Latest / Omni Talk Retail / Is 7-Eleven's New Standard Store the Future of Convenience?

Transcript

Is 7-Eleven's New Standard Store the Future of Convenience? · Omni Talk Retail

• 0:00
  7Eleven
• 0:00
  plans
• 0:01
  to
• 0:01
  open
• 0:02
  over
• 0:02
  600
• 0:02
  stores
• 0:03
  under
• 0:03
  a
• 0:04
  new
• 0:04
  design
• 0:04
  by
• 0:05
  2027,
• 0:05
  according
• 0:06
  to
• 0:06
  Retail
• 0:06
  Dive.
• 0:07
  7Eleven
• 0:07
  is
• 0:07
  planned
• 0:08
  to
• 0:08
  open
• 0:09
  over
• 0:09
  600
• 0:09
  large
• 0:10
  format
• 0:10
  food
• 0:10
  focused
• 0:11
  convenience
• 0:11
  stores
• 0:12
  in
• 0:12
  North
• 0:12
  America
• 0:12
  by
• 0:12
  the
• 0:13
  end
• 0:13
  of
• 0:13
  2027,
• 0:14
  according
• 0:14
  to
• 0:15
  an
• 0:15
  investor
• 0:15
  presentation
• 0:16
  posted
• 0:16
  last
• 0:16
  Thursday.
• 0:17
  These
• 0:17
  locations
• 0:18
  will
• 0:18
  showcase
• 0:18
  a
• 0:19
  new
• 0:19
  prototype
• 0:19
  the
• 0:19
  company
• 0:20
  internally
• 0:20
  calls
• 0:21
  its
• 0:21
  standard
• 0:22
  its
• 0:22
  new
• 0:23
  standard
• 0:23
  stores.
• 0:24
  They
• 0:24
  are
• 0:25
  quote,
• 0:25
  more
• 0:26
  contemporary
• 0:26
  facilities,
• 0:27
  end
• 0:27
  quote,
• 0:27
  that
• 0:27
  offer,
• 0:28
  quote,
• 0:28
  a
• 0:28
  large
• 0:28
  product
• 0:29
  assortment
• 0:29
  and
• 0:29
  expanded
• 0:30
  food
• 0:30
  and
• 0:31
  beverage
• 0:31
  offerings
• 0:32
  compared
• 0:32
  to
• 0:33
  the
• 0:33
  rest
• 0:33
  of
• 0:33
  its
• 0:34
  stores.
• 0:34
  Seven
• 0:35
  Eleven's
• 0:35
  new
• 0:35
  standard
• 0:36
  format
• 0:36
  is
• 0:36
  the
• 0:36
  first
• 0:37
  prototype
• 0:37
  the
• 0:37
  convenience
• 0:38
  retailer
• 0:38
  has
• 0:38
  launched
• 0:39
  since
• 0:39
  it
• 0:39
  rolled
• 0:39
  out
• 0:39
  its
• 0:40
  Evolution
• 0:40
  store
• 0:40
  concept
• 0:41
  in
• 0:41
  March
• 0:41
  2019.
• 0:43
  Those
• 0:43
  locations
• 0:43
  featured
• 0:44
  Seven
• 0:44
  Eleven's
• 0:45
  Mexican
• 0:45
  QSR
• 0:46
  Loretto
• 0:47
  Taco,
• 0:48
  as
• 0:48
  well
• 0:48
  as
• 0:48
  made
• 0:49
  to
• 0:49
  order
• 0:49
  specialty
• 0:50
  beverages,
• 0:50
  self
• 0:51
  serve
• 0:51
  specialty
• 0:52
  coffee,
• 0:52
  a
• 0:52
  cold
• 0:53
  treats
• 0:53
  bar,
• 0:53
  mobile
• 0:54
  checkout
• 0:54
  and
• 0:55
  delivery
• 0:55
  capabilities.
• 0:57
  Seven
• 0:57
  Eleven
• 0:57
  CEO
• 0:58
  and
• 0:58
  Omnitalk
• 0:59
  fan
• 0:59
  Joseph
• 1:00
  DiPinto
• 1:01
  said
• 1:01
  on
• 1:01
  Thursday
• 1:01
  that
• 1:02
  Seven
• 1:02
  Eleven
• 1:02
  has,
• 1:02
  quote,
• 1:03
  leveraged
• 1:03
  key
• 1:03
  learnings
• 1:04
  from
• 1:04
  its
• 1:04
  Evolution
• 1:05
  stores
• 1:05
  over
• 1:05
  the
• 1:05
  past
• 1:05
  few
• 1:06
  years
• 1:06
  and
• 1:06
  that
• 1:06
  beyond
• 1:07
  the
• 1:07
  increased
• 1:07
  food
• 1:07
  and
• 1:08
  beverage
• 1:08
  offerings,
• 1:08
  the
• 1:08
  new
• 1:09
  Standard
• 1:09
  C
• 1:09
  stores
• 1:10
  feature,
• 1:10
  quote,
• 1:11
  many
• 1:11
  of
• 1:11
  the
• 1:11
  same
• 1:11
  elements
• 1:12
  of
• 1:12
  the
• 1:12
  Evolution
• 1:13
  stores
• 1:14
  as
• 1:14
  well
• 1:14
  as
• 1:15
  in
• 1:15
  store
• 1:15
  seating
• 1:16
  and
• 1:16
  electric
• 1:17
  vehicle
• 1:17
  charging
• 1:18
  stations.
• 1:18
  And
• 1:19
  this
• 1:19
  is
• 1:19
  also
• 1:19
  the
• 1:19
  A
• 1:20
  and
• 1:20
  M
• 1:20
  put
• 1:20
  you
• 1:20
  on
• 1:21
  the
• 1:21
  spot
• 1:21
  question
• 1:21
  this
• 1:22
  week.
• 1:22
  Oh
• 1:23
  boy,
• 1:24
  better
• 1:24
  you
• 1:24
  than
• 1:24
  me
• 1:24
  on
• 1:25
  this
• 1:25
  one.
• 1:25
  All
• 1:25
  right.
• 1:26
  Will
• 1:26
  Seven
• 1:27
  Eleven's
• 1:27
  new
• 1:27
  format
• 1:28
  be
• 1:28
  the
• 1:28
  move
• 1:29
  the
• 1:29
  convenience
• 1:29
  store
• 1:29
  industry
• 1:30
  needs
• 1:30
  to
• 1:30
  lessen?
• 1:31
  Its
• 1:31
  dependent
• 1:31
  on
• 1:31
  historically
• 1:32
  declining
• 1:32
  fuel
• 1:33
  and
• 1:33
  tobacco
• 1:33
  volumes
• 1:34
  and
• 1:34
  how
• 1:35
  much
• 1:35
  should
• 1:35
  QSR
• 1:36
  players
• 1:36
  be
• 1:37
  looking
• 1:37
  over
• 1:37
  their
• 1:37
  shoulder
• 1:38
  to
• 1:38
  see
• 1:39
  what
• 1:39
  happens?
• 1:39
  God,
• 1:40
  they're
• 1:40
  so
• 1:40
  good.
• 1:41
  They
• 1:41
  are.
• 1:41
  I
• 1:41
  mean
• 1:42
  it.
• 1:42
  This
• 1:42
  reminds
• 1:42
  me
• 1:42
  of
• 1:43
  like
• 1:43
  when
• 1:43
  we
• 1:43
  left
• 1:44
  the
• 1:44
  next
• 1:44
  the
• 1:45
  national
• 1:45
  association
• 1:45
  of
• 1:45
  Convenience
• 1:46
  Stores
• 1:46
  Conference
• 1:47
  last
• 1:47
  year.
• 1:47
  Chris.
• 1:47
  I
• 1:47
  mean
• 1:48
  Chad
• 1:49
  and
• 1:49
  the
• 1:49
  team
• 1:50
  at
• 1:50
  AM
• 1:50
  are
• 1:51
  hitting
• 1:51
  on
• 1:51
  the
• 1:51
  exact
• 1:52
  question
• 1:52
  that
• 1:52
  I
• 1:52
  think
• 1:53
  was
• 1:53
  on
• 1:53
  top
• 1:53
  of
• 1:53
  everyone's
• 1:54
  minds
• 1:55
  when
• 1:55
  we
• 1:55
  left
• 1:55
  that
• 1:56
  show
• 1:56
  because
• 1:57
  these,
• 1:58
  these
• 1:58
  fueling
• 1:58
  stations
• 1:59
  are
• 1:59
  definitely
• 2:00
  doubling
• 2:00
  down
• 2:01
  on
• 2:01
  these
• 2:02
  QSR
• 2:02
  concepts
• 2:03
  and
• 2:03
  really
• 2:03
  making
• 2:04
  that
• 2:04
  their
• 2:04
  growth
• 2:05
  opportunity
• 2:05
  to
• 2:06
  like
• 2:06
  make
• 2:06
  sure
• 2:06
  that
• 2:06
  they
• 2:07
  have
• 2:07
  a
• 2:07
  reason
• 2:08
  for
• 2:08
  you
• 2:08
  to
• 2:08
  come
• 2:08
  to
• 2:09
  their
• 2:09
  location
• 2:10
  time
• 2:10
  and
• 2:10
  time
• 2:10
  again,
• 2:11
  whether
• 2:11
  you're
• 2:11
  filling
• 2:11
  up
• 2:12
  with
• 2:12
  gas
• 2:12
  or
• 2:12
  it's
• 2:13
  just
• 2:13
  the
• 2:13
  most
• 2:13
  convenient
• 2:14
  option.
• 2:14
  So
• 2:15
  I
• 2:15
  mean
• 2:15
  I'm
• 2:15
  really,
• 2:16
  I
• 2:16
  think
• 2:16
  this
• 2:16
  story
• 2:16
  is
• 2:17
  important
• 2:17
  and
• 2:17
  I'm
• 2:17
  really
• 2:18
  going
• 2:18
  based
• 2:18
  off
• 2:18
  of
• 2:18
  what
• 2:18
  we
• 2:19
  saw
• 2:19
  five
• 2:20
  years
• 2:20
  ago.
• 2:20
  Chris.
• 2:20
  We
• 2:21
  went
• 2:21
  to
• 2:21
  this
• 2:21
  Evolution
• 2:22
  store
• 2:22
  in
• 2:22
  Dallas
• 2:23
  five
• 2:23
  years
• 2:24
  ago.
• 2:24
  They
• 2:24
  have
• 2:24
  five
• 2:24
  years
• 2:25
  of
• 2:25
  learning
• 2:26
  that
• 2:26
  they've
• 2:26
  put
• 2:26
  into
• 2:27
  these
• 2:27
  new
• 2:27
  concepts
• 2:28
  and
• 2:28
  they're
• 2:28
  scaling
• 2:29
  this
• 2:29
  to
• 2:29
  600
• 2:30
  stores.
• 2:30
  So
• 2:31
  I
• 2:31
  think
• 2:31
  it's
• 2:31
  absolutely
• 2:32
  something
• 2:32
  that
• 2:32
  the
• 2:33
  convenience
• 2:33
  and
• 2:33
  QSR
• 2:34
  industries
• 2:34
  need
• 2:34
  to
• 2:35
  be
• 2:35
  paying
• 2:35
  attention
• 2:35
  to.
• 2:36
  I
• 2:36
  Mean,
• 2:36
  they
• 2:36
  are
• 2:37
  making
• 2:37
  massive
• 2:38
  investments
• 2:38
  here.
• 2:39
  We
• 2:39
  are
• 2:39
  seeing
• 2:40
  investments
• 2:40
  in
• 2:40
  like
• 2:41
  kitchen
• 2:42
  build
• 2:42
  outs
• 2:42
  to
• 2:42
  support
• 2:42
  the
• 2:42
  Laredo
• 2:43
  Tacos.
• 2:44
  They
• 2:44
  are
• 2:44
  putting
• 2:45
  in
• 2:45
  new
• 2:45
  fixturing
• 2:46
  and
• 2:46
  infrastructure
• 2:47
  to
• 2:47
  support
• 2:47
  things
• 2:48
  like
• 2:48
  mobile
• 2:48
  checkout
• 2:49
  and
• 2:49
  scan
• 2:49
  and
• 2:50
  go
• 2:50
  and
• 2:50
  in
• 2:50
  the
• 2:50
  future,
• 2:51
  possibly
• 2:51
  even
• 2:51
  entry
• 2:52
  and
• 2:52
  exit
• 2:52
  that
• 2:53
  would
• 2:53
  be
• 2:53
  controlled.
• 2:54
  They're
• 2:54
  doing,
• 2:54
  you
• 2:55
  know,
• 2:55
  setting
• 2:55
  up
• 2:56
  better
• 2:56
  throughput
• 2:56
  for
• 2:57
  the
• 2:57
  delivery
• 2:57
  of
• 2:57
  fresh
• 2:57
  food
• 2:58
  items
• 2:58
  and
• 2:58
  then
• 2:59
  the
• 2:59
  supplies
• 2:59
  for
• 2:59
  the
• 2:59
  restaurant.
• 3:00
  And
• 3:00
  then
• 3:00
  finally
• 3:01
  they
• 3:01
  have
• 3:01
  to
• 3:02
  really
• 3:02
  be
• 3:02
  thinking,
• 3:02
  and
• 3:03
  they
• 3:03
  did
• 3:03
  in
• 3:03
  the
• 3:03
  store
• 3:03
  that
• 3:03
  we
• 3:04
  visited
• 3:04
  in
• 3:04
  Dallas,
• 3:05
  about
• 3:05
  accommodating
• 3:06
  seating
• 3:07
  and
• 3:07
  an
• 3:08
  environment
• 3:08
  where
• 3:08
  people
• 3:09
  can
• 3:09
  stay.
• 3:09
  Now
• 3:09
  that
• 3:10
  EV
• 3:10
  chargers
• 3:10
  are
• 3:11
  a
• 3:11
  component
• 3:11
  of
• 3:11
  this,
• 3:11
  and
• 3:12
  we're
• 3:12
  really
• 3:12
  not
• 3:13
  seeing
• 3:13
  that
• 3:13
  with
• 3:13
  many
• 3:14
  other
• 3:14
  C
• 3:14
  store
• 3:15
  retailers
• 3:15
  yet,
• 3:16
  with
• 3:16
  the
• 3:16
  exception
• 3:16
  of
• 3:16
  maybe
• 3:17
  Gelson's
• 3:17
  that's
• 3:17
  piloting
• 3:18
  this
• 3:18
  out
• 3:18
  in
• 3:18
  California.
• 3:19
  But
• 3:20
  I
• 3:20
  think
• 3:21
  that
• 3:21
  what
• 3:22
  this
• 3:22
  investment,
• 3:23
  the
• 3:23
  pure
• 3:23
  investment
• 3:24
  that
• 3:24
  seven
• 3:24
  eleven
• 3:24
  is
• 3:25
  making
• 3:25
  here
• 3:25
  is
• 3:25
  a
• 3:26
  reason
• 3:26
  for
• 3:26
  us
• 3:26
  to
• 3:26
  be
• 3:27
  paying
• 3:27
  attention
• 3:27
  to
• 3:27
  this
• 3:28
  both
• 3:28
  in
• 3:28
  the
• 3:29
  C
• 3:29
  store
• 3:29
  space
• 3:30
  and
• 3:30
  in
• 3:30
  the
• 3:30
  QSR
• 3:31
  space.
• 3:31
  Because
• 3:31
  I
• 3:31
  think
• 3:31
  that
• 3:31
  there's
• 3:32
  a
• 3:32
  lot
• 3:32
  of
• 3:32
  room
• 3:33
  and
• 3:33
  seven
• 3:33
  Eleven
• 3:33
  is
• 3:34
  betting
• 3:34
  on
• 3:35
  this
• 3:35
  being
• 3:35
  their
• 3:36
  growth
• 3:36
  engine
• 3:36
  for
• 3:36
  the
• 3:37
  future.
• 3:37
  But
• 3:38
  where
• 3:38
  do
• 3:38
  you
• 3:38
  land?
• 3:38
  I
• 3:38
  mean,
• 3:39
  what
• 3:39
  were
• 3:39
  your
• 3:39
  thoughts
• 3:39
  when
• 3:40
  we
• 3:40
  were
• 3:40
  in
• 3:40
  that
• 3:40
  store
• 3:40
  in
• 3:41
  Dallas?
• 3:41
  Yeah,
• 3:42
  I
• 3:42
  think
• 3:42
  my
• 3:42
  thoughts
• 3:42
  are
• 3:42
  similar.
• 3:43
  And
• 3:43
  honestly,
• 3:43
  I'm
• 3:44
  dying
• 3:44
  to
• 3:44
  ask
• 3:45
  Chad
• 3:45
  Lusk,
• 3:45
  who
• 3:46
  potentially
• 3:46
  is
• 3:46
  the
• 3:46
  originator
• 3:47
  of
• 3:47
  this
• 3:47
  AM
• 3:48
  question
• 3:48
  and
• 3:48
  a
• 3:48
  former
• 3:48
  C
• 3:49
  store
• 3:49
  operator,
• 3:49
  what
• 3:49
  his
• 3:50
  take
• 3:50
  is
• 3:50
  on
• 3:50
  his
• 3:50
  question.
• 3:51
  But,
• 3:51
  you
• 3:52
  know,
• 3:52
  I
• 3:52
  think
• 3:52
  it's
• 3:53
  something
• 3:53
  that
• 3:53
  everyone
• 3:53
  has
• 3:54
  to
• 3:54
  be
• 3:54
  paying
• 3:54
  attention
• 3:55
  to.
• 3:55
  And
• 3:55
  the
• 3:56
  key,
• 3:56
  the
• 3:56
  reason
• 3:56
  I
• 3:56
  say
• 3:56
  that
• 3:57
  is
• 3:57
  I
• 3:57
  think
• 3:57
  the,
• 3:57
  the
• 3:58
  key
• 3:58
  here
• 3:58
  lies
• 3:58
  in
• 3:59
  the
• 3:59
  names
• 3:59
  that
• 3:59
  seven
• 4:00
  eleven
• 4:00
  is
• 4:00
  using.
• 4:01
  They're
• 4:01
  going
• 4:02
  from
• 4:02
  evolution,
• 4:03
  taking
• 4:03
  the
• 4:04
  lessons
• 4:04
  learned
• 4:04
  from
• 4:05
  that.
• 4:05
  Which,
• 4:05
  by
• 4:05
  the
• 4:05
  way,
• 4:05
  learnings
• 4:06
  is
• 4:06
  not
• 4:06
  a
• 4:06
  word.
• 4:06
  I
• 4:06
  hate
• 4:06
  when
• 4:07
  people
• 4:07
  say
• 4:07
  that.
• 4:07
  It's
• 4:07
  lessons.
• 4:07
  Sorry,
• 4:08
  learning.
• 4:09
  No,
• 4:09
  it
• 4:09
  wasn't
• 4:09
  you.
• 4:10
  It
• 4:10
  was
• 4:10
  in
• 4:10
  the
• 4:10
  article.
• 4:11
  The
• 4:11
  article
• 4:11
  said
• 4:11
  learnings.
• 4:13
  And
• 4:13
  then
• 4:13
  we
• 4:13
  all
• 4:13
  do
• 4:13
  it.
• 4:14
  I
• 4:14
  do
• 4:14
  it
• 4:14
  all
• 4:14
  the
• 4:14
  time
• 4:14
  too.
• 4:14
  So
• 4:15
  it's
• 4:15
  no
• 4:15
  big
• 4:15
  deal.
• 4:15
  But
• 4:15
  it's
• 4:15
  just
• 4:15
  a
• 4:16
  little
• 4:16
  pet
• 4:16
  peeve
• 4:16
  of
• 4:16
  mine.
• 4:17
  But
• 4:17
  they're
• 4:17
  taking
• 4:17
  the
• 4:17
  lessons
• 4:18
  learned
• 4:18
  from
• 4:18
  that
• 4:19
  and
• 4:19
  now
• 4:19
  calling
• 4:20
  this
• 4:20
  new
• 4:20
  format
• 4:21
  the
• 4:21
  new
• 4:21
  standard,
• 4:22
  which
• 4:23
  tells
• 4:23
  me
• 4:23
  this
• 4:23
  store
• 4:24
  is
• 4:24
  actually
• 4:24
  just
• 4:24
  an
• 4:25
  evolution
• 4:25
  against
• 4:26
  the
• 4:26
  trends
• 4:26
  711
• 4:27
  is
• 4:27
  seeing.
• 4:27
  Like
• 4:28
  what
• 4:28
  you
• 4:28
  named,
• 4:28
  like
• 4:28
  EV
• 4:29
  charging,
• 4:30
  expanded
• 4:30
  food
• 4:31
  and
• 4:31
  beverage
• 4:31
  offerings,
• 4:31
  which,
• 4:31
  as
• 4:32
  you
• 4:32
  said,
• 4:32
  we
• 4:32
  heard
• 4:32
  at
• 4:32
  nax,
• 4:33
  we
• 4:33
  shot
• 4:33
  a
• 4:34
  video
• 4:34
  of
• 4:34
  their
• 4:34
  Evolution
• 4:35
  store.
• 4:35
  It
• 4:35
  was
• 4:35
  really
• 4:35
  impressive.
• 4:36
  We'll
• 4:36
  try
• 4:36
  to
• 4:36
  include
• 4:36
  it
• 4:37
  in
• 4:37
  the
• 4:37
  show
• 4:37
  notes
• 4:37
  as
• 4:37
  well.
• 4:38
  But.
• 4:38
  And
• 4:39
  the
• 4:39
  other
• 4:40
  point
• 4:40
  that
• 4:40
  I'd
• 4:40
  make
• 4:41
  is
• 4:41
  it
• 4:42
  seems
• 4:42
  like
• 4:42
  the
• 4:42
  right
• 4:42
  way
• 4:43
  to
• 4:43
  experiment
• 4:43
  when
• 4:44
  you're
• 4:44
  talking
• 4:44
  about
• 4:45
  retail
• 4:45
  physical
• 4:46
  footprints,
• 4:47
  design
• 4:47
  big
• 4:48
  and
• 4:48
  bold,
• 4:49
  and
• 4:49
  then
• 4:49
  work
• 4:49
  backwards.
• 4:50
  Which
• 4:51
  is
• 4:51
  an
• 4:51
  interesting
• 4:51
  approach
• 4:52
  when
• 4:52
  you
• 4:52
  compare
• 4:52
  it.
• 4:52
  In
• 4:53
  contrast
• 4:53
  to,
• 4:53
  like,
• 4:54
  how
• 4:54
  Wayfair
• 4:54
  tried
• 4:54
  to
• 4:55
  experiment
• 4:55
  with
• 4:55
  their
• 4:55
  stores,
• 4:56
  how
• 4:56
  Amazon's
• 4:57
  been
• 4:57
  trying
• 4:57
  to
• 4:57
  experiment
• 4:58
  with
• 4:58
  their
• 4:58
  stores
• 4:58
  and
• 4:58
  grocery.
• 4:59
  I
• 4:59
  actually
• 5:00
  like
• 5:00
  this
• 5:00
  approach
• 5:01
  a
• 5:01
  lot
• 5:01
  better
• 5:01
  because
• 5:01
  you
• 5:02
  spend
• 5:02
  a
• 5:02
  little
• 5:02
  bit
• 5:02
  more
• 5:02
  upfront,
• 5:03
  but
• 5:03
  you
• 5:03
  get
• 5:04
  better
• 5:04
  answers
• 5:04
  in
• 5:04
  the
• 5:05
  long
• 5:05
  term
• 5:05
  and
• 5:05
  you
• 5:05
  see
• 5:05
  what's
• 5:06
  possible.
• 5:07
  So.
• 5:07
  And
• 5:08
  then
• 5:08
  the
• 5:08
  other
• 5:08
  point
• 5:08
  about
• 5:08
  this
• 5:09
  is
• 5:09
  they
• 5:09
  must
• 5:10
  have
• 5:10
  the
• 5:10
  confidence
• 5:11
  that
• 5:11
  it
• 5:11
  works,
• 5:12
  right?
• 5:12
  They're
• 5:12
  thinking
• 5:13
  this
• 5:13
  is
• 5:13
  going
• 5:13
  to
• 5:13
  work.
• 5:14
  If
• 5:14
  they're
• 5:14
  going
• 5:14
  out
• 5:14
  publicly
• 5:15
  and
• 5:15
  saying
• 5:15
  600
• 5:16
  stores,
• 5:16
  we're
• 5:16
  going
• 5:16
  to
• 5:17
  build
• 5:17
  600
• 5:17
  stores
• 5:17
  with
• 5:18
  this
• 5:18
  in
• 5:18
  a
• 5:18
  pretty
• 5:18
  short
• 5:19
  time
• 5:19
  horizon,
• 5:19
  too.
• 5:20
  This
• 5:20
  is
• 5:20
  not
• 5:20
  like
• 5:20
  targets.
• 5:21
  We're
• 5:21
  going
• 5:21
  to
• 5:21
  build
• 5:22
  X
• 5:22
  number
• 5:22
  of
• 5:22
  stores
• 5:23
  in
• 5:23
  10
• 5:23
  years
• 5:24
  baloney
• 5:24
  that
• 5:24
  they're
• 5:24
  putting
• 5:25
  out
• 5:25
  there.
• 5:25
  So.
• 5:26
  So
• 5:26
  that.
• 5:26
  That's
• 5:27
  my
• 5:27
  take,
• 5:27
  I
• 5:27
  think.
• 5:28
  I
• 5:28
  think
• 5:28
  the
• 5:28
  whole.
• 5:28
  I
• 5:28
  think
• 5:29
  QSR
• 5:30
  and
• 5:30
  the
• 5:30
  convenience
• 5:31
  store
• 5:31
  industry
• 5:31
  both
• 5:31
  have
• 5:31
  to
• 5:32
  take
• 5:32
  a
• 5:32
  close
• 5:32
  look
• 5:32
  at
• 5:32
  this
• 5:33
  to
• 5:33
  see
• 5:33
  how.
• 5:33
  How
• 5:34
  things
• 5:34
  are
• 5:34
  still
• 5:34
  evolving.
• 5:35
  Now
• 5:35
  you
• 5:35
  got
• 5:36
  me
• 5:36
  craving
• 5:36
  a
• 5:36
  Laredo
• 5:37
  taco,
• 5:37
  Chris.
• 5:38
  Early
• 5:38
  in
• 5:38
  Laredo.
• 5:39
  Or.
• 5:40
  Or
• 5:41
  a
• 5:41
  Del
• 5:41
  Taco.
• 5:43
  God,
• 5:44
  no.
• 5:45
  Or
• 5:45
  not
• 5:45
  Jack
• 5:45
  in
• 5:46
  the
• 5:46
  Box
• 5:46
  taco.
• 5:47
  Oh,
• 5:47
  my
• 5:47
  God.
• 5:48
  Now
• 5:48
  you're
• 5:48
  just
• 5:48
  spouting
• 5:49
  off
• 5:49
  QSRs.
• 5:49
  I
• 5:50
  was,
• 5:50
  like,
• 5:51
  sticking
• 5:51
  with
• 5:51
  the
• 5:52
  711
• 5:52
  one.
• 5:52
  Whatever.
• 5:53
  I
• 5:53
  am
• 5:53
  a
• 5:54
  big
• 5:54
  QSR
• 5:54
  fan,
• 5:55
  Ed.
• 5:55
  That
• 5:55
  is,
• 5:56
  you
• 5:56
  know,
• 5:56
  that.