Latest / Omni Talk Retail / NRF’s Matthew Shay on Retail Resilience & Leading Through Macroeconomic Uncertainty | WRC 2025

Transcript

NRF’s Matthew Shay on Retail Resilience & Leading Through Macroeconomic Uncertainty | WRC 2025 · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  everyone.
• 0:01
  This
• 0:01
  is
• 0:01
  amitalk
• 0:02
  Retail.
• 0:02
  I'm
• 0:02
  Anne
• 0:02
  Mazinga.
• 0:03
  And
• 0:03
  I'm
• 0:03
  Chris
• 0:03
  Walton.
• 0:04
  And
• 0:04
  we
• 0:04
  are
• 0:04
  coming
• 0:05
  to
• 0:05
  you
• 0:05
  with
• 0:05
  our
• 0:05
  last
• 0:06
  interview
• 0:06
  of
• 0:07
  the
• 0:07
  day
• 0:07
  from
• 0:08
  World
• 0:08
  Retail
• 0:09
  Congress
• 0:09
  here
• 0:09
  in
• 0:09
  London
• 0:10
  from
• 0:10
  the
• 0:10
  Vision
• 0:11
  Group
• 0:11
  booth.
• 0:11
  Thank
• 0:12
  you
• 0:12
  to
• 0:12
  Vision
• 0:13
  Group
• 0:13
  for
• 0:13
  making
• 0:13
  all
• 0:13
  of
• 0:14
  our
• 0:14
  coverage
• 0:14
  of
• 0:14
  the
• 0:14
  show
• 0:15
  for
• 0:15
  the
• 0:15
  last
• 0:15
  couple
• 0:15
  days
• 0:16
  possible.
• 0:16
  So
• 0:16
  many
• 0:16
  great
• 0:17
  interviews
• 0:17
  for
• 0:17
  you
• 0:17
  to
• 0:17
  check
• 0:18
  out,
• 0:18
  so
• 0:18
  make
• 0:18
  sure
• 0:19
  to
• 0:19
  get
• 0:20
  to
• 0:20
  them
• 0:20
  all.
• 0:21
  Now,
• 0:21
  standing
• 0:22
  between
• 0:22
  us
• 0:22
  is
• 0:22
  someone
• 0:22
  we've
• 0:23
  had
• 0:23
  on
• 0:23
  the
• 0:23
  show
• 0:24
  before.
• 0:24
  We're
• 0:24
  so
• 0:24
  we
• 0:25
  had
• 0:25
  to
• 0:25
  just,
• 0:25
  you
• 0:25
  know,
• 0:26
  we've
• 0:26
  done
• 0:26
  the
• 0:26
  New
• 0:26
  York
• 0:27
  interview,
• 0:27
  now
• 0:27
  we
• 0:27
  have
• 0:27
  to
• 0:28
  do
• 0:28
  the
• 0:28
  London
• 0:28
  interview.
• 0:28
  Yeah,
• 0:28
  we're
• 0:29
  transatlantic
• 0:29
  with
• 0:29
  Matt.
• 0:30
  I
• 0:30
  know.
• 0:30
  We
• 0:31
  are
• 0:32
  president
• 0:33
  and
• 0:33
  CEO
• 0:33
  of
• 0:34
  the
• 0:34
  National
• 0:34
  Retail
• 0:34
  Federation,
• 0:35
  Matthew
• 0:36
  Shea.
• 0:36
  Matt,
• 0:36
  welcome.
• 0:37
  Thank
• 0:37
  you,
• 0:37
  thank
• 0:38
  you.
• 0:38
  Great
• 0:38
  to
• 0:38
  see
• 0:38
  you
• 0:38
  both.
• 0:39
  Yes.
• 0:39
  Yeah,
• 0:39
  great
• 0:39
  to
• 0:40
  see
• 0:40
  you,
• 0:40
  too.
• 0:41
  Well,
• 0:41
  we've
• 0:41
  interviewed
• 0:42
  you,
• 0:42
  as
• 0:42
  I
• 0:42
  mentioned,
• 0:43
  several
• 0:43
  times,
• 0:43
  but
• 0:44
  for
• 0:44
  a
• 0:44
  refresher,
• 0:45
  just
• 0:45
  quickly
• 0:46
  remind
• 0:46
  our
• 0:46
  audience,
• 0:47
  especially
• 0:47
  those
• 0:47
  from
• 0:48
  the
• 0:48
  global
• 0:48
  audience,
• 0:49
  what
• 0:49
  NRF
• 0:50
  is
• 0:50
  and
• 0:50
  what
• 0:51
  it
• 0:51
  does.
• 0:51
  So
• 0:52
  the
• 0:52
  National
• 0:52
  Retail
• 0:52
  Federation
• 0:53
  is
• 0:54
  in
• 0:54
  the
• 0:54
  United
• 0:54
  States,
• 0:55
  the
• 0:55
  retail
• 0:55
  industry's
• 0:56
  voice,
• 0:57
  representing
• 0:58
  retailers
• 0:58
  of
• 0:58
  all
• 0:59
  shapes
• 0:59
  and
• 0:59
  sizes,
• 1:00
  all
• 1:00
  categories,
• 1:00
  all
• 1:01
  sectors,
• 1:01
  all
• 1:01
  segments.
• 1:03
  And
• 1:03
  so
• 1:03
  we've
• 1:03
  got
• 1:04
  several
• 1:04
  thousand
• 1:05
  members.
• 1:05
  We've
• 1:06
  got
• 1:06
  a
• 1:06
  team
• 1:06
  in
• 1:06
  Washington,
• 1:07
  D.C.
• 1:07
  as
• 1:07
  well
• 1:08
  as
• 1:08
  New
• 1:08
  York
• 1:08
  City.
• 1:09
  We
• 1:10
  do
• 1:10
  advocacy
• 1:10
  and
• 1:11
  communications
• 1:11
  as
• 1:12
  well
• 1:12
  as
• 1:12
  programs
• 1:12
  and
• 1:13
  conferences
• 1:13
  like
• 1:13
  this
• 1:14
  one.
• 1:14
  And
• 1:15
  we
• 1:15
  spend
• 1:15
  a
• 1:15
  lot
• 1:15
  of
• 1:15
  time
• 1:15
  talking
• 1:16
  about
• 1:16
  what's
• 1:16
  happening
• 1:17
  in
• 1:17
  the
• 1:17
  industry
• 1:17
  and
• 1:17
  trying
• 1:18
  to
• 1:18
  communicate
• 1:19
  those
• 1:19
  events
• 1:20
  to
• 1:20
  members
• 1:21
  of
• 1:21
  Congress
• 1:21
  and
• 1:21
  policymakers
• 1:22
  and
• 1:24
  hopefully
• 1:24
  help
• 1:24
  them
• 1:24
  understand
• 1:25
  the
• 1:25
  challenges
• 1:26
  we
• 1:26
  face
• 1:26
  and
• 1:26
  the
• 1:26
  opportunities.
• 1:27
  Yeah,
• 1:27
  nice.
• 1:28
  So
• 1:28
  what
• 1:28
  in
• 1:28
  the
• 1:28
  heck
• 1:29
  brings
• 1:29
  you
• 1:29
  to
• 1:29
  WRC
• 1:30
  then?
• 1:30
  Like,
• 1:31
  what
• 1:31
  brings
• 1:31
  you
• 1:31
  to
• 1:31
  London?
• 1:32
  Well,
• 1:32
  so
• 1:32
  this
• 1:33
  is
• 1:33
  obviously
• 1:33
  a
• 1:33
  meeting
• 1:33
  of
• 1:34
  global
• 1:34
  retail
• 1:34
  leaders.
• 1:35
  And
• 1:35
  in
• 1:35
  fact,
• 1:35
  I
• 1:35
  just
• 1:35
  finished
• 1:36
  a
• 1:37
  visit
• 1:37
  for
• 1:37
  the.
• 1:37
  For
• 1:38
  the
• 1:38
  afternoon
• 1:38
  with
• 1:39
  about
• 1:39
  25
• 1:40
  CEOs,
• 1:41
  my
• 1:41
  counterparts,
• 1:42
  CEOs
• 1:42
  of
• 1:42
  other
• 1:43
  trade
• 1:44
  groups.
• 1:44
  Oh,
• 1:44
  really?
• 1:44
  Around
• 1:44
  the
• 1:45
  country.
• 1:45
  Around
• 1:45
  the
• 1:45
  world,
• 1:46
  or
• 1:46
  other
• 1:46
  retail
• 1:47
  industry
• 1:47
  groups
• 1:48
  from
• 1:48
  across
• 1:48
  Europe
• 1:49
  and
• 1:49
  as
• 1:50
  far
• 1:50
  away
• 1:50
  as
• 1:51
  Australia.
• 1:53
  And
• 1:53
  so
• 1:53
  we
• 1:54
  get
• 1:54
  a
• 1:54
  good.
• 1:54
  A
• 1:54
  good
• 1:54
  opportunity
• 1:55
  to
• 1:55
  exchange
• 1:56
  and
• 1:56
  share
• 1:56
  views
• 1:56
  on
• 1:57
  what's
• 1:57
  happening
• 1:57
  in.
• 1:58
  In
• 1:58
  the
• 1:58
  retail
• 1:58
  industry,
• 1:59
  what's
• 1:59
  happening
• 1:59
  in
• 1:59
  their
• 2:00
  markets,
• 2:00
  some
• 2:01
  of
• 2:01
  the
• 2:01
  challenges
• 2:01
  we
• 2:01
  face,
• 2:02
  and
• 2:02
  of
• 2:02
  course,
• 2:02
  talking
• 2:03
  about
• 2:04
  the
• 2:04
  policy
• 2:04
  issues
• 2:04
  like
• 2:05
  trade
• 2:05
  relationships
• 2:06
  and
• 2:06
  things
• 2:06
  that
• 2:07
  are
• 2:07
  sort
• 2:07
  of
• 2:07
  driving
• 2:08
  the
• 2:08
  business
• 2:08
  in
• 2:08
  the
• 2:08
  moment.
• 2:09
  So
• 2:09
  that
• 2:09
  plus
• 2:09
  the.
• 2:10
  The
• 2:10
  great
• 2:10
  lineup
• 2:11
  of
• 2:11
  speakers
• 2:12
  and
• 2:12
  attendees
• 2:13
  here
• 2:13
  at
• 2:13
  the
• 2:13
  WRC
• 2:14
  is
• 2:14
  a
• 2:15
  great
• 2:15
  place
• 2:15
  to
• 2:15
  stay
• 2:16
  connected
• 2:16
  to
• 2:16
  what's
• 2:16
  happening
• 2:18
  around
• 2:18
  the
• 2:18
  world.
• 2:18
  Well,
• 2:19
  Matt,
• 2:19
  I'd
• 2:19
  love
• 2:19
  to
• 2:19
  get
• 2:20
  some
• 2:20
  insight
• 2:20
  into
• 2:21
  some
• 2:21
  of
• 2:21
  those
• 2:21
  conversations,
• 2:22
  including,
• 2:23
  and
• 2:24
  I
• 2:24
  think
• 2:24
  we
• 2:24
  just
• 2:24
  get
• 2:24
  it
• 2:25
  out
• 2:25
  of
• 2:25
  the
• 2:25
  way.
• 2:25
  Tariffs.
• 2:26
  What.
• 2:26
  What
• 2:26
  were
• 2:27
  people
• 2:27
  talking
• 2:27
  about
• 2:28
  in
• 2:28
  that
• 2:28
  room
• 2:28
  upstairs.
• 2:29
  If
• 2:29
  we
• 2:29
  could
• 2:29
  have
• 2:30
  been
• 2:30
  a
• 2:30
  fly
• 2:30
  on
• 2:30
  the
• 2:30
  wall.
• 2:31
  I,
• 2:31
  I
• 2:31
  think
• 2:31
  the
• 2:32
  big,
• 2:33
  the
• 2:33
  big
• 2:34
  topic
• 2:34
  is
• 2:35
  really
• 2:35
  the
• 2:35
  uncertainty
• 2:36
  created
• 2:36
  by
• 2:37
  the
• 2:37
  conversation.
• 2:39
  Yep.
• 2:39
  And
• 2:39
  the
• 2:40
  inability
• 2:40
  to
• 2:41
  plan
• 2:41
  in
• 2:41
  the
• 2:41
  retail
• 2:42
  industry,
• 2:44
  specifically
• 2:44
  on
• 2:44
  things
• 2:44
  like
• 2:45
  inventory,
• 2:45
  purchasing,
• 2:46
  supply
• 2:46
  chain
• 2:46
  issues,
• 2:47
  but
• 2:47
  more
• 2:48
  broadly
• 2:48
  across
• 2:48
  entire
• 2:49
  economies.
• 2:51
  Investments,
• 2:51
  hiring
• 2:52
  decisions,
• 2:52
  spending
• 2:53
  decisions,
• 2:53
  capex
• 2:54
  decisions.
• 2:55
  So
• 2:55
  it's
• 2:56
  like
• 2:56
  paralysis
• 2:57
  for
• 2:58
  businesses.
• 2:58
  It's
• 2:59
  very
• 2:59
  difficult
• 3:00
  to
• 3:01
  make
• 3:01
  any
• 3:01
  predictions
• 3:01
  about
• 3:02
  the
• 3:02
  future
• 3:02
  in
• 3:02
  any
• 3:03
  environment.
• 3:03
  And
• 3:03
  in
• 3:03
  an
• 3:04
  environment
• 3:04
  like
• 3:04
  this,
• 3:04
  when
• 3:05
  so
• 3:05
  many
• 3:05
  of
• 3:06
  the
• 3:06
  input
• 3:06
  costs
• 3:06
  are
• 3:07
  unknown,
• 3:07
  it's
• 3:07
  even
• 3:08
  more
• 3:08
  challenging.
• 3:09
  So
• 3:09
  that's
• 3:09
  the
• 3:09
  say
• 3:09
  uncertainty
• 3:10
  was
• 3:10
  the.
• 3:10
  Was
• 3:11
  the
• 3:11
  takeaway,
• 3:11
  the
• 3:11
  big
• 3:11
  takeaway
• 3:12
  topic
• 3:12
  of
• 3:13
  conversation.
• 3:13
  All
• 3:13
  right,
• 3:13
  so
• 3:14
  let's
• 3:14
  get
• 3:14
  you
• 3:14
  out
• 3:14
  in
• 3:14
  this.
• 3:14
  And
• 3:15
  Anna
• 3:15
  and
• 3:15
  I
• 3:15
  crafted
• 3:15
  this
• 3:16
  question
• 3:16
  just
• 3:16
  for
• 3:16
  you
• 3:16
  because
• 3:17
  last
• 3:17
  time
• 3:17
  we
• 3:17
  talked
• 3:17
  to
• 3:17
  you
• 3:18
  got
• 3:18
  you
• 3:18
  let
• 3:18
  your
• 3:18
  hair
• 3:18
  down
• 3:19
  and
• 3:19
  I'm
• 3:19
  curious
• 3:19
  from
• 3:19
  your
• 3:20
  perspective,
• 3:20
  you've
• 3:20
  been
• 3:21
  enrolled
• 3:21
  now,
• 3:22
  what
• 3:22
  is
• 3:22
  it?
• 3:22
  15
• 3:22
  years,
• 3:23
  is
• 3:23
  that
• 3:23
  right?
• 3:23
  Give
• 3:23
  or
• 3:24
  take.
• 3:24
  15
• 3:25
  years.
• 3:25
  15
• 3:25
  years
• 3:25
  last
• 3:26
  week.
• 3:26
  15.
• 3:26
  All
• 3:26
  right,
• 3:27
  nice.
• 3:27
  Congratulations.
• 3:28
  Did
• 3:28
  my
• 3:28
  homework.
• 3:29
  So
• 3:29
  I'm
• 3:29
  curious,
• 3:30
  like
• 3:30
  when
• 3:30
  you,
• 3:31
  when
• 3:31
  you
• 3:31
  look
• 3:32
  ahead
• 3:32
  to
• 3:32
  2025,
• 3:34
  is
• 3:34
  20
• 3:34
  in
• 3:35
  your
• 3:35
  15
• 3:35
  years,
• 3:35
  is
• 3:35
  2025
• 3:36
  just
• 3:36
  another
• 3:37
  day
• 3:37
  at
• 3:37
  the
• 3:38
  office
• 3:38
  or
• 3:39
  is
• 3:39
  it
• 3:39
  different?
• 3:40
  And
• 3:40
  if
• 3:40
  it's
• 3:40
  different,
• 3:41
  like
• 3:41
  is
• 3:41
  there
• 3:41
  an
• 3:41
  event
• 3:42
  or
• 3:42
  a
• 3:42
  time
• 3:43
  that
• 3:43
  you
• 3:43
  could
• 3:43
  compare
• 3:43
  it
• 3:44
  to
• 3:44
  in
• 3:44
  that
• 3:44
  15
• 3:44
  year
• 3:45
  history,
• 3:45
  how
• 3:45
  would
• 3:46
  you
• 3:46
  sum
• 3:46
  it
• 3:46
  all
• 3:46
  up
• 3:46
  looking
• 3:47
  back
• 3:47
  or
• 3:48
  what
• 3:48
  do
• 3:48
  you
• 3:48
  expect?
• 3:49
  It's,
• 3:49
  it's
• 3:49
  very
• 3:49
  ho
• 3:50
  hum.
• 3:50
  It's
• 3:51
  very
• 3:51
  ho
• 3:51
  hum.
• 3:53
  No.
• 3:53
  Right,
• 3:53
  right.
• 3:54
  Nothing
• 3:54
  happens.
• 3:56
  I
• 3:56
  think
• 3:57
  the,
• 3:58
  the
• 3:58
  theme
• 3:58
  through
• 3:59
  the
• 3:59
  last
• 3:59
  at
• 4:00
  least
• 4:00
  five
• 4:00
  or
• 4:00
  six
• 4:01
  years
• 4:03
  has
• 4:03
  been
• 4:03
  the
• 4:04
  uncertainty
• 4:04
  of
• 4:05
  the
• 4:05
  environment,
• 4:05
  but
• 4:05
  also
• 4:05
  the
• 4:06
  need
• 4:06
  to
• 4:06
  be
• 4:06
  highly
• 4:07
  agile
• 4:07
  and
• 4:07
  adaptable
• 4:08
  and
• 4:08
  flexible.
• 4:09
  And
• 4:09
  retailers
• 4:10
  are
• 4:10
  constantly
• 4:11
  responding
• 4:11
  to
• 4:11
  changes
• 4:12
  in
• 4:12
  consumer
• 4:12
  markets.
• 4:14
  So
• 4:14
  I
• 4:14
  think
• 4:14
  for
• 4:14
  many
• 4:15
  of
• 4:15
  our
• 4:15
  members,
• 4:15
  while
• 4:16
  the
• 4:16
  uncertainty
• 4:17
  around
• 4:17
  tariffs
• 4:17
  for
• 4:17
  example,
• 4:18
  and
• 4:18
  policy
• 4:18
  issues
• 4:19
  broadly
• 4:20
  is
• 4:20
  a
• 4:20
  real
• 4:21
  challenge,
• 4:22
  they
• 4:22
  and
• 4:22
  their
• 4:22
  teams
• 4:23
  are
• 4:23
  used
• 4:23
  to
• 4:23
  this.
• 4:24
  They've
• 4:24
  got
• 4:24
  some
• 4:24
  muscle
• 4:25
  memory,
• 4:25
  they've
• 4:25
  got
• 4:26
  some
• 4:26
  built
• 4:26
  in
• 4:26
  resilience
• 4:27
  and
• 4:27
  agility
• 4:27
  because
• 4:28
  they've
• 4:28
  had
• 4:28
  to
• 4:28
  have
• 4:28
  that.
• 4:30
  As
• 4:30
  we
• 4:30
  think
• 4:30
  about,
• 4:31
  you
• 4:31
  know,
• 4:31
  going
• 4:31
  through
• 4:32
  the
• 4:32
  pandemic
• 4:32
  and
• 4:32
  then
• 4:33
  the
• 4:33
  inflationary
• 4:33
  environment,
• 4:34
  supply
• 4:34
  chain
• 4:34
  challenges,
• 4:35
  the
• 4:36
  evolution
• 4:36
  of
• 4:36
  supply
• 4:37
  chains
• 4:37
  away
• 4:37
  from
• 4:38
  certain
• 4:38
  producer
• 4:38
  markets
• 4:39
  into
• 4:39
  other
• 4:39
  markets.
• 4:40
  So
• 4:40
  this
• 4:40
  is
• 4:41
  definitely
• 4:41
  not
• 4:42
  business
• 4:43
  as
• 4:43
  usual.
• 4:45
  On
• 4:45
  the
• 4:46
  other
• 4:46
  hand,
• 4:46
  it's
• 4:46
  also
• 4:46
  not
• 4:47
  debilitating.
• 4:48
  Right.
• 4:49
  Although
• 4:49
  I
• 4:50
  will
• 4:50
  say
• 4:50
  for
• 4:50
  the
• 4:50
  smaller
• 4:51
  and
• 4:52
  more
• 4:53
  medium
• 4:53
  sized
• 4:54
  enterprises,
• 4:54
  it's
• 4:55
  extraordinarily
• 4:55
  challenging
• 4:56
  on
• 4:57
  the
• 4:57
  supply
• 4:57
  chain
• 4:57
  side
• 4:58
  because
• 4:58
  they
• 4:58
  don't
• 4:58
  have
• 4:59
  the
• 4:59
  scale,
• 5:01
  the
• 5:01
  resources,
• 5:02
  the
• 5:03
  relationships
• 5:04
  to
• 5:04
  sort
• 5:04
  of
• 5:04
  leverage
• 5:05
  the
• 5:05
  supply
• 5:06
  chain
• 5:06
  the
• 5:06
  way
• 5:06
  larger
• 5:06
  members
• 5:07
  do.
• 5:07
  So
• 5:07
  in
• 5:07
  that
• 5:07
  regard
• 5:08
  it's
• 5:08
  Very
• 5:08
  unusual.
• 5:09
  But
• 5:10
  I
• 5:10
  think
• 5:10
  the
• 5:10
  uncertainty
• 5:11
  and
• 5:11
  the
• 5:11
  need
• 5:12
  to
• 5:12
  be
• 5:12
  agile
• 5:12
  and
• 5:13
  flexible
• 5:13
  is
• 5:13
  very
• 5:13
  consistent
• 5:14
  with
• 5:14
  what
• 5:14
  we've
• 5:15
  seen
• 5:16
  for
• 5:16
  the
• 5:16
  last
• 5:16
  half
• 5:16
  decade.
• 5:17
  Yeah,
• 5:17
  it's
• 5:17
  very
• 5:18
  consistent.
• 5:18
  We've
• 5:18
  been
• 5:18
  hearing
• 5:18
  that
• 5:18
  a
• 5:19
  lot
• 5:19
  at
• 5:19
  this
• 5:19
  show
• 5:19
  that
• 5:19
  the
• 5:20
  only
• 5:20
  thing
• 5:20
  predictable
• 5:20
  is
• 5:21
  unpredictability.
• 5:22
  And
• 5:22
  so
• 5:22
  what
• 5:22
  I
• 5:22
  take
• 5:22
  away
• 5:23
  from
• 5:23
  what
• 5:23
  you
• 5:23
  just
• 5:23
  said
• 5:23
  is,
• 5:24
  you
• 5:24
  know,
• 5:25
  that's
• 5:25
  true,
• 5:26
  but
• 5:26
  yet
• 5:26
  we
• 5:26
  as
• 5:27
  an
• 5:27
  industry
• 5:28
  specifically,
• 5:28
  since
• 5:28
  we
• 5:29
  came
• 5:29
  out
• 5:29
  of
• 5:29
  the
• 5:29
  pandemic,
• 5:30
  have
• 5:30
  become
• 5:30
  better
• 5:31
  attuned
• 5:32
  to
• 5:32
  that
• 5:32
  reality
• 5:33
  and
• 5:33
  better
• 5:33
  practitioners
• 5:35
  around
• 5:35
  how
• 5:35
  to
• 5:35
  deal
• 5:36
  with
• 5:36
  it.
• 5:36
  Is
• 5:36
  that
• 5:36
  right?
• 5:37
  Yeah,
• 5:37
  I
• 5:37
  think
• 5:37
  that's
• 5:37
  true.
• 5:38
  And
• 5:38
  really,
• 5:39
  you
• 5:39
  know,
• 5:40
  go
• 5:40
  back
• 5:40
  to
• 5:40
  me.
• 5:40
  You
• 5:41
  said
• 5:41
  I
• 5:41
  came
• 5:41
  on
• 5:41
  15
• 5:42
  years
• 5:42
  ago
• 5:43
  in
• 5:43
  2010.
• 5:45
  We
• 5:45
  were
• 5:45
  just
• 5:46
  sort
• 5:46
  of,
• 5:46
  we're
• 5:46
  really
• 5:47
  in
• 5:47
  the
• 5:47
  midst
• 5:47
  of
• 5:47
  the
• 5:47
  great
• 5:48
  financial
• 5:48
  recession
• 5:49
  in
• 5:49
  the
• 5:49
  U.S.
• 5:50
  when
• 5:50
  I
• 5:50
  joined
• 5:50
  in
• 5:51
  May
• 5:51
  of
• 5:51
  2010,
• 5:52
  the
• 5:52
  unemployment
• 5:52
  rate
• 5:53
  in
• 5:53
  the
• 5:53
  United
• 5:53
  States
• 5:53
  was
• 5:54
  10.2%.
• 5:56
  And
• 5:56
  that
• 5:56
  fell
• 5:57
  largely
• 5:57
  on
• 5:57
  retail,
• 5:58
  because
• 5:58
  we're
• 5:58
  the
• 5:59
  largest
• 5:59
  private
• 5:59
  sector
• 5:59
  employer
• 6:00
  in
• 6:00
  the
• 6:00
  United
• 6:00
  States.
• 6:01
  So
• 6:01
  there
• 6:01
  were
• 6:01
  tens
• 6:02
  of
• 6:02
  thousands
• 6:03
  of
• 6:03
  workers
• 6:04
  out
• 6:04
  of
• 6:05
  work
• 6:05
  across
• 6:05
  the
• 6:05
  entire
• 6:06
  U.S.
• 6:06
  economy.
• 6:06
  And
• 6:07
  the
• 6:07
  retail
• 6:07
  industry
• 6:07
  faced
• 6:08
  enormous
• 6:09
  challenges.
• 6:09
  Several
• 6:10
  hundred
• 6:10
  bankruptcies
• 6:11
  in
• 6:11
  2009,
• 6:11
  10
• 6:12
  and
• 6:12
  11.
• 6:13
  We
• 6:14
  got
• 6:14
  through
• 6:14
  the
• 6:14
  pandemic
• 6:15
  with,
• 6:16
  you
• 6:16
  know,
• 6:16
  relatively
• 6:17
  speaking,
• 6:17
  about
• 6:17
  a
• 6:17
  dozen
• 6:18
  bankruptcies
• 6:19
  in
• 6:19
  each
• 6:19
  of
• 6:19
  those
• 6:19
  years
• 6:20
  in
• 6:20
  20,
• 6:21
  20
• 6:21
  and
• 6:22
  21.
• 6:23
  So
• 6:23
  a
• 6:23
  lot
• 6:23
  of
• 6:23
  that
• 6:23
  was
• 6:23
  because
• 6:24
  businesses
• 6:24
  were
• 6:24
  more
• 6:24
  resilient.
• 6:25
  They
• 6:25
  were,
• 6:26
  they're
• 6:26
  better
• 6:26
  prepared.
• 6:28
  So
• 6:28
  it's
• 6:28
  been
• 6:29
  a
• 6:29
  couple
• 6:29
  of
• 6:30
  decades
• 6:30
  of
• 6:30
  constant
• 6:31
  change
• 6:31
  and
• 6:31
  transformation.
• 6:32
  Think
• 6:32
  about
• 6:32
  digitization
• 6:33
  of
• 6:33
  businesses.
• 6:34
  That
• 6:34
  too.
• 6:34
  Yeah,
• 6:35
  that's
• 6:35
  been
• 6:35
  another
• 6:36
  one.
• 6:36
  Yep,
• 6:36
  yep.
• 6:37
  So
• 6:38
  if
• 6:38
  you
• 6:38
  go
• 6:38
  roll
• 6:38
  the
• 6:38
  clock
• 6:39
  back
• 6:39
  a
• 6:39
  quarter
• 6:40
  century,
• 6:41
  things
• 6:41
  in
• 6:41
  retail
• 6:42
  are
• 6:42
  dramatically
• 6:43
  different
• 6:43
  than
• 6:43
  they
• 6:43
  were
• 6:45
  in
• 6:46
  2000.
• 6:46
  Yeah.
• 6:47
  And
• 6:48
  we
• 6:48
  have
• 6:48
  the
• 6:48
  Y2K
• 6:49
  bubble
• 6:49
  and
• 6:49
  the
• 6:49
  tragedy
• 6:50
  of
• 6:50
  9,
• 6:50
  11
• 6:50
  and
• 6:51
  all
• 6:51
  the
• 6:51
  things
• 6:51
  that
• 6:51
  impact
• 6:51
  our
• 6:52
  economy
• 6:52
  then.
• 6:52
  And
• 6:53
  yet
• 6:53
  the
• 6:53
  retail
• 6:53
  industry's
• 6:54
  got
• 6:54
  more
• 6:54
  establishments,
• 6:55
  more
• 6:55
  employees,
• 6:56
  greater
• 6:57
  growth,
• 6:57
  greater
• 6:57
  sales.
• 6:58
  So
• 6:58
  the
• 6:58
  trajectory
• 6:59
  has
• 6:59
  been
• 6:59
  up
• 6:59
  and
• 6:59
  to
• 6:59
  the
• 7:00
  right,
• 7:00
  but
• 7:01
  there's
• 7:01
  been
• 7:01
  lots
• 7:02
  of
• 7:02
  disruption
• 7:03
  along
• 7:03
  the
• 7:03
  way.
• 7:04
  Hey,
• 7:04
  Matt,
• 7:04
  I
• 7:04
  have
• 7:05
  a
• 7:05
  quick
• 7:05
  question
• 7:05
  for
• 7:06
  you
• 7:06
  just
• 7:07
  to
• 7:07
  wrap
• 7:07
  us
• 7:08
  up,
• 7:08
  but
• 7:09
  this
• 7:09
  also
• 7:10
  your,
• 7:10
  your
• 7:11
  purview
• 7:11
  for
• 7:12
  the
• 7:12
  National
• 7:12
  Retail
• 7:12
  Federation
• 7:13
  is
• 7:13
  also
• 7:14
  smaller
• 7:14
  businesses,
• 7:15
  small
• 7:15
  to
• 7:15
  medium
• 7:16
  sized
• 7:16
  businesses.
• 7:16
  Right.
• 7:18
  What
• 7:18
  are
• 7:18
  you
• 7:18
  telling
• 7:19
  them
• 7:20
  who
• 7:20
  are,
• 7:20
  you
• 7:21
  know,
• 7:21
  those
• 7:21
  businesses
• 7:21
  who
• 7:22
  are
• 7:22
  a
• 7:22
  little
• 7:22
  bit
• 7:22
  probably
• 7:22
  more
• 7:23
  concerned,
• 7:23
  they
• 7:23
  don't,
• 7:24
  like
• 7:24
  you
• 7:24
  said,
• 7:24
  they
• 7:24
  don't
• 7:24
  have
• 7:24
  the
• 7:24
  agility
• 7:25
  or
• 7:25
  flexibility.
• 7:25
  What's
• 7:26
  the
• 7:26
  NRF's
• 7:26
  mess
• 7:27
  for
• 7:27
  those
• 7:28
  smaller
• 7:28
  and
• 7:28
  medium
• 7:28
  sized
• 7:29
  businesses
• 7:29
  as
• 7:29
  they're
• 7:30
  thinking
• 7:30
  about
• 7:30
  how
• 7:30
  to
• 7:31
  be
• 7:31
  agile
• 7:32
  and
• 7:32
  live
• 7:33
  in
• 7:33
  this
• 7:33
  time
• 7:33
  of
• 7:33
  unpredictability?
• 7:35
  Well,
• 7:35
  the
• 7:36
  first
• 7:36
  thing
• 7:36
  we
• 7:36
  try
• 7:36
  to
• 7:36
  do
• 7:36
  is
• 7:37
  engage
• 7:37
  them
• 7:37
  and
• 7:38
  share
• 7:39
  latest
• 7:39
  information,
• 7:40
  updates,
• 7:41
  provide
• 7:41
  all
• 7:41
  the
• 7:42
  resources
• 7:42
  we
• 7:42
  can
• 7:42
  to
• 7:42
  help
• 7:43
  and
• 7:43
  support
• 7:43
  them,
• 7:43
  work
• 7:43
  with
• 7:44
  our
• 7:44
  partners
• 7:44
  in
• 7:44
  the
• 7:44
  state
• 7:45
  associations
• 7:46
  to
• 7:46
  do
• 7:46
  that.
• 7:47
  And
• 7:47
  then
• 7:47
  we
• 7:47
  really
• 7:47
  try
• 7:48
  to
• 7:48
  amplify
• 7:48
  their
• 7:48
  voices,
• 7:49
  give
• 7:49
  them
• 7:49
  a
• 7:49
  platform.
• 7:50
  Yeah.
• 7:50
  Make
• 7:50
  sure
• 7:51
  that
• 7:51
  the
• 7:51
  stories
• 7:51
  they're
• 7:52
  telling,
• 7:52
  the
• 7:52
  impact
• 7:52
  that
• 7:53
  the
• 7:53
  current
• 7:54
  environment's
• 7:54
  having
• 7:54
  on
• 7:54
  them
• 7:55
  and
• 7:55
  their
• 7:55
  businesses
• 7:56
  is
• 7:56
  communicated
• 7:57
  directly
• 7:57
  to
• 7:57
  policymakers.
• 7:58
  We
• 7:58
  had
• 7:58
  about
• 7:59
  a
• 7:59
  hundred
• 7:59
  of
• 8:00
  those
• 8:00
  small
• 8:00
  businesses
• 8:01
  in
• 8:01
  Washington
• 8:01
  a
• 8:02
  few
• 8:02
  weeks
• 8:02
  ago.
• 8:02
  Okay.
• 8:03
  Did
• 8:03
  dozens
• 8:04
  of
• 8:04
  meetings
• 8:04
  on
• 8:04
  Capitol
• 8:05
  Hill,
• 8:05
  took
• 8:05
  them
• 8:05
  to
• 8:05
  policymakers
• 8:06
  offices.
• 8:06
  We've
• 8:07
  been
• 8:07
  to
• 8:07
  see
• 8:07
  the
• 8:07
  administration
• 8:08
  and
• 8:08
  to
• 8:09
  see
• 8:09
  White
• 8:09
  House
• 8:09
  representatives
• 8:10
  taking
• 8:10
  them
• 8:10
  in.
• 8:11
  So
• 8:11
  I
• 8:11
  think
• 8:12
  the
• 8:12
  message
• 8:12
  is
• 8:12
  getting
• 8:13
  through,
• 8:14
  and
• 8:14
  people
• 8:15
  are
• 8:15
  beginning
• 8:15
  to
• 8:15
  understand
• 8:16
  the
• 8:16
  real
• 8:16
  challenges.
• 8:17
  And
• 8:17
  there
• 8:17
  is
• 8:17
  a
• 8:18
  major
• 8:18
  difference
• 8:19
  between
• 8:19
  the
• 8:19
  way
• 8:20
  larger
• 8:21
  business
• 8:22
  operates
• 8:22
  and
• 8:22
  the
• 8:22
  way
• 8:22
  a
• 8:23
  small
• 8:23
  independent
• 8:23
  one
• 8:24
  does,
• 8:24
  without
• 8:24
  the
• 8:24
  backstop,
• 8:25
  without
• 8:25
  the
• 8:25
  resources.
• 8:27
  And
• 8:27
  so
• 8:27
  it's
• 8:28
  a
• 8:28
  huge
• 8:28
  challenge.
• 8:29
  I
• 8:29
  think
• 8:29
  the
• 8:29
  best
• 8:29
  thing
• 8:30
  we
• 8:30
  can
• 8:30
  do
• 8:30
  is
• 8:30
  keep
• 8:30
  giving
• 8:31
  them
• 8:31
  a
• 8:31
  voice
• 8:32
  and
• 8:32
  introducing
• 8:32
  them
• 8:33
  to
• 8:33
  policymakers
• 8:33
  and
• 8:34
  making
• 8:34
  sure
• 8:34
  people
• 8:34
  are
• 8:34
  aware
• 8:35
  of
• 8:35
  the
• 8:35
  challenges
• 8:35
  that
• 8:36
  face.
• 8:36
  Yeah,
• 8:36
  that's
• 8:36
  a
• 8:36
  point
• 8:37
  to
• 8:37
  me,
• 8:37
  too,
• 8:37
  though,
• 8:37
  even
• 8:37
  as
• 8:37
  you
• 8:38
  mentioned,
• 8:38
  it,
• 8:38
  like,
• 8:38
  the
• 8:38
  digitization
• 8:39
  of
• 8:39
  retail
• 8:39
  in
• 8:40
  general
• 8:40
  still
• 8:40
  even
• 8:41
  affords
• 8:41
  those
• 8:41
  businesses
• 8:42
  to
• 8:42
  have
• 8:42
  more
• 8:42
  tools
• 8:43
  in
• 8:43
  their
• 8:43
  toolbox
• 8:44
  to
• 8:44
  deal
• 8:44
  with
• 8:44
  the
• 8:44
  uncertainty
• 8:45
  than
• 8:45
  they
• 8:45
  had,
• 8:45
  say,
• 8:45
  going
• 8:46
  back
• 8:46
  to
• 8:46
  2000,
• 8:46
  when
• 8:47
  I
• 8:47
  started
• 8:47
  my
• 8:47
  retail
• 8:48
  career,
• 8:48
  too,
• 8:48
  so.
• 8:49
  Well,
• 8:49
  awesome.
• 8:50
  Thank
• 8:50
  you
• 8:50
  so
• 8:50
  much
• 8:51
  for
• 8:51
  spending
• 8:51
  time
• 8:51
  with
• 8:51
  us.
• 8:52
  My
• 8:52
  pleasure.
• 8:52
  Yeah,
• 8:52
  we
• 8:53
  know
• 8:53
  you're
• 8:53
  a
• 8:53
  busy
• 8:53
  guy,
• 8:54
  and
• 8:54
  so
• 8:54
  anytime
• 8:55
  we
• 8:55
  can
• 8:55
  grab
• 8:55
  you,
• 8:55
  it's
• 8:56
  always
• 8:56
  a
• 8:56
  pleasure.
• 8:56
  So
• 8:57
  thank
• 8:57
  you
• 8:57
  so
• 8:57
  much.
• 8:57
  And
• 8:58
  you
• 8:58
  want
• 8:58
  to
• 8:58
  sign
• 8:58
  us
• 8:58
  off?
• 8:58
  Yes.
• 8:59
  Thank
• 8:59
  you.
• 8:59
  Thanks
• 8:59
  again
• 8:59
  to
• 9:00
  Fusion
• 9:00
  Group
• 9:00
  again
• 9:01
  for
• 9:01
  making
• 9:01
  all
• 9:01
  of
• 9:02
  our
• 9:02
  coverage
• 9:02
  this
• 9:02
  week
• 9:03
  possible.
• 9:03
  And
• 9:04
  until
• 9:04
  next
• 9:04
  time,
• 9:05
  be
• 9:05
  careful
• 9:05
  out
• 9:06
  there.