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Lidl US CEO Joel Rampoldt On Where Lidl US Is Now And Where It Is Going Next · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  everyone.
• 0:00
  Welcome
• 0:01
  back.
• 0:01
  This
• 0:01
  is
• 0:01
  omnitalk
• 0:02
  Retail.
• 0:02
  I'm
• 0:03
  Anne
• 0:03
  Mazinga.
• 0:03
  And
• 0:03
  I'm
• 0:04
  Chris
• 0:04
  Walton.
• 0:04
  And
• 0:04
  we
• 0:04
  are
• 0:05
  coming
• 0:05
  to
• 0:05
  you
• 0:05
  live
• 0:05
  from
• 0:06
  Grocery
• 0:06
  Shop
• 0:06
  2025
• 0:07
  from
• 0:08
  the
• 0:08
  Fusion
• 0:08
  Group
• 0:08
  booth.
• 0:09
  A
• 0:09
  big
• 0:09
  thank
• 0:10
  you
• 0:10
  to
• 0:10
  the
• 0:10
  Fusion
• 0:10
  Group
• 0:11
  for
• 0:11
  helping
• 0:11
  us
• 0:11
  bring
• 0:11
  you
• 0:12
  all
• 0:12
  of
• 0:12
  our
• 0:12
  interviews
• 0:13
  and
• 0:13
  coverage
• 0:13
  from
• 0:14
  the
• 0:14
  show.
• 0:14
  Chris,
• 0:15
  we
• 0:15
  have
• 0:15
  a
• 0:15
  pretty
• 0:16
  exciting
• 0:16
  guest
• 0:17
  standing
• 0:17
  between
• 0:17
  a
• 0:18
  first
• 0:18
  timer
• 0:19
  on
• 0:19
  Omnitok,
• 0:20
  we
• 0:20
  have
• 0:21
  Lidl
• 0:22
  US
• 0:22
  CEO
• 0:23
  Joel
• 0:24
  Rampold.
• 0:26
  Joel,
• 0:26
  welcome
• 0:27
  to
• 0:27
  omnitalk.
• 0:28
  Thanks,
• 0:28
  Anne.
• 0:28
  Thanks
• 0:28
  for
• 0:28
  having
• 0:28
  me.
• 0:29
  Yeah,
• 0:29
  this
• 0:29
  is
• 0:29
  a
• 0:30
  big
• 0:30
  deal.
• 0:30
  We
• 0:30
  get
• 0:30
  to
• 0:30
  have
• 0:31
  Lidl
• 0:31
  on
• 0:31
  the
• 0:31
  show.
• 0:32
  We
• 0:32
  get
• 0:32
  to
• 0:33
  tell
• 0:33
  our
• 0:33
  custom
• 0:33
  or
• 0:34
  our
• 0:34
  audience
• 0:35
  about
• 0:35
  it
• 0:35
  and
• 0:35
  about
• 0:36
  your
• 0:36
  expansion
• 0:37
  into
• 0:37
  the
• 0:37
  US
• 0:37
  So
• 0:38
  it's
• 0:38
  a
• 0:38
  big
• 0:38
  deal
• 0:39
  for
• 0:39
  us.
• 0:39
  Thanks
• 0:39
  for
• 0:39
  making
• 0:39
  the
• 0:40
  time.
• 0:40
  Great.
• 0:40
  My
• 0:40
  pleasure.
• 0:41
  Yeah.
• 0:41
  You
• 0:42
  know,
• 0:42
  Joel.
• 0:42
  Yeah.
• 0:42
  That's
• 0:43
  one
• 0:43
  thing
• 0:43
  we
• 0:43
  love.
• 0:43
  We
• 0:43
  love.
• 0:43
  We
• 0:43
  love
• 0:44
  Getting
• 0:44
  to
• 0:44
  meet
• 0:44
  CEOs
• 0:45
  from
• 0:45
  all
• 0:45
  walks
• 0:45
  of
• 0:45
  life
• 0:45
  across
• 0:46
  retail.
• 0:46
  So
• 0:46
  let's
• 0:47
  start
• 0:47
  with
• 0:47
  that.
• 0:47
  Let's
• 0:47
  get
• 0:47
  to
• 0:47
  know
• 0:48
  you
• 0:48
  a
• 0:48
  little
• 0:48
  bit.
• 0:48
  Tell
• 0:48
  us
• 0:48
  about
• 0:49
  your
• 0:49
  background
• 0:49
  and
• 0:50
  how
• 0:50
  you
• 0:51
  came
• 0:51
  to
• 0:52
  become
• 0:52
  CEO.
• 0:53
  So
• 0:53
  for
• 0:53
  a
• 0:54
  couple
• 0:54
  of
• 0:54
  decades
• 0:54
  before
• 0:55
  I
• 0:55
  came
• 0:55
  to
• 0:56
  Lidl,
• 0:56
  I
• 0:57
  was
• 0:57
  a
• 0:57
  management
• 0:57
  consultant
• 0:58
  specializing
• 0:59
  in
• 0:59
  retail
• 0:59
  and
• 1:00
  specializing
• 1:00
  in
• 1:00
  grocery
• 1:01
  retail.
• 1:02
  And
• 1:02
  in
• 1:02
  that,
• 1:03
  through
• 1:03
  that
• 1:03
  work,
• 1:03
  I
• 1:04
  met
• 1:04
  the
• 1:04
  man
• 1:04
  who's
• 1:04
  currently
• 1:05
  the
• 1:05
  CEO
• 1:05
  of
• 1:05
  LIDL
• 1:06
  Globally,
• 1:07
  Kenneth
• 1:07
  McGrath.
• 1:08
  And
• 1:09
  he
• 1:09
  asked
• 1:09
  me
• 1:10
  to
• 1:10
  dinner
• 1:10
  one
• 1:10
  night
• 1:10
  and
• 1:11
  said
• 1:11
  he
• 1:11
  wanted
• 1:11
  to
• 1:12
  talk
• 1:12
  about
• 1:12
  who
• 1:13
  should
• 1:13
  be
• 1:13
  the
• 1:13
  next
• 1:14
  CEO
• 1:14
  of
• 1:14
  Lidl.
• 1:15
  Us.
• 1:15
  Really?
• 1:16
  And
• 1:16
  I
• 1:16
  had
• 1:16
  no
• 1:17
  idea
• 1:17
  he
• 1:17
  had
• 1:17
  me
• 1:17
  in
• 1:17
  mind
• 1:18
  when
• 1:18
  I
• 1:18
  went
• 1:18
  to
• 1:18
  that
• 1:18
  deal.
• 1:19
  Setting
• 1:19
  you
• 1:19
  up,
• 1:19
  huh?
• 1:20
  He
• 1:20
  set
• 1:20
  me
• 1:20
  up.
• 1:21
  Yeah.
• 1:21
  All
• 1:21
  right.
• 1:21
  So,
• 1:22
  yeah,
• 1:23
  tell
• 1:23
  us
• 1:23
  what
• 1:24
  happened
• 1:24
  next.
• 1:24
  Yeah,
• 1:24
  tell
• 1:25
  us
• 1:25
  a
• 1:25
  little
• 1:25
  bit
• 1:25
  more.
• 1:25
  Like,
• 1:26
  what
• 1:26
  did
• 1:26
  you
• 1:26
  have
• 1:27
  for
• 1:27
  dinner?
• 1:27
  Were
• 1:27
  you
• 1:28
  nervous
• 1:28
  what
• 1:28
  was
• 1:29
  happening?
• 1:29
  I
• 1:29
  certainly
• 1:30
  don't
• 1:30
  remember
• 1:30
  what
• 1:30
  I
• 1:31
  ate,
• 1:31
  if
• 1:31
  in
• 1:31
  fact
• 1:31
  I
• 1:32
  ate
• 1:32
  anything.
• 1:33
  But
• 1:33
  it
• 1:33
  was
• 1:33
  really
• 1:33
  exciting.
• 1:34
  I
• 1:34
  wasn't
• 1:35
  expecting
• 1:35
  that
• 1:36
  conversation
• 1:37
  to
• 1:37
  go
• 1:37
  in
• 1:37
  that
• 1:38
  direction.
• 1:38
  But
• 1:39
  as
• 1:39
  soon
• 1:39
  as
• 1:39
  he
• 1:39
  started
• 1:40
  talking
• 1:40
  about
• 1:40
  it,
• 1:40
  I
• 1:40
  knew
• 1:41
  that
• 1:41
  it
• 1:41
  was
• 1:41
  something
• 1:41
  that
• 1:41
  I
• 1:41
  would
• 1:42
  have
• 1:42
  to
• 1:42
  do
• 1:42
  because
• 1:43
  I'm
• 1:43
  a
• 1:43
  huge
• 1:43
  believer
• 1:44
  in
• 1:44
  the
• 1:44
  Lidl
• 1:45
  model.
• 1:45
  I've
• 1:46
  done
• 1:46
  a
• 1:46
  fair
• 1:46
  amount
• 1:46
  of
• 1:46
  work
• 1:47
  in
• 1:47
  Europe,
• 1:48
  where
• 1:48
  discount
• 1:48
  grocery
• 1:49
  is
• 1:49
  growing
• 1:50
  and
• 1:50
  growing
• 1:50
  and
• 1:50
  growing
• 1:51
  and
• 1:51
  just
• 1:51
  doesn't
• 1:51
  seem
• 1:51
  to
• 1:51
  have
• 1:52
  any
• 1:52
  ceiling.
• 1:53
  And
• 1:53
  Lidl's
• 1:54
  had
• 1:54
  some
• 1:54
  struggles
• 1:54
  in
• 1:55
  the
• 1:55
  US
• 1:55
  has
• 1:56
  been
• 1:56
  widely
• 1:56
  publicized
• 1:57
  and
• 1:57
  talked
• 1:57
  about,
• 1:57
  but
• 1:58
  I'm
• 1:58
  a
• 1:58
  huge
• 1:58
  believer
• 1:59
  in
• 1:59
  the
• 1:59
  business
• 1:59
  model,
• 1:59
  and
• 2:00
  I
• 2:00
  know
• 2:00
  it
• 2:00
  will
• 2:00
  work
• 2:01
  and
• 2:01
  be
• 2:01
  brilliant
• 2:01
  in
• 2:02
  the
• 2:02
  U.S.
• 2:02
  and
• 2:02
  so
• 2:02
  the
• 2:03
  opportunity
• 2:03
  to
• 2:03
  be
• 2:03
  a
• 2:03
  part
• 2:04
  of
• 2:04
  that
• 2:04
  was
• 2:04
  really
• 2:04
  exciting
• 2:05
  for
• 2:05
  me.
• 2:05
  And
• 2:05
  how
• 2:05
  long
• 2:05
  have
• 2:05
  you
• 2:06
  been
• 2:06
  in
• 2:06
  Roll?
• 2:06
  Two
• 2:07
  years.
• 2:07
  Two
• 2:07
  years.
• 2:07
  Okay.
• 2:08
  And
• 2:08
  where.
• 2:08
  And
• 2:08
  where.
• 2:09
  How
• 2:09
  would
• 2:09
  you
• 2:09
  sum
• 2:09
  up
• 2:09
  lidl
• 2:10
  within
• 2:10
  the
• 2:10
  US
• 2:11
  right
• 2:11
  now?
• 2:11
  Well,
• 2:12
  we're
• 2:12
  190
• 2:12
  stores
• 2:13
  up
• 2:13
  and
• 2:13
  down
• 2:13
  the
• 2:13
  east
• 2:14
  coast,
• 2:14
  basically
• 2:14
  from
• 2:14
  Atlanta
• 2:15
  up
• 2:15
  the
• 2:16
  coast
• 2:16
  out
• 2:16
  to
• 2:16
  Long
• 2:17
  island,
• 2:18
  where
• 2:18
  we
• 2:18
  have
• 2:19
  pockets
• 2:20
  of
• 2:20
  strength.
• 2:20
  Our
• 2:21
  three
• 2:21
  biggest
• 2:21
  markets
• 2:21
  are
• 2:22
  Atlanta,
• 2:22
  the
• 2:22
  D.C.
• 2:23
  area,
• 2:24
  Maryland,
• 2:24
  Virginia,
• 2:25
  Delaware
• 2:25
  and
• 2:26
  New
• 2:26
  York,
• 2:26
  including
• 2:27
  northern
• 2:27
  New
• 2:27
  Jersey,
• 2:28
  New
• 2:28
  York
• 2:28
  City
• 2:28
  and
• 2:29
  Long
• 2:29
  island.
• 2:29
  We
• 2:30
  have
• 2:30
  190
• 2:30
  stores
• 2:31
  up
• 2:31
  and
• 2:31
  down
• 2:31
  the
• 2:31
  east
• 2:32
  coast,
• 2:32
  but
• 2:32
  concentrated
• 2:33
  in
• 2:33
  those
• 2:33
  markets,
• 2:34
  we
• 2:34
  are
• 2:34
  a
• 2:34
  private
• 2:35
  brand
• 2:35
  forward,
• 2:36
  fresh
• 2:36
  forward
• 2:37
  retailer.
• 2:38
  Our
• 2:38
  boxes
• 2:38
  are
• 2:39
  a
• 2:39
  little
• 2:39
  bit
• 2:39
  smaller.
• 2:39
  Right.
• 2:40
  So
• 2:40
  we're
• 2:40
  smaller
• 2:40
  than
• 2:40
  a
• 2:41
  traditional
• 2:41
  grocer
• 2:42
  with
• 2:42
  more
• 2:42
  of
• 2:42
  a
• 2:42
  curated,
• 2:43
  tight
• 2:44
  assortment.
• 2:44
  Okay.
• 2:45
  And
• 2:45
  we
• 2:46
  focus
• 2:46
  on,
• 2:46
  unlike
• 2:46
  other
• 2:47
  discount
• 2:47
  grocers,
• 2:47
  we
• 2:48
  focus
• 2:48
  a
• 2:48
  lot
• 2:48
  on
• 2:48
  fresh.
• 2:49
  When
• 2:49
  you
• 2:49
  walk
• 2:49
  into
• 2:50
  a
• 2:50
  Lidl,
• 2:50
  the
• 2:50
  first
• 2:50
  things
• 2:51
  you
• 2:51
  see
• 2:51
  are
• 2:51
  fresh
• 2:51
  fruits,
• 2:52
  fresh
• 2:52
  vegetables,
• 2:53
  and
• 2:53
  fresh
• 2:53
  bakery.
• 2:54
  Just
• 2:54
  after
• 2:54
  that
• 2:55
  is
• 2:55
  fresh
• 2:55
  protein.
• 2:56
  So
• 2:56
  a
• 2:56
  lot
• 2:57
  of
• 2:57
  people
• 2:57
  think
• 2:57
  about
• 2:57
  discount
• 2:58
  grocery
• 2:58
  and
• 2:58
  they
• 2:58
  think
• 2:58
  of
• 2:58
  cans
• 2:59
  and
• 2:59
  boxes.
• 2:59
  And
• 2:59
  of
• 3:00
  course,
• 3:00
  we
• 3:00
  do
• 3:00
  that
• 3:00
  as
• 3:01
  well.
• 3:01
  Yeah.
• 3:01
  But
• 3:01
  we
• 3:01
  put
• 3:02
  a
• 3:02
  lot
• 3:02
  more
• 3:02
  emphasis
• 3:02
  on
• 3:03
  fresh.
• 3:03
  Right.
• 3:04
  And
• 3:04
  Joel
• 3:04
  put
• 3:04
  it
• 3:04
  into
• 3:04
  context
• 3:05
  globally,
• 3:05
  too.
• 3:06
  Like
• 3:06
  how.
• 3:06
  How
• 3:06
  does.
• 3:07
  How
• 3:07
  do
• 3:07
  you.
• 3:07
  You
• 3:07
  just
• 3:08
  summed
• 3:08
  up
• 3:08
  Lidl
• 3:09
  for
• 3:09
  the
• 3:09
  US
• 3:09
  but
• 3:09
  sum
• 3:10
  up
• 3:10
  Lidl
• 3:10
  globally,
• 3:11
  too,
• 3:11
  for
• 3:11
  our
• 3:11
  audience.
• 3:11
  Yeah.
• 3:12
  So
• 3:12
  we're
• 3:12
  part
• 3:12
  of
• 3:12
  the
• 3:12
  Schwartz
• 3:13
  Group.
• 3:13
  We
• 3:13
  are
• 3:13
  the
• 3:13
  fourth
• 3:13
  largest
• 3:14
  retailer
• 3:14
  in
• 3:14
  the
• 3:15
  world.
• 3:15
  In
• 3:15
  the
• 3:15
  world.
• 3:15
  Right.
• 3:16
  Not
• 3:16
  fourth
• 3:16
  largest
• 3:17
  grocery
• 3:17
  retailer.
• 3:18
  Fourth
• 3:18
  largest
• 3:18
  retailer.
• 3:19
  We
• 3:20
  operate
• 3:20
  in
• 3:20
  30
• 3:20
  countries
• 3:21
  in
• 3:21
  Europe,
• 3:22
  plus
• 3:22
  the
• 3:22
  U.S.
• 3:23
  and
• 3:24
  Lidl
• 3:25
  has
• 3:26
  12,000
• 3:26
  stores
• 3:27
  across
• 3:27
  all
• 3:27
  of
• 3:27
  those
• 3:27
  countries,
• 3:28
  including
• 3:28
  the
• 3:29
  couple
• 3:29
  hundred
• 3:29
  almost
• 3:29
  that
• 3:29
  we
• 3:30
  have
• 3:30
  in
• 3:30
  the
• 3:30
  United
• 3:30
  States.
• 3:32
  And
• 3:32
  so,
• 3:32
  Joel,
• 3:33
  outside
• 3:33
  of
• 3:34
  kind
• 3:34
  of
• 3:34
  helping
• 3:35
  raise
• 3:35
  awareness
• 3:36
  about
• 3:36
  Lidl
• 3:37
  here
• 3:37
  at
• 3:37
  Grocery
• 3:37
  Shop,
• 3:38
  what.
• 3:38
  What
• 3:38
  are
• 3:38
  you
• 3:38
  looking
• 3:39
  to
• 3:39
  do
• 3:39
  while
• 3:39
  you're
• 3:39
  here?
• 3:40
  What
• 3:40
  brings
• 3:40
  you
• 3:40
  here?
• 3:41
  Well,
• 3:41
  so
• 3:41
  a
• 3:41
  lot
• 3:42
  of
• 3:42
  the
• 3:42
  reason
• 3:42
  we
• 3:43
  are
• 3:43
  here
• 3:43
  is
• 3:43
  to
• 3:43
  connect
• 3:44
  with
• 3:44
  industry
• 3:44
  peers,
• 3:45
  find
• 3:45
  out
• 3:45
  what
• 3:46
  other
• 3:46
  people
• 3:46
  are
• 3:46
  doing.
• 3:47
  Some
• 3:47
  of
• 3:48
  the
• 3:48
  folks
• 3:48
  on
• 3:48
  my
• 3:48
  team
• 3:48
  are
• 3:48
  here
• 3:48
  to
• 3:49
  learn
• 3:49
  about
• 3:49
  new
• 3:49
  technology.
• 3:50
  We
• 3:50
  have
• 3:50
  many
• 3:51
  of
• 3:51
  our
• 3:51
  technology
• 3:51
  partners
• 3:52
  with
• 3:52
  whom
• 3:52
  we
• 3:52
  already
• 3:52
  do
• 3:53
  business
• 3:53
  are
• 3:53
  here.
• 3:53
  I'm
• 3:54
  looking
• 3:54
  at
• 3:54
  a
• 3:54
  couple
• 3:54
  of
• 3:55
  them
• 3:55
  now.
• 3:56
  So
• 3:56
  that's
• 3:57
  useful.
• 3:57
  But
• 3:57
  also
• 3:57
  getting
• 3:57
  to
• 3:58
  meet
• 3:58
  people
• 3:59
  we
• 3:59
  don't
• 3:59
  yet
• 3:59
  do
• 4:00
  business
• 4:00
  with
• 4:00
  and
• 4:00
  find
• 4:00
  out
• 4:01
  what's
• 4:01
  new.
• 4:01
  And
• 4:02
  also
• 4:03
  our
• 4:03
  employees
• 4:04
  are
• 4:04
  very
• 4:04
  interested
• 4:05
  in
• 4:05
  what
• 4:05
  we
• 4:05
  say
• 4:06
  what
• 4:06
  when
• 4:06
  we
• 4:06
  go
• 4:06
  to
• 4:07
  these
• 4:07
  sorts
• 4:07
  of
• 4:07
  events.
• 4:07
  So
• 4:08
  when
• 4:08
  I'm
• 4:08
  doing
• 4:08
  a
• 4:09
  podcast
• 4:09
  like
• 4:09
  this,
• 4:10
  some
• 4:10
  of
• 4:10
  the
• 4:10
  people
• 4:10
  listening
• 4:11
  will
• 4:11
  be
• 4:11
  folks
• 4:11
  who
• 4:11
  work
• 4:11
  for
• 4:12
  Lidl
• 4:12
  us.
• 4:12
  And
• 4:13
  this
• 4:13
  is
• 4:13
  one
• 4:13
  of
• 4:13
  the
• 4:13
  ways
• 4:13
  that
• 4:14
  they
• 4:14
  find
• 4:14
  out
• 4:14
  about
• 4:15
  what
• 4:15
  we're
• 4:15
  talking
• 4:15
  about.
• 4:16
  That's
• 4:16
  cool.
• 4:17
  That's
• 4:17
  one
• 4:17
  response
• 4:18
  we've
• 4:18
  never
• 4:18
  had
• 4:18
  before.
• 4:18
  Yeah,
• 4:19
  I've
• 4:19
  never
• 4:19
  had
• 4:19
  that
• 4:19
  response
• 4:19
  before.
• 4:20
  It's
• 4:20
  really
• 4:20
  insightful.
• 4:21
  So
• 4:21
  you
• 4:21
  mentioned
• 4:22
  this
• 4:22
  a
• 4:22
  little
• 4:22
  bit
• 4:22
  But
• 4:23
  I
• 4:23
  want
• 4:23
  to
• 4:23
  go
• 4:23
  into
• 4:23
  it
• 4:23
  a
• 4:23
  little
• 4:24
  bit
• 4:24
  deeper.
• 4:24
  You
• 4:24
  said
• 4:25
  you
• 4:25
  talked
• 4:25
  a
• 4:25
  little
• 4:25
  bit
• 4:25
  about
• 4:26
  differentiation.
• 4:27
  Tell
• 4:27
  us
• 4:28
  more
• 4:28
  about
• 4:28
  how
• 4:28
  you
• 4:28
  see
• 4:29
  Lidl
• 4:29
  differentiating
• 4:30
  itself,
• 4:30
  particularly
• 4:30
  here
• 4:31
  in
• 4:31
  the
• 4:31
  United
• 4:31
  States.
• 4:32
  Yeah,
• 4:32
  well,
• 4:32
  the
• 4:32
  recipe
• 4:33
  is
• 4:33
  the
• 4:33
  same
• 4:33
  in
• 4:33
  the
• 4:33
  US
• 4:34
  as
• 4:34
  it
• 4:34
  is
• 4:34
  in
• 4:34
  Europe.
• 4:35
  Our
• 4:35
  motto
• 4:35
  is
• 4:35
  as
• 4:36
  global
• 4:36
  as
• 4:36
  possible,
• 4:36
  as
• 4:37
  local
• 4:37
  as
• 4:37
  necessary.
• 4:38
  So
• 4:38
  there
• 4:38
  are
• 4:38
  some
• 4:39
  things
• 4:39
  that
• 4:39
  we
• 4:39
  have
• 4:39
  to
• 4:39
  do
• 4:39
  differently
• 4:40
  in
• 4:40
  the
• 4:40
  us
• 4:41
  there's
• 4:41
  no
• 4:41
  question
• 4:41
  about
• 4:42
  that.
• 4:42
  But
• 4:42
  as
• 4:42
  much
• 4:43
  as
• 4:43
  possible,
• 4:43
  we
• 4:43
  want
• 4:43
  to
• 4:43
  be
• 4:44
  true
• 4:44
  to
• 4:44
  what
• 4:44
  has
• 4:44
  made
• 4:44
  Lidl
• 4:45
  successful
• 4:46
  everywhere
• 4:46
  we
• 4:46
  operate.
• 4:47
  And
• 4:47
  so
• 4:48
  that
• 4:48
  means
• 4:48
  that
• 4:48
  we
• 4:48
  differentiate
• 4:49
  on
• 4:49
  quality
• 4:50
  and
• 4:51
  price.
• 4:51
  So
• 4:52
  best
• 4:52
  quality,
• 4:53
  best
• 4:53
  price.
• 4:54
  We're
• 4:54
  a
• 4:54
  private
• 4:54
  brand
• 4:55
  forward
• 4:55
  company,
• 4:55
  we
• 4:56
  do
• 4:56
  carry
• 4:56
  brands
• 4:56
  and
• 4:57
  we
• 4:57
  love
• 4:57
  carrying,
• 4:58
  working
• 4:58
  with
• 4:59
  our
• 4:59
  branded
• 4:59
  partners.
• 5:00
  But
• 5:00
  we're
• 5:00
  private
• 5:00
  brand
• 5:01
  first
• 5:01
  and
• 5:01
  we've
• 5:02
  spent
• 5:02
  a
• 5:02
  lot
• 5:02
  of
• 5:02
  energy
• 5:02
  and
• 5:03
  time
• 5:03
  and
• 5:03
  money
• 5:03
  making
• 5:04
  sure
• 5:04
  that
• 5:04
  the
• 5:04
  private
• 5:04
  brand
• 5:05
  quality
• 5:05
  is
• 5:05
  great
• 5:06
  and
• 5:06
  that
• 5:06
  the
• 5:07
  price
• 5:07
  is
• 5:07
  the
• 5:07
  best
• 5:07
  you
• 5:08
  can
• 5:08
  get
• 5:08
  anywhere
• 5:08
  in
• 5:08
  the
• 5:08
  market.
• 5:09
  Now,
• 5:09
  of
• 5:09
  course,
• 5:10
  the
• 5:10
  trade
• 5:10
  off
• 5:10
  is
• 5:10
  we
• 5:11
  don't
• 5:11
  have
• 5:11
  tens
• 5:12
  of
• 5:12
  thousands
• 5:12
  of
• 5:12
  SKUs.
• 5:13
  We
• 5:13
  do
• 5:13
  not
• 5:14
  differentiate
• 5:14
  on
• 5:14
  choice
• 5:15
  and
• 5:16
  many
• 5:17
  customers
• 5:17
  will
• 5:17
  go
• 5:18
  to
• 5:18
  other
• 5:18
  retailers
• 5:19
  after
• 5:19
  they
• 5:19
  shop
• 5:19
  us
• 5:20
  to
• 5:20
  get
• 5:20
  specialty
• 5:21
  items
• 5:21
  that
• 5:22
  we,
• 5:22
  that
• 5:22
  we
• 5:22
  can't
• 5:23
  carry
• 5:23
  because
• 5:23
  they
• 5:23
  don't
• 5:23
  work
• 5:24
  in
• 5:24
  our
• 5:24
  operational
• 5:24
  envelope.
• 5:26
  But
• 5:26
  many
• 5:26
  customers
• 5:26
  also
• 5:27
  really
• 5:27
  like
• 5:27
  coming
• 5:27
  to
• 5:28
  Lidl
• 5:28
  because
• 5:29
  it
• 5:29
  is
• 5:29
  a
• 5:29
  curated
• 5:30
  assortment
• 5:30
  and
• 5:30
  they
• 5:31
  know
• 5:31
  they
• 5:31
  can
• 5:31
  get
• 5:31
  in
• 5:31
  and
• 5:32
  get
• 5:32
  out
• 5:32
  very
• 5:33
  quickly.
• 5:34
  Got
• 5:34
  it.
• 5:34
  How
• 5:34
  big
• 5:34
  is
• 5:34
  the
• 5:35
  footprint
• 5:35
  on
• 5:35
  the
• 5:35
  average
• 5:35
  store?
• 5:36
  We
• 5:36
  have
• 5:36
  a
• 5:37
  range
• 5:37
  of
• 5:37
  footprints
• 5:38
  across
• 5:38
  the
• 5:38
  US
• 5:39
  but
• 5:39
  right
• 5:39
  now
• 5:39
  going
• 5:40
  forward,
• 5:40
  our
• 5:40
  workhorse
• 5:41
  format
• 5:41
  is
• 5:41
  going
• 5:41
  to
• 5:42
  be
• 5:42
  13,000
• 5:42
  square
• 5:42
  feet.
• 5:44
  And
• 5:45
  I'd
• 5:46
  love
• 5:46
  to
• 5:46
  talk
• 5:46
  a
• 5:46
  little
• 5:47
  bit
• 5:47
  too
• 5:47
  about
• 5:48
  where
• 5:48
  the
• 5:49
  opportunities
• 5:49
  are.
• 5:50
  So
• 5:50
  you're
• 5:51
  coming
• 5:51
  into
• 5:51
  the
• 5:51
  US
• 5:51
  market,
• 5:52
  focus
• 5:52
  on
• 5:52
  fresh
• 5:53
  discounted
• 5:54
  prices.
• 5:56
  How
• 5:56
  do
• 5:56
  you
• 5:57
  think
• 5:57
  about
• 5:57
  how
• 5:58
  you're
• 5:58
  going
• 5:58
  to
• 5:58
  continue
• 5:58
  to
• 5:59
  differentiate
• 6:00
  in
• 6:00
  the
• 6:00
  market
• 6:01
  and
• 6:01
  where
• 6:02
  you
• 6:02
  hope
• 6:02
  to
• 6:02
  expand
• 6:03
  or
• 6:03
  where
• 6:03
  you
• 6:03
  see
• 6:03
  the
• 6:04
  greatest
• 6:04
  areas
• 6:04
  of
• 6:04
  opportunity?
• 6:05
  Yeah,
• 6:05
  well,
• 6:05
  the
• 6:06
  US
• 6:06
  consumer
• 6:06
  is
• 6:06
  still
• 6:07
  on
• 6:07
  the
• 6:07
  journey
• 6:07
  of
• 6:08
  accepting
• 6:08
  private
• 6:08
  brand
• 6:09
  as
• 6:10
  brands.
• 6:11
  Our
• 6:11
  strategy
• 6:11
  is
• 6:11
  not
• 6:12
  just
• 6:12
  to
• 6:12
  have
• 6:12
  control
• 6:12
  brands
• 6:13
  or
• 6:13
  store
• 6:13
  brands
• 6:14
  or
• 6:14
  look
• 6:14
  alike
• 6:14
  brands,
• 6:15
  but
• 6:15
  to
• 6:15
  actually
• 6:16
  build
• 6:16
  brands.
• 6:17
  And
• 6:17
  some
• 6:18
  of
• 6:18
  the
• 6:18
  brands
• 6:18
  that
• 6:18
  we
• 6:18
  carry
• 6:19
  are
• 6:19
  multi
• 6:19
  billion
• 6:20
  dollar
• 6:20
  brands
• 6:21
  globally.
• 6:22
  And
• 6:22
  so
• 6:22
  that's
• 6:22
  part
• 6:22
  of
• 6:23
  the
• 6:23
  journey
• 6:23
  is
• 6:23
  getting
• 6:23
  customers
• 6:24
  comfortable
• 6:24
  with
• 6:24
  that.
• 6:25
  This
• 6:25
  is
• 6:25
  a
• 6:25
  product
• 6:26
  that
• 6:26
  I
• 6:26
  can,
• 6:26
  that
• 6:26
  I
• 6:27
  can
• 6:27
  trust
• 6:27
  and
• 6:27
  something
• 6:28
  that
• 6:28
  I'm
• 6:28
  going
• 6:28
  to
• 6:28
  buy
• 6:28
  repeatedly
• 6:29
  and
• 6:29
  have
• 6:30
  a
• 6:30
  lot
• 6:30
  of
• 6:30
  faith
• 6:30
  that
• 6:30
  it's
• 6:30
  never
• 6:31
  going
• 6:31
  to
• 6:31
  let
• 6:31
  me
• 6:31
  down.
• 6:31
  We
• 6:31
  call
• 6:32
  what
• 6:32
  I
• 6:32
  call
• 6:32
  the
• 6:32
  your
• 6:33
  kids
• 6:33
  will
• 6:33
  eat
• 6:33
  it
• 6:34
  test.
• 6:35
  Yes,
• 6:35
  right.
• 6:35
  So
• 6:35
  that's
• 6:36
  part
• 6:36
  of
• 6:36
  it.
• 6:36
  And
• 6:36
  also
• 6:37
  just
• 6:37
  getting
• 6:37
  people
• 6:37
  comfortable
• 6:38
  with
• 6:38
  the
• 6:38
  idea
• 6:38
  that
• 6:38
  I
• 6:39
  can
• 6:39
  get
• 6:39
  my
• 6:39
  fresh
• 6:40
  Products.
• 6:41
  Yeah.
• 6:41
  Fruit,
• 6:41
  vegetable,
• 6:42
  protein,
• 6:43
  especially
• 6:44
  in
• 6:44
  a.
• 6:44
  In
• 6:45
  a
• 6:45
  value
• 6:45
  oriented
• 6:46
  story,
• 6:46
  which
• 6:47
  is.
• 6:47
  That's
• 6:47
  a
• 6:47
  change
• 6:47
  for
• 6:48
  many
• 6:48
  American
• 6:48
  consumers,
• 6:49
  right?
• 6:49
  100%.
• 6:50
  Yeah.
• 6:50
  So
• 6:50
  it
• 6:51
  sounds
• 6:51
  very
• 6:51
  similar
• 6:51
  to
• 6:52
  kind
• 6:52
  of
• 6:52
  the
• 6:53
  philosophy
• 6:54
  that
• 6:54
  we
• 6:54
  might
• 6:54
  have
• 6:55
  seen
• 6:55
  in
• 6:55
  some
• 6:55
  of
• 6:55
  the
• 6:55
  European
• 6:56
  stores,
• 6:56
  for
• 6:56
  example,
• 6:57
  coming
• 6:58
  here,
• 6:58
  but
• 6:58
  really
• 6:58
  differentiating
• 6:59
  on
• 7:00
  those
• 7:00
  special,
• 7:00
  almost
• 7:01
  specialty
• 7:01
  products
• 7:02
  that
• 7:03
  we
• 7:03
  wouldn't
• 7:03
  see
• 7:04
  in
• 7:04
  another
• 7:04
  discounted
• 7:05
  grocer.
• 7:05
  And
• 7:06
  our
• 7:06
  customers
• 7:06
  tell
• 7:06
  us
• 7:06
  they
• 7:07
  really
• 7:07
  like
• 7:07
  that.
• 7:07
  Right.
• 7:08
  These
• 7:08
  are
• 7:08
  items
• 7:09
  that,
• 7:09
  in
• 7:09
  terms
• 7:09
  of
• 7:10
  the
• 7:10
  percentage
• 7:10
  of
• 7:10
  our
• 7:10
  sales
• 7:11
  that
• 7:11
  they
• 7:11
  account
• 7:11
  for,
• 7:12
  are
• 7:12
  quite
• 7:12
  small.
• 7:12
  Okay.
• 7:13
  But
• 7:13
  they
• 7:13
  are
• 7:13
  large
• 7:14
  for
• 7:14
  our
• 7:14
  customers,
• 7:14
  perhaps
• 7:15
  particularly
• 7:15
  around
• 7:15
  the
• 7:15
  holidays.
• 7:16
  Special
• 7:17
  items
• 7:17
  that
• 7:17
  they
• 7:17
  would
• 7:17
  get,
• 7:18
  that
• 7:18
  they
• 7:18
  would
• 7:18
  bring
• 7:18
  to
• 7:18
  a
• 7:19
  party,
• 7:19
  charcuterie
• 7:20
  items,
• 7:21
  items
• 7:21
  that
• 7:21
  are
• 7:24
  French
• 7:24
  croissants,
• 7:24
  obviously
• 7:25
  are
• 7:25
  imported,
• 7:26
  but
• 7:26
  also
• 7:26
  Greek
• 7:27
  olives,
• 7:27
  Italian
• 7:28
  cheeses,
• 7:28
  things
• 7:29
  that
• 7:29
  are.
• 7:29
  That's
• 7:29
  really
• 7:29
  cool.
• 7:30
  Authentic.
• 7:30
  Yeah.
• 7:31
  And
• 7:32
  many
• 7:32
  of
• 7:32
  our
• 7:32
  European
• 7:33
  chocolates,
• 7:33
  those
• 7:34
  are
• 7:34
  items
• 7:34
  that
• 7:34
  our
• 7:34
  customers
• 7:35
  look
• 7:35
  for
• 7:35
  over
• 7:36
  and
• 7:36
  over
• 7:36
  again,
• 7:36
  especially
• 7:37
  when
• 7:37
  they're
• 7:37
  seasonally
• 7:38
  relevant.
• 7:38
  Yeah.
• 7:39
  A
• 7:39
  great
• 7:39
  gifting
• 7:40
  opportunity
• 7:41
  as
• 7:42
  that
• 7:42
  small,
• 7:42
  special
• 7:42
  touch
• 7:43
  to
• 7:43
  it
• 7:43
  that
• 7:43
  you
• 7:43
  can't
• 7:44
  get
• 7:44
  anywhere
• 7:44
  else.
• 7:44
  That's
• 7:45
  really
• 7:45
  cool.
• 7:46
  So,
• 7:46
  Joel,
• 7:47
  one
• 7:47
  thing
• 7:47
  we
• 7:48
  wanted
• 7:48
  to
• 7:48
  ask
• 7:48
  you
• 7:48
  too,
• 7:48
  is,
• 7:49
  you
• 7:49
  know,
• 7:50
  expanding
• 7:51
  the
• 7:51
  US
• 7:51
  market
• 7:51
  is
• 7:51
  particularly
• 7:52
  in
• 7:52
  grocery
• 7:52
  is
• 7:53
  no
• 7:53
  easy
• 7:53
  feat.
• 7:53
  In
• 7:54
  fact,
• 7:54
  a
• 7:54
  lot
• 7:54
  of
• 7:54
  people
• 7:54
  have
• 7:55
  come
• 7:55
  before
• 7:55
  you
• 7:55
  and
• 7:56
  tried
• 7:56
  it.
• 7:56
  Right.
• 7:57
  So
• 7:57
  I'm
• 7:57
  curious,
• 7:57
  what
• 7:57
  lessons
• 7:58
  have
• 7:58
  you
• 7:58
  learned
• 7:59
  to
• 7:59
  date
• 8:00
  in
• 8:00
  trying
• 8:00
  it
• 8:00
  yourself?
• 8:01
  And
• 8:01
  how
• 8:01
  are
• 8:02
  those
• 8:02
  lessons
• 8:02
  shaping
• 8:03
  what
• 8:03
  your
• 8:03
  plans
• 8:03
  are
• 8:04
  going
• 8:04
  forward?
• 8:04
  Yeah.
• 8:05
  Well,
• 8:05
  I'll
• 8:05
  circle
• 8:05
  back
• 8:05
  to
• 8:05
  one
• 8:06
  of
• 8:06
  the
• 8:06
  things
• 8:06
  we
• 8:06
  talked
• 8:06
  about
• 8:07
  a
• 8:07
  minute
• 8:07
  ago,
• 8:07
  which
• 8:07
  is
• 8:08
  we
• 8:08
  have
• 8:08
  a
• 8:08
  model
• 8:09
  that
• 8:09
  we
• 8:09
  know
• 8:09
  works,
• 8:10
  and
• 8:10
  we
• 8:10
  need
• 8:10
  to
• 8:11
  be
• 8:11
  true
• 8:11
  to
• 8:11
  that.
• 8:11
  Now,
• 8:12
  again,
• 8:12
  we
• 8:12
  adapt
• 8:13
  to
• 8:13
  the
• 8:13
  US
• 8:13
  Market.
• 8:13
  Right.
• 8:14
  Our
• 8:14
  chips
• 8:14
  and
• 8:15
  soda
• 8:15
  is
• 8:15
  DSD
• 8:16
  delivered
• 8:17
  in
• 8:17
  the
• 8:17
  US
• 8:18
  and
• 8:18
  nowhere
• 8:18
  else
• 8:18
  in
• 8:19
  the
• 8:19
  world.
• 8:19
  Right.
• 8:19
  Because
• 8:19
  that's
• 8:20
  the
• 8:20
  way
• 8:20
  the
• 8:20
  US
• 8:20
  has
• 8:21
  to
• 8:21
  operate.
• 8:21
  So
• 8:22
  in
• 8:22
  an
• 8:22
  example
• 8:22
  like
• 8:23
  that,
• 8:23
  we
• 8:23
  have
• 8:23
  to
• 8:23
  operate
• 8:24
  differently
• 8:24
  here.
• 8:25
  But
• 8:25
  as
• 8:25
  much
• 8:25
  as
• 8:25
  possible,
• 8:26
  we
• 8:26
  want
• 8:26
  to
• 8:26
  stick
• 8:27
  true
• 8:27
  to
• 8:27
  what
• 8:27
  we
• 8:27
  know
• 8:28
  works,
• 8:28
  what
• 8:28
  works
• 8:29
  over
• 8:29
  and
• 8:29
  over
• 8:29
  again.
• 8:30
  And
• 8:30
  the
• 8:31
  US
• 8:32
  consumer
• 8:32
  has
• 8:32
  some
• 8:33
  differences
• 8:33
  in
• 8:33
  taste
• 8:34
  and
• 8:34
  preferences,
• 8:35
  but
• 8:35
  for
• 8:35
  the
• 8:35
  most
• 8:35
  part,
• 8:36
  if
• 8:36
  you
• 8:37
  have
• 8:37
  the
• 8:37
  right
• 8:37
  items,
• 8:37
  you
• 8:37
  have
• 8:38
  the
• 8:38
  best
• 8:38
  quality
• 8:38
  and
• 8:38
  you
• 8:38
  have
• 8:39
  the
• 8:39
  best
• 8:39
  price,
• 8:40
  and
• 8:40
  then
• 8:40
  you
• 8:40
  have
• 8:40
  the
• 8:40
  operating
• 8:41
  model
• 8:42
  that
• 8:42
  supports
• 8:42
  your
• 8:42
  ability
• 8:43
  to
• 8:43
  deliver
• 8:43
  that,
• 8:44
  you're
• 8:45
  going
• 8:45
  to
• 8:45
  do
• 8:45
  great.
• 8:46
  Well,
• 8:47
  that
• 8:47
  is
• 8:47
  a
• 8:47
  good
• 8:47
  lead
• 8:48
  into
• 8:48
  our
• 8:48
  next
• 8:48
  question,
• 8:49
  Joel.
• 8:50
  What
• 8:50
  innovations
• 8:51
  are
• 8:51
  you
• 8:52
  excited
• 8:52
  about
• 8:53
  that
• 8:53
  are
• 8:53
  allowing
• 8:54
  you
• 8:54
  to
• 8:54
  do
• 8:54
  that
• 8:55
  as
• 8:55
  you
• 8:55
  expand
• 8:55
  Lidl,
• 8:56
  across
• 8:56
  the
• 8:57
  rest
• 8:57
  of
• 8:57
  the
• 8:57
  United
• 8:57
  States?
• 8:58
  Yeah.
• 8:58
  So
• 8:59
  we're
• 8:59
  always
• 8:59
  thinking
• 8:59
  about
• 9:00
  how
• 9:00
  can
• 9:00
  we
• 9:00
  grind
• 9:01
  out
• 9:01
  the
• 9:01
  next
• 9:02
  few
• 9:02
  cents.
• 9:03
  Yeah,
• 9:03
  sometimes.
• 9:04
  Sometimes
• 9:04
  dollars,
• 9:05
  but
• 9:05
  sometimes
• 9:05
  nickels,
• 9:06
  dimes
• 9:06
  and
• 9:06
  Pennies
• 9:07
  out
• 9:08
  of
• 9:08
  cost
• 9:08
  and
• 9:09
  oftentimes
• 9:09
  that
• 9:10
  is
• 9:10
  related
• 9:11
  to
• 9:11
  technology.
• 9:12
  Okay.
• 9:12
  So
• 9:13
  rolling
• 9:13
  out
• 9:13
  electronic
• 9:14
  shelf
• 9:14
  labels.
• 9:14
  Okay.
• 9:15
  Saves
• 9:15
  us
• 9:15
  about
• 9:16
  22
• 9:16
  hours
• 9:17
  per
• 9:17
  store
• 9:17
  per
• 9:18
  week.
• 9:18
  Also.
• 9:19
  It
• 9:19
  gets
• 9:19
  rid
• 9:19
  of
• 9:19
  the
• 9:19
  hours,
• 9:20
  but
• 9:20
  it
• 9:20
  also
• 9:20
  gets
• 9:20
  rid
• 9:21
  of
• 9:21
  a
• 9:21
  really
• 9:22
  not
• 9:22
  that
• 9:22
  pleasant
• 9:23
  job.
• 9:23
  Yes.
• 9:24
  Dealing
• 9:24
  with
• 9:24
  paper
• 9:25
  price
• 9:25
  tickets
• 9:25
  and
• 9:25
  changing
• 9:26
  them,
• 9:26
  worrying
• 9:27
  about
• 9:27
  keeping
• 9:27
  them
• 9:27
  current.
• 9:28
  With
• 9:28
  electronic
• 9:29
  shelf
• 9:29
  labels,
• 9:29
  we
• 9:29
  save
• 9:30
  a
• 9:30
  lot
• 9:30
  of
• 9:30
  labor
• 9:30
  which
• 9:31
  we
• 9:31
  can
• 9:31
  redirect
• 9:32
  into
• 9:32
  more
• 9:32
  value
• 9:33
  added
• 9:33
  tasks
• 9:33
  that
• 9:34
  consumers
• 9:34
  actually
• 9:34
  benefit
• 9:35
  from
• 9:36
  and
• 9:36
  know
• 9:37
  that
• 9:37
  the
• 9:37
  pricing
• 9:37
  is
• 9:37
  always
• 9:38
  accurate.
• 9:39
  So
• 9:39
  that's
• 9:40
  one
• 9:40
  example.
• 9:40
  Has
• 9:40
  that
• 9:41
  resulted
• 9:41
  in
• 9:41
  any
• 9:42
  changes
• 9:42
  to
• 9:43
  your
• 9:43
  organization
• 9:43
  that
• 9:44
  you've
• 9:44
  had
• 9:44
  to
• 9:44
  kind
• 9:45
  of
• 9:45
  impart
• 9:45
  in
• 9:46
  order
• 9:46
  to
• 9:46
  say,
• 9:46
  okay,
• 9:46
  we
• 9:47
  see
• 9:47
  the
• 9:47
  labor
• 9:48
  savings,
• 9:48
  for
• 9:49
  example,
• 9:49
  with
• 9:49
  electronic
• 9:50
  shelf
• 9:50
  labels.
• 9:51
  How
• 9:51
  do
• 9:51
  we
• 9:51
  apply
• 9:51
  that
• 9:52
  to.
• 9:52
  Yes.
• 9:53
  Merchandising
• 9:53
  team.
• 9:54
  Now
• 9:54
  we
• 9:54
  can
• 9:54
  sell
• 9:55
  this
• 9:55
  product
• 9:55
  for
• 9:55
  $0.03
• 9:56
  less.
• 9:56
  Right.
• 9:57
  So
• 9:57
  that's
• 9:57
  a
• 9:57
  really
• 9:57
  interesting
• 9:58
  point.
• 9:58
  Something
• 9:58
  that's
• 9:59
  so
• 9:59
  important
• 9:59
  in
• 9:59
  our
• 10:00
  business
• 10:01
  is
• 10:01
  that
• 10:01
  the
• 10:01
  different
• 10:01
  functions
• 10:02
  don't
• 10:02
  operate
• 10:03
  as
• 10:03
  silos.
• 10:04
  Okay.
• 10:04
  I'm
• 10:05
  sure
• 10:05
  this
• 10:05
  is
• 10:05
  true
• 10:05
  for
• 10:05
  anyone
• 10:06
  in
• 10:06
  my
• 10:06
  seat
• 10:06
  who
• 10:06
  would
• 10:06
  be
• 10:07
  talking
• 10:07
  to
• 10:07
  you,
• 10:07
  but
• 10:08
  I
• 10:08
  feel
• 10:08
  like
• 10:08
  it's
• 10:08
  especially
• 10:09
  true
• 10:09
  for
• 10:09
  us.
• 10:09
  Okay.
• 10:10
  Like
• 10:10
  to
• 10:10
  take
• 10:10
  that
• 10:11
  example
• 10:11
  forward,
• 10:11
  we've
• 10:12
  got
• 10:12
  this
• 10:12
  savings.
• 10:13
  Where
• 10:13
  are
• 10:13
  we
• 10:14
  going
• 10:14
  to
• 10:14
  put
• 10:14
  it?
• 10:14
  Yeah.
• 10:14
  Right.
• 10:15
  Because
• 10:15
  it
• 10:15
  could
• 10:15
  be
• 10:15
  a
• 10:16
  product
• 10:16
  answer,
• 10:16
  it
• 10:16
  could
• 10:17
  be
• 10:17
  pricing,
• 10:17
  it
• 10:17
  could
• 10:17
  be
• 10:18
  something
• 10:18
  about
• 10:18
  how
• 10:18
  we
• 10:18
  operate
• 10:19
  in
• 10:19
  store.
• 10:20
  And
• 10:20
  the
• 10:20
  executives
• 10:21
  leading
• 10:21
  those
• 10:21
  functions
• 10:22
  in
• 10:22
  our
• 10:22
  company
• 10:23
  are
• 10:23
  really
• 10:23
  tight.
• 10:24
  And
• 10:24
  we
• 10:24
  have
• 10:25
  this
• 10:25
  culture
• 10:25
  of
• 10:25
  where
• 10:25
  we
• 10:26
  will
• 10:26
  will
• 10:26
  make
• 10:26
  the
• 10:27
  decision
• 10:27
  that's
• 10:27
  best
• 10:28
  for
• 10:28
  the
• 10:28
  customer
• 10:29
  and
• 10:29
  best
• 10:29
  for
• 10:29
  the
• 10:29
  company
• 10:30
  as
• 10:30
  opposed
• 10:30
  to
• 10:31
  what's
• 10:31
  best
• 10:31
  for
• 10:31
  the
• 10:31
  KPIs
• 10:32
  that
• 10:32
  I,
• 10:32
  as
• 10:33
  one
• 10:33
  individual,
• 10:34
  have
• 10:34
  responsibility
• 10:35
  for.
• 10:35
  Right.
• 10:35
  Anything
• 10:36
  else
• 10:36
  you're
• 10:37
  excited
• 10:37
  about
• 10:37
  in
• 10:37
  the
• 10:37
  year
• 10:37
  ahead?
• 10:38
  I'm
• 10:39
  excited
• 10:39
  about
• 10:39
  opening
• 10:40
  new
• 10:40
  stores.
• 10:40
  Okay.
• 10:41
  Continuing
• 10:42
  to
• 10:42
  open
• 10:42
  new
• 10:42
  stores.
• 10:43
  Excited
• 10:43
  about
• 10:43
  continuing
• 10:44
  to
• 10:44
  push
• 10:45
  our
• 10:45
  brand.
• 10:45
  You
• 10:46
  know,
• 10:46
  we've
• 10:46
  rebranded
• 10:47
  ourselves
• 10:47
  as
• 10:48
  the
• 10:48
  superst
• 10:49
  market
• 10:49
  which
• 10:49
  has
• 10:50
  gone
• 10:50
  really
• 10:50
  well.
• 10:51
  Continuing
• 10:51
  to
• 10:52
  launch
• 10:53
  our
• 10:53
  hero
• 10:54
  items.
• 10:54
  Our
• 10:55
  croissant
• 10:55
  at
• 10:56
  49
• 10:56
  cents,
• 10:56
  I
• 10:57
  think
• 10:57
  is
• 10:57
  the
• 10:57
  best
• 10:57
  food
• 10:58
  value
• 10:58
  in
• 10:58
  the
• 10:58
  country.
• 10:59
  49
• 10:59
  cent
• 10:59
  croissant,
• 11:00
  I
• 11:00
  mean,
• 11:00
  imported
• 11:01
  from
• 11:01
  France.
• 11:02
  Imported
• 11:02
  from
• 11:03
  France.
• 11:03
  That
• 11:03
  was
• 11:03
  terrible.
• 11:04
  Your
• 11:04
  fridge
• 11:05
  is
• 11:05
  terrible.
• 11:05
  But
• 11:05
  it
• 11:06
  is,
• 11:06
  it
• 11:06
  is
• 11:06
  an
• 11:06
  all
• 11:06
  butter
• 11:07
  European
• 11:08
  croissant.
• 11:08
  It's
• 11:09
  a
• 11:09
  proper,
• 11:09
  proper
• 11:09
  croissant.
• 11:10
  They're
• 11:10
  delicious.
• 11:11
  And
• 11:11
  there
• 11:12
  are
• 11:12
  items
• 11:12
  like
• 11:12
  that
• 11:12
  where
• 11:13
  we
• 11:13
  believe
• 11:13
  we
• 11:13
  have
• 11:13
  something
• 11:14
  that
• 11:14
  nobody
• 11:14
  can
• 11:14
  touch
• 11:15
  for
• 11:15
  the
• 11:15
  price
• 11:15
  point
• 11:16
  and
• 11:16
  rolling
• 11:17
  out
• 11:17
  more
• 11:17
  of
• 11:17
  those
• 11:17
  and
• 11:17
  really
• 11:18
  helping
• 11:18
  our
• 11:18
  customers
• 11:18
  understand
• 11:19
  where
• 11:19
  there's
• 11:20
  an
• 11:20
  extraordinary
• 11:20
  value
• 11:21
  that
• 11:21
  we
• 11:21
  offer
• 11:21
  for
• 11:21
  them.
• 11:22
  That's
• 11:22
  great.
• 11:22
  That's
• 11:22
  awesome.
• 11:23
  Well,
• 11:23
  thank
• 11:23
  you
• 11:23
  so
• 11:23
  much
• 11:23
  for
• 11:24
  being
• 11:24
  here
• 11:24
  with
• 11:24
  us.
• 11:24
  You're
• 11:24
  not
• 11:24
  going
• 11:24
  to
• 11:24
  try
• 11:25
  a
• 11:25
  German
• 11:25
  accent?
• 11:26
  No,
• 11:26
  definitely
• 11:26
  not
• 11:26
  in
• 11:27
  German
• 11:27
  accent,
• 11:27
  my
• 11:27
  friend.
• 11:28
  God,
• 11:28
  no.
• 11:28
  God,
• 11:28
  no.
• 11:28
  That'd
• 11:29
  be
• 11:29
  terrible.
• 11:30
  No,
• 11:30
  Sprekensie
• 11:31
  Deutsch.
• 11:31
  But.
• 11:31
  But
• 11:32
  yeah.
• 11:32
  Thank
• 11:32
  you,
• 11:32
  Joel.
• 11:33
  Thank
• 11:33
  you
• 11:33
  so
• 11:33
  much
• 11:33
  for
• 11:33
  being
• 11:33
  with
• 11:34
  us,
• 11:34
  Joel.
• 11:34
  The
• 11:34
  CEO
• 11:35
  of
• 11:35
  Lidl
• 11:36
  Us.
• 11:36
  Thanks
• 11:37
  to
• 11:37
  the
• 11:37
  Fusion
• 11:37
  Group
• 11:38
  for
• 11:38
  supporting
• 11:38
  our
• 11:38
  coverage
• 11:39
  here.
• 11:39
  You
• 11:39
  heard
• 11:39
  about
• 11:40
  the
• 11:40
  value
• 11:40
  of
• 11:40
  ESLs,
• 11:41
  too?
• 11:41
  And
• 11:42
  until
• 11:42
  next
• 11:42
  time,
• 11:43
  be
• 11:43
  careful
• 11:43
  out
• 11:44
  there.