Latest / Omni Talk Retail / Private Brands 101: Kirkland, Target, Walmart & More | Spotlight Series

Transcript

Private Brands 101: Kirkland, Target, Walmart & More | Spotlight Series · Omni Talk Retail

• 0:08
  This
• 0:09
  podcast
• 0:09
  is
• 0:09
  brought
• 0:09
  to
• 0:09
  you
• 0:09
  by
• 0:10
  the
• 0:10
  Omnitalk
• 0:10
  Retail
• 0:11
  Podcast
• 0:11
  Network,
• 0:11
  ranked
• 0:12
  In
• 0:12
  the
• 0:12
  top
• 0:12
  10%
• 0:13
  of
• 0:13
  all
• 0:13
  podcasts
• 0:14
  globally
• 0:14
  and
• 0:14
  currently
• 0:15
  the
• 0:15
  only
• 0:16
  retail
• 0:16
  podcast
• 0:16
  ranked
• 0:17
  in
• 0:17
  the
• 0:17
  top
• 0:17
  100
• 0:18
  of
• 0:18
  all
• 0:18
  business
• 0:19
  podcasts
• 0:19
  on
• 0:19
  Apple
• 0:20
  Podcasts.
• 0:20
  The
• 0:21
  Omnitalk
• 0:21
  Retail
• 0:21
  Podcast
• 0:22
  is
• 0:22
  the
• 0:22
  network
• 0:22
  that
• 0:22
  we
• 0:23
  hope
• 0:23
  makes
• 0:23
  you
• 0:23
  feel
• 0:23
  a
• 0:24
  little
• 0:24
  smarter,
• 0:24
  but
• 0:24
  most
• 0:25
  importantly,
• 0:25
  a
• 0:25
  little
• 0:25
  happier
• 0:26
  each
• 0:26
  week,
• 0:26
  too.
• 0:27
  And
• 0:27
  today's
• 0:28
  podcast
• 0:28
  is
• 0:28
  just
• 0:28
  one
• 0:29
  of
• 0:29
  the
• 0:29
  many
• 0:29
  great
• 0:29
  podcasts
• 0:30
  you
• 0:30
  can
• 0:30
  find
• 0:30
  here
• 0:31
  from
• 0:31
  us
• 0:31
  at
• 0:31
  omnichalk
• 0:32
  Retail,
• 0:32
  alongside
• 0:33
  our
• 0:33
  Retail
• 0:33
  Daily
• 0:33
  Minute,
• 0:34
  which
• 0:34
  brings
• 0:34
  you
• 0:34
  a
• 0:34
  curated
• 0:35
  selection
• 0:36
  of
• 0:36
  the
• 0:36
  most
• 0:36
  important
• 0:37
  retail
• 0:37
  headlines
• 0:38
  every
• 0:38
  morning
• 0:38
  and
• 0:38
  our
• 0:39
  signature
• 0:39
  podcast,
• 0:40
  Retail
• 0:40
  Fast
• 0:40
  Five,
• 0:40
  that
• 0:41
  breaks
• 0:41
  down
• 0:41
  each
• 0:41
  week.
• 0:42
  The
• 0:42
  top
• 0:42
  five
• 0:42
  headlines
• 0:43
  making
• 0:44
  waves
• 0:44
  in
• 0:44
  the
• 0:44
  world
• 0:44
  of
• 0:44
  omnichannel
• 0:45
  retailing
• 0:46
  that
• 0:46
  comes
• 0:46
  your
• 0:46
  way
• 0:47
  every
• 0:47
  Wednesday
• 0:47
  afternoon.
• 0:48
  I'm
• 0:48
  one
• 0:49
  of
• 0:49
  your
• 0:49
  co
• 0:49
  hosts
• 0:49
  for
• 0:49
  today's
• 0:50
  interview,
• 0:50
  Anne
• 0:50
  Mazinga.
• 0:51
  And
• 0:51
  I'm
• 0:52
  Chris
• 0:52
  Walton.
• 0:53
  And
• 0:54
  Chris,
• 0:54
  you
• 0:54
  know,
• 0:55
  we've
• 0:55
  been
• 0:55
  hanging
• 0:56
  out
• 0:56
  in
• 0:56
  the
• 0:56
  same
• 0:57
  circles
• 0:57
  as
• 0:57
  our
• 0:57
  next
• 0:58
  guests
• 0:58
  for
• 0:58
  quite
• 0:59
  a
• 0:59
  while,
• 0:59
  but
• 1:00
  we
• 1:00
  finally
• 1:01
  today
• 1:01
  get
• 1:02
  the
• 1:02
  chance
• 1:02
  to
• 1:03
  interview
• 1:03
  them
• 1:04
  and
• 1:04
  share
• 1:04
  them
• 1:05
  with
• 1:05
  our
• 1:05
  Omnitalk
• 1:06
  retail
• 1:06
  audience.
• 1:07
  So
• 1:07
  I
• 1:07
  could
• 1:08
  not
• 1:08
  be
• 1:08
  more
• 1:09
  excited,
• 1:09
  especially
• 1:09
  when
• 1:10
  we
• 1:10
  dive
• 1:10
  into
• 1:11
  the
• 1:11
  topic
• 1:11
  that
• 1:11
  we're
• 1:11
  going
• 1:11
  to
• 1:11
  tackle
• 1:12
  today.
• 1:13
  We
• 1:13
  got
• 1:14
  slammed
• 1:14
  last
• 1:15
  week
• 1:15
  with
• 1:15
  Q3
• 1:16
  earnings
• 1:16
  from
• 1:16
  the
• 1:16
  likes
• 1:17
  of
• 1:17
  Walmart,
• 1:17
  Target
• 1:18
  and
• 1:18
  others.
• 1:19
  And
• 1:19
  one
• 1:19
  of
• 1:19
  the
• 1:19
  key
• 1:20
  differentiators,
• 1:20
  Chris,
• 1:21
  I'm
• 1:21
  wondering
• 1:21
  if
• 1:21
  you
• 1:22
  can
• 1:22
  guess
• 1:22
  this.
• 1:22
  One
• 1:23
  of
• 1:23
  the
• 1:23
  key
• 1:23
  differentiators
• 1:24
  that
• 1:24
  many
• 1:24
  of
• 1:25
  those
• 1:25
  retailers
• 1:25
  talked
• 1:26
  about
• 1:26
  was
• 1:27
  this
• 1:27
  thing.
• 1:27
  Do
• 1:28
  you
• 1:28
  have
• 1:28
  any
• 1:28
  idea
• 1:29
  what
• 1:29
  that
• 1:29
  could
• 1:29
  be?
• 1:30
  I
• 1:30
  think,
• 1:30
  I
• 1:31
  think
• 1:31
  I
• 1:31
  know
• 1:31
  where
• 1:31
  you're
• 1:31
  going
• 1:32
  there,
• 1:32
  Ed.
• 1:32
  I
• 1:32
  think
• 1:32
  I
• 1:32
  know
• 1:32
  where
• 1:33
  you're
• 1:33
  going.
• 1:33
  For
• 1:33
  some
• 1:34
  it
• 1:34
  was
• 1:34
  wicked,
• 1:34
  but
• 1:34
  I
• 1:34
  think
• 1:34
  I
• 1:34
  know
• 1:35
  where
• 1:35
  you're
• 1:35
  going
• 1:35
  there
• 1:35
  and
• 1:36
  what
• 1:36
  is
• 1:36
  it.
• 1:36
  Yes,
• 1:37
  we
• 1:37
  are
• 1:38
  going
• 1:38
  to
• 1:38
  talk
• 1:38
  today
• 1:39
  about
• 1:39
  private
• 1:40
  brands
• 1:40
  because
• 1:41
  all
• 1:41
  of
• 1:41
  those
• 1:41
  retailers
• 1:41
  that
• 1:42
  I
• 1:42
  mentioned
• 1:42
  are
• 1:43
  very
• 1:43
  into
• 1:43
  that
• 1:44
  as
• 1:44
  their
• 1:44
  growth
• 1:44
  strategy.
• 1:45
  So.
• 1:45
  So
• 1:45
  it's
• 1:46
  with
• 1:46
  great
• 1:46
  pleasure
• 1:47
  that
• 1:47
  we
• 1:47
  introduce
• 1:47
  today's
• 1:48
  guest
• 1:48
  who
• 1:48
  will
• 1:48
  give
• 1:48
  us
• 1:49
  the
• 1:49
  ins
• 1:49
  and
• 1:49
  outs,
• 1:50
  the
• 1:50
  winners
• 1:50
  and
• 1:50
  the
• 1:51
  losers,
• 1:51
  and
• 1:51
  most
• 1:51
  importantly,
• 1:52
  the
• 1:52
  steps
• 1:52
  that
• 1:52
  retailers
• 1:53
  should
• 1:53
  be
• 1:53
  taking
• 1:53
  to
• 1:54
  develop
• 1:54
  their
• 1:54
  own
• 1:54
  private
• 1:55
  brand
• 1:55
  strategy
• 1:56
  from
• 1:56
  start
• 1:56
  to
• 1:56
  finish.
• 1:57
  We
• 1:57
  have
• 1:57
  the
• 1:57
  Barcode
• 1:58
  Group's
• 1:58
  Chief
• 1:58
  Growth
• 1:59
  Officer,
• 1:59
  Brandon
• 1:59
  Warren,
• 2:00
  and
• 2:00
  President,
• 2:01
  Bethany
• 2:02
  Davis.
• 2:02
  Brandon.
• 2:03
  Bethany,
• 2:04
  welcome
• 2:04
  to
• 2:04
  the
• 2:05
  show.
• 2:06
  Brandon,
• 2:06
  I've
• 2:07
  been
• 2:07
  so
• 2:07
  excited.
• 2:08
  We've
• 2:08
  met
• 2:08
  a
• 2:09
  long
• 2:09
  time
• 2:09
  ago
• 2:09
  and
• 2:10
  we're
• 2:10
  finally
• 2:11
  here.
• 2:11
  How
• 2:11
  excited
• 2:12
  are
• 2:12
  you
• 2:12
  to
• 2:12
  talk
• 2:12
  about
• 2:13
  private
• 2:13
  brands
• 2:13
  today?
• 2:14
  The
• 2:14
  moment
• 2:15
  has
• 2:15
  finally
• 2:15
  arrived.
• 2:16
  Thank
• 2:16
  you
• 2:16
  so
• 2:16
  much
• 2:17
  for
• 2:17
  having
• 2:17
  us.
• 2:17
  We're
• 2:18
  super
• 2:18
  excited
• 2:18
  to
• 2:19
  be
• 2:19
  here
• 2:19
  and
• 2:19
  share
• 2:19
  a
• 2:19
  little
• 2:19
  bit
• 2:20
  about
• 2:20
  the
• 2:20
  private
• 2:20
  brands
• 2:21
  world
• 2:21
  to
• 2:21
  your
• 2:21
  audience.
• 2:21
  So
• 2:22
  thanks
• 2:22
  so
• 2:22
  much
• 2:22
  for
• 2:22
  having
• 2:23
  us.
• 2:23
  Super
• 2:23
  excited
• 2:23
  for
• 2:24
  today.
• 2:25
  Excellent.
• 2:26
  And
• 2:26
  Bethany,
• 2:27
  welcome
• 2:27
  to
• 2:27
  you
• 2:28
  too.
• 2:29
  I
• 2:29
  haven't
• 2:29
  known
• 2:30
  you
• 2:30
  quite
• 2:30
  as
• 2:30
  long,
• 2:30
  but
• 2:31
  in
• 2:31
  the
• 2:31
  time
• 2:31
  that
• 2:31
  I
• 2:32
  have
• 2:32
  known
• 2:32
  you
• 2:32
  and
• 2:33
  in
• 2:33
  preparation
• 2:33
  for
• 2:34
  this
• 2:34
  call,
• 2:35
  you
• 2:35
  blew
• 2:35
  me
• 2:36
  away.
• 2:36
  There's
• 2:36
  a
• 2:36
  couple
• 2:36
  of
• 2:37
  points
• 2:37
  in
• 2:37
  this
• 2:37
  conversation
• 2:38
  where
• 2:38
  I
• 2:38
  think
• 2:38
  I'm
• 2:38
  going
• 2:38
  to
• 2:39
  totally
• 2:39
  geek
• 2:40
  out
• 2:40
  a
• 2:40
  little
• 2:40
  bit
• 2:40
  on
• 2:40
  some
• 2:40
  of
• 2:41
  the
• 2:41
  things
• 2:41
  that
• 2:41
  you
• 2:41
  said
• 2:41
  in
• 2:41
  that
• 2:42
  meeting.
• 2:42
  So
• 2:42
  we're
• 2:43
  really
• 2:43
  excited
• 2:43
  to
• 2:43
  have
• 2:43
  you
• 2:44
  with
• 2:44
  us
• 2:44
  as
• 2:44
  well.
• 2:45
  Thanks.
• 2:45
  I'm
• 2:45
  super
• 2:46
  excited
• 2:46
  to
• 2:46
  be
• 2:46
  on.
• 2:46
  It's
• 2:46
  a
• 2:47
  good
• 2:47
  time
• 2:47
  to
• 2:47
  be
• 2:47
  having
• 2:47
  this
• 2:47
  conversation,
• 2:48
  I
• 2:48
  feel
• 2:48
  like.
• 2:49
  So.
• 2:50
  Yeah,
• 2:50
  it
• 2:50
  is,
• 2:50
  it
• 2:51
  is.
• 2:51
  I'm
• 2:51
  loving
• 2:51
  this
• 2:51
  energy
• 2:52
  already.
• 2:52
  And
• 2:52
  this
• 2:52
  is
• 2:53
  great.
• 2:53
  This
• 2:53
  is
• 2:53
  great.
• 2:54
  We
• 2:54
  got,
• 2:54
  we
• 2:54
  got
• 2:54
  it.
• 2:54
  This
• 2:54
  is
• 2:54
  going
• 2:54
  to
• 2:55
  be
• 2:55
  a
• 2:55
  great
• 2:55
  interview.
• 2:55
  I
• 2:55
  can
• 2:55
  tell.
• 2:56
  We
• 2:56
  got
• 2:56
  a
• 2:56
  great,
• 2:56
  great
• 2:56
  group
• 2:57
  of
• 2:57
  people
• 2:57
  here.
• 2:57
  So.
• 2:58
  All
• 2:58
  right,
• 2:58
  Brandon,
• 2:58
  let's
• 2:58
  start
• 2:58
  with
• 2:59
  you.
• 2:59
  So
• 2:59
  why
• 2:59
  don't,
• 3:00
  why
• 3:00
  don't
• 3:00
  you
• 3:00
  give
• 3:00
  the
• 3:00
  audience
• 3:00
  a
• 3:00
  little
• 3:01
  bit
• 3:01
  of
• 3:01
  background
• 3:01
  about
• 3:01
  your
• 3:02
  role
• 3:03
  at
• 3:03
  the
• 3:03
  Bar
• 3:04
  Barcode
• 3:04
  Group
• 3:04
  first
• 3:05
  and
• 3:05
  then,
• 3:05
  and
• 3:05
  the,
• 3:06
  and
• 3:06
  then
• 3:06
  the
• 3:06
  team
• 3:07
  that
• 3:07
  you,
• 3:07
  that
• 3:08
  you
• 3:08
  cover
• 3:08
  a
• 3:08
  lot
• 3:08
  in
• 3:08
  the
• 3:09
  retail
• 3:09
  landscape.
• 3:09
  So
• 3:10
  what,
• 3:10
  what,
• 3:10
  what
• 3:10
  all
• 3:10
  does
• 3:11
  the
• 3:11
  Barcode
• 3:11
  Group
• 3:11
  do?
• 3:11
  Let's
• 3:11
  just
• 3:12
  back
• 3:12
  up
• 3:12
  and
• 3:12
  start
• 3:13
  there.
• 3:13
  Yeah,
• 3:13
  we
• 3:14
  certainly
• 3:14
  do
• 3:14
  cover
• 3:14
  quite
• 3:15
  a
• 3:15
  bit.
• 3:15
  So
• 3:15
  again,
• 3:16
  I'm
• 3:16
  the
• 3:16
  chief
• 3:16
  growth
• 3:16
  officer
• 3:17
  here
• 3:17
  at
• 3:17
  the
• 3:17
  Barcode
• 3:18
  Group.
• 3:18
  I'm
• 3:18
  located
• 3:18
  in
• 3:18
  Bentonville,
• 3:19
  Arkansas.
• 3:20
  Been
• 3:20
  with
• 3:20
  the
• 3:20
  company
• 3:20
  about
• 3:21
  11
• 3:21
  years
• 3:21
  now,
• 3:22
  so
• 3:23
  been
• 3:23
  a
• 3:23
  little
• 3:23
  bit
• 3:24
  on
• 3:24
  this
• 3:24
  side
• 3:24
  for
• 3:25
  quite
• 3:25
  some
• 3:25
  time
• 3:25
  now.
• 3:25
  But
• 3:26
  the
• 3:26
  short
• 3:26
  answer
• 3:27
  is
• 3:27
  what
• 3:27
  the
• 3:27
  Barcode
• 3:27
  Group
• 3:28
  does.
• 3:28
  Listen,
• 3:28
  we're
• 3:28
  an
• 3:28
  omnichannel
• 3:29
  agency
• 3:29
  that
• 3:29
  really
• 3:30
  helps
• 3:30
  brands
• 3:30
  and
• 3:30
  manufacturers
• 3:31
  break
• 3:31
  into
• 3:31
  the
• 3:32
  retail
• 3:32
  space
• 3:32
  and
• 3:32
  succeed
• 3:33
  there.
• 3:33
  So
• 3:34
  we
• 3:34
  help
• 3:34
  suppliers
• 3:34
  not
• 3:35
  only
• 3:35
  get
• 3:35
  in,
• 3:35
  but
• 3:35
  really
• 3:36
  stay
• 3:36
  in
• 3:36
  and
• 3:36
  grow.
• 3:37
  And
• 3:37
  we
• 3:37
  do
• 3:37
  that
• 3:38
  through
• 3:38
  a
• 3:38
  lot
• 3:38
  of
• 3:38
  the
• 3:39
  back
• 3:39
  end
• 3:39
  operations,
• 3:40
  logistics,
• 3:40
  supply
• 3:41
  chain,
• 3:41
  as
• 3:41
  well
• 3:41
  as
• 3:41
  backed
• 3:42
  by
• 3:42
  a
• 3:42
  lot
• 3:42
  of
• 3:42
  our
• 3:42
  data,
• 3:43
  investments
• 3:43
  and
• 3:43
  consumer
• 3:44
  insights.
• 3:44
  And
• 3:44
  that's,
• 3:44
  that's
• 3:45
  the
• 3:45
  growth,
• 3:45
  growing
• 3:45
  portion
• 3:45
  of
• 3:45
  the
• 3:46
  business.
• 3:46
  So
• 3:46
  whether
• 3:47
  you're
• 3:47
  really
• 3:47
  just
• 3:47
  trying
• 3:48
  to
• 3:48
  get
• 3:48
  products
• 3:48
  on
• 3:48
  shelves
• 3:49
  at
• 3:49
  major
• 3:49
  retailers
• 3:50
  or
• 3:50
  just
• 3:50
  need
• 3:50
  guidance
• 3:51
  on
• 3:51
  kind
• 3:51
  of
• 3:51
  navigating
• 3:52
  the
• 3:52
  complexities
• 3:52
  of
• 3:53
  retail,
• 3:53
  we
• 3:53
  really
• 3:54
  got
• 3:54
  you
• 3:54
  covered.
• 3:54
  So
• 3:55
  we
• 3:55
  specialize
• 3:56
  in
• 3:56
  everything
• 3:56
  from
• 3:57
  crafting,
• 3:57
  go
• 3:57
  to
• 3:58
  market
• 3:58
  strategies
• 3:58
  to
• 3:59
  building
• 3:59
  partnerships
• 3:59
  with
• 4:00
  top
• 4:00
  retailers,
• 4:01
  really
• 4:01
  ultimately
• 4:02
  just
• 4:02
  setting
• 4:02
  your
• 4:02
  brand
• 4:02
  up
• 4:03
  for
• 4:03
  long
• 4:03
  term
• 4:03
  success.
• 4:04
  So
• 4:04
  you
• 4:04
  can
• 4:04
  kind
• 4:04
  of
• 4:04
  think
• 4:04
  of
• 4:05
  us
• 4:05
  as
• 4:05
  really
• 4:05
  your
• 4:06
  boots
• 4:06
  on
• 4:06
  the
• 4:06
  ground
• 4:07
  partner,
• 4:07
  the
• 4:07
  kind
• 4:07
  of
• 4:07
  extension
• 4:08
  of
• 4:08
  your
• 4:08
  team
• 4:08
  that
• 4:08
  happens
• 4:09
  to
• 4:09
  be
• 4:09
  located
• 4:10
  in
• 4:10
  the
• 4:10
  markets
• 4:10
  where
• 4:11
  these
• 4:11
  retailers
• 4:11
  really
• 4:12
  exist.
• 4:12
  So
• 4:12
  again,
• 4:13
  we're
• 4:13
  a
• 4:13
  full
• 4:13
  service
• 4:14
  agency
• 4:14
  supporting
• 4:15
  sales,
• 4:15
  operations,
• 4:16
  data,
• 4:16
  consumer
• 4:17
  insights,
• 4:17
  creative,
• 4:18
  all
• 4:18
  of
• 4:18
  it.
• 4:18
  We
• 4:19
  do
• 4:19
  it
• 4:19
  for
• 4:19
  both
• 4:19
  brick
• 4:19
  and
• 4:20
  mortar
• 4:20
  as
• 4:20
  well.
• 4:20
  As
• 4:21
  the
• 4:21
  digital
• 4:21
  side
• 4:21
  of
• 4:21
  things.
• 4:22
  So
• 4:22
  we
• 4:22
  touch
• 4:22
  a
• 4:22
  little
• 4:22
  bit
• 4:22
  of
• 4:23
  all
• 4:23
  of
• 4:23
  it
• 4:23
  is
• 4:23
  true
• 4:23
  omnichannel
• 4:24
  approach.
• 4:25
  We
• 4:25
  have
• 4:25
  offices
• 4:25
  in
• 4:26
  Bentonville,
• 4:26
  Minneapolis,
• 4:27
  Chicago,
• 4:27
  St.
• 4:28
  Louis
• 4:29
  and
• 4:29
  a
• 4:29
  team
• 4:29
  of
• 4:30
  a
• 4:30
  little
• 4:30
  over
• 4:31
  185
• 4:31
  people
• 4:32
  now
• 4:32
  located
• 4:32
  in
• 4:32
  about
• 4:33
  25
• 4:33
  states.
• 4:33
  So
• 4:34
  it's
• 4:34
  a
• 4:34
  pretty
• 4:34
  big
• 4:34
  team
• 4:34
  out
• 4:34
  there
• 4:35
  servicing
• 4:35
  a
• 4:35
  lot
• 4:35
  of
• 4:35
  these
• 4:36
  key
• 4:36
  retailers.
• 4:38
  All
• 4:38
  right,
• 4:38
  so,
• 4:39
  so
• 4:39
  Bethany,
• 4:39
  you
• 4:39
  have,
• 4:40
  you
• 4:40
  have
• 4:40
  president
• 4:40
  in
• 4:41
  your
• 4:41
  title.
• 4:41
  Tell
• 4:41
  us
• 4:41
  about
• 4:42
  your
• 4:42
  role
• 4:42
  too.
• 4:43
  Yeah,
• 4:44
  so
• 4:44
  I'm
• 4:44
  the
• 4:44
  president
• 4:44
  of
• 4:44
  our
• 4:45
  Walmart
• 4:45
  division
• 4:45
  here
• 4:45
  in
• 4:46
  Bentonville
• 4:46
  and
• 4:47
  also
• 4:47
  run
• 4:48
  our
• 4:48
  Barcode
• 4:48
  intelligence
• 4:49
  insights
• 4:50
  team.
• 4:50
  So
• 4:51
  I
• 4:51
  manage
• 4:51
  our
• 4:51
  Walmart
• 4:52
  strategy
• 4:52
  and
• 4:52
  then
• 4:53
  also
• 4:53
  lead
• 4:53
  our
• 4:53
  insights
• 4:54
  team
• 4:54
  that
• 4:54
  takes
• 4:55
  all
• 4:55
  of
• 4:55
  our
• 4:55
  data
• 4:55
  investments
• 4:56
  and
• 4:56
  turns
• 4:57
  them
• 4:57
  into
• 4:57
  actionable
• 4:58
  insights
• 4:59
  and
• 5:00
  then
• 5:00
  also
• 5:00
  executes
• 5:01
  our
• 5:01
  qual
• 5:01
  and
• 5:01
  quant
• 5:02
  research
• 5:02
  studies
• 5:02
  that
• 5:03
  we
• 5:03
  do
• 5:03
  for
• 5:03
  our
• 5:04
  suppliers
• 5:04
  and
• 5:04
  for
• 5:04
  our
• 5:05
  retailers.
• 5:05
  So
• 5:05
  can
• 5:06
  manage
• 5:06
  all
• 5:06
  that.
• 5:07
  Wow.
• 5:09
  Well,
• 5:09
  and
• 5:09
  Bethany,
• 5:10
  I
• 5:10
  want
• 5:11
  to
• 5:11
  get
• 5:12
  some
• 5:12
  of
• 5:12
  like
• 5:12
  dive
• 5:13
  into
• 5:13
  a
• 5:13
  little
• 5:13
  bit
• 5:14
  more
• 5:14
  some
• 5:14
  of
• 5:14
  those
• 5:14
  insights
• 5:15
  that
• 5:15
  you
• 5:16
  have
• 5:16
  uncovered
• 5:17
  with
• 5:18
  your
• 5:18
  extensive
• 5:19
  work
• 5:19
  with
• 5:19
  brands
• 5:20
  and
• 5:20
  retailers
• 5:21
  at
• 5:21
  the
• 5:21
  Barcode
• 5:21
  Group.
• 5:23
  We
• 5:23
  talked
• 5:23
  about
• 5:23
  this
• 5:23
  at
• 5:24
  the
• 5:24
  beginning.
• 5:24
  Private
• 5:25
  brands,
• 5:25
  they're
• 5:26
  a
• 5:26
  huge
• 5:26
  component
• 5:27
  to
• 5:27
  retailers
• 5:28
  growth
• 5:29
  strategies
• 5:29
  right
• 5:30
  now.
• 5:30
  But
• 5:31
  can
• 5:31
  you
• 5:31
  just
• 5:31
  set
• 5:31
  the
• 5:32
  table
• 5:32
  for
• 5:32
  us
• 5:32
  a
• 5:32
  little
• 5:32
  bit
• 5:33
  like
• 5:33
  explain
• 5:33
  to
• 5:33
  our
• 5:34
  audience
• 5:34
  again
• 5:35
  what,
• 5:35
  what
• 5:35
  are,
• 5:36
  what
• 5:36
  are
• 5:36
  customers
• 5:36
  drawn
• 5:37
  to
• 5:37
  about
• 5:37
  private
• 5:38
  brands
• 5:39
  and
• 5:39
  why
• 5:39
  are
• 5:39
  retailers
• 5:40
  putting
• 5:41
  so
• 5:41
  many
• 5:41
  eggs
• 5:41
  in
• 5:41
  this
• 5:42
  basket?
• 5:43
  Yeah,
• 5:44
  absolutely.
• 5:44
  I
• 5:44
  think
• 5:44
  this
• 5:45
  is
• 5:46
  super
• 5:46
  fascinating
• 5:47
  and
• 5:47
  I
• 5:47
  have
• 5:47
  been
• 5:48
  reading
• 5:48
  a
• 5:49
  lot
• 5:49
  of
• 5:49
  data
• 5:50
  points
• 5:50
  behind
• 5:50
  this
• 5:50
  because
• 5:51
  I
• 5:51
  think
• 5:51
  there's
• 5:51
  some
• 5:51
  very
• 5:52
  specific
• 5:52
  things
• 5:52
  that
• 5:52
  are
• 5:53
  going
• 5:53
  on.
• 5:54
  It
• 5:54
  is
• 5:55
  really
• 5:55
  reminding
• 5:55
  me
• 5:56
  of
• 5:56
  E
• 5:57
  commerce
• 5:57
  during
• 5:57
  COVID
• 5:58
  Like
• 5:58
  you
• 5:58
  had
• 5:58
  the
• 5:59
  consumer
• 6:00
  behaviors
• 6:00
  that
• 6:01
  were
• 6:01
  already
• 6:01
  there,
• 6:01
  you
• 6:02
  had
• 6:02
  the
• 6:02
  basis
• 6:02
  of
• 6:02
  it,
• 6:03
  but
• 6:03
  then
• 6:03
  you
• 6:03
  send
• 6:04
  everyone
• 6:04
  home,
• 6:05
  you
• 6:05
  make
• 6:05
  it
• 6:05
  so
• 6:05
  they
• 6:06
  can't
• 6:06
  go
• 6:06
  outside.
• 6:06
  And
• 6:07
  then
• 6:07
  you
• 6:07
  see
• 6:07
  E
• 6:08
  commerce,
• 6:08
  shopping
• 6:09
  and
• 6:09
  adoption.
• 6:10
  Fast
• 6:10
  forward
• 6:11
  five
• 6:11
  to
• 6:12
  almost
• 6:12
  10
• 6:12
  years
• 6:12
  in
• 6:13
  some
• 6:13
  cases.
• 6:14
  And
• 6:14
  I
• 6:14
  see
• 6:15
  this
• 6:15
  same
• 6:15
  thing
• 6:15
  happening
• 6:16
  here
• 6:17
  where
• 6:17
  over
• 6:18
  the
• 6:18
  last
• 6:18
  20
• 6:19
  to
• 6:19
  30
• 6:19
  years
• 6:20
  you've
• 6:20
  got
• 6:20
  this
• 6:21
  massive
• 6:21
  evolution
• 6:22
  in
• 6:22
  how
• 6:23
  people
• 6:23
  are
• 6:24
  viewing
• 6:24
  store
• 6:25
  brands.
• 6:25
  So
• 6:26
  like
• 6:26
  think
• 6:26
  about
• 6:26
  when
• 6:26
  my
• 6:26
  parents
• 6:27
  shopped.
• 6:27
  It
• 6:28
  was
• 6:28
  true.
• 6:28
  Opp.
• 6:29
  Opening
• 6:30
  price
• 6:30
  point,
• 6:30
  get
• 6:31
  the
• 6:31
  lowest
• 6:31
  price
• 6:31
  point
• 6:32
  on
• 6:32
  the
• 6:32
  shelf
• 6:32
  that
• 6:33
  you
• 6:33
  can.
• 6:34
  But
• 6:34
  over
• 6:34
  the
• 6:34
  last,
• 6:35
  you
• 6:35
  know,
• 6:35
  KIRKLAND
• 6:36
  Signature,
• 6:36
  about
• 6:37
  25
• 6:37
  years
• 6:37
  old,
• 6:38
  20
• 6:38
  years,
• 6:39
  you've
• 6:39
  got
• 6:39
  Trader
• 6:39
  Joe's,
• 6:40
  you've
• 6:40
  got
• 6:40
  Target
• 6:40
  that
• 6:41
  come
• 6:41
  in
• 6:41
  with
• 6:41
  this.
• 6:42
  We're
• 6:42
  going
• 6:42
  to
• 6:42
  give
• 6:42
  you
• 6:42
  the
• 6:43
  best
• 6:43
  value
• 6:44
  on
• 6:45
  the
• 6:45
  best
• 6:45
  quality
• 6:46
  product.
• 6:47
  And
• 6:48
  so
• 6:48
  you
• 6:48
  have
• 6:48
  these
• 6:49
  like
• 6:49
  generation
• 6:50
  by
• 6:50
  generation
• 6:50
  now
• 6:51
  where
• 6:51
  this
• 6:52
  understanding
• 6:53
  of
• 6:53
  what
• 6:53
  own
• 6:53
  brand
• 6:54
  is
• 6:54
  has
• 6:54
  changed.
• 6:56
  And
• 6:56
  then
• 6:57
  you
• 6:57
  have
• 6:57
  Gen
• 6:57
  Z
• 6:58
  that's
• 6:58
  come
• 6:58
  in
• 6:59
  and
• 6:59
  they've
• 6:59
  amplified
• 7:00
  it
• 7:00
  even
• 7:00
  more
• 7:01
  so
• 7:01
  you
• 7:01
  know,
• 7:01
  they've
• 7:01
  got
• 7:02
  dupe
• 7:02
  culture
• 7:02
  now
• 7:03
  where
• 7:03
  they're
• 7:03
  not
• 7:03
  just
• 7:04
  accepting
• 7:04
  private
• 7:05
  brands,
• 7:05
  they're
• 7:05
  celebrating
• 7:06
  them
• 7:06
  as
• 7:07
  a
• 7:07
  smarter,
• 7:07
  savvier
• 7:08
  option
• 7:09
  and
• 7:09
  they
• 7:09
  understand
• 7:10
  the
• 7:10
  market
• 7:10
  a
• 7:10
  little
• 7:11
  bit
• 7:11
  better.
• 7:11
  So
• 7:12
  when
• 7:12
  you
• 7:12
  look
• 7:12
  at,
• 7:13
  I
• 7:13
  look
• 7:13
  at
• 7:13
  specifically,
• 7:14
  I
• 7:14
  was
• 7:14
  just
• 7:14
  reading
• 7:14
  this
• 7:15
  report
• 7:15
  from
• 7:16
  Mintel
• 7:16
  that
• 7:17
  was
• 7:17
  sharing
• 7:18
  by
• 7:18
  generation
• 7:19
  and
• 7:19
  by
• 7:20
  age
• 7:20
  what
• 7:21
  shoppers
• 7:21
  look
• 7:22
  for
• 7:22
  and
• 7:22
  own
• 7:22
  brands
• 7:23
  when
• 7:23
  they
• 7:23
  go
• 7:23
  into
• 7:23
  the
• 7:23
  store,
• 7:24
  do
• 7:24
  they
• 7:24
  specifically
• 7:25
  look
• 7:25
  for
• 7:25
  new
• 7:25
  items?
• 7:26
  You
• 7:26
  could
• 7:27
  see
• 7:27
  this
• 7:27
  boomer
• 7:28
  over
• 7:28
  65
• 7:28
  age
• 7:29
  demographic,
• 7:30
  less
• 7:30
  than
• 7:30
  13%
• 7:31
  of
• 7:31
  the
• 7:31
  time
• 7:31
  are
• 7:31
  looking
• 7:32
  for
• 7:32
  new
• 7:32
  owned
• 7:32
  brands.
• 7:33
  For
• 7:33
  those
• 7:34
  under
• 7:34
  25,
• 7:35
  it
• 7:35
  was
• 7:35
  over
• 7:36
  34%
• 7:37
  were
• 7:37
  consistently
• 7:38
  looking
• 7:38
  for
• 7:38
  new
• 7:38
  own
• 7:39
  brand
• 7:39
  consumables
• 7:40
  and
• 7:40
  food
• 7:40
  items.
• 7:41
  That
• 7:42
  is
• 7:42
  a
• 7:42
  gigantic
• 7:43
  change
• 7:44
  in
• 7:44
  shift.
• 7:44
  And
• 7:45
  so
• 7:45
  you
• 7:46
  have
• 7:46
  this
• 7:46
  younger
• 7:46
  generation
• 7:47
  coming
• 7:47
  in
• 7:48
  who
• 7:49
  is
• 7:49
  thinks
• 7:50
  that
• 7:50
  this
• 7:50
  is
• 7:51
  the
• 7:51
  best
• 7:51
  way
• 7:51
  to
• 7:51
  save
• 7:52
  money.
• 7:52
  It
• 7:52
  makes
• 7:52
  you
• 7:53
  smarter,
• 7:53
  there's
• 7:53
  more
• 7:54
  fun.
• 7:54
  They've,
• 7:54
  they've
• 7:55
  grown
• 7:55
  up
• 7:55
  in
• 7:56
  a
• 7:56
  retail
• 7:57
  industry
• 7:57
  where
• 7:58
  there
• 7:58
  are
• 7:59
  fun
• 7:59
  owned
• 7:59
  brands
• 8:00
  out
• 8:00
  there.
• 8:01
  And
• 8:01
  you
• 8:01
  just
• 8:01
  see
• 8:02
  it
• 8:02
  exploding
• 8:02
  right
• 8:03
  now
• 8:03
  with
• 8:03
  the
• 8:03
  financial
• 8:04
  pressures
• 8:04
  that
• 8:04
  we're
• 8:05
  experiencing
• 8:06
  where
• 8:06
  it's
• 8:06
  now
• 8:06
  driving
• 8:07
  people
• 8:07
  to
• 8:08
  those
• 8:08
  brands
• 8:08
  for
• 8:08
  other
• 8:08
  reasons.
• 8:09
  But
• 8:10
  it's
• 8:10
  really
• 8:10
  just
• 8:10
  a
• 8:11
  catalyst
• 8:11
  for
• 8:11
  what
• 8:11
  I
• 8:12
  feel
• 8:12
  like
• 8:12
  was
• 8:12
  already
• 8:12
  being
• 8:13
  set
• 8:13
  up
• 8:13
  in
• 8:13
  the
• 8:13
  industry.
• 8:15
  So.
• 8:15
  So
• 8:15
  Bethany,
• 8:16
  is
• 8:16
  it,
• 8:16
  is
• 8:16
  it.
• 8:17
  Are
• 8:17
  you
• 8:17
  seeing
• 8:17
  that
• 8:17
  change
• 8:17
  in
• 8:18
  the
• 8:18
  demographic
• 8:18
  solely
• 8:19
  because
• 8:19
  of
• 8:19
  the
• 8:19
  income
• 8:20
  dynamics,
• 8:20
  the
• 8:20
  macroeconomic
• 8:21
  pressures
• 8:21
  of
• 8:22
  that
• 8:22
  generation
• 8:23
  needing
• 8:23
  to
• 8:23
  save
• 8:23
  money?
• 8:24
  Is
• 8:24
  that
• 8:24
  the
• 8:24
  majority
• 8:24
  of
• 8:25
  it
• 8:25
  or
• 8:25
  is
• 8:25
  there
• 8:25
  more
• 8:25
  to
• 8:26
  it?
• 8:27
  I
• 8:27
  think
• 8:27
  that's
• 8:27
  a
• 8:28
  piece
• 8:28
  of
• 8:28
  it.
• 8:28
  I
• 8:28
  mean,
• 8:28
  I
• 8:28
  think
• 8:29
  that
• 8:29
  you
• 8:29
  have
• 8:29
  these
• 8:29
  younger
• 8:30
  people
• 8:30
  that
• 8:30
  don't
• 8:30
  have
• 8:31
  the
• 8:32
  ability
• 8:32
  to
• 8:33
  go
• 8:33
  out
• 8:33
  and
• 8:33
  purchase
• 8:34
  at
• 8:34
  the
• 8:34
  same
• 8:34
  price
• 8:35
  points.
• 8:35
  Right.
• 8:36
  But
• 8:36
  I
• 8:36
  think
• 8:36
  more
• 8:36
  than
• 8:37
  that
• 8:37
  is
• 8:37
  that
• 8:37
  you
• 8:37
  have
• 8:38
  social
• 8:38
  Media,
• 8:38
  you
• 8:39
  have
• 8:39
  TikTok
• 8:39
  where
• 8:40
  they
• 8:40
  are
• 8:41
  really
• 8:41
  celebrating
• 8:42
  the
• 8:42
  good
• 8:42
  find
• 8:43
  and
• 8:43
  you
• 8:44
  have
• 8:44
  this
• 8:44
  wanting
• 8:44
  to
• 8:44
  go
• 8:44
  out
• 8:44
  and
• 8:45
  find
• 8:45
  the
• 8:45
  good
• 8:45
  find
• 8:45
  and
• 8:46
  they're
• 8:46
  being
• 8:46
  more
• 8:47
  excitement
• 8:47
  behind
• 8:48
  it.
• 8:48
  So
• 8:49
  like
• 8:49
  with
• 8:49
  Costco,
• 8:49
  Kirkland
• 8:50
  Signature,
• 8:50
  there's
• 8:51
  this
• 8:51
  very
• 8:51
  treasure
• 8:52
  hunt
• 8:52
  mindset
• 8:53
  to
• 8:53
  those
• 8:53
  brands.
• 8:54
  I
• 8:54
  think
• 8:54
  Target
• 8:55
  historically
• 8:56
  has
• 8:56
  done
• 8:56
  a
• 8:56
  good
• 8:56
  job
• 8:56
  of
• 8:57
  that,
• 8:57
  that
• 8:57
  treasure
• 8:58
  hunt
• 8:58
  mindset.
• 8:59
  And
• 9:00
  so
• 9:01
  it's
• 9:01
  more
• 9:01
  that
• 9:01
  they've
• 9:02
  grown
• 9:02
  up
• 9:02
  in
• 9:02
  that
• 9:03
  culture.
• 9:03
  And
• 9:03
  pride
• 9:04
  too.
• 9:04
  Yes,
• 9:05
  the
• 9:05
  pride
• 9:05
  behind
• 9:06
  it.
• 9:07
  Brandon,
• 9:08
  do
• 9:08
  you
• 9:08
  see
• 9:08
  other.
• 9:09
  Do
• 9:09
  you
• 9:09
  see
• 9:10
  this
• 9:10
  like
• 9:10
  more
• 9:11
  the
• 9:11
  private
• 9:12
  brands
• 9:12
  being
• 9:13
  like
• 9:13
  more
• 9:14
  well
• 9:14
  loved
• 9:15
  or
• 9:15
  adopted
• 9:16
  at
• 9:16
  certain
• 9:17
  retailers
• 9:17
  over
• 9:17
  others?
• 9:18
  Like
• 9:18
  Bethany
• 9:19
  mentioned
• 9:19
  Target
• 9:19
  being
• 9:20
  one.
• 9:20
  But
• 9:21
  what
• 9:21
  is
• 9:21
  the
• 9:22
  experience
• 9:22
  like
• 9:23
  for
• 9:23
  you
• 9:23
  when
• 9:23
  you
• 9:24
  look
• 9:24
  at
• 9:24
  this
• 9:24
  across
• 9:25
  when
• 9:25
  you're
• 9:25
  examining
• 9:25
  multiple
• 9:26
  retailers?
• 9:27
  Yeah,
• 9:28
  I
• 9:28
  mean
• 9:28
  for
• 9:28
  me,
• 9:29
  obviously,
• 9:29
  look,
• 9:29
  Kirkland
• 9:30
  Signature
• 9:30
  is
• 9:30
  sort
• 9:31
  of
• 9:31
  the
• 9:31
  gold
• 9:31
  standard
• 9:31
  there
• 9:32
  in
• 9:32
  terms
• 9:32
  of
• 9:32
  what's
• 9:33
  happening
• 9:33
  with
• 9:34
  Private
• 9:35
  brands.
• 9:35
  Right.
• 9:36
  Really,
• 9:36
  they're
• 9:37
  okay.
• 9:37
  Yeah.
• 9:38
  I
• 9:38
  mean,
• 9:38
  listen,
• 9:39
  if
• 9:39
  you
• 9:39
  can
• 9:39
  take
• 9:39
  loyalty
• 9:41
  from
• 9:41
  golf
• 9:41
  balls
• 9:42
  to
• 9:42
  chicken,
• 9:42
  you're
• 9:42
  doing
• 9:42
  something
• 9:43
  right
• 9:43
  in
• 9:44
  private
• 9:44
  brands.
• 9:44
  Right.
• 9:45
  Let's
• 9:45
  be
• 9:46
  honest.
• 9:47
  Well
• 9:47
  said.
• 9:48
  Well
• 9:48
  said.
• 9:50
  So
• 9:50
  when
• 9:50
  I,
• 9:50
  when
• 9:50
  I
• 9:51
  think
• 9:51
  of
• 9:51
  it
• 9:51
  in
• 9:51
  that,
• 9:51
  in
• 9:52
  that
• 9:52
  capacity,
• 9:53
  look,
• 9:53
  I
• 9:53
  think,
• 9:53
  I
• 9:53
  think
• 9:54
  Costco
• 9:54
  is
• 9:54
  leading
• 9:54
  the
• 9:54
  pack
• 9:55
  there.
• 9:55
  But
• 9:55
  I
• 9:55
  want
• 9:55
  to
• 9:55
  go
• 9:55
  back
• 9:56
  one
• 9:56
  thing
• 9:56
  to
• 9:56
  talk
• 9:56
  about,
• 9:57
  you
• 9:57
  know.
• 9:58
  Yeah.
• 9:58
  To
• 9:59
  Bethany's
• 9:59
  piece
• 9:59
  here
• 10:00
  on,
• 10:01
  you
• 10:01
  know,
• 10:01
  sort
• 10:01
  of
• 10:03
  why
• 10:03
  consumers
• 10:04
  or
• 10:04
  what
• 10:04
  they're
• 10:04
  drawn
• 10:05
  to
• 10:05
  and
• 10:05
  really
• 10:06
  why
• 10:06
  these
• 10:06
  consumers
• 10:07
  are
• 10:07
  putting
• 10:07
  so
• 10:07
  many
• 10:07
  eggs
• 10:07
  in
• 10:07
  their
• 10:08
  baskets.
• 10:08
  And
• 10:08
  I
• 10:08
  think
• 10:08
  one
• 10:09
  thing
• 10:09
  we'd
• 10:09
  be
• 10:09
  remiss
• 10:10
  to
• 10:10
  talk
• 10:10
  about
• 10:11
  sort
• 10:11
  of
• 10:11
  the
• 10:11
  control
• 10:11
  aspect
• 10:12
  of
• 10:12
  what's
• 10:12
  going
• 10:12
  on.
• 10:13
  And
• 10:13
  one
• 10:13
  of
• 10:13
  the
• 10:13
  things
• 10:14
  that
• 10:16
  I
• 10:16
  feel
• 10:16
  that
• 10:17
  addresses
• 10:17
  sort
• 10:17
  of
• 10:17
  the
• 10:18
  question
• 10:18
  of
• 10:18
  that
• 10:18
  is,
• 10:19
  you
• 10:19
  know,
• 10:20
  these
• 10:20
  retailers
• 10:21
  are
• 10:21
  putting
• 10:21
  a
• 10:21
  lot
• 10:21
  of
• 10:21
  their
• 10:21
  eggs
• 10:22
  in
• 10:22
  the
• 10:22
  private
• 10:22
  label
• 10:22
  basket
• 10:23
  and
• 10:23
  it
• 10:23
  all
• 10:23
  comes
• 10:23
  down
• 10:24
  to
• 10:24
  control.
• 10:24
  And
• 10:24
  what
• 10:24
  I
• 10:24
  mean
• 10:25
  by
• 10:25
  that,
• 10:25
  that's
• 10:25
  really
• 10:26
  their
• 10:26
  secret
• 10:26
  sauce.
• 10:27
  From
• 10:27
  research
• 10:28
  and
• 10:28
  development
• 10:29
  to
• 10:29
  the
• 10:29
  ability
• 10:29
  to
• 10:30
  dual
• 10:30
  source
• 10:31
  programs
• 10:32
  to
• 10:32
  spread
• 10:32
  out
• 10:32
  that
• 10:33
  and
• 10:33
  ensure
• 10:34
  stability
• 10:34
  of
• 10:34
  supply,
• 10:35
  to
• 10:36
  quality
• 10:36
  assurance
• 10:37
  and
• 10:37
  ultimately,
• 10:37
  look,
• 10:38
  profits.
• 10:38
  Right.
• 10:38
  Let's
• 10:38
  all
• 10:38
  be
• 10:39
  honest
• 10:39
  with
• 10:39
  each
• 10:39
  other.
• 10:39
  So
• 10:40
  they
• 10:40
  just
• 10:40
  have
• 10:40
  a
• 10:40
  much
• 10:41
  tighter
• 10:41
  grip
• 10:42
  from
• 10:42
  start
• 10:42
  to
• 10:42
  finish
• 10:43
  on
• 10:43
  the,
• 10:43
  on
• 10:43
  the
• 10:43
  final
• 10:44
  product
• 10:44
  that
• 10:44
  reaches
• 10:44
  shelves.
• 10:45
  And
• 10:45
  ultimately
• 10:46
  these
• 10:46
  retailers
• 10:46
  are
• 10:47
  kind
• 10:47
  of
• 10:47
  in
• 10:47
  control
• 10:47
  of
• 10:47
  their
• 10:48
  own
• 10:48
  destiny
• 10:49
  and
• 10:49
  really
• 10:49
  not
• 10:49
  relying
• 10:50
  upon
• 10:50
  brands
• 10:50
  to
• 10:51
  innovation
• 10:51
  anymore.
• 10:52
  So
• 10:52
  that's,
• 10:52
  that's
• 10:52
  part
• 10:52
  of
• 10:53
  the
• 10:53
  reason
• 10:53
  I
• 10:53
  feel
• 10:53
  like
• 10:54
  a
• 10:54
  lot
• 10:54
  of
• 10:54
  these
• 10:54
  retailers
• 10:55
  are
• 10:55
  getting
• 10:55
  super
• 10:55
  aggressive
• 10:56
  on
• 10:56
  the
• 10:56
  private
• 10:56
  brands
• 10:57
  front
• 10:57
  and
• 10:58
  doing
• 10:58
  things
• 10:58
  that
• 10:58
  they,
• 10:59
  bringing
• 10:59
  things
• 10:59
  more
• 11:00
  in
• 11:00
  house
• 11:00
  and
• 11:00
  doing
• 11:00
  things
• 11:01
  that
• 11:01
  they
• 11:01
  feel
• 11:02
  that
• 11:02
  is,
• 11:03
  makes
• 11:03
  them
• 11:03
  a
• 11:03
  little
• 11:04
  bit
• 11:04
  more
• 11:04
  in
• 11:04
  control
• 11:04
  of
• 11:04
  their
• 11:05
  own
• 11:05
  destiny
• 11:05
  there.
• 11:06
  And
• 11:07
  Brandon,
• 11:07
  are
• 11:07
  you
• 11:08
  seeing.
• 11:08
  You
• 11:08
  know,
• 11:08
  you
• 11:09
  just
• 11:09
  made
• 11:09
  me
• 11:09
  think
• 11:09
  of
• 11:09
  something
• 11:09
  like
• 11:10
  in
• 11:10
  theory,
• 11:10
  retailers
• 11:11
  know
• 11:11
  their
• 11:11
  customers
• 11:12
  better
• 11:12
  than
• 11:12
  anyone.
• 11:12
  They're
• 11:13
  not
• 11:13
  getting
• 11:13
  data
• 11:14
  from
• 11:14
  Pepsi.
• 11:14
  That's
• 11:15
  deciding
• 11:15
  like
• 11:15
  these
• 11:16
  are
• 11:16
  the
• 11:16
  flavors
• 11:16
  that
• 11:16
  you
• 11:16
  should
• 11:17
  be
• 11:17
  doing.
• 11:17
  The
• 11:17
  retailers
• 11:18
  know,
• 11:18
  like
• 11:19
  these
• 11:19
  are
• 11:19
  the
• 11:19
  things
• 11:19
  that,
• 11:20
  that
• 11:20
  our
• 11:20
  consumers
• 11:21
  like
• 11:21
  in
• 11:22
  this
• 11:22
  region
• 11:22
  of
• 11:23
  the
• 11:23
  country.
• 11:23
  How
• 11:24
  much
• 11:24
  does
• 11:24
  that
• 11:24
  play
• 11:25
  into
• 11:25
  this?
• 11:26
  Yeah,
• 11:26
  absolutely.
• 11:27
  I
• 11:27
  mean,
• 11:27
  they,
• 11:27
  again,
• 11:28
  they
• 11:28
  know
• 11:29
  flavor
• 11:29
  profiles
• 11:30
  by
• 11:30
  region.
• 11:30
  They
• 11:31
  know,
• 11:31
  you
• 11:31
  know,
• 11:32
  what
• 11:32
  products
• 11:32
  are
• 11:33
  appealing.
• 11:33
  And
• 11:34
  you
• 11:34
  know,
• 11:34
  in
• 11:34
  the
• 11:34
  Walmart
• 11:35
  world,
• 11:35
  they
• 11:35
  call
• 11:35
  it
• 11:35
  store
• 11:35
  of
• 11:35
  the
• 11:36
  community
• 11:36
  a
• 11:36
  lot.
• 11:36
  But
• 11:36
  they
• 11:36
  understand
• 11:37
  their
• 11:37
  shoppers.
• 11:37
  They
• 11:37
  know
• 11:38
  exactly
• 11:38
  what
• 11:38
  they're
• 11:38
  looking
• 11:38
  for
• 11:39
  in
• 11:39
  which
• 11:39
  markets
• 11:39
  and
• 11:39
  they're
• 11:40
  developing
• 11:40
  to.
• 11:40
  That
• 11:40
  they've
• 11:41
  got.
• 11:41
  Not
• 11:41
  only
• 11:42
  that,
• 11:42
  they're
• 11:42
  developing
• 11:42
  to
• 11:43
  the
• 11:43
  competitive
• 11:43
  landscape
• 11:44
  as
• 11:44
  well.
• 11:44
  Right.
• 11:44
  They're
• 11:45
  attacking.
• 11:46
  Certain
• 11:46
  retailers
• 11:47
  are
• 11:47
  putting
• 11:47
  out
• 11:47
  an
• 11:47
  offering
• 11:48
  now
• 11:48
  that
• 11:48
  competes
• 11:49
  across
• 11:49
  the
• 11:49
  entire
• 11:50
  retail
• 11:50
  landscape.
• 11:51
  So
• 11:51
  it's
• 11:51
  not
• 11:51
  just
• 11:52
  competing
• 11:53
  with
• 11:53
  the
• 11:53
  dollar
• 11:53
  stores
• 11:54
  in
• 11:54
  private
• 11:54
  label
• 11:54
  anymore.
• 11:55
  You're
• 11:55
  competing
• 11:56
  with
• 11:56
  the
• 11:56
  Trader
• 11:56
  Joe's
• 11:56
  and
• 11:57
  some
• 11:57
  of
• 11:57
  the
• 11:57
  other
• 11:57
  ones
• 11:57
  with
• 11:58
  their
• 11:58
  offerings
• 11:58
  there.
• 11:59
  So
• 11:59
  they
• 12:00
  know
• 12:00
  a
• 12:00
  lot
• 12:00
  more
• 12:00
  about
• 12:01
  their
• 12:01
  own
• 12:01
  shoppers.
• 12:01
  They
• 12:02
  are
• 12:02
  getting
• 12:02
  very
• 12:03
  strategic
• 12:03
  on
• 12:03
  how
• 12:04
  they
• 12:04
  compete
• 12:04
  and
• 12:04
  how
• 12:05
  they
• 12:05
  bring
• 12:05
  products
• 12:05
  to
• 12:06
  market
• 12:06
  that
• 12:06
  are
• 12:06
  going
• 12:06
  to,
• 12:07
  that
• 12:07
  are
• 12:07
  going
• 12:07
  to
• 12:07
  win
• 12:07
  pretty
• 12:08
  much
• 12:08
  against
• 12:08
  anybody.
• 12:09
  Would
• 12:09
  just
• 12:09
  add
• 12:10
  on
• 12:10
  to
• 12:10
  that
• 12:10
  though
• 12:11
  that
• 12:11
  I
• 12:12
  think
• 12:12
  with
• 12:13
  the
• 12:13
  workload
• 12:14
  of
• 12:14
  what
• 12:14
  they've
• 12:14
  taken
• 12:15
  on,
• 12:15
  they
• 12:16
  have
• 12:16
  a
• 12:16
  lot
• 12:16
  of
• 12:16
  data
• 12:16
  and
• 12:17
  insights,
• 12:17
  but
• 12:17
  I
• 12:17
  don't
• 12:18
  know
• 12:18
  that
• 12:18
  they
• 12:18
  always
• 12:18
  have
• 12:18
  the
• 12:18
  time
• 12:19
  to
• 12:19
  dig
• 12:19
  into
• 12:19
  that.
• 12:20
  So
• 12:20
  I
• 12:20
  think
• 12:20
  that's
• 12:21
  one
• 12:21
  thing
• 12:21
  that
• 12:21
  we've
• 12:21
  seen
• 12:22
  on
• 12:22
  the
• 12:22
  manufacturer
• 12:23
  side.
• 12:23
  They
• 12:23
  are
• 12:24
  expecting
• 12:24
  you
• 12:25
  to
• 12:25
  know
• 12:25
  the
• 12:25
  business
• 12:26
  from
• 12:26
  a
• 12:26
  group
• 12:26
  of
• 12:26
  people
• 12:27
  who
• 12:27
  have
• 12:27
  historically
• 12:28
  just
• 12:28
  made
• 12:28
  the
• 12:28
  product
• 12:28
  and
• 12:28
  shipped
• 12:29
  it.
• 12:29
  And
• 12:30
  so
• 12:30
  they
• 12:30
  expect
• 12:30
  you
• 12:31
  to
• 12:31
  know
• 12:31
  a
• 12:31
  lot
• 12:31
  more
• 12:31
  about
• 12:32
  that
• 12:32
  and
• 12:32
  what's
• 12:32
  going
• 12:32
  to
• 12:32
  work.
• 12:33
  So
• 12:33
  I
• 12:33
  think
• 12:33
  there's
• 12:34
  a
• 12:34
  lot
• 12:34
  of
• 12:34
  that
• 12:34
  data
• 12:34
  and
• 12:35
  insights
• 12:35
  work
• 12:35
  that's
• 12:35
  getting
• 12:36
  pushed
• 12:36
  on
• 12:36
  the
• 12:36
  manufacturer
• 12:37
  side
• 12:37
  though.
• 12:38
  Right?
• 12:39
  Right.
• 12:39
  Yeah.
• 12:39
  But
• 12:39
  that
• 12:39
  is
• 12:39
  a
• 12:40
  skill
• 12:40
  set
• 12:40
  that
• 12:40
  the
• 12:40
  retail
• 12:40
  in
• 12:40
  theory
• 12:41
  could
• 12:41
  learn.
• 12:41
  I
• 12:41
  mean,
• 12:41
  that's
• 12:41
  why
• 12:41
  I
• 12:42
  guess
• 12:42
  I
• 12:42
  love,
• 12:42
  that's
• 12:42
  why
• 12:42
  I
• 12:43
  love
• 12:43
  doing
• 12:43
  this
• 12:43
  show
• 12:43
  because
• 12:45
  it
• 12:45
  brings
• 12:45
  up
• 12:45
  epiphanies
• 12:46
  for
• 12:46
  me
• 12:46
  in
• 12:46
  the
• 12:47
  moment
• 12:47
  too
• 12:47
  as
• 12:47
  you
• 12:47
  guys
• 12:48
  are
• 12:48
  talking.
• 12:48
  Because
• 12:48
  the
• 12:48
  other
• 12:49
  aspect
• 12:49
  of
• 12:49
  this
• 12:49
  too
• 12:49
  is
• 12:50
  the
• 12:50
  media
• 12:50
  and
• 12:51
  advertising
• 12:51
  landscape
• 12:51
  is
• 12:52
  changing
• 12:53
  to
• 12:53
  a
• 12:54
  very
• 12:54
  large
• 12:54
  degree
• 12:55
  right
• 12:55
  now.
• 12:55
  And
• 12:55
  so
• 12:55
  that
• 12:56
  makes
• 12:56
  me
• 12:56
  actually
• 12:56
  think
• 12:56
  that
• 12:56
  private
• 12:57
  label
• 12:57
  brands
• 12:57
  will
• 12:57
  become
• 12:58
  even
• 12:58
  more
• 12:58
  important
• 12:58
  when
• 12:58
  you
• 12:59
  factor
• 13:00
  the
• 13:00
  media
• 13:01
  spend
• 13:01
  and
• 13:01
  the
• 13:01
  ad
• 13:01
  spend
• 13:02
  into
• 13:02
  the
• 13:02
  equation
• 13:03
  too.
• 13:03
  And
• 13:03
  who
• 13:03
  has
• 13:03
  the
• 13:04
  data,
• 13:04
  you
• 13:04
  know,
• 13:05
  in
• 13:05
  the
• 13:05
  future
• 13:05
  going
• 13:05
  forward,
• 13:06
  that
• 13:06
  being
• 13:06
  the
• 13:06
  retailers
• 13:06
  and
• 13:06
  the
• 13:07
  retail
• 13:07
  media
• 13:07
  network.
• 13:08
  So.
• 13:08
  So
• 13:08
  yeah,
• 13:09
  really
• 13:09
  interesting
• 13:09
  when
• 13:10
  you
• 13:10
  start
• 13:10
  thinking
• 13:10
  about
• 13:10
  all
• 13:11
  the
• 13:11
  angles
• 13:11
  at
• 13:11
  play
• 13:11
  here
• 13:11
  that
• 13:12
  I've
• 13:12
  never
• 13:12
  thought
• 13:12
  about
• 13:13
  from
• 13:13
  a
• 13:13
  private
• 13:13
  label
• 13:13
  brand
• 13:14
  perspective.
• 13:14
  So.
• 13:15
  Wow.
• 13:15
  Bring
• 13:16
  up
• 13:16
  another.
• 13:16
  Yeah,
• 13:17
  you
• 13:17
  bring
• 13:17
  up
• 13:17
  another
• 13:17
  good
• 13:18
  point
• 13:18
  though,
• 13:18
  Chris.
• 13:18
  In
• 13:18
  terms
• 13:19
  of
• 13:19
  media,
• 13:19
  the
• 13:20
  retailers
• 13:20
  that
• 13:20
  are
• 13:20
  winning
• 13:21
  are
• 13:21
  the
• 13:21
  ones
• 13:21
  that
• 13:21
  are
• 13:21
  really
• 13:22
  pushing
• 13:22
  their
• 13:22
  own
• 13:22
  private
• 13:23
  brands
• 13:23
  in
• 13:23
  a
• 13:23
  big
• 13:23
  way.
• 13:24
  You
• 13:24
  know,
• 13:24
  historically,
• 13:24
  you
• 13:25
  look
• 13:25
  back,
• 13:26
  it
• 13:26
  used
• 13:26
  to
• 13:26
  be
• 13:27
  just
• 13:27
  dead
• 13:27
  net
• 13:27
  costing,
• 13:27
  dead
• 13:28
  net
• 13:28
  pricing.
• 13:28
  Let's
• 13:28
  just
• 13:29
  put
• 13:29
  the
• 13:29
  cheapest
• 13:29
  product
• 13:30
  out
• 13:30
  there
• 13:30
  or
• 13:31
  not
• 13:31
  cheapest
• 13:31
  product,
• 13:31
  but
• 13:31
  you
• 13:31
  know
• 13:32
  what
• 13:32
  I
• 13:32
  mean,
• 13:32
  put
• 13:33
  the
• 13:33
  most
• 13:33
  affordable
• 13:34
  product
• 13:34
  out
• 13:34
  there
• 13:34
  for
• 13:34
  the
• 13:35
  customer
• 13:35
  or
• 13:36
  gu
• 13:37
  and
• 13:38
  compete.
• 13:39
  What
• 13:39
  they
• 13:39
  didn't
• 13:39
  do
• 13:39
  at
• 13:40
  the
• 13:40
  time
• 13:40
  was
• 13:40
  promote
• 13:40
  it
• 13:41
  very
• 13:41
  well.
• 13:41
  They
• 13:41
  didn't
• 13:41
  get
• 13:42
  out
• 13:42
  in
• 13:42
  front
• 13:42
  of
• 13:42
  it.
• 13:42
  There
• 13:42
  wasn't
• 13:43
  a
• 13:43
  lot
• 13:43
  of
• 13:43
  dollars
• 13:44
  reserved
• 13:45
  and
• 13:45
  the
• 13:45
  costing
• 13:45
  there
• 13:45
  to
• 13:46
  push
• 13:46
  it
• 13:46
  either
• 13:47
  on
• 13:47
  E
• 13:47
  Commerce
• 13:48
  or
• 13:48
  just
• 13:48
  in
• 13:48
  traditional
• 13:49
  end
• 13:50
  cap
• 13:50
  or
• 13:50
  promotional
• 13:51
  activities
• 13:51
  that
• 13:51
  were
• 13:51
  happening
• 13:52
  in
• 13:52
  the
• 13:52
  stores.
• 13:52
  So
• 13:53
  I
• 13:53
  think
• 13:53
  that
• 13:54
  shift
• 13:54
  is
• 13:54
  changing
• 13:55
  quite
• 13:55
  a
• 13:55
  bit
• 13:55
  on
• 13:55
  the
• 13:55
  retail
• 13:56
  landscape.
• 13:56
  When
• 13:56
  you
• 13:56
  look
• 13:56
  across
• 13:57
  all
• 13:57
  these
• 13:57
  brands,
• 13:59
  the
• 13:59
  retailers
• 14:00
  are
• 14:00
  realizing
• 14:01
  that
• 14:01
  there
• 14:01
  is
• 14:01
  a
• 14:01
  big
• 14:02
  profit
• 14:02
  grab
• 14:03
  in
• 14:03
  pushing
• 14:03
  their
• 14:03
  own
• 14:04
  private
• 14:04
  brands
• 14:04
  out
• 14:04
  there
• 14:05
  in
• 14:05
  a
• 14:05
  much
• 14:05
  more
• 14:05
  meaningful
• 14:05
  way.
• 14:06
  And
• 14:06
  so
• 14:06
  they're
• 14:06
  getting
• 14:06
  behind
• 14:07
  them
• 14:07
  a
• 14:07
  lot
• 14:07
  more.
• 14:08
  Yeah.
• 14:08
  And
• 14:08
  to
• 14:08
  Bethany's
• 14:09
  point
• 14:09
  too,
• 14:09
  with
• 14:09
  the
• 14:09
  rise
• 14:09
  of
• 14:09
  the
• 14:10
  social
• 14:10
  influencer
• 14:11
  and
• 14:11
  them
• 14:12
  playing
• 14:12
  a
• 14:12
  larger
• 14:12
  role
• 14:13
  too,
• 14:13
  there's
• 14:13
  people
• 14:13
  out
• 14:13
  there
• 14:14
  doing
• 14:14
  it
• 14:14
  for
• 14:14
  them
• 14:14
  at
• 14:15
  a
• 14:15
  very
• 14:15
  low
• 14:15
  cost
• 14:16
  or
• 14:16
  a
• 14:16
  very.
• 14:16
  And
• 14:16
  they're
• 14:17
  very
• 14:17
  accessible
• 14:17
  too,
• 14:18
  because
• 14:18
  influencers
• 14:19
  are
• 14:19
  not
• 14:19
  hard
• 14:19
  to
• 14:19
  find.
• 14:19
  There's
• 14:20
  just
• 14:20
  tons
• 14:20
  of
• 14:20
  them
• 14:21
  out
• 14:21
  there.
• 14:21
  So.
• 14:22
  Wow.
• 14:22
  Wow.
• 14:23
  Really
• 14:23
  great
• 14:23
  stuff.
• 14:23
  All
• 14:24
  right,
• 14:24
  so
• 14:24
  let's
• 14:25
  shift
• 14:25
  gears
• 14:25
  a
• 14:25
  little
• 14:26
  bit.
• 14:26
  So
• 14:26
  you
• 14:27
  know,
• 14:27
  Bethany,
• 14:27
  you
• 14:27
  mentioned
• 14:28
  it
• 14:28
  too.
• 14:28
  Like
• 14:28
  the
• 14:28
  one
• 14:29
  question
• 14:29
  I
• 14:29
  always
• 14:29
  have
• 14:29
  whenever
• 14:29
  I
• 14:29
  talk
• 14:30
  to
• 14:30
  people
• 14:30
  about
• 14:30
  private
• 14:30
  label
• 14:31
  strategies,
• 14:31
  like,
• 14:31
  okay,
• 14:31
  what
• 14:32
  are
• 14:32
  you
• 14:32
  actually
• 14:32
  talking
• 14:32
  about?
• 14:33
  Because
• 14:33
  there
• 14:33
  is,
• 14:33
  there's
• 14:33
  the
• 14:34
  opp,
• 14:34
  there's
• 14:35
  the
• 14:35
  differentiation
• 14:36
  play,
• 14:36
  there's
• 14:36
  all
• 14:36
  kinds
• 14:37
  of
• 14:37
  things
• 14:37
  in
• 14:37
  between.
• 14:38
  Brandon,
• 14:39
  let's
• 14:39
  go
• 14:39
  to
• 14:39
  you
• 14:39
  first.
• 14:40
  Like
• 14:40
  what
• 14:40
  do
• 14:40
  you,
• 14:41
  what,
• 14:42
  how
• 14:42
  do
• 14:43
  you,
• 14:43
  how
• 14:43
  would
• 14:43
  you
• 14:43
  kind
• 14:43
  of
• 14:44
  map
• 14:44
  out
• 14:44
  the
• 14:44
  landscape
• 14:45
  of
• 14:45
  how
• 14:45
  different
• 14:46
  retailers
• 14:46
  are
• 14:46
  approaching
• 14:47
  their
• 14:47
  private
• 14:48
  brand
• 14:48
  strategies?
• 14:50
  Yeah,
• 14:50
  yeah.
• 14:50
  So
• 14:51
  I'll
• 14:51
  start,
• 14:51
  let
• 14:51
  me
• 14:52
  just
• 14:52
  start
• 14:52
  with
• 14:52
  Walmart.
• 14:52
  I'll
• 14:52
  kick
• 14:53
  it
• 14:53
  off
• 14:53
  there
• 14:53
  and
• 14:53
  I'll
• 14:53
  tell
• 14:54
  you,
• 14:54
  okay,
• 14:54
  when
• 14:54
  you
• 14:55
  take
• 14:55
  a
• 14:55
  couple
• 14:55
  steps
• 14:55
  back,
• 14:55
  a
• 14:56
  really
• 14:56
  high
• 14:56
  level
• 14:56
  look,
• 14:57
  their
• 14:57
  overall
• 14:57
  strategy
• 14:58
  is
• 14:58
  to
• 14:58
  just
• 14:58
  expand
• 14:59
  their
• 14:59
  private
• 14:59
  label
• 15:00
  footprint
• 15:00
  and
• 15:01
  offer
• 15:01
  value
• 15:01
  focused
• 15:02
  products.
• 15:02
  Right
• 15:02
  at
• 15:02
  the
• 15:02
  end
• 15:02
  of
• 15:02
  the
• 15:02
  day,
• 15:03
  that's
• 15:03
  what
• 15:03
  they're
• 15:03
  trying
• 15:03
  to
• 15:03
  do.
• 15:04
  But
• 15:04
  they've
• 15:04
  been
• 15:04
  pretty
• 15:05
  vocal
• 15:05
  about
• 15:06
  aiming
• 15:06
  to
• 15:06
  keep
• 15:07
  private
• 15:07
  label
• 15:07
  brands
• 15:08
  priced
• 15:08
  low
• 15:09
  to
• 15:09
  really
• 15:09
  lessen
• 15:09
  the
• 15:09
  impact,
• 15:10
  impact
• 15:10
  of
• 15:10
  inflation
• 15:10
  on
• 15:10
  their
• 15:11
  customer.
• 15:11
  And
• 15:11
  I
• 15:11
  think
• 15:12
  that's
• 15:12
  really
• 15:12
  resonating
• 15:13
  with
• 15:13
  their
• 15:13
  customer
• 15:13
  in
• 15:13
  a
• 15:14
  big
• 15:14
  way.
• 15:14
  You
• 15:14
  can
• 15:15
  see,
• 15:15
  I
• 15:15
  mean,
• 15:15
  they're
• 15:16
  winning
• 15:16
  in
• 15:16
  grocery
• 15:16
  in
• 15:17
  a
• 15:17
  big
• 15:17
  way.
• 15:17
  And
• 15:17
  you
• 15:17
  can
• 15:17
  see
• 15:18
  that
• 15:18
  through
• 15:18
  the
• 15:18
  data
• 15:19
  where
• 15:19
  they're
• 15:19
  picking
• 15:19
  up
• 15:19
  quite
• 15:20
  a
• 15:20
  bit
• 15:20
  in
• 15:20
  terms
• 15:20
  of
• 15:20
  share
• 15:21
  gains.
• 15:21
  So
• 15:22
  again,
• 15:22
  they're
• 15:22
  focused
• 15:22
  on
• 15:23
  offering
• 15:23
  their
• 15:23
  shopper
• 15:23
  something
• 15:24
  that
• 15:24
  can
• 15:24
  compete
• 15:24
  no
• 15:25
  matter
• 15:25
  where
• 15:25
  he
• 15:25
  or
• 15:25
  she
• 15:26
  might
• 15:26
  be
• 15:26
  looking.
• 15:26
  And
• 15:26
  I
• 15:26
  think
• 15:27
  they're
• 15:27
  doing
• 15:27
  a
• 15:27
  good
• 15:27
  job
• 15:28
  of
• 15:28
  introducing
• 15:29
  new
• 15:29
  products
• 15:29
  that
• 15:29
  are
• 15:30
  really
• 15:30
  solving
• 15:30
  that
• 15:30
  equation.
• 15:31
  Now,
• 15:31
  when
• 15:32
  you
• 15:32
  look
• 15:32
  at
• 15:32
  Target
• 15:33
  at
• 15:33
  a
• 15:33
  high
• 15:34
  level,
• 15:34
  again,
• 15:34
  they're
• 15:35
  focused
• 15:35
  on
• 15:35
  exclusive
• 15:35
  to
• 15:36
  target
• 15:36
  items
• 15:36
  that
• 15:36
  are
• 15:37
  on
• 15:37
  trend
• 15:37
  but
• 15:38
  really
• 15:38
  affordable.
• 15:38
  And
• 15:39
  they're
• 15:39
  leveraging
• 15:40
  their
• 15:40
  own
• 15:40
  brand
• 15:40
  products
• 15:41
  really
• 15:41
  to
• 15:41
  attract
• 15:41
  and
• 15:42
  retain
• 15:42
  customers,
• 15:43
  primarily
• 15:44
  in
• 15:44
  some
• 15:44
  of
• 15:44
  their
• 15:44
  frequency
• 15:45
  categories,
• 15:45
  if
• 15:45
  you
• 15:45
  think
• 15:46
  about
• 15:46
  it
• 15:46
  like
• 15:46
  essentials
• 15:46
  and
• 15:47
  consumables.
• 15:47
  But
• 15:48
  you
• 15:48
  know,
• 15:48
  those
• 15:48
  categories
• 15:49
  have
• 15:49
  shown
• 15:49
  some
• 15:49
  growth
• 15:50
  out
• 15:50
  there
• 15:51
  despite
• 15:51
  some
• 15:51
  of
• 15:51
  the
• 15:51
  broader
• 15:52
  challenges.
• 15:52
  Let's
• 15:52
  be
• 15:52
  honest,
• 15:52
  we
• 15:52
  all
• 15:53
  know
• 15:53
  about
• 15:53
  it's
• 15:53
  in
• 15:53
  the
• 15:53
  news
• 15:54
  quite
• 15:54
  a
• 15:54
  bit
• 15:54
  lately.
• 15:55
  But
• 15:56
  listen,
• 15:56
  their
• 15:56
  ability
• 15:57
  to
• 15:57
  push
• 15:57
  new
• 15:57
  innovation
• 15:58
  is
• 15:58
  really
• 15:58
  what's
• 15:58
  working
• 15:59
  for
• 15:59
  them
• 15:59
  and
• 15:59
  they're
• 15:59
  doing
• 15:59
  a
• 16:00
  pretty
• 16:00
  good
• 16:00
  job
• 16:00
  there.
• 16:01
  Again,
• 16:02
  when
• 16:02
  it
• 16:02
  comes
• 16:02
  to
• 16:02
  Costco,
• 16:03
  we
• 16:03
  start
• 16:03
  thinking
• 16:03
  about
• 16:04
  they've
• 16:04
  had
• 16:05
  some
• 16:05
  recent
• 16:05
  shakeups
• 16:06
  in
• 16:06
  terms
• 16:06
  of
• 16:06
  their
• 16:07
  overall
• 16:07
  strategy
• 16:07
  and
• 16:08
  what
• 16:08
  they're
• 16:08
  doing
• 16:08
  with
• 16:08
  Kirkland
• 16:09
  Signature.
• 16:09
  Now,
• 16:09
  I'll
• 16:10
  tell
• 16:10
  you,
• 16:10
  they
• 16:10
  are
• 16:10
  still
• 16:11
  the
• 16:11
  goal
• 16:11
  gold
• 16:11
  standard
• 16:11
  for
• 16:12
  private
• 16:12
  brands.
• 16:13
  They
• 16:13
  absolutely
• 16:14
  stand
• 16:14
  for
• 16:14
  quality
• 16:14
  and
• 16:15
  value.
• 16:15
  But
• 16:16
  they
• 16:16
  have
• 16:16
  recently
• 16:17
  done
• 16:17
  some
• 16:17
  things
• 16:17
  that
• 16:18
  historically
• 16:18
  they
• 16:18
  haven't
• 16:19
  done.
• 16:19
  They've
• 16:19
  adjusted
• 16:20
  some
• 16:20
  of
• 16:20
  their
• 16:20
  pricing
• 16:20
  strategy
• 16:21
  to
• 16:21
  really
• 16:21
  allow
• 16:22
  them
• 16:22
  to
• 16:22
  capture
• 16:23
  some
• 16:23
  of
• 16:23
  that
• 16:23
  discretionary
• 16:24
  spendering
• 16:25
  spending
• 16:25
  by
• 16:25
  offering
• 16:26
  price
• 16:26
  reductions
• 16:27
  that
• 16:27
  are
• 16:27
  really
• 16:27
  resonating
• 16:28
  again
• 16:28
  with
• 16:28
  a
• 16:28
  cost
• 16:28
  conscious
• 16:29
  shopper.
• 16:29
  So
• 16:30
  I'll
• 16:30
  give
• 16:30
  an
• 16:30
  example
• 16:30
  of
• 16:31
  the
• 16:31
  chicken
• 16:31
  tenders
• 16:32
  program.
• 16:32
  I
• 16:32
  don't
• 16:32
  know
• 16:32
  if
• 16:32
  you
• 16:32
  guys
• 16:32
  saw
• 16:32
  that
• 16:33
  in
• 16:33
  the
• 16:33
  news,
• 16:33
  but
• 16:34
  they
• 16:34
  took
• 16:34
  some
• 16:34
  example.
• 16:35
  This
• 16:35
  is
• 16:35
  just
• 16:35
  one
• 16:35
  of
• 16:35
  the
• 16:36
  examples.
• 16:36
  They
• 16:36
  did
• 16:36
  it
• 16:36
  across
• 16:37
  several
• 16:37
  different
• 16:37
  items
• 16:38
  out
• 16:38
  there.
• 16:38
  But
• 16:39
  you
• 16:39
  know,
• 16:39
  they
• 16:39
  dropped
• 16:39
  the
• 16:40
  price
• 16:40
  of
• 16:40
  a
• 16:40
  chicken
• 16:41
  tender
• 16:41
  program
• 16:41
  by
• 16:42
  like
• 16:42
  13%,
• 16:43
  but
• 16:43
  the
• 16:43
  pounds
• 16:44
  purchased
• 16:44
  increased
• 16:44
  by
• 16:45
  21%.
• 16:45
  So
• 16:46
  that
• 16:46
  shows
• 16:47
  that
• 16:47
  demand
• 16:47
  was
• 16:48
  out
• 16:48
  there
• 16:49
  in
• 16:49
  terms
• 16:49
  of
• 16:49
  pricing
• 16:50
  and
• 16:50
  really
• 16:50
  going
• 16:50
  after
• 16:51
  that
• 16:51
  cost
• 16:51
  conscious
• 16:52
  shopper.
• 16:52
  Even
• 16:52
  though
• 16:53
  they're
• 16:53
  paying
• 16:53
  to
• 16:53
  shop
• 16:53
  there,
• 16:54
  they
• 16:54
  still
• 16:54
  need
• 16:55
  some
• 16:55
  relief
• 16:55
  and
• 16:55
  inflationary
• 16:56
  times.
• 16:56
  And
• 16:56
  I
• 16:57
  think
• 16:57
  that's
• 16:57
  the
• 16:57
  Kirkland
• 16:58
  Signature
• 16:58
  brand
• 16:58
  has
• 16:59
  given
• 16:59
  them
• 16:59
  that.
• 16:59
  Now
• 16:59
  with
• 17:00
  some
• 17:00
  of
• 17:00
  their,
• 17:00
  some
• 17:00
  of
• 17:00
  their
• 17:01
  adjustments
• 17:02
  to
• 17:02
  strategy.
• 17:03
  Now
• 17:03
  they're
• 17:04
  also
• 17:04
  going
• 17:04
  back
• 17:05
  to
• 17:05
  some
• 17:05
  things
• 17:05
  that
• 17:05
  we've
• 17:06
  heard
• 17:06
  a
• 17:06
  lot
• 17:06
  of
• 17:06
  in
• 17:07
  the
• 17:07
  Club
• 17:07
  Channel,
• 17:08
  which
• 17:08
  is
• 17:08
  what
• 17:08
  I
• 17:08
  consider
• 17:09
  the
• 17:09
  treasure
• 17:09
  hunt
• 17:10
  opportunity.
• 17:10
  They're
• 17:11
  across
• 17:12
  some
• 17:12
  categories
• 17:12
  with
• 17:12
  Kirkland
• 17:13
  Signature.
• 17:13
  They're,
• 17:14
  they're,
• 17:14
  they're
• 17:15
  putting
• 17:15
  a
• 17:15
  new
• 17:15
  focus
• 17:16
  and
• 17:16
  emphasis
• 17:16
  on
• 17:16
  the
• 17:16
  treasure
• 17:17
  hunt
• 17:17
  opportunity.
• 17:18
  And
• 17:18
  that's
• 17:18
  really
• 17:18
  just
• 17:19
  to
• 17:19
  draw
• 17:19
  some
• 17:20
  excitement
• 17:20
  and
• 17:20
  get
• 17:20
  members
• 17:21
  back
• 17:21
  engaged
• 17:21
  in
• 17:21
  the
• 17:21
  warehouses
• 17:22
  and
• 17:22
  really,
• 17:23
  you
• 17:23
  know,
• 17:23
  find
• 17:23
  that
• 17:24
  hit
• 17:24
  or
• 17:24
  miss
• 17:24
  item.
• 17:25
  They
• 17:25
  know
• 17:25
  they
• 17:25
  have
• 17:25
  to
• 17:26
  buy
• 17:26
  it
• 17:26
  then
• 17:26
  otherwise
• 17:26
  it's
• 17:27
  not
• 17:27
  going
• 17:27
  to
• 17:27
  be
• 17:27
  available
• 17:28
  to
• 17:28
  them
• 17:28
  and
• 17:28
  in
• 17:29
  six
• 17:29
  weeks.
• 17:29
  And
• 17:29
  so
• 17:30
  that's
• 17:31
  really
• 17:31
  creating
• 17:31
  a
• 17:31
  lot
• 17:31
  of
• 17:31
  buzz
• 17:32
  around
• 17:32
  the
• 17:32
  Kirkland
• 17:32
  Signature
• 17:33
  brand
• 17:33
  treasure
• 17:33
  hunt
• 17:34
  opportunities.
• 17:34
  And
• 17:34
  then
• 17:35
  the
• 17:35
  most
• 17:35
  recent
• 17:36
  kind
• 17:36
  of
• 17:36
  shift
• 17:36
  in
• 17:37
  strategy
• 17:37
  that
• 17:37
  we've
• 17:37
  been
• 17:38
  hearing
• 17:38
  a
• 17:38
  lot
• 17:38
  about
• 17:39
  is
• 17:40
  their
• 17:40
  incorporation
• 17:41
  of
• 17:41
  really
• 17:42
  Costco
• 17:42
  International
• 17:43
  into
• 17:43
  the
• 17:43
  equation.
• 17:44
  Now
• 17:44
  that's
• 17:44
  something
• 17:45
  fairly
• 17:45
  new.
• 17:45
  But,
• 17:46
  and
• 17:46
  I
• 17:46
  don't
• 17:46
  know
• 17:46
  if
• 17:46
  you
• 17:46
  want
• 17:46
  to
• 17:47
  call
• 17:47
  it
• 17:47
  an
• 17:47
  edict
• 17:47
  or
• 17:47
  not,
• 17:48
  it
• 17:48
  could
• 17:48
  be
• 17:48
  considered
• 17:48
  that,
• 17:49
  I
• 17:49
  guess.
• 17:49
  But
• 17:49
  the
• 17:49
  direction
• 17:50
  we've
• 17:50
  been
• 17:50
  hearing
• 17:50
  is
• 17:50
  that
• 17:50
  all
• 17:51
  new
• 17:51
  Kirkland
• 17:51
  Signature
• 17:52
  items
• 17:52
  that
• 17:53
  are
• 17:53
  developed
• 17:53
  now
• 17:54
  have
• 17:54
  to
• 17:54
  have
• 17:55
  a
• 17:55
  standard
• 17:55
  that
• 17:55
  they
• 17:56
  can
• 17:56
  cross
• 17:56
  international
• 17:56
  borders.
• 17:57
  So
• 17:57
  whether
• 17:57
  it
• 17:57
  be
• 17:57
  ingredient
• 17:58
  decks
• 17:58
  or
• 17:59
  whatever
• 18:00
  product
• 18:00
  qualifications
• 18:01
  go
• 18:01
  into
• 18:01
  it.
• 18:01
  They
• 18:02
  now
• 18:02
  have
• 18:02
  to
• 18:02
  expand
• 18:03
  across
• 18:04
  international
• 18:04
  lines.
• 18:05
  So
• 18:05
  it's
• 18:05
  going
• 18:06
  to
• 18:06
  put
• 18:06
  a
• 18:06
  lot
• 18:06
  of
• 18:06
  pressure
• 18:06
  on
• 18:07
  bringing
• 18:07
  the
• 18:07
  right
• 18:07
  items,
• 18:08
  the
• 18:08
  right
• 18:08
  innovation.
• 18:09
  Everybody
• 18:09
  knows
• 18:10
  Costco
• 18:10
  International
• 18:10
  is
• 18:11
  a
• 18:11
  large
• 18:11
  opportunity
• 18:12
  out
• 18:12
  there
• 18:12
  right
• 18:12
  now,
• 18:13
  but
• 18:14
  this
• 18:14
  new
• 18:14
  introduction
• 18:15
  of
• 18:16
  products
• 18:16
  that
• 18:16
  are
• 18:16
  going
• 18:16
  to
• 18:17
  cross
• 18:17
  borders
• 18:17
  is
• 18:17
  going
• 18:18
  to
• 18:18
  shake
• 18:18
  up
• 18:18
  things
• 18:18
  a
• 18:19
  little
• 18:19
  bit
• 18:19
  with
• 18:19
  that
• 18:19
  brand.
• 18:20
  So.
• 18:21
  Well,
• 18:22
  so.
• 18:22
  So,
• 18:22
  Brandon,
• 18:23
  so
• 18:23
  let
• 18:23
  me
• 18:23
  step
• 18:23
  back.
• 18:23
  So
• 18:24
  then
• 18:24
  my
• 18:24
  question
• 18:24
  for
• 18:24
  you
• 18:24
  is
• 18:25
  like
• 18:25
  you
• 18:25
  just
• 18:26
  laid
• 18:26
  out
• 18:26
  three
• 18:26
  of
• 18:26
  the
• 18:26
  biggest
• 18:27
  retailers
• 18:27
  there
• 18:27
  are
• 18:27
  right
• 18:27
  in
• 18:28
  the
• 18:28
  US
• 18:28
  and
• 18:29
  which
• 18:30
  is
• 18:30
  a
• 18:30
  great
• 18:30
  way
• 18:30
  to
• 18:31
  break
• 18:31
  out
• 18:31
  their
• 18:31
  strategies.
• 18:32
  Would
• 18:32
  you
• 18:32
  say
• 18:32
  that
• 18:33
  in
• 18:34
  review
• 18:34
  of
• 18:34
  those
• 18:35
  three,
• 18:35
  are
• 18:35
  their
• 18:35
  strategies
• 18:36
  more
• 18:36
  similar
• 18:37
  or
• 18:37
  dissimilar
• 18:38
  at
• 18:38
  when
• 18:38
  you
• 18:38
  step
• 18:39
  back
• 18:39
  from
• 18:39
  the
• 18:39
  whole
• 18:39
  thing?
• 18:39
  Because
• 18:40
  it
• 18:40
  sounded
• 18:40
  like
• 18:40
  for
• 18:40
  the
• 18:41
  part
• 18:41
  to
• 18:41
  me
• 18:41
  that
• 18:42
  the
• 18:42
  strategy
• 18:42
  is
• 18:42
  actually
• 18:42
  very
• 18:43
  similar
• 18:43
  and
• 18:44
  there's
• 18:44
  just
• 18:44
  maybe
• 18:44
  slight
• 18:45
  tweaks
• 18:45
  to
• 18:45
  how
• 18:45
  they're
• 18:45
  executing
• 18:46
  it.
• 18:46
  How
• 18:46
  would
• 18:46
  you
• 18:46
  sum
• 18:47
  that
• 18:47
  up?
• 18:47
  I
• 18:48
  think
• 18:48
  you're
• 18:48
  exactly
• 18:48
  right.
• 18:49
  Listen,
• 18:49
  I
• 18:49
  think
• 18:49
  everybody's
• 18:50
  focused
• 18:50
  on
• 18:50
  getting
• 18:50
  shoppers
• 18:51
  in
• 18:51
  the
• 18:51
  door
• 18:51
  with
• 18:51
  affordable
• 18:52
  products,
• 18:52
  right?
• 18:52
  At
• 18:53
  the
• 18:53
  end
• 18:53
  of
• 18:53
  the
• 18:53
  day,
• 18:53
  let's
• 18:53
  be
• 18:53
  honest,
• 18:54
  inflation's
• 18:54
  impacting
• 18:55
  everybody
• 18:55
  and
• 18:55
  everybody's
• 18:56
  trying
• 18:56
  to
• 18:57
  shift
• 18:57
  consumer,
• 18:58
  consumer
• 18:59
  shopping
• 18:59
  habits
• 18:59
  a
• 19:00
  little
• 19:00
  bit
• 19:00
  to
• 19:00
  win
• 19:00
  over
• 19:00
  that
• 19:01
  shopper.
• 19:01
  They
• 19:01
  are
• 19:02
  very
• 19:02
  similar
• 19:02
  in
• 19:02
  that
• 19:03
  aspect.
• 19:03
  What
• 19:03
  I
• 19:04
  will
• 19:04
  say
• 19:04
  though,
• 19:04
  is
• 19:05
  it
• 19:06
  if
• 19:06
  we're
• 19:06
  going
• 19:06
  to
• 19:06
  address
• 19:06
  it
• 19:07
  one
• 19:07
  by
• 19:07
  one,
• 19:08
  private
• 19:08
  label
• 19:08
  strategy
• 19:09
  as
• 19:09
  a
• 19:09
  whole
• 19:09
  is
• 19:10
  to
• 19:10
  do
• 19:10
  that.
• 19:10
  But
• 19:10
  when
• 19:10
  you
• 19:11
  see
• 19:11
  there's
• 19:11
  certain
• 19:12
  pieces
• 19:12
  of
• 19:12
  the
• 19:12
  store,
• 19:13
  let's
• 19:13
  take
• 19:13
  Target,
• 19:13
  for
• 19:14
  instance,
• 19:14
  I
• 19:14
  think
• 19:14
  they're
• 19:15
  doing
• 19:15
  really
• 19:15
  a
• 19:16
  really
• 19:16
  good
• 19:16
  job
• 19:17
  of
• 19:18
  putting
• 19:18
  unique
• 19:19
  and
• 19:19
  innovative
• 19:19
  items
• 19:20
  within
• 19:20
  the
• 19:20
  grocery
• 19:21
  segment.
• 19:21
  Now,
• 19:22
  when
• 19:22
  you
• 19:22
  look
• 19:22
  at
• 19:22
  the
• 19:23
  general
• 19:23
  merchandise
• 19:23
  segment
• 19:24
  of
• 19:24
  that,
• 19:24
  of
• 19:24
  that
• 19:25
  business,
• 19:25
  I
• 19:26
  struggle
• 19:26
  a
• 19:26
  little
• 19:26
  bit
• 19:26
  to
• 19:26
  understand
• 19:27
  kind
• 19:27
  of
• 19:27
  what
• 19:27
  they're
• 19:27
  doing
• 19:28
  there,
• 19:28
  because
• 19:29
  I
• 19:29
  think
• 19:29
  they
• 19:29
  are.
• 19:30
  I
• 19:30
  think
• 19:30
  there's
• 19:30
  been,
• 19:31
  you
• 19:31
  know,
• 19:31
  there's
• 19:31
  some
• 19:31
  rumors
• 19:31
  of
• 19:32
  quality
• 19:33
  degradation
• 19:33
  where
• 19:34
  when
• 19:34
  you
• 19:34
  start
• 19:34
  looking
• 19:34
  at
• 19:34
  some
• 19:35
  of
• 19:35
  the
• 19:35
  things
• 19:35
  that
• 19:35
  are
• 19:35
  happening
• 19:35
  across
• 19:36
  the
• 19:36
  home
• 19:36
  department
• 19:37
  at
• 19:37
  the
• 19:37
  expense
• 19:37
  of
• 19:38
  profitability.
• 19:38
  So
• 19:38
  they're
• 19:39
  trying
• 19:39
  to
• 19:39
  focus
• 19:39
  on
• 19:40
  really
• 19:40
  winning
• 19:40
  through
• 19:41
  profit
• 19:41
  as
• 19:41
  opposed
• 19:42
  to
• 19:42
  what
• 19:42
  they're
• 19:43
  known
• 19:43
  for,
• 19:43
  which
• 19:44
  is
• 19:44
  great
• 19:45
  quality
• 19:45
  value
• 19:46
  products
• 19:46
  out
• 19:46
  there.
• 19:47
  So
• 19:47
  there
• 19:47
  is
• 19:47
  a
• 19:48
  little
• 19:48
  bit
• 19:48
  of
• 19:48
  a
• 19:49
  back
• 19:49
  and
• 19:49
  forth
• 19:50
  there
• 19:50
  that
• 19:50
  I
• 19:50
  think.
• 19:50
  But
• 19:51
  at
• 19:51
  the
• 19:51
  end
• 19:51
  of
• 19:51
  the
• 19:51
  day,
• 19:51
  look,
• 19:52
  you're
• 19:52
  right.
• 19:53
  There's
• 19:53
  some
• 19:53
  very
• 19:53
  overarching
• 19:54
  similarities
• 19:55
  that
• 19:55
  everybody's
• 19:55
  trying
• 19:55
  to
• 19:56
  win
• 19:56
  over
• 19:56
  this
• 19:56
  new
• 19:56
  shopper
• 19:57
  in
• 19:57
  an
• 19:57
  inflationary
• 19:58
  environment
• 19:59
  and
• 19:59
  do
• 19:59
  what's
• 19:59
  right
• 20:00
  to
• 20:00
  adjust
• 20:00
  the
• 20:01
  shopper
• 20:01
  habits
• 20:01
  and
• 20:01
  win
• 20:01
  their
• 20:02
  fair
• 20:02
  share.
• 20:03
  Well,
• 20:03
  Brandon,
• 20:04
  I
• 20:04
  want
• 20:04
  to
• 20:04
  ask
• 20:04
  you
• 20:05
  just
• 20:05
  one
• 20:05
  more
• 20:05
  question.
• 20:06
  And
• 20:06
  when
• 20:06
  we're
• 20:06
  on
• 20:06
  the
• 20:06
  topic
• 20:07
  of
• 20:07
  Target,
• 20:08
  one
• 20:08
  thing
• 20:08
  that
• 20:09
  we
• 20:09
  saw
• 20:09
  them
• 20:09
  do
• 20:10
  within
• 20:10
  the
• 20:10
  last
• 20:10
  year
• 20:11
  or
• 20:11
  so
• 20:11
  is
• 20:11
  introducing
• 20:12
  even
• 20:12
  lower
• 20:13
  private
• 20:13
  brand,
• 20:13
  like
• 20:13
  Deal
• 20:14
  Worthy.
• 20:15
  I
• 20:15
  think
• 20:15
  it's
• 20:15
  called
• 20:15
  Deal
• 20:16
  Worthy.
• 20:16
  In
• 20:16
  addition
• 20:17
  to
• 20:17
  their
• 20:17
  up
• 20:18
  and
• 20:18
  up
• 20:18
  brand,
• 20:18
  especially
• 20:19
  in
• 20:19
  some
• 20:19
  of
• 20:19
  the
• 20:19
  general
• 20:20
  merchandise
• 20:20
  categories
• 20:20
  that
• 20:20
  you're
• 20:21
  talking
• 20:21
  about.
• 20:21
  Is
• 20:22
  that
• 20:22
  like,
• 20:23
  explain
• 20:23
  that
• 20:24
  strategy
• 20:24
  to
• 20:24
  me
• 20:24
  and
• 20:25
  kind
• 20:25
  of
• 20:25
  what
• 20:25
  your
• 20:25
  thoughts
• 20:26
  are.
• 20:26
  And
• 20:26
  are
• 20:26
  we
• 20:26
  seeing
• 20:27
  other
• 20:27
  retailers
• 20:28
  doing
• 20:28
  this?
• 20:30
  Yes,
• 20:31
  I
• 20:31
  think,
• 20:31
  look,
• 20:32
  again,
• 20:32
  they're
• 20:32
  going
• 20:32
  after
• 20:32
  that
• 20:32
  Walmart
• 20:33
  shopper,
• 20:33
  right?
• 20:34
  I
• 20:34
  think
• 20:34
  in
• 20:34
  a
• 20:34
  lot
• 20:34
  of
• 20:34
  ways.
• 20:36
  And
• 20:36
  being
• 20:36
  able
• 20:37
  to
• 20:37
  compete
• 20:37
  from
• 20:37
  that
• 20:37
  aspect.
• 20:38
  Again,
• 20:38
  it
• 20:38
  goes
• 20:39
  back
• 20:39
  to
• 20:39
  the
• 20:39
  overarching
• 20:40
  macroeconomic
• 20:41
  things
• 20:41
  that
• 20:41
  I
• 20:41
  see
• 20:42
  happening
• 20:42
  out
• 20:42
  there.
• 20:43
  Discretionary
• 20:44
  spending
• 20:44
  has
• 20:44
  been
• 20:45
  cut
• 20:45
  back
• 20:45
  in
• 20:45
  a
• 20:46
  lot
• 20:46
  of
• 20:46
  areas,
• 20:46
  a
• 20:46
  lot
• 20:46
  of
• 20:46
  households.
• 20:47
  And
• 20:47
  so
• 20:47
  they're
• 20:47
  trying
• 20:48
  to
• 20:48
  bring
• 20:49
  products
• 20:49
  to
• 20:49
  the
• 20:49
  forefront
• 20:50
  that
• 20:50
  will
• 20:51
  allow
• 20:51
  their
• 20:51
  customers
• 20:52
  to
• 20:52
  feel
• 20:52
  more
• 20:53
  comfortable
• 20:53
  shopping
• 20:53
  their
• 20:54
  aisles
• 20:55
  and
• 20:55
  find
• 20:55
  products
• 20:56
  that
• 20:57
  they
• 20:57
  can
• 20:57
  afford.
• 20:57
  At
• 20:57
  the
• 20:57
  end
• 20:57
  of
• 20:58
  the
• 20:58
  day,
• 20:59
  I
• 20:59
  think
• 20:59
  Target,
• 21:00
  I
• 21:00
  think
• 21:00
  they're
• 21:01
  just
• 21:01
  trying
• 21:01
  to
• 21:01
  figure
• 21:01
  out
• 21:02
  they've
• 21:02
  got
• 21:02
  a
• 21:02
  lot
• 21:02
  of
• 21:02
  different
• 21:02
  consumers
• 21:03
  in
• 21:03
  their
• 21:03
  store.
• 21:04
  But
• 21:04
  I'll
• 21:04
  tell
• 21:04
  you,
• 21:04
  I
• 21:04
  think
• 21:04
  the
• 21:05
  Costco
• 21:05
  shopper
• 21:05
  and
• 21:06
  the
• 21:06
  Target
• 21:06
  shopper
• 21:07
  are
• 21:07
  the
• 21:07
  same
• 21:07
  person.
• 21:08
  Right.
• 21:08
  So
• 21:09
  I
• 21:09
  think
• 21:09
  they've
• 21:09
  got
• 21:09
  a
• 21:10
  lot
• 21:10
  to
• 21:10
  think
• 21:10
  about
• 21:11
  in
• 21:11
  terms
• 21:11
  of
• 21:11
  how
• 21:11
  do
• 21:11
  they
• 21:12
  compete
• 21:12
  with
• 21:13
  Kirkland
• 21:13
  Signature,
• 21:14
  who's
• 21:14
  offering
• 21:15
  such
• 21:15
  deep
• 21:15
  discounts
• 21:16
  in
• 21:16
  terms
• 21:16
  of
• 21:17
  retails
• 21:18
  and
• 21:18
  affordable
• 21:19
  products
• 21:19
  and
• 21:19
  all
• 21:20
  that
• 21:20
  kind
• 21:20
  of
• 21:20
  stuff.
• 21:20
  So
• 21:21
  they've
• 21:21
  got
• 21:22
  to
• 21:22
  figure
• 21:22
  out
• 21:22
  some
• 21:22
  things
• 21:23
  in
• 21:23
  terms
• 21:24
  of
• 21:24
  who
• 21:24
  they
• 21:24
  want
• 21:24
  to
• 21:24
  be,
• 21:24
  what
• 21:25
  they
• 21:25
  want
• 21:25
  to
• 21:25
  stand
• 21:25
  for
• 21:26
  and
• 21:26
  in
• 21:26
  what
• 21:27
  categories.
• 21:27
  Right?
• 21:29
  Yeah.
• 21:30
  The
• 21:30
  other
• 21:30
  thing,
• 21:30
  Bethy,
• 21:31
  I'm
• 21:31
  curious
• 21:31
  to
• 21:31
  get
• 21:32
  your
• 21:32
  take
• 21:32
  on
• 21:32
  this
• 21:32
  is
• 21:33
  as
• 21:34
  Brandon,
• 21:34
  you're
• 21:34
  describing
• 21:34
  it,
• 21:34
  like,
• 21:35
  what
• 21:35
  is
• 21:35
  the
• 21:35
  impact
• 21:35
  on
• 21:35
  the
• 21:36
  supplier,
• 21:36
  the
• 21:36
  manufacturing
• 21:37
  community,
• 21:37
  as
• 21:37
  they're
• 21:37
  thinking
• 21:38
  through,
• 21:38
  like,
• 21:38
  all
• 21:38
  the
• 21:39
  different
• 21:39
  strategies
• 21:39
  that
• 21:39
  are
• 21:40
  at
• 21:40
  play
• 21:40
  here
• 21:40
  across
• 21:40
  the
• 21:40
  retailers.
• 21:41
  What
• 21:41
  color
• 21:41
  can
• 21:41
  you
• 21:41
  add
• 21:42
  there?
• 21:43
  There
• 21:44
  is
• 21:44
  a
• 21:45
  lot
• 21:45
  that
• 21:45
  I
• 21:45
  think
• 21:45
  that
• 21:45
  goes
• 21:46
  into
• 21:46
  that
• 21:46
  because
• 21:47
  we
• 21:47
  have
• 21:47
  suppliers
• 21:48
  that
• 21:48
  are
• 21:48
  great.
• 21:49
  Costco,
• 21:49
  private
• 21:49
  label
• 21:50
  suppliers
• 21:51
  that
• 21:51
  struggle
• 21:51
  when
• 21:52
  they
• 21:52
  come
• 21:52
  to
• 21:52
  Walmart
• 21:53
  or
• 21:54
  suppliers
• 21:54
  that
• 21:54
  are
• 21:54
  great
• 21:54
  at
• 21:55
  Walmart,
• 21:55
  and
• 21:55
  it
• 21:55
  doesn't
• 21:56
  translate
• 21:56
  to
• 21:56
  Target.
• 21:57
  So
• 21:57
  I
• 21:57
  do
• 21:57
  think
• 21:58
  there
• 21:58
  are
• 21:58
  some
• 21:58
  things
• 21:58
  there
• 21:59
  that
• 21:59
  are
• 22:00
  challenging
• 22:00
  for
• 22:00
  the
• 22:01
  supplier
• 22:01
  community.
• 22:02
  On
• 22:02
  that
• 22:02
  side
• 22:02
  of
• 22:02
  things.
• 22:03
  I
• 22:03
  think
• 22:04
  with
• 22:04
  Target,
• 22:05
  they're
• 22:05
  so
• 22:05
  focused,
• 22:06
  you
• 22:06
  have
• 22:06
  to
• 22:06
  be
• 22:07
  very
• 22:07
  adaptable.
• 22:08
  You
• 22:08
  know,
• 22:08
  if
• 22:08
  they
• 22:09
  want
• 22:09
  a
• 22:09
  lilac
• 22:09
  zipper
• 22:09
  instead
• 22:10
  of
• 22:10
  a
• 22:10
  plum
• 22:10
  zipper,
• 22:11
  you
• 22:11
  gotta
• 22:11
  make
• 22:12
  that
• 22:12
  change,
• 22:12
  Right?
• 22:13
  And.
• 22:13
  But
• 22:14
  I
• 22:14
  think
• 22:15
  they're
• 22:15
  making
• 22:15
  them
• 22:16
  themselves
• 22:17
  work
• 22:17
  harder
• 22:18
  too,
• 22:18
  because
• 22:18
  they
• 22:19
  bid
• 22:19
  out
• 22:19
  some
• 22:19
  of
• 22:19
  these
• 22:20
  programs
• 22:20
  that,
• 22:20
  like,
• 22:20
  does
• 22:21
  body
• 22:21
  lotion
• 22:21
  really
• 22:21
  need
• 22:22
  to
• 22:22
  be
• 22:23
  bid
• 22:23
  out
• 22:23
  every
• 22:23
  single
• 22:24
  year?
• 22:24
  So
• 22:25
  for
• 22:25
  the
• 22:25
  supplier,
• 22:25
  they
• 22:25
  have
• 22:26
  to
• 22:26
  keep
• 22:26
  up
• 22:26
  with
• 22:26
  that
• 22:26
  constant,
• 22:27
  ever
• 22:27
  changing
• 22:28
  cycle.
• 22:28
  Which
• 22:28
  in
• 22:28
  some
• 22:29
  trend
• 22:29
  categories
• 22:30
  totally
• 22:30
  makes
• 22:30
  sense.
• 22:31
  But
• 22:31
  I
• 22:31
  feel
• 22:31
  like
• 22:31
  in
• 22:31
  other
• 22:32
  categories
• 22:33
  makes
• 22:33
  it
• 22:33
  very
• 22:33
  difficult
• 22:34
  for
• 22:34
  them
• 22:34
  to
• 22:34
  be
• 22:34
  bidding
• 22:35
  out
• 22:35
  programs.
• 22:35
  They
• 22:36
  can't
• 22:36
  amortize
• 22:37
  the
• 22:37
  packaging
• 22:38
  costs
• 22:38
  and
• 22:39
  some
• 22:39
  of
• 22:39
  the
• 22:39
  program
• 22:40
  costs
• 22:40
  over
• 22:40
  a
• 22:40
  longer
• 22:41
  period
• 22:41
  of
• 22:41
  time,
• 22:42
  which
• 22:42
  they
• 22:42
  can
• 22:43
  at
• 22:43
  Walmart
• 22:43
  and
• 22:44
  at
• 22:44
  Costco.
• 22:45
  So
• 22:45
  I
• 22:46
  think
• 22:46
  that
• 22:46
  is,
• 22:47
  that
• 22:47
  is
• 22:47
  an
• 22:47
  issue
• 22:49
  with
• 22:49
  Costco.
• 22:49
  Man,
• 22:50
  they
• 22:50
  are
• 22:50
  ride
• 22:50
  or
• 22:51
  die
• 22:51
  with
• 22:51
  their
• 22:52
  suppliers.
• 22:53
  Like
• 22:53
  you
• 22:53
  have
• 22:53
  to
• 22:53
  work
• 22:54
  yourself
• 22:54
  out
• 22:54
  of
• 22:54
  the
• 22:55
  job
• 22:55
  if
• 22:55
  once
• 22:55
  you
• 22:56
  have
• 22:56
  that
• 22:56
  at
• 22:56
  Costco.
• 22:57
  And
• 22:57
  their
• 22:57
  institutional
• 22:58
  memory
• 22:59
  is
• 22:59
  so
• 23:00
  strong
• 23:00
  there.
• 23:01
  And
• 23:01
  I
• 23:01
  think
• 23:02
  that's
• 23:02
  a
• 23:02
  huge
• 23:02
  positive
• 23:03
  with
• 23:04
  Walmart.
• 23:05
  They
• 23:05
  almost
• 23:05
  want
• 23:06
  you
• 23:06
  to
• 23:06
  bring
• 23:06
  the
• 23:06
  insights
• 23:07
  to
• 23:07
  them
• 23:08
  and
• 23:08
  so
• 23:08
  they
• 23:08
  lean
• 23:09
  on
• 23:09
  their
• 23:09
  supplier
• 23:09
  partners
• 23:10
  a
• 23:10
  little
• 23:10
  bit
• 23:10
  more.
• 23:11
  Whereas
• 23:11
  Costco
• 23:12
  and
• 23:12
  Target
• 23:12
  are
• 23:12
  going
• 23:12
  to
• 23:12
  tell
• 23:13
  you
• 23:13
  here's,
• 23:13
  here's
• 23:14
  what
• 23:14
  our
• 23:14
  store
• 23:14
  is
• 23:14
  going
• 23:14
  to
• 23:14
  look
• 23:14
  like
• 23:14
  and
• 23:15
  this
• 23:15
  is
• 23:15
  what
• 23:15
  we
• 23:15
  want.
• 23:16
  Walmart's
• 23:16
  going
• 23:16
  to
• 23:16
  be
• 23:16
  a
• 23:16
  little
• 23:17
  more
• 23:17
  collaborative
• 23:17
  of
• 23:18
  like
• 23:18
  what's
• 23:18
  working
• 23:19
  in
• 23:19
  the
• 23:20
  industry.
• 23:20
  And
• 23:21
  so
• 23:21
  that
• 23:21
  pivot
• 23:22
  is
• 23:22
  difficult
• 23:23
  sometimes
• 23:23
  for
• 23:23
  suppliers
• 23:24
  to
• 23:24
  make.
• 23:24
  So
• 23:25
  there's
• 23:25
  just
• 23:25
  different
• 23:26
  pieces.
• 23:27
  You
• 23:27
  know,
• 23:27
  Costco
• 23:28
  and
• 23:28
  Target
• 23:28
  move
• 23:29
  very
• 23:29
  slow.
• 23:30
  That's.
• 23:30
  You
• 23:31
  have
• 23:31
  to
• 23:31
  get
• 23:31
  everyone
• 23:32
  aligned
• 23:32
  in
• 23:32
  those
• 23:33
  organizations
• 23:33
  and
• 23:34
  that's
• 23:35
  a
• 23:35
  lot
• 23:35
  of
• 23:35
  people
• 23:35
  to
• 23:36
  get
• 23:36
  on
• 23:36
  the
• 23:36
  same
• 23:36
  page
• 23:36
  with
• 23:37
  one
• 23:37
  sku.
• 23:37
  So
• 23:37
  you
• 23:37
  have
• 23:38
  to
• 23:38
  be
• 23:38
  able
• 23:38
  to,
• 23:39
  I
• 23:39
  think
• 23:39
  be
• 23:39
  very
• 23:40
  transparent.
• 23:40
  You
• 23:41
  have
• 23:41
  to
• 23:41
  be
• 23:41
  able
• 23:41
  to
• 23:41
  customize
• 23:42
  with
• 23:42
  them.
• 23:43
  You
• 23:43
  have
• 23:43
  to
• 23:43
  be
• 23:43
  able
• 23:44
  to
• 23:44
  wait
• 23:44
  and
• 23:44
  get
• 23:44
  everyone's
• 23:45
  alignment
• 23:45
  with
• 23:46
  Walmart.
• 23:46
  It's
• 23:46
  more
• 23:46
  do
• 23:47
  you
• 23:47
  have
• 23:47
  the
• 23:47
  insights?
• 23:48
  How
• 23:48
  quickly
• 23:48
  can
• 23:48
  you
• 23:49
  move
• 23:49
  and
• 23:50
  what
• 23:50
  can
• 23:50
  you
• 23:50
  bring
• 23:50
  to
• 23:51
  the
• 23:51
  table
• 23:51
  from
• 23:51
  a
• 23:52
  knowledge
• 23:52
  and
• 23:52
  insights
• 23:53
  perspective?
• 23:53
  So
• 23:54
  they
• 23:54
  all
• 23:54
  have
• 23:54
  their
• 23:54
  different
• 23:55
  ways
• 23:56
  of
• 23:56
  approaching
• 23:56
  it
• 23:58
  that
• 23:58
  definitely
• 23:59
  impact
• 23:59
  the
• 23:59
  manufacturer
• 24:00
  a
• 24:00
  lot
• 24:00
  and
• 24:01
  how
• 24:01
  they
• 24:01
  approach
• 24:01
  these
• 24:02
  programs
• 24:02
  when
• 24:02
  they're
• 24:02
  bidding
• 24:03
  them
• 24:03
  out.
• 24:03
  That's.
• 24:04
  This
• 24:04
  is
• 24:05
  fascinating
• 24:05
  because
• 24:05
  the
• 24:06
  other
• 24:06
  thing
• 24:06
  you
• 24:06
  get
• 24:06
  me
• 24:06
  thinking
• 24:06
  about
• 24:07
  there
• 24:07
  is
• 24:07
  like
• 24:08
  there's
• 24:08
  been
• 24:08
  also
• 24:08
  a
• 24:08
  trend
• 24:08
  which
• 24:09
  we
• 24:09
  haven't
• 24:09
  talked
• 24:09
  about
• 24:10
  yet
• 24:10
  in
• 24:10
  this
• 24:10
  podcast.
• 24:10
  There's
• 24:11
  also
• 24:11
  been
• 24:11
  a
• 24:11
  trend
• 24:11
  of
• 24:12
  re
• 24:12
  platforming
• 24:13
  or
• 24:13
  rebranding
• 24:14
  the
• 24:14
  private
• 24:14
  brands
• 24:15
  too,
• 24:15
  just
• 24:16
  with
• 24:16
  a
• 24:16
  new
• 24:16
  label
• 24:16
  and
• 24:17
  everything.
• 24:17
  And
• 24:17
  so
• 24:18
  that's
• 24:18
  got
• 24:18
  to
• 24:18
  be
• 24:18
  difficult
• 24:19
  for
• 24:19
  the
• 24:19
  suppliers
• 24:19
  and
• 24:19
  that's
• 24:20
  got
• 24:20
  to
• 24:20
  be
• 24:20
  more
• 24:20
  costly.
• 24:20
  And
• 24:21
  you
• 24:21
  can
• 24:21
  only
• 24:21
  go
• 24:22
  the.
• 24:22
  My
• 24:22
  big
• 24:23
  takeaway
• 24:23
  from
• 24:23
  what
• 24:23
  you
• 24:23
  just
• 24:23
  said
• 24:23
  too
• 24:23
  is
• 24:24
  you
• 24:24
  can
• 24:24
  only
• 24:24
  go
• 24:24
  to
• 24:24
  the
• 24:24
  well
• 24:24
  on
• 24:25
  that
• 24:25
  strategy
• 24:26
  so
• 24:26
  often
• 24:26
  or
• 24:27
  to
• 24:27
  be
• 24:27
  going
• 24:27
  to
• 24:27
  become
• 24:27
  more
• 24:28
  costly
• 24:28
  over
• 24:28
  time.
• 24:28
  What
• 24:29
  are
• 24:29
  you,
• 24:29
  what
• 24:29
  are
• 24:29
  your
• 24:29
  thoughts
• 24:29
  there,
• 24:29
  Bethany?
• 24:31
  Yeah,
• 24:31
  I
• 24:32
  wonder
• 24:32
  a
• 24:32
  little
• 24:32
  bit.
• 24:32
  With
• 24:32
  Target,
• 24:33
  they
• 24:33
  have
• 24:33
  over
• 24:33
  45
• 24:34
  private
• 24:34
  label
• 24:34
  brands
• 24:35
  to
• 24:35
  your
• 24:35
  point,
• 24:35
  they
• 24:35
  keep
• 24:36
  adding
• 24:36
  them
• 24:36
  in
• 24:36
  and
• 24:37
  I
• 24:38
  Wonder
• 24:38
  if
• 24:38
  there
• 24:38
  isn't
• 24:39
  a
• 24:39
  little
• 24:39
  bit
• 24:39
  of
• 24:39
  a
• 24:39
  degradation
• 24:40
  and
• 24:40
  understanding
• 24:41
  from
• 24:41
  the
• 24:41
  consumer
• 24:41
  and
• 24:42
  from
• 24:42
  the
• 24:42
  guest
• 24:42
  on
• 24:43
  what
• 24:43
  each
• 24:43
  of
• 24:43
  these
• 24:44
  brands
• 24:44
  mean
• 24:45
  and
• 24:45
  what
• 24:45
  they
• 24:45
  bring
• 24:45
  to
• 24:46
  the
• 24:46
  table.
• 24:46
  So
• 24:47
  I
• 24:47
  get
• 24:47
  a
• 24:47
  little
• 24:47
  bit
• 24:48
  concerned
• 24:48
  about
• 24:48
  that
• 24:49
  with
• 24:50
  them
• 24:50
  and
• 24:50
  with
• 24:50
  Walmart
• 24:51
  on
• 24:51
  better
• 24:51
  Goods.
• 24:51
  A
• 24:51
  little
• 24:52
  bit.
• 24:52
  I
• 24:52
  get
• 24:52
  concerned
• 24:53
  to
• 24:53
  your
• 24:53
  point
• 24:53
  too
• 24:54
  about
• 24:56
  are
• 24:57
  the
• 24:58
  brands
• 24:58
  that
• 24:59
  they
• 24:59
  no
• 24:59
  longer
• 24:59
  have,
• 25:00
  like,
• 25:00
  are
• 25:00
  they
• 25:00
  missing
• 25:00
  out
• 25:01
  on
• 25:01
  the,
• 25:01
  on
• 25:01
  the
• 25:02
  marketing
• 25:02
  and
• 25:03
  the
• 25:03
  customers
• 25:04
  and
• 25:04
  the
• 25:04
  guests
• 25:04
  that
• 25:04
  these
• 25:05
  brands
• 25:05
  are
• 25:05
  in
• 25:06
  knowledge
• 25:06
  that
• 25:06
  these
• 25:07
  brands
• 25:07
  are
• 25:07
  driving
• 25:08
  to
• 25:08
  the
• 25:08
  shelf,
• 25:09
  are
• 25:09
  they
• 25:09
  going
• 25:09
  to
• 25:09
  start
• 25:09
  missing
• 25:10
  out
• 25:10
  on
• 25:10
  that?
• 25:11
  So
• 25:12
  I
• 25:12
  think
• 25:12
  about
• 25:13
  that
• 25:13
  quite
• 25:13
  a
• 25:13
  bit
• 25:14
  with
• 25:16
  Walmart
• 25:16
  on
• 25:17
  better
• 25:17
  Goods.
• 25:18
  I
• 25:18
  think
• 25:18
  they're
• 25:18
  starting
• 25:19
  to
• 25:19
  bring
• 25:20
  a
• 25:20
  different,
• 25:21
  they're
• 25:21
  filling
• 25:21
  the
• 25:21
  need
• 25:21
  of
• 25:22
  a
• 25:22
  different
• 25:22
  consumer.
• 25:22
  They've
• 25:23
  got
• 25:23
  that,
• 25:23
  that
• 25:24
  more
• 25:25
  higher
• 25:25
  income
• 25:26
  consumer
• 25:26
  now
• 25:27
  in
• 25:27
  their
• 25:27
  aisles
• 25:28
  and
• 25:28
  in
• 25:28
  their
• 25:28
  stores
• 25:29
  and
• 25:29
  so
• 25:29
  I
• 25:30
  think
• 25:30
  they're
• 25:30
  doing
• 25:30
  a
• 25:30
  good
• 25:30
  job
• 25:30
  of
• 25:31
  keeping
• 25:31
  that.
• 25:31
  But
• 25:32
  it's
• 25:33
  the
• 25:33
  consistency
• 25:34
  and
• 25:34
  strategy
• 25:34
  that
• 25:35
  I
• 25:35
  wonder
• 25:36
  about
• 25:36
  with
• 25:36
  these
• 25:37
  retailers.
• 25:38
  You
• 25:38
  know,
• 25:38
  Sam's
• 25:39
  Club
• 25:39
  about
• 25:40
  five
• 25:40
  years
• 25:40
  ago
• 25:41
  started
• 25:42
  cutting
• 25:43
  out
• 25:43
  all
• 25:43
  of
• 25:43
  their
• 25:43
  different
• 25:43
  private
• 25:44
  brands
• 25:44
  and
• 25:44
  really
• 25:44
  focusing
• 25:45
  on
• 25:45
  members.
• 25:45
  Mark,
• 25:46
  you've
• 25:46
  got
• 25:46
  Costco
• 25:46
  is
• 25:47
  Kirkland
• 25:47
  Signature,
• 25:48
  you
• 25:49
  know,
• 25:49
  and
• 25:49
  that's
• 25:49
  what
• 25:49
  they
• 25:50
  do
• 25:50
  with
• 25:51
  Walmart.
• 25:52
  I
• 25:52
  think
• 25:52
  they're
• 25:52
  getting
• 25:53
  their
• 25:53
  better
• 25:53
  goods.
• 25:53
  Launch
• 25:54
  was
• 25:54
  super
• 25:54
  interesting.
• 25:55
  And
• 25:56
  Target,
• 25:56
  it
• 25:56
  just
• 25:56
  feels
• 25:57
  like
• 25:57
  there's
• 25:57
  a
• 25:57
  lot
• 25:57
  of
• 25:58
  different
• 25:58
  change.
• 25:58
  I
• 25:59
  don't
• 25:59
  know
• 25:59
  that
• 25:59
  they're
• 25:59
  bringing
• 25:59
  the
• 26:00
  guests
• 26:00
  along
• 26:00
  with
• 26:00
  them
• 26:01
  sometimes.
• 26:02
  Yeah.
• 26:02
  That's
• 26:02
  interesting.
• 26:03
  Wow.
• 26:04
  Well,
• 26:05
  this
• 26:06
  is,
• 26:06
  I,
• 26:07
  this
• 26:07
  is
• 26:07
  so
• 26:08
  fascinating.
• 26:08
  You
• 26:08
  too.
• 26:09
  Thank
• 26:09
  you
• 26:09
  for
• 26:09
  spending
• 26:10
  the
• 26:10
  time
• 26:10
  with
• 26:10
  us.
• 26:11
  One
• 26:11
  thing
• 26:12
  I
• 26:12
  have
• 26:12
  to
• 26:12
  be
• 26:12
  sure
• 26:12
  that
• 26:13
  we
• 26:13
  get
• 26:13
  to,
• 26:14
  which
• 26:14
  is
• 26:14
  my
• 26:14
  favorite
• 26:15
  part
• 26:15
  of
• 26:15
  the
• 26:15
  show
• 26:16
  is
• 26:16
  talking
• 26:17
  about
• 26:17
  the
• 26:18
  real
• 26:19
  winners
• 26:19
  and
• 26:20
  losers.
• 26:21
  Who
• 26:21
  are
• 26:21
  they?
• 26:22
  Who's
• 26:22
  doing
• 26:22
  this
• 26:22
  best
• 26:23
  in
• 26:23
  class?
• 26:23
  We've
• 26:23
  kind
• 26:23
  of
• 26:24
  gone
• 26:24
  through
• 26:24
  a
• 26:24
  few
• 26:24
  case
• 26:24
  studies
• 26:25
  but
• 26:25
  do
• 26:25
  you
• 26:26
  have
• 26:26
  any
• 26:26
  even
• 26:27
  like
• 26:27
  more
• 26:27
  specific
• 26:28
  examples?
• 26:28
  Because
• 26:29
  I
• 26:29
  think
• 26:29
  this
• 26:29
  is
• 26:29
  the
• 26:29
  best
• 26:29
  part
• 26:30
  for
• 26:30
  us,
• 26:31
  the
• 26:31
  audience
• 26:31
  to
• 26:32
  get
• 26:32
  to
• 26:32
  hear
• 26:32
  and
• 26:32
  get
• 26:33
  to
• 26:33
  go
• 26:33
  check
• 26:33
  out.
• 26:35
  Yeah,
• 26:35
  so
• 26:36
  I'll
• 26:36
  jump
• 26:37
  in
• 26:37
  and
• 26:37
  take
• 26:37
  that
• 26:37
  one.
• 26:38
  I
• 26:38
  think.
• 26:38
  Listen,
• 26:38
  when
• 26:39
  I
• 26:39
  start
• 26:39
  thinking
• 26:39
  about
• 26:39
  winners
• 26:40
  and
• 26:40
  losers,
• 26:41
  you
• 26:41
  heard
• 26:41
  me
• 26:41
  say
• 26:41
  a
• 26:41
  couple
• 26:41
  times,
• 26:42
  Costco
• 26:42
  really
• 26:43
  kind
• 26:43
  of
• 26:43
  being
• 26:43
  the
• 26:43
  gold
• 26:43
  standard.
• 26:44
  And
• 26:44
  I
• 26:44
  think
• 26:44
  they
• 26:44
  are
• 26:44
  the
• 26:45
  winner,
• 26:45
  let's
• 26:45
  be
• 26:46
  honest,
• 26:47
  just
• 26:47
  based
• 26:47
  on
• 26:47
  overall,
• 26:48
  overall
• 26:49
  quality
• 26:49
  and
• 26:49
  value.
• 26:50
  I
• 26:50
  mean,
• 26:50
  you
• 26:50
  heard
• 26:50
  me
• 26:50
  say
• 26:50
  it,
• 26:51
  Chris,
• 26:51
  golf
• 26:52
  ball's
• 26:52
  a
• 26:52
  chicken.
• 26:52
  Right.
• 26:53
  If
• 26:53
  it
• 26:53
  translates
• 26:53
  across
• 26:54
  that
• 26:54
  they've
• 26:54
  got
• 26:54
  a,
• 26:54
  they've
• 26:55
  got
• 26:55
  a
• 26:55
  cult
• 26:55
  following.
• 26:55
  Let's
• 26:56
  be
• 26:56
  honest,
• 26:56
  the
• 26:57
  value
• 26:57
  proposition
• 26:58
  strong
• 26:58
  there
• 26:58
  right
• 26:59
  in
• 26:59
  the,
• 26:59
  in
• 26:59
  some
• 26:59
  of
• 26:59
  the
• 27:00
  recent
• 27:00
  changes
• 27:00
  in
• 27:00
  price
• 27:01
  points.
• 27:01
  They're
• 27:01
  just
• 27:01
  doing
• 27:01
  a
• 27:01
  lot
• 27:02
  of
• 27:02
  things
• 27:02
  right.
• 27:02
  One
• 27:03
  of
• 27:03
  the
• 27:03
  things
• 27:03
  that
• 27:03
  I
• 27:03
  thought
• 27:03
  was
• 27:04
  pretty
• 27:04
  cool,
• 27:04
  I
• 27:04
  don't.
• 27:05
  And
• 27:05
  a
• 27:05
  lot
• 27:05
  of
• 27:05
  your
• 27:05
  listeners
• 27:05
  may
• 27:06
  not
• 27:06
  know
• 27:06
  this,
• 27:06
  or
• 27:06
  they
• 27:06
  may,
• 27:06
  I
• 27:07
  don't
• 27:07
  know.
• 27:07
  But,
• 27:07
  you
• 27:07
  know,
• 27:08
  Kirkland
• 27:08
  Signature
• 27:08
  makes
• 27:09
  up
• 27:09
  about
• 27:09
  23%
• 27:10
  of
• 27:10
  all
• 27:10
  Costco
• 27:11
  sales,
• 27:11
  which
• 27:11
  is
• 27:11
  astonishing
• 27:12
  if
• 27:12
  you
• 27:12
  really
• 27:12
  think
• 27:12
  about
• 27:13
  it.
• 27:13
  So.
• 27:14
  And
• 27:14
  that
• 27:15
  what
• 27:15
  they
• 27:15
  also
• 27:15
  may
• 27:15
  not
• 27:16
  know,
• 27:16
  that
• 27:16
  Kirkland
• 27:17
  Signatures
• 27:17
  is
• 27:17
  a
• 27:18
  standalone
• 27:18
  brand,
• 27:19
  is
• 27:19
  larger
• 27:19
  than
• 27:19
  Nike
• 27:20
  and
• 27:20
  Coca
• 27:20
  Cola,
• 27:21
  which
• 27:22
  I
• 27:22
  didn't
• 27:23
  know
• 27:23
  that
• 27:23
  for
• 27:23
  the
• 27:23
  longest
• 27:24
  time.
• 27:24
  I
• 27:25
  mean,
• 27:25
  I
• 27:25
  never
• 27:25
  thought
• 27:25
  about
• 27:25
  that.
• 27:26
  Yeah,
• 27:27
  it
• 27:27
  is
• 27:27
  a
• 27:27
  massive,
• 27:28
  massive
• 27:29
  brand.
• 27:29
  So,
• 27:30
  you
• 27:30
  know,
• 27:30
  for
• 27:30
  reference,
• 27:31
  that's
• 27:31
  about
• 27:31
  twice
• 27:31
  the
• 27:32
  size
• 27:32
  of
• 27:32
  Walmart's
• 27:32
  great
• 27:33
  value
• 27:33
  brand.
• 27:33
  So
• 27:34
  which
• 27:34
  we
• 27:34
  all
• 27:34
  know
• 27:34
  does
• 27:35
  incredibly
• 27:35
  well.
• 27:35
  It
• 27:35
  ranks
• 27:36
  number
• 27:36
  one
• 27:36
  household
• 27:37
  penetration.
• 27:38
  So
• 27:38
  it's
• 27:39
  a
• 27:39
  big
• 27:39
  number.
• 27:39
  So
• 27:40
  to
• 27:40
  say
• 27:40
  they're
• 27:41
  really
• 27:41
  not
• 27:41
  winning
• 27:42
  would
• 27:42
  be,
• 27:42
  would
• 27:42
  be
• 27:42
  a
• 27:42
  struggle
• 27:43
  for
• 27:43
  me
• 27:43
  to
• 27:44
  put
• 27:44
  out
• 27:44
  there.
• 27:44
  But
• 27:45
  I
• 27:45
  have
• 27:45
  to
• 27:45
  say,
• 27:46
  listen,
• 27:46
  I'd
• 27:46
  be
• 27:46
  remiss
• 27:46
  to
• 27:47
  say
• 27:47
  if
• 27:47
  Walmart
• 27:47
  wasn't
• 27:47
  a
• 27:48
  really
• 27:48
  second
• 27:48
  close
• 27:49
  in
• 27:49
  terms
• 27:49
  of
• 27:50
  their
• 27:50
  focus
• 27:50
  again
• 27:51
  on
• 27:51
  driving
• 27:51
  down
• 27:51
  retails
• 27:52
  and
• 27:52
  inflationary
• 27:52
  environment,
• 27:53
  I
• 27:53
  think
• 27:53
  they're
• 27:53
  doing
• 27:53
  the
• 27:54
  right
• 27:54
  things
• 27:54
  there.
• 27:55
  Also
• 27:55
  in
• 27:56
  terms
• 27:56
  of
• 27:56
  household
• 27:56
  penetration,
• 27:57
  Walmart
• 27:58
  owns
• 27:58
  the
• 27:58
  top
• 27:58
  five
• 27:59
  spots
• 27:59
  for
• 27:59
  private
• 28:00
  brands.
• 28:00
  So
• 28:00
  they're
• 28:01
  clearly
• 28:01
  doing
• 28:01
  something
• 28:01
  right
• 28:02
  with
• 28:02
  their
• 28:02
  offerings
• 28:02
  and
• 28:02
  putting
• 28:03
  the
• 28:03
  right
• 28:03
  products
• 28:03
  out
• 28:03
  there
• 28:04
  and
• 28:04
  consumers
• 28:04
  are
• 28:04
  gravitating
• 28:05
  towards
• 28:05
  that
• 28:05
  offering.
• 28:06
  So,
• 28:06
  you
• 28:07
  know,
• 28:07
  they're
• 28:07
  again,
• 28:08
  they're
• 28:08
  looking
• 28:08
  to
• 28:08
  expand
• 28:09
  that
• 28:09
  footprint.
• 28:10
  They've
• 28:10
  done
• 28:10
  it
• 28:10
  with
• 28:10
  better
• 28:11
  goods.
• 28:11
  They're
• 28:11
  winning
• 28:11
  with
• 28:12
  the
• 28:12
  household,
• 28:12
  the
• 28:12
  affluent
• 28:13
  households.
• 28:14
  Households
• 28:14
  over
• 28:14
  100,000
• 28:15
  a
• 28:15
  year.
• 28:16
  I
• 28:16
  think
• 28:16
  they're
• 28:16
  already,
• 28:17
  a
• 28:17
  lot
• 28:17
  of
• 28:17
  those
• 28:17
  shoppers
• 28:17
  are
• 28:18
  probably
• 28:18
  already
• 28:18
  in
• 28:19
  there,
• 28:19
  but
• 28:19
  they're
• 28:19
  really
• 28:20
  converting
• 28:20
  them
• 28:20
  now,
• 28:21
  which
• 28:21
  is
• 28:21
  a
• 28:21
  lot
• 28:21
  different
• 28:22
  than
• 28:22
  where
• 28:22
  they
• 28:22
  used
• 28:22
  to
• 28:22
  be.
• 28:22
  Some
• 28:23
  of
• 28:23
  those
• 28:23
  people
• 28:23
  might,
• 28:24
  might
• 28:24
  go
• 28:24
  there
• 28:24
  for
• 28:24
  essentials,
• 28:25
  but
• 28:25
  they're
• 28:26
  trading
• 28:26
  up
• 28:26
  to
• 28:26
  some
• 28:26
  other,
• 28:27
  you
• 28:27
  know,
• 28:27
  more
• 28:28
  premium,
• 28:28
  the
• 28:29
  sprouts
• 28:29
  of
• 28:29
  the
• 28:29
  world
• 28:30
  or
• 28:30
  the
• 28:30
  fresh
• 28:30
  markets
• 28:31
  of
• 28:31
  the
• 28:31
  world
• 28:31
  or
• 28:31
  something
• 28:32
  like
• 28:32
  that
• 28:32
  for
• 28:32
  some
• 28:32
  of
• 28:32
  their
• 28:32
  more
• 28:33
  fresh
• 28:33
  or
• 28:33
  premium
• 28:34
  offerings.
• 28:34
  But
• 28:35
  I
• 28:35
  think
• 28:35
  the
• 28:35
  better
• 28:35
  goods
• 28:36
  is
• 28:36
  addressing
• 28:36
  a
• 28:36
  lot
• 28:36
  of
• 28:36
  some
• 28:37
  of
• 28:37
  the
• 28:37
  needs
• 28:37
  that
• 28:38
  those
• 28:38
  affluent
• 28:38
  households
• 28:39
  are
• 28:39
  looking
• 28:39
  for
• 28:39
  in
• 28:39
  their
• 28:39
  aisles.
• 28:40
  And
• 28:41
  they're
• 28:41
  doing
• 28:41
  that.
• 28:42
  And
• 28:42
  I'll
• 28:42
  tell
• 28:42
  you,
• 28:42
  Walmart
• 28:42
  has
• 28:42
  a
• 28:43
  commitment
• 28:43
  to
• 28:43
  stick
• 28:43
  with
• 28:43
  that.
• 28:43
  They
• 28:44
  put
• 28:44
  a
• 28:44
  lot
• 28:44
  of
• 28:44
  energy
• 28:44
  into
• 28:45
  that.
• 28:45
  That
• 28:45
  brand's
• 28:46
  not
• 28:46
  going
• 28:46
  anywhere.
• 28:47
  They
• 28:47
  may
• 28:47
  tweak
• 28:47
  some
• 28:48
  products
• 28:48
  along
• 28:48
  the
• 28:48
  way
• 28:49
  in
• 28:49
  certain
• 28:49
  categories
• 28:50
  where
• 28:51
  it
• 28:51
  may
• 28:51
  not
• 28:51
  be
• 28:51
  resonating
• 28:52
  as
• 28:52
  much
• 28:52
  as
• 28:52
  others.
• 28:53
  They're
• 28:53
  really
• 28:53
  winning
• 28:53
  in
• 28:54
  some
• 28:54
  categories.
• 28:54
  I
• 28:54
  think
• 28:55
  they
• 28:55
  may
• 28:55
  have
• 28:55
  gone
• 28:55
  a
• 28:56
  little
• 28:56
  too
• 28:56
  niche
• 28:57
  in
• 28:57
  some
• 28:57
  of
• 28:57
  the
• 28:57
  other
• 28:57
  categories,
• 28:58
  but
• 28:58
  they'll
• 28:58
  tweak,
• 28:59
  but
• 28:59
  I'll
• 28:59
  Tell
• 28:59
  you,
• 28:59
  better
• 29:00
  goods
• 29:00
  is
• 29:00
  here
• 29:00
  to
• 29:00
  stay
• 29:00
  and
• 29:00
  it's
• 29:01
  doing
• 29:01
  pretty
• 29:01
  darn
• 29:01
  well
• 29:02
  for
• 29:02
  them.
• 29:02
  So
• 29:03
  again,
• 29:04
  they're,
• 29:04
  they're
• 29:04
  balancing
• 29:05
  affordability
• 29:05
  with
• 29:05
  premium
• 29:06
  offerings
• 29:06
  to
• 29:07
  really
• 29:07
  compete
• 29:07
  across
• 29:08
  the
• 29:08
  entire
• 29:08
  landscape.
• 29:09
  So
• 29:09
  I
• 29:09
  think
• 29:09
  they're
• 29:09
  doing
• 29:09
  it
• 29:10
  right.
• 29:11
  Okay,
• 29:12
  who
• 29:12
  needs
• 29:12
  to
• 29:12
  improve?
• 29:13
  Who's.
• 29:13
  Who's
• 29:14
  your,
• 29:14
  who's
• 29:14
  your
• 29:15
  loser
• 29:16
  for
• 29:16
  room
• 29:17
  for
• 29:17
  improvement.
• 29:18
  I
• 29:19
  hate
• 29:19
  the
• 29:19
  word
• 29:20
  loser,
• 29:20
  but
• 29:20
  listen,
• 29:21
  I
• 29:22
  figured
• 29:22
  this,
• 29:22
  this
• 29:23
  question
• 29:23
  was
• 29:23
  coming.
• 29:24
  So
• 29:24
  let's
• 29:25
  be
• 29:25
  honest
• 29:25
  here.
• 29:25
  Within
• 29:26
  our
• 29:26
  portfolio
• 29:26
  of
• 29:26
  retailers
• 29:27
  that
• 29:27
  we
• 29:27
  service,
• 29:28
  look,
• 29:28
  I
• 29:28
  think
• 29:28
  Target
• 29:29
  just
• 29:29
  seems
• 29:29
  to
• 29:29
  be
• 29:29
  struggling
• 29:30
  the
• 29:30
  most.
• 29:30
  And
• 29:31
  to
• 29:31
  be
• 29:31
  fair,
• 29:32
  I
• 29:32
  almost
• 29:33
  feel
• 29:33
  like
• 29:33
  it
• 29:33
  can
• 29:33
  be
• 29:33
  categorized
• 29:34
  as
• 29:34
  collateral
• 29:34
  damage
• 29:35
  a
• 29:35
  little
• 29:35
  bit
• 29:35
  when
• 29:35
  you
• 29:36
  look
• 29:36
  at
• 29:36
  grocery
• 29:36
  and
• 29:37
  kind
• 29:37
  of
• 29:37
  what
• 29:37
  they're
• 29:37
  doing
• 29:38
  over
• 29:38
  there.
• 29:38
  Listen,
• 29:39
  they
• 29:39
  have
• 29:39
  some
• 29:39
  of
• 29:39
  the
• 29:40
  best,
• 29:41
  well
• 29:41
  developed
• 29:42
  private
• 29:42
  label
• 29:42
  products
• 29:42
  in
• 29:43
  retail.
• 29:43
  Like,
• 29:43
  I
• 29:43
  think
• 29:43
  they're
• 29:44
  doing
• 29:44
  a
• 29:44
  really,
• 29:44
  really
• 29:45
  good
• 29:45
  job
• 29:45
  with
• 29:45
  innovation
• 29:46
  ingredient
• 29:46
  panels,
• 29:47
  you
• 29:47
  know,
• 29:47
  unique
• 29:48
  to
• 29:48
  target.
• 29:48
  SKUs
• 29:49
  that
• 29:49
  look
• 29:50
  great,
• 29:50
  they
• 29:50
  taste
• 29:50
  great,
• 29:51
  they
• 29:51
  sell
• 29:51
  great.
• 29:52
  But
• 29:52
  when
• 29:52
  you
• 29:53
  just
• 29:53
  look
• 29:53
  at
• 29:53
  the
• 29:53
  rest
• 29:53
  of
• 29:53
  the
• 29:54
  pad,
• 29:54
  I
• 29:55
  think
• 29:55
  they're
• 29:56
  struggling
• 29:56
  in
• 29:56
  terms
• 29:57
  of,
• 29:57
  you
• 29:57
  know,
• 29:58
  quality
• 29:58
  versus
• 29:59
  profit.
• 29:59
  They're
• 30:00
  trying
• 30:00
  to
• 30:00
  grab
• 30:00
  some
• 30:00
  dollars
• 30:01
  out
• 30:01
  there,
• 30:01
  and
• 30:02
  I
• 30:02
  think
• 30:02
  it's
• 30:02
  coming
• 30:03
  at
• 30:03
  the
• 30:03
  expense
• 30:03
  of
• 30:03
  quality,
• 30:04
  quality
• 30:04
  that
• 30:05
  Target's
• 30:05
  been
• 30:05
  known
• 30:05
  for
• 30:06
  in
• 30:06
  the
• 30:06
  general
• 30:06
  merchandise
• 30:07
  space.
• 30:07
  So
• 30:08
  I
• 30:08
  think
• 30:08
  that
• 30:08
  is
• 30:08
  the,
• 30:09
  that
• 30:09
  is
• 30:09
  the
• 30:10
  struggle
• 30:10
  that
• 30:10
  we
• 30:10
  have
• 30:10
  that
• 30:11
  they're
• 30:11
  going
• 30:11
  to
• 30:11
  have
• 30:11
  to
• 30:11
  overcome
• 30:12
  here,
• 30:12
  you
• 30:12
  know,
• 30:13
  in
• 30:13
  address
• 30:13
  relatively
• 30:14
  soon.
• 30:15
  Yeah,
• 30:15
  without
• 30:16
  a
• 30:16
  doubt.
• 30:16
  Okay,
• 30:17
  Bethany,
• 30:18
  I'm
• 30:18
  going
• 30:18
  to
• 30:18
  you
• 30:18
  next.
• 30:19
  Who's
• 30:19
  your
• 30:19
  winner?
• 30:20
  And
• 30:20
  so
• 30:21
  that
• 30:21
  we
• 30:21
  don't
• 30:21
  say
• 30:21
  loser.
• 30:22
  Room
• 30:22
  for
• 30:22
  improvement.
• 30:23
  This
• 30:23
  is
• 30:23
  very
• 30:24
  opportunities.
• 30:25
  Everyone
• 30:26
  would
• 30:26
  say
• 30:27
  everyone
• 30:27
  gets
• 30:28
  a
• 30:28
  trophy.
• 30:28
  Podcast
• 30:30
  here
• 30:31
  in
• 30:31
  Bentonville.
• 30:32
  Yeah,
• 30:32
  I'm
• 30:32
  already
• 30:32
  surprised
• 30:33
  at
• 30:33
  the
• 30:33
  candidates
• 30:33
  we're
• 30:34
  getting.
• 30:34
  This
• 30:34
  is
• 30:34
  great.
• 30:35
  Yeah,
• 30:36
  I'm
• 30:36
  going
• 30:36
  to
• 30:36
  hide
• 30:36
  behind
• 30:37
  Brandon
• 30:37
  a
• 30:37
  little
• 30:37
  bit.
• 30:37
  On
• 30:37
  mine.
• 30:39
  I
• 30:40
  would
• 30:40
  agree
• 30:40
  on
• 30:41
  the
• 30:41
  Kirkland
• 30:41
  signature.
• 30:42
  I
• 30:42
  mean,
• 30:42
  I
• 30:42
  think
• 30:42
  that
• 30:43
  I
• 30:44
  always
• 30:44
  think
• 30:44
  back
• 30:44
  to.
• 30:45
  I'm
• 30:45
  going
• 30:45
  to
• 30:45
  make
• 30:45
  a
• 30:45
  football
• 30:46
  analogy,
• 30:46
  but
• 30:46
  like,
• 30:46
  how
• 30:47
  important
• 30:47
  is
• 30:47
  an
• 30:48
  elite
• 30:48
  running
• 30:48
  back
• 30:48
  in
• 30:48
  the
• 30:49
  NFL,
• 30:49
  right?
• 30:50
  Like,
• 30:50
  how
• 30:50
  important
• 30:51
  is
• 30:51
  it
• 30:51
  to
• 30:51
  have
• 30:51
  individual
• 30:52
  SKUs
• 30:52
  that
• 30:53
  just
• 30:53
  absolutely
• 30:54
  perform
• 30:54
  and
• 30:54
  deliver?
• 30:55
  They
• 30:56
  do
• 30:56
  that
• 30:56
  every
• 30:56
  single
• 30:57
  time.
• 30:57
  If
• 30:57
  they
• 30:57
  put
• 30:57
  an
• 30:58
  item
• 30:58
  out
• 30:58
  there,
• 30:58
  it's
• 30:59
  going
• 30:59
  to
• 30:59
  do
• 30:59
  more
• 30:59
  than
• 30:59
  15
• 31:00
  million.
• 31:00
  Like,
• 31:00
  they
• 31:01
  just
• 31:01
  know
• 31:02
  what
• 31:02
  their
• 31:02
  members
• 31:03
  want
• 31:04
  and
• 31:04
  they're
• 31:05
  going
• 31:05
  to
• 31:05
  deliver
• 31:05
  that.
• 31:05
  So
• 31:06
  I
• 31:06
  like
• 31:06
  the
• 31:06
  consistency
• 31:07
  in
• 31:07
  the
• 31:07
  strategy,
• 31:08
  too.
• 31:08
  They've
• 31:08
  had
• 31:08
  the
• 31:08
  same
• 31:08
  strategy
• 31:09
  for,
• 31:09
  you
• 31:09
  know,
• 31:09
  over
• 31:10
  20
• 31:10
  years
• 31:10
  and
• 31:10
  that's
• 31:11
  impressive.
• 31:12
  They
• 31:12
  have
• 31:12
  the
• 31:12
  institutional
• 31:13
  knowledge
• 31:13
  to
• 31:13
  back
• 31:13
  that
• 31:14
  up.
• 31:14
  So
• 31:14
  I
• 31:14
  love
• 31:15
  that.
• 31:15
  From
• 31:15
  a
• 31:15
  sleeper
• 31:16
  perspective,
• 31:17
  I
• 31:17
  think
• 31:17
  Sam's
• 31:18
  club
• 31:18
  is
• 31:18
  getting
• 31:18
  over
• 31:18
  the
• 31:19
  fact
• 31:19
  that
• 31:19
  for
• 31:19
  decades
• 31:20
  they
• 31:20
  had
• 31:20
  no
• 31:20
  Standard
• 31:21
  for
• 31:21
  what
• 31:21
  members
• 31:21
  Mark
• 31:22
  meant.
• 31:22
  Right.
• 31:22
  They're
• 31:22
  getting
• 31:23
  over
• 31:23
  that.
• 31:23
  They're
• 31:23
  bringing
• 31:24
  all
• 31:24
  together.
• 31:25
  It's
• 31:25
  going
• 31:25
  to
• 31:25
  take
• 31:26
  them
• 31:26
  I
• 31:26
  think
• 31:26
  five
• 31:26
  to
• 31:26
  ten
• 31:27
  years
• 31:27
  to
• 31:27
  really,
• 31:28
  you
• 31:28
  know,
• 31:28
  get
• 31:28
  over
• 31:29
  that.
• 31:29
  But
• 31:29
  they're
• 31:29
  doing
• 31:31
  social
• 31:31
  media
• 31:32
  and
• 31:32
  marketing
• 31:32
  on
• 31:32
  members,
• 31:33
  Mark,
• 31:33
  in
• 31:33
  a
• 31:33
  way
• 31:34
  that's
• 31:34
  much
• 31:34
  better
• 31:34
  than
• 31:35
  anyone
• 31:35
  else's.
• 31:36
  And
• 31:36
  so,
• 31:37
  you
• 31:37
  know,
• 31:37
  you
• 31:37
  see
• 31:37
  it
• 31:38
  in
• 31:38
  so
• 31:38
  many
• 31:38
  social
• 31:40
  ads
• 31:40
  and
• 31:41
  my
• 31:41
  reels
• 31:41
  of
• 31:42
  recipes.
• 31:42
  And
• 31:43
  so
• 31:43
  I
• 31:44
  think
• 31:44
  that
• 31:44
  they're
• 31:44
  doing
• 31:44
  a
• 31:44
  really
• 31:45
  good
• 31:45
  job
• 31:45
  there
• 31:46
  so
• 31:46
  far.
• 31:46
  I
• 31:46
  would
• 31:46
  guess
• 31:46
  maybe
• 31:47
  I
• 31:47
  would
• 31:47
  call
• 31:47
  it
• 31:47
  a
• 31:47
  sleeper
• 31:48
  in
• 31:49
  members
• 31:49
  Mark
• 31:50
  and
• 31:50
  what
• 31:50
  Sam's
• 31:50
  club
• 31:51
  is
• 31:51
  doing
• 31:51
  there.
• 31:53
  I
• 31:53
  like,
• 31:54
  I
• 31:54
  like
• 31:54
  what
• 31:54
  Walmart
• 31:55
  is
• 31:55
  intending
• 31:55
  with
• 31:55
  better
• 31:56
  goods.
• 31:56
  I
• 31:56
  think
• 31:56
  the
• 31:56
  longevity
• 31:57
  of
• 31:58
  the
• 31:58
  execution
• 31:59
  and
• 31:59
  strategy
• 31:59
  is
• 31:59
  what's
• 32:00
  going
• 32:00
  to
• 32:00
  matter.
• 32:01
  Feels
• 32:01
  like
• 32:01
  they
• 32:01
  went
• 32:01
  like
• 32:02
  one
• 32:02
  or
• 32:02
  two
• 32:03
  steps
• 32:03
  too
• 32:03
  far
• 32:04
  with
• 32:04
  some
• 32:04
  of
• 32:04
  the
• 32:04
  items
• 32:05
  and
• 32:05
  flavor
• 32:05
  profiles.
• 32:06
  Like
• 32:06
  I
• 32:06
  don't
• 32:06
  know
• 32:06
  if
• 32:06
  figs
• 32:07
  in
• 32:07
  a
• 32:07
  blanket
• 32:07
  is
• 32:08
  needed
• 32:08
  at,
• 32:09
  at
• 32:09
  Walmart.
• 32:09
  It's
• 32:10
  delicious.
• 32:10
  But
• 32:11
  so
• 32:12
  I
• 32:12
  think
• 32:12
  that
• 32:12
  there
• 32:12
  might
• 32:12
  be
• 32:12
  a
• 32:12
  couple,
• 32:13
  you
• 32:13
  know,
• 32:13
  pivots
• 32:14
  and,
• 32:14
  and
• 32:14
  steps
• 32:15
  there.
• 32:15
  But
• 32:15
  there
• 32:16
  are
• 32:16
  some
• 32:16
  items
• 32:16
  that
• 32:16
  they
• 32:17
  chose
• 32:17
  that
• 32:18
  were
• 32:18
  phenomenal
• 32:19
  from
• 32:19
  a
• 32:19
  data
• 32:20
  perspective.
• 32:20
  Like
• 32:20
  from
• 32:21
  an
• 32:21
  insights
• 32:21
  and
• 32:21
  data
• 32:22
  perspective.
• 32:22
  Someone
• 32:22
  was
• 32:23
  in
• 32:23
  deep
• 32:23
  and
• 32:23
  they
• 32:24
  made
• 32:24
  some
• 32:24
  great
• 32:24
  decisions.
• 32:25
  So
• 32:25
  I
• 32:26
  think
• 32:26
  that
• 32:27
  they're
• 32:27
  getting
• 32:27
  that
• 32:28
  consumer
• 32:28
  in
• 32:29
  the
• 32:29
  building
• 32:29
  and
• 32:30
  they're
• 32:30
  going
• 32:30
  to
• 32:30
  keep
• 32:30
  them
• 32:31
  with,
• 32:31
  with
• 32:32
  what
• 32:32
  they're
• 32:32
  doing
• 32:32
  with
• 32:32
  better
• 32:32
  goods.
• 32:33
  So
• 32:33
  I
• 32:33
  think
• 32:33
  that's
• 32:34
  great.
• 32:34
  Target
• 32:35
  is
• 32:35
  doing
• 32:36
  some
• 32:36
  really
• 32:37
  cool
• 32:37
  things
• 32:37
  in
• 32:37
  seasonal.
• 32:38
  Like
• 32:38
  they
• 32:38
  deserve
• 32:39
  some
• 32:39
  kudos
• 32:39
  for
• 32:39
  going
• 32:40
  up.
• 32:40
  I
• 32:40
  don't
• 32:40
  know
• 32:40
  that
• 32:40
  you
• 32:40
  can
• 32:41
  necessarily
• 32:41
  call
• 32:41
  Target
• 32:42
  David
• 32:42
  versus
• 32:42
  Goliath
• 32:43
  but
• 32:43
  what
• 32:43
  they're
• 32:44
  doing
• 32:44
  is
• 32:44
  seasonal
• 32:44
  with
• 32:45
  candy
• 32:45
  is
• 32:46
  really
• 32:47
  cool.
• 32:47
  They're
• 32:47
  going
• 32:47
  into
• 32:48
  what
• 32:48
  like
• 32:48
  year
• 32:49
  34
• 32:50
  of
• 32:50
  this
• 32:50
  strategy
• 32:51
  of,
• 32:51
  of
• 32:52
  having
• 32:52
  my
• 32:52
  favorite
• 32:52
  day
• 32:52
  be
• 32:53
  a
• 32:53
  staple
• 32:53
  in
• 32:54
  seasonal.
• 32:54
  They're
• 32:54
  doing
• 32:55
  fun
• 32:55
  things
• 32:56
  and
• 32:57
  you
• 32:57
  know,
• 32:57
  I'm
• 32:57
  going
• 32:57
  To
• 32:57
  quote
• 32:57
  my
• 32:58
  8
• 32:58
  year
• 32:58
  old,
• 32:58
  she
• 32:58
  told
• 32:58
  me
• 32:59
  the
• 32:59
  other
• 32:59
  day,
• 32:59
  can
• 32:59
  I
• 33:00
  do
• 33:00
  what
• 33:00
  you
• 33:00
  do?
• 33:00
  But
• 33:00
  I
• 33:00
  want
• 33:01
  to
• 33:01
  do
• 33:01
  it
• 33:01
  at
• 33:01
  Target.
• 33:01
  So
• 33:01
  I
• 33:02
  actually
• 33:02
  like
• 33:02
  what
• 33:02
  I
• 33:02
  sell.
• 33:03
  So
• 33:04
  you
• 33:04
  know,
• 33:05
  they
• 33:05
  still
• 33:06
  got
• 33:06
  that
• 33:06
  consumer
• 33:06
  there.
• 33:07
  They're
• 33:07
  coming
• 33:07
  with
• 33:07
  fun
• 33:08
  trendy
• 33:08
  things
• 33:09
  and
• 33:09
  I
• 33:09
  like
• 33:10
  that.
• 33:10
  I
• 33:10
  do
• 33:10
  think
• 33:11
  to
• 33:11
  Brandon's
• 33:11
  point
• 33:11
  there's
• 33:12
  some
• 33:12
  strategy
• 33:13
  alignments
• 33:13
  and
• 33:13
  some
• 33:14
  things
• 33:14
  with
• 33:14
  Omni
• 33:14
  that
• 33:14
  they
• 33:15
  need
• 33:15
  to
• 33:15
  focus
• 33:15
  on
• 33:16
  to
• 33:16
  bring
• 33:16
  that
• 33:17
  home.
• 33:19
  But
• 33:19
  yeah,
• 33:19
  that's.
• 33:20
  And
• 33:20
  I
• 33:21
  wouldn't
• 33:21
  say
• 33:21
  that
• 33:21
  there's
• 33:22
  necessarily
• 33:22
  like
• 33:23
  big
• 33:23
  losers.
• 33:23
  I
• 33:24
  think
• 33:24
  there's
• 33:24
  some
• 33:24
  strategies
• 33:25
  within
• 33:25
  Target
• 33:26
  that
• 33:26
  they've
• 33:26
  got
• 33:26
  to
• 33:26
  align
• 33:27
  on.
• 33:27
  They
• 33:27
  talked
• 33:27
  about
• 33:28
  the
• 33:28
  great
• 33:28
  performance
• 33:28
  of
• 33:29
  beauty,
• 33:29
  which
• 33:29
  is
• 33:30
  the
• 33:30
  one
• 33:30
  category
• 33:31
  that
• 33:31
  they
• 33:31
  don't
• 33:32
  over
• 33:32
  index
• 33:32
  in
• 33:33
  brand
• 33:33
  on.
• 33:34
  Right.
• 33:34
  So
• 33:35
  the
• 33:35
  dichotomy
• 33:36
  of
• 33:36
  that
• 33:36
  was
• 33:36
  super
• 33:37
  interesting
• 33:37
  to
• 33:37
  me.
• 33:39
  So
• 33:39
  I
• 33:40
  think
• 33:40
  that
• 33:40
  there's
• 33:40
  some
• 33:40
  things
• 33:41
  that
• 33:41
  they
• 33:41
  can
• 33:41
  do
• 33:41
  there.
• 33:42
  And
• 33:42
  I'll
• 33:42
  be
• 33:42
  interested
• 33:43
  to
• 33:43
  see
• 33:43
  how
• 33:44
  Walmart
• 33:44
  pivots
• 33:44
  as
• 33:45
  the
• 33:45
  next
• 33:45
  year
• 33:45
  or
• 33:46
  two
• 33:46
  goes
• 33:46
  on
• 33:46
  with
• 33:47
  better
• 33:47
  goods
• 33:48
  to
• 33:49
  really
• 33:49
  cement
• 33:49
  how
• 33:49
  I
• 33:49
  feel
• 33:50
  about
• 33:50
  that.
• 33:50
  But
• 33:50
  I
• 33:50
  think
• 33:51
  from
• 33:51
  a
• 33:51
  strategy
• 33:52
  perspective,
• 33:53
  I
• 33:53
  like
• 33:53
  where
• 33:53
  they're
• 33:53
  going
• 33:53
  with
• 33:54
  it.
• 33:55
  Wow.
• 33:55
  It's
• 33:55
  really.
• 33:55
  Yeah,
• 33:56
  there's
• 33:56
  a
• 33:56
  couple
• 33:56
  of
• 33:56
  takeaways
• 33:56
  from
• 33:57
  what
• 33:57
  you
• 33:57
  just
• 33:57
  said.
• 33:57
  I
• 33:57
  mean,
• 33:57
  one,
• 33:57
  you
• 33:58
  know,
• 33:58
  you
• 33:58
  know,
• 33:58
  Target's
• 33:58
  kind
• 33:58
  of
• 33:59
  falling
• 33:59
  off
• 33:59
  the
• 33:59
  private
• 33:59
  label
• 34:00
  pedestal
• 34:00
  in
• 34:00
  a
• 34:00
  lot
• 34:00
  of
• 34:00
  ways.
• 34:01
  I
• 34:01
  think
• 34:01
  that's
• 34:01
  the
• 34:01
  big
• 34:01
  takeaway
• 34:01
  I've
• 34:02
  got
• 34:02
  so
• 34:02
  far.
• 34:02
  And
• 34:02
  then,
• 34:03
  and
• 34:03
  then
• 34:03
  the
• 34:03
  Sam's
• 34:03
  Club
• 34:03
  call,
• 34:04
  it's
• 34:04
  really
• 34:04
  good,
• 34:04
  too.
• 34:04
  I
• 34:04
  mean,
• 34:05
  we
• 34:05
  interviewed,
• 34:05
  and
• 34:06
  remember
• 34:06
  we
• 34:06
  interviewed
• 34:06
  Chris
• 34:06
  Nicholas
• 34:07
  at
• 34:07
  grocery
• 34:08
  shop,
• 34:08
  and
• 34:08
  he
• 34:09
  was
• 34:09
  very
• 34:10
  much
• 34:10
  overtly
• 34:11
  talking
• 34:11
  about
• 34:12
  their
• 34:12
  private
• 34:12
  label
• 34:13
  program.
• 34:14
  So
• 34:14
  it's
• 34:14
  good
• 34:14
  to
• 34:14
  hear
• 34:15
  that
• 34:15
  resonate
• 34:15
  that
• 34:15
  you
• 34:15
  think
• 34:16
  that's
• 34:16
  resonating
• 34:16
  with
• 34:16
  consumers,
• 34:17
  because
• 34:17
  it
• 34:17
  sure
• 34:17
  looks
• 34:17
  like
• 34:17
  it
• 34:17
  from
• 34:18
  the
• 34:18
  financials,
• 34:18
  too,
• 34:18
  that
• 34:18
  Sam's
• 34:19
  Club
• 34:19
  has
• 34:19
  been
• 34:19
  putting
• 34:19
  out
• 34:19
  there.
• 34:20
  All
• 34:21
  right,
• 34:21
  Bethany,
• 34:21
  let's
• 34:21
  close
• 34:22
  out
• 34:22
  things
• 34:22
  with
• 34:22
  this
• 34:23
  last
• 34:23
  question.
• 34:23
  So
• 34:24
  you
• 34:25
  had
• 34:25
  a
• 34:25
  quote
• 34:26
  as
• 34:26
  we
• 34:26
  were
• 34:26
  preparing
• 34:27
  for
• 34:27
  this
• 34:28
  podcast
• 34:28
  that
• 34:29
  Ann
• 34:29
  and
• 34:29
  I
• 34:29
  just
• 34:29
  absolutely
• 34:30
  loved.
• 34:30
  You
• 34:31
  said
• 34:31
  you
• 34:31
  have
• 34:31
  to
• 34:32
  delicately,
• 34:32
  I
• 34:32
  like
• 34:33
  the
• 34:33
  word
• 34:33
  delicately,
• 34:34
  explain
• 34:34
  to
• 34:34
  clients
• 34:35
  all
• 34:35
  the
• 34:35
  time,
• 34:36
  quote,
• 34:36
  it's
• 34:37
  not
• 34:37
  your
• 34:37
  fault,
• 34:38
  but
• 34:38
  it's
• 34:38
  your
• 34:38
  problem.
• 34:39
  So
• 34:40
  what
• 34:40
  exactly
• 34:40
  did
• 34:40
  you
• 34:40
  mean
• 34:41
  by
• 34:41
  that?
• 34:41
  And
• 34:41
  what
• 34:42
  advice
• 34:42
  would
• 34:42
  you
• 34:42
  leave
• 34:42
  to
• 34:43
  retailers
• 34:43
  listening
• 34:44
  on
• 34:44
  taking
• 34:44
  the
• 34:45
  first
• 34:45
  steps
• 34:45
  to
• 34:46
  solving
• 34:46
  their
• 34:46
  private
• 34:47
  label
• 34:47
  problems
• 34:47
  or,
• 34:48
  you
• 34:48
  know,
• 34:48
  maybe
• 34:48
  capitalizing
• 34:49
  on
• 34:49
  their
• 34:49
  private
• 34:49
  label,
• 34:50
  too?
• 34:51
  Yeah,
• 34:51
  I
• 34:51
  would
• 34:52
  say,
• 34:52
  you
• 34:52
  know,
• 34:52
  it's
• 34:53
  usually
• 34:53
  the
• 34:53
  manufacturers
• 34:54
  that.
• 34:54
  I'm
• 34:54
  saying
• 34:54
  that
• 34:55
  too,
• 34:55
  in
• 34:55
  fairness,
• 34:55
  of,
• 34:56
  like,
• 34:56
  look,
• 34:57
  it's
• 34:57
  not
• 34:57
  your
• 34:57
  fault
• 34:57
  that
• 34:57
  you're
• 34:58
  in
• 34:58
  this
• 34:58
  position,
• 34:58
  but
• 34:59
  we
• 34:59
  do
• 34:59
  have
• 34:59
  to
• 34:59
  fix
• 34:59
  our,
• 35:00
  you
• 35:00
  know,
• 35:00
  we
• 35:00
  have
• 35:00
  to
• 35:00
  fix
• 35:00
  our
• 35:01
  way
• 35:01
  out
• 35:01
  of
• 35:01
  it.
• 35:03
  I
• 35:03
  think
• 35:03
  there's
• 35:04
  a
• 35:04
  couple
• 35:04
  of
• 35:05
  things
• 35:05
  I
• 35:05
  think
• 35:05
  you
• 35:05
  have
• 35:06
  to
• 35:06
  know,
• 35:06
  your
• 35:06
  data
• 35:07
  and
• 35:07
  insights
• 35:08
  as
• 35:08
  a
• 35:08
  manufacturer
• 35:09
  nowadays.
• 35:10
  Like,
• 35:10
  there
• 35:10
  is
• 35:10
  not
• 35:11
  an
• 35:11
  excuse
• 35:11
  of,
• 35:11
  well,
• 35:11
  they
• 35:12
  wanted
• 35:12
  it
• 35:12
  and
• 35:12
  I
• 35:12
  made
• 35:13
  it
• 35:13
  and
• 35:13
  it
• 35:13
  didn't
• 35:14
  work,
• 35:14
  so
• 35:14
  it's
• 35:14
  on
• 35:14
  them.
• 35:15
  Like,
• 35:15
  that
• 35:15
  is
• 35:16
  not
• 35:16
  going
• 35:16
  to
• 35:17
  work.
• 35:17
  And
• 35:17
  you
• 35:18
  have
• 35:18
  to
• 35:18
  be
• 35:18
  responsible
• 35:19
  for
• 35:19
  that.
• 35:19
  And
• 35:19
  you
• 35:19
  have
• 35:20
  to
• 35:20
  be
• 35:20
  willing
• 35:20
  to
• 35:20
  hang
• 35:20
  your
• 35:20
  hat
• 35:21
  on
• 35:21
  what
• 35:21
  you
• 35:21
  believe
• 35:22
  is
• 35:22
  going
• 35:22
  to
• 35:22
  work
• 35:22
  and
• 35:22
  what
• 35:22
  you
• 35:23
  don't.
• 35:23
  So
• 35:24
  I
• 35:24
  think
• 35:26
  that
• 35:26
  is
• 35:26
  one
• 35:26
  thing
• 35:26
  that
• 35:27
  I
• 35:27
  would
• 35:27
  say,
• 35:28
  you
• 35:28
  know,
• 35:28
  have
• 35:28
  a
• 35:29
  realistic
• 35:29
  point
• 35:29
  of
• 35:29
  view
• 35:30
  on
• 35:30
  what
• 35:30
  are,
• 35:31
  what
• 35:31
  is
• 35:31
  this
• 35:31
  really
• 35:31
  going
• 35:32
  to
• 35:32
  do
• 35:32
  from
• 35:32
  a
• 35:32
  velocity
• 35:33
  perspective
• 35:33
  and
• 35:33
  what
• 35:33
  can
• 35:34
  we
• 35:34
  comp
• 35:34
  it
• 35:34
  to?
• 35:35
  And
• 35:35
  I
• 35:35
  think
• 35:35
  that
• 35:35
  that's
• 35:35
  really
• 35:36
  important
• 35:37
  from
• 35:38
  a,
• 35:39
  a
• 35:39
  supplier
• 35:39
  and
• 35:40
  a
• 35:40
  retailer
• 35:40
  angle.
• 35:41
  I
• 35:41
  mean,
• 35:41
  I
• 35:41
  think
• 35:42
  with
• 35:42
  all
• 35:42
  of
• 35:42
  these
• 35:42
  trendy
• 35:43
  items,
• 35:43
  you're
• 35:44
  losing
• 35:44
  the
• 35:44
  value
• 35:45
  and
• 35:46
  the
• 35:46
  benefit
• 35:46
  that
• 35:47
  private
• 35:47
  label
• 35:48
  and
• 35:48
  own
• 35:48
  brands
• 35:49
  gave
• 35:49
  to
• 35:49
  manufacturers
• 35:50
  and
• 35:50
  that
• 35:50
  they
• 35:50
  could
• 35:50
  give
• 35:51
  you
• 35:51
  the
• 35:51
  best
• 35:51
  cost
• 35:52
  because
• 35:52
  they
• 35:52
  were
• 35:52
  able
• 35:52
  to
• 35:53
  amortize
• 35:53
  costs
• 35:54
  over
• 35:54
  two
• 35:55
  or
• 35:55
  three
• 35:55
  years.
• 35:56
  They
• 35:56
  were
• 35:56
  able
• 35:57
  to
• 35:57
  be
• 35:57
  stable
• 35:58
  and
• 35:58
  dependable
• 35:59
  and
• 35:59
  you
• 35:59
  knew
• 35:59
  you
• 35:59
  were
• 36:00
  going
• 36:00
  to
• 36:00
  have
• 36:00
  that
• 36:00
  business.
• 36:01
  And
• 36:01
  so
• 36:02
  I
• 36:02
  would
• 36:02
  say
• 36:02
  from
• 36:03
  a
• 36:03
  retailer
• 36:03
  perspective
• 36:04
  and
• 36:04
  then
• 36:04
  also
• 36:04
  from
• 36:04
  a
• 36:04
  manufacturer
• 36:05
  perspective,
• 36:05
  one
• 36:06
  don't
• 36:06
  get
• 36:06
  caught
• 36:06
  in
• 36:06
  the,
• 36:07
  in
• 36:07
  the
• 36:08
  wave
• 36:08
  of
• 36:08
  these
• 36:08
  very
• 36:09
  incremental
• 36:10
  and
• 36:10
  trendy
• 36:11
  own
• 36:11
  brand
• 36:11
  items
• 36:12
  of
• 36:12
  thinking
• 36:12
  you're
• 36:12
  going
• 36:13
  to
• 36:13
  have
• 36:13
  that
• 36:13
  item
• 36:14
  three
• 36:14
  years
• 36:14
  from
• 36:14
  now
• 36:15
  because
• 36:15
  you
• 36:16
  might
• 36:16
  not.
• 36:17
  And
• 36:17
  then
• 36:17
  from
• 36:17
  a
• 36:17
  retailer
• 36:18
  perspective,
• 36:18
  I
• 36:18
  think
• 36:19
  recognize
• 36:19
  that,
• 36:19
  that
• 36:20
  it
• 36:20
  does
• 36:20
  put
• 36:20
  a
• 36:21
  financial
• 36:21
  burden
• 36:22
  and
• 36:22
  an
• 36:22
  operational
• 36:23
  burden
• 36:23
  on
• 36:24
  these
• 36:24
  manufacturers
• 36:25
  and
• 36:25
  suppliers
• 36:25
  when
• 36:25
  you're
• 36:26
  these
• 36:26
  changes
• 36:27
  all
• 36:27
  the
• 36:27
  time.
• 36:28
  So
• 36:28
  I
• 36:28
  think
• 36:29
  having
• 36:29
  that
• 36:29
  loyalty
• 36:29
  of
• 36:30
  being
• 36:30
  able
• 36:30
  to
• 36:30
  go
• 36:30
  back
• 36:31
  to
• 36:31
  them
• 36:31
  knowing
• 36:31
  that
• 36:31
  if
• 36:32
  this
• 36:32
  doesn't
• 36:32
  work,
• 36:32
  there's
• 36:33
  a
• 36:33
  next
• 36:33
  step
• 36:33
  to
• 36:34
  it
• 36:34
  and
• 36:34
  we
• 36:34
  can
• 36:35
  work
• 36:35
  it
• 36:35
  out
• 36:35
  together
• 36:35
  and
• 36:36
  iterate
• 36:36
  on
• 36:36
  it
• 36:36
  is
• 36:37
  important
• 36:37
  for
• 36:38
  both
• 36:38
  sides
• 36:39
  in
• 36:39
  this
• 36:39
  equation
• 36:40
  and
• 36:40
  where
• 36:40
  we're
• 36:40
  at
• 36:41
  today.
• 36:42
  And
• 36:42
  then
• 36:43
  this,
• 36:44
  I
• 36:45
  would
• 36:45
  say,
• 36:45
  the
• 36:45
  last
• 36:45
  thing
• 36:45
  I
• 36:46
  would
• 36:46
  say,
• 36:46
  and
• 36:46
  this
• 36:46
  is,
• 36:48
  goes
• 36:48
  against
• 36:48
  what
• 36:49
  everyone
• 36:49
  would
• 36:49
  tell
• 36:49
  you
• 36:49
  to
• 36:50
  do.
• 36:52
  All
• 36:52
  right,
• 36:52
  let's
• 36:53
  hear
• 36:53
  it.
• 36:54
  Contrary
• 36:54
  it.
• 36:55
  I
• 36:55
  love
• 36:55
  it.
• 36:55
  Let's
• 36:55
  do
• 36:56
  it.
• 36:56
  Totally
• 36:56
  my
• 36:56
  mom.
• 36:57
  It's
• 36:57
  just
• 36:57
  such
• 36:57
  a
• 36:57
  small
• 36:58
  operational
• 36:59
  thing.
• 36:59
  But
• 37:00
  even
• 37:00
  if
• 37:00
  you're
• 37:01
  going
• 37:01
  to
• 37:01
  launch
• 37:01
  an
• 37:01
  own
• 37:01
  brand,
• 37:02
  leave
• 37:02
  some
• 37:03
  money
• 37:03
  aside
• 37:04
  to
• 37:05
  operationally
• 37:05
  execute
• 37:06
  that
• 37:06
  item
• 37:07
  at
• 37:07
  the
• 37:07
  store
• 37:08
  level.
• 37:08
  And
• 37:09
  I
• 37:09
  know
• 37:09
  that
• 37:10
  it's
• 37:10
  the
• 37:11
  retailer's
• 37:11
  problem
• 37:12
  if
• 37:12
  it
• 37:12
  doesn't
• 37:12
  get
• 37:13
  operationally
• 37:13
  executed
• 37:14
  on
• 37:14
  the
• 37:15
  floor.
• 37:15
  I
• 37:15
  know
• 37:15
  it's
• 37:15
  a
• 37:15
  dead
• 37:15
  net
• 37:16
  program,
• 37:16
  I
• 37:16
  know
• 37:17
  that
• 37:17
  you
• 37:17
  don't
• 37:17
  have
• 37:17
  funding
• 37:18
  for
• 37:18
  that,
• 37:18
  but
• 37:19
  just
• 37:19
  leaving
• 37:19
  a
• 37:19
  little
• 37:20
  bit
• 37:20
  of
• 37:20
  money
• 37:20
  to
• 37:21
  the
• 37:21
  side
• 37:21
  to
• 37:21
  make
• 37:22
  sure
• 37:22
  that
• 37:22
  your
• 37:22
  product
• 37:23
  gets
• 37:23
  on
• 37:23
  shelf
• 37:24
  on
• 37:24
  the
• 37:24
  floor
• 37:25
  and
• 37:25
  execute
• 37:25
  it
• 37:25
  appropriately,
• 37:26
  amortize
• 37:27
  it
• 37:27
  or
• 37:27
  justify
• 37:28
  it
• 37:28
  however
• 37:28
  you
• 37:29
  feel
• 37:29
  like
• 37:29
  you
• 37:29
  need
• 37:29
  to.
• 37:30
  But
• 37:30
  you
• 37:30
  know,
• 37:31
  I
• 37:31
  think
• 37:31
  that
• 37:32
  is
• 37:32
  going
• 37:32
  to
• 37:32
  allow
• 37:32
  your
• 37:33
  product
• 37:33
  to
• 37:33
  be
• 37:33
  successful
• 37:34
  and
• 37:34
  it's
• 37:34
  going
• 37:34
  to
• 37:34
  allow
• 37:35
  you
• 37:35
  to
• 37:35
  have
• 37:36
  the
• 37:36
  ability
• 37:37
  to
• 37:38
  pivot
• 37:38
  and
• 37:38
  work
• 37:39
  with
• 37:39
  these
• 37:39
  retailers.
• 37:40
  Whereas
• 37:41
  if
• 37:41
  you
• 37:41
  go
• 37:41
  in
• 37:41
  with
• 37:42
  like
• 37:42
  nothing
• 37:42
  planned,
• 37:43
  you're
• 37:43
  not
• 37:43
  going
• 37:43
  to
• 37:43
  be
• 37:43
  able
• 37:43
  to
• 37:44
  help
• 37:44
  them
• 37:44
  in
• 37:44
  any
• 37:44
  way.
• 37:45
  So,
• 37:46
  you
• 37:46
  know,
• 37:46
  really
• 37:46
  think
• 37:46
  of
• 37:46
  this
• 37:46
  as
• 37:47
  a
• 37:47
  partnership
• 37:47
  and,
• 37:48
  and
• 37:49
  consider
• 37:49
  doing
• 37:49
  that
• 37:50
  would
• 37:51
  be
• 37:51
  some
• 37:51
  of
• 37:51
  my
• 37:52
  advice.
• 37:53
  Got
• 37:53
  it.
• 37:53
  So
• 37:53
  if
• 37:53
  you're
• 37:53
  a
• 37:53
  manufacturer,
• 37:54
  your
• 37:54
  job
• 37:54
  is
• 37:54
  not
• 37:55
  just
• 37:55
  to
• 37:55
  produce
• 37:55
  it
• 37:55
  and
• 37:55
  ship
• 37:56
  it.
• 37:56
  You've
• 37:56
  got
• 37:56
  to
• 37:56
  think
• 37:56
  about
• 37:57
  more
• 37:57
  and
• 37:57
  more,
• 37:58
  more
• 37:58
  of
• 37:58
  the,
• 37:58
  the
• 37:58
  whole
• 37:59
  you've.
• 37:59
  Got
• 37:59
  to
• 37:59
  be
• 37:59
  more
• 37:59
  holistic.
• 38:00
  Yeah.
• 38:01
  Yes,
• 38:01
  you've
• 38:01
  got
• 38:01
  to
• 38:01
  be
• 38:01
  more
• 38:02
  holistic.
• 38:02
  That's,
• 38:03
  that's
• 38:03
  great
• 38:03
  advice.
• 38:03
  All
• 38:04
  right,
• 38:04
  Brandon,
• 38:04
  any
• 38:04
  parting
• 38:05
  words
• 38:05
  from
• 38:05
  you?
• 38:06
  Well,
• 38:06
  I'll
• 38:06
  just
• 38:06
  tag
• 38:06
  on
• 38:07
  to
• 38:07
  that
• 38:07
  operational
• 38:08
  excellence
• 38:08
  piece.
• 38:08
  You
• 38:09
  know,
• 38:09
  I
• 38:09
  like
• 38:09
  to,
• 38:09
  I
• 38:09
  like
• 38:09
  to
• 38:10
  say
• 38:10
  you
• 38:10
  may
• 38:10
  not
• 38:10
  own
• 38:10
  the
• 38:11
  cells,
• 38:11
  but
• 38:11
  you
• 38:11
  own
• 38:11
  the
• 38:11
  people
• 38:12
  behind
• 38:12
  the
• 38:12
  sales.
• 38:13
  And
• 38:13
  so
• 38:13
  at
• 38:13
  the
• 38:14
  end
• 38:14
  of
• 38:14
  the
• 38:14
  day,
• 38:15
  you
• 38:15
  have
• 38:15
  to
• 38:16
  have
• 38:16
  a
• 38:16
  team
• 38:16
  in
• 38:16
  place
• 38:16
  that's
• 38:17
  going
• 38:17
  to
• 38:17
  pro
• 38:17
  prioritize
• 38:18
  operational
• 38:19
  excellence
• 38:19
  like
• 38:19
  these
• 38:20
  retailers
• 38:20
  expect
• 38:20
  it.
• 38:21
  I
• 38:21
  mean,
• 38:21
  if
• 38:21
  you
• 38:22
  can't
• 38:22
  get
• 38:22
  it
• 38:22
  there
• 38:22
  when
• 38:22
  the
• 38:22
  retailers
• 38:23
  need
• 38:23
  it,
• 38:23
  they're
• 38:23
  going
• 38:23
  to
• 38:23
  find
• 38:24
  somebody
• 38:24
  who
• 38:24
  can.
• 38:25
  So
• 38:25
  you
• 38:25
  have
• 38:25
  an
• 38:26
  obligation
• 38:26
  to
• 38:26
  their
• 38:26
  shopper
• 38:27
  and
• 38:28
  as
• 38:28
  just
• 38:28
  as
• 38:28
  much
• 38:28
  as
• 38:29
  they
• 38:29
  do.
• 38:29
  So
• 38:30
  get
• 38:30
  the
• 38:30
  right
• 38:30
  teams
• 38:31
  in
• 38:31
  place,
• 38:31
  you
• 38:32
  know,
• 38:32
  prop
• 38:32
  it
• 38:32
  up.
• 38:33
  That's
• 38:33
  where
• 38:33
  a
• 38:33
  group
• 38:33
  like
• 38:33
  the
• 38:33
  barcode
• 38:34
  group
• 38:34
  can
• 38:34
  come
• 38:34
  in
• 38:35
  and
• 38:35
  help
• 38:35
  with
• 38:35
  a
• 38:35
  lot
• 38:35
  of
• 38:35
  that
• 38:36
  stuff.
• 38:36
  But
• 38:37
  ultimately,
• 38:37
  you
• 38:38
  know,
• 38:38
  prioritize
• 38:38
  operational
• 38:39
  excellence
• 38:39
  within
• 38:40
  the
• 38:40
  organization.
• 38:40
  Then
• 38:41
  secondly,
• 38:41
  I
• 38:41
  would
• 38:41
  say,
• 38:42
  you
• 38:42
  know,
• 38:43
  we've
• 38:43
  come
• 38:43
  across
• 38:43
  this,
• 38:44
  this
• 38:44
  a
• 38:44
  couple
• 38:45
  times
• 38:45
  in
• 38:45
  our,
• 38:45
  in
• 38:45
  our
• 38:46
  business.
• 38:46
  But,
• 38:46
  but
• 38:47
  manufacturers
• 38:48
  need
• 38:48
  to
• 38:48
  know
• 38:48
  their
• 38:49
  walk
• 38:49
  away
• 38:49
  point.
• 38:50
  And
• 38:50
  a
• 38:50
  lot
• 38:50
  of
• 38:50
  times
• 38:51
  these
• 38:51
  guys
• 38:52
  and
• 38:52
  gals
• 38:52
  are
• 38:53
  pretty
• 38:54
  eager.
• 38:54
  The
• 38:55
  excitement
• 38:55
  can
• 38:55
  get
• 38:55
  the
• 38:55
  best
• 38:56
  of
• 38:56
  them.
• 38:56
  They
• 38:56
  see
• 38:57
  the
• 38:57
  opportunity,
• 38:57
  size
• 38:58
  in
• 38:58
  front
• 38:58
  of
• 38:58
  them.
• 38:59
  And
• 38:59
  we
• 39:00
  all
• 39:00
  know
• 39:00
  private
• 39:00
  brands
• 39:00
  have
• 39:01
  huge
• 39:01
  margins
• 39:02
  for
• 39:02
  a
• 39:02
  reason.
• 39:02
  But
• 39:03
  sometimes
• 39:04
  these
• 39:04
  guys
• 39:04
  and
• 39:04
  gals
• 39:04
  can
• 39:05
  get
• 39:05
  out
• 39:05
  over
• 39:05
  top
• 39:05
  of
• 39:05
  their
• 39:05
  skis
• 39:06
  a
• 39:06
  little
• 39:06
  bit.
• 39:06
  So
• 39:07
  they're
• 39:07
  so
• 39:07
  eager
• 39:07
  to
• 39:07
  get
• 39:08
  the
• 39:08
  business
• 39:08
  that
• 39:08
  they
• 39:08
  may
• 39:09
  make
• 39:09
  a
• 39:09
  little
• 39:09
  bit
• 39:09
  of
• 39:09
  poor
• 39:09
  decisions
• 39:10
  around
• 39:10
  costing
• 39:10
  and
• 39:11
  ultimately
• 39:11
  that
• 39:11
  can
• 39:11
  be
• 39:11
  detrimental
• 39:12
  to
• 39:12
  the
• 39:12
  company.
• 39:12
  So
• 39:13
  be
• 39:13
  smart,
• 39:14
  ask
• 39:14
  the
• 39:14
  right
• 39:14
  questions,
• 39:15
  make
• 39:15
  sure
• 39:15
  you're
• 39:15
  capturing
• 39:16
  everything
• 39:16
  in
• 39:16
  your
• 39:16
  cogs.
• 39:17
  And
• 39:17
  again,
• 39:17
  that's
• 39:17
  something
• 39:17
  we
• 39:17
  can
• 39:18
  help
• 39:18
  with
• 39:18
  and
• 39:18
  coach
• 39:18
  people
• 39:19
  through
• 39:19
  in
• 39:20
  terms
• 39:20
  of
• 39:20
  making
• 39:20
  sure
• 39:21
  you're
• 39:21
  taking
• 39:21
  everything
• 39:21
  into
• 39:22
  consideration
• 39:23
  so
• 39:23
  that
• 39:23
  it
• 39:24
  is
• 39:24
  a
• 39:24
  fair
• 39:24
  and
• 39:25
  equitable
• 39:26
  product
• 39:26
  that
• 39:26
  you're
• 39:26
  launching
• 39:27
  for
• 39:27
  both
• 39:27
  sides
• 39:27
  of
• 39:27
  reseller
• 39:28
  as
• 39:28
  well
• 39:28
  as
• 39:28
  you
• 39:28
  as
• 39:28
  a
• 39:29
  manufacturer.
• 39:29
  And
• 39:30
  then,
• 39:30
  and
• 39:30
  then
• 39:30
  lastly,
• 39:31
  I
• 39:31
  just,
• 39:31
  I
• 39:31
  just
• 39:32
  say
• 39:32
  this.
• 39:32
  Look,
• 39:32
  speed
• 39:33
  to
• 39:33
  market
• 39:33
  is
• 39:34
  paramount.
• 39:35
  We
• 39:35
  just
• 39:35
  left
• 39:35
  the
• 39:35
  PLMA
• 39:36
  show.
• 39:37
  There's
• 39:37
  a
• 39:37
  lot
• 39:37
  of
• 39:37
  innovation
• 39:38
  out
• 39:38
  there.
• 39:38
  There's
• 39:38
  a
• 39:39
  lot
• 39:39
  of
• 39:39
  exciting
• 39:39
  things
• 39:40
  happening
• 39:40
  in
• 39:40
  the
• 39:40
  market
• 39:41
  right
• 39:41
  now.
• 39:41
  A
• 39:42
  lot
• 39:42
  of
• 39:42
  new
• 39:42
  things
• 39:42
  that
• 39:43
  are
• 39:43
  shaking
• 39:43
  up
• 39:43
  spaces
• 39:44
  and
• 39:44
  giving
• 39:45
  buyers
• 39:45
  reasons
• 39:45
  to
• 39:46
  get
• 39:46
  excited.
• 39:46
  Again,
• 39:47
  if
• 39:47
  you
• 39:47
  can
• 39:48
  bring
• 39:48
  products
• 39:48
  to
• 39:48
  market
• 39:49
  quick,
• 39:50
  you
• 39:50
  would
• 39:50
  be
• 39:50
  and
• 39:51
  commercialize
• 39:51
  them
• 39:51
  quickly.
• 39:52
  You
• 39:52
  would
• 39:52
  be
• 39:53
  amazed
• 39:53
  by
• 39:53
  how
• 39:54
  quickly
• 39:54
  these
• 39:54
  retailers
• 39:55
  can
• 39:55
  adopt
• 39:55
  some
• 39:56
  of
• 39:56
  these
• 39:56
  products
• 39:56
  that
• 39:57
  if
• 39:57
  you
• 39:57
  bring
• 39:57
  something
• 39:57
  that's
• 39:58
  going
• 39:58
  to
• 39:58
  be
• 39:58
  a
• 39:58
  disruptor,
• 39:59
  they're
• 39:59
  going
• 39:59
  to
• 39:59
  find
• 40:00
  a
• 40:00
  way
• 40:00
  to
• 40:00
  get
• 40:00
  it
• 40:00
  on
• 40:00
  shelf
• 40:01
  and
• 40:01
  make
• 40:01
  a
• 40:01
  bet
• 40:01
  with
• 40:01
  you
• 40:01
  in
• 40:02
  an
• 40:02
  early
• 40:02
  stage.
• 40:02
  So
• 40:03
  I
• 40:03
  would
• 40:03
  just
• 40:03
  tell
• 40:03
  you,
• 40:04
  open
• 40:04
  up
• 40:04
  that
• 40:04
  R
• 40:04
  and
• 40:04
  D
• 40:05
  pipeline,
• 40:05
  show
• 40:05
  them
• 40:05
  what
• 40:05
  you're
• 40:06
  working
• 40:06
  on,
• 40:06
  bring
• 40:07
  some
• 40:07
  exciting
• 40:07
  things
• 40:08
  to
• 40:08
  the
• 40:08
  table.
• 40:08
  And
• 40:08
  you'd
• 40:09
  be.
• 40:09
  You'd
• 40:09
  be
• 40:09
  amazed
• 40:10
  by
• 40:10
  how
• 40:10
  quickly
• 40:10
  they
• 40:10
  can
• 40:11
  react.
• 40:12
  Yeah,
• 40:12
  that's
• 40:13
  a
• 40:13
  great
• 40:13
  point.
• 40:13
  It
• 40:13
  reminds
• 40:13
  me
• 40:13
  of
• 40:13
  an
• 40:14
  anecdote.
• 40:14
  I
• 40:14
  remember
• 40:14
  I
• 40:14
  was
• 40:14
  walking
• 40:15
  the
• 40:15
  floor
• 40:15
  with
• 40:15
  somebody
• 40:16
  from
• 40:16
  Heinz,
• 40:16
  and
• 40:17
  I
• 40:17
  asked
• 40:17
  him.
• 40:17
  He
• 40:18
  was
• 40:18
  kind
• 40:18
  of
• 40:18
  a
• 40:18
  mentor
• 40:18
  of
• 40:18
  min.
• 40:19
  The
• 40:19
  time
• 40:19
  I
• 40:19
  asked
• 40:19
  him,
• 40:19
  I
• 40:19
  said,
• 40:19
  what's
• 40:20
  the
• 40:20
  one
• 40:20
  question
• 40:21
  every
• 40:21
  merchant
• 40:21
  like
• 40:21
  me
• 40:22
  asks
• 40:22
  you?
• 40:22
  And
• 40:22
  he
• 40:22
  said,
• 40:23
  what's.
• 40:23
  What's
• 40:24
  new?
• 40:24
  What's
• 40:24
  new.
• 40:25
  Right.
• 40:25
  Brandon,
• 40:25
  that
• 40:25
  gets
• 40:26
  exactly
• 40:26
  what
• 40:26
  you're
• 40:26
  saying,
• 40:27
  like,
• 40:27
  what's
• 40:27
  new?
• 40:27
  The
• 40:28
  merchants
• 40:28
  will
• 40:28
  always
• 40:29
  look
• 40:29
  at
• 40:29
  something
• 40:29
  new,
• 40:30
  and
• 40:30
  they'll
• 40:30
  decide
• 40:30
  if
• 40:30
  their
• 40:30
  assortment
• 40:31
  needs
• 40:31
  it
• 40:31
  or
• 40:31
  not.
• 40:32
  So,
• 40:32
  wow,
• 40:33
  that
• 40:33
  was.
• 40:33
  That
• 40:33
  was
• 40:34
  absolutely
• 40:34
  wonderful.
• 40:35
  Love
• 40:35
  that
• 40:35
  conversation.
• 40:37
  Bethany,
• 40:38
  if
• 40:38
  people
• 40:38
  want
• 40:38
  to
• 40:38
  get
• 40:39
  in
• 40:39
  touch
• 40:39
  with
• 40:39
  either
• 40:39
  one
• 40:40
  of
• 40:40
  you,
• 40:40
  get
• 40:40
  in
• 40:41
  touch
• 40:41
  with
• 40:41
  the
• 40:41
  barcode
• 40:41
  group.
• 40:42
  What's
• 40:42
  the
• 40:42
  best
• 40:42
  way
• 40:42
  for
• 40:42
  them
• 40:42
  to
• 40:43
  do
• 40:43
  that?
• 40:43
  Yeah,
• 40:44
  I
• 40:44
  would
• 40:44
  say
• 40:45
  check
• 40:45
  out
• 40:45
  our
• 40:45
  website
• 40:45
  at
• 40:46
  the
• 40:46
  barcode
• 40:46
  group.com
• 40:48
  and
• 40:48
  or
• 40:48
  email
• 40:49
  us
• 40:49
  at
• 40:49
  info
• 40:49
  the
• 40:50
  barcode
• 40:50
  group.com
• 40:51
  and
• 40:52
  we'd
• 40:52
  love
• 40:52
  to
• 40:53
  have
• 40:53
  a
• 40:53
  conversation.
• 40:54
  And
• 40:54
  we
• 40:54
  don't
• 40:54
  want
• 40:55
  people
• 40:55
  to
• 40:55
  get
• 40:55
  stuck
• 40:55
  in
• 40:55
  a
• 40:56
  pickle.
• 40:56
  So
• 40:57
  reach
• 40:57
  out
• 40:57
  to
• 40:57
  us
• 40:57
  before
• 40:58
  there's
• 40:58
  a
• 40:58
  problem.
• 40:59
  You
• 41:00
  do
• 41:00
  want
• 41:00
  people
• 41:00
  to
• 41:01
  create
• 41:01
  pickle
• 41:02
  flavored
• 41:02
  products.
• 41:03
  However,
• 41:04
  let
• 41:04
  me
• 41:04
  clarify.
• 41:04
  You
• 41:05
  can
• 41:05
  help
• 41:05
  them
• 41:05
  with
• 41:06
  their
• 41:06
  pickle
• 41:06
  flavored
• 41:06
  products.
• 41:07
  Everything.
• 41:08
  We
• 41:08
  just
• 41:09
  did
• 41:09
  a
• 41:09
  whole
• 41:09
  flavor
• 41:10
  profile
• 41:10
  project
• 41:11
  about
• 41:11
  that.
• 41:11
  So
• 41:12
  you
• 41:12
  just
• 41:12
  did
• 41:12
  a
• 41:13
  seg
• 41:13
  and
• 41:13
  you
• 41:13
  also
• 41:14
  did
• 41:14
  a
• 41:14
  segue
• 41:14
  into
• 41:14
  the
• 41:15
  PLMA
• 41:15
  recap
• 41:15
  that's
• 41:16
  on
• 41:16
  our
• 41:16
  website.
• 41:16
  I
• 41:16
  mean,
• 41:17
  pickles
• 41:17
  are
• 41:17
  everywhere.
• 41:18
  Flavored
• 41:18
  pickles
• 41:18
  were
• 41:19
  all
• 41:19
  over
• 41:19
  the
• 41:19
  place
• 41:19
  at
• 41:20
  plm.
• 41:20
  Oh,
• 41:20
  my
• 41:20
  gosh.
• 41:21
  I
• 41:21
  cannot
• 41:22
  wait.
• 41:22
  I
• 41:22
  cannot
• 41:23
  wait.
• 41:24
  Why
• 41:24
  don't
• 41:24
  you
• 41:24
  just
• 41:24
  sell
• 41:24
  pickles,
• 41:25
  not
• 41:25
  get
• 41:25
  in
• 41:25
  them?
• 41:26
  All
• 41:26
  right,
• 41:26
  well,
• 41:26
  that
• 41:26
  wraps
• 41:26
  us
• 41:27
  up
• 41:27
  today.
• 41:28
  Thanks
• 41:28
  for.
• 41:28
  Thanks
• 41:29
  for
• 41:29
  sitting
• 41:29
  down
• 41:29
  with
• 41:29
  us
• 41:29
  both
• 41:30
  Brandon
• 41:30
  and
• 41:31
  Bethany.
• 41:31
  And
• 41:31
  thanks,
• 41:31
  everyone,
• 41:32
  for
• 41:32
  listening
• 41:32
  in.
• 41:33
  As
• 41:33
  always,
• 41:34
  on
• 41:34
  behalf
• 41:34
  of
• 41:34
  all
• 41:35
  of
• 41:35
  us
• 41:35
  at
• 41:35
  Omnitalk,
• 41:36
  be
• 41:36
  careful
• 41:36
  out
• 41:36
  there.