Latest / Omni Talk Retail / A Look at IGA's $80B Global Network Connecting 8,000 Independent Grocers Worldwide | CGF 2026

Transcript

A Look at IGA's $80B Global Network Connecting 8,000 Independent Grocers Worldwide | CGF 2026 · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  this
• 0:00
  is
• 0:01
  Omnitalk
• 0:01
  Retail.
• 0:02
  I'm
• 0:02
  Chris
• 0:02
  Walton
• 0:03
  and
• 0:03
  I'm
• 0:03
  coming
• 0:03
  to
• 0:03
  you
• 0:03
  live
• 0:04
  once
• 0:04
  again
• 0:04
  from
• 0:04
  the
• 0:04
  Consumer
• 0:05
  Goods
• 0:05
  Forum
• 0:05
  Global
• 0:06
  Summit
• 0:06
  in
• 0:06
  Vienna,
• 0:07
  Austria.
• 0:07
  From
• 0:08
  the
• 0:08
  CGF
• 0:09
  Leadership
• 0:09
  Studio,
• 0:10
  which
• 0:10
  is
• 0:10
  sponsored
• 0:11
  by
• 0:11
  Vuzion.
• 0:11
  Now,
• 0:12
  I'm
• 0:12
  pleased
• 0:12
  to
• 0:12
  introduce
• 0:13
  John
• 0:13
  Ross.
• 0:13
  John
• 0:14
  is
• 0:14
  the
• 0:14
  President
• 0:15
  and
• 0:15
  CEO
• 0:16
  of
• 0:16
  iga.
• 0:17
  John,
• 0:17
  thanks
• 0:17
  for
• 0:17
  joining
• 0:18
  us.
• 0:18
  Well,
• 0:18
  I'm
• 0:18
  glad
• 0:19
  to
• 0:19
  be
• 0:19
  here.
• 0:19
  Yeah,
• 0:19
  no,
• 0:20
  it's
• 0:20
  great
• 0:20
  to
• 0:20
  have
• 0:20
  you.
• 0:20
  So
• 0:21
  maybe
• 0:21
  for
• 0:21
  those
• 0:21
  unfamiliar
• 0:22
  back
• 0:22
  home
• 0:23
  particularly,
• 0:24
  tell
• 0:24
  us
• 0:24
  about
• 0:24
  IGA
• 0:25
  and
• 0:25
  what
• 0:25
  it
• 0:25
  is.
• 0:26
  Yeah,
• 0:26
  we're
• 0:27
  the
• 0:27
  most
• 0:27
  interesting
• 0:28
  and
• 0:28
  probably
• 0:29
  misunderstood
• 0:30
  80
• 0:30
  billion
• 0:30
  dollar
• 0:31
  company
• 0:31
  you'll
• 0:31
  ever
• 0:31
  meet.
• 0:31
  Okay.
• 0:32
  IGA
• 0:33
  is
• 0:33
  like
• 0:34
  a
• 0:34
  franchise.
• 0:34
  It's
• 0:34
  an
• 0:35
  alliance
• 0:35
  of
• 0:35
  independent
• 0:36
  retailers.
• 0:37
  They
• 0:37
  tend
• 0:37
  to
• 0:37
  be
• 0:37
  independents,
• 0:38
  very
• 0:39
  regional,
• 0:39
  often
• 0:39
  very
• 0:40
  local.
• 0:40
  In
• 0:41
  more
• 0:42
  than
• 0:42
  30
• 0:42
  countries
• 0:43
  all
• 0:43
  over
• 0:43
  the
• 0:43
  world.
• 0:44
  Largest
• 0:44
  market
• 0:45
  is
• 0:45
  the
• 0:45
  United
• 0:45
  States.
• 0:45
  It's
• 0:46
  our
• 0:46
  home
• 0:46
  market.
• 0:46
  Okay.
• 0:47
  We're
• 0:47
  100
• 0:47
  years
• 0:47
  old
• 0:47
  this
• 0:48
  year,
• 0:48
  which
• 0:48
  is
• 0:48
  kind
• 0:48
  of
• 0:48
  interesting.
• 0:48
  Wow,
• 0:49
  congrats.
• 0:50
  With
• 0:50
  3,000
• 0:50
  stores,
• 0:50
  happy
• 0:51
  birthday.
• 0:51
  Yeah,
• 0:51
  I
• 0:51
  know,
• 0:51
  exactly.
• 0:52
  Happy
• 0:52
  birthday.
• 0:53
  3,000
• 0:53
  stores
• 0:54
  in
• 0:54
  the
• 0:54
  US,
• 0:54
  about
• 0:54
  8,000
• 0:55
  globally,
• 0:56
  with
• 0:56
  markets
• 0:57
  in
• 0:57
  Australia
• 0:58
  and
• 0:58
  China
• 0:59
  and
• 0:59
  Fiji
• 1:00
  and
• 1:00
  Canada
• 1:01
  and
• 1:01
  the
• 1:01
  Caribbean
• 1:02
  and
• 1:02
  all
• 1:02
  over.
• 1:02
  Got
• 1:03
  it.
• 1:03
  So
• 1:03
  what
• 1:03
  brings
• 1:03
  you
• 1:04
  to
• 1:04
  cgf
• 1:04
  particularly?
• 1:06
  CGF
• 1:06
  is
• 1:06
  the
• 1:07
  only
• 1:08
  industry
• 1:08
  conference
• 1:09
  where
• 1:09
  you
• 1:09
  get
• 1:10
  both
• 1:10
  manufacturers
• 1:11
  and
• 1:11
  retailers
• 1:12
  together
• 1:13
  operating
• 1:14
  at
• 1:14
  the
• 1:14
  C
• 1:14
  suite
• 1:15
  level.
• 1:15
  So
• 1:15
  there's
• 1:16
  presidents
• 1:16
  and
• 1:16
  CEOs
• 1:17
  of
• 1:17
  these
• 1:17
  major
• 1:17
  companies.
• 1:18
  And
• 1:18
  so
• 1:18
  imagine
• 1:18
  if
• 1:19
  you
• 1:19
  had
• 1:19
  all
• 1:20
  the
• 1:20
  Illuminati
• 1:20
  of
• 1:21
  the
• 1:21
  industry
• 1:21
  all
• 1:21
  together
• 1:21
  in
• 1:22
  one
• 1:22
  room.
• 1:23
  And
• 1:23
  you
• 1:23
  said,
• 1:24
  now
• 1:24
  how
• 1:24
  could
• 1:25
  we
• 1:25
  working
• 1:26
  together,
• 1:27
  make
• 1:27
  our
• 1:28
  planet
• 1:28
  a
• 1:28
  better
• 1:28
  place
• 1:29
  and
• 1:30
  in
• 1:30
  so
• 1:30
  doing,
• 1:30
  also
• 1:31
  grow
• 1:31
  our
• 1:31
  businesses?
• 1:32
  It's
• 1:32
  a
• 1:32
  unique
• 1:33
  challenge.
• 1:33
  No
• 1:33
  other
• 1:33
  industry
• 1:34
  association
• 1:34
  does.
• 1:35
  And
• 1:35
  so
• 1:35
  if
• 1:35
  you're
• 1:35
  not
• 1:36
  here,
• 1:36
  then
• 1:36
  you're
• 1:36
  not
• 1:36
  working
• 1:37
  on
• 1:37
  the
• 1:37
  good
• 1:37
  stuff.
• 1:37
  Right.
• 1:38
  But
• 1:38
  is
• 1:38
  Illuminati
• 1:39
  the
• 1:39
  right
• 1:39
  reference?
• 1:39
  Because
• 1:40
  that's
• 1:40
  kind
• 1:40
  of
• 1:40
  like
• 1:40
  a
• 1:40
  secretive
• 1:41
  thing.
• 1:41
  Right?
• 1:41
  You
• 1:41
  guys
• 1:41
  don't
• 1:41
  want
• 1:41
  to
• 1:41
  be
• 1:42
  secretive.
• 1:42
  You
• 1:42
  want
• 1:42
  to
• 1:42
  actually
• 1:42
  make
• 1:43
  the
• 1:43
  impact.
• 1:43
  Right,
• 1:43
  Jon?
• 1:43
  Well,
• 1:44
  I'm
• 1:44
  on
• 1:44
  a
• 1:44
  TV
• 1:44
  show
• 1:44
  right.
• 1:44
  Now,
• 1:45
  so
• 1:45
  I'm
• 1:46
  blowing
• 1:46
  it.
• 1:46
  Right,
• 1:47
  right,
• 1:47
  right.
• 1:47
  And
• 1:47
  part
• 1:47
  of
• 1:48
  your
• 1:48
  role
• 1:48
  here
• 1:48
  is
• 1:48
  you're
• 1:48
  co
• 1:49
  sponsor
• 1:49
  of
• 1:49
  the
• 1:49
  Human
• 1:50
  Rights
• 1:50
  Coalition
• 1:50
  too.
• 1:51
  So.
• 1:51
  So
• 1:51
  talk
• 1:51
  about
• 1:52
  the
• 1:52
  due
• 1:52
  diligence
• 1:52
  you
• 1:53
  put
• 1:53
  into
• 1:53
  that
• 1:53
  effort.
• 1:53
  And
• 1:53
  what's
• 1:54
  the
• 1:54
  key
• 1:54
  message
• 1:54
  you
• 1:54
  want
• 1:54
  to
• 1:55
  get
• 1:55
  across
• 1:55
  at
• 1:55
  this
• 1:56
  conference
• 1:56
  this
• 1:56
  year
• 1:57
  around
• 1:57
  that
• 1:57
  subject?
• 1:58
  Yeah.
• 1:59
  So
• 1:59
  there's
• 1:59
  multiple
• 1:59
  pillars
• 2:00
  within
• 2:00
  cgf.
• 2:01
  Reducing
• 2:02
  plastic
• 2:02
  from
• 2:02
  the
• 2:02
  world's
• 2:03
  oceans
• 2:03
  or
• 2:04
  forest,
• 2:05
  positive
• 2:05
  business
• 2:06
  practices,
• 2:06
  these
• 2:06
  sorts
• 2:07
  of
• 2:07
  things.
• 2:07
  One
• 2:08
  of
• 2:08
  the
• 2:08
  pillars
• 2:08
  is
• 2:09
  human
• 2:09
  rights,
• 2:10
  and
• 2:10
  it's
• 2:10
  really
• 2:10
  focused
• 2:11
  on
• 2:11
  removing
• 2:12
  debt,
• 2:12
  bondage,
• 2:13
  slavery,
• 2:13
  child
• 2:14
  labor
• 2:14
  out
• 2:14
  of
• 2:14
  the
• 2:15
  supply
• 2:15
  chain
• 2:16
  that
• 2:16
  feeds
• 2:16
  the
• 2:17
  consumer.
• 2:17
  Packaged
• 2:17
  goods
• 2:18
  in
• 2:18
  the
• 2:18
  food
• 2:18
  industries,
• 2:18
  it's
• 2:19
  especially
• 2:19
  keen
• 2:19
  in
• 2:19
  agriculture.
• 2:20
  Right.
• 2:21
  So
• 2:22
  no
• 2:22
  business
• 2:23
  wants
• 2:23
  to
• 2:23
  have
• 2:23
  it
• 2:24
  found
• 2:24
  out
• 2:24
  that
• 2:24
  some
• 2:25
  nefarious
• 2:26
  practice
• 2:26
  is
• 2:26
  happening
• 2:27
  in
• 2:27
  the
• 2:27
  products
• 2:27
  that
• 2:27
  end
• 2:28
  up
• 2:28
  on
• 2:28
  the
• 2:28
  shelf
• 2:28
  of
• 2:28
  your
• 2:28
  local
• 2:29
  grocery
• 2:29
  store.
• 2:29
  And
• 2:30
  our
• 2:30
  consumers
• 2:30
  would
• 2:31
  not
• 2:31
  want
• 2:31
  that.
• 2:31
  No.
• 2:32
  And
• 2:32
  there's
• 2:32
  certainly
• 2:32
  been
• 2:33
  some
• 2:33
  instances,
• 2:33
  you
• 2:33
  know,
• 2:33
  Nike,
• 2:34
  for
• 2:34
  example,
• 2:34
  came
• 2:35
  under
• 2:35
  fire
• 2:36
  many,
• 2:36
  many
• 2:36
  years
• 2:36
  ago
• 2:37
  about,
• 2:37
  you
• 2:37
  know,
• 2:37
  a
• 2:38
  bunch
• 2:38
  of
• 2:38
  impoverished
• 2:39
  children
• 2:39
  making
• 2:40
  soccer
• 2:40
  balls
• 2:40
  and
• 2:40
  tennis
• 2:41
  shoes
• 2:41
  that
• 2:41
  they
• 2:41
  would
• 2:41
  never
• 2:41
  wear
• 2:42
  or
• 2:42
  play
• 2:42
  with
• 2:42
  that
• 2:43
  were
• 2:43
  sold
• 2:43
  to
• 2:43
  rich
• 2:43
  kids
• 2:44
  in
• 2:44
  developed
• 2:44
  nations.
• 2:45
  And
• 2:45
  so
• 2:46
  as
• 2:46
  an
• 2:46
  industry,
• 2:47
  you
• 2:47
  have
• 2:47
  a
• 2:47
  responsibility
• 2:49
  to
• 2:49
  have
• 2:49
  visibility
• 2:49
  into
• 2:50
  your
• 2:50
  supply
• 2:50
  chain
• 2:50
  and
• 2:51
  use
• 2:51
  your
• 2:51
  collective
• 2:52
  buying
• 2:52
  clout
• 2:53
  to
• 2:53
  influence
• 2:54
  our
• 2:54
  suppliers
• 2:55
  to
• 2:55
  make
• 2:55
  sure
• 2:55
  that
• 2:55
  they're.
• 2:56
  That
• 2:56
  they're
• 2:56
  behaving
• 2:57
  responsibly.
• 2:58
  It's
• 2:59
  a
• 2:59
  really
• 2:59
  complicated
• 3:00
  issue.
• 3:00
  There's
• 3:00
  all
• 3:01
  kinds
• 3:01
  of.
• 3:02
  There's
• 3:03
  political
• 3:03
  issues
• 3:04
  at
• 3:04
  the
• 3:04
  local
• 3:04
  level.
• 3:05
  There
• 3:05
  are
• 3:06
  societal
• 3:06
  issues.
• 3:06
  You
• 3:07
  can't
• 3:07
  just
• 3:07
  paste
• 3:07
  your
• 3:07
  Western
• 3:08
  sensibility
• 3:08
  on
• 3:08
  top
• 3:09
  of
• 3:09
  another
• 3:09
  country
• 3:09
  and
• 3:10
  just
• 3:10
  assume
• 3:10
  that
• 3:10
  your
• 3:10
  values
• 3:11
  are
• 3:11
  theirs.
• 3:12
  You
• 3:12
  have
• 3:12
  to
• 3:12
  be
• 3:12
  very
• 3:13
  sensitive
• 3:13
  and
• 3:13
  a
• 3:13
  really
• 3:13
  good
• 3:14
  listener.
• 3:15
  But
• 3:15
  at
• 3:15
  the
• 3:15
  end
• 3:15
  of
• 3:15
  the
• 3:15
  day,
• 3:16
  the
• 3:16
  reality
• 3:16
  is
• 3:17
  if
• 3:17
  we
• 3:17
  say
• 3:17
  no,
• 3:18
  these
• 3:18
  behaviors
• 3:19
  are
• 3:19
  not
• 3:19
  acceptable.
• 3:20
  We
• 3:20
  need
• 3:21
  you
• 3:21
  to
• 3:21
  improve
• 3:22
  the
• 3:22
  plight
• 3:22
  of
• 3:22
  workers.
• 3:23
  We
• 3:23
  don't
• 3:23
  want
• 3:23
  people
• 3:23
  buying
• 3:24
  jobs.
• 3:24
  We
• 3:24
  don't.
• 3:25
  People
• 3:25
  in
• 3:25
  debt
• 3:25
  bondage,
• 3:26
  so
• 3:26
  they
• 3:26
  can
• 3:26
  never
• 3:26
  leave
• 3:27
  those
• 3:27
  jobs.
• 3:27
  And
• 3:28
  if
• 3:28
  you're
• 3:28
  using
• 3:28
  those
• 3:28
  practices,
• 3:29
  we
• 3:29
  won't
• 3:29
  buy
• 3:30
  from
• 3:30
  you.
• 3:31
  If
• 3:31
  this
• 3:31
  industry
• 3:32
  and
• 3:32
  this
• 3:33
  group
• 3:33
  of
• 3:33
  CEOs
• 3:34
  can
• 3:34
  make
• 3:34
  a
• 3:35
  difference
• 3:35
  here,
• 3:35
  then
• 3:35
  shame
• 3:36
  on
• 3:36
  us.
• 3:36
  Yeah.
• 3:36
  Right.
• 3:37
  And
• 3:37
  that's
• 3:37
  hence
• 3:37
  why
• 3:38
  you
• 3:38
  come
• 3:38
  here.
• 3:38
  Back
• 3:38
  to
• 3:38
  that.
• 3:39
  Back
• 3:39
  to
• 3:39
  the
• 3:39
  question
• 3:39
  originally.
• 3:40
  So,
• 3:41
  all
• 3:41
  right,
• 3:41
  so,
• 3:41
  you
• 3:41
  know,
• 3:42
  I'm
• 3:42
  curious
• 3:42
  too,
• 3:42
  like
• 3:43
  from.
• 3:43
  In
• 3:43
  terms
• 3:44
  of
• 3:44
  CGF
• 3:45
  and
• 3:45
  its
• 3:45
  role,
• 3:47
  you
• 3:47
  work
• 3:47
  with
• 3:47
  a
• 3:47
  lot
• 3:48
  of
• 3:48
  regional
• 3:49
  operators.
• 3:49
  Like
• 3:49
  you
• 3:49
  said,
• 3:49
  you
• 3:50
  work
• 3:50
  across
• 3:50
  the
• 3:51
  globe.
• 3:51
  $80
• 3:52
  billion,
• 3:52
  you
• 3:52
  said.
• 3:54
  How
• 3:54
  do
• 3:54
  you
• 3:54
  make
• 3:54
  sure
• 3:55
  that
• 3:55
  you
• 3:55
  create
• 3:56
  a
• 3:56
  framework
• 3:56
  that
• 3:56
  is
• 3:57
  generally
• 3:57
  accessible
• 3:58
  to
• 3:58
  all
• 3:58
  of
• 3:59
  them?
• 3:59
  And
• 3:59
  how
• 3:59
  does
• 3:59
  CGF
• 4:00
  play
• 4:00
  a
• 4:00
  role
• 4:00
  in
• 4:00
  that?
• 4:01
  Well,
• 4:01
  that's
• 4:02
  a
• 4:02
  great
• 4:02
  question
• 4:02
  for
• 4:02
  a
• 4:03
  global
• 4:03
  conference
• 4:04
  where
• 4:05
  there
• 4:06
  may
• 4:06
  be
• 4:06
  common
• 4:07
  cause,
• 4:07
  but
• 4:07
  the
• 4:08
  way
• 4:08
  we
• 4:08
  go
• 4:08
  to
• 4:08
  marketplace,
• 4:09
  the
• 4:09
  complexity
• 4:09
  of
• 4:10
  the
• 4:10
  businesses
• 4:10
  are.
• 4:11
  Are
• 4:11
  radically
• 4:11
  different.
• 4:12
  And
• 4:12
  IG
• 4:13
  is
• 4:13
  the
• 4:13
  perfect
• 4:13
  example
• 4:14
  of
• 4:14
  that.
• 4:14
  So
• 4:15
  even
• 4:15
  in
• 4:15
  any
• 4:15
  country,
• 4:16
  even
• 4:16
  take
• 4:16
  the
• 4:16
  United
• 4:17
  States,
• 4:17
  the
• 4:18
  difference
• 4:18
  between
• 4:18
  our
• 4:18
  stores
• 4:19
  in
• 4:19
  rural
• 4:19
  West
• 4:19
  Virginia,
• 4:20
  which
• 4:21
  are
• 4:21
  some
• 4:21
  of
• 4:21
  the
• 4:21
  poorest
• 4:21
  communities
• 4:22
  in
• 4:22
  the
• 4:22
  United
• 4:22
  States,
• 4:23
  versus
• 4:24
  our
• 4:24
  stores
• 4:24
  operating
• 4:25
  in
• 4:25
  Connecticut,
• 4:26
  for
• 4:26
  example,
• 4:27
  where
• 4:27
  you're
• 4:27
  surrounded
• 4:28
  by
• 4:28
  households
• 4:28
  with
• 4:28
  an
• 4:29
  average
• 4:29
  income
• 4:29
  of
• 4:29
  150
• 4:30
  or
• 4:30
  $200,000.
• 4:31
  Right.
• 4:31
  Those
• 4:32
  are
• 4:32
  radically
• 4:32
  different
• 4:32
  businesses.
• 4:33
  Their
• 4:33
  assortments
• 4:34
  are
• 4:34
  completely
• 4:35
  different.
• 4:35
  The
• 4:36
  customer
• 4:36
  base
• 4:36
  has
• 4:37
  different
• 4:37
  expectations,
• 4:38
  and
• 4:38
  yet
• 4:39
  at
• 4:39
  the
• 4:39
  core
• 4:39
  of
• 4:39
  it
• 4:39
  are
• 4:39
  some
• 4:40
  really
• 4:40
  Basic
• 4:41
  values,
• 4:41
  which
• 4:41
  is
• 4:42
  listening
• 4:42
  and
• 4:43
  taking
• 4:43
  care
• 4:43
  of
• 4:43
  the
• 4:43
  customer,
• 4:44
  making
• 4:44
  sure
• 4:45
  that
• 4:45
  you've
• 4:45
  got
• 4:45
  a
• 4:45
  value
• 4:46
  proposition
• 4:46
  that
• 4:47
  works
• 4:47
  for
• 4:47
  that
• 4:47
  community,
• 4:48
  that
• 4:48
  you're
• 4:48
  bringing
• 4:49
  support
• 4:50
  and
• 4:50
  savings
• 4:51
  to
• 4:51
  the
• 4:52
  shopper,
• 4:52
  regardless
• 4:53
  of
• 4:53
  their
• 4:53
  economic
• 4:53
  conditions,
• 4:54
  so
• 4:54
  that
• 4:54
  they
• 4:54
  can
• 4:54
  win
• 4:55
  and
• 4:55
  they
• 4:55
  can
• 4:55
  feed
• 4:55
  their
• 4:56
  family.
• 4:56
  And
• 4:56
  doing
• 4:57
  it
• 4:57
  all
• 4:57
  in
• 4:57
  an
• 4:57
  environment
• 4:58
  where
• 4:58
  your
• 4:59
  supply
• 4:59
  chain
• 4:59
  is
• 5:00
  as
• 5:00
  short
• 5:00
  as
• 5:00
  it
• 5:01
  possibly
• 5:01
  can
• 5:01
  be,
• 5:01
  because
• 5:02
  it
• 5:02
  allows
• 5:02
  you
• 5:02
  to
• 5:02
  connect
• 5:03
  to
• 5:03
  local
• 5:03
  producers,
• 5:04
  local
• 5:04
  suppliers,
• 5:05
  and
• 5:05
  put
• 5:05
  those
• 5:06
  on
• 5:06
  the
• 5:06
  shelves
• 5:06
  right
• 5:06
  as
• 5:07
  next
• 5:07
  to
• 5:07
  the
• 5:08
  global
• 5:08
  brands
• 5:08
  that
• 5:08
  are
• 5:08
  all
• 5:09
  here.
• 5:09
  And
• 5:10
  getting
• 5:10
  that
• 5:10
  right
• 5:11
  in
• 5:11
  the
• 5:12
  United
• 5:12
  States
• 5:12
  or
• 5:13
  in
• 5:13
  the
• 5:13
  Caribbean
• 5:13
  or
• 5:14
  in
• 5:14
  China.
• 5:15
  The
• 5:15
  mission
• 5:15
  is
• 5:15
  the
• 5:16
  same
• 5:16
  no
• 5:16
  matter
• 5:16
  where
• 5:16
  you
• 5:16
  go.
• 5:17
  Right.
• 5:18
  So
• 5:18
  one
• 5:18
  of
• 5:19
  the
• 5:19
  other,
• 5:19
  if
• 5:20
  we
• 5:20
  double
• 5:20
  click
• 5:20
  into
• 5:21
  what
• 5:21
  you
• 5:21
  just
• 5:21
  said
• 5:21
  too,
• 5:21
  one
• 5:22
  of
• 5:22
  the
• 5:22
  interesting
• 5:22
  issues
• 5:22
  facing
• 5:23
  the
• 5:23
  industries,
• 5:23
  well,
• 5:24
  not
• 5:24
  issues,
• 5:24
  but
• 5:24
  opportunities
• 5:25
  facing
• 5:25
  the
• 5:25
  industry
• 5:26
  too,
• 5:26
  depending
• 5:26
  on
• 5:27
  how
• 5:27
  you
• 5:27
  want
• 5:27
  to
• 5:27
  look
• 5:27
  at
• 5:27
  it,
• 5:27
  is
• 5:27
  retail
• 5:28
  media
• 5:28
  and
• 5:29
  all
• 5:29
  the
• 5:29
  data
• 5:29
  that's
• 5:30
  required
• 5:30
  for
• 5:30
  that.
• 5:31
  So
• 5:31
  I'm
• 5:31
  curious,
• 5:31
  because
• 5:34
  where
• 5:34
  you
• 5:34
  sit
• 5:35
  in
• 5:36
  terms
• 5:36
  of
• 5:36
  your
• 5:36
  organization
• 5:37
  as
• 5:37
  a
• 5:37
  CEO
• 5:37
  across,
• 5:38
  like
• 5:38
  you
• 5:38
  said,
• 5:39
  a
• 5:39
  large
• 5:39
  network
• 5:39
  of
• 5:40
  people,
• 5:41
  large
• 5:41
  network
• 5:42
  of
• 5:42
  retailers
• 5:42
  that
• 5:42
  requires
• 5:43
  a
• 5:43
  lot
• 5:43
  of
• 5:43
  coordination
• 5:44
  of
• 5:44
  data,
• 5:44
  and
• 5:45
  yet
• 5:45
  there
• 5:45
  may
• 5:45
  be
• 5:45
  a
• 5:45
  reluctance
• 5:46
  to
• 5:46
  share
• 5:46
  that
• 5:47
  data.
• 5:47
  So
• 5:48
  how
• 5:48
  do
• 5:48
  you
• 5:48
  meander
• 5:49
  through
• 5:49
  that?
• 5:49
  How
• 5:49
  do
• 5:49
  you
• 5:49
  operate
• 5:50
  through
• 5:50
  that?
• 5:50
  How
• 5:50
  do
• 5:50
  you
• 5:51
  get
• 5:51
  people
• 5:51
  to
• 5:52
  buy
• 5:52
  into
• 5:52
  the
• 5:53
  pre
• 5:53
  competitive
• 5:54
  nature
• 5:55
  of
• 5:55
  trying
• 5:56
  to
• 5:56
  move
• 5:56
  the
• 5:56
  business
• 5:57
  forward,
• 5:57
  whether
• 5:57
  it's
• 5:57
  retail
• 5:58
  media
• 5:58
  or
• 5:58
  anything
• 5:58
  that
• 5:58
  requires
• 5:59
  data
• 5:59
  sharing?
• 6:00
  So
• 6:00
  there's
• 6:01
  a
• 6:01
  lot
• 6:01
  there
• 6:01
  in
• 6:01
  that
• 6:01
  question.
• 6:02
  So
• 6:02
  just
• 6:03
  on
• 6:03
  the
• 6:03
  data
• 6:03
  sharing
• 6:03
  part,
• 6:04
  we
• 6:04
  do
• 6:04
  not
• 6:04
  have
• 6:05
  trouble
• 6:05
  getting
• 6:06
  our
• 6:06
  retailers
• 6:06
  to
• 6:07
  share
• 6:07
  data.
• 6:07
  You
• 6:07
  do
• 6:07
  not?
• 6:08
  No,
• 6:08
  that's
• 6:08
  not
• 6:08
  an
• 6:08
  issue.
• 6:09
  It's
• 6:09
  not
• 6:09
  a
• 6:09
  privacy
• 6:10
  issue.
• 6:10
  You
• 6:10
  have
• 6:10
  to
• 6:10
  set
• 6:11
  your
• 6:11
  standards
• 6:11
  really
• 6:11
  high.
• 6:12
  You
• 6:12
  have
• 6:12
  to
• 6:12
  make
• 6:12
  sure
• 6:13
  that
• 6:13
  they
• 6:13
  understand
• 6:13
  that
• 6:13
  you're
• 6:14
  not
• 6:14
  making
• 6:14
  money
• 6:14
  off
• 6:15
  of
• 6:15
  their
• 6:15
  data
• 6:15
  and
• 6:16
  that
• 6:16
  the
• 6:16
  aggregation
• 6:17
  will
• 6:17
  create
• 6:18
  products
• 6:18
  which
• 6:18
  drive
• 6:19
  value
• 6:19
  for
• 6:19
  their
• 6:20
  shoppers.
• 6:20
  As
• 6:21
  long
• 6:21
  as
• 6:21
  you
• 6:21
  behave
• 6:21
  in
• 6:22
  that
• 6:22
  way
• 6:22
  and
• 6:22
  are
• 6:22
  consistent,
• 6:23
  getting
• 6:23
  them
• 6:23
  to
• 6:23
  share
• 6:24
  the
• 6:24
  data
• 6:24
  isn't
• 6:24
  the
• 6:24
  issue,
• 6:25
  the
• 6:25
  problem
• 6:26
  in
• 6:26
  our
• 6:26
  channel.
• 6:27
  And
• 6:27
  so,
• 6:27
  for
• 6:27
  example,
• 6:28
  this
• 6:28
  is
• 6:28
  about
• 6:28
  probably
• 6:28
  a
• 6:29
  third
• 6:29
  of
• 6:29
  the
• 6:29
  world
• 6:30
  global
• 6:30
  industry
• 6:31
  in
• 6:31
  terms
• 6:31
  of
• 6:32
  total
• 6:32
  volume
• 6:32
  comes
• 6:33
  from
• 6:33
  intensively
• 6:34
  local
• 6:34
  retailers.
• 6:35
  The
• 6:35
  problem
• 6:35
  is
• 6:36
  the
• 6:36
  complexity
• 6:36
  of
• 6:36
  the
• 6:37
  technology
• 6:37
  stacks.
• 6:38
  Yes.
• 6:38
  So
• 6:38
  each
• 6:39
  retailer
• 6:39
  may
• 6:39
  be
• 6:39
  on
• 6:39
  a
• 6:40
  different
• 6:40
  POS
• 6:40
  system,
• 6:40
  they
• 6:41
  may
• 6:41
  be
• 6:41
  in
• 6:41
  different
• 6:41
  bills,
• 6:42
  they
• 6:42
  have
• 6:42
  different
• 6:43
  levels
• 6:43
  of
• 6:43
  sophistication.
• 6:44
  So
• 6:45
  the
• 6:45
  issue
• 6:45
  is
• 6:46
  not
• 6:46
  their
• 6:47
  willingness,
• 6:47
  but
• 6:48
  how
• 6:48
  portable
• 6:48
  and
• 6:49
  liquid
• 6:49
  that
• 6:49
  data
• 6:50
  is.
• 6:50
  And
• 6:50
  so
• 6:50
  a
• 6:51
  company
• 6:51
  like
• 6:51
  iga,
• 6:52
  we
• 6:52
  have
• 6:52
  to
• 6:52
  invest
• 6:53
  a
• 6:53
  lot
• 6:53
  of
• 6:53
  energy
• 6:54
  in
• 6:54
  normalization,
• 6:55
  in
• 6:56
  aggregation
• 6:57
  and
• 6:57
  making
• 6:57
  sure
• 6:57
  that
• 6:58
  we
• 6:59
  got
• 6:59
  taxonomies
• 7:00
  right,
• 7:00
  so
• 7:00
  that
• 7:00
  the
• 7:00
  skew
• 7:01
  here
• 7:01
  and
• 7:01
  the
• 7:01
  skew
• 7:01
  here
• 7:01
  are
• 7:02
  the
• 7:02
  same
• 7:02
  thing.
• 7:03
  All
• 7:03
  this
• 7:03
  heavy
• 7:04
  lifting
• 7:04
  in
• 7:04
  order
• 7:04
  to
• 7:05
  get
• 7:05
  the
• 7:05
  data
• 7:05
  to
• 7:05
  move.
• 7:06
  The
• 7:07
  good
• 7:07
  news
• 7:07
  is
• 7:07
  that
• 7:07
  once
• 7:08
  you
• 7:08
  do
• 7:08
  that
• 7:08
  work
• 7:09
  and
• 7:09
  the
• 7:09
  data
• 7:09
  starts
• 7:10
  to
• 7:10
  flow,
• 7:10
  you're
• 7:11
  able
• 7:11
  to
• 7:11
  deploy
• 7:12
  manufacture,
• 7:13
  investment
• 7:15
  in
• 7:15
  this
• 7:15
  channel
• 7:16
  in
• 7:16
  a
• 7:16
  way
• 7:16
  that
• 7:16
  could
• 7:16
  never
• 7:17
  move
• 7:17
  before.
• 7:17
  We
• 7:18
  were
• 7:18
  too
• 7:18
  complicated,
• 7:19
  it's
• 7:20
  too
• 7:20
  hard.
• 7:20
  And
• 7:20
  so
• 7:21
  what
• 7:21
  do
• 7:21
  people
• 7:21
  do?
• 7:22
  They
• 7:22
  go
• 7:22
  to
• 7:22
  the
• 7:22
  easiest
• 7:22
  choice.
• 7:23
  You
• 7:23
  pick
• 7:23
  up
• 7:23
  the
• 7:23
  phone,
• 7:23
  you
• 7:23
  call
• 7:24
  a
• 7:24
  national
• 7:24
  brand
• 7:24
  called
• 7:24
  Tesco,
• 7:25
  call
• 7:25
  Walmart,
• 7:26
  Care
• 7:26
  for
• 7:26
  who
• 7:26
  are
• 7:27
  all
• 7:27
  here.
• 7:27
  Yeah.
• 7:27
  Right.
• 7:27
  It's
• 7:28
  really
• 7:28
  easy.
• 7:28
  One
• 7:28
  call
• 7:29
  and
• 7:29
  you
• 7:29
  got
• 7:29
  something
• 7:29
  moving.
• 7:29
  In
• 7:30
  our
• 7:30
  world,
• 7:30
  you're
• 7:31
  gonna
• 7:31
  call
• 7:31
  8,000
• 7:32
  stores?
• 7:32
  No.
• 7:33
  So
• 7:33
  we
• 7:33
  have
• 7:33
  to
• 7:34
  provide
• 7:34
  this
• 7:34
  intermediary
• 7:35
  layer
• 7:36
  to
• 7:36
  take
• 7:37
  all
• 7:37
  the
• 7:37
  effort
• 7:37
  that
• 7:37
  they're
• 7:38
  doing
• 7:38
  that
• 7:38
  allows
• 7:38
  you
• 7:38
  to
• 7:39
  be
• 7:39
  hyperlocal
• 7:40
  and
• 7:40
  turn
• 7:41
  that
• 7:41
  into
• 7:41
  a
• 7:41
  product
• 7:41
  that's
• 7:42
  easy
• 7:42
  to
• 7:42
  access,
• 7:43
  easy
• 7:43
  to
• 7:43
  buy
• 7:44
  and
• 7:44
  easy
• 7:44
  to
• 7:44
  report
• 7:44
  on.
• 7:45
  If
• 7:45
  we
• 7:45
  do
• 7:45
  that,
• 7:45
  it
• 7:46
  all
• 7:46
  works.
• 7:46
  How
• 7:47
  do
• 7:47
  you
• 7:47
  actually
• 7:47
  do
• 7:47
  that,
• 7:47
  John?
• 7:48
  Like
• 7:48
  that
• 7:48
  sounds,
• 7:49
  I
• 7:49
  mean
• 7:49
  it
• 7:50
  sounds
• 7:50
  in
• 7:50
  theory
• 7:50
  great,
• 7:50
  but
• 7:51
  like,
• 7:51
  what
• 7:51
  are
• 7:51
  some
• 7:51
  of
• 7:51
  the
• 7:51
  tips
• 7:52
  and
• 7:52
  tricks
• 7:52
  that,
• 7:53
  that
• 7:53
  enable
• 7:53
  you
• 7:53
  to
• 7:54
  help
• 7:55
  the
• 7:55
  operators
• 7:55
  that
• 7:56
  are
• 7:56
  working
• 7:56
  inside
• 7:56
  of
• 7:57
  what
• 7:57
  you
• 7:57
  just
• 7:58
  described?
• 7:59
  So
• 7:59
  at
• 8:00
  the
• 8:00
  core
• 8:00
  of
• 8:00
  it,
• 8:01
  simple.
• 8:01
  It's
• 8:01
  got
• 8:02
  to
• 8:02
  be
• 8:02
  really,
• 8:02
  really
• 8:02
  simple.
• 8:03
  I
• 8:03
  think
• 8:03
  there's
• 8:03
  a
• 8:03
  tendency
• 8:04
  in
• 8:04
  the
• 8:04
  world
• 8:04
  of
• 8:04
  retail
• 8:05
  media
• 8:05
  and
• 8:05
  we
• 8:06
  started
• 8:06
  our
• 8:06
  retail
• 8:06
  media
• 8:07
  journey
• 8:08
  10
• 8:08
  years
• 8:08
  ago.
• 8:09
  Yeah.
• 8:09
  And
• 8:10
  we
• 8:10
  started
• 8:10
  it
• 8:10
  for
• 8:10
  a
• 8:10
  very
• 8:11
  different
• 8:11
  reason
• 8:11
  than
• 8:11
  a
• 8:11
  lot
• 8:12
  of
• 8:12
  big
• 8:12
  retailers.
• 8:12
  It's
• 8:13
  not
• 8:13
  a
• 8:13
  for
• 8:13
  profit
• 8:14
  adventure
• 8:14
  for
• 8:15
  us.
• 8:15
  It
• 8:15
  was
• 8:16
  designed
• 8:16
  as
• 8:17
  a
• 8:17
  promise
• 8:17
  to
• 8:17
  manufacturers
• 8:18
  to
• 8:18
  say,
• 8:19
  I'll
• 8:19
  take
• 8:19
  this
• 8:19
  complexity
• 8:20
  and
• 8:20
  I'll
• 8:21
  make
• 8:21
  it
• 8:21
  easy
• 8:21
  for
• 8:21
  you
• 8:21
  to
• 8:21
  access.
• 8:22
  I'll
• 8:22
  report
• 8:23
  on
• 8:23
  it
• 8:23
  and
• 8:23
  I'll
• 8:24
  make
• 8:24
  sure
• 8:24
  that
• 8:24
  your
• 8:24
  dollars
• 8:25
  get
• 8:25
  all
• 8:25
  the
• 8:25
  way
• 8:25
  to
• 8:25
  the
• 8:26
  consumer
• 8:27
  without,
• 8:27
  you
• 8:28
  know,
• 8:28
  horrendous
• 8:29
  infrastructure
• 8:29
  cost.
• 8:30
  And
• 8:30
  if
• 8:30
  I
• 8:30
  do
• 8:31
  that,
• 8:31
  then
• 8:31
  I
• 8:32
  want
• 8:32
  you
• 8:32
  to
• 8:32
  treat
• 8:32
  me
• 8:32
  as
• 8:32
  a
• 8:33
  local
• 8:33
  or,
• 8:33
  I
• 8:33
  mean,
• 8:34
  excuse
• 8:34
  me,
• 8:34
  as
• 8:34
  a
• 8:34
  national
• 8:35
  or
• 8:35
  a
• 8:35
  global
• 8:35
  retailer.
• 8:36
  Right.
• 8:36
  You
• 8:36
  move
• 8:36
  me
• 8:36
  into
• 8:37
  that
• 8:37
  class,
• 8:37
  you
• 8:38
  make
• 8:38
  the
• 8:38
  dollars
• 8:38
  flow,
• 8:39
  I'll
• 8:39
  make
• 8:39
  it
• 8:39
  easy
• 8:39
  for
• 8:39
  you
• 8:39
  to
• 8:40
  access
• 8:40
  and
• 8:40
  then
• 8:40
  on
• 8:41
  the
• 8:41
  tail
• 8:41
  end,
• 8:42
  I'll
• 8:42
  make
• 8:42
  sure
• 8:42
  the
• 8:42
  ROI
• 8:43
  that
• 8:43
  you
• 8:43
  get
• 8:43
  out
• 8:44
  of
• 8:44
  my
• 8:44
  segment
• 8:44
  is
• 8:45
  as
• 8:45
  good
• 8:45
  or
• 8:45
  better
• 8:46
  than
• 8:46
  anything
• 8:46
  else
• 8:46
  that
• 8:47
  you
• 8:47
  can
• 8:47
  do.
• 8:48
  And
• 8:48
  as
• 8:48
  long
• 8:48
  as
• 8:48
  we
• 8:48
  do
• 8:48
  that,
• 8:49
  then
• 8:49
  there's
• 8:49
  this
• 8:49
  really
• 8:50
  virtuous
• 8:50
  circle
• 8:51
  and
• 8:51
  then
• 8:52
  the
• 8:52
  incentive
• 8:52
  for
• 8:53
  the
• 8:53
  retailer
• 8:53
  is
• 8:54
  really
• 8:54
  high.
• 8:54
  Because
• 8:54
  if
• 8:54
  you're
• 8:54
  an
• 8:55
  independent,
• 8:55
  it
• 8:55
  doesn't
• 8:56
  matter
• 8:56
  whether
• 8:56
  you
• 8:56
  got
• 8:56
  one
• 8:56
  store
• 8:57
  or
• 8:57
  400.
• 8:58
  If
• 8:58
  you're
• 8:59
  doing
• 8:59
  half
• 8:59
  a
• 8:59
  million
• 9:00
  dollars
• 9:00
  a
• 9:00
  week
• 9:00
  out
• 9:01
  of
• 9:01
  the
• 9:01
  store
• 9:01
  or
• 9:01
  you're
• 9:01
  doing
• 9:01
  6
• 9:02
  million
• 9:02
  a
• 9:02
  week,
• 9:02
  it
• 9:02
  doesn't
• 9:03
  matter.
• 9:03
  You
• 9:04
  don't
• 9:05
  have
• 9:05
  access
• 9:05
  to
• 9:05
  manufacturers
• 9:06
  and
• 9:06
  suppliers
• 9:07
  and
• 9:07
  the
• 9:07
  technology
• 9:08
  companies
• 9:08
  like
• 9:08
  the
• 9:09
  big
• 9:09
  guys
• 9:09
  do.
• 9:09
  And
• 9:10
  you
• 9:10
  always
• 9:10
  feel
• 9:10
  like
• 9:11
  you're
• 9:11
  fighting
• 9:12
  sort
• 9:12
  of
• 9:12
  one
• 9:12
  hand
• 9:12
  tied
• 9:13
  behind
• 9:13
  your
• 9:13
  back.
• 9:14
  So
• 9:14
  when
• 9:14
  we
• 9:14
  come
• 9:14
  in
• 9:15
  and
• 9:15
  say,
• 9:15
  we'll
• 9:15
  provide
• 9:16
  this
• 9:16
  sort
• 9:16
  of
• 9:17
  air
• 9:17
  cover.
• 9:17
  Right.
• 9:18
  We'll
• 9:18
  provide
• 9:18
  a
• 9:19
  layer
• 9:19
  of
• 9:19
  infrastructure
• 9:20
  that
• 9:20
  allows
• 9:21
  you
• 9:21
  to
• 9:21
  access
• 9:22
  their
• 9:23
  investments
• 9:23
  in
• 9:23
  the
• 9:23
  same
• 9:24
  way
• 9:24
  the
• 9:24
  national
• 9:24
  or
• 9:24
  global
• 9:25
  chain
• 9:25
  gets.
• 9:26
  They're
• 9:26
  really
• 9:26
  excited
• 9:27
  about
• 9:27
  that.
• 9:27
  All
• 9:28
  of
• 9:28
  a
• 9:28
  sudden,
• 9:28
  the
• 9:28
  dollars
• 9:29
  start
• 9:29
  flowing,
• 9:29
  promotions
• 9:30
  happen,
• 9:30
  sales
• 9:31
  go
• 9:31
  up,
• 9:31
  shoppers
• 9:31
  are
• 9:31
  happy.
• 9:32
  And
• 9:32
  now,
• 9:32
  now
• 9:32
  you're
• 9:32
  rocking.
• 9:33
  Yeah.
• 9:33
  Because
• 9:33
  if
• 9:33
  you
• 9:33
  think
• 9:33
  about
• 9:34
  it
• 9:34
  in
• 9:34
  aggregate,
• 9:34
  right,
• 9:34
  John,
• 9:35
  like
• 9:35
  $80
• 9:35
  billion.
• 9:36
  I
• 9:36
  mean,
• 9:36
  that
• 9:36
  makes
• 9:36
  you
• 9:36
  one
• 9:36
  of
• 9:37
  the
• 9:37
  largest
• 9:37
  retail
• 9:37
  media
• 9:38
  networks
• 9:38
  there
• 9:39
  is,
• 9:39
  potentially,
• 9:40
  if
• 9:40
  you
• 9:40
  can
• 9:40
  unlock.
• 9:42
  If
• 9:42
  you
• 9:42
  can
• 9:42
  unlock
• 9:42
  it
• 9:42
  now,
• 9:43
  retail
• 9:44
  media
• 9:44
  is
• 9:44
  a
• 9:45
  country
• 9:45
  by
• 9:45
  country
• 9:45
  thing.
• 9:46
  Right.
• 9:46
  Because
• 9:46
  that's
• 9:47
  the
• 9:47
  way
• 9:47
  brands
• 9:47
  spend
• 9:48
  money.
• 9:48
  That
• 9:48
  too,
• 9:48
  yeah.
• 9:49
  So
• 9:49
  in
• 9:49
  the
• 9:49
  United
• 9:50
  States,
• 9:50
  you
• 9:50
  have
• 9:50
  a
• 9:51
  very
• 9:51
  developed
• 9:52
  ecosystem
• 9:53
  for
• 9:54
  investing
• 9:54
  in
• 9:54
  shopper
• 9:55
  marketing,
• 9:55
  for
• 9:55
  example,
• 9:56
  for
• 9:56
  brand
• 9:56
  dollars
• 9:56
  or
• 9:56
  marketing.
• 9:57
  That's
• 9:57
  a
• 9:57
  great
• 9:57
  point
• 9:57
  too.
• 9:57
  Yeah.
• 9:58
  That
• 9:58
  market
• 9:58
  may
• 9:58
  be
• 9:59
  nascent
• 9:59
  in
• 9:59
  some
• 9:59
  other
• 10:00
  countries,
• 10:00
  so
• 10:01
  we're
• 10:01
  in
• 10:01
  various
• 10:01
  stages
• 10:02
  of
• 10:02
  deployment
• 10:03
  and
• 10:03
  at
• 10:03
  the
• 10:03
  end
• 10:03
  of
• 10:04
  the
• 10:04
  day,
• 10:04
  it
• 10:04
  has
• 10:04
  to
• 10:05
  be
• 10:05
  local
• 10:05
  back
• 10:05
  or
• 10:05
  it
• 10:06
  won't
• 10:06
  work.
• 10:06
  Got
• 10:06
  it,
• 10:06
  Got
• 10:07
  it.
• 10:07
  All
• 10:07
  right,
• 10:07
  well,
• 10:07
  let's
• 10:07
  get
• 10:07
  you
• 10:07
  out
• 10:07
  of
• 10:08
  here
• 10:08
  on
• 10:08
  this.
• 10:08
  It's
• 10:08
  a
• 10:08
  really
• 10:08
  great
• 10:09
  conversation.
• 10:10
  What's
• 10:10
  the
• 10:11
  one
• 10:11
  message
• 10:11
  that
• 10:12
  you
• 10:13
  hope
• 10:13
  to
• 10:13
  bring
• 10:14
  to
• 10:14
  the
• 10:14
  conference
• 10:14
  here
• 10:15
  over
• 10:15
  the
• 10:16
  last
• 10:16
  three
• 10:16
  days?
• 10:17
  What
• 10:17
  is
• 10:17
  the
• 10:17
  one
• 10:17
  thing
• 10:17
  that
• 10:18
  you've
• 10:18
  been
• 10:18
  actively
• 10:19
  talking
• 10:19
  about
• 10:19
  with
• 10:20
  your
• 10:20
  CEO
• 10:22
  compadres
• 10:22
  of
• 10:23
  the
• 10:23
  retailers,
• 10:24
  the
• 10:24
  brands?
• 10:24
  What's
• 10:25
  the
• 10:25
  message
• 10:25
  you've
• 10:25
  been
• 10:25
  trying
• 10:26
  to
• 10:26
  drive
• 10:26
  home?
• 10:28
  I
• 10:28
  think
• 10:28
  we
• 10:28
  live
• 10:28
  in
• 10:29
  a
• 10:29
  world.
• 10:29
  So
• 10:30
  politically
• 10:32
  our
• 10:32
  world
• 10:33
  has
• 10:33
  swung
• 10:34
  from
• 10:35
  perhaps
• 10:36
  liberal
• 10:36
  to
• 10:37
  more
• 10:37
  conservative.
• 10:38
  And
• 10:38
  that
• 10:38
  would
• 10:38
  be
• 10:39
  true
• 10:39
  in
• 10:39
  the
• 10:40
  United
• 10:40
  States.
• 10:40
  That
• 10:40
  would
• 10:40
  be
• 10:40
  true
• 10:41
  a
• 10:41
  lot
• 10:41
  of
• 10:41
  the
• 10:41
  countries
• 10:41
  that
• 10:41
  we
• 10:42
  serve.
• 10:42
  And
• 10:43
  when
• 10:43
  that
• 10:43
  happens,
• 10:44
  and
• 10:44
  that's
• 10:44
  kind
• 10:44
  of
• 10:45
  natural
• 10:45
  course.
• 10:45
  And
• 10:45
  you
• 10:45
  will
• 10:46
  see
• 10:46
  that
• 10:46
  if
• 10:46
  you
• 10:46
  take
• 10:46
  a
• 10:46
  long
• 10:47
  term
• 10:47
  view.
• 10:47
  Yeah,
• 10:48
  ebb
• 10:48
  and
• 10:48
  flow.
• 10:48
  It
• 10:49
  happens
• 10:49
  all
• 10:49
  the
• 10:49
  time.
• 10:49
  Right.
• 10:50
  And
• 10:50
  so
• 10:50
  a
• 10:51
  lot
• 10:51
  of,
• 10:51
  a
• 10:51
  lot
• 10:51
  of
• 10:51
  the
• 10:51
  kind
• 10:52
  of
• 10:52
  sustainability
• 10:53
  issues,
• 10:53
  ESG
• 10:54
  issues
• 10:55
  that
• 10:55
  perhaps
• 10:56
  we,
• 10:57
  you
• 10:57
  know,
• 10:57
  were
• 10:57
  government
• 10:58
  mandated,
• 10:58
  a
• 10:58
  lot
• 10:58
  of
• 10:59
  legislation,
• 10:59
  a
• 10:59
  lot
• 10:59
  of
• 10:59
  cost
• 11:00
  legislation,
• 11:00
  which
• 11:01
  wasn't
• 11:01
  necessarily
• 11:02
  producing
• 11:02
  a
• 11:02
  lot
• 11:02
  of
• 11:02
  results.
• 11:03
  Right.
• 11:03
  I
• 11:03
  think
• 11:03
  a
• 11:04
  lot
• 11:04
  of
• 11:04
  business
• 11:04
  leaders
• 11:04
  are
• 11:05
  like,
• 11:06
  thank
• 11:06
  God.
• 11:07
  But
• 11:07
  that
• 11:07
  does
• 11:08
  not
• 11:08
  change
• 11:09
  the
• 11:09
  core
• 11:09
  mission.
• 11:10
  And
• 11:11
  especially
• 11:11
  if
• 11:12
  you
• 11:12
  talk
• 11:12
  to
• 11:12
  our
• 11:13
  customers.
• 11:13
  And
• 11:13
  I'm
• 11:14
  not
• 11:14
  talking
• 11:14
  about
• 11:14
  baby
• 11:14
  boomers,
• 11:15
  I'm
• 11:15
  talking
• 11:15
  about
• 11:15
  my
• 11:16
  generation.
• 11:16
  But
• 11:16
  the
• 11:17
  younger
• 11:17
  generations,
• 11:18
  and
• 11:18
  the
• 11:18
  younger
• 11:18
  you
• 11:18
  go,
• 11:19
  the
• 11:19
  more
• 11:20
  their
• 11:20
  expectation.
• 11:21
  That's
• 11:21
  the
• 11:21
  wrong
• 11:21
  word.
• 11:22
  The
• 11:22
  more
• 11:22
  their
• 11:23
  fear
• 11:23
  is
• 11:24
  that
• 11:24
  the
• 11:24
  older
• 11:25
  generation
• 11:26
  has
• 11:26
  set
• 11:27
  them
• 11:27
  up
• 11:27
  for
• 11:28
  failure
• 11:28
  in
• 11:28
  a
• 11:28
  world
• 11:29
  which
• 11:29
  is
• 11:29
  going
• 11:29
  to
• 11:29
  be
• 11:29
  increasingly
• 11:30
  complex,
• 11:31
  dangerous,
• 11:31
  expensive
• 11:32
  and.
• 11:32
  And
• 11:33
  perhaps
• 11:33
  unhealthy.
• 11:35
  And
• 11:35
  so
• 11:35
  in
• 11:35
  our
• 11:36
  industry,
• 11:36
  no
• 11:36
  matter
• 11:36
  what
• 11:37
  you
• 11:37
  do
• 11:37
  here,
• 11:37
  whether
• 11:37
  you're
• 11:38
  a
• 11:38
  supplier,
• 11:38
  whether
• 11:38
  you're
• 11:38
  a
• 11:39
  technology
• 11:39
  partner,
• 11:39
  a
• 11:39
  manufacturer
• 11:40
  or
• 11:40
  retailer,
• 11:41
  we
• 11:42
  all
• 11:42
  work
• 11:42
  backwards
• 11:43
  from
• 11:43
  that
• 11:43
  customer.
• 11:43
  And
• 11:44
  so
• 11:44
  I
• 11:44
  think
• 11:44
  we
• 11:44
  have
• 11:44
  this
• 11:45
  mission,
• 11:45
  this
• 11:45
  really
• 11:45
  important
• 11:46
  mission,
• 11:46
  to
• 11:46
  make
• 11:46
  sure
• 11:47
  that
• 11:47
  while
• 11:47
  we're
• 11:47
  talking
• 11:47
  about
• 11:48
  AI
• 11:49
  or
• 11:49
  GOP1
• 11:50
  or
• 11:50
  robotics
• 11:50
  or
• 11:51
  whatever
• 11:51
  the
• 11:51
  new
• 11:51
  thing
• 11:51
  is
• 11:52
  at
• 11:52
  the
• 11:52
  core
• 11:52
  of
• 11:52
  it,
• 11:53
  we
• 11:53
  also
• 11:53
  have
• 11:53
  to
• 11:53
  work
• 11:53
  backwards
• 11:54
  from
• 11:54
  the
• 11:54
  expectation
• 11:55
  our
• 11:55
  shoppers
• 11:56
  have
• 11:56
  of
• 11:56
  us
• 11:56
  and
• 11:57
  to
• 11:57
  make
• 11:57
  sure
• 11:57
  that
• 11:57
  we're
• 11:57
  doing
• 11:58
  the
• 11:58
  things
• 11:58
  that
• 11:58
  make
• 11:59
  them
• 11:59
  feel
• 11:59
  like
• 11:59
  we
• 12:00
  have
• 12:00
  their
• 12:00
  backs.
• 12:00
  So
• 12:00
  if
• 12:01
  I
• 12:01
  was
• 12:01
  to
• 12:01
  capture
• 12:01
  what
• 12:01
  you
• 12:02
  just
• 12:02
  said.
• 12:02
  So
• 12:02
  regardless
• 12:03
  of
• 12:03
  the
• 12:03
  ebb
• 12:04
  and
• 12:04
  flow
• 12:04
  of
• 12:04
  the
• 12:04
  politics,
• 12:05
  it's
• 12:05
  important
• 12:05
  to
• 12:06
  keep
• 12:06
  your
• 12:06
  eye
• 12:06
  on
• 12:06
  the
• 12:06
  ball
• 12:07
  in
• 12:07
  terms
• 12:07
  of
• 12:08
  what
• 12:08
  the
• 12:08
  customer
• 12:08
  is
• 12:08
  demanding
• 12:09
  of
• 12:09
  you
• 12:09
  and
• 12:09
  of
• 12:10
  the
• 12:10
  industry.
• 12:10
  If
• 12:11
  we
• 12:11
  rock
• 12:11
  with
• 12:11
  AI
• 12:12
  and
• 12:12
  we
• 12:12
  do
• 12:12
  a
• 12:12
  great
• 12:12
  job
• 12:13
  with
• 12:13
  robotics
• 12:13
  or
• 12:13
  whatever
• 12:13
  and
• 12:14
  make
• 12:14
  our
• 12:14
  businesses
• 12:15
  more
• 12:15
  efficient
• 12:15
  and
• 12:15
  our
• 12:15
  shareholders
• 12:16
  are
• 12:16
  proud
• 12:16
  of
• 12:16
  us,
• 12:17
  at
• 12:17
  the
• 12:17
  same
• 12:17
  time,
• 12:18
  we
• 12:18
  won't
• 12:19
  survive
• 12:19
  and
• 12:19
  prosper
• 12:20
  of
• 12:20
  an
• 12:20
  industry
• 12:21
  unless
• 12:21
  we
• 12:21
  pull
• 12:22
  more
• 12:22
  plastic
• 12:22
  out
• 12:22
  of
• 12:23
  the
• 12:23
  ocean
• 12:23
  than
• 12:23
  we
• 12:23
  put
• 12:23
  in.
• 12:24
  Unless
• 12:24
  we
• 12:24
  make
• 12:25
  sure
• 12:25
  that
• 12:25
  there's
• 12:25
  a
• 12:25
  responsible
• 12:27
  agricultural
• 12:27
  processes
• 12:28
  that
• 12:28
  allow
• 12:28
  us
• 12:28
  to
• 12:29
  bring
• 12:29
  products
• 12:30
  sustainability
• 12:31
  sustainably
• 12:31
  to
• 12:32
  the
• 12:32
  marketplace.
• 12:32
  I
• 12:33
  don't
• 12:33
  mean
• 12:33
  that
• 12:33
  word
• 12:33
  in
• 12:34
  kind
• 12:34
  of
• 12:34
  the
• 12:34
  buzzword
• 12:35
  way.
• 12:35
  I
• 12:35
  mean,
• 12:36
  if
• 12:37
  you
• 12:37
  start
• 12:37
  running
• 12:38
  out
• 12:38
  of
• 12:39
  food,
• 12:40
  then
• 12:40
  prices
• 12:41
  go
• 12:41
  up
• 12:41
  and
• 12:41
  when
• 12:42
  prices
• 12:42
  go
• 12:42
  up,
• 12:42
  we
• 12:43
  hurt
• 12:43
  our
• 12:43
  shoppers
• 12:43
  and
• 12:44
  you
• 12:44
  get
• 12:44
  into.
• 12:44
  So
• 12:45
  these
• 12:45
  messages
• 12:46
  are
• 12:46
  not
• 12:46
  divorced
• 12:47
  from
• 12:47
  core
• 12:47
  business.
• 12:48
  They
• 12:48
  are
• 12:49
  a
• 12:49
  function
• 12:49
  of
• 12:49
  how
• 12:49
  we
• 12:50
  have
• 12:50
  to
• 12:50
  go
• 12:50
  to
• 12:50
  market.
• 12:50
  Yeah,
• 12:51
  it's
• 12:51
  kind
• 12:51
  of
• 12:51
  just
• 12:51
  business
• 12:51
  every
• 12:52
  day,
• 12:52
  if
• 12:52
  you
• 12:52
  get
• 12:52
  down
• 12:53
  to
• 12:53
  it.
• 12:53
  Right,
• 12:53
  John?
• 12:53
  That's
• 12:54
  the
• 12:54
  way
• 12:54
  you
• 12:54
  have
• 12:54
  to
• 12:54
  think
• 12:54
  of
• 12:54
  it.
• 12:55
  Yeah.
• 12:55
  Right.
• 12:55
  Well,
• 12:55
  that's
• 12:55
  a
• 12:55
  great
• 12:55
  point
• 12:56
  to
• 12:56
  end
• 12:56
  on,
• 12:56
  John.
• 12:56
  Well,
• 12:56
  thank
• 12:57
  you,
• 12:57
  John.
• 12:57
  John
• 12:57
  Ross
• 12:58
  than
• 12:58
  of
• 12:58
  IGA
• 12:59
  for
• 12:59
  sitting
• 12:59
  down
• 13:00
  with
• 13:00
  us
• 13:00
  and
• 13:00
  interviewing
• 13:00
  with
• 13:01
  us
• 13:01
  today.
• 13:01
  And
• 13:01
  thanks
• 13:01
  to
• 13:02
  all
• 13:02
  the
• 13:02
  executives
• 13:03
  that
• 13:03
  spent
• 13:03
  time
• 13:03
  with
• 13:04
  us
• 13:04
  at
• 13:04
  CGF
• 13:05
  this
• 13:05
  week
• 13:05
  from
• 13:06
  Vienna.
• 13:06
  Thanks
• 13:07
  to
• 13:07
  CGF
• 13:07
  and
• 13:08
  VUSION
• 13:08
  for
• 13:08
  allowing
• 13:08
  us
• 13:09
  to
• 13:09
  bring
• 13:09
  these
• 13:09
  interviews
• 13:10
  to
• 13:10
  you
• 13:10
  as
• 13:10
  well.
• 13:10
  And
• 13:11
  as
• 13:11
  always,
• 13:11
  to
• 13:12
  everyone,
• 13:12
  be
• 13:12
  careful
• 13:13
  out
• 13:13
  there.