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Fast Five Shorts | Loblaw To Tag US Sourced Products With Tariff Symbol · Omni Talk Retail

• 0:00
  Loblaw
• 0:00
  plans
• 0:01
  to
• 0:01
  identify
• 0:01
  products
• 0:02
  sourced
• 0:02
  from
• 0:03
  the
• 0:03
  US
• 0:03
  With
• 0:03
  a
• 0:04
  tariff
• 0:04
  symbol,
• 0:05
  according
• 0:05
  to
• 0:05
  Canadian
• 0:06
  grocer
• 0:06
  Shout
• 0:07
  out
• 0:07
  to
• 0:07
  them
• 0:07
  for
• 0:07
  their
• 0:08
  first
• 0:08
  ever
• 0:08
  Fast5
• 0:09
  appearance.
• 0:09
  And
• 0:10
  Loblaw
• 0:10
  plans
• 0:11
  to
• 0:11
  slap
• 0:11
  a
• 0:11
  new
• 0:12
  T
• 0:12
  symbol
• 0:13
  standing
• 0:14
  for
• 0:14
  tariffs
• 0:15
  on
• 0:15
  labels
• 0:16
  for
• 0:16
  products
• 0:16
  sourced
• 0:17
  from
• 0:17
  America.
• 0:18
  Loblaw
• 0:19
  Companies
• 0:19
  limited
• 0:20
  President
• 0:20
  and
• 0:20
  CEO
• 0:21
  Pear
• 0:21
  bank,
• 0:22
  the
• 0:22
  early
• 0:22
  front
• 0:23
  runner
• 0:23
  for
• 0:23
  best
• 0:24
  retail
• 0:24
  CEO
• 0:24
  name
• 0:25
  in
• 0:25
  human
• 0:26
  history,
• 0:27
  said
• 0:27
  prices
• 0:28
  won't
• 0:28
  rise
• 0:28
  immediately
• 0:29
  as
• 0:29
  a
• 0:29
  result
• 0:30
  of
• 0:30
  Canada's
• 0:30
  counter
• 0:30
  tariffs
• 0:31
  on
• 0:31
  US
• 0:31
  Goods
• 0:32
  like
• 0:32
  poultry,
• 0:32
  dairy
• 0:33
  and
• 0:33
  produce.
• 0:33
  But
• 0:34
  when
• 0:34
  they
• 0:34
  do
• 0:35
  on
• 0:35
  some
• 0:36
  items
• 0:36
  in
• 0:36
  as
• 0:36
  little
• 0:36
  as
• 0:37
  one
• 0:37
  in
• 0:37
  one
• 0:38
  to
• 0:38
  two
• 0:38
  weeks,
• 0:38
  he
• 0:39
  said
• 0:39
  the
• 0:39
  new
• 0:39
  T
• 0:40
  symbol
• 0:40
  will
• 0:40
  help
• 0:41
  Loblaw's
• 0:41
  customers
• 0:42
  make
• 0:42
  informed
• 0:42
  purchases.
• 0:44
  Quote
• 0:44
  we
• 0:44
  are
• 0:44
  pro
• 0:45
  Canada
• 0:45
  and
• 0:45
  not
• 0:46
  anti
• 0:46
  usa.
• 0:47
  We
• 0:47
  have
• 0:47
  made,
• 0:48
  we
• 0:48
  have
• 0:48
  many
• 0:48
  trusted
• 0:49
  US
• 0:49
  Vendors
• 0:50
  but
• 0:50
  we
• 0:50
  will
• 0:50
  be
• 0:51
  responsive
• 0:51
  to
• 0:51
  our
• 0:52
  customer
• 0:53
  needs.
• 0:53
  Parbank
• 0:54
  said
• 0:55
  customers
• 0:55
  can
• 0:55
  be
• 0:55
  assured
• 0:56
  that
• 0:56
  when
• 0:56
  tariffs
• 0:57
  come
• 0:57
  off,
• 0:57
  any
• 0:57
  tariff
• 0:58
  pricing
• 0:58
  changes
• 0:59
  will
• 0:59
  be
• 0:59
  entirely
• 1:00
  removed,
• 1:00
  end
• 1:01
  quote.
• 1:01
  Chris
• 1:02
  Crates
• 1:03
  what
• 1:03
  is
• 1:03
  the
• 1:03
  general
• 1:04
  approach
• 1:04
  you
• 1:04
  are
• 1:05
  seeing
• 1:05
  US
• 1:05
  Retailers
• 1:06
  take
• 1:06
  amid
• 1:07
  all
• 1:07
  this
• 1:07
  tariff
• 1:08
  noise?
• 1:09
  Yeah,
• 1:10
  it's
• 1:10
  a
• 1:10
  great
• 1:10
  question.
• 1:11
  Dominating
• 1:11
  a
• 1:12
  lot
• 1:12
  of
• 1:12
  time
• 1:13
  for
• 1:13
  most
• 1:14
  of
• 1:14
  our
• 1:14
  clients
• 1:14
  right
• 1:14
  now.
• 1:15
  I
• 1:15
  think
• 1:15
  at
• 1:15
  the
• 1:16
  beginning
• 1:16
  scrambled
• 1:17
  to
• 1:17
  figure
• 1:17
  out
• 1:18
  what's
• 1:18
  actually
• 1:19
  impacted.
• 1:20
  As
• 1:21
  you
• 1:21
  think
• 1:21
  about
• 1:21
  working
• 1:22
  with
• 1:22
  vendors,
• 1:22
  with
• 1:23
  manufacturers,
• 1:24
  how
• 1:24
  their
• 1:24
  supply
• 1:25
  chains
• 1:25
  are
• 1:25
  impacted,
• 1:27
  you
• 1:27
  know,
• 1:27
  the
• 1:28
  velocity
• 1:28
  of
• 1:29
  new
• 1:29
  updates
• 1:29
  on
• 1:30
  the
• 1:30
  tariffs,
• 1:30
  I
• 1:30
  feel
• 1:30
  like
• 1:31
  every
• 1:31
  day
• 1:31
  I
• 1:31
  get
• 1:31
  a
• 1:31
  new
• 1:32
  text
• 1:32
  that
• 1:32
  hey,
• 1:33
  this
• 1:33
  has
• 1:33
  changed.
• 1:34
  You
• 1:35
  know,
• 1:35
  you
• 1:35
  have
• 1:35
  the
• 1:35
  Canada
• 1:36
  Mexico
• 1:36
  tariffs,
• 1:37
  you
• 1:37
  have
• 1:37
  the
• 1:37
  China
• 1:37
  import
• 1:38
  tariffs,
• 1:38
  you
• 1:38
  have
• 1:38
  the
• 1:39
  steel
• 1:39
  and
• 1:39
  aluminum
• 1:40
  tariffs.
• 1:40
  There's
• 1:40
  so
• 1:41
  many
• 1:41
  different
• 1:41
  levers.
• 1:43
  There's
• 1:43
  questions
• 1:43
  about
• 1:44
  how
• 1:44
  they'll
• 1:44
  be
• 1:44
  implemented.
• 1:45
  You
• 1:46
  know,
• 1:46
  with
• 1:46
  the
• 1:46
  steel
• 1:46
  and
• 1:46
  aluminum
• 1:47
  tariffs,
• 1:47
  the
• 1:47
  way
• 1:48
  it's
• 1:48
  written,
• 1:48
  it's
• 1:48
  actually
• 1:49
  only
• 1:49
  on
• 1:49
  the
• 1:50
  FOB
• 1:50
  portion
• 1:51
  of
• 1:51
  the
• 1:51
  goods
• 1:51
  that
• 1:52
  contain
• 1:52
  steel
• 1:52
  and
• 1:53
  aluminum.
• 1:53
  So
• 1:53
  not
• 1:53
  just
• 1:54
  pure
• 1:54
  steel
• 1:54
  and
• 1:54
  aluminum
• 1:55
  goods.
• 1:56
  So
• 1:56
  there's
• 1:56
  lots
• 1:57
  of
• 1:57
  questions
• 1:57
  like
• 1:57
  how
• 1:58
  will
• 1:58
  these
• 1:58
  tariffs
• 1:58
  stack
• 1:59
  together.
• 2:00
  You
• 2:00
  know,
• 2:00
  they
• 2:00
  weren't
• 2:01
  necessarily
• 2:01
  released
• 2:02
  in
• 2:02
  the
• 2:03
  most
• 2:03
  descriptive,
• 2:05
  easy
• 2:06
  to
• 2:06
  implement
• 2:06
  way.
• 2:07
  So
• 2:07
  I
• 2:07
  think
• 2:07
  there's
• 2:07
  been
• 2:07
  a
• 2:08
  lot
• 2:08
  of
• 2:08
  spin
• 2:08
  cycle
• 2:09
  trying
• 2:09
  to
• 2:09
  number
• 2:10
  one
• 2:10
  interpret
• 2:11
  what's
• 2:11
  actually
• 2:11
  going
• 2:12
  to
• 2:12
  happen.
• 2:12
  Number
• 2:13
  two,
• 2:13
  think
• 2:14
  about
• 2:14
  how
• 2:14
  it'll
• 2:15
  be
• 2:15
  implemented
• 2:16
  as
• 2:16
  you
• 2:16
  import
• 2:17
  products.
• 2:18
  You
• 2:19
  know
• 2:19
  the
• 2:20
  some
• 2:20
  of
• 2:20
  the
• 2:20
  good
• 2:21
  news
• 2:21
  here
• 2:21
  is,
• 2:22
  you
• 2:22
  know,
• 2:22
  we've
• 2:22
  kind
• 2:22
  of
• 2:22
  been
• 2:23
  through
• 2:23
  this
• 2:23
  cycle
• 2:23
  before
• 2:24
  in,
• 2:24
  in
• 2:25
  tariffs
• 2:25
  so
• 2:25
  there's
• 2:25
  a,
• 2:26
  you
• 2:26
  know,
• 2:26
  a
• 2:26
  playbook
• 2:27
  that
• 2:27
  a
• 2:27
  lot
• 2:27
  of
• 2:27
  folks
• 2:27
  have
• 2:28
  have
• 2:28
  written
• 2:28
  already
• 2:29
  and
• 2:29
  how
• 2:29
  to
• 2:29
  deal
• 2:29
  with
• 2:29
  tariffs.
• 2:31
  The
• 2:31
  other
• 2:31
  kind
• 2:31
  of
• 2:32
  tailwind,
• 2:33
  if
• 2:33
  you
• 2:33
  will,
• 2:33
  is
• 2:34
  a
• 2:34
  lot
• 2:34
  of
• 2:34
  folks
• 2:34
  have
• 2:34
  started
• 2:35
  diversifying
• 2:35
  their
• 2:36
  supply
• 2:36
  chains
• 2:36
  away
• 2:37
  from
• 2:37
  China
• 2:38
  kind
• 2:38
  of
• 2:38
  as
• 2:38
  a
• 2:38
  result
• 2:39
  of
• 2:39
  the
• 2:39
  last
• 2:39
  cycle.
• 2:40
  So
• 2:40
  there'll
• 2:40
  be
• 2:40
  some
• 2:41
  Less
• 2:41
  impact
• 2:41
  here.
• 2:42
  But
• 2:43
  you
• 2:43
  know,
• 2:43
  the,
• 2:44
  the
• 2:44
  kind
• 2:45
  of
• 2:45
  universal
• 2:46
  approach
• 2:46
  that
• 2:46
  folks
• 2:47
  are
• 2:47
  taking
• 2:47
  or
• 2:47
  should
• 2:48
  be
• 2:48
  taking
• 2:48
  is,
• 2:48
  you
• 2:49
  know,
• 2:49
  everyone's
• 2:49
  starting
• 2:49
  to
• 2:50
  look
• 2:50
  through
• 2:50
  their
• 2:51
  supply
• 2:51
  chains
• 2:51
  and
• 2:51
  figure
• 2:51
  out
• 2:52
  where
• 2:52
  there's
• 2:53
  going
• 2:53
  to
• 2:53
  be
• 2:53
  cost
• 2:53
  impacts.
• 2:54
  I
• 2:54
  think
• 2:55
  what
• 2:55
  the
• 2:55
  best
• 2:55
  people
• 2:56
  are
• 2:56
  doing
• 2:56
  is
• 2:56
  trying
• 2:56
  to
• 2:57
  have
• 2:57
  data
• 2:57
  focused
• 2:58
  conversations
• 2:59
  with
• 2:59
  their
• 2:59
  vendors
• 3:00
  and
• 3:00
  their
• 3:00
  manufacturers
• 3:01
  to
• 3:01
  understand
• 3:02
  what
• 3:03
  actually
• 3:03
  the
• 3:03
  cost
• 3:04
  impact
• 3:04
  is
• 3:05
  so
• 3:05
  that
• 3:05
  you're
• 3:05
  not
• 3:05
  taking,
• 3:06
  you
• 3:07
  know,
• 3:07
  additional,
• 3:09
  call
• 3:10
  it
• 3:10
  margin
• 3:11
  seeking
• 3:11
  cost
• 3:11
  increases
• 3:12
  from
• 3:12
  your
• 3:12
  vendors
• 3:13
  because
• 3:13
  a
• 3:13
  lot
• 3:13
  of
• 3:13
  times
• 3:14
  they
• 3:14
  can
• 3:14
  tuck
• 3:14
  in
• 3:15
  stuff
• 3:15
  like
• 3:15
  that
• 3:15
  under
• 3:16
  the
• 3:16
  guise
• 3:16
  of,
• 3:16
  oh,
• 3:17
  cost
• 3:17
  of
• 3:17
  business
• 3:17
  has
• 3:18
  increased
• 3:18
  because
• 3:18
  of
• 3:18
  tariffs.
• 3:20
  So
• 3:20
  I
• 3:21
  think
• 3:21
  there's
• 3:21
  a
• 3:21
  portion
• 3:21
  of
• 3:22
  that.
• 3:22
  And
• 3:22
  then,
• 3:23
  you
• 3:23
  know,
• 3:24
  everyone's
• 3:24
  thinking
• 3:25
  about
• 3:25
  how
• 3:25
  do
• 3:25
  I
• 3:25
  start,
• 3:26
  where
• 3:26
  can
• 3:26
  I
• 3:27
  raise
• 3:27
  prices
• 3:27
  to
• 3:27
  account
• 3:28
  for
• 3:28
  this,
• 3:28
  where
• 3:28
  do
• 3:28
  I
• 3:29
  have
• 3:29
  elasticity,
• 3:30
  where
• 3:30
  do
• 3:30
  I
• 3:30
  not
• 3:30
  have
• 3:30
  elasticity?
• 3:32
  And
• 3:32
  then
• 3:33
  kind
• 3:33
  of
• 3:33
  on
• 3:33
  the
• 3:33
  far
• 3:34
  end
• 3:34
  of
• 3:34
  the
• 3:34
  spectrum
• 3:35
  you
• 3:35
  have
• 3:35
  even
• 3:35
  some
• 3:36
  retailers
• 3:37
  placing,
• 3:38
  well,
• 3:38
  it's,
• 3:38
  it's
• 3:39
  past
• 3:39
  now.
• 3:39
  So
• 3:40
  placed,
• 3:41
  you
• 3:41
  know,
• 3:42
  front
• 3:42
  running
• 3:42
  orders
• 3:43
  to
• 3:43
  try
• 3:43
  and
• 3:43
  bring
• 3:43
  in
• 3:44
  lots
• 3:44
  of
• 3:44
  inventory
• 3:45
  ahead
• 3:45
  of
• 3:45
  these
• 3:45
  tariffs.
• 3:45
  So
• 3:46
  wide
• 3:47
  range
• 3:47
  of,
• 3:47
  of
• 3:47
  reactions,
• 3:49
  kind.
• 3:49
  Of
• 3:49
  trying
• 3:49
  to,
• 3:50
  so
• 3:50
  let
• 3:50
  me
• 3:51
  make
• 3:51
  sure
• 3:51
  I
• 3:51
  understand
• 3:51
  that.
• 3:52
  Also
• 3:52
  I
• 3:52
  want
• 3:52
  to
• 3:52
  ask
• 3:52
  you
• 3:52
  a
• 3:52
  follow
• 3:53
  up
• 3:53
  question.
• 3:53
  So,
• 3:53
  so,
• 3:54
  so
• 3:54
  would,
• 3:55
  so
• 3:55
  would
• 3:55
  you
• 3:55
  say
• 3:55
  that
• 3:55
  generally
• 3:56
  speaking,
• 3:56
  retailers
• 3:57
  right
• 3:57
  now
• 3:57
  are
• 3:57
  assessing
• 3:58
  the
• 3:58
  situation
• 3:59
  versus
• 4:00
  taking
• 4:00
  definitive
• 4:01
  action
• 4:01
  yet
• 4:01
  until
• 4:01
  they
• 4:02
  have
• 4:02
  more
• 4:03
  understanding
• 4:04
  of
• 4:04
  what's
• 4:04
  in
• 4:05
  front
• 4:05
  of
• 4:05
  them.
• 4:06
  With
• 4:06
  the
• 4:06
  exception
• 4:06
  of
• 4:07
  China
• 4:07
  where
• 4:07
  it
• 4:07
  seems
• 4:07
  like
• 4:08
  maybe
• 4:08
  people
• 4:08
  are
• 4:08
  taking
• 4:09
  more
• 4:09
  action
• 4:09
  on
• 4:10
  the
• 4:10
  rerouting
• 4:10
  of
• 4:11
  Chinese
• 4:11
  production.
• 4:12
  Is
• 4:12
  that
• 4:13
  a
• 4:13
  good
• 4:13
  summary
• 4:13
  or
• 4:14
  what
• 4:14
  am
• 4:14
  I
• 4:14
  missing?
• 4:14
  I
• 4:15
  think
• 4:15
  that's
• 4:15
  right.
• 4:15
  But
• 4:16
  there's
• 4:17
  work
• 4:17
  you
• 4:17
  can
• 4:17
  do
• 4:17
  ahead
• 4:18
  of
• 4:18
  time
• 4:18
  while
• 4:18
  you're
• 4:19
  waiting.
• 4:19
  So
• 4:19
  I
• 4:19
  think
• 4:19
  the
• 4:20
  work
• 4:20
  is
• 4:20
  happening.
• 4:21
  For
• 4:21
  example,
• 4:21
  you
• 4:22
  can
• 4:22
  build
• 4:22
  models
• 4:23
  of.
• 4:23
  Here
• 4:23
  are
• 4:23
  all
• 4:24
  the
• 4:24
  skews
• 4:24
  that
• 4:24
  could
• 4:25
  be
• 4:25
  impacted,
• 4:26
  whether
• 4:26
  it's
• 4:26
  a
• 4:27
  10%
• 4:27
  China
• 4:28
  tariff,
• 4:28
  now
• 4:28
  a
• 4:29
  20%
• 4:29
  China
• 4:29
  tariff,
• 4:30
  you
• 4:30
  can
• 4:30
  modulate
• 4:31
  some
• 4:31
  of
• 4:31
  those
• 4:31
  things.
• 4:32
  So
• 4:33
  I
• 4:33
  think
• 4:33
  people
• 4:33
  are
• 4:33
  laying
• 4:34
  the
• 4:34
  groundwork
• 4:34
  to
• 4:35
  say,
• 4:35
  you
• 4:35
  know,
• 4:35
  there's
• 4:36
  four
• 4:36
  big
• 4:36
  categories
• 4:37
  of
• 4:37
  tariffs
• 4:38
  that
• 4:38
  are
• 4:38
  out
• 4:38
  there
• 4:38
  now.
• 4:39
  Which
• 4:39
  skews
• 4:40
  do
• 4:40
  we
• 4:40
  have
• 4:40
  that
• 4:41
  could
• 4:41
  be
• 4:41
  impacted
• 4:42
  by
• 4:42
  these?
• 4:42
  And
• 4:42
  then
• 4:43
  building
• 4:43
  the
• 4:43
  model
• 4:43
  in
• 4:44
  a
• 4:44
  way
• 4:44
  such
• 4:44
  that,
• 4:45
  you
• 4:45
  know,
• 4:45
  as
• 4:46
  certain
• 4:46
  tariffs
• 4:46
  drop
• 4:47
  through
• 4:47
  negotiations
• 4:48
  or
• 4:48
  certain
• 4:49
  tariffs
• 4:49
  increase,
• 4:50
  you
• 4:51
  have
• 4:51
  the
• 4:51
  groundwork
• 4:52
  to,
• 4:52
  to
• 4:52
  be
• 4:52
  able
• 4:52
  to
• 4:53
  simulate
• 4:54
  impact
• 4:54
  to
• 4:54
  cost
• 4:55
  and
• 4:55
  therefore
• 4:55
  pricing.
• 4:57
  Okay,
• 4:57
  got
• 4:57
  it.
• 4:57
  All
• 4:58
  right,
• 4:58
  so
• 4:58
  let's,
• 4:58
  let's
• 4:58
  switch
• 4:58
  gears
• 4:59
  here
• 4:59
  a
• 4:59
  little
• 4:59
  bit
• 4:59
  on
• 4:59
  this
• 4:59
  one
• 4:59
  because
• 5:00
  I
• 5:00
  think
• 5:00
  this
• 5:00
  will
• 5:00
  be
• 5:00
  fun.
• 5:01
  So,
• 5:01
  and
• 5:01
  what
• 5:01
  do
• 5:02
  you,
• 5:02
  I'm
• 5:02
  curious
• 5:02
  what
• 5:02
  you
• 5:02
  think
• 5:02
  of
• 5:03
  Mr.
• 5:03
  Pear
• 5:03
  bank
• 5:04
  and
• 5:04
  Loblaw's
• 5:04
  approach
• 5:05
  to
• 5:05
  this
• 5:05
  problem.
• 5:06
  What's
• 5:06
  Your
• 5:06
  thoughts
• 5:06
  there?
• 5:07
  Oh,
• 5:07
  my
• 5:07
  God,
• 5:08
  it's
• 5:08
  so
• 5:09
  passive
• 5:09
  aggressive
• 5:10
  Canadian.
• 5:10
  I
• 5:10
  love
• 5:10
  it
• 5:11
  so
• 5:11
  much
• 5:11
  and
• 5:11
  I
• 5:12
  do
• 5:12
  love
• 5:12
  the
• 5:12
  Canadians.
• 5:13
  Like,
• 5:13
  we're
• 5:13
  just
• 5:14
  going
• 5:14
  to
• 5:14
  put
• 5:14
  these
• 5:15
  stickers
• 5:15
  on
• 5:15
  and
• 5:15
  you
• 5:16
  can
• 5:16
  make
• 5:16
  the
• 5:16
  call.
• 5:17
  Listen,
• 5:18
  I
• 5:18
  think
• 5:19
  that
• 5:19
  Chris
• 5:20
  hit
• 5:20
  it
• 5:21
  on
• 5:21
  the
• 5:21
  head.
• 5:21
  Like,
• 5:22
  what's
• 5:22
  really
• 5:22
  important
• 5:23
  here
• 5:24
  is
• 5:24
  for
• 5:25
  retailers
• 5:26
  to
• 5:26
  be
• 5:27
  making
• 5:27
  sure
• 5:27
  that
• 5:27
  they
• 5:28
  have
• 5:28
  the
• 5:28
  most
• 5:29
  price
• 5:30
  elasticity
• 5:30
  to
• 5:31
  bring
• 5:32
  customers
• 5:33
  in
• 5:33
  the
• 5:33
  door.
• 5:33
  Because
• 5:34
  ultimately
• 5:34
  I
• 5:35
  think
• 5:35
  that's
• 5:35
  what,
• 5:35
  what
• 5:35
  the
• 5:36
  biggest
• 5:36
  challenge
• 5:36
  is
• 5:36
  going
• 5:36
  to
• 5:37
  be.
• 5:37
  Customers
• 5:38
  are
• 5:38
  going
• 5:38
  to
• 5:38
  be
• 5:39
  more
• 5:40
  price
• 5:40
  conscious
• 5:40
  than
• 5:40
  ever.
• 5:41
  And
• 5:41
  so
• 5:42
  you're
• 5:42
  going
• 5:42
  to
• 5:42
  have
• 5:42
  to
• 5:42
  figure
• 5:43
  out,
• 5:43
  not
• 5:43
  like
• 5:44
  by
• 5:44
  putting
• 5:44
  these
• 5:44
  tariff
• 5:45
  stickers
• 5:45
  on.
• 5:45
  I
• 5:45
  think
• 5:46
  that's
• 5:46
  fine.
• 5:46
  Whatever
• 5:47
  you
• 5:47
  want,
• 5:48
  how
• 5:48
  you
• 5:48
  want
• 5:48
  to
• 5:48
  message
• 5:48
  that
• 5:49
  to
• 5:49
  your
• 5:49
  consumers.
• 5:50
  But
• 5:50
  ultimately
• 5:50
  it's
• 5:50
  going
• 5:50
  to
• 5:51
  come
• 5:51
  down
• 5:51
  to
• 5:51
  price.
• 5:52
  And
• 5:52
  it
• 5:52
  gets
• 5:52
  back
• 5:52
  to,
• 5:52
  you
• 5:53
  know,
• 5:53
  the
• 5:53
  conversation
• 5:53
  we
• 5:54
  had
• 5:54
  with
• 5:54
  Matt
• 5:55
  Povich
• 5:55
  from
• 5:55
  ravionics
• 5:56
  last
• 5:56
  week
• 5:56
  of
• 5:56
  like,
• 5:57
  what
• 5:57
  are
• 5:57
  you
• 5:57
  doing
• 5:58
  to
• 5:58
  invest
• 5:58
  in
• 5:58
  pricing
• 5:59
  software
• 5:59
  and
• 5:59
  optimization
• 6:00
  so
• 6:01
  that
• 6:01
  you
• 6:01
  can
• 6:01
  be
• 6:02
  ahead
• 6:02
  of
• 6:02
  the
• 6:02
  cur,
• 6:03
  really
• 6:04
  give
• 6:04
  your
• 6:04
  organization
• 6:05
  the
• 6:05
  agility
• 6:05
  that
• 6:06
  it's
• 6:06
  going
• 6:06
  to
• 6:06
  need
• 6:06
  to
• 6:06
  handle
• 6:07
  the
• 6:07
  constantly
• 6:07
  changing
• 6:08
  tariffs
• 6:08
  and
• 6:08
  just
• 6:09
  continuously
• 6:09
  offer
• 6:10
  your
• 6:10
  customers
• 6:11
  the
• 6:11
  best
• 6:12
  price
• 6:12
  possible
• 6:13
  and
• 6:13
  give
• 6:14
  them
• 6:14
  the
• 6:14
  least
• 6:14
  amount
• 6:14
  of
• 6:15
  impact
• 6:15
  to
• 6:15
  their
• 6:15
  daily
• 6:16
  shopping.
• 6:17
  Yeah,
• 6:17
  that's
• 6:17
  a,
• 6:18
  that's
• 6:18
  a
• 6:18
  great
• 6:18
  point.
• 6:18
  And
• 6:18
  yeah,
• 6:18
  if
• 6:18
  you're
• 6:19
  a
• 6:19
  pricing
• 6:19
  solution
• 6:20
  provider
• 6:21
  right
• 6:21
  now,
• 6:21
  you're
• 6:22
  loving
• 6:22
  this.
• 6:22
  I
• 6:22
  mean,
• 6:23
  God,
• 6:23
  because,
• 6:23
  yeah,
• 6:23
  the
• 6:24
  retailer
• 6:24
  is
• 6:24
  going
• 6:24
  to
• 6:24
  have
• 6:24
  to
• 6:24
  invest
• 6:25
  in
• 6:25
  upgrading
• 6:25
  those
• 6:26
  systems.
• 6:27
  That's
• 6:27
  funny.
• 6:27
  That's
• 6:28
  funny.
• 6:28
  I
• 6:28
  actually
• 6:28
  just
• 6:28
  think,
• 6:29
  I
• 6:29
  actually
• 6:29
  personally
• 6:29
  just
• 6:30
  think
• 6:30
  it's
• 6:30
  brilliant
• 6:30
  merchandising.
• 6:31
  Like,
• 6:31
  I
• 6:31
  give
• 6:32
  kudos
• 6:32
  to
• 6:32
  loblaws,
• 6:33
  like,
• 6:33
  because,
• 6:34
  you
• 6:34
  know,
• 6:34
  it's
• 6:34
  just,
• 6:34
  it's
• 6:35
  just
• 6:35
  a
• 6:35
  smart
• 6:35
  thing
• 6:35
  to
• 6:35
  do.
• 6:35
  The
• 6:36
  art
• 6:36
  of
• 6:36
  retailing
• 6:36
  is
• 6:36
  taking
• 6:37
  advantage
• 6:37
  of
• 6:37
  situations
• 6:38
  as
• 6:38
  they
• 6:38
  arise.
• 6:39
  And
• 6:39
  that's
• 6:39
  what
• 6:39
  they're
• 6:40
  doing
• 6:40
  here.
• 6:40
  They're
• 6:40
  going
• 6:40
  to,
• 6:40
  and
• 6:41
  by
• 6:41
  default,
• 6:41
  they're
• 6:41
  going
• 6:41
  to
• 6:42
  push
• 6:42
  their
• 6:42
  private
• 6:42
  label
• 6:43
  products
• 6:43
  as
• 6:43
  a
• 6:43
  result
• 6:43
  of
• 6:44
  this
• 6:44
  too.
• 6:44
  You
• 6:44
  know,
• 6:45
  that's
• 6:45
  a
• 6:45
  great
• 6:45
  point.
• 6:45
  So
• 6:46
  I
• 6:46
  think
• 6:46
  that's
• 6:46
  what
• 6:47
  they're
• 6:47
  doing
• 6:47
  and
• 6:47
  it's
• 6:47
  beautiful.
• 6:48
  But
• 6:48
  David,
• 6:48
  you
• 6:48
  get
• 6:48
  the
• 6:48
  last
• 6:49
  word
• 6:49
  here.
• 6:49
  What
• 6:49
  do
• 6:49
  you
• 6:49
  think,
• 6:50
  what
• 6:50
  do
• 6:50
  you
• 6:50
  think
• 6:50
  on,
• 6:51
  on
• 6:51
  what
• 6:51
  they're
• 6:52
  doing
• 6:52
  or
• 6:52
  what
• 6:52
  do
• 6:53
  you
• 6:53
  think
• 6:53
  on
• 6:53
  the
• 6:53
  state
• 6:53
  of
• 6:53
  tariffs,
• 6:54
  like
• 6:54
  how
• 6:54
  the
• 6:55
  industry
• 6:55
  is
• 6:55
  reacting?
• 6:55
  You
• 6:56
  take
• 6:56
  the
• 6:56
  last
• 6:56
  call
• 6:57
  here.
• 6:57
  Yeah,
• 6:57
  I
• 6:58
  want
• 6:58
  to,
• 6:58
  I
• 6:59
  agree
• 6:59
  with
• 6:59
  every,
• 6:59
  with
• 7:00
  every,
• 7:00
  with
• 7:00
  everything
• 7:00
  that
• 7:01
  everyone
• 7:01
  said.
• 7:01
  I
• 7:01
  think
• 7:01
  I
• 7:02
  want
• 7:02
  to
• 7:02
  take
• 7:02
  a
• 7:02
  little
• 7:02
  bit
• 7:02
  of
• 7:02
  different
• 7:02
  approach
• 7:03
  here.
• 7:03
  I'm
• 7:03
  going
• 7:03
  to
• 7:03
  think
• 7:04
  consumer
• 7:04
  first.
• 7:05
  So
• 7:06
  first
• 7:06
  with
• 7:07
  the
• 7:07
  Loblo
• 7:07
  piece,
• 7:08
  it's
• 7:09
  another
• 7:09
  way
• 7:09
  to
• 7:09
  have
• 7:10
  another
• 7:10
  conversation
• 7:11
  with
• 7:11
  their
• 7:11
  consumer
• 7:12
  to
• 7:12
  drive
• 7:13
  loyalty.
• 7:13
  But
• 7:13
  then
• 7:14
  also
• 7:15
  I'm
• 7:15
  not
• 7:15
  going
• 7:15
  to
• 7:15
  say
• 7:16
  trade
• 7:16
  down
• 7:16
  to
• 7:16
  private
• 7:17
  label
• 7:17
  because
• 7:17
  in
• 7:18
  many
• 7:18
  ways
• 7:18
  for
• 7:18
  them
• 7:19
  it's
• 7:19
  trading
• 7:19
  up
• 7:19
  in
• 7:19
  margin.
• 7:20
  So
• 7:20
  I
• 7:20
  think
• 7:20
  that's
• 7:21
  another
• 7:21
  way
• 7:21
  for
• 7:21
  them
• 7:21
  to
• 7:22
  drive
• 7:23
  brand
• 7:23
  affinity.
• 7:24
  As
• 7:25
  it
• 7:25
  relates
• 7:25
  to
• 7:26
  consumer
• 7:26
  perception
• 7:27
  on
• 7:27
  tariffs,
• 7:28
  based
• 7:29
  on
• 7:29
  the
• 7:29
  research
• 7:29
  we've
• 7:29
  done,
• 7:30
  there
• 7:30
  is
• 7:31
  a
• 7:31
  little
• 7:31
  bit
• 7:31
  of
• 7:31
  an
• 7:31
  expectation
• 7:32
  that
• 7:32
  all
• 7:32
  prices
• 7:33
  are
• 7:33
  going
• 7:33
  to
• 7:33
  increase
• 7:34
  as
• 7:34
  it
• 7:34
  relates
• 7:35
  to
• 7:36
  tariffs
• 7:36
  from
• 7:37
  Mexico,
• 7:37
  China
• 7:38
  and
• 7:38
  Canada.
• 7:39
  So
• 7:39
  similar
• 7:40
  to
• 7:40
  where
• 7:40
  inflation
• 7:41
  was
• 7:41
  a
• 7:41
  couple
• 7:41
  of
• 7:41
  years
• 7:41
  ago,
• 7:42
  where
• 7:43
  there
• 7:43
  is
• 7:44
  an
• 7:44
  expectation
• 7:44
  that
• 7:45
  prices
• 7:45
  will
• 7:45
  go
• 7:45
  up.
• 7:46
  And
• 7:46
  I
• 7:46
  think
• 7:46
  it's
• 7:46
  a
• 7:46
  question
• 7:47
  of
• 7:47
  where
• 7:48
  that
• 7:48
  will
• 7:48
  come
• 7:48
  from.
• 7:49
  Discretionary
• 7:49
  spending
• 7:50
  will
• 7:50
  naturally
• 7:51
  go
• 7:51
  down,
• 7:52
  but
• 7:52
  you
• 7:52
  also
• 7:53
  have
• 7:53
  to
• 7:53
  be
• 7:53
  mindful
• 7:54
  on
• 7:54
  price
• 7:54
  increases
• 7:55
  there.
• 7:55
  But
• 7:55
  on
• 7:56
  traditional
• 7:56
  household
• 7:57
  goods
• 7:58
  and
• 7:58
  daily
• 7:59
  products,
• 7:59
  the
• 8:00
  expectation
• 8:00
  consumers
• 8:01
  are
• 8:01
  having,
• 8:01
  similar
• 8:02
  to
• 8:02
  eg
• 8:03
  is
• 8:03
  that
• 8:03
  prices
• 8:03
  will
• 8:04
  go
• 8:04
  up.
• 8:04
  And,
• 8:05
  and
• 8:05
  I
• 8:05
  think
• 8:05
  what
• 8:06
  will
• 8:06
  be
• 8:06
  interesting
• 8:06
  with
• 8:07
  retailers
• 8:07
  is
• 8:08
  do
• 8:08
  you
• 8:08
  automatically
• 8:09
  pass
• 8:09
  those
• 8:10
  costs
• 8:10
  to
• 8:11
  the
• 8:11
  consumer?
• 8:12
  Where
• 8:12
  do
• 8:12
  you
• 8:13
  renegotiate
• 8:13
  with
• 8:14
  suppliers?
• 8:15
  Or
• 8:15
  even
• 8:16
  in
• 8:16
  certain
• 8:16
  impact,
• 8:17
  do
• 8:17
  you
• 8:17
  see
• 8:18
  an
• 8:18
  opportunity
• 8:19
  to
• 8:19
  increase
• 8:19
  price
• 8:20
  when
• 8:21
  actual
• 8:21
  cost
• 8:21
  does
• 8:22
  not
• 8:22
  increase?
• 8:22
  So
• 8:22
  do
• 8:23
  you,
• 8:24
  you
• 8:24
  know,
• 8:25
  premeditatedly,
• 8:26
  I'm
• 8:26
  not
• 8:26
  even
• 8:27
  sure
• 8:27
  if
• 8:27
  that's
• 8:27
  a
• 8:27
  word,
• 8:29
  increase
• 8:29
  prices
• 8:30
  to,
• 8:31
  to
• 8:31
  offset
• 8:32
  future
• 8:33
  cost
• 8:33
  increases
• 8:33
  via
• 8:34
  tariffs.
• 8:35
  And
• 8:36
  so
• 8:37
  I
• 8:37
  think
• 8:37
  when
• 8:37
  it
• 8:37
  comes
• 8:37
  to
• 8:38
  traditional
• 8:38
  food
• 8:39
  and
• 8:39
  beverage
• 8:39
  products
• 8:40
  and
• 8:40
  even
• 8:40
  personal
• 8:41
  care,
• 8:41
  consumers
• 8:42
  are
• 8:43
  expecting
• 8:44
  price
• 8:44
  to
• 8:44
  increase.
• 8:44
  Now
• 8:45
  the
• 8:45
  question
• 8:45
  of
• 8:45
  how
• 8:45
  much
• 8:46
  that
• 8:46
  is
• 8:46
  and
• 8:46
  where
• 8:47
  that
• 8:47
  inflection
• 8:48
  point
• 8:48
  is
• 8:49
  tbd.
• 8:50
  But
• 8:52
  it
• 8:52
  will
• 8:52
  be
• 8:52
  interesting
• 8:53
  to
• 8:53
  see.
• 8:53
  That
• 8:53
  the
• 8:53
  other
• 8:54
  winner
• 8:55
  you
• 8:55
  had,
• 8:55
  Chris,
• 8:56
  you
• 8:56
  mentioned
• 8:56
  pricing
• 8:57
  software.
• 8:57
  Probably
• 8:58
  the
• 8:58
  other
• 8:58
  winner
• 8:59
  here
• 8:59
  is
• 8:59
  like
• 8:59
  discount
• 9:00
  and
• 9:00
  off
• 9:00
  price
• 9:00
  retail,
• 9:01
  right?
• 9:01
  Yeah,
• 9:02
  I
• 9:02
  was
• 9:02
  just
• 9:02
  thinking
• 9:02
  Walmart
• 9:02
  wins.
• 9:03
  Yeah,
• 9:03
  Walmart
• 9:03
  wins
• 9:04
  in
• 9:04
  this,
• 9:04
  in
• 9:04
  this
• 9:04
  world
• 9:05
  they
• 9:05
  continue
• 9:05
  to
• 9:06
  win,
• 9:06
  you
• 9:06
  know
• 9:06
  that
• 9:06
  100%.
• 9:07
  Yeah.
• 9:08
  I
• 9:08
  mean
• 9:08
  the
• 9:08
  other
• 9:08
  part
• 9:08
  to
• 9:09
  me
• 9:09
  is
• 9:09
  like
• 9:09
  I
• 9:09
  go
• 9:09
  back
• 9:09
  to
• 9:10
  Econ
• 9:10
  101
• 9:10
  that
• 9:11
  the
• 9:11
  expectations
• 9:12
  of
• 9:12
  inflation
• 9:12
  are
• 9:13
  just
• 9:13
  as
• 9:13
  important
• 9:13
  as
• 9:14
  the
• 9:14
  actual
• 9:14
  inflation
• 9:15
  because
• 9:15
  you
• 9:15
  know,
• 9:15
  one
• 9:16
  drives
• 9:16
  the
• 9:16
  other.
• 9:16
  And
• 9:17
  so
• 9:17
  yeah,
• 9:17
  it's
• 9:17
  really
• 9:18
  interesting.