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Fast Five Shorts | Ashley Buchanan Named New Kohl’s CEO · Omni Talk Retail

• 0:00
  Headline
• 0:00
  number
• 0:00
  two,
• 0:01
  which
• 0:01
  also
• 0:01
  is
• 0:01
  about
• 0:02
  a
• 0:02
  new
• 0:02
  CEO.
• 0:02
  And
• 0:03
  so
• 0:03
  it's
• 0:03
  kind
• 0:03
  of
• 0:03
  apropos
• 0:04
  or
• 0:04
  very,
• 0:05
  very
• 0:05
  a
• 0:05
  nice
• 0:05
  segue
• 0:05
  here
• 0:06
  we've
• 0:06
  got
• 0:06
  going.
• 0:07
  Wonder
• 0:07
  if
• 0:07
  that
• 0:07
  was
• 0:08
  planned.
• 0:08
  And
• 0:08
  you
• 0:09
  think
• 0:09
  so?
• 0:09
  I
• 0:09
  don't
• 0:09
  know.
• 0:10
  Pretzel.
• 0:11
  All
• 0:11
  right.
• 0:11
  According
• 0:11
  to
• 0:12
  retail
• 0:12
  Dive,
• 0:13
  the
• 0:13
  new
• 0:13
  department
• 0:13
  store.
• 0:14
  You're
• 0:14
  just
• 0:15
  patting
• 0:15
  yourself
• 0:15
  on
• 0:16
  the
• 0:16
  back.
• 0:16
  I
• 0:16
  don't
• 0:16
  like
• 0:17
  Chris.
• 0:17
  I'm
• 0:17
  patting
• 0:18
  myself
• 0:18
  on
• 0:18
  the
• 0:18
  back.
• 0:18
  I'm
• 0:19
  just
• 0:19
  like
• 0:19
  saying,
• 0:19
  this
• 0:19
  is
• 0:20
  what
• 0:20
  we
• 0:20
  did,
• 0:20
  you
• 0:20
  know.
• 0:21
  Okay,
• 0:21
  okay.
• 0:21
  According
• 0:21
  to
• 0:22
  the
• 0:22
  retail.
• 0:22
  I
• 0:22
  think
• 0:22
  I
• 0:22
  said
• 0:23
  the
• 0:23
  new
• 0:23
  department
• 0:23
  store
• 0:24
  Kohl's
• 0:24
  is
• 0:24
  anything
• 0:24
  but
• 0:24
  new.
• 0:25
  The
• 0:25
  department
• 0:25
  store
• 0:26
  Kohl's
• 0:27
  has
• 0:27
  tapped
• 0:27
  Michael
• 0:27
  CEO
• 0:28
  Ashley
• 0:28
  Buchanan
• 0:29
  to
• 0:29
  lead
• 0:29
  the
• 0:29
  retailer
• 0:30
  beginning
• 0:30
  early
• 0:30
  next
• 0:31
  year,
• 0:31
  replacing
• 0:31
  Tom
• 0:32
  Kingsbury,
• 0:32
  effective
• 0:33
  January
• 0:33
  15th.
• 0:34
  Buchanan
• 0:35
  has
• 0:35
  been
• 0:35
  CEO
• 0:35
  of
• 0:35
  Michaels
• 0:36
  Companies
• 0:36
  since
• 0:37
  2020
• 0:38
  and
• 0:38
  in
• 0:38
  a
• 0:38
  13
• 0:39
  year
• 0:39
  career
• 0:39
  at
• 0:39
  Walmart,
• 0:40
  held
• 0:40
  various
• 0:41
  executive
• 0:41
  roles
• 0:41
  including
• 0:42
  chief
• 0:42
  merchandising
• 0:43
  and
• 0:43
  chief
• 0:44
  operating
• 0:44
  officer
• 0:45
  for
• 0:45
  Walmart
• 0:46
  US
• 0:46
  E
• 0:46
  Commerce.
• 0:47
  And
• 0:47
  what
• 0:48
  do
• 0:48
  you
• 0:48
  think
• 0:48
  of
• 0:48
  Buchanan
• 0:49
  as
• 0:49
  the
• 0:49
  new
• 0:49
  CEO
• 0:50
  hire
• 0:50
  for
• 0:50
  Kohl's?
• 0:52
  Oh,
• 0:52
  man,
• 0:54
  I,
• 0:54
  you
• 0:54
  know,
• 0:55
  I
• 0:55
  think
• 0:55
  he's,
• 0:55
  he's
• 0:56
  a,
• 0:56
  he's
• 0:57
  a
• 0:57
  great
• 0:57
  person
• 0:58
  for
• 0:58
  this
• 0:58
  job.
• 1:00
  I
• 1:00
  will
• 1:01
  especially
• 1:01
  be
• 1:01
  looking
• 1:02
  to
• 1:02
  his
• 1:03
  time
• 1:03
  at
• 1:04
  Walmart
• 1:04
  to
• 1:05
  help
• 1:05
  Kohl's
• 1:05
  grow.
• 1:06
  Cause
• 1:06
  I
• 1:06
  think
• 1:06
  that's
• 1:06
  a
• 1:07
  similar
• 1:07
  customer
• 1:08
  demographic.
• 1:09
  It's
• 1:09
  a
• 1:09
  similar
• 1:10
  income
• 1:10
  demographic
• 1:11
  and
• 1:12
  product
• 1:12
  set
• 1:12
  realistically
• 1:13
  for
• 1:13
  where
• 1:14
  Kohl's
• 1:14
  really
• 1:15
  needs
• 1:15
  to
• 1:15
  be
• 1:15
  strong.
• 1:16
  But
• 1:16
  Chris,
• 1:17
  my
• 1:17
  question
• 1:17
  is
• 1:17
  actually
• 1:18
  like,
• 1:19
  after
• 1:19
  Kingsbury
• 1:20
  leaving,
• 1:20
  I
• 1:20
  mean,
• 1:20
  we
• 1:21
  thought
• 1:21
  he
• 1:21
  was
• 1:21
  pretty
• 1:22
  decent
• 1:22
  too.
• 1:24
  I'm
• 1:24
  just
• 1:24
  one.
• 1:25
  And
• 1:25
  the
• 1:25
  earnings,
• 1:26
  I
• 1:26
  mean,
• 1:27
  I'm
• 1:27
  just
• 1:27
  curious,
• 1:28
  what
• 1:28
  is
• 1:29
  there
• 1:29
  to
• 1:29
  do?
• 1:30
  Like,
• 1:30
  how
• 1:30
  can
• 1:31
  you
• 1:31
  save
• 1:31
  this?
• 1:32
  And
• 1:32
  so
• 1:32
  my
• 1:33
  tell
• 1:33
  will
• 1:33
  really
• 1:34
  be,
• 1:34
  how
• 1:35
  long
• 1:35
  does
• 1:35
  Ashley
• 1:35
  Buchanan
• 1:36
  stay
• 1:36
  there
• 1:37
  after,
• 1:37
  like,
• 1:37
  is
• 1:38
  he
• 1:38
  going
• 1:38
  to
• 1:38
  be
• 1:38
  a
• 1:38
  year
• 1:39
  in
• 1:39
  and
• 1:39
  out?
• 1:39
  Because
• 1:40
  there's
• 1:40
  really
• 1:40
  no
• 1:40
  salvaging
• 1:41
  what's
• 1:41
  left
• 1:42
  of
• 1:42
  Kohl's
• 1:42
  right
• 1:42
  now.
• 1:44
  Or
• 1:44
  does
• 1:44
  he.
• 1:45
  Do
• 1:45
  we
• 1:45
  start
• 1:45
  to
• 1:45
  see
• 1:45
  things
• 1:46
  turn
• 1:46
  around
• 1:46
  from
• 1:46
  him?
• 1:46
  But
• 1:47
  I
• 1:47
  think
• 1:48
  it's
• 1:48
  the
• 1:48
  right
• 1:49
  person
• 1:49
  for
• 1:49
  the
• 1:49
  job,
• 1:50
  the
• 1:50
  right
• 1:50
  background
• 1:50
  for
• 1:51
  the
• 1:51
  job,
• 1:51
  especially
• 1:52
  given
• 1:52
  the
• 1:53
  similar
• 1:53
  customer
• 1:53
  demographics
• 1:54
  that
• 1:54
  I
• 1:54
  mentioned.
• 1:54
  But
• 1:55
  where
• 1:55
  do
• 1:55
  you
• 1:55
  fall
• 1:55
  on
• 1:56
  this?
• 1:56
  Where
• 1:56
  are
• 1:56
  you?
• 1:56
  Yeah,
• 1:57
  I,
• 1:58
  I
• 1:58
  think
• 1:58
  you're
• 1:58
  bringing
• 1:58
  up
• 1:58
  a
• 1:59
  good
• 1:59
  point.
• 1:59
  Yeah,
• 1:59
  I
• 1:59
  actually
• 1:59
  think
• 1:59
  he
• 1:59
  maybe
• 2:00
  jumped
• 2:00
  ship
• 2:00
  too
• 2:00
  early,
• 2:01
  going
• 2:01
  back
• 2:01
  to
• 2:01
  the
• 2:01
  first
• 2:01
  headline,
• 2:02
  because
• 2:02
  I
• 2:02
  think
• 2:02
  I
• 2:02
  said
• 2:03
  like
• 2:03
  three
• 2:03
  or
• 2:03
  four
• 2:03
  months
• 2:04
  ago
• 2:04
  that
• 2:05
  he'd
• 2:05
  be
• 2:05
  a
• 2:05
  good
• 2:05
  candidate
• 2:06
  to
• 2:06
  take
• 2:06
  over
• 2:06
  for
• 2:06
  Cornell
• 2:07
  at
• 2:07
  Target.
• 2:08
  But
• 2:08
  now
• 2:08
  that
• 2:09
  ship
• 2:09
  is
• 2:09
  essentially
• 2:10
  sailed
• 2:11
  and
• 2:11
  I
• 2:11
  think
• 2:12
  it
• 2:12
  is
• 2:12
  an
• 2:12
  uphill
• 2:13
  battle,
• 2:13
  you
• 2:13
  know.
• 2:13
  You
• 2:14
  know,
• 2:14
  to
• 2:14
  your
• 2:14
  point
• 2:14
  about
• 2:14
  Kingsbury,
• 2:15
  I
• 2:15
  thought,
• 2:15
  you
• 2:16
  know,
• 2:16
  I
• 2:16
  always
• 2:16
  questioned
• 2:17
  his
• 2:17
  hire
• 2:18
  because
• 2:18
  he
• 2:18
  was
• 2:18
  From
• 2:18
  Burlington.
• 2:19
  I
• 2:19
  called
• 2:19
  him
• 2:19
  Burlington
• 2:20
  Tom
• 2:20
  for
• 2:20
  a
• 2:20
  while.
• 2:21
  Like,
• 2:21
  again,
• 2:21
  that
• 2:22
  guy
• 2:22
  doesn't
• 2:22
  have
• 2:22
  a
• 2:22
  lot
• 2:22
  of
• 2:22
  digital
• 2:23
  experience.
• 2:23
  And
• 2:24
  so
• 2:24
  what
• 2:24
  did
• 2:24
  he
• 2:24
  do?
• 2:24
  He
• 2:24
  did
• 2:25
  the
• 2:25
  things
• 2:25
  he
• 2:25
  knew.
• 2:25
  He
• 2:25
  brought
• 2:26
  Baby
• 2:26
  into
• 2:26
  the
• 2:26
  store
• 2:27
  because
• 2:27
  Burlington
• 2:27
  was
• 2:27
  a
• 2:27
  success
• 2:28
  of
• 2:28
  Baby.
• 2:28
  But
• 2:29
  like,
• 2:29
  we
• 2:29
  actually
• 2:30
  hypothesized
• 2:31
  back.
• 2:31
  I
• 2:31
  remember
• 2:31
  when
• 2:31
  we
• 2:31
  were
• 2:31
  doing
• 2:32
  this
• 2:32
  podcast
• 2:32
  at
• 2:33
  Shop
• 2:33
  Talk
• 2:33
  Europe,
• 2:33
  we're
• 2:33
  looking
• 2:34
  at
• 2:34
  Cole's
• 2:34
  second
• 2:34
  quarter
• 2:35
  earnings.
• 2:35
  We're
• 2:35
  like,
• 2:36
  oh,
• 2:36
  my
• 2:36
  God,
• 2:36
  this
• 2:36
  is
• 2:37
  only
• 2:37
  going
• 2:37
  to
• 2:37
  get
• 2:38
  worse.
• 2:38
  And
• 2:39
  look,
• 2:39
  here
• 2:39
  we
• 2:39
  are
• 2:40
  now.
• 2:40
  It
• 2:40
  did.
• 2:40
  And
• 2:40
  their
• 2:41
  earnings
• 2:41
  report
• 2:41
  yesterday
• 2:42
  said
• 2:42
  that
• 2:42
  sales
• 2:42
  were
• 2:42
  down
• 2:43
  9%
• 2:43
  comparably
• 2:44
  in
• 2:44
  the
• 2:44
  last
• 2:44
  quarter.
• 2:45
  So
• 2:45
  that's.
• 2:46
  That's
• 2:46
  crazy.
• 2:46
  But
• 2:47
  on
• 2:47
  paper,
• 2:48
  Buchanan
• 2:49
  looks
• 2:49
  like
• 2:50
  the
• 2:50
  right
• 2:50
  guy.
• 2:51
  He's
• 2:51
  done
• 2:51
  a
• 2:51
  great
• 2:52
  job
• 2:53
  at
• 2:53
  Michael's.
• 2:54
  Like,
• 2:54
  he's
• 2:54
  done
• 2:54
  a
• 2:54
  good
• 2:55
  job
• 2:55
  there.
• 2:55
  And
• 2:55
  he.
• 2:56
  He
• 2:56
  also
• 2:56
  listens
• 2:56
  to
• 2:57
  our
• 2:57
  show.
• 2:57
  So,
• 2:57
  you
• 2:58
  know,
• 2:58
  kudos
• 2:58
  to
• 2:58
  him
• 2:58
  for
• 2:59
  that.
• 2:59
  But,
• 3:00
  you
• 3:00
  know,
• 3:01
  so
• 3:01
  he.
• 3:02
  But
• 3:02
  he's
• 3:02
  definitely
• 3:02
  got
• 3:02
  his
• 3:03
  job
• 3:03
  cut
• 3:03
  out
• 3:03
  to
• 3:03
  him.
• 3:04
  I'm
• 3:04
  not
• 3:04
  sure
• 3:04
  there's
• 3:04
  anything
• 3:04
  you
• 3:05
  can
• 3:05
  do
• 3:05
  with
• 3:05
  Coles
• 3:05
  at
• 3:05
  this
• 3:06
  point,
• 3:06
  though,
• 3:06
  but
• 3:07
  I
• 3:07
  wish
• 3:07
  him
• 3:07
  the
• 3:07
  best
• 3:07
  of
• 3:07
  luck
• 3:08
  and.
• 3:08
  And
• 3:08
  I
• 3:09
  think
• 3:09
  he'll
• 3:09
  like
• 3:09
  that
• 3:10
  we're
• 3:10
  saying
• 3:10
  this
• 3:10
  to
• 3:10
  him,
• 3:11
  but
• 3:11
  we
• 3:11
  are
• 3:11
  going
• 3:11
  to
• 3:11
  objectively
• 3:12
  comment
• 3:13
  on
• 3:13
  what
• 3:13
  we
• 3:13
  see
• 3:14
  him
• 3:14
  try
• 3:15
  to
• 3:15
  do
• 3:15
  here
• 3:15
  going
• 3:15
  forward.
• 3:16
  Yeah,
• 3:16
  but
• 3:16
  I
• 3:16
  think
• 3:16
  he's
• 3:17
  got
• 3:17
  the
• 3:17
  right
• 3:17
  chops
• 3:17
  to
• 3:18
  lead
• 3:18
  this
• 3:18
  type
• 3:18
  of
• 3:18
  retailer,
• 3:19
  too.
• 3:19
  That's
• 3:19
  the
• 3:19
  last
• 3:19
  point
• 3:19
  I'd
• 3:20
  say
• 3:20
  on,
• 3:20
  which
• 3:20
  is
• 3:20
  like,
• 3:21
  you
• 3:21
  know,
• 3:21
  if
• 3:21
  you
• 3:21
  look
• 3:21
  at
• 3:21
  what
• 3:21
  Michael's
• 3:22
  done,
• 3:22
  they've
• 3:22
  expanded
• 3:23
  their
• 3:23
  marketplace
• 3:24
  pretty
• 3:24
  broadly.
• 3:25
  They've
• 3:25
  created
• 3:25
  an
• 3:25
  experience
• 3:26
  platform
• 3:27
  to
• 3:27
  coordinate
• 3:28
  events
• 3:28
  in
• 3:28
  their
• 3:28
  stores
• 3:29
  for
• 3:29
  parties,
• 3:30
  for
• 3:30
  dates,
• 3:30
  for
• 3:30
  meetups.
• 3:31
  They
• 3:31
  allow
• 3:31
  makers
• 3:32
  into
• 3:32
  their
• 3:32
  stores
• 3:33
  as
• 3:33
  well.
• 3:34
  So
• 3:34
  they
• 3:34
  have
• 3:34
  extended
• 3:35
  their
• 3:35
  brand
• 3:36
  in
• 3:36
  a
• 3:36
  way
• 3:36
  that
• 3:36
  people
• 3:37
  didn't
• 3:37
  think
• 3:37
  was
• 3:37
  possible.
• 3:38
  And
• 3:38
  that's
• 3:38
  the
• 3:38
  kind
• 3:39
  of
• 3:39
  thing
• 3:40
  that
• 3:40
  today's
• 3:41
  leader
• 3:41
  needs.
• 3:42
  I
• 3:42
  said
• 3:42
  this
• 3:42
  to
• 3:42
  a
• 3:42
  consultant
• 3:43
  this
• 3:43
  week.
• 3:43
  You
• 3:44
  have
• 3:44
  to
• 3:44
  understand
• 3:45
  as
• 3:46
  an
• 3:46
  executive
• 3:46
  how
• 3:47
  to
• 3:47
  use
• 3:47
  digital
• 3:48
  to
• 3:48
  extend
• 3:48
  the
• 3:49
  relationship
• 3:49
  with
• 3:49
  your
• 3:50
  brand.
• 3:51
  Yeah.
• 3:51
  And
• 3:51
  that's
• 3:52
  what
• 3:52
  I
• 3:52
  think.
• 3:53
  Yeah.
• 3:53
  And
• 3:53
  that
• 3:53
  he's
• 3:53
  willing
• 3:54
  to
• 3:54
  test
• 3:54
  that
• 3:54
  kind
• 3:54
  of
• 3:54
  stuff
• 3:55
  like
• 3:55
  you're
• 3:55
  talking
• 3:55
  about
• 3:55
  in
• 3:55
  the
• 3:56
  stores
• 3:56
  and.
• 3:57
  And
• 3:57
  figure
• 3:58
  out,
• 3:58
  not
• 3:59
  just
• 3:59
  testing
• 3:59
  it,
• 3:59
  but
• 4:00
  okay,
• 4:00
  if
• 4:00
  we're
• 4:01
  going
• 4:01
  to
• 4:01
  deploy
• 4:01
  this,
• 4:02
  this
• 4:02
  makers
• 4:03
  Marketplace
• 4:04
  in
• 4:04
  store,
• 4:04
  like,
• 4:05
  how
• 4:05
  are
• 4:05
  we
• 4:05
  going
• 4:05
  to
• 4:06
  scale
• 4:06
  that
• 4:06
  realistically?
• 4:07
  Because
• 4:07
  that's
• 4:07
  a
• 4:08
  very
• 4:08
  hard
• 4:08
  thing
• 4:08
  to
• 4:08
  do.
• 4:09
  And
• 4:09
  so
• 4:09
  I
• 4:09
  think
• 4:10
  that
• 4:10
  that,
• 4:10
  to
• 4:11
  me,
• 4:11
  shows
• 4:11
  that
• 4:11
  he's
• 4:11
  at
• 4:12
  least
• 4:12
  willing
• 4:12
  to.
• 4:13
  To
• 4:13
  hopefully
• 4:14
  try
• 4:14
  some
• 4:15
  things.
• 4:16
  Like,
• 4:16
  you're
• 4:16
  saying
• 4:16
  that
• 4:17
  incorporate
• 4:17
  digital,
• 4:18
  that
• 4:18
  allow
• 4:18
  Kohl's
• 4:19
  to
• 4:19
  scale
• 4:19
  some
• 4:19
  of
• 4:19
  these
• 4:20
  initiatives
• 4:20
  quickly
• 4:21
  to
• 4:21
  hopefully
• 4:22
  save
• 4:22
  that
• 4:22
  business.
• 4:23
  Yeah.
• 4:23
  And
• 4:23
  you
• 4:24
  have
• 4:24
  to
• 4:24
  have
• 4:24
  that
• 4:24
  mindset,
• 4:25
  and
• 4:26
  that's
• 4:26
  the
• 4:26
  reverse
• 4:26
  engine
• 4:27
  of
• 4:27
  your
• 4:27
  bicycle.
• 4:27
  Remember
• 4:27
  that
• 4:28
  analogy
• 4:28
  we
• 4:28
  used
• 4:28
  to
• 4:28
  talk
• 4:28
  about
• 4:28
  a
• 4:29
  lot
• 4:30
  learning
• 4:30
  Omnichannel
• 4:31
  retail
• 4:31
  is
• 4:31
  learning
• 4:31
  how
• 4:31
  to
• 4:31
  ride
• 4:32
  a
• 4:32
  bike
• 4:32
  that
• 4:33
  is
• 4:33
  reverse
• 4:33
  engineered
• 4:34
  to.
• 4:34
  When
• 4:34
  you
• 4:34
  want
• 4:34
  to
• 4:34
  go
• 4:34
  to
• 4:35
  the
• 4:35
  right,
• 4:35
  you
• 4:35
  have
• 4:35
  to
• 4:35
  turn
• 4:35
  the
• 4:35
  handlebars
• 4:36
  to
• 4:36
  the
• 4:36
  left.
• 4:37
  People
• 4:37
  with
• 4:38
  digital.
• 4:38
  Yeah,
• 4:39
  people
• 4:39
  with
• 4:39
  digital
• 4:39
  mindsets
• 4:40
  like
• 4:40
  he
• 4:40
  has
• 4:40
  that
• 4:40
  have
• 4:41
  grown
• 4:41
  up
• 4:41
  in
• 4:41
  E
• 4:41
  commerce
• 4:42
  have
• 4:42
  that
• 4:43
  legacy.
• 4:43
  Merchants
• 4:44
  that
• 4:44
  have
• 4:44
  grown
• 4:44
  up
• 4:45
  in
• 4:45
  20
• 4:45
  years
• 4:45
  inside
• 4:46
  an
• 4:46
  organization
• 4:46
  are
• 4:47
  not
• 4:47
  likely
• 4:47
  to
• 4:47
  have
• 4:48
  that.
• 4:48
  And
• 4:48
  that's
• 4:48
  what
• 4:48
  the
• 4:48
  boards
• 4:48
  have
• 4:49
  to
• 4:49
  realize.