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Fast Five Shorts | Target: Dull Or Chic? · Omni Talk Retail

• 0:00
  Line
• 0:00
  number
• 0:00
  one
• 0:01
  is
• 0:01
  from
• 0:01
  the
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  Wall
• 0:01
  Street
• 0:01
  Journal
• 0:02
  this
• 0:02
  week,
• 0:02
  which
• 0:03
  asked
• 0:03
  if
• 0:03
  Target
• 0:04
  has
• 0:04
  moved
• 0:05
  from
• 0:05
  cheap
• 0:06
  chic
• 0:06
  to
• 0:07
  a
• 0:07
  dull
• 0:07
  chore.
• 0:08
  According
• 0:08
  to
• 0:08
  the
• 0:08
  Journal,
• 0:09
  Target's
• 0:09
  share
• 0:09
  price
• 0:10
  tumbled
• 0:10
  more
• 0:10
  than
• 0:10
  20%
• 0:11
  after
• 0:11
  the
• 0:11
  company
• 0:12
  reported
• 0:12
  another
• 0:13
  disappointing
• 0:13
  quarter
• 0:14
  and
• 0:14
  executives
• 0:15
  lowered
• 0:15
  financial
• 0:16
  targets
• 0:16
  they
• 0:16
  had
• 0:16
  set
• 0:17
  back
• 0:17
  in
• 0:17
  August.
• 0:18
  The
• 0:18
  shares
• 0:18
  have
• 0:18
  lost
• 0:19
  more
• 0:19
  than
• 0:19
  half
• 0:19
  their
• 0:20
  value
• 0:20
  since
• 0:20
  hitting
• 0:21
  a
• 0:21
  pandemic
• 0:21
  peak
• 0:22
  around
• 0:22
  $266
• 0:24
  in
• 0:24
  November
• 0:24
  of
• 0:24
  2021,
• 0:26
  putting
• 0:26
  pressure
• 0:26
  on
• 0:27
  longtime
• 0:27
  chief
• 0:27
  executive
• 0:28
  Brian
• 0:28
  Cornell
• 0:29
  to
• 0:29
  turn
• 0:29
  things
• 0:29
  around.
• 0:31
  We
• 0:31
  also
• 0:32
  have
• 0:32
  heard
• 0:32
  that
• 0:32
  customers
• 0:33
  have
• 0:33
  long
• 0:33
  bragged
• 0:34
  about
• 0:34
  their
• 0:35
  cheap,
• 0:35
  chic
• 0:36
  target
• 0:36
  purchases,
• 0:37
  but
• 0:38
  now
• 0:38
  many
• 0:38
  are
• 0:38
  griping
• 0:39
  about
• 0:39
  items
• 0:39
  missing
• 0:40
  on
• 0:40
  shelves,
• 0:40
  long
• 0:40
  checkout
• 0:41
  lines
• 0:41
  and
• 0:41
  products
• 0:42
  being
• 0:42
  locked
• 0:43
  up
• 0:43
  to
• 0:43
  prevent
• 0:43
  theft,
• 0:44
  said
• 0:45
  longtime
• 0:45
  Target
• 0:45
  executive
• 0:46
  and
• 0:46
  former
• 0:47
  Toys
• 0:47
  R
• 0:47
  Us
• 0:48
  CEO
• 0:48
  Jerry
• 0:49
  Storch.
• 0:50
  Target
• 0:51
  quote
• 0:51
  is
• 0:51
  like
• 0:52
  an,
• 0:52
  an
• 0:52
  old
• 0:52
  friend.
• 0:53
  You
• 0:53
  kind
• 0:53
  of
• 0:53
  have
• 0:53
  to
• 0:54
  wander
• 0:54
  away
• 0:54
  from
• 0:54
  an
• 0:55
  old
• 0:55
  friend
• 0:56
  who
• 0:56
  has
• 0:56
  become
• 0:56
  boring.
• 0:57
  End
• 0:57
  quote.
• 0:58
  Chris,
• 0:58
  we,
• 0:59
  we
• 0:59
  are
• 1:00
  starting
• 1:00
  you
• 1:00
  off
• 1:00
  with
• 1:01
  the
• 1:01
  A
• 1:01
  and
• 1:01
  M
• 1:01
  put
• 1:01
  you
• 1:02
  on
• 1:02
  the
• 1:02
  spot
• 1:02
  question
• 1:02
  of
• 1:03
  the
• 1:03
  week,
• 1:04
  which
• 1:04
  is
• 1:05
  are
• 1:05
  you
• 1:05
  ready?
• 1:06
  Bring
• 1:06
  it.
• 1:06
  Okay.
• 1:07
  As
• 1:07
  we
• 1:07
  recently
• 1:08
  discussed
• 1:08
  in
• 1:08
  our
• 1:08
  five
• 1:09
  insightful
• 1:09
  Minutes
• 1:09
  segment
• 1:10
  with
• 1:10
  you
• 1:10
  about
• 1:11
  our
• 1:11
  most
• 1:11
  recent
• 1:11
  consumer
• 1:12
  sentiment
• 1:12
  report,
• 1:13
  the
• 1:13
  US
• 1:14
  Consumer
• 1:14
  across
• 1:15
  all
• 1:15
  income
• 1:15
  levels
• 1:15
  continues
• 1:16
  to
• 1:16
  pull
• 1:16
  back
• 1:16
  on
• 1:17
  discretionary
• 1:17
  spending
• 1:18
  in
• 1:18
  favor
• 1:18
  of
• 1:18
  fulfilling
• 1:19
  basic
• 1:19
  needs.
• 1:20
  Is
• 1:20
  Target
• 1:20
  slow
• 1:21
  slide
• 1:21
  really
• 1:21
  about
• 1:22
  retail
• 1:22
  execution?
• 1:23
  Things
• 1:23
  like
• 1:24
  stockouts,
• 1:24
  long
• 1:25
  lines
• 1:25
  and
• 1:25
  products
• 1:25
  under
• 1:26
  glass,
• 1:26
  or
• 1:26
  those
• 1:27
  things
• 1:27
  just
• 1:27
  amplifying
• 1:28
  the
• 1:28
  problem
• 1:28
  that
• 1:28
  Targets
• 1:29
  customers
• 1:29
  are
• 1:30
  cutting
• 1:30
  back
• 1:30
  on
• 1:31
  the
• 1:31
  things
• 1:31
  they
• 1:31
  normally
• 1:32
  shop
• 1:32
  at
• 1:33
  Target
• 1:33
  for?
• 1:34
  Chris,
• 1:35
  the
• 1:35
  floor
• 1:35
  is
• 1:35
  yours.
• 1:36
  Oh,
• 1:36
  Ann,
• 1:37
  I
• 1:37
  love
• 1:37
  that
• 1:37
  question.
• 1:38
  First
• 1:38
  thing
• 1:38
  I
• 1:38
  think
• 1:39
  about
• 1:39
  is
• 1:39
  Anne,
• 1:40
  our
• 1:40
  customers
• 1:40
  love
• 1:41
  products
• 1:41
  under
• 1:41
  glass.
• 1:42
  Remember
• 1:42
  when
• 1:42
  Cornell
• 1:43
  said
• 1:43
  that,
• 1:43
  yes,
• 1:44
  they
• 1:44
  just
• 1:44
  love
• 1:44
  us.
• 1:45
  They're
• 1:45
  coming
• 1:46
  up
• 1:46
  to
• 1:46
  me
• 1:46
  and
• 1:46
  thanking
• 1:47
  me
• 1:47
  for
• 1:47
  putting
• 1:47
  our
• 1:47
  products
• 1:47
  under
• 1:48
  glass.
• 1:48
  What
• 1:48
  a
• 1:48
  bunch
• 1:49
  of
• 1:49
  baloney.
• 1:49
  But,
• 1:50
  but,
• 1:50
  all
• 1:50
  right,
• 1:50
  getting
• 1:51
  back
• 1:51
  to
• 1:51
  the
• 1:51
  question
• 1:51
  at
• 1:52
  hand
• 1:52
  to
• 1:52
  put
• 1:52
  you
• 1:52
  on
• 1:52
  the
• 1:52
  spot,
• 1:52
  question
• 1:53
  from
• 1:53
  our
• 1:53
  friends
• 1:53
  at
• 1:53
  the
• 1:53
  A
• 1:54
  and
• 1:54
  M
• 1:54
  Consumer
• 1:54
  and
• 1:54
  Retail
• 1:55
  Group.
• 1:55
  I
• 1:55
  think
• 1:55
  it's
• 1:56
  a
• 1:56
  great
• 1:56
  question
• 1:57
  and
• 1:57
  my
• 1:57
  answer
• 1:58
  is
• 1:58
  actually
• 1:59
  yes
• 1:59
  and
• 2:00
  an
• 2:00
  I
• 2:00
  think
• 2:00
  it's,
• 2:01
  it's
• 2:02
  partially
• 2:02
  macroeconomic,
• 2:03
  it's
• 2:04
  partially
• 2:04
  execution.
• 2:06
  But
• 2:06
  the
• 2:06
  real
• 2:06
  root
• 2:07
  is
• 2:07
  honestly
• 2:08
  CEO
• 2:08
  Brian
• 2:08
  Cornell's
• 2:09
  leadership.
• 2:10
  You
• 2:10
  know,
• 2:10
  we've
• 2:10
  been,
• 2:10
  we've
• 2:11
  been,
• 2:11
  we've
• 2:11
  been
• 2:11
  circling
• 2:12
  this,
• 2:12
  this
• 2:13
  eventuality
• 2:14
  for
• 2:14
  a
• 2:14
  long
• 2:14
  time
• 2:14
  on
• 2:14
  the
• 2:14
  show.
• 2:15
  I
• 2:15
  think
• 2:15
  you
• 2:15
  could
• 2:15
  go
• 2:15
  back
• 2:15
  a
• 2:16
  year,
• 2:16
  year
• 2:16
  and
• 2:16
  a
• 2:16
  half
• 2:16
  to
• 2:16
  us
• 2:17
  predicting
• 2:17
  that
• 2:17
  this
• 2:18
  type
• 2:18
  of
• 2:18
  thing
• 2:18
  was
• 2:18
  going
• 2:19
  to
• 2:19
  happen.
• 2:20
  And
• 2:20
  I've
• 2:20
  never
• 2:21
  shared
• 2:21
  this
• 2:21
  anecdote,
• 2:22
  I've
• 2:22
  talked
• 2:22
  about
• 2:23
  it
• 2:23
  with
• 2:23
  you,
• 2:23
  but
• 2:23
  I've
• 2:23
  never
• 2:23
  shared
• 2:24
  it
• 2:24
  on
• 2:24
  this
• 2:24
  podcast.
• 2:25
  But
• 2:25
  Cornell's
• 2:26
  stated
• 2:26
  strategy
• 2:27
  in
• 2:27
  2017,
• 2:28
  which
• 2:29
  is
• 2:29
  100%.
• 2:30
  This
• 2:30
  is
• 2:31
  100%.
• 2:31
  Why
• 2:32
  I
• 2:32
  decided
• 2:32
  to
• 2:32
  leave
• 2:33
  Target
• 2:33
  when
• 2:33
  I
• 2:33
  did
• 2:34
  was
• 2:34
  to
• 2:35
  retrench,
• 2:36
  refurbish
• 2:36
  the
• 2:37
  stores
• 2:38
  and
• 2:38
  pick
• 2:38
  up
• 2:39
  share
• 2:39
  while
• 2:39
  other
• 2:40
  competitors
• 2:40
  died
• 2:41
  off.
• 2:41
  So
• 2:41
  essentially
• 2:42
  his
• 2:42
  strategy
• 2:43
  was
• 2:43
  to
• 2:43
  grow
• 2:43
  through
• 2:44
  other
• 2:44
  people's
• 2:44
  deaths
• 2:45
  versus
• 2:46
  to
• 2:46
  make
• 2:46
  yourself
• 2:47
  more
• 2:47
  compelling.
• 2:48
  I
• 2:48
  didn't
• 2:48
  find
• 2:48
  that
• 2:48
  inspiring.
• 2:49
  I
• 2:50
  believe
• 2:50
  in
• 2:50
  the,
• 2:50
  I
• 2:51
  believe
• 2:51
  in
• 2:51
  the
• 2:51
  idea
• 2:51
  of
• 2:51
  how
• 2:52
  good
• 2:52
  is
• 2:52
  your
• 2:52
  good,
• 2:52
  not
• 2:53
  grow
• 2:54
  from
• 2:54
  other
• 2:54
  people
• 2:54
  dying.
• 2:55
  Like,
• 2:55
  I'm
• 2:55
  just
• 2:55
  going
• 2:55
  to
• 2:56
  put
• 2:56
  it
• 2:56
  out
• 2:56
  there.
• 2:56
  And
• 2:56
  so,
• 2:57
  and
• 2:57
  I
• 2:57
  think
• 2:58
  so
• 2:59
  now
• 2:59
  let's
• 2:59
  flash
• 2:59
  forward.
• 3:00
  Like
• 3:00
  now
• 3:00
  we're
• 3:00
  what,
• 3:01
  seven
• 3:01
  years
• 3:01
  later
• 3:02
  and
• 3:02
  the
• 3:03
  pandemic
• 3:03
  happened.
• 3:04
  And
• 3:04
  like
• 3:05
  a
• 3:05
  novice
• 3:05
  blackjack
• 3:06
  player
• 3:06
  who
• 3:07
  wins
• 3:07
  when
• 3:07
  the
• 3:07
  dealer
• 3:08
  bust,
• 3:08
  the
• 3:09
  pandemic
• 3:09
  happens.
• 3:09
  And
• 3:10
  all
• 3:10
  of
• 3:10
  a
• 3:10
  sudden
• 3:10
  people
• 3:11
  don't
• 3:11
  have
• 3:11
  that
• 3:11
  many
• 3:11
  places
• 3:12
  to
• 3:12
  shop
• 3:12
  and
• 3:12
  want
• 3:12
  to
• 3:13
  consolidate
• 3:13
  their
• 3:13
  trips.
• 3:14
  So
• 3:14
  he
• 3:15
  mistakenly
• 3:15
  looks
• 3:15
  like
• 3:16
  a
• 3:16
  hero
• 3:17
  because
• 3:17
  they
• 3:17
  start
• 3:18
  selling
• 3:18
  more
• 3:18
  groceries
• 3:19
  and
• 3:19
  apparel
• 3:19
  than
• 3:20
  ever
• 3:20
  before.
• 3:20
  Because
• 3:21
  quite
• 3:21
  honestly,
• 3:21
  they
• 3:22
  were
• 3:22
  the
• 3:22
  only
• 3:22
  one
• 3:23
  of
• 3:23
  the
• 3:23
  only
• 3:23
  few
• 3:23
  stores
• 3:24
  that
• 3:24
  was
• 3:24
  open.
• 3:25
  But
• 3:26
  now,
• 3:26
  two
• 3:26
  years
• 3:26
  out
• 3:27
  from
• 3:27
  the
• 3:27
  pandemic,
• 3:27
  the
• 3:28
  company
• 3:28
  doesn't
• 3:28
  have
• 3:29
  a
• 3:29
  single
• 3:29
  stated
• 3:30
  growth
• 3:30
  strategy
• 3:30
  to
• 3:30
  write
• 3:31
  home
• 3:31
  about.
• 3:31
  The
• 3:32
  culture
• 3:32
  is
• 3:32
  reportedly
• 3:33
  awful,
• 3:34
  according
• 3:34
  to
• 3:34
  our
• 3:34
  sources,
• 3:35
  the
• 3:35
  friends
• 3:35
  of
• 3:36
  whom
• 3:36
  we
• 3:36
  talk
• 3:37
  to
• 3:37
  regularly.
• 3:37
  And
• 3:38
  meanwhile,
• 3:38
  on
• 3:38
  the
• 3:38
  flip
• 3:38
  side,
• 3:39
  Walmart
• 3:40
  is
• 3:40
  growing
• 3:40
  via
• 3:41
  high
• 3:41
  income
• 3:41
  earners,
• 3:42
  is
• 3:42
  selling
• 3:42
  its
• 3:43
  tech
• 3:43
  to
• 3:43
  other
• 3:43
  retailers,
• 3:44
  has
• 3:44
  a
• 3:44
  far
• 3:44
  more
• 3:44
  robust
• 3:45
  marketplace
• 3:46
  on
• 3:46
  a
• 3:46
  scale
• 3:46
  literally.
• 3:47
  Literally.
• 3:47
  Because
• 3:47
  I
• 3:47
  looked
• 3:48
  the
• 3:48
  numbers
• 3:48
  up
• 3:48
  a
• 3:49
  hundred
• 3:49
  times
• 3:49
  more
• 3:49
  than
• 3:50
  Target,
• 3:50
  which
• 3:50
  goes
• 3:50
  back
• 3:50
  to
• 3:51
  what
• 3:51
  we
• 3:51
  talked
• 3:51
  about
• 3:51
  the
• 3:51
  outset
• 3:52
  of
• 3:52
  this
• 3:52
  podcast
• 3:53
  and
• 3:53
  it's
• 3:53
  getting
• 3:53
  into
• 3:54
  banking
• 3:54
  and
• 3:54
  making
• 3:55
  moves
• 3:55
  in
• 3:55
  finance.
• 3:56
  And
• 3:56
  the
• 3:56
  biggest
• 3:56
  thing
• 3:57
  coming
• 3:57
  out
• 3:57
  of
• 3:57
  Target's
• 3:57
  earnings
• 3:58
  release
• 3:58
  this
• 3:58
  past
• 3:59
  week
• 3:59
  was
• 3:59
  the
• 3:59
  launch
• 4:00
  of
• 4:00
  some
• 4:00
  wild
• 4:01
  fable
• 4:01
  apparel
• 4:02
  brand.
• 4:02
  I
• 4:03
  say
• 4:03
  that,
• 4:03
  but
• 4:03
  that's
• 4:04
  real.
• 4:04
  That
• 4:04
  was
• 4:04
  the
• 4:04
  best
• 4:05
  thing
• 4:05
  they
• 4:05
  were
• 4:05
  talking
• 4:05
  about.
• 4:05
  And
• 4:06
  wicked.
• 4:06
  So
• 4:06
  it's.
• 4:06
  And
• 4:07
  wicked.
• 4:08
  And
• 4:08
  wicked,
• 4:08
  right?
• 4:09
  And
• 4:09
  Taylor
• 4:09
  Swift,
• 4:09
  right?
• 4:10
  Yes.
• 4:10
  And
• 4:10
  wicked.
• 4:10
  And
• 4:10
  Taylor
• 4:10
  Swift,
• 4:11
  yes.
• 4:11
  Being
• 4:12
  fair.
• 4:12
  Yes.
• 4:12
  Oh,
• 4:13
  and
• 4:13
  the
• 4:13
  amorphous,
• 4:13
  like
• 4:14
  X
• 4:14
  number
• 4:14
  of
• 4:15
  stores
• 4:15
  are
• 4:15
  going
• 4:15
  to
• 4:15
  build
• 4:15
  out
• 4:16
  over
• 4:16
  10
• 4:16
  years,
• 4:16
  which
• 4:16
  no
• 4:16
  one's
• 4:17
  defined
• 4:17
  in
• 4:17
  any
• 4:17
  way,
• 4:17
  shape
• 4:18
  or
• 4:18
  form.
• 4:18
  So
• 4:18
  in
• 4:19
  my
• 4:19
  opinion,
• 4:19
  and
• 4:20
  I
• 4:20
  hate
• 4:21
  to
• 4:21
  say
• 4:21
  it,
• 4:21
  but
• 4:21
  it's
• 4:21
  time
• 4:22
  the
• 4:22
  shareholders
• 4:22
  take
• 4:22
  a
• 4:23
  hard
• 4:23
  look
• 4:23
  at
• 4:24
  what
• 4:24
  Cornell
• 4:24
  has
• 4:25
  really
• 4:25
  accomplished
• 4:26
  and
• 4:26
  start
• 4:26
  to
• 4:27
  start
• 4:27
  the
• 4:27
  process
• 4:28
  of
• 4:28
  deciding
• 4:29
  who
• 4:29
  stays
• 4:30
  and
• 4:30
  who
• 4:30
  goes
• 4:31
  under
• 4:31
  his
• 4:31
  regime.
• 4:32
  Because
• 4:32
  Emperor
• 4:33
  Cornell
• 4:33
  is
• 4:33
  at
• 4:34
  risk
• 4:34
  of
• 4:34
  standing
• 4:34
  naked
• 4:35
  for
• 4:35
  all
• 4:35
  to
• 4:35
  see
• 4:35
  here
• 4:36
  very
• 4:36
  soon,
• 4:36
  and
• 4:36
  it's
• 4:36
  time
• 4:37
  for
• 4:37
  him
• 4:37
  to
• 4:37
  step
• 4:37
  down,
• 4:38
  honestly,
• 4:38
  before
• 4:38
  it's
• 4:38
  too
• 4:39
  late.
• 4:39
  That's
• 4:39
  my
• 4:39
  op.
• 4:40
  Wow.
• 4:41
  How
• 4:41
  do
• 4:41
  I
• 4:41
  follow
• 4:41
  that
• 4:42
  up?
• 4:42
  Chris.
• 4:46
  Agree
• 4:46
  or
• 4:46
  disagree?
• 4:47
  Let's
• 4:47
  start
• 4:47
  there,
• 4:48
  Ed.
• 4:48
  I
• 4:48
  mean,
• 4:48
  I
• 4:49
  know
• 4:49
  that
• 4:49
  was.
• 4:49
  That
• 4:49
  was.
• 4:50
  It
• 4:50
  was
• 4:50
  it
• 4:50
  was,
• 4:50
  it
• 4:51
  was
• 4:51
  not
• 4:51
  a
• 4:51
  rant.
• 4:51
  It
• 4:52
  was,
• 4:52
  I
• 4:52
  thought
• 4:52
  it
• 4:52
  was
• 4:52
  a
• 4:52
  very,
• 4:53
  very.
• 4:54
  It
• 4:54
  was,
• 4:54
  it
• 4:54
  was,
• 4:54
  it
• 4:54
  was
• 4:55
  definitely,
• 4:55
  like,
• 4:55
  pointed.
• 4:56
  But
• 4:56
  I,
• 4:56
  you
• 4:56
  know,
• 4:56
  I
• 4:56
  thought,
• 4:57
  yes.
• 4:57
  You
• 4:57
  know,
• 4:57
  I
• 4:57
  thought
• 4:58
  it
• 4:58
  was,
• 4:58
  it
• 4:58
  was,
• 4:58
  it
• 4:59
  was
• 4:59
  not
• 4:59
  rant
• 4:59
  level
• 5:00
  like
• 5:00
  I've
• 5:00
  done
• 5:00
  on
• 5:00
  previous
• 5:01
  shows.
• 5:01
  But
• 5:01
  no,
• 5:02
  I
• 5:02
  think
• 5:02
  it
• 5:02
  was
• 5:02
  better
• 5:03
  than
• 5:03
  this
• 5:03
  Wall
• 5:03
  Street
• 5:03
  Journal
• 5:04
  article.
• 5:04
  I
• 5:04
  will
• 5:05
  say
• 5:05
  that.
• 5:05
  I
• 5:05
  mean,
• 5:06
  talk
• 5:06
  about
• 5:07
  waste
• 5:07
  of
• 5:07
  an
• 5:07
  article.
• 5:08
  Like,
• 5:08
  you
• 5:08
  could
• 5:08
  pull.
• 5:09
  I
• 5:09
  don't
• 5:09
  care
• 5:10
  what
• 5:10
  Mary
• 5:11
  and
• 5:11
  Florida
• 5:12
  things.
• 5:13
  Jim
• 5:13
  on
• 5:13
  his
• 5:14
  way
• 5:14
  home
• 5:14
  from
• 5:14
  the
• 5:14
  gym
• 5:15
  in
• 5:15
  the
• 5:15
  morning.
• 5:15
  Like.
• 5:16
  Right.
• 5:16
  I
• 5:16
  actually,
• 5:17
  that's
• 5:17
  actually
• 5:18
  part
• 5:18
  of,
• 5:19
  part
• 5:19
  of
• 5:19
  the
• 5:19
  problem
• 5:20
  here
• 5:20
  that
• 5:20
  I
• 5:20
  have
• 5:21
  with
• 5:21
  the
• 5:21
  reporting
• 5:21
  that's
• 5:22
  happening.
• 5:22
  And
• 5:23
  I
• 5:23
  especially
• 5:23
  call
• 5:24
  out
• 5:24
  Wall
• 5:24
  Street
• 5:24
  Journal
• 5:24
  for
• 5:25
  this.
• 5:25
  Like,
• 5:26
  get
• 5:26
  in
• 5:26
  and
• 5:27
  start
• 5:27
  talking
• 5:27
  to
• 5:27
  some
• 5:28
  executives
• 5:28
  at
• 5:28
  Target,
• 5:29
  find
• 5:29
  out
• 5:29
  what's
• 5:30
  really
• 5:30
  going
• 5:30
  on.
• 5:31
  I
• 5:32
  find
• 5:32
  it
• 5:32
  hard
• 5:32
  to
• 5:33
  believe
• 5:33
  that
• 5:33
  you
• 5:33
  can't
• 5:34
  find
• 5:34
  anybody
• 5:34
  at
• 5:35
  Target
• 5:35
  as
• 5:35
  a
• 5:35
  source
• 5:36
  to
• 5:36
  really
• 5:36
  dive
• 5:37
  into
• 5:37
  what's
• 5:38
  going
• 5:38
  on
• 5:38
  inside.
• 5:39
  And
• 5:39
  I
• 5:40
  think
• 5:40
  that,
• 5:40
  you
• 5:40
  know,
• 5:41
  the,
• 5:41
  or
• 5:41
  to
• 5:42
  just
• 5:42
  display
• 5:43
  facts
• 5:43
  like
• 5:43
  what
• 5:43
  you
• 5:44
  just
• 5:44
  did
• 5:44
  in,
• 5:44
  in
• 5:45
  your,
• 5:45
  in
• 5:45
  your
• 5:46
  points
• 5:46
  that
• 5:46
  you're
• 5:47
  making
• 5:47
  here
• 5:47
  in
• 5:47
  your
• 5:47
  answer
• 5:48
  to
• 5:48
  the
• 5:48
  A
• 5:48
  and
• 5:48
  M
• 5:48
  question.
• 5:49
  I
• 5:49
  mean,
• 5:49
  I
• 5:49
  think
• 5:50
  the
• 5:50
  number
• 5:50
  one
• 5:50
  thing
• 5:51
  here,
• 5:51
  we've
• 5:51
  been
• 5:52
  asked
• 5:52
  by
• 5:52
  reporters,
• 5:53
  by
• 5:53
  friends
• 5:53
  in
• 5:54
  the
• 5:54
  last
• 5:54
  week
• 5:55
  multiple
• 5:56
  times,
• 5:56
  like,
• 5:56
  what
• 5:57
  does
• 5:57
  Target
• 5:57
  need?
• 5:57
  What's
• 5:58
  the
• 5:58
  strategy
• 5:58
  here?
• 5:59
  And
• 5:59
  you
• 5:59
  called
• 5:59
  it
• 5:59
  out.
• 6:00
  And
• 6:00
  that's
• 6:00
  growth.
• 6:01
  And
• 6:01
  it
• 6:01
  pains
• 6:02
  me
• 6:02
  because,
• 6:02
  Chris,
• 6:03
  these
• 6:03
  are
• 6:03
  our
• 6:03
  friends,
• 6:04
  our
• 6:04
  neighbors,
• 6:05
  our
• 6:05
  former
• 6:06
  colleagues.
• 6:07
  Like,
• 6:07
  there
• 6:07
  is
• 6:08
  no
• 6:08
  reason
• 6:09
  the
• 6:09
  Target
• 6:10
  couldn't
• 6:11
  be
• 6:11
  on
• 6:11
  top
• 6:12
  here
• 6:12
  and
• 6:12
  couldn't
• 6:13
  be
• 6:13
  better.
• 6:14
  You,
• 6:14
  you
• 6:14
  have
• 6:15
  a
• 6:15
  unique
• 6:15
  value
• 6:15
  proposition.
• 6:16
  Target,
• 6:16
  you
• 6:16
  had
• 6:17
  it.
• 6:17
  Get
• 6:18
  it
• 6:18
  back
• 6:18
  and
• 6:18
  start
• 6:19
  making
• 6:19
  investments
• 6:19
  in
• 6:20
  the
• 6:20
  places
• 6:20
  that
• 6:20
  make
• 6:21
  sense
• 6:21
  so
• 6:21
  that
• 6:21
  you
• 6:21
  can
• 6:22
  grow
• 6:22
  and
• 6:22
  can
• 6:23
  be
• 6:23
  competitive
• 6:24
  or
• 6:24
  it
• 6:24
  will
• 6:24
  be
• 6:24
  the
• 6:25
  end
• 6:25
  for
• 6:25
  Target.
• 6:25
  I
• 6:26
  hate
• 6:26
  to
• 6:26
  say
• 6:26
  it,
• 6:26
  but
• 6:27
  it's
• 6:27
  like,
• 6:27
  there,
• 6:28
  some
• 6:28
  people
• 6:28
  need
• 6:29
  to
• 6:29
  start
• 6:29
  taking
• 6:29
  action
• 6:30
  inside
• 6:30
  Target.
• 6:30
  I'm
• 6:31
  sure
• 6:31
  some
• 6:31
  people
• 6:31
  are
• 6:32
  trying.
• 6:32
  There
• 6:32
  are
• 6:33
  good,
• 6:33
  smart
• 6:34
  people
• 6:34
  there.
• 6:35
  But,
• 6:35
  Cornell,
• 6:36
  you
• 6:36
  got
• 6:36
  to
• 6:36
  step
• 6:36
  down.
• 6:37
  I
• 6:37
  was
• 6:37
  actually
• 6:38
  a
• 6:38
  little
• 6:38
  surprised,
• 6:39
  Chris,
• 6:39
  that
• 6:39
  we
• 6:39
  didn't
• 6:40
  hear
• 6:40
  him
• 6:40
  say
• 6:41
  that
• 6:41
  he
• 6:41
  might
• 6:41
  be
• 6:42
  stepping
• 6:42
  down.
• 6:42
  In
• 6:42
  this
• 6:43
  call
• 6:43
  last
• 6:43
  Wednesday,
• 6:44
  I
• 6:44
  was,
• 6:44
  I
• 6:44
  was,
• 6:44
  I
• 6:45
  had,
• 6:45
  I
• 6:45
  had
• 6:45
  a
• 6:45
  feeling
• 6:46
  that,
• 6:46
  you
• 6:46
  know,
• 6:47
  I
• 6:47
  still
• 6:47
  have
• 6:47
  a
• 6:47
  feeling
• 6:48
  that
• 6:48
  this
• 6:48
  is
• 6:48
  going
• 6:48
  to
• 6:48
  come
• 6:48
  earlier
• 6:49
  than
• 6:49
  the
• 6:49
  one
• 6:49
  to
• 6:49
  two
• 6:50
  years
• 6:50
  that
• 6:50
  they,
• 6:51
  they're,
• 6:51
  they
• 6:51
  were
• 6:51
  projecting
• 6:52
  like,
• 6:52
  oh,
• 6:52
  no,
• 6:52
  we're
• 6:52
  going
• 6:52
  to
• 6:53
  change
• 6:53
  our
• 6:53
  retirement
• 6:53
  age
• 6:53
  so
• 6:54
  that
• 6:54
  he
• 6:54
  can
• 6:54
  stay
• 6:54
  on
• 6:54
  for
• 6:55
  longer
• 6:55
  if
• 6:55
  he
• 6:55
  wants
• 6:55
  to.
• 6:56
  His
• 6:56
  time
• 6:57
  is
• 6:57
  done.
• 6:57
  He's
• 6:58
  benefited
• 6:58
  off
• 6:59
  the
• 6:59
  pandemic.
• 6:59
  And
• 7:00
  now
• 7:00
  some
• 7:01
  serious
• 7:01
  decisions
• 7:02
  have
• 7:02
  to
• 7:02
  be
• 7:02
  made
• 7:02
  for
• 7:02
  the
• 7:03
  sake
• 7:03
  of
• 7:04
  all
• 7:04
  of
• 7:04
  our
• 7:04
  friends
• 7:05
  still
• 7:05
  at
• 7:05
  Target.
• 7:05
  And
• 7:06
  the
• 7:06
  target
• 7:06
  consumer
• 7:07
  because
• 7:07
  things
• 7:08
  are
• 7:08
  not
• 7:08
  going
• 7:08
  in
• 7:08
  the
• 7:08
  right
• 7:09
  direction
• 7:09
  and
• 7:09
  they
• 7:09
  definitely
• 7:10
  need
• 7:10
  to
• 7:10
  turn
• 7:10
  around.
• 7:10
  So
• 7:11
  I,
• 7:12
  but
• 7:12
  then,
• 7:12
  but
• 7:12
  then
• 7:12
  that.
• 7:12
  Raises
• 7:13
  the
• 7:13
  next
• 7:13
  question
• 7:13
  is
• 7:13
  like,
• 7:14
  what
• 7:14
  do
• 7:14
  you
• 7:14
  do
• 7:14
  next?
• 7:14
  Right?
• 7:15
  Because
• 7:15
  his
• 7:15
  whole,
• 7:16
  his
• 7:17
  whole
• 7:17
  C
• 7:17
  suite
• 7:17
  is
• 7:18
  long
• 7:18
  time
• 7:19
  target
• 7:19
  executives
• 7:20
  with
• 7:20
  very
• 7:21
  little
• 7:21
  outside
• 7:22
  experience.
• 7:22
  And
• 7:23
  so
• 7:23
  then,
• 7:23
  you
• 7:23
  know,
• 7:23
  it
• 7:23
  begs
• 7:23
  the
• 7:24
  question
• 7:24
  of
• 7:24
  like,
• 7:24
  are
• 7:25
  they
• 7:25
  fit
• 7:25
  to
• 7:25
  compete
• 7:26
  in
• 7:26
  this
• 7:26
  digital
• 7:27
  world
• 7:27
  where
• 7:27
  Walmart
• 7:28
  is
• 7:29
  100%
• 7:30
  using
• 7:31
  digital
• 7:31
  to
• 7:31
  their
• 7:31
  fullest
• 7:32
  extent
• 7:33
  possible,
• 7:33
  as
• 7:34
  is
• 7:34
  Amazon
• 7:35
  too,
• 7:35
  let's
• 7:35
  not
• 7:35
  forget
• 7:36
  them,
• 7:36
  as
• 7:37
  are
• 7:37
  other
• 7:37
  competitors
• 7:38
  that
• 7:38
  are
• 7:38
  getting
• 7:38
  the
• 7:38
  punchline
• 7:39
  to
• 7:39
  that
• 7:39
  joke.
• 7:39
  So
• 7:40
  that's
• 7:40
  the
• 7:40
  big
• 7:40
  question
• 7:41
  here,
• 7:41
  is
• 7:41
  where
• 7:41
  do
• 7:41
  you
• 7:42
  go?
• 7:42
  Is
• 7:42
  it
• 7:42
  going
• 7:42
  to
• 7:42
  be
• 7:43
  more
• 7:43
  of
• 7:43
  the
• 7:43
  same
• 7:43
  by
• 7:44
  just
• 7:44
  picking
• 7:44
  one
• 7:45
  of
• 7:45
  the
• 7:45
  people
• 7:45
  on
• 7:45
  the
• 7:45
  bench
• 7:46
  as
• 7:46
  his
• 7:46
  successor?
• 7:47
  Or
• 7:47
  does
• 7:47
  the
• 7:47
  board
• 7:48
  get,
• 7:48
  you
• 7:48
  know,
• 7:49
  do
• 7:49
  they,
• 7:49
  they,
• 7:50
  they
• 7:50
  get
• 7:50
  smart,
• 7:51
  honestly,
• 7:51
  in
• 7:51
  my
• 7:51
  opinion,
• 7:52
  and
• 7:52
  look
• 7:53
  outside
• 7:53
  the
• 7:53
  company
• 7:53
  here
• 7:54
  for
• 7:54
  his
• 7:54
  successor?
• 7:55
  I
• 7:55
  don't
• 7:55
  know,
• 7:55
  but
• 7:56
  you
• 7:56
  get
• 7:56
  the
• 7:56
  last
• 7:56
  word.
• 7:57
  Yeah,
• 7:57
  I
• 7:57
  mean,
• 7:58
  I
• 7:58
  think
• 7:58
  you
• 7:59
  can't,
• 7:59
  you
• 7:59
  can't
• 8:00
  disqualify
• 8:00
  people
• 8:01
  because
• 8:01
  of
• 8:01
  their
• 8:01
  tenure.
• 8:02
  I
• 8:02
  mean,
• 8:02
  Walmart
• 8:02
  has
• 8:03
  people
• 8:03
  like,
• 8:04
  you
• 8:04
  know,
• 8:04
  John
• 8:05
  Furner,
• 8:05
  who've
• 8:06
  been
• 8:06
  there,
• 8:06
  Doug
• 8:06
  McMillan
• 8:07
  who've
• 8:07
  been
• 8:07
  there
• 8:07
  their
• 8:08
  entire
• 8:08
  careers
• 8:08
  as
• 8:09
  well.
• 8:09
  I
• 8:09
  think
• 8:09
  it's
• 8:09
  just,
• 8:10
  it's
• 8:11
  what
• 8:11
  you
• 8:11
  said,
• 8:11
  it
• 8:11
  gets
• 8:12
  back
• 8:12
  to
• 8:12
  who's
• 8:13
  the
• 8:13
  leader
• 8:14
  and
• 8:14
  what
• 8:14
  is
• 8:14
  their
• 8:14
  focus.
• 8:15
  And
• 8:15
  the
• 8:15
  focus
• 8:16
  has
• 8:16
  to
• 8:16
  be
• 8:16
  on
• 8:16
  smart
• 8:17
  strategic
• 8:17
  growth
• 8:18
  strategies
• 8:18
  right
• 8:18
  now,
• 8:19
  end
• 8:19
  of,
• 8:19
  end
• 8:19
  of
• 8:20
  story.