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BJ’s Shrinks the Club | Fast Five Shorts · Omni Talk Retail

• 0:00
  Bj's
• 0:00
  Wholesale
• 0:01
  Club
• 0:01
  is
• 0:01
  opening
• 0:01
  its
• 0:01
  second
• 0:02
  small
• 0:02
  format
• 0:03
  BJ's
• 0:03
  location,
• 0:04
  this
• 0:04
  time
• 0:05
  in
• 0:05
  Delray
• 0:06
  Beach,
• 0:06
  Florida.
• 0:06
  According
• 0:07
  to
• 0:07
  storebrands.com
• 0:09
  the
• 0:09
  new
• 0:09
  BJ's
• 0:10
  Market
• 0:10
  is
• 0:10
  55,000
• 0:11
  square
• 0:11
  feet,
• 0:12
  about
• 0:12
  half
• 0:12
  the
• 0:12
  size
• 0:13
  of
• 0:13
  a
• 0:13
  typical
• 0:13
  BJ's
• 0:14
  Wholesale
• 0:14
  location.
• 0:15
  BJ's
• 0:16
  first
• 0:16
  introduced
• 0:16
  the
• 0:17
  market
• 0:17
  concept
• 0:17
  in
• 0:17
  Warwick,
• 0:18
  Rhode
• 0:18
  island
• 0:19
  back
• 0:19
  in
• 0:19
  2022,
• 0:20
  making
• 0:20
  this
• 0:20
  only
• 0:21
  the
• 0:21
  second
• 0:22
  test
• 0:22
  of
• 0:22
  the
• 0:23
  smaller
• 0:23
  footprint
• 0:24
  format.
• 0:24
  The
• 0:24
  store
• 0:25
  features
• 0:25
  fresh
• 0:25
  food
• 0:26
  preference,
• 0:26
  produce,
• 0:26
  sundries
• 0:27
  and
• 0:27
  seasonal
• 0:27
  products
• 0:28
  and
• 0:28
  is
• 0:28
  positioned
• 0:28
  as
• 0:29
  a
• 0:29
  convenient
• 0:29
  weeknight
• 0:30
  grocery
• 0:30
  run
• 0:30
  or
• 0:31
  a
• 0:31
  fast
• 0:31
  weekend
• 0:32
  trip.
• 0:33
  BJ's
• 0:33
  EVP
• 0:34
  of
• 0:34
  strategy
• 0:34
  and
• 0:35
  development
• 0:35
  Bill
• 0:35
  Werner
• 0:36
  said,
• 0:36
  quote,
• 0:36
  bj's
• 0:37
  Market
• 0:37
  offers
• 0:38
  unbeatable
• 0:38
  value
• 0:39
  on
• 0:39
  groceries
• 0:40
  combined
• 0:40
  with
• 0:40
  a
• 0:40
  smaller
• 0:41
  footprint
• 0:41
  that
• 0:42
  makes
• 0:42
  for
• 0:42
  a
• 0:42
  quick
• 0:43
  shopping
• 0:43
  experience.
• 0:44
  End
• 0:44
  quote.
• 0:45
  John,
• 0:45
  we're
• 0:46
  going
• 0:46
  to
• 0:46
  you
• 0:46
  again
• 0:47
  who
• 0:47
  should
• 0:47
  be
• 0:48
  the
• 0:48
  most
• 0:48
  scared
• 0:49
  if
• 0:49
  a
• 0:49
  smaller
• 0:50
  format
• 0:51
  club
• 0:51
  operation
• 0:52
  preference
• 0:52
  proves
• 0:53
  successful,
• 0:54
  especially
• 0:54
  in
• 0:54
  Rhode
• 0:55
  island
• 0:55
  and
• 0:55
  Delray
• 0:55
  Beach,
• 0:56
  Florida.
• 0:56
  Yeah,
• 0:57
  are
• 0:57
  there
• 0:58
  two
• 0:58
  different,
• 0:58
  two
• 0:59
  more
• 0:59
  different
• 0:59
  places?
• 0:59
  Can
• 1:00
  we
• 1:00
  start
• 1:00
  there
• 1:01
  and
• 1:01
  they
• 1:01
  took
• 1:01
  them?
• 1:02
  Yeah,
• 1:03
  this,
• 1:03
  this
• 1:04
  one's
• 1:04
  super
• 1:04
  interesting
• 1:05
  and,
• 1:05
  but
• 1:05
  in,
• 1:05
  in
• 1:06
  many
• 1:06
  ways
• 1:06
  a
• 1:06
  bit
• 1:07
  perplexing.
• 1:08
  You
• 1:08
  know,
• 1:09
  you
• 1:09
  wait
• 1:09
  four
• 1:09
  years
• 1:10
  to
• 1:10
  take
• 1:10
  the
• 1:10
  second
• 1:10
  bite
• 1:11
  of
• 1:11
  the
• 1:11
  apple.
• 1:13
  I
• 1:13
  hope
• 1:13
  you
• 1:13
  learned
• 1:13
  a
• 1:14
  lot
• 1:14
  right
• 1:14
  about
• 1:14
  the
• 1:15
  first
• 1:15
  one
• 1:15
  and
• 1:15
  then
• 1:15
  in
• 1:16
  a
• 1:16
  very
• 1:16
  different
• 1:16
  location.
• 1:17
  I
• 1:17
  think
• 1:17
  my,
• 1:17
  my
• 1:18
  takeaway
• 1:18
  on
• 1:18
  this
• 1:18
  one
• 1:18
  or
• 1:18
  my
• 1:18
  take
• 1:19
  on
• 1:19
  it
• 1:20
  is
• 1:20
  I
• 1:20
  think
• 1:21
  this
• 1:21
  format
• 1:22
  will
• 1:22
  have
• 1:22
  limited
• 1:23
  potential
• 1:25
  because
• 1:26
  it's
• 1:26
  targeting
• 1:27
  a
• 1:28
  fairly
• 1:28
  thin
• 1:28
  sliver
• 1:29
  of
• 1:29
  the
• 1:29
  market.
• 1:30
  So
• 1:30
  the
• 1:30
  way
• 1:30
  I
• 1:30
  would
• 1:30
  think
• 1:31
  through
• 1:31
  this
• 1:31
  is
• 1:32
  you
• 1:32
  have
• 1:32
  a
• 1:33
  club
• 1:33
  format,
• 1:34
  club,
• 1:34
  fundamentally
• 1:35
  limited
• 1:36
  SKU
• 1:37
  assortment
• 1:38
  and
• 1:38
  low
• 1:39
  pricing
• 1:39
  on
• 1:39
  a
• 1:39
  per
• 1:40
  ounce
• 1:40
  basis.
• 1:41
  I
• 1:41
  mean
• 1:41
  obviously
• 1:41
  the
• 1:42
  dollar
• 1:42
  amounts
• 1:42
  could
• 1:42
  end
• 1:43
  up
• 1:43
  being
• 1:43
  quite
• 1:43
  large.
• 1:44
  The
• 1:44
  last
• 1:44
  time
• 1:44
  I
• 1:44
  walked
• 1:44
  out
• 1:44
  of
• 1:45
  a
• 1:45
  Costco.
• 1:45
  But
• 1:46
  on
• 1:46
  a
• 1:46
  per
• 1:46
  ounce
• 1:46
  basis,
• 1:47
  hopefully
• 1:47
  you're
• 1:48
  doing
• 1:48
  better.
• 1:48
  That's
• 1:49
  fundamentally
• 1:49
  the
• 1:49
  value
• 1:50
  prop
• 1:50
  and
• 1:51
  their
• 1:51
  own
• 1:52
  quotes
• 1:52
  are
• 1:52
  saying
• 1:53
  we
• 1:53
  want
• 1:53
  you
• 1:53
  in
• 1:54
  and
• 1:54
  out.
• 1:54
  Very
• 1:54
  convenient.
• 1:55
  Hey,
• 1:56
  you
• 1:56
  just
• 1:56
  have
• 1:56
  a
• 1:56
  few
• 1:56
  minutes
• 1:56
  on
• 1:57
  a
• 1:57
  Wednesday
• 1:57
  night,
• 1:58
  go
• 1:59
  get
• 1:59
  your
• 1:59
  staples
• 2:00
  because
• 2:00
  you're
• 2:00
  not
• 2:00
  going
• 2:00
  to
• 2:00
  get
• 2:01
  a
• 2:01
  super
• 2:01
  wide
• 2:01
  assortment
• 2:02
  of
• 2:02
  things
• 2:02
  in
• 2:02
  experimentation.
• 2:04
  So
• 2:04
  if
• 2:04
  I
• 2:04
  play
• 2:05
  that
• 2:05
  out,
• 2:05
  the
• 2:06
  other
• 2:06
  thing
• 2:06
  by
• 2:06
  the
• 2:06
  way,
• 2:06
  sorry,
• 2:06
  real
• 2:07
  quick,
• 2:07
  is
• 2:07
  that
• 2:07
  they
• 2:07
  are
• 2:07
  going
• 2:08
  to
• 2:08
  be
• 2:08
  ecom
• 2:08
  capable.
• 2:10
  I
• 2:10
  saw
• 2:10
  that
• 2:10
  in
• 2:10
  the
• 2:11
  headlines
• 2:11
  as
• 2:11
  well
• 2:11
  that
• 2:11
  you
• 2:12
  can
• 2:12
  do
• 2:12
  curbside
• 2:12
  pickup
• 2:13
  and
• 2:13
  so
• 2:14
  on.
• 2:14
  So
• 2:15
  they
• 2:15
  want
• 2:15
  you
• 2:16
  in
• 2:16
  and
• 2:16
  out
• 2:16
  or
• 2:16
  maybe
• 2:16
  just
• 2:17
  park
• 2:17
  in
• 2:17
  and
• 2:17
  park
• 2:18
  out
• 2:18
  and
• 2:18
  off
• 2:18
  you
• 2:19
  go
• 2:19
  with,
• 2:19
  with
• 2:19
  your
• 2:19
  goods.
• 2:20
  So
• 2:20
  all
• 2:20
  that
• 2:20
  to
• 2:21
  me
• 2:21
  translates
• 2:21
  to
• 2:21
  this
• 2:22
  is
• 2:22
  almost
• 2:22
  like
• 2:22
  a
• 2:23
  mini
• 2:23
  fulfillment
• 2:23
  center.
• 2:24
  I
• 2:24
  mean
• 2:24
  it
• 2:24
  sounds
• 2:24
  like
• 2:24
  a
• 2:24
  ghost
• 2:25
  store
• 2:25
  in
• 2:25
  some
• 2:26
  ways.
• 2:26
  Right.
• 2:26
  And
• 2:26
  we've
• 2:27
  seen
• 2:27
  other
• 2:27
  retailers
• 2:27
  kind
• 2:28
  of
• 2:28
  experiment
• 2:28
  with
• 2:28
  this.
• 2:29
  You
• 2:30
  know,
• 2:30
  somebody
• 2:30
  comes
• 2:31
  in,
• 2:31
  they
• 2:31
  get
• 2:31
  their
• 2:32
  staples,
• 2:32
  they
• 2:32
  know
• 2:32
  what
• 2:32
  they're
• 2:33
  going
• 2:33
  to
• 2:33
  shop
• 2:33
  for.
• 2:33
  Very
• 2:34
  little
• 2:34
  impulse
• 2:34
  buying
• 2:35
  and
• 2:36
  they're
• 2:36
  in
• 2:36
  and
• 2:36
  out.
• 2:37
  Okay,
• 2:38
  who
• 2:38
  is
• 2:38
  that
• 2:38
  consumer
• 2:39
  and
• 2:39
  how
• 2:39
  many
• 2:39
  dollars
• 2:40
  are
• 2:40
  in
• 2:40
  that
• 2:41
  kind
• 2:41
  of
• 2:42
  trip
• 2:42
  demand
• 2:42
  moment,
• 2:43
  if
• 2:43
  you
• 2:43
  will.
• 2:43
  I
• 2:44
  just
• 2:44
  don't
• 2:44
  know
• 2:44
  that
• 2:44
  it's
• 2:44
  that
• 2:45
  big.
• 2:45
  So
• 2:46
  in
• 2:46
  terms
• 2:46
  of,
• 2:46
  you
• 2:47
  know,
• 2:47
  retailers
• 2:47
  that
• 2:48
  would
• 2:48
  be
• 2:48
  concerned,
• 2:49
  I
• 2:50
  think
• 2:50
  everyone's
• 2:50
  just
• 2:51
  kind
• 2:51
  of
• 2:51
  going
• 2:51
  to
• 2:51
  be
• 2:51
  on
• 2:52
  a
• 2:52
  bit
• 2:52
  of
• 2:52
  wait
• 2:53
  and
• 2:53
  see.
• 2:53
  Maybe
• 2:53
  the
• 2:53
  ones
• 2:53
  that
• 2:54
  are
• 2:54
  more
• 2:54
  price
• 2:54
  oriented
• 2:55
  probably
• 2:55
  are
• 2:55
  a
• 2:56
  little
• 2:56
  closer
• 2:57
  to
• 2:57
  the,
• 2:57
  you
• 2:57
  know,
• 2:57
  the
• 2:58
  hot
• 2:58
  zone.
• 2:59
  But
• 3:00
  the
• 3:00
  whether
• 3:01
  this
• 3:01
  format
• 3:01
  does
• 3:01
  well
• 3:02
  or
• 3:02
  not
• 3:02
  and
• 3:02
  they
• 3:02
  get
• 3:02
  to
• 3:02
  that
• 3:03
  third
• 3:03
  and
• 3:03
  fourth
• 3:03
  and
• 3:03
  fifth
• 3:04
  star,
• 3:04
  God
• 3:04
  knows
• 3:04
  where
• 3:05
  is
• 3:05
  going
• 3:06
  to
• 3:06
  depend
• 3:06
  on.
• 3:07
  Is
• 3:07
  there
• 3:07
  actually
• 3:07
  enough
• 3:08
  demand
• 3:08
  out
• 3:08
  there
• 3:08
  for
• 3:09
  a
• 3:09
  pretty
• 3:09
  lock
• 3:10
  and
• 3:10
  load
• 3:10
  trip,
• 3:11
  you
• 3:11
  know,
• 3:12
  replenishment
• 3:12
  of
• 3:12
  sorts?
• 3:15
  Are
• 3:15
  there
• 3:15
  enough
• 3:15
  dollars
• 3:16
  there
• 3:16
  to
• 3:16
  make
• 3:16
  this
• 3:16
  worthwhile
• 3:17
  for
• 3:17
  both
• 3:17
  the
• 3:17
  consumer
• 3:17
  and
• 3:18
  BJ's?
• 3:19
  Right?
• 3:19
  Yeah.
• 3:20
  No,
• 3:20
  I
• 3:20
  think
• 3:20
  you
• 3:20
  bring
• 3:21
  up
• 3:21
  some
• 3:21
  really
• 3:21
  good
• 3:21
  points,
• 3:23
  John.
• 3:23
  I
• 3:23
  looked
• 3:24
  to
• 3:24
  like
• 3:24
  the
• 3:24
  Costco
• 3:25
  early
• 3:25
  opening
• 3:26
  example
• 3:26
  too
• 3:27
  of
• 3:27
  like,
• 3:28
  you
• 3:28
  know,
• 3:28
  when
• 3:28
  you
• 3:28
  eliminate
• 3:29
  some
• 3:29
  of
• 3:29
  those
• 3:29
  friction
• 3:30
  points
• 3:30
  for
• 3:31
  people
• 3:31
  to
• 3:31
  get
• 3:31
  those
• 3:32
  essentials,
• 3:32
  like
• 3:32
  if
• 3:33
  milk
• 3:33
  bread,
• 3:34
  you
• 3:34
  know,
• 3:34
  produce
• 3:35
  becomes
• 3:35
  lower
• 3:36
  price
• 3:36
  available
• 3:37
  and
• 3:37
  it's
• 3:38
  a
• 3:38
  quicker
• 3:38
  in
• 3:38
  and
• 3:39
  out
• 3:39
  experience
• 3:39
  like
• 3:40
  DJs
• 3:40
  is
• 3:40
  kind
• 3:41
  of
• 3:41
  hammering
• 3:41
  in
• 3:42
  in
• 3:42
  this
• 3:42
  headline,
• 3:43
  you
• 3:44
  know,
• 3:44
  that
• 3:45
  to
• 3:45
  me
• 3:45
  brings
• 3:46
  issue
• 3:47
  for
• 3:47
  the
• 3:48
  public's
• 3:49
  locations
• 3:49
  in
• 3:49
  Florida,
• 3:50
  the
• 3:50
  regional
• 3:50
  players,
• 3:50
  the
• 3:51
  Winn
• 3:51
  Dixies
• 3:51
  in
• 3:51
  Florida
• 3:52
  that
• 3:52
  are,
• 3:52
  you
• 3:52
  know,
• 3:53
  those,
• 3:53
  that's
• 3:53
  where
• 3:53
  people
• 3:54
  are
• 3:54
  going
• 3:54
  for
• 3:54
  those
• 3:55
  quick
• 3:55
  in
• 3:55
  and
• 3:55
  out
• 3:55
  trips.
• 3:56
  And
• 3:56
  if
• 3:56
  they
• 3:56
  can
• 3:57
  now
• 3:57
  get,
• 3:57
  you
• 3:57
  know,
• 3:57
  bulk
• 3:58
  pricing
• 3:58
  for
• 3:59
  those,
• 3:59
  those
• 3:59
  items
• 4:00
  that
• 4:00
  they
• 4:00
  typically
• 4:01
  are
• 4:01
  doing
• 4:01
  in
• 4:01
  and
• 4:01
  out
• 4:02
  trips
• 4:02
  on,
• 4:02
  I
• 4:03
  think
• 4:03
  that's
• 4:03
  where,
• 4:03
  where
• 4:04
  we,
• 4:04
  we
• 4:04
  could
• 4:05
  have
• 4:05
  some
• 4:05
  concern.
• 4:05
  But
• 4:06
  I
• 4:06
  think
• 4:06
  your
• 4:06
  point
• 4:06
  is,
• 4:07
  is
• 4:07
  well
• 4:07
  taken
• 4:08
  in
• 4:08
  that
• 4:09
  there's,
• 4:09
  this
• 4:10
  is
• 4:10
  the
• 4:10
  second
• 4:10
  location
• 4:11
  that
• 4:11
  they
• 4:11
  built.
• 4:11
  So
• 4:12
  what
• 4:12
  kind
• 4:12
  of
• 4:12
  scale
• 4:13
  do
• 4:13
  we
• 4:13
  really
• 4:13
  think
• 4:13
  that
• 4:14
  they're
• 4:14
  going
• 4:14
  to
• 4:14
  get
• 4:14
  and
• 4:15
  how
• 4:15
  much
• 4:15
  of
• 4:15
  an
• 4:15
  impact
• 4:16
  will
• 4:16
  that
• 4:16
  end
• 4:17
  up
• 4:17
  having?
• 4:18
  Ken,
• 4:18
  let's
• 4:19
  go
• 4:19
  to
• 4:19
  you
• 4:19
  next.
• 4:19
  What
• 4:20
  are
• 4:20
  your
• 4:20
  thoughts
• 4:20
  on,
• 4:20
  on
• 4:21
  BJ's
• 4:21
  and
• 4:21
  the
• 4:22
  slower
• 4:22
  price
• 4:22
  format?
• 4:22
  Who
• 4:23
  should
• 4:23
  be
• 4:23
  scared?
• 4:24
  You
• 4:24
  know,
• 4:24
  the
• 4:24
  regionals
• 4:25
  should
• 4:25
  be
• 4:25
  scared.
• 4:25
  It
• 4:26
  kind
• 4:26
  of
• 4:26
  ties
• 4:26
  nicely
• 4:26
  into
• 4:26
  the
• 4:27
  first
• 4:27
  couple
• 4:27
  of
• 4:27
  topics.
• 4:28
  Amazon's
• 4:28
  closing
• 4:29
  their
• 4:30
  grocery
• 4:31
  offering,
• 4:31
  but
• 4:31
  now
• 4:31
  BJ's
• 4:32
  is
• 4:32
  going
• 4:32
  to
• 4:32
  open
• 4:32
  a
• 4:32
  different
• 4:33
  one.
• 4:33
  It's
• 4:34
  an
• 4:34
  interesting
• 4:35
  dynamic
• 4:35
  for
• 4:36
  me
• 4:36
  because,
• 4:36
  you
• 4:36
  know,
• 4:36
  they
• 4:37
  talk
• 4:37
  about
• 4:37
  going
• 4:37
  in
• 4:37
  for
• 4:38
  a
• 4:38
  quick
• 4:38
  run
• 4:38
  on
• 4:38
  a
• 4:38
  Wednesday
• 4:39
  night.
• 4:39
  Quite
• 4:39
  honestly,
• 4:40
  when
• 4:40
  I
• 4:40
  go
• 4:40
  to
• 4:40
  Costco
• 4:41
  on
• 4:41
  a
• 4:41
  Wednesday
• 4:41
  night,
• 4:42
  there's
• 4:42
  nobody
• 4:42
  there
• 4:42
  either.
• 4:43
  So
• 4:43
  I
• 4:43
  can
• 4:43
  make
• 4:43
  that
• 4:43
  run
• 4:44
  pretty
• 4:44
  quick.
• 4:45
  So
• 4:45
  it's
• 4:45
  a,
• 4:45
  it's
• 4:45
  a,
• 4:46
  it's
• 4:46
  finding
• 4:46
  that
• 4:47
  niche.
• 4:47
  You
• 4:47
  know,
• 4:47
  Rhode
• 4:47
  island
• 4:48
  could
• 4:48
  not
• 4:48
  be
• 4:49
  more
• 4:49
  different
• 4:49
  than
• 4:50
  Delray
• 4:50
  Beach.
• 4:51
  So
• 4:51
  I'm
• 4:52
  fascinated
• 4:52
  as
• 4:53
  to
• 4:53
  how
• 4:53
  they're
• 4:53
  figuring
• 4:53
  out
• 4:53
  their
• 4:54
  demographics
• 4:54
  and
• 4:54
  what
• 4:54
  they're
• 4:55
  shooting
• 4:55
  at.
• 4:56
  But
• 4:56
  yeah,
• 4:56
  you
• 4:57
  know,
• 4:57
  well,
• 4:57
  they
• 4:57
  can
• 4:58
  give
• 4:58
  it
• 4:58
  a
• 4:58
  go.
• 4:58
  It's
• 4:58
  going
• 4:58
  to
• 4:59
  be
• 4:59
  interesting.
• 4:59
  I
• 4:59
  think
• 5:00
  unfortunately,
• 5:00
  too
• 5:00
  many
• 5:01
  people
• 5:01
  are
• 5:01
  getting
• 5:02
  used
• 5:02
  to
• 5:02
  saying,
• 5:02
  well,
• 5:03
  I'll
• 5:03
  just
• 5:03
  order
• 5:03
  something
• 5:03
  and
• 5:04
  maybe
• 5:04
  the
• 5:04
  online
• 5:05
  drive
• 5:05
  thru
• 5:06
  pickup,
• 5:06
  excuse
• 5:06
  me,
• 5:06
  will
• 5:07
  work
• 5:07
  for
• 5:07
  them.
• 5:08
  But
• 5:09
  more
• 5:09
  and
• 5:09
  more
• 5:09
  people
• 5:09
  are
• 5:09
  saying,
• 5:10
  I'm
• 5:10
  not
• 5:10
  even
• 5:10
  going
• 5:10
  to
• 5:11
  go
• 5:11
  out
• 5:11
  on
• 5:11
  a
• 5:11
  Wednesday
• 5:11
  night.
• 5:12
  I'm
• 5:12
  just
• 5:12
  going
• 5:12
  to
• 5:12
  have
• 5:13
  it
• 5:13
  get
• 5:13
  delivered
• 5:13
  to
• 5:13
  me
• 5:14
  by
• 5:15
  some
• 5:15
  retiree
• 5:16
  in
• 5:16
  Florida,
• 5:16
  which
• 5:16
  the
• 5:16
  last
• 5:17
  time
• 5:17
  I
• 5:17
  checked
• 5:17
  there's
• 5:17
  a
• 5:17
  couple.
• 5:18
  So
• 5:18
  we'll
• 5:18
  see
• 5:19
  how
• 5:19
  that
• 5:19
  works
• 5:19
  out.
• 5:19
  Yeah,
• 5:20
  40%
• 5:20
  or
• 5:21
  something.
• 5:21
  I
• 5:21
  think
• 5:22
  I
• 5:22
  just
• 5:22
  heard
• 5:22
  of
• 5:23
  the
• 5:23
  population
• 5:24
  in
• 5:24
  Florida
• 5:25
  are
• 5:25
  still
• 5:26
  residents
• 5:26
  and
• 5:26
  retirees.
• 5:28
  Okay,
• 5:29
  Chris,
• 5:29
  what
• 5:29
  do
• 5:29
  you
• 5:30
  think?
• 5:30
  Who
• 5:31
  should
• 5:31
  be
• 5:31
  worried?
• 5:33
  Yeah,
• 5:33
  I
• 5:33
  mean,
• 5:33
  I
• 5:33
  think,
• 5:33
  you
• 5:34
  know,
• 5:34
  I
• 5:34
  think
• 5:34
  it's
• 5:34
  interesting
• 5:34
  that
• 5:35
  you
• 5:35
  guys,
• 5:35
  you
• 5:35
  guys
• 5:35
  think
• 5:35
  these
• 5:36
  stores
• 5:36
  are
• 5:36
  so
• 5:36
  dissimilar.
• 5:37
  I
• 5:37
  actually
• 5:37
  think
• 5:38
  they're
• 5:38
  closer
• 5:39
  than
• 5:39
  they
• 5:39
  appear
• 5:40
  in
• 5:40
  the
• 5:40
  mirror.
• 5:41
  Because
• 5:41
  if
• 5:42
  you
• 5:42
  think
• 5:42
  about
• 5:42
  where
• 5:42
  the
• 5:42
  first
• 5:42
  one
• 5:43
  is,
• 5:43
  it's
• 5:43
  right
• 5:43
  in
• 5:43
  BJ's
• 5:44
  backyard.
• 5:44
  Right.
• 5:45
  And
• 5:45
  so
• 5:46
  BJ's,
• 5:46
  I
• 5:46
  think
• 5:46
  is
• 5:47
  looking
• 5:47
  that
• 5:47
  at
• 5:47
  that
• 5:47
  as
• 5:48
  the
• 5:48
  first
• 5:48
  experiment.
• 5:49
  And
• 5:49
  I
• 5:49
  kudos
• 5:49
  to
• 5:50
  them
• 5:50
  for
• 5:50
  taking
• 5:50
  time
• 5:51
  to
• 5:51
  roll
• 5:51
  out
• 5:51
  the
• 5:52
  second
• 5:52
  one
• 5:52
  because
• 5:52
  that
• 5:53
  tells
• 5:53
  me
• 5:53
  that
• 5:54
  they
• 5:54
  waited
• 5:55
  potentially
• 5:56
  to
• 5:57
  get
• 5:57
  the
• 5:57
  operations
• 5:58
  down
• 5:58
  to
• 5:58
  the
• 5:58
  point
• 5:59
  where
• 5:59
  they
• 5:59
  felt
• 5:59
  confident
• 6:00
  they
• 6:00
  could
• 6:00
  roll
• 6:00
  it.
• 6:01
  So
• 6:01
  where
• 6:01
  do
• 6:01
  they
• 6:01
  take
• 6:01
  it?
• 6:01
  Well,
• 6:02
  they
• 6:02
  take
• 6:02
  it
• 6:02
  down
• 6:02
  to
• 6:02
  Florida
• 6:03
  where
• 6:03
  there's
• 6:03
  a
• 6:03
  lot
• 6:03
  of
• 6:03
  East
• 6:04
  Coasters
• 6:04
  that
• 6:05
  probably
• 6:05
  already
• 6:05
  have
• 6:06
  familiarity
• 6:06
  with
• 6:06
  the
• 6:07
  brand.
• 6:07
  And
• 6:07
  every
• 6:08
  East
• 6:08
  Coaster,
• 6:08
  when
• 6:08
  they
• 6:09
  come
• 6:09
  down
• 6:09
  there
• 6:09
  for
• 6:09
  the
• 6:10
  weekend,
• 6:10
  for
• 6:10
  the
• 6:10
  week,
• 6:11
  for
• 6:11
  the
• 6:11
  six
• 6:11
  months
• 6:12
  period
• 6:12
  when
• 6:12
  they're
• 6:12
  snowboarding,
• 6:13
  whatever,
• 6:14
  is
• 6:14
  already
• 6:14
  going
• 6:14
  to
• 6:15
  have
• 6:15
  the
• 6:15
  BJ's
• 6:15
  membership.
• 6:16
  So
• 6:16
  that's
• 6:16
  sticky.
• 6:17
  And
• 6:17
  they're
• 6:17
  going
• 6:18
  to
• 6:18
  have
• 6:18
  the
• 6:18
  experience
• 6:18
  and
• 6:18
  now
• 6:18
  they're
• 6:19
  going
• 6:19
  to
• 6:19
  be
• 6:19
  like,
• 6:19
  maybe
• 6:20
  I'll
• 6:20
  try
• 6:20
  this.
• 6:20
  So
• 6:20
  yes,
• 6:21
  I
• 6:21
  agree,
• 6:21
  the
• 6:21
  regional
• 6:21
  grocers
• 6:22
  are
• 6:22
  at
• 6:22
  risk
• 6:22
  here.
• 6:23
  I
• 6:23
  think
• 6:23
  this
• 6:23
  is
• 6:24
  a
• 6:24
  concept
• 6:24
  actually
• 6:24
  that
• 6:25
  everyone
• 6:25
  needs
• 6:25
  to
• 6:25
  be
• 6:26
  watching
• 6:26
  for
• 6:26
  that
• 6:26
  reason.
• 6:26
  Because
• 6:27
  if
• 6:27
  you
• 6:27
  can
• 6:27
  make
• 6:27
  a
• 6:28
  club
• 6:28
  experience
• 6:28
  work
• 6:29
  in
• 6:29
  50,000
• 6:29
  square
• 6:30
  feet,
• 6:30
  it's
• 6:31
  huge.
• 6:31
  Now
• 6:31
  can
• 6:32
  they,
• 6:32
  I
• 6:32
  don't
• 6:32
  know
• 6:32
  if
• 6:32
  they
• 6:33
  can
• 6:33
  make
• 6:33
  it
• 6:33
  work
• 6:33
  in
• 6:33
  Florida.
• 6:33
  They
• 6:34
  might
• 6:34
  be
• 6:34
  able
• 6:34
  to
• 6:34
  make
• 6:34
  it
• 6:34
  work
• 6:34
  in
• 6:34
  their
• 6:34
  own
• 6:35
  backyard.
• 6:35
  But
• 6:37
  the
• 6:37
  one
• 6:37
  retailer
• 6:38
  that
• 6:38
  I
• 6:38
  think
• 6:38
  needs
• 6:38
  to
• 6:38
  be
• 6:38
  paying
• 6:39
  really
• 6:39
  close
• 6:39
  attention
• 6:39
  to
• 6:40
  this,
• 6:40
  it's
• 6:40
  not
• 6:40
  going
• 6:40
  to
• 6:40
  surprise
• 6:41
  anyone
• 6:41
  is
• 6:41
  Target.
• 6:41
  Because
• 6:42
  Target
• 6:42
  has
• 6:43
  always
• 6:43
  had
• 6:43
  that
• 6:43
  reputation
• 6:44
  as
• 6:44
  the
• 6:44
  place
• 6:44
  you
• 6:44
  go
• 6:45
  when
• 6:45
  you're
• 6:45
  on
• 6:46
  vacation,
• 6:46
  and
• 6:46
  this
• 6:47
  could
• 6:47
  take
• 6:47
  that
• 6:48
  away.