Latest / Omni Talk Retail / NRF CEO Matthew Shay on Retail Innovation, AI, and the Future of the Industry | NRF 2025

Transcript

NRF CEO Matthew Shay on Retail Innovation, AI, and the Future of the Industry | NRF 2025 · Omni Talk Retail

• 0:00
  Welcome
• 0:00
  back
• 0:00
  everyone.
• 0:01
  This
• 0:01
  is
• 0:01
  Omnitok
• 0:02
  Retail.
• 0:02
  I'm
• 0:02
  Anne
• 0:02
  Mazinga.
• 0:03
  And
• 0:03
  I'm
• 0:03
  Chris
• 0:03
  Walton.
• 0:04
  And
• 0:04
  we're
• 0:04
  coming
• 0:04
  to
• 0:05
  you
• 0:05
  live
• 0:06
  from
• 0:06
  the
• 0:06
  Fusion
• 0:06
  group
• 0:07
  booth
• 0:07
  number
• 0:07
  4938.
• 0:08
  Chris
• 0:08
  and
• 0:08
  I
• 0:09
  will
• 0:09
  be
• 0:09
  here
• 0:09
  all
• 0:09
  day
• 0:09
  today,
• 0:10
  all
• 0:10
  day
• 0:11
  tomorrow,
• 0:11
  so
• 0:11
  make
• 0:11
  sure
• 0:12
  you
• 0:12
  come
• 0:13
  stop
• 0:13
  by
• 0:13
  and
• 0:13
  say
• 0:14
  hello.
• 0:14
  Now
• 0:14
  we
• 0:14
  have
• 0:15
  a
• 0:15
  very
• 0:15
  special
• 0:15
  guest
• 0:16
  again
• 0:16
  joining
• 0:16
  us.
• 0:17
  This
• 0:17
  is
• 0:17
  our
• 0:18
  third
• 0:18
  year
• 0:18
  in
• 0:18
  a
• 0:18
  row
• 0:19
  that
• 0:19
  we
• 0:19
  get
• 0:19
  the
• 0:19
  opportunity
• 0:20
  to
• 0:20
  sit
• 0:20
  down
• 0:20
  with
• 0:21
  NRF
• 0:22
  Chairman
• 0:22
  and
• 0:22
  CEO
• 0:23
  Matthew
• 0:24
  Shea.
• 0:24
  Matt,
• 0:25
  welcome
• 0:25
  to
• 0:25
  thank
• 0:26
  you
• 0:26
  program.
• 0:26
  Great
• 0:26
  to
• 0:27
  be
• 0:27
  here.
• 0:27
  Thanks
• 0:27
  for
• 0:27
  making
• 0:27
  time
• 0:28
  for
• 0:28
  us.
• 0:28
  Thanks
• 0:29
  for
• 0:29
  inviting
• 0:29
  me.
• 0:30
  Thanks
• 0:30
  for
• 0:30
  being
• 0:30
  here.
• 0:31
  Always.
• 0:31
  Thanks
• 0:31
  for
• 0:32
  continuing
• 0:32
  to
• 0:32
  help
• 0:32
  us
• 0:33
  tell
• 0:33
  the
• 0:33
  story
• 0:33
  of
• 0:33
  retail.
• 0:34
  It's
• 0:34
  sorry
• 0:35
  I
• 0:35
  shaved
• 0:35
  my
• 0:35
  beard,
• 0:35
  but
• 0:36
  I'm
• 0:36
  glad,
• 0:36
  I'm
• 0:36
  glad
• 0:36
  to
• 0:37
  see
• 0:37
  you.
• 0:37
  Yeah,
• 0:37
  we
• 0:37
  were
• 0:37
  joking
• 0:38
  beforehand.
• 0:38
  He
• 0:38
  looked
• 0:38
  more
• 0:39
  like
• 0:39
  me
• 0:39
  a
• 0:39
  couple
• 0:40
  months
• 0:40
  ago,
• 0:40
  but
• 0:40
  it
• 0:40
  sounds
• 0:40
  like
• 0:41
  he,
• 0:41
  he
• 0:41
  had
• 0:41
  to
• 0:41
  shave
• 0:42
  it
• 0:42
  off
• 0:42
  here
• 0:42
  accidentally
• 0:43
  too,
• 0:43
  which
• 0:43
  is
• 0:44
  a
• 0:44
  great
• 0:44
  story.
• 0:44
  But
• 0:45
  operator
• 0:45
  error.
• 0:45
  Yeah,
• 0:46
  operator
• 0:46
  error.
• 0:46
  Yes,
• 0:46
  user
• 0:47
  error.
• 0:47
  So,
• 0:47
  so,
• 0:48
  but
• 0:48
  Matt,
• 0:48
  so
• 0:48
  for
• 0:48
  all
• 0:49
  our
• 0:49
  friends
• 0:49
  back
• 0:49
  home
• 0:50
  watching
• 0:50
  that
• 0:50
  are
• 0:50
  not
• 0:51
  here
• 0:51
  in
• 0:51
  attendance,
• 0:51
  all
• 0:52
  the
• 0:52
  retail
• 0:52
  executives
• 0:53
  as
• 0:53
  well
• 0:53
  as
• 0:53
  the
• 0:53
  people
• 0:53
  in
• 0:53
  the
• 0:54
  stores,
• 0:54
  we'd
• 0:54
  love
• 0:55
  to
• 0:55
  start
• 0:55
  out
• 0:55
  today
• 0:55
  by
• 0:56
  having
• 0:56
  you
• 0:56
  explain
• 0:57
  what
• 0:57
  role
• 0:57
  is
• 0:57
  it
• 0:57
  that
• 0:58
  the
• 0:58
  National
• 0:58
  Retail
• 0:58
  Federation
• 0:59
  plays
• 0:59
  within
• 0:59
  the
• 1:00
  retail
• 1:00
  industry
• 1:01
  and
• 1:01
  ecosystem.
• 1:02
  So
• 1:02
  well,
• 1:02
  thank
• 1:03
  you
• 1:03
  again.
• 1:04
  Thanks
• 1:04
  for
• 1:04
  having
• 1:04
  us.
• 1:05
  So
• 1:05
  I
• 1:06
  think
• 1:06
  you
• 1:06
  really
• 1:06
  think
• 1:06
  of
• 1:06
  the
• 1:07
  NRF
• 1:07
  as
• 1:08
  having
• 1:08
  three
• 1:08
  primary
• 1:09
  functions.
• 1:10
  One
• 1:10
  is,
• 1:11
  one
• 1:11
  is
• 1:11
  convening,
• 1:12
  bringing
• 1:12
  together
• 1:13
  groups
• 1:13
  of
• 1:13
  retail
• 1:14
  leaders,
• 1:14
  bringing
• 1:14
  together
• 1:15
  thought
• 1:15
  leaders,
• 1:15
  bringing
• 1:15
  together
• 1:16
  our
• 1:16
  members,
• 1:17
  partners
• 1:18
  as
• 1:18
  we
• 1:18
  do.
• 1:18
  This
• 1:18
  is
• 1:18
  the
• 1:19
  most
• 1:19
  visible
• 1:19
  example
• 1:20
  of
• 1:20
  that.
• 1:20
  But
• 1:20
  we
• 1:20
  do
• 1:20
  it
• 1:20
  all
• 1:21
  year
• 1:21
  long,
• 1:21
  a
• 1:21
  variety
• 1:21
  of
• 1:21
  settings.
• 1:22
  So
• 1:22
  one
• 1:22
  is
• 1:23
  commuting,
• 1:24
  one
• 1:24
  is
• 1:26
  communicating
• 1:27
  and
• 1:28
  trying
• 1:28
  to
• 1:28
  deliver
• 1:29
  the
• 1:29
  message
• 1:29
  about
• 1:29
  the
• 1:30
  retail
• 1:30
  industry.
• 1:31
  And
• 1:32
  then
• 1:32
  the
• 1:32
  third
• 1:32
  is
• 1:33
  really
• 1:34
  not
• 1:34
  so
• 1:34
  much
• 1:35
  creating
• 1:36
  content
• 1:37
  as
• 1:37
  curating
• 1:38
  content.
• 1:39
  Okay.
• 1:39
  And
• 1:39
  I
• 1:39
  mean
• 1:40
  our
• 1:40
  members,
• 1:41
  our
• 1:42
  members
• 1:42
  are
• 1:42
  the
• 1:42
  content
• 1:43
  retailers
• 1:44
  create
• 1:44
  the
• 1:44
  content
• 1:45
  and
• 1:46
  it's
• 1:46
  our
• 1:46
  job
• 1:46
  to
• 1:47
  curate
• 1:47
  it,
• 1:47
  to
• 1:48
  identify
• 1:48
  the
• 1:48
  right
• 1:49
  content
• 1:49
  based
• 1:49
  on
• 1:49
  what
• 1:49
  they
• 1:50
  tell
• 1:50
  us
• 1:50
  to
• 1:50
  say.
• 1:50
  These
• 1:50
  are
• 1:51
  the
• 1:51
  priorities.
• 1:52
  And
• 1:52
  then
• 1:52
  for
• 1:52
  us
• 1:53
  to,
• 1:53
  when
• 1:53
  we
• 1:53
  bring
• 1:54
  them
• 1:54
  together,
• 1:54
  they'll
• 1:55
  identify
• 1:55
  the
• 1:55
  priorities,
• 1:56
  they'll
• 1:57
  provide
• 1:57
  the
• 1:57
  content
• 1:58
  and
• 1:58
  then
• 1:59
  we
• 1:59
  communicate
• 2:00
  it.
• 2:00
  So
• 2:00
  I
• 2:00
  think
• 2:00
  that's
• 2:01
  really
• 2:01
  our
• 2:01
  role
• 2:01
  is
• 2:01
  convening,
• 2:03
  curating
• 2:03
  the
• 2:03
  content
• 2:04
  and
• 2:04
  then
• 2:04
  communicating
• 2:05
  it.
• 2:05
  Well,
• 2:06
  it's
• 2:06
  day
• 2:06
  two
• 2:07
  of
• 2:07
  the
• 2:07
  show
• 2:07
  we
• 2:07
  mentioned.
• 2:08
  There's
• 2:08
  a
• 2:09
  lot
• 2:09
  of
• 2:10
  content
• 2:10
  that
• 2:10
  you
• 2:10
  put
• 2:11
  together
• 2:12
  for
• 2:12
  this,
• 2:13
  this
• 2:13
  conference,
• 2:14
  this
• 2:14
  several
• 2:15
  multi
• 2:15
  day
• 2:15
  conference.
• 2:16
  What
• 2:16
  are
• 2:17
  you
• 2:17
  most
• 2:18
  proud
• 2:18
  of
• 2:19
  or
• 2:19
  excited
• 2:19
  about
• 2:20
  that
• 2:20
  is
• 2:21
  coming
• 2:21
  alive
• 2:22
  at
• 2:22
  NRF
• 2:22
  2025?
• 2:23
  Well,
• 2:24
  you
• 2:24
  know,
• 2:24
  we've
• 2:25
  got
• 2:25
  more
• 2:26
  than
• 2:26
  40,000
• 2:27
  attendees.
• 2:27
  We've
• 2:27
  got
• 2:28
  more
• 2:28
  than
• 2:28
  a
• 2:28
  thousand,
• 2:28
  a
• 2:29
  thousand
• 2:29
  exhibitors
• 2:30
  on
• 2:31
  these
• 2:31
  three
• 2:31
  floors
• 2:32
  of
• 2:32
  the
• 2:32
  Javits
• 2:32
  Convention
• 2:33
  center
• 2:33
  here
• 2:33
  in
• 2:33
  New
• 2:34
  York
• 2:34
  City.
• 2:35
  Hundreds
• 2:35
  of
• 2:36
  speakers,
• 2:37
  hundreds
• 2:37
  of
• 2:38
  educational
• 2:39
  sessions,
• 2:40
  amazing
• 2:41
  topics
• 2:41
  ranging,
• 2:42
  of
• 2:42
  course,
• 2:43
  AI
• 2:44
  is
• 2:44
  at
• 2:44
  the
• 2:44
  top
• 2:44
  of
• 2:45
  everyone's
• 2:45
  list
• 2:45
  that
• 2:46
  seems
• 2:46
  to
• 2:46
  be
• 2:47
  evolving
• 2:47
  into
• 2:47
  a
• 2:48
  more
• 2:48
  mature
• 2:48
  kind
• 2:48
  of
• 2:49
  set
• 2:49
  of
• 2:49
  conversations,
• 2:50
  more
• 2:50
  practical
• 2:50
  applications.
• 2:51
  AI
• 2:52
  is
• 2:52
  exciting.
• 2:53
  Information
• 2:54
  about
• 2:54
  robotics,
• 2:56
  information
• 2:56
  about
• 2:56
  just
• 2:57
  sort
• 2:57
  of
• 2:57
  how
• 2:57
  businesses
• 2:58
  are
• 2:58
  being
• 2:58
  transformed,
• 3:00
  about
• 3:00
  customer
• 3:00
  engagement,
• 3:01
  the
• 3:01
  customer
• 3:01
  journey.
• 3:02
  There's
• 3:02
  a
• 3:03
  whole
• 3:03
  variety
• 3:03
  of
• 3:03
  things
• 3:03
  that
• 3:03
  are
• 3:04
  really
• 3:04
  fascinating,
• 3:04
  but
• 3:05
  for
• 3:05
  me,
• 3:06
  what
• 3:06
  I'm
• 3:07
  most
• 3:07
  excited
• 3:07
  about
• 3:09
  is
• 3:09
  to
• 3:09
  see
• 3:09
  the
• 3:10
  energy
• 3:11
  of
• 3:11
  the
• 3:11
  people
• 3:11
  that
• 3:11
  are
• 3:11
  here
• 3:12
  this
• 3:12
  week.
• 3:12
  Yeah.
• 3:13
  And
• 3:13
  I
• 3:13
  think
• 3:14
  that's.
• 3:15
  That's,
• 3:15
  you
• 3:15
  know,
• 3:15
  this
• 3:16
  is
• 3:16
  the
• 3:16
  first
• 3:17
  major.
• 3:17
  It's
• 3:18
  the
• 3:18
  largest
• 3:18
  global
• 3:18
  retail
• 3:19
  committee,
• 3:20
  and
• 3:20
  it's
• 3:21
  the
• 3:21
  first
• 3:21
  big
• 3:22
  event
• 3:22
  of
• 3:22
  the
• 3:22
  year,
• 3:23
  and
• 3:23
  it's
• 3:24
  a
• 3:24
  great
• 3:24
  kind
• 3:24
  of
• 3:25
  bellwether
• 3:25
  for
• 3:25
  what's
• 3:26
  the
• 3:26
  mood.
• 3:27
  And,
• 3:28
  you
• 3:28
  know,
• 3:28
  you
• 3:28
  can
• 3:28
  really
• 3:29
  tell
• 3:29
  if
• 3:29
  people
• 3:29
  are
• 3:29
  excited
• 3:30
  or
• 3:30
  optimistic,
• 3:31
  enthusiastic.
• 3:32
  And
• 3:32
  I
• 3:32
  think
• 3:32
  you
• 3:33
  really
• 3:33
  feel
• 3:33
  that
• 3:33
  here.
• 3:33
  And
• 3:34
  I
• 3:34
  think
• 3:34
  they
• 3:34
  really
• 3:34
  are
• 3:35
  genuine
• 3:35
  about
• 3:36
  a
• 3:36
  sense
• 3:36
  of
• 3:37
  positivity
• 3:37
  and
• 3:38
  optimism
• 3:38
  for
• 3:39
  the
• 3:39
  opportunities
• 3:39
  ahead.
• 3:40
  Yeah,
• 3:40
  it
• 3:41
  seems
• 3:41
  in
• 3:41
  a
• 3:41
  lot
• 3:41
  of
• 3:41
  ways
• 3:41
  you're
• 3:41
  almost
• 3:42
  outgrowing
• 3:42
  the
• 3:42
  Javits.
• 3:43
  I
• 3:43
  had
• 3:43
  trouble
• 3:43
  walking
• 3:43
  around
• 3:43
  here.
• 3:44
  There
• 3:44
  were
• 3:44
  so
• 3:44
  many
• 3:44
  people
• 3:44
  here
• 3:45
  yesterday
• 3:45
  on
• 3:45
  Sunday.
• 3:46
  It
• 3:46
  was
• 3:46
  great.
• 3:46
  The
• 3:46
  traffic
• 3:47
  flow
• 3:47
  was
• 3:47
  really
• 3:48
  amazing
• 3:48
  to
• 3:48
  see
• 3:48
  how
• 3:49
  many
• 3:49
  people
• 3:49
  were
• 3:49
  just
• 3:49
  excited
• 3:50
  to
• 3:50
  be
• 3:50
  here.
• 3:50
  I'm
• 3:50
  sorry
• 3:51
  to
• 3:51
  inconvenience
• 3:51
  you,
• 3:51
  but
• 3:51
  I'm
• 3:52
  really
• 3:52
  happy
• 3:52
  to
• 3:52
  hear
• 3:52
  that.
• 3:52
  Yeah,
• 3:53
  I
• 3:53
  know.
• 3:53
  I
• 3:53
  figured
• 3:53
  you
• 3:53
  would
• 3:53
  be.
• 3:54
  I
• 3:54
  figured
• 3:54
  you
• 3:54
  would
• 3:54
  be.
• 3:55
  My
• 3:55
  inconvenience
• 3:55
  is
• 3:56
  not
• 3:56
  good
• 3:56
  for
• 3:56
  us,
• 3:56
  but.
• 3:57
  All
• 3:57
  right,
• 3:57
  so
• 3:57
  let's
• 3:58
  get
• 3:58
  serious
• 3:58
  now
• 3:58
  for
• 3:58
  a
• 3:58
  sec.
• 3:59
  So
• 3:59
  there's
• 3:59
  a
• 3:59
  lot
• 3:59
  of
• 4:00
  macroeconomic
• 4:00
  issues
• 4:01
  facing
• 4:01
  this
• 4:01
  industry.
• 4:01
  You
• 4:01
  got
• 4:02
  inflation
• 4:02
  shrinks
• 4:03
  top
• 4:03
  of
• 4:03
  mind.
• 4:04
  Tariffs
• 4:04
  are
• 4:05
  potentially
• 4:05
  looming
• 4:06
  out
• 4:06
  there.
• 4:06
  So
• 4:07
  I'm
• 4:07
  curious,
• 4:07
  what
• 4:07
  are
• 4:07
  you
• 4:08
  focused
• 4:08
  on
• 4:08
  in
• 4:08
  your
• 4:08
  role
• 4:09
  as
• 4:09
  you
• 4:09
  look
• 4:09
  ahead
• 4:09
  to
• 4:09
  2025?
• 4:10
  Which
• 4:10
  of
• 4:11
  those
• 4:11
  things,
• 4:11
  if
• 4:11
  anything,
• 4:12
  are
• 4:12
  you
• 4:12
  focused
• 4:12
  on?
• 4:13
  Yeah,
• 4:13
  I
• 4:13
  think
• 4:13
  it's
• 4:14
  a
• 4:14
  great
• 4:14
  question.
• 4:14
  There
• 4:14
  is.
• 4:15
  I
• 4:16
  think
• 4:16
  if
• 4:16
  they're
• 4:17
  balanced
• 4:18
  against
• 4:18
  the
• 4:20
  energy
• 4:20
  and
• 4:20
  the
• 4:21
  enthusiasm
• 4:21
  and
• 4:21
  the
• 4:22
  optimism
• 4:22
  that
• 4:23
  we
• 4:23
  feel
• 4:23
  here
• 4:23
  this
• 4:23
  week
• 4:24
  is
• 4:25
  a
• 4:25
  recognition
• 4:26
  that
• 4:26
  we're
• 4:26
  entering
• 4:27
  or
• 4:27
  operating
• 4:28
  in
• 4:28
  a
• 4:28
  moment
• 4:29
  of.
• 4:29
  Of
• 4:29
  great
• 4:29
  uncertainty.
• 4:31
  All
• 4:31
  kinds
• 4:31
  of
• 4:31
  unanswered
• 4:32
  questions.
• 4:34
  And
• 4:34
  those
• 4:34
  are
• 4:35
  economic,
• 4:36
  those
• 4:36
  are
• 4:37
  cultural,
• 4:38
  social,
• 4:39
  you
• 4:40
  know,
• 4:40
  political.
• 4:40
  There's
• 4:40
  all
• 4:41
  sorts
• 4:41
  of
• 4:41
  uncertainties
• 4:42
  about
• 4:42
  what's
• 4:42
  going
• 4:42
  to
• 4:42
  happen
• 4:43
  in
• 4:43
  the
• 4:43
  year
• 4:43
  ahead.
• 4:44
  Some
• 4:45
  are
• 4:45
  more
• 4:45
  visible
• 4:46
  than
• 4:46
  others
• 4:46
  because
• 4:47
  of
• 4:47
  the
• 4:47
  recent
• 4:47
  elections,
• 4:48
  not
• 4:48
  only
• 4:48
  in
• 4:49
  the
• 4:49
  US
• 4:49
  which
• 4:49
  are
• 4:50
  obviously
• 4:50
  very
• 4:50
  big
• 4:51
  for
• 4:51
  us,
• 4:51
  that
• 4:51
  are
• 4:52
  citizens
• 4:52
  of
• 4:52
  the
• 4:52
  United
• 4:53
  States,
• 4:53
  but
• 4:53
  around
• 4:54
  the
• 4:54
  world.
• 4:54
  They've
• 4:54
  been
• 4:54
  changed
• 4:55
  I
• 4:55
  mean,
• 4:56
  all
• 4:56
  over
• 4:56
  Europe,
• 4:57
  all
• 4:57
  over
• 4:57
  the
• 4:57
  rest
• 4:57
  of
• 4:58
  the
• 4:58
  world,
• 4:58
  in
• 4:59
  South
• 4:59
  America,
• 5:00
  you
• 5:00
  know,
• 5:00
  this
• 5:01
  is
• 5:01
  not
• 5:01
  something
• 5:01
  unusual
• 5:02
  in
• 5:02
  parts
• 5:02
  of
• 5:03
  Asia.
• 5:03
  So,
• 5:04
  you
• 5:05
  know,
• 5:05
  half
• 5:05
  the
• 5:05
  world's
• 5:06
  population
• 5:07
  held
• 5:08
  national
• 5:08
  elections
• 5:09
  last
• 5:09
  year.
• 5:09
  So,
• 5:10
  you
• 5:10
  know,
• 5:10
  going
• 5:10
  almost
• 5:10
  8
• 5:11
  billion
• 5:11
  people
• 5:12
  and
• 5:12
  more
• 5:12
  than
• 5:12
  4
• 5:13
  billion
• 5:13
  had.
• 5:13
  So
• 5:14
  there's
• 5:14
  uncertainty
• 5:15
  and
• 5:15
  change
• 5:15
  and
• 5:16
  transformation,
• 5:17
  I
• 5:18
  think,
• 5:18
  occurring
• 5:19
  everywhere.
• 5:21
  But
• 5:21
  to
• 5:21
  answer
• 5:22
  your
• 5:22
  question,
• 5:22
  what
• 5:22
  we
• 5:23
  really
• 5:24
  think
• 5:24
  about,
• 5:25
  because
• 5:25
  the
• 5:25
  retail
• 5:25
  industry
• 5:26
  is
• 5:26
  so
• 5:27
  consumer
• 5:28
  centric,
• 5:28
  it's
• 5:28
  about
• 5:29
  customers,
• 5:29
  it's
• 5:29
  about
• 5:30
  where
• 5:30
  are
• 5:31
  they
• 5:32
  in
• 5:32
  their
• 5:33
  journeys
• 5:33
  and
• 5:33
  where
• 5:34
  are
• 5:34
  they
• 5:34
  and
• 5:34
  their
• 5:34
  families.
• 5:36
  That,
• 5:37
  you
• 5:37
  know,
• 5:37
  when
• 5:37
  we
• 5:38
  see
• 5:38
  a
• 5:38
  healthy
• 5:39
  consumer
• 5:41
  and
• 5:41
  a
• 5:41
  confident
• 5:42
  consumer
• 5:44
  and
• 5:44
  an
• 5:44
  optimistic
• 5:45
  consumer,
• 5:45
  then
• 5:45
  I
• 5:45
  think
• 5:46
  that's
• 5:46
  usually
• 5:46
  a
• 5:46
  good
• 5:46
  indicator
• 5:48
  that
• 5:49
  the
• 5:49
  retail
• 5:49
  industry
• 5:50
  is
• 5:51
  in
• 5:51
  a
• 5:51
  good
• 5:51
  place.
• 5:52
  Because
• 5:52
  the
• 5:52
  retail
• 5:53
  industry,
• 5:53
  ultimately,
• 5:54
  because
• 5:54
  it's
• 5:54
  about
• 5:54
  consumption
• 5:55
  and
• 5:55
  commerce,
• 5:56
  is
• 5:56
  a
• 5:56
  reflection
• 5:56
  of
• 5:57
  the
• 5:57
  strength
• 5:57
  and
• 5:57
  health
• 5:58
  of
• 5:58
  consumers.
• 6:00
  Now,
• 6:00
  I
• 6:01
  mean,
• 6:01
  on,
• 6:02
  in
• 6:02
  the
• 6:02
  aggregate,
• 6:03
  it
• 6:03
  looks
• 6:03
  pretty
• 6:03
  good
• 6:04
  in
• 6:04
  the
• 6:04
  aggregate
• 6:04
  retail
• 6:05
  sales.
• 6:05
  And
• 6:05
  we
• 6:06
  announced
• 6:06
  our
• 6:06
  retail
• 6:07
  sales
• 6:08
  for
• 6:08
  last
• 6:08
  year
• 6:08
  and
• 6:09
  for
• 6:09
  the
• 6:09
  holiday
• 6:09
  season
• 6:10
  November
• 6:10
  1st
• 6:10
  to
• 6:11
  December
• 6:11
  31st,
• 6:12
  our
• 6:13
  forecast
• 6:13
  was
• 6:13
  2
• 6:13
  1/2
• 6:14
  to
• 6:14
  3
• 6:14
  1/2%
• 6:14
  growth.
• 6:16
  I
• 6:16
  think
• 6:16
  we're
• 6:17
  going
• 6:17
  to
• 6:17
  come
• 6:17
  in
• 6:18
  certainly
• 6:18
  within
• 6:18
  that
• 6:19
  range,
• 6:19
  maybe
• 6:20
  even
• 6:20
  on
• 6:20
  the
• 6:20
  high
• 6:21
  end
• 6:21
  of
• 6:21
  the
• 6:21
  range.
• 6:22
  So
• 6:23
  if
• 6:23
  you
• 6:23
  talk
• 6:24
  to
• 6:24
  the
• 6:24
  nearly
• 6:25
  one
• 6:25
  third
• 6:25
  of
• 6:25
  attendees
• 6:26
  who
• 6:26
  are
• 6:26
  here
• 6:26
  this
• 6:26
  week
• 6:26
  from
• 6:27
  other
• 6:27
  parts
• 6:27
  of
• 6:27
  the
• 6:27
  world,
• 6:28
  they
• 6:28
  would
• 6:29
  in
• 6:29
  a
• 6:30
  minute
• 6:30
  trade
• 6:30
  what
• 6:31
  they've
• 6:31
  got
• 6:31
  in
• 6:31
  their
• 6:31
  own
• 6:31
  economies
• 6:32
  for
• 6:32
  what
• 6:32
  we've
• 6:32
  got
• 6:33
  in
• 6:33
  the
• 6:33
  US
• 6:33
  So
• 6:34
  whatever
• 6:34
  we
• 6:34
  think
• 6:35
  about
• 6:35
  our
• 6:35
  own
• 6:35
  economy,
• 6:37
  you
• 6:38
  know,
• 6:38
  in
• 6:38
  an
• 6:38
  absolute
• 6:39
  sense,
• 6:39
  the
• 6:39
  world
• 6:39
  is
• 6:39
  a
• 6:40
  relative
• 6:40
  place
• 6:40
  and
• 6:40
  it's
• 6:41
  much
• 6:41
  better
• 6:41
  in
• 6:41
  the
• 6:42
  United
• 6:42
  States
• 6:42
  than
• 6:42
  it
• 6:42
  is
• 6:42
  anywhere
• 6:43
  else
• 6:43
  in
• 6:43
  the
• 6:43
  world.
• 6:43
  There's
• 6:43
  no
• 6:44
  question
• 6:44
  about
• 6:44
  that.
• 6:46
  But,
• 6:47
  you
• 6:47
  know,
• 6:48
  notwithstanding
• 6:48
  that,
• 6:49
  at
• 6:49
  a
• 6:49
  high
• 6:49
  level,
• 6:49
  things
• 6:50
  look
• 6:50
  pretty
• 6:50
  good.
• 6:52
  Individual
• 6:53
  categories,
• 6:53
  individual
• 6:54
  segments
• 6:55
  of
• 6:55
  the
• 6:55
  population,
• 6:56
  from
• 6:57
  the
• 6:57
  highest
• 6:57
  income
• 6:57
  earners
• 6:58
  to
• 6:58
  the
• 6:58
  lowest.
• 6:58
  And
• 6:59
  then
• 6:59
  all
• 6:59
  those
• 6:59
  in
• 6:59
  the
• 6:59
  middle,
• 7:00
  they're
• 7:00
  not
• 7:01
  all
• 7:01
  enjoying
• 7:01
  the
• 7:02
  same
• 7:03
  experience.
• 7:03
  They're
• 7:04
  not
• 7:04
  all
• 7:04
  in
• 7:04
  the
• 7:04
  same
• 7:05
  place
• 7:05
  on
• 7:05
  that
• 7:05
  journey.
• 7:06
  And
• 7:07
  I
• 7:07
  think
• 7:07
  that's
• 7:07
  being
• 7:08
  reflected
• 7:08
  increasingly
• 7:10
  in
• 7:11
  the
• 7:11
  numbers
• 7:11
  that
• 7:11
  we
• 7:12
  see
• 7:12
  about
• 7:13
  employment
• 7:13
  and
• 7:13
  about
• 7:14
  wages
• 7:14
  and
• 7:14
  about
• 7:15
  consumption
• 7:15
  and
• 7:16
  about
• 7:16
  household
• 7:16
  net
• 7:17
  worth
• 7:17
  and
• 7:17
  about
• 7:17
  savings
• 7:18
  and
• 7:19
  all
• 7:19
  of
• 7:19
  those
• 7:19
  things
• 7:19
  is
• 7:20
  that
• 7:20
  when
• 7:20
  you
• 7:20
  put
• 7:20
  them
• 7:20
  all
• 7:21
  together
• 7:22
  in
• 7:22
  the
• 7:22
  aggregate,
• 7:23
  things
• 7:23
  look
• 7:24
  very
• 7:24
  good,
• 7:24
  look
• 7:25
  really
• 7:25
  positive.
• 7:26
  But
• 7:26
  when
• 7:26
  you
• 7:26
  look
• 7:27
  at
• 7:27
  them
• 7:27
  on
• 7:27
  a
• 7:28
  sort
• 7:28
  of
• 7:28
  segment
• 7:29
  by
• 7:29
  segment,
• 7:29
  you
• 7:29
  know,
• 7:29
  on
• 7:30
  the
• 7:30
  different
• 7:30
  quintiles,
• 7:31
  the
• 7:31
  top
• 7:32
  20%,
• 7:32
  the
• 7:32
  bottom
• 7:33
  20%
• 7:33
  in
• 7:34
  the
• 7:34
  middle,
• 7:35
  it's,
• 7:36
  you
• 7:36
  know,
• 7:36
  that
• 7:36
  sort
• 7:37
  sort
• 7:37
  of
• 7:38
  satisfaction
• 7:40
  with
• 7:40
  the
• 7:41
  economy,
• 7:41
  broadly
• 7:42
  speaking,
• 7:42
  at
• 7:42
  a
• 7:42
  macro
• 7:43
  level
• 7:43
  is
• 7:44
  not
• 7:44
  distributed
• 7:45
  evenly.
• 7:45
  There
• 7:46
  are
• 7:46
  some
• 7:46
  families
• 7:47
  and
• 7:47
  some
• 7:48
  segments
• 7:48
  of
• 7:48
  the
• 7:48
  population
• 7:49
  doing
• 7:49
  much
• 7:49
  better.
• 7:49
  Obviously,
• 7:50
  than
• 7:50
  others.
• 7:51
  And
• 7:51
  just
• 7:51
  a
• 7:51
  few
• 7:52
  years
• 7:52
  ago,
• 7:53
  as
• 7:54
  we
• 7:54
  came
• 7:54
  out
• 7:54
  of
• 7:54
  the
• 7:54
  economy,
• 7:56
  that
• 7:57
  wasn't
• 7:57
  necessarily
• 7:58
  the
• 7:58
  case.
• 7:58
  I
• 7:58
  mean,
• 7:58
  because
• 7:59
  of
• 7:59
  the
• 7:59
  pandemic
• 8:00
  payments
• 8:00
  that
• 8:01
  went
• 8:01
  to
• 8:01
  so
• 8:01
  many
• 8:01
  families
• 8:02
  in
• 8:02
  America
• 8:03
  and
• 8:03
  because
• 8:04
  a
• 8:04
  good
• 8:04
  part
• 8:04
  of
• 8:05
  the
• 8:05
  experience
• 8:06
  economy
• 8:06
  was
• 8:06
  closed
• 8:07
  and
• 8:07
  you
• 8:07
  couldn't
• 8:08
  travel,
• 8:08
  you
• 8:08
  couldn't
• 8:08
  go
• 8:08
  to
• 8:08
  restaurants,
• 8:09
  you
• 8:09
  couldn't
• 8:09
  go
• 8:09
  to
• 8:09
  games,
• 8:10
  you
• 8:10
  couldn't
• 8:10
  go
• 8:10
  to
• 8:11
  concerts.
• 8:12
  People
• 8:13
  and
• 8:13
  were
• 8:14
  working
• 8:14
  from
• 8:14
  home,
• 8:14
  going
• 8:14
  to
• 8:15
  school
• 8:15
  from
• 8:15
  home,
• 8:15
  exercising
• 8:16
  from
• 8:16
  home,
• 8:16
  entertaining
• 8:17
  from
• 8:17
  home.
• 8:18
  So
• 8:18
  much
• 8:19
  more
• 8:19
  on
• 8:19
  the
• 8:19
  good
• 8:20
  side
• 8:20
  than
• 8:20
  on
• 8:20
  the
• 8:20
  experienced
• 8:21
  side.
• 8:22
  And
• 8:22
  that
• 8:23
  started
• 8:23
  to
• 8:23
  shift
• 8:23
  back
• 8:24
  now.
• 8:25
  And
• 8:25
  people
• 8:25
  have
• 8:25
  spent
• 8:26
  through
• 8:26
  savings,
• 8:27
  they've
• 8:27
  spent
• 8:27
  through
• 8:28
  their
• 8:28
  pandemic
• 8:28
  payments.
• 8:29
  And
• 8:30
  so
• 8:30
  those
• 8:30
  families
• 8:30
  at
• 8:31
  the
• 8:31
  lower
• 8:31
  income
• 8:32
  levels
• 8:32
  are
• 8:33
  more
• 8:33
  challenged.
• 8:34
  And
• 8:34
  so
• 8:34
  I
• 8:35
  think
• 8:35
  as
• 8:35
  we
• 8:35
  get
• 8:35
  into
• 8:35
  the
• 8:35
  year,
• 8:36
  the
• 8:36
  uncertainty
• 8:37
  sort
• 8:38
  of
• 8:38
  with
• 8:38
  layered,
• 8:39
  with
• 8:39
  that
• 8:39
  background,
• 8:40
  I
• 8:40
  think
• 8:40
  is
• 8:40
  going
• 8:41
  to
• 8:41
  create
• 8:42
  maybe,
• 8:43
  you
• 8:44
  know,
• 8:44
  over
• 8:44
  time
• 8:45
  up
• 8:45
  and
• 8:45
  to
• 8:45
  the
• 8:45
  right.
• 8:46
  But
• 8:46
  I
• 8:46
  think
• 8:46
  the
• 8:46
  line
• 8:47
  may
• 8:47
  be
• 8:47
  sort
• 8:47
  of
• 8:47
  sideways
• 8:48
  for
• 8:48
  a
• 8:48
  while.
• 8:48
  It's
• 8:48
  got
• 8:49
  it.
• 8:49
  So
• 8:49
  you're
• 8:49
  saying.
• 8:49
  So
• 8:49
  in
• 8:49
  2025,
• 8:50
  you're
• 8:50
  kind
• 8:50
  of
• 8:50
  looking
• 8:50
  at
• 8:51
  that.
• 8:51
  What
• 8:51
  is
• 8:51
  it,
• 8:51
  what
• 8:52
  is
• 8:52
  the
• 8:52
  uncertainty
• 8:52
  and
• 8:52
  how
• 8:53
  will
• 8:53
  it
• 8:53
  impact
• 8:53
  certain
• 8:54
  segments
• 8:54
  of
• 8:54
  the
• 8:54
  population?
• 8:55
  And,
• 8:55
  and
• 8:55
  what
• 8:55
  do
• 8:55
  we
• 8:55
  as
• 8:55
  an
• 8:56
  industry
• 8:56
  do
• 8:56
  to
• 8:56
  help
• 8:57
  that?
• 8:57
  Yeah,
• 8:57
  yeah,
• 8:58
  I
• 8:58
  think,
• 8:58
  I
• 8:58
  think
• 8:58
  we
• 8:58
  have
• 8:59
  to
• 8:59
  recognize
• 8:59
  that
• 9:00
  you've
• 9:00
  got
• 9:00
  to
• 9:00
  serve
• 9:01
  different
• 9:02
  consumers
• 9:02
  in
• 9:03
  different
• 9:03
  ways
• 9:04
  because
• 9:04
  they
• 9:04
  have
• 9:04
  different
• 9:04
  needs
• 9:05
  and
• 9:05
  expectations.
• 9:06
  And
• 9:06
  you've
• 9:06
  got
• 9:06
  some
• 9:07
  that
• 9:07
  have
• 9:07
  discretionary
• 9:08
  income
• 9:09
  and
• 9:09
  they're
• 9:09
  going
• 9:09
  to
• 9:09
  be
• 9:09
  more
• 9:10
  willing
• 9:10
  to
• 9:10
  devote
• 9:11
  some
• 9:11
  of
• 9:11
  that
• 9:11
  to
• 9:11
  experiences
• 9:12
  and
• 9:12
  to
• 9:13
  luxury
• 9:13
  and
• 9:13
  to
• 9:13
  discretionary.
• 9:14
  And
• 9:15
  then
• 9:15
  you've
• 9:15
  got
• 9:15
  some
• 9:15
  that
• 9:16
  still
• 9:16
  have
• 9:17
  to
• 9:17
  make,
• 9:17
  you
• 9:17
  know,
• 9:18
  the
• 9:18
  rent
• 9:18
  payment
• 9:18
  or
• 9:18
  the
• 9:18
  mortgage
• 9:19
  payment
• 9:20
  or
• 9:20
  devote
• 9:20
  more
• 9:20
  to
• 9:21
  energy
• 9:22
  or
• 9:22
  devote
• 9:22
  more
• 9:23
  to,
• 9:23
  you
• 9:23
  know,
• 9:23
  other
• 9:24
  of
• 9:24
  the
• 9:24
  services
• 9:24
  side.
• 9:25
  They're
• 9:25
  sort
• 9:25
  of.
• 9:25
  And
• 9:26
  food
• 9:26
  and
• 9:26
  things
• 9:26
  that
• 9:26
  are
• 9:27
  necessities
• 9:28
  but
• 9:28
  don't
• 9:28
  have
• 9:28
  as
• 9:28
  much
• 9:29
  for
• 9:29
  sort
• 9:29
  of
• 9:29
  the,
• 9:30
  the
• 9:30
  wants.
• 9:30
  They're
• 9:31
  spending
• 9:31
  more
• 9:31
  on
• 9:31
  the
• 9:31
  needs.
• 9:32
  Right,
• 9:32
  yeah.
• 9:32
  And
• 9:33
  we've
• 9:33
  seen
• 9:33
  a
• 9:33
  lot
• 9:33
  of,
• 9:33
  lot
• 9:33
  of
• 9:34
  great
• 9:34
  action.
• 9:34
  I
• 9:34
  mean,
• 9:34
  Walmart
• 9:35
  particularly,
• 9:35
  I'd
• 9:35
  single
• 9:36
  them
• 9:36
  out
• 9:36
  as
• 9:36
  a
• 9:36
  company
• 9:36
  that's,
• 9:37
  you
• 9:37
  know,
• 9:37
  leading
• 9:38
  the
• 9:38
  floor
• 9:38
  on
• 9:39
  that
• 9:39
  in
• 9:39
  that
• 9:40
  direction
• 9:40
  to
• 9:41
  try
• 9:41
  to
• 9:41
  create
• 9:42
  the
• 9:42
  type
• 9:42
  of
• 9:42
  atmosphere
• 9:43
  for
• 9:43
  people
• 9:43
  of
• 9:43
  all
• 9:44
  income
• 9:44
  stretches
• 9:44
  to
• 9:44
  shop,
• 9:45
  you
• 9:45
  know,
• 9:45
  in
• 9:45
  their
• 9:45
  stores
• 9:46
  too.
• 9:46
  That's
• 9:46
  one
• 9:46
  I
• 9:46
  would
• 9:46
  single
• 9:47
  out.
• 9:47
  Is
• 9:47
  a
• 9:47
  company
• 9:47
  that's
• 9:48
  done
• 9:48
  a
• 9:48
  great
• 9:48
  job
• 9:48
  at
• 9:48
  that.
• 9:49
  Absolutely.
• 9:49
  Well,
• 9:50
  Matt,
• 9:50
  let's,
• 9:50
  let's
• 9:51
  close
• 9:51
  us
• 9:51
  out
• 9:51
  with
• 9:52
  kind
• 9:52
  of
• 9:53
  what
• 9:53
  people
• 9:54
  at
• 9:54
  home
• 9:54
  who
• 9:55
  aren't
• 9:55
  at
• 9:55
  the
• 9:55
  show
• 9:55
  right
• 9:56
  now.
• 9:56
  What
• 9:57
  is
• 9:57
  the
• 9:57
  eighth
• 9:57
  year
• 9:58
  that
• 9:58
  we've
• 9:58
  been
• 9:58
  here?
• 9:59
  The
• 10:00
  show
• 10:00
  has
• 10:00
  evolved
• 10:01
  so
• 10:01
  much
• 10:01
  in
• 10:02
  those
• 10:02
  eight
• 10:02
  years.
• 10:02
  Yeah,
• 10:02
  eight
• 10:03
  years.
• 10:03
  Where
• 10:03
  were
• 10:03
  you
• 10:03
  for
• 10:03
  the
• 10:03
  first
• 10:04
  105
• 10:04
  years?
• 10:05
  We've
• 10:05
  been
• 10:05
  here.
• 10:05
  We've
• 10:05
  been
• 10:05
  here
• 10:06
  113.
• 10:07
  You're
• 10:07
  a
• 10:07
  little
• 10:07
  late
• 10:08
  to
• 10:08
  the
• 10:08
  party.
• 10:08
  You
• 10:09
  know
• 10:09
  why
• 10:09
  I
• 10:09
  know
• 10:09
  that
• 10:09
  it's
• 10:10
  eight
• 10:10
  years
• 10:10
  is
• 10:10
  because
• 10:11
  my
• 10:11
  first
• 10:11
  nrf,
• 10:11
  I
• 10:12
  was
• 10:12
  very
• 10:12
  pregnant
• 10:12
  with
• 10:13
  my
• 10:13
  son
• 10:13
  and
• 10:14
  he
• 10:14
  is
• 10:14
  now
• 10:14
  seven.
• 10:15
  So
• 10:15
  I
• 10:15
  know
• 10:15
  this
• 10:15
  is
• 10:15
  my
• 10:16
  eighth
• 10:16
  year.
• 10:16
  That's
• 10:17
  great.
• 10:17
  So
• 10:17
  that's.
• 10:18
  That
• 10:18
  played
• 10:18
  into
• 10:19
  a
• 10:19
  little
• 10:19
  bit
• 10:19
  of
• 10:19
  why
• 10:20
  we
• 10:20
  weren't
• 10:20
  there
• 10:20
  previous.
• 10:21
  105.
• 10:22
  But
• 10:22
  that
• 10:22
  doesn't
• 10:22
  explain
• 10:23
  your.
• 10:23
  Yeah,
• 10:24
  that's
• 10:24
  not
• 10:24
  an
• 10:24
  excuse
• 10:24
  for
• 10:25
  you.
• 10:25
  Chris
• 10:25
  has
• 10:25
  no
• 10:25
  excuse.
• 10:26
  I
• 10:26
  don't
• 10:26
  know.
• 10:27
  I
• 10:27
  don't
• 10:27
  know.
• 10:28
  Well,
• 10:28
  we're
• 10:28
  glad
• 10:28
  you're
• 10:28
  here
• 10:28
  now.
• 10:29
  I'm
• 10:29
  late
• 10:29
  to
• 10:29
  the
• 10:29
  party,
• 10:29
  but
• 10:30
  hey.
• 10:30
  Glad
• 10:30
  you're
• 10:31
  glad
• 10:31
  you're
• 10:31
  both
• 10:31
  here
• 10:32
  now.
• 10:32
  Well,
• 10:32
  but
• 10:32
  tell
• 10:33
  us,
• 10:33
  tell
• 10:33
  us,
• 10:33
  Matt,
• 10:34
  like
• 10:34
  what
• 10:34
  can
• 10:34
  people
• 10:35
  expect
• 10:36
  in
• 10:36
  years
• 10:37
  to
• 10:37
  come?
• 10:37
  How
• 10:37
  will
• 10:38
  you
• 10:38
  continue
• 10:38
  to
• 10:39
  evolve
• 10:39
  the
• 10:39
  conference?
• 10:39
  Why
• 10:40
  should
• 10:40
  people
• 10:40
  be
• 10:41
  making
• 10:41
  NRF
• 10:42
  a
• 10:42
  must
• 10:42
  stop
• 10:43
  show
• 10:43
  on
• 10:43
  their
• 10:43
  list
• 10:45
  and
• 10:45
  just
• 10:46
  talk
• 10:46
  a
• 10:46
  little
• 10:46
  bit
• 10:46
  about
• 10:46
  how
• 10:47
  it's
• 10:47
  evolved
• 10:47
  and
• 10:48
  what's
• 10:48
  ahead
• 10:48
  in
• 10:49
  the
• 10:49
  future.
• 10:49
  Yeah,
• 10:49
  no,
• 10:49
  that's
• 10:49
  a
• 10:50
  great
• 10:50
  question.
• 10:50
  Thank
• 10:50
  you.
• 10:51
  I
• 10:51
  think
• 10:51
  that,
• 10:52
  you
• 10:52
  know,
• 10:52
  if
• 10:52
  you've
• 10:52
  never
• 10:53
  been
• 10:53
  here
• 10:53
  before,
• 10:56
  you
• 10:56
  know,
• 10:56
  this
• 10:57
  is
• 10:57
  a
• 10:57
  bit
• 10:57
  of
• 10:57
  a
• 10:57
  hybrid
• 10:58
  event.
• 10:58
  So
• 10:59
  there
• 11:00
  are
• 11:00
  some
• 11:00
  events
• 11:00
  that
• 11:00
  are
• 11:01
  all
• 11:01
  about
• 11:01
  the
• 11:02
  exhibitors
• 11:02
  and
• 11:03
  the
• 11:03
  trade
• 11:03
  show
• 11:03
  floor
• 11:04
  and
• 11:05
  walking
• 11:05
  around
• 11:05
  from
• 11:05
  booth
• 11:06
  to
• 11:06
  booth
• 11:06
  and
• 11:06
  going
• 11:07
  on
• 11:07
  the
• 11:07
  journey.
• 11:08
  There
• 11:08
  are
• 11:08
  some
• 11:09
  events
• 11:09
  in
• 11:09
  the
• 11:10
  US
• 11:10
  and
• 11:10
  around
• 11:10
  the
• 11:10
  world
• 11:10
  that
• 11:11
  are
• 11:12
  primarily,
• 11:12
  if
• 11:12
  not
• 11:12
  exclusively
• 11:13
  about
• 11:13
  that
• 11:14
  part
• 11:14
  of
• 11:14
  the
• 11:14
  experience.
• 11:15
  There
• 11:15
  are
• 11:15
  other
• 11:16
  events
• 11:17
  that
• 11:17
  are
• 11:17
  really
• 11:17
  about.
• 11:18
  It's
• 11:18
  the
• 11:19
  conference,
• 11:19
  it's
• 11:19
  the
• 11:19
  educational,
• 11:20
  it's
• 11:20
  the
• 11:20
  programs,
• 11:21
  it's
• 11:21
  the
• 11:21
  sessions,
• 11:22
  speakers,
• 11:22
  topics,
• 11:23
  themes.
• 11:25
  Some
• 11:25
  events
• 11:25
  are
• 11:25
  just
• 11:26
  conferences
• 11:26
  and
• 11:27
  there
• 11:27
  are
• 11:27
  a
• 11:27
  few
• 11:27
  keynote
• 11:28
  speakers
• 11:29
  and
• 11:29
  there
• 11:29
  are
• 11:29
  some
• 11:29
  breakout
• 11:30
  sessions.
• 11:31
  You
• 11:32
  know,
• 11:32
  this
• 11:33
  event
• 11:33
  this
• 11:34
  week
• 11:34
  is
• 11:35
  the
• 11:35
  best
• 11:35
  of
• 11:35
  both
• 11:36
  of
• 11:36
  those
• 11:37
  combined.
• 11:38
  So,
• 11:38
  so
• 11:38
  this
• 11:38
  is.
• 11:39
  If
• 11:39
  you
• 11:39
  took,
• 11:40
  if
• 11:41
  you
• 11:41
  took
• 11:41
  the,
• 11:41
  the
• 11:42
  Internet
• 11:42
  big
• 11:42
  show
• 11:42
  apart
• 11:44
  and
• 11:44
  said
• 11:44
  there's
• 11:45
  just
• 11:45
  the
• 11:45
  conference
• 11:45
  component
• 11:46
  and
• 11:47
  just
• 11:47
  the
• 11:47
  trade
• 11:48
  show
• 11:48
  component,
• 11:49
  they
• 11:49
  would
• 11:49
  both
• 11:49
  be
• 11:50
  world
• 11:50
  class
• 11:50
  standalone
• 11:51
  events
• 11:51
  on
• 11:51
  their
• 11:51
  own.
• 11:54
  World
• 11:54
  class
• 11:54
  speakers
• 11:55
  on
• 11:55
  stage,
• 11:56
  CEOs,
• 11:57
  visionaries,
• 11:57
  company
• 11:58
  founders.
• 11:59
  And
• 12:00
  here
• 12:00
  where
• 12:01
  we
• 12:01
  are
• 12:01
  on
• 12:01
  the
• 12:01
  trade
• 12:01
  show
• 12:02
  floor,
• 12:02
  thousands
• 12:03
  of
• 12:03
  exhibitors,
• 12:04
  thousands
• 12:04
  of
• 12:04
  booths,
• 12:06
  hundreds
• 12:06
  of
• 12:06
  thousands
• 12:07
  of
• 12:07
  square
• 12:07
  feet
• 12:07
  of
• 12:07
  exhibit
• 12:08
  space
• 12:08
  with
• 12:09
  cutting
• 12:09
  edge
• 12:09
  technology
• 12:10
  innovation
• 12:11
  startups.
• 12:12
  But
• 12:13
  you
• 12:13
  put
• 12:13
  those
• 12:13
  together
• 12:15
  and
• 12:16
  it's
• 12:16
  really
• 12:16
  a
• 12:16
  unique
• 12:17
  experience
• 12:17
  because
• 12:18
  you
• 12:18
  get
• 12:19
  the
• 12:19
  opportunity
• 12:20
  to
• 12:21
  see
• 12:21
  and
• 12:21
  hear
• 12:22
  and
• 12:22
  visit
• 12:22
  with
• 12:23
  and
• 12:23
  talk
• 12:23
  to
• 12:24
  leaders
• 12:24
  and
• 12:24
  visionaries
• 12:25
  and
• 12:25
  innovators
• 12:26
  on
• 12:26
  all
• 12:26
  of
• 12:26
  our
• 12:26
  stages.
• 12:27
  Not
• 12:27
  just
• 12:27
  the
• 12:27
  keynote
• 12:28
  stage,
• 12:28
  but
• 12:28
  all
• 12:28
  the
• 12:28
  main
• 12:29
  stages.
• 12:30
  But
• 12:30
  then
• 12:31
  you
• 12:31
  have
• 12:31
  the
• 12:31
  opportunity
• 12:31
  to
• 12:31
  be
• 12:32
  here
• 12:32
  on
• 12:32
  the
• 12:32
  trade
• 12:32
  show
• 12:32
  floor
• 12:33
  and
• 12:34
  see
• 12:34
  some
• 12:34
  of
• 12:34
  the
• 12:34
  things
• 12:35
  they've
• 12:35
  talked
• 12:35
  about
• 12:35
  in
• 12:36
  action
• 12:36
  and
• 12:37
  take
• 12:37
  a
• 12:37
  deeper
• 12:37
  dive
• 12:38
  and
• 12:38
  visit
• 12:38
  with
• 12:39
  some
• 12:39
  of
• 12:39
  the
• 12:39
  exhibitors,
• 12:40
  have
• 12:40
  conversations
• 12:41
  and
• 12:41
  say,
• 12:42
  I
• 12:42
  heard
• 12:42
  someone
• 12:42
  talk
• 12:43
  about
• 12:43
  this
• 12:43
  this
• 12:43
  morning
• 12:44
  in
• 12:44
  this
• 12:44
  session
• 12:45
  and
• 12:45
  I
• 12:45
  thought
• 12:46
  you
• 12:46
  could
• 12:46
  show
• 12:46
  me
• 12:46
  how
• 12:47
  that
• 12:47
  has
• 12:48
  application
• 12:48
  in
• 12:48
  the
• 12:48
  real
• 12:49
  world.
• 12:49
  What's
• 12:49
  the
• 12:49
  practical
• 12:50
  use
• 12:50
  case
• 12:50
  for
• 12:51
  that?
• 12:52
  So
• 12:52
  I
• 12:52
  think
• 12:52
  the
• 12:53
  combination
• 12:54
  of
• 12:55
  those
• 12:55
  two
• 12:55
  things
• 12:56
  is
• 12:56
  really
• 12:56
  exciting.
• 12:56
  And
• 12:57
  then
• 12:57
  I
• 12:57
  think
• 12:57
  the
• 12:57
  other
• 12:57
  thing,
• 12:58
  you
• 12:58
  know,
• 12:58
  that
• 12:59
  people
• 13:00
  maybe
• 13:00
  don't
• 13:00
  appreciate,
• 13:02
  which
• 13:02
  is
• 13:02
  sort
• 13:02
  of
• 13:03
  related
• 13:03
  to
• 13:03
  that,
• 13:04
  is
• 13:04
  how
• 13:04
  much
• 13:04
  this
• 13:04
  has
• 13:05
  become
• 13:05
  a
• 13:05
  show,
• 13:05
  not
• 13:06
  it's
• 13:06
  not
• 13:06
  a
• 13:07
  technology
• 13:07
  show
• 13:08
  as
• 13:08
  much
• 13:09
  as
• 13:09
  it's
• 13:09
  an
• 13:09
  innovation
• 13:10
  show.
• 13:10
  This
• 13:10
  is
• 13:11
  about
• 13:11
  innovation.
• 13:12
  And
• 13:13
  all
• 13:13
  of
• 13:14
  the
• 13:14
  innovation,
• 13:14
  all
• 13:14
  the
• 13:14
  technology,
• 13:15
  AI,
• 13:15
  the
• 13:15
  robotics,
• 13:16
  the
• 13:16
  solution
• 13:17
  providers,
• 13:18
  the
• 13:18
  cutting
• 13:18
  edge
• 13:19
  things,
• 13:19
  the
• 13:19
  startup
• 13:19
  zone,
• 13:21
  the
• 13:21
  innovation
• 13:22
  lab,
• 13:22
  all
• 13:22
  those
• 13:23
  things,
• 13:23
  they're
• 13:24
  all
• 13:24
  amazing.
• 13:25
  But
• 13:26
  you
• 13:26
  know
• 13:26
  Mark
• 13:26
  Laurie,
• 13:27
  the
• 13:27
  founder
• 13:27
  of
• 13:28
  JAT.com
• 13:28
  and
• 13:29
  a
• 13:29
  real
• 13:30
  technologist
• 13:31
  himself.
• 13:31
  Owner
• 13:31
  of
• 13:31
  our
• 13:32
  Minnesota
• 13:32
  Timberwolves.
• 13:32
  No,
• 13:33
  no.
• 13:34
  Or
• 13:34
  trying
• 13:34
  to
• 13:34
  be
• 13:34
  the
• 13:34
  owner
• 13:34
  of
• 13:35
  the
• 13:35
  Minnesota
• 13:35
  Timberwolves.
• 13:35
  We
• 13:36
  know
• 13:36
  him
• 13:36
  very
• 13:36
  well.
• 13:36
  Yes,
• 13:37
  so,
• 13:37
  so
• 13:38
  Mark
• 13:38
  said
• 13:38
  to
• 13:38
  me
• 13:39
  years
• 13:39
  ago
• 13:39
  when
• 13:40
  I,
• 13:40
  when
• 13:40
  I
• 13:40
  talked
• 13:41
  to
• 13:41
  him
• 13:41
  once
• 13:41
  and
• 13:42
  we
• 13:42
  were
• 13:42
  having
• 13:42
  a
• 13:42
  conversation,
• 13:43
  Mark,
• 13:43
  but
• 13:44
  so
• 13:44
  all
• 13:45
  this,
• 13:45
  I
• 13:46
  mean,
• 13:46
  the
• 13:46
  innovation,
• 13:47
  the
• 13:47
  technology,
• 13:47
  you
• 13:47
  know,
• 13:48
  you've
• 13:48
  grown
• 13:48
  up,
• 13:48
  you're
• 13:49
  sort
• 13:49
  of
• 13:49
  a
• 13:49
  digital
• 13:50
  native,
• 13:50
  you
• 13:51
  see
• 13:51
  the
• 13:51
  world
• 13:51
  differently,
• 13:51
  all
• 13:51
  those
• 13:52
  things.
• 13:53
  And
• 13:53
  he
• 13:53
  said,
• 13:53
  matt,
• 13:54
  that's
• 13:54
  true,
• 13:56
  but
• 13:56
  the
• 13:57
  only
• 13:57
  point
• 13:57
  of
• 13:57
  all
• 13:58
  this
• 13:58
  technology
• 13:59
  is
• 13:59
  to
• 13:59
  make
• 13:59
  us
• 14:00
  better
• 14:00
  merchants.
• 14:01
  So
• 14:01
  it's
• 14:02
  not
• 14:02
  about
• 14:02
  the
• 14:02
  technology,
• 14:03
  it's
• 14:03
  about
• 14:04
  being
• 14:05
  a
• 14:05
  better
• 14:05
  retailer,
• 14:06
  serving
• 14:06
  customers,
• 14:07
  finding
• 14:07
  solutions,
• 14:09
  driving
• 14:09
  positive
• 14:10
  outcomes.
• 14:10
  I
• 14:10
  think
• 14:10
  that's
• 14:10
  the
• 14:11
  exciting
• 14:11
  thing
• 14:11
  because
• 14:11
  everything
• 14:12
  that
• 14:12
  you
• 14:12
  see
• 14:12
  here,
• 14:13
  that
• 14:13
  we
• 14:13
  talk
• 14:13
  about
• 14:14
  is
• 14:14
  about
• 14:14
  helping
• 14:15
  retailers
• 14:15
  become
• 14:16
  better
• 14:16
  merchants,
• 14:16
  create
• 14:17
  better
• 14:17
  experiences
• 14:18
  and
• 14:19
  serve
• 14:19
  customers.
• 14:20
  Yeah,
• 14:20
  I
• 14:20
  think
• 14:20
  we
• 14:20
  agree.
• 14:21
  That's
• 14:21
  actually
• 14:21
  funny
• 14:21
  you
• 14:21
  said
• 14:21
  that.
• 14:22
  I
• 14:22
  was
• 14:22
  thinking
• 14:22
  about
• 14:22
  that
• 14:22
  this
• 14:22
  morning.
• 14:22
  There's
• 14:23
  the
• 14:23
  pragmatism
• 14:23
  of
• 14:24
  the
• 14:24
  technology
• 14:24
  here
• 14:24
  on
• 14:25
  display
• 14:25
  here
• 14:25
  in
• 14:25
  terms
• 14:25
  of
• 14:26
  how
• 14:26
  do
• 14:26
  you
• 14:26
  actually
• 14:26
  put
• 14:26
  it
• 14:26
  into
• 14:27
  practice
• 14:27
  and
• 14:27
  use
• 14:27
  it
• 14:27
  in
• 14:28
  a
• 14:28
  way
• 14:28
  that
• 14:28
  serves
• 14:29
  the
• 14:29
  consumer
• 14:29
  and
• 14:29
  the
• 14:29
  retailers
• 14:30
  both
• 14:31
  at
• 14:31
  the
• 14:31
  same
• 14:31
  time,
• 14:31
  which
• 14:31
  is
• 14:32
  really
• 14:32
  important.
• 14:32
  The
• 14:32
  one
• 14:32
  point
• 14:33
  you
• 14:33
  didn't
• 14:33
  mention
• 14:33
  that
• 14:33
  I've
• 14:34
  always
• 14:34
  wanted
• 14:34
  to
• 14:34
  ask
• 14:34
  you,
• 14:35
  New
• 14:35
  York,
• 14:36
  why
• 14:36
  New
• 14:36
  York?
• 14:37
  What
• 14:37
  significance
• 14:38
  is
• 14:38
  there
• 14:38
  to
• 14:39
  having
• 14:39
  this
• 14:39
  conference
• 14:39
  in
• 14:40
  New
• 14:40
  York?
• 14:40
  Other
• 14:41
  than
• 14:41
  the
• 14:41
  obvious,
• 14:41
  I'm
• 14:41
  guessing.
• 14:42
  Or
• 14:42
  is
• 14:42
  it
• 14:42
  just
• 14:42
  the
• 14:43
  obvious?
• 14:44
  Well,
• 14:44
  other
• 14:44
  than,
• 14:45
  you
• 14:46
  know,
• 14:46
  Washington,
• 14:47
  D.C.
• 14:48
  or,
• 14:48
  you
• 14:49
  know,
• 14:49
  Minnesota
• 14:50
  and
• 14:50
  Minneapolis
• 14:50
  and
• 14:51
  St.
• 14:51
  Paul
• 14:51
  in
• 14:51
  the
• 14:51
  Twin
• 14:51
  Cities,
• 14:52
  or
• 14:52
  my
• 14:52
  little
• 14:53
  hometown
• 14:53
  of
• 14:53
  Newark,
• 14:54
  Ohio,
• 14:54
  little
• 14:54
  farm
• 14:55
  community
• 14:55
  that's
• 14:56
  county
• 14:56
  seat
• 14:56
  outside
• 14:57
  of
• 14:57
  Columbus,
• 14:58
  it's
• 14:58
  the
• 14:58
  greatest
• 14:59
  city
• 14:59
  in
• 14:59
  the
• 14:59
  world.
• 14:59
  Other
• 14:59
  than
• 15:00
  those
• 15:00
  cities.
• 15:00
  I
• 15:00
  just
• 15:00
  mentioned.
• 15:01
  New
• 15:01
  York
• 15:01
  is
• 15:01
  the.
• 15:02
  Where
• 15:02
  else
• 15:02
  would
• 15:02
  we
• 15:03
  rather
• 15:03
  be?
• 15:03
  I
• 15:03
  see
• 15:03
  what
• 15:03
  you
• 15:04
  did
• 15:04
  there,
• 15:04
  Matt.
• 15:04
  Yeah.
• 15:05
  I
• 15:05
  think
• 15:06
  New
• 15:06
  York
• 15:06
  is
• 15:06
  a.
• 15:07
  Is
• 15:07
  a
• 15:07
  great
• 15:07
  location
• 15:08
  for
• 15:08
  us
• 15:08
  because
• 15:09
  people
• 15:09
  view
• 15:09
  it
• 15:10
  as
• 15:10
  world
• 15:11
  class
• 15:11
  retail
• 15:12
  city
• 15:13
  and
• 15:14
  because
• 15:15
  we
• 15:15
  have
• 15:15
  the
• 15:15
  opportunity
• 15:16
  to
• 15:16
  bring
• 15:18
  so
• 15:18
  many
• 15:18
  retailers
• 15:19
  who
• 15:19
  are
• 15:19
  headquartered
• 15:19
  on
• 15:20
  the
• 15:20
  east
• 15:20
  coast
• 15:20
  and
• 15:20
  in
• 15:20
  New
• 15:21
  York
• 15:21
  and
• 15:21
  in
• 15:21
  this
• 15:21
  part
• 15:21
  of
• 15:21
  the
• 15:22
  world.
• 15:22
  It's
• 15:22
  an
• 15:22
  easy
• 15:23
  access
• 15:23
  point
• 15:24
  for
• 15:24
  our
• 15:24
  global
• 15:24
  visitors,
• 15:25
  of
• 15:25
  whom
• 15:26
  almost
• 15:26
  a
• 15:26
  third
• 15:26
  of
• 15:26
  the
• 15:26
  attendees
• 15:27
  here
• 15:28
  are
• 15:28
  from
• 15:28
  outside
• 15:28
  the
• 15:28
  United
• 15:29
  States.
• 15:29
  It's
• 15:29
  really
• 15:29
  a
• 15:29
  global
• 15:30
  event.
• 15:31
  Obviously,
• 15:32
  Wall
• 15:32
  street
• 15:32
  is
• 15:33
  here.
• 15:33
  We've
• 15:33
  got
• 15:34
  media
• 15:34
  here,
• 15:34
  we've
• 15:35
  got
• 15:35
  analysts
• 15:35
  here.
• 15:35
  So
• 15:36
  point,
• 15:37
  a
• 15:37
  lot
• 15:37
  of
• 15:37
  the
• 15:37
  people
• 15:38
  that
• 15:38
  are
• 15:38
  interested
• 15:38
  in
• 15:39
  the
• 15:39
  conversations
• 15:39
  that
• 15:39
  are
• 15:40
  taking
• 15:40
  place
• 15:40
  are
• 15:41
  already
• 15:41
  in
• 15:41
  New
• 15:41
  York,
• 15:42
  regardless
• 15:43
  of
• 15:43
  which
• 15:43
  community
• 15:43
  they
• 15:44
  come
• 15:44
  from.
• 15:45
  And
• 15:45
  rather
• 15:46
  than
• 15:46
  trying
• 15:46
  to
• 15:47
  drag
• 15:47
  all
• 15:47
  those
• 15:47
  people
• 15:47
  another
• 15:48
  time
• 15:48
  of
• 15:48
  year
• 15:48
  to
• 15:48
  another
• 15:49
  location,
• 15:49
  another
• 15:49
  part
• 15:50
  of
• 15:50
  the
• 15:50
  United
• 15:50
  States,
• 15:51
  we've
• 15:51
  talked
• 15:52
  about
• 15:52
  other
• 15:52
  places
• 15:53
  before.
• 15:53
  And
• 15:54
  every
• 15:54
  time
• 15:54
  we
• 15:54
  start
• 15:55
  the
• 15:55
  conversation,
• 15:55
  we
• 15:56
  always
• 15:56
  end
• 15:56
  up
• 15:56
  right
• 15:56
  back
• 15:57
  where
• 15:57
  we
• 15:57
  started,
• 15:57
  which
• 15:57
  is
• 15:58
  New
• 15:58
  York
• 15:58
  after,
• 15:59
  after
• 15:59
  Minneapolis,
• 16:00
  St.
• 16:00
  Paul,
• 16:01
  Newark,
• 16:01
  Ohio.
• 16:01
  It's
• 16:02
  the
• 16:02
  greatest
• 16:02
  city
• 16:03
  in
• 16:03
  the
• 16:03
  world.
• 16:04
  After
• 16:04
  those
• 16:05
  other
• 16:05
  two.
• 16:05
  Yes.
• 16:06
  Right.
• 16:06
  Yeah.
• 16:06
  So
• 16:06
  it's
• 16:07
  like
• 16:07
  Frank
• 16:07
  Sinatra
• 16:07
  said.
• 16:08
  All
• 16:08
  right,
• 16:08
  well,
• 16:08
  Matt
• 16:08
  Shea,
• 16:09
  thank
• 16:09
  you
• 16:09
  so
• 16:09
  much
• 16:09
  for
• 16:09
  joining
• 16:10
  us.
• 16:10
  President
• 16:10
  and
• 16:10
  CEO
• 16:11
  of
• 16:11
  the
• 16:11
  National
• 16:11
  Retail
• 16:12
  Federation,
• 16:12
  thanks
• 16:13
  for
• 16:13
  being
• 16:13
  with
• 16:13
  us
• 16:13
  today.
• 16:14
  We're
• 16:14
  going
• 16:14
  to
• 16:14
  be
• 16:14
  here
• 16:14
  all
• 16:15
  week
• 16:15
  long
• 16:15
  recording
• 16:16
  interviews
• 16:16
  from
• 16:16
  the
• 16:16
  Fusion
• 16:16
  Group's
• 16:17
  podcast
• 16:18
  studio,
• 16:18
  which
• 16:18
  you
• 16:18
  can
• 16:18
  find
• 16:19
  in
• 16:19
  booth
• 16:19
  4938.
• 16:20
  And
• 16:21
  Ann,
• 16:21
  as
• 16:21
  always,
• 16:22
  be
• 16:22
  careful
• 16:22
  out
• 16:22
  there.