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Is Sam’s Club Being Too Optimistic About Its Growth Potential? · Omni Talk Retail

• 0:00
  Sam's
• 0:00
  Club
• 0:00
  is
• 0:00
  speeding
• 0:01
  up
• 0:01
  its
• 0:01
  expansion
• 0:02
  plans.
• 0:02
  According
• 0:03
  to
• 0:03
  CNBC,
• 0:03
  Walmart
• 0:04
  owned
• 0:04
  Sam's
• 0:04
  Club
• 0:05
  plans
• 0:05
  to
• 0:05
  open
• 0:06
  15
• 0:06
  clubs
• 0:07
  per
• 0:07
  year
• 0:07
  and
• 0:08
  renovate
• 0:08
  all
• 0:08
  of
• 0:09
  its
• 0:09
  approximately
• 0:10
  600
• 0:10
  locations
• 0:11
  in
• 0:11
  the
• 0:11
  U.S.
• 0:12
  cEO
• 0:12
  Chris
• 0:12
  Nicholas
• 0:13
  said
• 0:13
  last
• 0:13
  Wednesday
• 0:14
  at
• 0:14
  a
• 0:14
  recent
• 0:15
  investor
• 0:15
  day.
• 0:16
  With
• 0:16
  a
• 0:16
  boost
• 0:16
  from
• 0:16
  these
• 0:17
  new
• 0:17
  locations,
• 0:18
  Sam's
• 0:18
  Club
• 0:18
  aims
• 0:19
  to
• 0:19
  double
• 0:19
  its
• 0:19
  membership
• 0:20
  over
• 0:20
  the
• 0:20
  next
• 0:20
  eight
• 0:20
  to
• 0:21
  10
• 0:21
  years.
• 0:21
  Nicholas
• 0:22
  also
• 0:22
  said
• 0:23
  in
• 0:23
  an
• 0:23
  interview
• 0:24
  with
• 0:24
  CNBC,
• 0:24
  Nicholas
• 0:25
  said
• 0:25
  he's
• 0:25
  confident
• 0:26
  that
• 0:26
  demand
• 0:26
  for
• 0:26
  Sam's
• 0:27
  Club
• 0:27
  will
• 0:27
  hold
• 0:27
  up
• 0:28
  even
• 0:28
  if
• 0:28
  the
• 0:28
  economic
• 0:29
  backdrop
• 0:29
  gets
• 0:29
  worse.
• 0:30
  In
• 0:30
  fact,
• 0:30
  he
• 0:31
  said
• 0:31
  that
• 0:31
  the
• 0:31
  Warehouse
• 0:31
  House
• 0:32
  Club's
• 0:32
  focus
• 0:32
  on
• 0:33
  saving
• 0:33
  customers
• 0:33
  money
• 0:34
  may
• 0:34
  gain
• 0:35
  even
• 0:36
  more
• 0:36
  relevance.
• 0:37
  Chris,
• 0:38
  do
• 0:38
  you
• 0:38
  share
• 0:38
  our
• 0:39
  friend
• 0:39
  at
• 0:39
  Sam's
• 0:40
  Club,
• 0:40
  Chris
• 0:40
  Nicholas's
• 0:41
  optimism
• 0:42
  about
• 0:43
  its
• 0:43
  store
• 0:44
  expansion
• 0:45
  plans?
• 0:46
  Oh,
• 0:47
  a
• 0:47
  hundred
• 0:47
  percent.
• 0:47
  One
• 0:48
  hundred
• 0:48
  percent.
• 0:48
  I
• 0:48
  do.
• 0:48
  Okay.
• 0:49
  I'm.
• 0:49
  Yeah.
• 0:50
  Why?
• 0:50
  I,
• 0:50
  I
• 0:51
  do.
• 0:51
  Well,
• 0:51
  I
• 0:51
  think
• 0:52
  there's
• 0:52
  three
• 0:52
  reasons,
• 0:52
  like
• 0:53
  when
• 0:53
  I
• 0:53
  get
• 0:53
  down
• 0:53
  to
• 0:53
  it.
• 0:53
  So
• 0:54
  first,
• 0:54
  Sam's
• 0:54
  Club's
• 0:55
  been
• 0:55
  on
• 0:55
  a
• 0:55
  massive
• 0:55
  winning
• 0:56
  streak
• 0:56
  already.
• 0:56
  So
• 0:56
  in
• 0:57
  its
• 0:57
  most
• 0:57
  recent
• 0:57
  quarter,
• 0:58
  Sam's
• 0:58
  Club
• 0:58
  delivered
• 0:59
  a
• 0:59
  6.8%.
• 1:00
  I
• 1:00
  looked
• 1:00
  this
• 1:00
  up
• 1:01
  in
• 1:01
  a
• 1:01
  6.8%
• 1:02
  sales
• 1:02
  comp,
• 1:02
  which
• 1:03
  excludes
• 1:03
  fuel
• 1:04
  for
• 1:04
  those
• 1:04
  that
• 1:04
  were
• 1:04
  curious.
• 1:05
  And,
• 1:06
  and
• 1:06
  that's
• 1:06
  amid
• 1:07
  macroeconomic
• 1:07
  conditions
• 1:08
  that
• 1:08
  have
• 1:08
  not
• 1:08
  been
• 1:08
  great.
• 1:09
  I
• 1:09
  mean,
• 1:09
  let's
• 1:09
  call
• 1:09
  it
• 1:09
  like
• 1:09
  it
• 1:10
  is.
• 1:10
  So
• 1:10
  yeah,
• 1:11
  that's
• 1:11
  one
• 1:11
  second
• 1:12
  point.
• 1:13
  Sam's
• 1:13
  Club
• 1:13
  has
• 1:14
  also
• 1:14
  seen
• 1:14
  explosive
• 1:15
  growth
• 1:15
  both
• 1:16
  online
• 1:16
  and
• 1:17
  in
• 1:17
  store.
• 1:18
  E
• 1:18
  Commerce
• 1:19
  sales
• 1:19
  were
• 1:20
  up
• 1:20
  24%
• 1:21
  in
• 1:21
  the
• 1:21
  same
• 1:22
  quarter
• 1:22
  and
• 1:23
  the
• 1:23
  use
• 1:23
  of
• 1:23
  its
• 1:23
  Scan
• 1:24
  and
• 1:24
  Go
• 1:24
  shopping
• 1:24
  app,
• 1:24
  which
• 1:24
  we've
• 1:25
  talked
• 1:25
  about
• 1:25
  a
• 1:25
  lot
• 1:25
  on
• 1:25
  this
• 1:26
  show,
• 1:26
  hit
• 1:26
  an
• 1:27
  all
• 1:27
  time
• 1:27
  high
• 1:28
  during
• 1:28
  the
• 1:28
  same
• 1:29
  period.
• 1:29
  As
• 1:29
  we've
• 1:29
  talked
• 1:29
  about
• 1:30
  with
• 1:30
  many
• 1:30
  executives,
• 1:31
  one
• 1:31
  in
• 1:31
  three
• 1:32
  shoppers
• 1:32
  at
• 1:33
  Sam's
• 1:33
  Club
• 1:33
  regularly
• 1:34
  use
• 1:34
  Scan
• 1:34
  and
• 1:35
  Go.
• 1:35
  That's
• 1:35
  one
• 1:35
  in
• 1:36
  three.
• 1:36
  So
• 1:37
  I'm
• 1:37
  going
• 1:37
  to
• 1:37
  go
• 1:37
  out
• 1:37
  on
• 1:37
  a
• 1:37
  limb
• 1:37
  here,
• 1:38
  but
• 1:38
  I'm
• 1:38
  guessing
• 1:38
  that
• 1:38
  Costco's
• 1:39
  mobile
• 1:39
  app
• 1:39
  usage
• 1:40
  in
• 1:40
  store
• 1:41
  is
• 1:41
  nowhere
• 1:42
  near
• 1:42
  that
• 1:42
  high.
• 1:42
  Like
• 1:42
  I've,
• 1:43
  I've
• 1:43
  never
• 1:43
  even
• 1:43
  seen
• 1:44
  anyone
• 1:44
  personally
• 1:44
  using
• 1:45
  the
• 1:45
  Costco
• 1:45
  app
• 1:45
  and
• 1:46
  there's.
• 1:46
  No
• 1:46
  reason,
• 1:47
  there's
• 1:47
  nothing
• 1:48
  in
• 1:48
  there
• 1:48
  that,
• 1:49
  that
• 1:49
  makes
• 1:49
  sense
• 1:49
  to
• 1:49
  use.
• 1:50
  I
• 1:50
  mean
• 1:50
  there's
• 1:50
  no,
• 1:51
  like,
• 1:51
  it's
• 1:52
  not
• 1:52
  couponing.
• 1:53
  Like,
• 1:53
  it's
• 1:53
  just,
• 1:53
  it's
• 1:54
  no,
• 1:54
  it's
• 1:54
  showing.
• 1:54
  It's
• 1:55
  more
• 1:55
  of
• 1:55
  a
• 1:55
  prep
• 1:55
  for
• 1:56
  the
• 1:56
  Costco
• 1:57
  shopping
• 1:57
  trip
• 1:57
  than
• 1:57
  it
• 1:57
  is
• 1:58
  if.
• 1:58
  You'Re
• 1:58
  even
• 1:58
  using
• 1:58
  it
• 1:58
  for
• 1:59
  that.
• 1:59
  Right.
• 1:59
  So
• 1:59
  like,
• 2:00
  and
• 2:00
  so
• 2:00
  those
• 2:00
  are
• 2:00
  my
• 2:00
  first
• 2:01
  two
• 2:01
  points.
• 2:01
  But
• 2:01
  the
• 2:01
  third
• 2:01
  point
• 2:02
  is
• 2:02
  Sam's
• 2:03
  Club
• 2:03
  is
• 2:03
  also
• 2:03
  winning
• 2:04
  with
• 2:04
  young
• 2:04
  people.
• 2:04
  So
• 2:04
  is
• 2:05
  Costco
• 2:05
  too.
• 2:05
  But
• 2:05
  Sam's
• 2:05
  Club
• 2:06
  has
• 2:06
  reported
• 2:07
  record
• 2:07
  highs
• 2:08
  in
• 2:08
  membership
• 2:08
  numbers
• 2:09
  and
• 2:09
  renewal
• 2:09
  rates,
• 2:10
  with
• 2:10
  particularly
• 2:11
  strong
• 2:11
  growth
• 2:11
  among
• 2:12
  gen
• 2:12
  Z
• 2:12
  at
• 2:13
  63%
• 2:14
  growth
• 2:14
  over
• 2:14
  the
• 2:14
  last
• 2:14
  two
• 2:15
  years
• 2:15
  and
• 2:15
  millennials
• 2:16
  at
• 2:16
  14%
• 2:16
  over
• 2:17
  the
• 2:17
  last
• 2:17
  two
• 2:17
  years.
• 2:18
  So
• 2:18
  the
• 2:18
  combination,
• 2:19
  I
• 2:19
  think
• 2:19
  of
• 2:19
  digital
• 2:20
  first
• 2:20
  of,
• 2:21
  of
• 2:21
  a
• 2:21
  digital
• 2:21
  first
• 2:22
  shopping
• 2:22
  experience
• 2:22
  and
• 2:22
  a
• 2:23
  growing
• 2:23
  percentage
• 2:23
  of
• 2:24
  younger
• 2:24
  people
• 2:24
  shopping
• 2:25
  at
• 2:25
  stores
• 2:26
  means
• 2:26
  that
• 2:26
  Sam's
• 2:26
  Club
• 2:27
  is
• 2:27
  positioned
• 2:27
  to
• 2:27
  create
• 2:28
  the
• 2:28
  most
• 2:29
  one
• 2:29
  to
• 2:29
  one
• 2:29
  personalized
• 2:30
  shopping
• 2:30
  experience
• 2:31
  out
• 2:31
  there.
• 2:31
  Yeah.
• 2:32
  So
• 2:32
  from
• 2:32
  a
• 2:32
  retail
• 2:33
  media
• 2:33
  perspective,
• 2:34
  Sam's
• 2:34
  Club,
• 2:35
  by
• 2:35
  way
• 2:35
  of
• 2:36
  Scan
• 2:36
  and
• 2:36
  Go
• 2:36
  app,
• 2:36
  has
• 2:36
  basically
• 2:37
  a
• 2:37
  virtual
• 2:37
  menu
• 2:38
  board
• 2:38
  to
• 2:38
  serve
• 2:38
  up
• 2:38
  advertisements
• 2:39
  to
• 2:40
  one
• 2:40
  third
• 2:40
  of
• 2:40
  its
• 2:40
  shoppers.
• 2:41
  And
• 2:41
  that
• 2:42
  number's
• 2:42
  only
• 2:42
  going
• 2:42
  to
• 2:42
  grow
• 2:43
  because
• 2:43
  they're
• 2:43
  only
• 2:43
  getting
• 2:43
  younger.
• 2:44
  And
• 2:44
  so
• 2:45
  yes,
• 2:45
  I'm
• 2:46
  buying
• 2:46
  into
• 2:46
  this
• 2:46
  because
• 2:47
  Costco
• 2:47
  can't
• 2:48
  touch
• 2:48
  that.
• 2:48
  You
• 2:48
  know,
• 2:49
  it's
• 2:49
  MC
• 2:49
  Hammer
• 2:50
  Costco.
• 2:50
  You
• 2:50
  can't
• 2:51
  touch
• 2:51
  this.
• 2:51
  So,
• 2:52
  you
• 2:52
  know,
• 2:52
  so
• 2:52
  I'm
• 2:53
  by,
• 2:53
  I'm
• 2:53
  also
• 2:53
  buying
• 2:54
  whatever
• 2:54
  Chris
• 2:54
  Nicholas
• 2:54
  is
• 2:54
  throwing
• 2:55
  down.
• 2:55
  I,
• 2:55
  I
• 2:55
  like
• 2:55
  Chris
• 2:56
  Nicholas.
• 2:56
  He
• 2:56
  seems
• 2:56
  like
• 2:56
  a
• 2:57
  really
• 2:57
  smart
• 2:57
  dude,
• 2:57
  really
• 2:58
  shrewd
• 2:58
  dude.
• 2:59
  So,
• 3:00
  yeah,
• 3:00
  I'm
• 3:00
  all
• 3:00
  in.
• 3:00
  What
• 3:00
  about
• 3:01
  you
• 3:01
  though?
• 3:01
  You're
• 3:01
  probably
• 3:01
  all
• 3:02
  in
• 3:02
  too,
• 3:02
  because
• 3:02
  you
• 3:02
  love
• 3:02
  Sam.
• 3:03
  Yeah,
• 3:03
  I
• 3:03
  mean,
• 3:03
  I,
• 3:03
  I
• 3:04
  think
• 3:04
  I,
• 3:04
  I
• 3:05
  love
• 3:05
  Sam's
• 3:06
  Club.
• 3:06
  I
• 3:06
  still
• 3:07
  think
• 3:07
  that
• 3:07
  Sam's
• 3:08
  Club
• 3:08
  has
• 3:08
  an
• 3:09
  awareness
• 3:09
  problem
• 3:10
  and
• 3:10
  I
• 3:10
  think
• 3:11
  that's
• 3:11
  where
• 3:11
  they
• 3:11
  need
• 3:11
  to
• 3:12
  focus
• 3:12
  because
• 3:12
  they
• 3:12
  need
• 3:13
  to
• 3:13
  start
• 3:13
  drawing
• 3:14
  customers
• 3:15
  away
• 3:15
  from
• 3:15
  Costco.
• 3:16
  I
• 3:16
  think
• 3:17
  you,
• 3:17
  you
• 3:17
  ask
• 3:17
  the
• 3:18
  average
• 3:18
  millennial
• 3:19
  right
• 3:19
  now
• 3:19
  in
• 3:19
  the
• 3:19
  US
• 3:20
  or,
• 3:21
  or
• 3:21
  Gen
• 3:21
  X
• 3:22
  individual
• 3:23
  in
• 3:23
  the
• 3:23
  US
• 3:24
  Right
• 3:24
  now,
• 3:24
  and
• 3:24
  I
• 3:24
  think
• 3:24
  that
• 3:25
  they
• 3:25
  lean
• 3:25
  towards
• 3:26
  Costco
• 3:26
  because
• 3:27
  it's,
• 3:28
  you
• 3:28
  know,
• 3:28
  it's
• 3:28
  what
• 3:28
  they
• 3:29
  know
• 3:29
  it,
• 3:29
  they
• 3:29
  are
• 3:30
  seeing
• 3:30
  more
• 3:30
  things
• 3:31
  on
• 3:32
  their
• 3:32
  social
• 3:32
  feeds
• 3:32
  and
• 3:32
  Sam's
• 3:33
  Club
• 3:33
  is
• 3:33
  working
• 3:34
  on
• 3:34
  doing
• 3:34
  this
• 3:35
  and
• 3:35
  I
• 3:35
  think
• 3:35
  that
• 3:36
  it's
• 3:36
  a
• 3:36
  great
• 3:36
  way,
• 3:37
  these
• 3:37
  remodels
• 3:38
  are
• 3:38
  a
• 3:38
  great
• 3:38
  way
• 3:39
  to
• 3:39
  help
• 3:40
  them
• 3:40
  gain
• 3:41
  relevance
• 3:41
  with
• 3:42
  that
• 3:42
  audience.
• 3:42
  I
• 3:42
  think
• 3:43
  it's
• 3:43
  a
• 3:43
  matter
• 3:43
  of
• 3:43
  getting
• 3:44
  people
• 3:44
  in
• 3:44
  the
• 3:44
  door
• 3:45
  and
• 3:45
  once
• 3:45
  they
• 3:45
  get
• 3:46
  somebody
• 3:46
  in
• 3:46
  the
• 3:46
  door,
• 3:46
  they
• 3:47
  use
• 3:47
  the
• 3:47
  Scan
• 3:48
  and
• 3:48
  Go
• 3:48
  app.
• 3:48
  They
• 3:48
  see
• 3:48
  how
• 3:49
  much
• 3:49
  simpler
• 3:50
  and
• 3:50
  more
• 3:50
  convenient
• 3:51
  and
• 3:51
  better
• 3:52
  laid
• 3:52
  out
• 3:52
  that
• 3:53
  Sam's
• 3:53
  Club
• 3:53
  shopping
• 3:54
  experiences,
• 3:54
  I
• 3:54
  think
• 3:55
  that
• 3:55
  they'll
• 3:55
  be
• 3:56
  hooked.
• 3:56
  It's
• 3:56
  just
• 3:57
  going
• 3:57
  to
• 3:57
  be
• 3:57
  getting
• 3:57
  people
• 3:58
  into
• 3:58
  those
• 3:58
  stores.
• 3:59
  So
• 3:59
  for
• 3:59
  me
• 4:00
  it's
• 4:00
  less
• 4:00
  about,
• 4:01
  you
• 4:01
  know,
• 4:02
  whether
• 4:02
  I'm
• 4:02
  in
• 4:02
  on
• 4:02
  the
• 4:02
  remodels.
• 4:03
  I
• 4:03
  think
• 4:03
  that's
• 4:03
  a
• 4:03
  great,
• 4:04
  a
• 4:04
  great
• 4:04
  move,
• 4:05
  but
• 4:05
  I
• 4:05
  just
• 4:05
  think
• 4:05
  it's
• 4:05
  going
• 4:05
  to
• 4:06
  be
• 4:06
  focusing
• 4:07
  again
• 4:07
  on
• 4:07
  some
• 4:07
  of
• 4:07
  those
• 4:08
  other
• 4:08
  components
• 4:09
  of
• 4:09
  how
• 4:09
  you
• 4:09
  get
• 4:10
  people
• 4:10
  to,
• 4:10
  to
• 4:11
  kind
• 4:11
  of
• 4:11
  convert
• 4:12
  and
• 4:12
  walk
• 4:12
  through
• 4:12
  the
• 4:13
  door.
• 4:13
  And
• 4:13
  one
• 4:14
  reason
• 4:14
  I
• 4:14
  think
• 4:14
  that
• 4:14
  that
• 4:15
  could
• 4:15
  help
• 4:15
  them
• 4:16
  is
• 4:16
  tapping
• 4:17
  into
• 4:18
  their
• 4:18
  partnership
• 4:19
  and
• 4:19
  their
• 4:19
  relationship.
• 4:19
  With
• 4:20
  Walmart
• 4:20
  plus
• 4:21
  plus.
• 4:21
  And
• 4:21
  with
• 4:21
  Walmart,
• 4:22
  because
• 4:22
  I
• 4:22
  think
• 4:22
  that
• 4:23
  once
• 4:23
  you
• 4:23
  start
• 4:23
  to
• 4:23
  get
• 4:24
  more
• 4:24
  of
• 4:24
  those
• 4:25
  shoppers
• 4:26
  from
• 4:26
  these
• 4:26
  demographics
• 4:27
  into
• 4:27
  the
• 4:27
  Walmart
• 4:28
  universe
• 4:29
  and
• 4:29
  you
• 4:29
  start
• 4:29
  to
• 4:29
  see,
• 4:29
  like,
• 4:30
  oh,
• 4:30
  my,
• 4:30
  I
• 4:30
  get
• 4:31
  fuel
• 4:31
  discounts
• 4:31
  at
• 4:32
  Sam's
• 4:32
  Club,
• 4:32
  like,
• 4:32
  you
• 4:33
  start
• 4:33
  to
• 4:33
  pull
• 4:33
  people
• 4:34
  into
• 4:34
  that.
• 4:34
  And
• 4:34
  then
• 4:35
  I
• 4:35
  think
• 4:35
  it's
• 4:35
  all
• 4:35
  boats
• 4:36
  under
• 4:36
  the
• 4:36
  Walmart
• 4:37
  umbrella
• 4:37
  rise.
• 4:38
  And
• 4:38
  I
• 4:38
  think
• 4:38
  Sam's
• 4:39
  Club
• 4:39
  increases
• 4:39
  and
• 4:40
  Walmart
• 4:40
  plus
• 4:40
  increases
• 4:41
  as
• 4:41
  a
• 4:41
  result.
• 4:42
  So
• 4:42
  I
• 4:42
  think
• 4:42
  there's
• 4:43
  a
• 4:43
  lot
• 4:43
  of
• 4:43
  good
• 4:44
  to
• 4:44
  come
• 4:44
  from
• 4:44
  this.
• 4:45
  It's.
• 4:46
  It's
• 4:46
  not
• 4:46
  just
• 4:47
  going
• 4:47
  to
• 4:47
  be
• 4:47
  in
• 4:47
  the
• 4:47
  remodels.
• 4:48
  I
• 4:48
  think
• 4:48
  there's
• 4:48
  a
• 4:49
  lot
• 4:49
  of
• 4:49
  other
• 4:49
  outside
• 4:50
  work
• 4:50
  to
• 4:50
  do,
• 4:50
  but
• 4:50
  I
• 4:50
  think
• 4:51
  Sam's
• 4:51
  Club
• 4:51
  is
• 4:51
  in
• 4:51
  a
• 4:52
  really
• 4:52
  position
• 4:53
  to
• 4:53
  just
• 4:54
  leapfrog
• 4:54
  over
• 4:55
  Costco
• 4:55
  in
• 4:55
  the
• 4:55
  coming
• 4:56
  years.
• 4:57
  Yeah,
• 4:57
  100%.
• 4:58
  Yeah.
• 4:58
  And,
• 4:58
  and
• 4:59
  you
• 4:59
  know,
• 4:59
  I've
• 4:59
  been
• 4:59
  a
• 4:59
  long
• 4:59
  a
• 5:00
  proponent
• 5:00
  of
• 5:00
  that
• 5:00
  idea
• 5:01
  of,
• 5:01
  of
• 5:01
  merging
• 5:02
  those
• 5:02
  two
• 5:02
  membership
• 5:03
  programs.
• 5:03
  And,
• 5:03
  you
• 5:04
  know,
• 5:04
  I'm
• 5:04
  curious
• 5:04
  to
• 5:04
  see
• 5:04
  if
• 5:04
  they
• 5:04
  ever
• 5:05
  pull
• 5:05
  the
• 5:05
  trigger
• 5:05
  on
• 5:05
  that.
• 5:06
  But.
• 5:06
  Yeah,
• 5:06
  and
• 5:07
  I
• 5:07
  forgot,
• 5:07
  too,
• 5:07
  they
• 5:07
  have
• 5:07
  the
• 5:07
  whole,
• 5:08
  like,
• 5:08
  automated
• 5:09
  checkout
• 5:09
  process
• 5:10
  too,
• 5:10
  where
• 5:10
  you
• 5:11
  go
• 5:11
  through
• 5:11
  the,
• 5:11
  the
• 5:12
  whatever.
• 5:12
  What,
• 5:12
  the
• 5:13
  archway,
• 5:13
  you
• 5:14
  know,
• 5:14
  like.
• 5:14
  So,
• 5:14
  yeah,
• 5:15
  they
• 5:15
  got
• 5:15
  a
• 5:15
  lot
• 5:15
  of
• 5:15
  cool
• 5:16
  things
• 5:16
  going
• 5:16
  and
• 5:16
  I,
• 5:17
  you
• 5:17
  know,
• 5:17
  15
• 5:18
  stores,
• 5:18
  I
• 5:18
  think.
• 5:18
  Yeah,
• 5:19
  let's
• 5:19
  be
• 5:19
  bullish
• 5:19
  about
• 5:20
  that.
• 5:20
  So.
• 5:20
  Yeah.