Latest / Omni Talk Retail / Bed Bath & Beyond Is Back And It Just Bought The Container Store For $150M | Fast Five Shorts

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Bed Bath & Beyond Is Back And It Just Bought The Container Store For $150M | Fast Five Shorts · Omni Talk Retail

• 0:00
  Bed
• 0:00
  Bath
• 0:00
  and
• 0:00
  Beyond
• 0:01
  buying
• 0:01
  the
• 0:01
  Container
• 0:02
  Store
• 0:02
  for
• 0:02
  a
• 0:02
  cool
• 0:03
  $150
• 0:04
  million.
• 0:05
  Laura
• 0:06
  according
• 0:06
  to
• 0:06
  retail
• 0:07
  dive,
• 0:07
  Bed
• 0:07
  Bath
• 0:07
  and
• 0:08
  Beyond,
• 0:08
  which
• 0:08
  famously
• 0:09
  filed
• 0:09
  for
• 0:09
  bankruptcy
• 0:10
  and
• 0:10
  liquidated
• 0:10
  all
• 0:11
  of
• 0:11
  its
• 0:11
  physical
• 0:11
  stores
• 0:11
  in
• 0:12
  2023,
• 0:13
  has
• 0:13
  signed
• 0:14
  a
• 0:14
  definitive
• 0:14
  merger
• 0:15
  agreement
• 0:15
  to
• 0:15
  acquire
• 0:15
  the
• 0:16
  Container
• 0:16
  Store,
• 0:17
  which
• 0:17
  itself
• 0:18
  filed
• 0:18
  for
• 0:18
  bankruptcy
• 0:19
  in
• 0:19
  December
• 0:20
  2024
• 0:21
  before
• 0:21
  emerging
• 0:22
  as
• 0:22
  a
• 0:22
  private
• 0:22
  company.
• 0:23
  The
• 0:23
  transaction
• 0:24
  also
• 0:24
  includes
• 0:24
  the
• 0:25
  Container
• 0:25
  Store's
• 0:25
  store,
• 0:26
  Sweden
• 0:26
  based
• 0:26
  Alpha
• 0:27
  Home
• 0:27
  Organization
• 0:28
  Business
• 0:28
  and
• 0:29
  Chicago
• 0:29
  based
• 0:30
  Closet
• 0:30
  Works,
• 0:31
  giving
• 0:31
  Bed
• 0:31
  Bath
• 0:31
  and
• 0:32
  Beyond
• 0:32
  a
• 0:32
  full
• 0:32
  horn,
• 0:33
  full
• 0:33
  home,
• 0:34
  excuse
• 0:34
  me,
• 0:34
  organization
• 0:35
  and
• 0:35
  customization
• 0:36
  ecosystem
• 0:37
  under
• 0:37
  one
• 0:37
  roof.
• 0:38
  Rather
• 0:38
  than
• 0:38
  reopening
• 0:39
  standalone
• 0:40
  Bed,
• 0:40
  Bath
• 0:40
  and
• 0:40
  Beyond
• 0:41
  stores,
• 0:41
  the
• 0:41
  company
• 0:41
  plans
• 0:42
  to
• 0:42
  roll
• 0:42
  out
• 0:42
  dual
• 0:42
  branded
• 0:43
  locations,
• 0:44
  integrating
• 0:44
  its
• 0:44
  products
• 0:45
  into
• 0:45
  existing
• 0:46
  Container
• 0:46
  Store
• 0:47
  footprints.
• 0:48
  Laura
• 0:48
  Bed
• 0:49
  Bath
• 0:49
  and
• 0:49
  Beyond
• 0:49
  in
• 0:50
  the
• 0:50
  Container
• 0:50
  Store.
• 0:51
  Is
• 0:51
  this
• 0:51
  a
• 0:52
  case
• 0:52
  of
• 0:52
  two
• 0:52
  rogues
• 0:53
  making
• 0:53
  a
• 0:53
  right?
• 0:53
  What
• 0:53
  do
• 0:53
  you
• 0:54
  think
• 0:54
  of
• 0:54
  this
• 0:54
  move?
• 0:55
  Well,
• 0:56
  I
• 0:56
  feel
• 0:56
  like
• 0:56
  there's,
• 0:57
  there's
• 0:57
  two
• 0:57
  ways
• 0:58
  to
• 0:58
  look
• 0:58
  at
• 0:58
  it.
• 0:59
  I
• 0:59
  think
• 0:59
  the
• 1:00
  sort
• 1:01
  of
• 1:01
  financial
• 1:01
  perspective
• 1:02
  is
• 1:02
  that
• 1:03
  these
• 1:03
  are
• 1:03
  two
• 1:03
  brands
• 1:04
  that,
• 1:04
  whose
• 1:05
  individual
• 1:05
  power
• 1:06
  is
• 1:06
  clearly
• 1:06
  waning.
• 1:07
  In
• 1:07
  the
• 1:08
  case
• 1:08
  of
• 1:08
  Bed
• 1:08
  Bath
• 1:08
  Beyond.
• 1:09
  Well,
• 1:09
  I
• 1:09
  guess
• 1:09
  in
• 1:10
  both
• 1:10
  cases
• 1:10
  like
• 1:11
  really
• 1:12
  has
• 1:13
  waned.
• 1:14
  Yeah.
• 1:14
  Has
• 1:14
  waned.
• 1:14
  Yeah.
• 1:15
  We're
• 1:15
  done.
• 1:15
  Yeah,
• 1:16
  yeah.
• 1:16
  Why?
• 1:16
  We're
• 1:17
  not
• 1:17
  positive
• 1:18
  that
• 1:18
  they
• 1:18
  even
• 1:18
  still
• 1:18
  had
• 1:19
  stores.
• 1:20
  You're
• 1:20
  right.
• 1:21
  They're
• 1:21
  past
• 1:21
  tense
• 1:22
  brands
• 1:22
  almost.
• 1:23
  So
• 1:24
  you
• 1:24
  know,
• 1:24
  this
• 1:25
  is
• 1:25
  just
• 1:25
  the
• 1:25
  consolidation
• 1:26
  in
• 1:26
  retail
• 1:26
  we've
• 1:27
  been
• 1:27
  talking
• 1:27
  about
• 1:27
  for
• 1:27
  like
• 1:28
  more
• 1:28
  than
• 1:28
  20
• 1:28
  years.
• 1:29
  It
• 1:29
  just
• 1:29
  continues
• 1:30
  to
• 1:30
  happen.
• 1:31
  But
• 1:32
  I
• 1:32
  think
• 1:32
  the
• 1:32
  risk
• 1:33
  is
• 1:33
  that
• 1:33
  you
• 1:33
  could
• 1:34
  look
• 1:34
  at
• 1:34
  it
• 1:34
  as
• 1:34
  like,
• 1:34
  well,
• 1:34
  you
• 1:34
  know,
• 1:35
  you
• 1:35
  got
• 1:35
  to
• 1:35
  combine
• 1:35
  the
• 1:35
  assets.
• 1:36
  It
• 1:36
  looks
• 1:36
  good
• 1:36
  financially,
• 1:37
  but
• 1:38
  the
• 1:38
  actual
• 1:39
  survival
• 1:39
  of
• 1:40
  it
• 1:40
  depends
• 1:40
  on
• 1:41
  them
• 1:41
  creating
• 1:41
  a
• 1:42
  differentiated
• 1:43
  experience.
• 1:43
  Like
• 1:43
  why,
• 1:44
  why
• 1:44
  are
• 1:44
  people
• 1:44
  going
• 1:44
  to
• 1:44
  shop
• 1:45
  there?
• 1:45
  Otherwise
• 1:45
  you're
• 1:45
  just
• 1:46
  rearranging,
• 1:46
  you
• 1:46
  know,
• 1:47
  know
• 1:47
  it's
• 1:47
  the
• 1:47
  proverbial
• 1:47
  rearranging
• 1:48
  the
• 1:48
  deck
• 1:48
  chairs
• 1:49
  on
• 1:49
  the
• 1:49
  Titanic.
• 1:50
  So
• 1:51
  and
• 1:51
  to
• 1:51
  me
• 1:51
  it
• 1:52
  just
• 1:52
  means
• 1:52
  they
• 1:52
  have
• 1:52
  to
• 1:52
  get
• 1:53
  really
• 1:53
  intentional
• 1:54
  about
• 1:54
  what
• 1:55
  they
• 1:55
  carry
• 1:55
  about
• 1:55
  assortment,
• 1:56
  about
• 1:56
  pricing,
• 1:58
  about
• 1:58
  why
• 1:58
  you
• 1:58
  would
• 1:59
  go
• 1:59
  to
• 1:59
  the
• 1:59
  store.
• 2:00
  You
• 2:00
  know,
• 2:00
  I
• 2:00
  really,
• 2:01
  when
• 2:02
  I
• 2:02
  think
• 2:02
  about
• 2:02
  it,
• 2:02
  very
• 2:03
  few
• 2:03
  retailers,
• 2:04
  and
• 2:04
  you
• 2:04
  can
• 2:05
  correct
• 2:05
  me
• 2:05
  if
• 2:05
  I'm
• 2:05
  wrong,
• 2:06
  I
• 2:06
  feel
• 2:06
  like
• 2:06
  very
• 2:06
  few
• 2:06
  retailers
• 2:07
  succeed
• 2:08
  with
• 2:08
  an
• 2:08
  endless
• 2:09
  in
• 2:09
  store
• 2:09
  aisle
• 2:10
  today.
• 2:11
  You
• 2:11
  know,
• 2:11
  the
• 2:11
  beyond
• 2:12
  in
• 2:12
  Bed
• 2:12
  Bath
• 2:13
  and
• 2:13
  Beyond.
• 2:14
  Unless
• 2:14
  you're,
• 2:15
  you
• 2:15
  know,
• 2:15
  Walmart,
• 2:16
  Target,
• 2:16
  Meer
• 2:17
  and
• 2:17
  your
• 2:17
  whole,
• 2:17
  you
• 2:18
  know,
• 2:18
  premise
• 2:18
  is
• 2:18
  mass.
• 2:20
  I,
• 2:20
  I
• 2:20
  feel
• 2:20
  like
• 2:21
  TJX's
• 2:21
  banners
• 2:22
  are
• 2:22
  the
• 2:22
  closest
• 2:23
  thing,
• 2:23
  but
• 2:23
  they
• 2:23
  have
• 2:23
  the
• 2:23
  treasure
• 2:24
  hunt,
• 2:24
  they
• 2:24
  have
• 2:24
  the
• 2:25
  pricing.
• 2:25
  You
• 2:25
  know,
• 2:25
  there's,
• 2:26
  there's
• 2:26
  a
• 2:26
  reason
• 2:27
  those
• 2:27
  stores
• 2:27
  succeed.
• 2:29
  You
• 2:29
  know,
• 2:29
  bookstores
• 2:30
  like
• 2:30
  Barnes
• 2:30
  and
• 2:30
  Noble
• 2:30
  have
• 2:31
  done,
• 2:31
  I
• 2:32
  think
• 2:32
  exactly
• 2:32
  what
• 2:33
  we're
• 2:33
  talking
• 2:33
  about
• 2:33
  here,
• 2:34
  where
• 2:34
  they're
• 2:34
  a
• 2:34
  category
• 2:35
  specialist
• 2:35
  that
• 2:35
  they've
• 2:35
  remade
• 2:36
  their
• 2:36
  assortment
• 2:37
  and
• 2:37
  the
• 2:38
  experience
• 2:39
  to
• 2:39
  make
• 2:39
  people
• 2:39
  actually
• 2:40
  want
• 2:40
  to
• 2:40
  go
• 2:40
  there.
• 2:41
  So
• 2:41
  my
• 2:42
  I,
• 2:42
  I
• 2:42
  kind
• 2:42
  of
• 2:43
  am
• 2:43
  just
• 2:43
  left
• 2:43
  with
• 2:43
  questions.
• 2:44
  Are
• 2:44
  they
• 2:44
  going
• 2:44
  to
• 2:45
  curate
• 2:45
  the
• 2:45
  assortment
• 2:46
  more?
• 2:46
  Are
• 2:46
  they
• 2:46
  going
• 2:47
  to
• 2:47
  take
• 2:47
  advantage
• 2:47
  of
• 2:47
  Container
• 2:48
  Store?
• 2:48
  I
• 2:48
  mean,
• 2:48
  Container
• 2:49
  Stores,
• 2:49
  high
• 2:49
  end,
• 2:49
  the
• 2:50
  stuff
• 2:50
  is
• 2:50
  expensive
• 2:50
  there.
• 2:51
  Yes.
• 2:52
  Will
• 2:52
  they
• 2:52
  have
• 2:52
  more
• 2:53
  services?
• 2:53
  Yeah,
• 2:54
  well,
• 2:54
  they
• 2:54
  have
• 2:54
  more
• 2:54
  services.
• 2:56
  So
• 2:57
  that's
• 2:57
  my
• 2:57
  question.
• 2:57
  I'm
• 2:58
  sure,
• 2:58
  you
• 2:58
  know,
• 2:58
  from
• 2:59
  the
• 2:59
  operator
• 2:59
  perspective
• 3:00
  or
• 3:00
  from
• 3:00
  the
• 3:00
  cfo,
• 3:01
  it's
• 3:01
  like,
• 3:01
  oh,
• 3:02
  this
• 3:02
  looks
• 3:02
  like
• 3:02
  a
• 3:02
  good
• 3:02
  deal.
• 3:03
  But
• 3:04
  from
• 3:04
  the
• 3:04
  consumer
• 3:05
  perspective,
• 3:05
  I
• 3:05
  have
• 3:05
  more
• 3:06
  questions.
• 3:07
  Yeah,
• 3:07
  that's
• 3:07
  interesting
• 3:08
  to
• 3:08
  me
• 3:08
  because
• 3:08
  I'll
• 3:09
  bring
• 3:09
  another,
• 3:10
  another
• 3:10
  experience
• 3:11
  to
• 3:11
  light
• 3:11
  in
• 3:11
  this
• 3:12
  conversation
• 3:12
  too.
• 3:12
  You
• 3:12
  know,
• 3:13
  when
• 3:13
  I
• 3:13
  was
• 3:13
  heading
• 3:13
  up
• 3:13
  home
• 3:13
  furnishings
• 3:14
  for,
• 3:14
  for
• 3:15
  target.com
• 3:16
  and
• 3:16
  also,
• 3:16
  you
• 3:16
  know,
• 3:17
  running
• 3:17
  some
• 3:17
  of
• 3:17
  the
• 3:17
  omnichannel
• 3:18
  sides
• 3:18
  of
• 3:18
  the
• 3:18
  business,
• 3:18
  Bed
• 3:19
  Bath
• 3:19
  and
• 3:19
  Beyond
• 3:19
  was
• 3:20
  always
• 3:20
  the
• 3:20
  retailer
• 3:20
  that
• 3:21
  scared
• 3:21
  me,
• 3:22
  you
• 3:22
  know,
• 3:22
  and
• 3:23
  it's
• 3:23
  been
• 3:23
  funny
• 3:24
  to
• 3:24
  watch
• 3:24
  how
• 3:24
  it's
• 3:24
  played
• 3:24
  out.
• 3:25
  And
• 3:25
  the
• 3:25
  reason
• 3:25
  I,
• 3:25
  the
• 3:26
  reason
• 3:26
  I
• 3:26
  say
• 3:26
  that
• 3:26
  is
• 3:27
  because
• 3:27
  Bed
• 3:27
  Bath
• 3:28
  and
• 3:28
  Beyond
• 3:28
  did
• 3:28
  what
• 3:29
  Walmart
• 3:30
  and
• 3:30
  what
• 3:30
  Target
• 3:31
  at
• 3:31
  the
• 3:31
  time
• 3:31
  couldn't
• 3:32
  do.
• 3:32
  They
• 3:32
  could
• 3:32
  carry
• 3:32
  the
• 3:33
  higher
• 3:33
  end
• 3:33
  brands
• 3:34
  in
• 3:34
  their
• 3:34
  stores
• 3:35
  that
• 3:35
  would
• 3:35
  never
• 3:36
  go
• 3:36
  into
• 3:36
  Walmart.
• 3:37
  And
• 3:37
  that's
• 3:37
  something
• 3:37
  that
• 3:38
  hasn't
• 3:38
  been
• 3:38
  capitalized
• 3:39
  on
• 3:39
  really
• 3:39
  to
• 3:39
  the
• 3:39
  extent
• 3:40
  in
• 3:40
  terms
• 3:40
  of
• 3:41
  creating
• 3:41
  that
• 3:41
  truly
• 3:42
  differentiated
• 3:43
  mass
• 3:44
  market
• 3:44
  home
• 3:45
  furnishings
• 3:45
  and
• 3:45
  experience
• 3:46
  for
• 3:46
  the
• 3:46
  upper
• 3:46
  cachet,
• 3:47
  which
• 3:48
  department
• 3:48
  stores
• 3:48
  used
• 3:49
  to
• 3:49
  do.
• 3:49
  But
• 3:49
  that's
• 3:49
  business
• 3:50
  has
• 3:50
  kind
• 3:50
  of
• 3:50
  gone
• 3:50
  out
• 3:51
  by
• 3:51
  the
• 3:51
  wayside.
• 3:51
  So
• 3:52
  believe
• 3:52
  it
• 3:52
  or
• 3:52
  not,
• 3:52
  I
• 3:53
  mean,
• 3:53
  I
• 3:53
  always
• 3:53
  joke
• 3:53
  on
• 3:53
  this
• 3:54
  show,
• 3:54
  two
• 3:54
  wrongs
• 3:54
  never
• 3:55
  make
• 3:55
  a
• 3:55
  right.
• 3:55
  But
• 3:56
  in
• 3:56
  this
• 3:56
  case
• 3:56
  I
• 3:56
  kind
• 3:57
  of
• 3:57
  think
• 3:57
  they
• 3:57
  might,
• 3:57
  Laura,
• 3:58
  because
• 3:58
  I
• 3:58
  think
• 3:58
  it
• 3:59
  you
• 3:59
  mentioned
• 3:59
  it's
• 3:59
  a
• 4:00
  return
• 4:00
  on
• 4:00
  assets
• 4:00
  play,
• 4:01
  you
• 4:02
  know,
• 4:02
  for
• 4:02
  background.
• 4:02
  Container
• 4:03
  store
• 4:03
  has
• 4:03
  100
• 4:03
  stores.
• 4:04
  Those
• 4:05
  stores,
• 4:05
  to
• 4:05
  your
• 4:05
  point,
• 4:06
  tend
• 4:06
  to
• 4:07
  be
• 4:07
  in
• 4:07
  very
• 4:08
  desirous
• 4:08
  locations.
• 4:09
  Like
• 4:09
  they
• 4:10
  are
• 4:10
  nice
• 4:10
  spots
• 4:11
  where
• 4:11
  you
• 4:11
  want
• 4:11
  to
• 4:12
  have
• 4:12
  stores.
• 4:12
  And
• 4:13
  Bed
• 4:13
  Bath
• 4:13
  and
• 4:13
  Beyond
• 4:14
  for
• 4:14
  the
• 4:14
  most
• 4:14
  part
• 4:14
  is
• 4:14
  acquiring
• 4:15
  them
• 4:15
  all
• 4:15
  at
• 4:16
  a
• 4:16
  very
• 4:16
  significant
• 4:17
  discount
• 4:17
  to
• 4:17
  what
• 4:18
  it
• 4:18
  would
• 4:18
  take
• 4:18
  to
• 4:18
  build
• 4:18
  them
• 4:18
  out
• 4:19
  themselves.
• 4:19
  So
• 4:20
  that's
• 4:20
  number
• 4:20
  one.
• 4:20
  Number
• 4:21
  two,
• 4:21
  I
• 4:22
  think
• 4:22
  there's
• 4:22
  actually
• 4:22
  synergies
• 4:23
  between
• 4:23
  the
• 4:24
  two
• 4:24
  product
• 4:24
  portfolios
• 4:25
  too.
• 4:25
  So
• 4:25
  I
• 4:25
  could
• 4:26
  see,
• 4:26
  you
• 4:26
  know,
• 4:27
  getting
• 4:27
  more,
• 4:28
  you
• 4:28
  know,
• 4:29
  getting
• 4:29
  more
• 4:29
  out
• 4:30
  of
• 4:30
  the
• 4:30
  box,
• 4:30
  so
• 4:31
  to
• 4:31
  speak,
• 4:31
  by
• 4:32
  blending
• 4:32
  and
• 4:32
  combine.
• 4:33
  I
• 4:33
  think
• 4:33
  that's
• 4:33
  a
• 4:33
  real
• 4:34
  thing
• 4:34
  that
• 4:34
  they
• 4:34
  could
• 4:34
  do.
• 4:34
  I
• 4:34
  don't
• 4:35
  think
• 4:35
  that's
• 4:35
  smoke
• 4:35
  and
• 4:35
  mirrors
• 4:36
  in
• 4:36
  terms
• 4:36
  of,
• 4:36
  you
• 4:36
  know,
• 4:36
  how
• 4:37
  they
• 4:37
  pitch
• 4:37
  this
• 4:37
  in
• 4:37
  terms
• 4:37
  of
• 4:38
  trying
• 4:38
  to
• 4:38
  combine
• 4:39
  the
• 4:39
  product
• 4:39
  portfolios
• 4:40
  of
• 4:40
  two
• 4:40
  of
• 4:40
  both
• 4:41
  entities
• 4:41
  and
• 4:41
  then
• 4:42
  three,
• 4:43
  you
• 4:43
  know,
• 4:43
  the
• 4:44
  stores
• 4:44
  themselves
• 4:45
  tend
• 4:45
  to
• 4:45
  be
• 4:45
  newer,
• 4:46
  nicer,
• 4:46
  more
• 4:47
  Inviting
• 4:47
  than
• 4:47
  what
• 4:48
  we
• 4:48
  all
• 4:48
  remember
• 4:48
  as
• 4:49
  the
• 4:49
  Bed
• 4:49
  Bath
• 4:49
  and
• 4:49
  Beyond
• 4:50
  experience,
• 4:50
  which
• 4:50
  was
• 4:50
  kind
• 4:51
  of
• 4:51
  getting
• 4:51
  to
• 4:51
  the
• 4:51
  point
• 4:51
  of
• 4:51
  like
• 4:52
  being
• 4:52
  trapped
• 4:53
  in
• 4:53
  old
• 4:53
  outdated
• 4:54
  strip
• 4:54
  malls
• 4:54
  and
• 4:55
  not
• 4:55
  being
• 4:55
  that
• 4:55
  great
• 4:55
  of
• 4:55
  experience.
• 4:56
  So.
• 4:56
  Yeah.
• 4:57
  So
• 4:57
  net.
• 4:57
  Net.
• 4:58
  The
• 4:58
  merchant
• 4:59
  in
• 4:59
  me
• 4:59
  kind
• 4:59
  of
• 4:59
  thinks
• 5:00
  this
• 5:00
  is
• 5:00
  a
• 5:00
  smart
• 5:00
  move
• 5:01
  and
• 5:02
  it's
• 5:02
  from
• 5:02
  a
• 5:02
  company
• 5:02
  that's
• 5:03
  helmed
• 5:03
  by
• 5:03
  a
• 5:03
  CEO
• 5:04
  too.
• 5:04
  You
• 5:04
  know,
• 5:04
  good
• 5:04
  old
• 5:05
  Marcus
• 5:05
  who
• 5:06
  has
• 5:06
  a
• 5:06
  track
• 5:06
  record
• 5:06
  of
• 5:07
  wheeling
• 5:07
  and
• 5:07
  dealing
• 5:07
  and
• 5:07
  figuring
• 5:08
  out
• 5:08
  how
• 5:08
  to
• 5:08
  make
• 5:08
  these
• 5:08
  things
• 5:09
  work.
• 5:09
  So
• 5:10
  I
• 5:10
  don't
• 5:10
  know.
• 5:10
  Laura,
• 5:10
  what
• 5:11
  do
• 5:11
  you
• 5:11
  think?
• 5:12
  Did
• 5:12
  I
• 5:12
  sway
• 5:13
  your
• 5:13
  thinking
• 5:13
  in
• 5:13
  any
• 5:14
  way?
• 5:15
  I
• 5:15
  mean,
• 5:15
  I
• 5:15
  think,
• 5:16
  I
• 5:16
  think
• 5:16
  we're
• 5:17
  still
• 5:17
  kind
• 5:17
  of
• 5:17
  arriving
• 5:18
  at
• 5:18
  the
• 5:18
  same
• 5:19
  conclusion,
• 5:20
  which
• 5:20
  is
• 5:21
  that
• 5:22
  the
• 5:22
  experiencing
• 5:23
  assortment
• 5:23
  has
• 5:23
  to
• 5:23
  change.
• 5:24
  You
• 5:24
  mentioning
• 5:25
  the
• 5:25
  old
• 5:26
  Bed
• 5:26
  Bath
• 5:26
  experience
• 5:27
  with
• 5:28
  the
• 5:28
  stuff
• 5:28
  stacked
• 5:29
  to
• 5:29
  the
• 5:29
  ceiling,
• 5:29
  I
• 5:29
  mean,
• 5:30
  talk
• 5:30
  about
• 5:30
  stack
• 5:30
  it
• 5:30
  high.
• 5:31
  It's
• 5:31
  like
• 5:31
  insane.
• 5:33
  Makes
• 5:33
  me
• 5:33
  wonder
• 5:33
  what
• 5:34
  will
• 5:34
  happen
• 5:34
  to
• 5:34
  the
• 5:35
  20%
• 5:35
  off
• 5:36
  bed
• 5:36
  bath
• 5:37
  coupon.
• 5:38
  Are
• 5:38
  people.
• 5:39
  I
• 5:39
  mean,
• 5:39
  I
• 5:39
  was
• 5:39
  like,
• 5:39
  I'm
• 5:40
  a
• 5:40
  little
• 5:40
  bit
• 5:40
  in
• 5:40
  jest
• 5:41
  asking
• 5:41
  about
• 5:41
  this,
• 5:42
  but
• 5:43
  it's
• 5:43
  a
• 5:43
  real
• 5:43
  question.
• 5:44
  Yeah.
• 5:44
  Because
• 5:45
  I
• 5:45
  think
• 5:45
  the
• 5:45
  Bed
• 5:46
  Bath
• 5:46
  consumer
• 5:47
  expected
• 5:47
  that
• 5:48
  and
• 5:48
  I
• 5:49
  think
• 5:49
  tells
• 5:49
  us
• 5:49
  a
• 5:49
  lot
• 5:49
  about
• 5:50
  the,
• 5:51
  the
• 5:52
  expectations
• 5:52
  of
• 5:52
  price
• 5:53
  and
• 5:53
  experience
• 5:54
  in
• 5:54
  the
• 5:54
  store.
• 5:55
  And
• 5:55
  maybe
• 5:55
  it
• 5:55
  tells
• 5:56
  us
• 5:56
  a
• 5:56
  lot
• 5:56
  about
• 5:56
  why
• 5:56
  we
• 5:57
  have
• 5:57
  wound
• 5:57
  up
• 5:57
  in
• 5:57
  this
• 5:58
  situation
• 5:58
  in
• 5:58
  the
• 5:58
  first
• 5:58
  place.
• 6:00
  But
• 6:00
  it
• 6:01
  doesn't
• 6:01
  play
• 6:01
  with
• 6:02
  the
• 6:02
  truthfully,
• 6:03
  like
• 6:03
  really
• 6:04
  high
• 6:04
  end
• 6:04
  Container
• 6:05
  Store
• 6:05
  experience.
• 6:07
  And
• 6:07
  so
• 6:07
  I'm,
• 6:08
  I'm
• 6:08
  curious,
• 6:08
  you
• 6:09
  know,
• 6:09
  does
• 6:09
  a
• 6:09
  consumer
• 6:11
  buy
• 6:11
  it,
• 6:12
  for
• 6:12
  lack
• 6:12
  of
• 6:13
  a
• 6:13
  better
• 6:13
  term,
• 6:13
  you
• 6:13
  know,
• 6:13
  do
• 6:13
  they
• 6:14
  buy
• 6:14
  that?
• 6:14
  This
• 6:14
  is,
• 6:14
  this
• 6:15
  is
• 6:15
  the
• 6:15
  new.
• 6:15
  It's
• 6:15
  like
• 6:15
  they
• 6:15
  go
• 6:16
  in
• 6:16
  and
• 6:16
  say,
• 6:16
  whoa,
• 6:16
  this
• 6:16
  is,
• 6:17
  this
• 6:17
  is
• 6:17
  way
• 6:17
  nicer
• 6:17
  than
• 6:18
  I
• 6:18
  thought
• 6:18
  it
• 6:18
  was
• 6:18
  going
• 6:18
  to
• 6:18
  be.
• 6:20
  And
• 6:20
  I
• 6:21
  just,
• 6:21
  I
• 6:21
  just
• 6:21
  think
• 6:22
  that
• 6:22
  space,
• 6:23
  to
• 6:23
  your
• 6:23
  point,
• 6:23
  I
• 6:23
  mean,
• 6:24
  department
• 6:24
  stores
• 6:24
  don't
• 6:24
  do
• 6:24
  it
• 6:24
  anymore.
• 6:25
  Well,
• 6:25
  I
• 6:25
  mean,
• 6:26
  we
• 6:26
  saw
• 6:26
  what
• 6:26
  happened
• 6:26
  to
• 6:26
  department
• 6:27
  stores.
• 6:27
  Like
• 6:28
  there's,
• 6:28
  there's
• 6:28
  a
• 6:28
  reason.
• 6:30
  So
• 6:30
  I,
• 6:31
  I'm,
• 6:31
  yeah,
• 6:32
  I'm
• 6:32
  really
• 6:32
  curious
• 6:33
  and
• 6:33
  I
• 6:33
  do
• 6:33
  think
• 6:33
  we've
• 6:34
  ultimately
• 6:34
  kind
• 6:34
  of
• 6:35
  arrived
• 6:35
  at
• 6:35
  the
• 6:36
  same
• 6:36
  conclusion.
• 6:37
  And
• 6:38
  maybe
• 6:38
  the
• 6:38
  upshot
• 6:39
  is
• 6:39
  we
• 6:39
  think
• 6:39
  they're
• 6:40
  going
• 6:40
  to
• 6:40
  go
• 6:40
  higher
• 6:40
  end.
• 6:41
  And
• 6:42
  are
• 6:42
  people
• 6:42
  going
• 6:42
  to
• 6:42
  want
• 6:43
  that?
• 6:44
  Yep.
• 6:44
  Yeah.
• 6:45
  It
• 6:45
  all
• 6:45
  comes
• 6:45
  down
• 6:45
  to
• 6:45
  what
• 6:46
  are
• 6:46
  you
• 6:46
  giving
• 6:46
  people
• 6:46
  right
• 6:47
  at
• 6:47
  the
• 6:47
  end
• 6:47
  of
• 6:47
  the
• 6:47
  day.
• 6:47
  But
• 6:48
  I
• 6:48
  think
• 6:48
  from
• 6:48
  an
• 6:48
  assets
• 6:49
  play
• 6:49
  and,
• 6:49
  you
• 6:50
  know,
• 6:50
  trying
• 6:50
  to
• 6:50
  make
• 6:51
  that
• 6:51
  idea
• 6:51
  work.
• 6:52
  Yeah,
• 6:52
  it's
• 6:52
  as
• 6:52
  smart
• 6:53
  as
• 6:53
  any.
• 6:53
  But
• 6:53
  the,
• 6:54
  the
• 6:54
  risk
• 6:54
  is
• 6:54
  in
• 6:54
  can
• 6:55
  you
• 6:55
  make
• 6:55
  the
• 6:55
  idea
• 6:55
  work,
• 6:56
  which
• 6:56
  is
• 6:56
  what
• 6:56
  the
• 6:56
  investors
• 6:57
  are,
• 6:57
  you
• 6:57
  know,
• 6:57
  taking
• 6:57
  into
• 6:58
  account.
• 6:59
  Yeah,
• 6:59
  yeah,
• 6:59
  yeah.
• 7:00
  And
• 7:00
  I
• 7:00
  think
• 7:00
  the
• 7:00
  nicer
• 7:00
  locations
• 7:01
  are
• 7:01
  meaningful
• 7:02
  too.
• 7:03
  That's
• 7:03
  of
• 7:03
  course
• 7:03
  where
• 7:03
  we're
• 7:04
  seeing
• 7:04
  the
• 7:04
  most
• 7:05
  success
• 7:05
  in
• 7:06
  retail
• 7:06
  real
• 7:06
  estate.
• 7:07
  It's
• 7:07
  better.
• 7:08
  Strip
• 7:08
  malls.
• 7:08
  Better
• 7:09
  malls.
• 7:10
  So
• 7:10
  that
• 7:10
  means
• 7:11
  that
• 7:11
  the
• 7:11
  worst
• 7:11
  ones
• 7:12
  are
• 7:12
  just
• 7:12
  looking
• 7:12
  even
• 7:12
  worse.
• 7:13
  But,
• 7:14
  yeah,
• 7:14
  I'd
• 7:14
  rather.
• 7:14
  I'd
• 7:14
  rather
• 7:15
  try
• 7:15
  to
• 7:15
  re
• 7:15
  enliven
• 7:15
  the
• 7:16
  Bed,
• 7:16
  Bath
• 7:16
  and
• 7:16
  Beyond
• 7:16
  brand
• 7:17
  from
• 7:17
  the
• 7:17
  Container
• 7:17
  Store's
• 7:18
  footprint
• 7:18
  than
• 7:18
  the
• 7:18
  old
• 7:19
  Bed,
• 7:19
  Bath
• 7:19
  and
• 7:19
  Beyond
• 7:20
  footprint.
• 7:20
  Right.
• 7:20
  Which
• 7:21
  I
• 7:21
  think
• 7:21
  is
• 7:21
  a
• 7:21
  key
• 7:21
  point
• 7:22
  in
• 7:22
  this
• 7:22
  story,
• 7:22
  right?