:33
  to
• 5:33
  invest
• 5:33
  in,
• 5:34
  let's
• 5:34
  say
• 5:34
  a
• 5:34
  big
• 5:34
  delivery
• 5:35
  network.
• 5:35
  And
• 5:35
  having,
• 5:36
  you
• 5:36
  know,
• 5:36
  those
• 5:36
  Kroger
• 5:36
  or
• 5:37
  Walmart
• 5:37
  truck
• 5:38
  the
• 5:39
  road,
• 5:39
  that's
• 5:39
  just
• 5:39
  not
• 5:39
  going
• 5:39
  to
• 5:40
  be
• 5:40
  realistic.
• 5:40
  I
• 5:40
  100%
• 5:41
  agree
• 5:41
  with
• 5:41
  Ken's
• 5:41
  point
• 5:42
  that
• 5:42
  hey,
• 5:43
  invest
• 5:43
  in
• 5:44
  partners.
• 5:44
  Instacart
• 5:45
  doordash.
• 5:46
  Don't
• 5:47
  try
• 5:47
  to
• 5:47
  reinvent
• 5:47
  your
• 5:47
  own
• 5:47
  app.
• 5:48
  Don't
• 5:48
  try
• 5:48
  to
• 5:48
  reinvent
• 5:49
  a
• 5:49
  delivery
• 5:49
  network.
• 5:50
  You're
• 5:50
  going
• 5:50
  to
• 5:50
  pay
• 5:50
  a
• 5:51
  fee.
• 5:51
  It
• 5:51
  is
• 5:51
  what
• 5:51
  it
• 5:52
  is.
• 5:52
  But
• 5:52
  it's
• 5:53
  table
• 5:53
  stakes.
• 5:53
  If
• 5:54
  you
• 5:54
  don't
• 5:54
  offer
• 5:54
  curbside
• 5:55
  pickup,
• 5:56
  if
• 5:56
  you
• 5:56
  don't
• 5:56
  have
• 5:57
  an
• 5:57
  app
• 5:57
  to
• 5:57
  download,
• 5:57
  somebody
• 5:58
  may
• 5:58
  just
• 5:58
  go
• 5:58
  to
• 5:59
  the
• 5:59
  next
• 5:59
  door
• 5:59
  within
• 5:59
  that
• 6:00
  10
• 6:00
  minute
• 6:00
  drive
• 6:00
  radius.
• 6:01
  So
• 6:01
  check
• 6:01
  the
• 6:01
  box
• 6:02
  on
• 6:02
  those
• 6:02
  capabilities.
• 6:03
  But
• 6:03
  then
• 6:03
  the
• 6:03
  thing
• 6:03
  you
• 6:03
  double
• 6:04
  down
• 6:04
  on
• 6:04
  is
• 6:05
  local.
• 6:05
  Be
• 6:06
  local,
• 6:06
  local,
• 6:06
  local,
• 6:07
  have
• 6:07
  invest
• 6:08
  in
• 6:08
  the
• 6:08
  highest
• 6:09
  quality
• 6:09
  produce
• 6:10
  at
• 6:10
  a
• 6:10
  reasonable
• 6:10
  price,
• 6:11
  stock
• 6:12
  the
• 6:12
  items
• 6:12
  that
• 6:13
  maybe,
• 6:13
  you
• 6:13
  know,
• 6:13
  the
• 6:13
  different
• 6:14
  ethnic
• 6:14
  communities
• 6:15
  in
• 6:15
  your
• 6:15
  area
• 6:16
  might
• 6:16
  be
• 6:17
  interested
• 6:17
  in
• 6:17
  that
• 6:18
  the
• 6:18
  big
• 6:18
  box
• 6:18
  store
• 6:19
  just
• 6:19
  doesn't
• 6:19
  quite
• 6:20
  pay
• 6:20
  attention.
• 6:20
  Right.
• 6:20
  And
• 6:21
  that's
• 6:21
  not
• 6:21
  just
• 6:21
  in
• 6:21
  produce.
• 6:22
  You
• 6:22
  can
• 6:22
  think
• 6:22
  about
• 6:22
  the
• 6:22
  bread
• 6:23
  you
• 6:23
  know,
• 6:23
  bakery
• 6:24
  section,
• 6:24
  you
• 6:25
  can
• 6:25
  think
• 6:25
  about
• 6:25
  that
• 6:25
  hot
• 6:25
  buffet
• 6:26
  area,
• 6:26
  you
• 6:27
  know,
• 6:27
  for
• 6:27
  ready,
• 6:27
  ready
• 6:28
  to
• 6:28
  eat
• 6:28
  meals.
• 6:29
  Really
• 6:30
  invest
• 6:30
  in
• 6:31
  understanding
• 6:31
  that
• 6:32
  10
• 6:32
  minute
• 6:32
  drive
• 6:33
  radius
• 6:33
  who
• 6:33
  lives
• 6:33
  there
• 6:34
  and
• 6:34
  how
• 6:34
  do
• 6:34
  you
• 6:35
  scratch
• 6:35
  their
• 6:35
  itch
• 6:35
  when
• 6:35
  it
• 6:36
  comes
• 6:36
  to
• 6:36
  grocery
• 6:36
  beyond.
• 6:37
  Corn
• 6:38
  flakes
• 6:38
  are
• 6:38
  going
• 6:38
  to
• 6:38
  be
• 6:38
  really
• 6:38
  low
• 6:39
  price,
• 6:39
  you
• 6:39
  know,
• 6:39
  or
• 6:40
  you're
• 6:40
  going
• 6:40
  to
• 6:40
  get
• 6:40
  a
• 6:40
  Delivery
• 6:41
  today
• 6:41
  at
• 6:42
  5pm
• 6:42
  they
• 6:43
  might
• 6:43
  wait
• 6:43
  until
• 6:43
  tomorrow
• 6:44
  because
• 6:44
  you
• 6:44
  have,
• 6:45
  you
• 6:45
  know,
• 6:45
  a
• 6:46
  handful
• 6:46
  of
• 6:46
  products
• 6:47
  that
• 6:47
  mean
• 6:48
  a
• 6:48
  lot
• 6:48
  to
• 6:48
  that
• 6:49
  consumer
• 6:49
  and
• 6:50
  you
• 6:50
  know,
• 6:50
  the
• 6:50
  big
• 6:50
  shop.
• 6:51
  Right.
• 6:51
  Or
• 6:51
  whoever,
• 6:51
  not
• 6:51
  to
• 6:52
  throw
• 6:52
  out
• 6:52
  random
• 6:52
  names
• 6:52
  but
• 6:53
  you
• 6:53
  know,
• 6:54
  may
• 6:54
  not
• 6:54
  carry.
• 6:54
  They
• 6:54
  might
• 6:55
  just
• 6:55
  have
• 6:55
  a
• 6:55
  small,
• 6:55
  you
• 6:55
  know,
• 6:56
  aisle
• 6:56
  with
• 6:56
  some
• 6:56
  specialty
• 6:57
  items.
• 6:57
  I
• 6:57
  think
• 6:57
  that's
• 6:58
  where
• 6:58
  competitive
• 6:59
  advantage
• 6:59
  could
• 7:00
  really
• 7:00
  come
• 7:00
  into
• 7:00
  play.
• 7:01
  And
• 7:01
  the
• 7:01
  big
• 7:01
  guys
• 7:02
  likely
• 7:02
  just
• 7:03
  don't
• 7:03
  have
• 7:03
  the
• 7:03
  mind
• 7:03
  share.
• 7:04
  Right.
• 7:04
  They're
• 7:04
  operating
• 7:05
  at
• 7:05
  too
• 7:05
  high
• 7:05
  of
• 7:05
  a
• 7:05
  level
• 7:06
  so
• 7:06
  they're
• 7:06
  going
• 7:06
  to
• 7:06
  miss
• 7:07
  that
• 7:07
  consumer
• 7:07
  insight
• 7:07
  and
• 7:08
  it's
• 7:08
  a
• 7:08
  chance
• 7:08
  to
• 7:09
  create
• 7:09
  an
• 7:09
  advantage.
• 7:10
  Yeah,
• 7:11
  yeah.
• 7:11
  Just
• 7:11
  seems
• 7:12
  really
• 7:12
  hard
• 7:12
  to
• 7:12
  do
• 7:12
  though
• 7:13
  at
• 7:13
  the
• 7:13
  end
• 7:13
  of
• 7:13
  the
• 7:13
  day.
• 7:13
  Like
• 7:13
  I
• 7:13
  wonder
• 7:14
  if
• 7:14
  we're
• 7:14
  not
• 7:14
  sitting
• 7:14
  here
• 7:14
  looking,
• 7:15
  you
• 7:15
  know,
• 7:15
  10
• 7:15
  years
• 7:15
  from
• 7:16
  now
• 7:16
  looking
• 7:16
  at
• 7:16
  the
• 7:16
  circuit
• 7:17
  Cities
• 7:17
  of
• 7:17
  the
• 7:17
  world
• 7:17
  and
• 7:18
  the
• 7:18
  Toys
• 7:18
  R
• 7:19
  Us.
• 7:19
  Is
• 7:19
  the
• 7:19
  world
• 7:19
  getting,
• 7:20
  you
• 7:20
  know,
• 7:20
  getting
• 7:20
  hit
• 7:20
  by
• 7:20
  this?
• 7:21
  Yeah.
• 7:21
  Ken,
• 7:21
  you
• 7:22
  want
• 7:22
  to
• 7:22
  add
• 7:22
  something?
• 7:23
  Yeah,
• 7:23
  I
• 7:23
  mean
• 7:24
  it's
• 7:24
  going
• 7:24
  to
• 7:24
  be
• 7:24
  really,
• 7:24
  this
• 7:25
  is
• 7:25
  always
• 7:25
  interesting
• 7:25
  to
• 7:26
  me
• 7:26
  because
• 7:26
  I,
• 7:26
  you
• 7:27
  can
• 7:27
  see
• 7:27
  it
• 7:27
  already
• 7:27
  happening
• 7:28
  with
• 7:28
  the
• 7:28
  impact
• 7:28
  of
• 7:29
  Amazon
• 7:29
  on
• 7:30
  so
• 7:30
  many
• 7:30
  other
• 7:30
  local
• 7:31
  stores
• 7:31
  and
• 7:31
  chains
• 7:32
  where
• 7:32
  they're
• 7:32
  just
• 7:32
  really
• 7:33
  facing
• 7:33
  a
• 7:33
  struggle
• 7:34
  and
• 7:35
  are
• 7:35
  the,
• 7:36
  the
• 7:36
  consumer
• 7:37
  doesn't
• 7:37
  really
• 7:38
  realize
• 7:38
  what
• 7:38
  they're
• 7:39
  doing.
• 7:39
  But
• 7:39
  unfortunately
• 7:40
  there,
• 7:40
  there
• 7:41
  can
• 7:41
  be
• 7:41
  a
• 7:41
  day
• 7:42
  in
• 7:42
  our
• 7:42
  future
• 7:43
  where
• 7:43
  these
• 7:44
  stores
• 7:44
  start
• 7:44
  to
• 7:44
  close
• 7:44
  and
• 7:45
  everybody
• 7:45
  goes,
• 7:45
  well,
• 7:45
  what
• 7:45
  happened
• 7:46
  to
• 7:46
  the
• 7:46
  stores?
• 7:46
  I'm
• 7:47
  like,
• 7:47
  well
• 7:47
  you
• 7:47
  bought
• 7:48
  everything
• 7:48
  from
• 7:50
  Big
• 7:50
  Brother
• 7:51
  and
• 7:51
  the
• 7:51
  local
• 7:52
  store
• 7:53
  needed
• 7:53
  to
• 7:53
  sell
• 7:54
  some
• 7:54
  cornflakes
• 7:54
  to
• 7:54
  sell
• 7:55
  the
• 7:55
  raspberries.
• 7:55
  You
• 7:55
  know,
• 7:56
  it's,
• 7:56
  it's,
• 7:56
  it'll
• 7:57
  be
• 7:57
  interesting
• 7:57
  to
• 7:58
  see
• 7:58
  if
• 7:58
  they're,
• 7:59
  that
• 7:59
  inflection
• 7:59
  point
• 8:00
  finally
• 8:00
  starts
• 8:00
  to
• 8:00
  resonate
• 8:01
  with
• 8:01
  people.
• 8:01
  I
• 8:01
  doubt
• 8:02
  it
• 8:02
  will
• 8:02
  because
• 8:03
  I
• 8:03
  don't
• 8:04
  think
• 8:04
  consumers
• 8:04
  think
• 8:04
  that
• 8:05
  longer
• 8:05
  term.
• 8:06
  But
• 8:06
  it
• 8:06
  is
• 8:06
  something
• 8:06
  that
• 8:07
  concerns
• 8:07
  me
• 8:07
  because
• 8:07
  I
• 8:08
  just
• 8:08
  wonder,
• 8:08
  you
• 8:09
  know,
• 8:09
  when,
• 8:09
  when
• 8:09
  we
• 8:10
  lose
• 8:11
  some
• 8:11
  of
• 8:11
  that
• 8:11
  local
• 8:12
  delivery
• 8:13
  capability,
• 8:13
  what
• 8:14
  will
• 8:14
  happen
• 8:14
  to
• 8:14
  us?
• 8:15
  The
• 8:16
  other
• 8:16
  point
• 8:16
  too
• 8:16
  is
• 8:16
  curbside
• 8:17
  pickup
• 8:17
  is
• 8:17
  much
• 8:17
  more
• 8:17
  of
• 8:18
  a
• 8:18
  factor
• 8:18
  in
• 8:18
  these
• 8:19
  numbers
• 8:19
  than
• 8:19
  it
• 8:19
  was
• 8:20
  historically
• 8:20
  when
• 8:20
  you
• 8:21
  look
• 8:21
  at
• 8:21
  like
• 8:21
  the
• 8:21
  Toys
• 8:21
  R
• 8:21
  Us
• 8:22
  and
• 8:22
  the
• 8:22
  electronics
• 8:23
  impact.
• 8:23
  So
• 8:23
  that
• 8:24
  could
• 8:24
  be
• 8:24
  one
• 8:24
  thing
• 8:25
  that
• 8:25
  potentially
• 8:25
  gives
• 8:25
  them
• 8:26
  some
• 8:26
  benefit.
• 8:26
  But,
• 8:26
  and
• 8:27
  you
• 8:27
  get
• 8:27
  the
• 8:27
  last
• 8:27
  word
• 8:27
  here,
• 8:28
  what
• 8:28
  would
• 8:28
  you
• 8:28
  advise
• 8:29
  the
• 8:29
  regional
• 8:29
  grocers
• 8:30
  to
• 8:30
  do
• 8:30
  in
• 8:30
  light
• 8:30
  of
• 8:31
  the
• 8:31
  increasing
• 8:31
  E
• 8:32
  commerce
• 8:32
  grocery
• 8:32
  penetration
• 8:33
  statistics?
• 8:34
  Look
• 8:34
  I
• 8:35
  think
• 8:35
  it's
• 8:35
  exactly
• 8:36
  what
• 8:37
  all
• 8:37
  of
• 8:37
  you
• 8:37
  have
• 8:37
  said.
• 8:38
  You
• 8:38
  have
• 8:39
  to
• 8:39
  have
• 8:40
  a
• 8:40
  culture
• 8:40
  at
• 8:41
  a
• 8:41
  regional
• 8:41
  grocer
• 8:42
  that's
• 8:42
  ready
• 8:42
  to
• 8:43
  invest
• 8:43
  in
• 8:43
  the
• 8:43
  technology
• 8:44
  partners.
• 8:44
  They
• 8:44
  are
• 8:45
  not
• 8:45
  technology
• 8:45
  companies,
• 8:46
  they
• 8:46
  are
• 8:46
  pillars
• 8:47
  of
• 8:47
  their
• 8:47
  community.
• 8:47
  And
• 8:48
  the
• 8:48
  way
• 8:48
  that
• 8:48
  they
• 8:48
  stand
• 8:49
  out
• 8:49
  is
• 8:49
  by
• 8:49
  investing
• 8:50
  in
• 8:50
  being
• 8:51
  that
• 8:51
  place
• 8:52
  that
• 8:52
  their
• 8:52
  community
• 8:53
  goes
• 8:53
  to
• 8:53
  and
• 8:54
  can
• 8:54
  trust.
• 8:55
  However,
• 8:56
  the
• 8:56
  shoppers
• 8:56
  are
• 8:57
  being
• 8:57
  trained
• 8:57
  to
• 8:58
  expect
• 8:58
  same
• 8:58
  day
• 8:59
  delivery
• 8:59
  from,
• 9:00
  from,
• 9:00
  you
• 9:00
  know,
• 9:01
  Walmart
• 9:01
  and
• 9:01
  Amazon
• 9:02
  and
• 9:02
  all
• 9:02
  these,
• 9:03
  these
• 9:03
  other
• 9:03
  grocery
• 9:04
  providers,
• 9:04
  the
• 9:04
  big
• 9:05
  box
• 9:05
  stores.
• 9:06
  And
• 9:06
  so
• 9:06
  I
• 9:06
  think
• 9:06
  you
• 9:07
  have
• 9:07
  to
• 9:07
  be
• 9:07
  invested
• 9:08
  in
• 9:08
  how
• 9:08
  can
• 9:08
  I
• 9:09
  make
• 9:09
  my
• 9:09
  operations
• 9:10
  run
• 9:10
  as
• 9:10
  efficiently
• 9:11
  as
• 9:11
  possible
• 9:12
  and
• 9:12
  then
• 9:13
  how
• 9:13
  do
• 9:13
  I
• 9:13
  get
• 9:14
  some
• 9:14
  savings,
• 9:15
  some
• 9:15
  cost
• 9:15
  savings
• 9:16
  there
• 9:16
  that
• 9:16
  I
• 9:16
  can
• 9:16
  then
• 9:16
  pass
• 9:17
  on
• 9:17
  to,
• 9:18
  you
• 9:18
  know,
• 9:18
  investing
• 9:19
  in
• 9:19
  more,
• 9:20
  you
• 9:20
  know,
• 9:21
  in,
• 9:21
  in
• 9:21
  these
• 9:21
  delivery
• 9:22
  platforms
• 9:22
  or
• 9:23
  lowering
• 9:23
  prices
• 9:24
  for
• 9:24
  my
• 9:24
  loyalty
• 9:25
  members
• 9:25
  or
• 9:25
  things
• 9:26
  like
• 9:26
  that.
• 9:26
  I
• 9:26
  think
• 9:27
  it's
• 9:27
  really
• 9:27
  creating
• 9:28
  a
• 9:28
  cultural
• 9:29
  shift
• 9:29
  within
• 9:29
  these
• 9:29
  regionals
• 9:30
  of
• 9:31
  how
• 9:31
  they're
• 9:31
  going
• 9:31
  to
• 9:32
  approach
• 9:32
  the
• 9:32
  business
• 9:33
  to
• 9:33
  withstand
• 9:34
  the
• 9:35
  next
• 9:35
  10
• 9:35
  years
• 9:35
  and
• 9:36
  some
• 9:36
  of
• 9:36
  these
• 9:37
  competitors.
• 9:37
  But
• 9:38
  I
• 9:38
  do
• 9:38
  think
• 9:38
  there's
• 9:39
  still
• 9:39
  a
• 9:39
  place
• 9:39
  for
• 9:39
  regional
• 9:40
  grocers
• 9:40
  and
• 9:40
  I
• 9:40
  think
• 9:41
  we
• 9:41
  heard
• 9:41
  that
• 9:41
  loud
• 9:41
  and
• 9:42
  clear
• 9:42
  at
• 9:42
  FMI
• 9:43
  a
• 9:43
  couple
• 9:43
  of
• 9:43
  weeks
• 9:43
  ago
• 9:43
  from
• 9:43
  Lateran
• 9:44
  at
• 9:45
  Lowe's
• 9:45
  Foods,
• 9:45
  from
• 9:45
  Melissa
• 9:46
  Vecchio
• 9:46
  at
• 9:46
  Fresh
• 9:47
  Market,
• 9:47
  from
• 9:47
  the
• 9:48
  Schnooks
• 9:48
  team.
• 9:48
  Like
• 9:49
  everybody
• 9:50
  there,
• 9:50
  they,
• 9:51
  they
• 9:51
  are
• 9:51
  still,
• 9:51
  there's
• 9:52
  still
• 9:52
  a
• 9:52
  place
• 9:52
  for
• 9:52
  that,
• 9:53
  there's
• 9:53
  still
• 9:53
  a
• 9:54
  reason
• 9:54
  to
• 9:54
  go
• 9:55
  to
• 9:55
  those
• 9:55
  stores
• 9:55
  because
• 9:56
  they
• 9:56
  invest
• 9:56
  in
• 9:56
  their
• 9:57
  community.
• 9:57
  So
• 9:57
  I
• 9:57
  think
• 9:57
  that's
• 9:58
  going
• 9:58
  to
• 9:58
  be
• 9:58
  a
• 9:58
  key
• 9:59
  component
• 9:59
  to
• 9:59
  their
• 10:00
  success
• 10:00
  is
• 10:01
  investing
• 10:01
  in
• 10:01
  technology
• 10:02
  in
• 10:02
  the
• 10:02
  future
• 10:02
  and
• 10:03
  then
• 10:03
  still
• 10:03
  being
• 10:04
  that
• 10:04
  pillar,
• 10:05
  that
• 10:05
  destination,
• 10:06
  that
• 10:06
  trusted
• 10:07
  resource
• 10:07
  in
• 10:08
  the
• 10:08
  community
• 10:09
  that
• 10:09
  that's
• 10:10
  focused
• 10:10
  on
• 10:10
  serving
• 10:10
  their,
• 10:11
  their
• 10:11
  customers
• 10:11
  with
• 10:12
  the
• 10:12
  best
• 10:12
  price
• 10:12
  possible
• 10:12
  and
• 10:13
  the
• 10:13
  best
• 10:13
  quality,
• 10:13
  quality
• 10:13
  produce
• 10:14
  possible
• 10:14
  and,
• 10:15
  and
• 10:15
  food.
• 10:15
  I
• 10:16
  was
• 10:16
  just
• 10:16
  going
• 10:16
  to
• 10:16
  say
• 10:16
  one
• 10:16
  thing.
• 10:17
  One
• 10:17
  of
• 10:17
  those
• 10:17
  regional
• 10:18
  stores
• 10:18
  that
• 10:18
  you
• 10:18
  were
• 10:19
  just
• 10:19
  talking
• 10:19
  about,
• 10:20
  they
• 10:20
  opened
• 10:20
  a
• 10:21
  beer
• 10:21
  garden
• 10:21
  in
• 10:22
  their
• 10:22
  store
• 10:23
  and
• 10:23
  I
• 10:23
  was
• 10:23
  like,
• 10:24
  who
• 10:24
  in
• 10:24
  the
• 10:24
  world's
• 10:24
  gonna
• 10:25
  go
• 10:25
  drink
• 10:26
  beer
• 10:26
  at
• 10:26
  the
• 10:26
  grocery
• 10:27
  store?
• 10:27
  And
• 10:27
  I
• 10:28
  could
• 10:28
  not
• 10:28
  have
• 10:28
  been
• 10:28
  more
• 10:29
  wrong.
• 10:29
  There
• 10:29
  are
• 10:30
  like,
• 10:30
  Thursday
• 10:31
  night,
• 10:31
  the
• 10:31
  grocery
• 10:32
  store
• 10:32
  has
• 10:32
  become
• 10:32
  the
• 10:33
  social
• 10:33
  hub.
• 10:34
  People
• 10:34
  go
• 10:34
  hang
• 10:34
  out
• 10:35
  and
• 10:35
  then
• 10:35
  they
• 10:35
  go
• 10:35
  buy
• 10:35
  groceries
• 10:36
  drinking
• 10:36
  beer.
• 10:37
  And
• 10:37
  I
• 10:37
  just,
• 10:37
  you
• 10:38
  know,
• 10:38
  that's
• 10:38
  out
• 10:38
  of
• 10:38
  the
• 10:38
  box
• 10:39
  thinking
• 10:39
  that
• 10:39
  made
• 10:39
  people
• 10:40
  want
• 10:40
  to
• 10:40
  go
• 10:40
  to
• 10:40
  the
• 10:40
  store
• 10:41
  and
• 10:41
  that's
• 10:41
  how
• 10:41
  some
• 10:41
  of
• 10:41
  these
• 10:42
  regional
• 10:42
  guys
• 10:42
  will
• 10:42
  pull
• 10:42
  this
• 10:43
  off.
• 10:43
  It's
• 10:43
  not,
• 10:44
  it's
• 10:44
  not
• 10:44
  all
• 10:44
  about
• 10:44
  the
• 10:44
  cheapest
• 10:45
  price.
• 10:45
  It's
• 10:45
  about
• 10:45
  an
• 10:46
  experience
• 10:46
  a
• 10:46
  little
• 10:46
  bit.
• 10:47
  So
• 10:47
  that's
• 10:47
  one
• 10:47
  way
• 10:48
  you
• 10:48
  can
• 10:48
  reach
• 10:48
  those
• 10:48
  folks.
• 10:49
  Yeah,
• 10:49
  and
• 10:49
  I
• 10:50
  don't
• 10:50
  necessarily
• 10:50
  think
• 10:50
  it's
• 10:50
  about
• 10:51
  tech
• 10:51
  either.
• 10:51
  I
• 10:51
  think
• 10:51
  what
• 10:52
  I
• 10:52
  would
• 10:52
  say
• 10:52
  is
• 10:52
  instead
• 10:52
  of
• 10:52
  investing
• 10:53
  in
• 10:53
  tech
• 10:53
  and
• 10:53
  assuming
• 10:54
  the
• 10:54
  tech
• 10:54
  is
• 10:54
  table
• 10:55
  stakes,
• 10:55
  I'd
• 10:55
  be
• 10:55
  investing
• 10:56
  in
• 10:56
  what
• 10:56
  brings
• 10:56
  you
• 10:57
  differentiation
• 10:57
  in
• 10:58
  the
• 10:58
  marketplace.
• 10:59
  That's
• 10:59
  how
• 10:59
  I'd
• 10:59
  be
• 10:59
  thinking
• 11:00
  about
• 11:00
  it,
• 11:00
  because
• 11:00
  tech
• 11:01
  can.
• 11:01
  There's
• 11:01
  been
• 11:02
  a
• 11:02
  lot
• 11:02
  of
• 11:02
  tech
• 11:02
  investments
• 11:02
  that
• 11:03
  haven't
• 11:03
  paid
• 11:03
  off.
• 11:03
  And
• 11:03
  Trader
• 11:04
  Joe's
• 11:04
  is
• 11:04
  a
• 11:04
  great
• 11:04
  example
• 11:05
  of
• 11:05
  somebody
• 11:05
  that
• 11:05
  is
• 11:06
  not
• 11:06
  a
• 11:06
  very
• 11:06
  tech
• 11:06
  forward
• 11:06
  retailer.
• 11:07
  And
• 11:07
  that
• 11:08
  store
• 11:08
  is
• 11:08
  always
• 11:08
  packed
• 11:09
  because
• 11:09
  they
• 11:09
  know
• 11:09
  how
• 11:09
  to
• 11:10
  differentiate
• 11:10
  themselves.