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The Retail Trends (And Retailers) To Watch In 2025 | Ask An Expert · Omni Talk Retail

• 0:00
  Foreign.
• 0:08
  Welcome
• 0:08
  to
• 0:09
  the
• 0:09
  latest
• 0:09
  edition
• 0:09
  of
• 0:09
  the
• 0:10
  Omnitalk
• 0:10
  Retail
• 0:10
  Ask
• 0:11
  An
• 0:11
  Expert
• 0:11
  series.
• 0:11
  I'm
• 0:12
  your
• 0:12
  host,
• 0:12
  Chris
• 0:12
  Walton.
• 0:13
  And
• 0:13
  I'm
• 0:13
  Anne
• 0:13
  Mazinga.
• 0:14
  And
• 0:15
  we
• 0:15
  are
• 0:15
  the
• 0:15
  founders
• 0:16
  of
• 0:16
  omnitalk,
• 0:17
  the
• 0:17
  fast
• 0:17
  growing
• 0:17
  retail
• 0:18
  media
• 0:18
  outlet
• 0:18
  that
• 0:18
  is
• 0:18
  all
• 0:18
  about
• 0:19
  the
• 0:19
  companies,
• 0:19
  the
• 0:19
  technologies
• 0:20
  and
• 0:20
  the
• 0:20
  people
• 0:21
  that
• 0:21
  are
• 0:21
  coming
• 0:21
  together
• 0:22
  to
• 0:22
  shape
• 0:22
  the
• 0:22
  future
• 0:23
  of
• 0:23
  retail.
• 0:23
  Or
• 0:23
  as
• 0:23
  we
• 0:24
  like
• 0:24
  to
• 0:24
  say,
• 0:24
  the
• 0:25
  media
• 0:25
  organization
• 0:25
  that
• 0:26
  focuses
• 0:26
  on
• 0:26
  tomorrow.
• 0:27
  Today,
• 0:27
  at
• 0:27
  least
• 0:27
  we
• 0:28
  say
• 0:28
  that
• 0:28
  sometimes,
• 0:28
  don't
• 0:28
  we?
• 0:29
  And
• 0:29
  you,
• 0:30
  you.
• 0:31
  I.
• 0:32
  I
• 0:33
  love
• 0:33
  to
• 0:33
  say
• 0:33
  that.
• 0:33
  I
• 0:33
  love
• 0:33
  to
• 0:34
  say
• 0:34
  that.
• 0:34
  I
• 0:34
  feel
• 0:34
  like
• 0:34
  I
• 0:34
  coined
• 0:35
  that.
• 0:35
  And
• 0:35
  then
• 0:35
  now
• 0:35
  I
• 0:36
  hear
• 0:36
  everyone
• 0:36
  saying
• 0:37
  that
• 0:37
  exact
• 0:37
  tagline.
• 0:38
  But
• 0:38
  anyway,
• 0:38
  we've
• 0:39
  got
• 0:39
  followers.
• 0:40
  Yes,
• 0:40
  followers.
• 0:41
  Yeah,
• 0:41
  all
• 0:41
  right.
• 0:41
  Yes,
• 0:42
  yes,
• 0:42
  yes.
• 0:43
  But.
• 0:43
  And
• 0:44
  our
• 0:44
  next
• 0:44
  guest,
• 0:45
  honestly,
• 0:45
  I
• 0:45
  think
• 0:46
  he
• 0:46
  needs
• 0:46
  no
• 0:46
  introduction.
• 0:47
  He
• 0:47
  has
• 0:47
  now
• 0:47
  been
• 0:48
  on
• 0:48
  our
• 0:48
  show
• 0:48
  more
• 0:49
  than
• 0:49
  anyone.
• 0:49
  Yeah.
• 0:50
  So
• 0:50
  I'm
• 0:50
  not
• 0:50
  going
• 0:50
  to
• 0:51
  beat
• 0:51
  around
• 0:51
  the
• 0:51
  bush
• 0:51
  and
• 0:52
  I'm
• 0:52
  just
• 0:52
  going
• 0:52
  to
• 0:52
  introduce
• 0:52
  him
• 0:53
  to
• 0:53
  you
• 0:53
  all.
• 0:53
  So
• 0:54
  I'm
• 0:54
  pleased
• 0:54
  To
• 0:54
  introduce
• 0:55
  Placer,
• 0:55
  AI's
• 0:56
  SVP
• 0:56
  of
• 0:56
  Marketing,
• 0:57
  Ethan
• 0:58
  Chernofsky.
• 0:59
  Ethan
• 0:59
  is
• 0:59
  here
• 1:00
  this
• 1:00
  time
• 1:01
  to
• 1:01
  discuss
• 1:02
  the
• 1:02
  trends
• 1:02
  and
• 1:03
  the
• 1:03
  retailers
• 1:03
  he
• 1:04
  thinks
• 1:04
  we
• 1:05
  should
• 1:05
  all
• 1:05
  watch
• 1:06
  in
• 1:06
  2025.
• 1:07
  Ethan,
• 1:08
  welcome
• 1:09
  back
• 1:09
  to
• 1:10
  Omnitalk.
• 1:11
  Thanks,
• 1:11
  guys.
• 1:12
  I'm
• 1:12
  really
• 1:12
  here
• 1:12
  to
• 1:12
  talk
• 1:13
  about
• 1:13
  the
• 1:13
  tomorrow
• 1:14
  of
• 1:14
  retail
• 1:15
  today.
• 1:18
  You're
• 1:18
  screwing
• 1:19
  up
• 1:19
  his
• 1:19
  catchphrase,
• 1:20
  Ethan.
• 1:20
  You're
• 1:21
  screwing
• 1:21
  it
• 1:21
  up.
• 1:21
  You're
• 1:22
  screwing
• 1:22
  it
• 1:22
  up.
• 1:22
  But
• 1:23
  we'll
• 1:23
  keep.
• 1:23
  I
• 1:23
  thought
• 1:23
  it
• 1:24
  was
• 1:24
  there.
• 1:25
  That
• 1:25
  was
• 1:25
  nicely
• 1:25
  done.
• 1:26
  Nicely
• 1:26
  done.
• 1:26
  Well,
• 1:27
  that's
• 1:27
  exactly
• 1:27
  what
• 1:27
  we're
• 1:27
  actually
• 1:28
  going
• 1:28
  to
• 1:28
  talk
• 1:28
  about.
• 1:28
  We're
• 1:28
  going
• 1:28
  to
• 1:28
  talk
• 1:29
  2025,
• 1:30
  which
• 1:30
  is
• 1:30
  tomorrow,
• 1:31
  today.
• 1:32
  I
• 1:32
  love
• 1:32
  it,
• 1:32
  Ethan.
• 1:33
  Yes.
• 1:33
  Well,
• 1:34
  before
• 1:34
  we
• 1:34
  get
• 1:34
  into
• 1:35
  our
• 1:35
  discussion
• 1:35
  with
• 1:35
  Ethan,
• 1:36
  just
• 1:36
  a
• 1:36
  reminder,
• 1:37
  he
• 1:37
  is
• 1:38
  a
• 1:38
  wealth
• 1:38
  of
• 1:38
  knowledge.
• 1:39
  He's
• 1:39
  always,
• 1:40
  like
• 1:40
  I
• 1:40
  was
• 1:40
  just
• 1:40
  telling
• 1:41
  him
• 1:41
  before
• 1:41
  we
• 1:41
  got
• 1:41
  on,
• 1:42
  he
• 1:42
  is
• 1:43
  always
• 1:43
  so
• 1:43
  busy
• 1:43
  at
• 1:44
  all
• 1:44
  the
• 1:44
  trade
• 1:44
  shows
• 1:44
  because
• 1:44
  he
• 1:45
  has
• 1:45
  so
• 1:45
  much
• 1:45
  information
• 1:46
  that's
• 1:46
  valuable
• 1:46
  to
• 1:47
  retailers
• 1:47
  and
• 1:47
  brands
• 1:47
  everywhere.
• 1:48
  And
• 1:48
  you
• 1:49
  all
• 1:50
  listening
• 1:50
  can
• 1:51
  ask
• 1:51
  him
• 1:51
  questions
• 1:52
  as
• 1:52
  we
• 1:52
  go
• 1:52
  through
• 1:53
  today's
• 1:54
  conversation.
• 1:55
  Just
• 1:55
  to
• 1:55
  the
• 1:55
  right
• 1:55
  of
• 1:55
  your
• 1:55
  screen.
• 1:56
  So
• 1:56
  go
• 1:56
  ahead
• 1:56
  and
• 1:56
  do
• 1:56
  that
• 1:57
  as
• 1:58
  we
• 1:58
  go
• 1:58
  along.
• 1:59
  Now,
• 1:59
  Ethan,
• 2:00
  we
• 2:01
  must.
• 2:01
  Even
• 2:02
  though
• 2:02
  Chris
• 2:02
  and
• 2:02
  I
• 2:02
  can
• 2:02
  recite
• 2:03
  this
• 2:03
  right
• 2:03
  along
• 2:03
  with
• 2:04
  you,
• 2:04
  there
• 2:04
  are
• 2:05
  some
• 2:05
  people
• 2:05
  who
• 2:05
  are
• 2:06
  joining
• 2:06
  us
• 2:06
  here
• 2:06
  for
• 2:07
  the
• 2:07
  very
• 2:07
  first
• 2:07
  time.
• 2:08
  So,
• 2:08
  Ethan,
• 2:08
  if
• 2:08
  you
• 2:09
  don't
• 2:09
  mind,
• 2:09
  give
• 2:10
  us
• 2:10
  the
• 2:10
  quick
• 2:11
  overview
• 2:11
  on
• 2:12
  what
• 2:12
  Placer
• 2:13
  is
• 2:13
  and
• 2:13
  what
• 2:13
  it
• 2:14
  is
• 2:14
  about
• 2:14
  the
• 2:14
  data
• 2:14
  that
• 2:15
  you
• 2:15
  collect
• 2:15
  that
• 2:16
  makes
• 2:16
  it
• 2:16
  such
• 2:16
  a
• 2:16
  useful
• 2:17
  tool
• 2:17
  in
• 2:18
  all
• 2:18
  the
• 2:18
  topics
• 2:19
  at
• 2:19
  hand
• 2:19
  today.
• 2:20
  I'm
• 2:20
  so
• 2:21
  happy
• 2:21
  you
• 2:21
  should
• 2:21
  ask
• 2:21
  that,
• 2:22
  Ann.
• 2:25
  Blazer
• 2:25
  is
• 2:26
  a
• 2:26
  location
• 2:26
  data
• 2:26
  company
• 2:27
  and
• 2:27
  what
• 2:27
  that
• 2:27
  means.
• 2:28
  People
• 2:28
  vote
• 2:28
  with
• 2:28
  their
• 2:28
  feet.
• 2:29
  We
• 2:29
  show
• 2:29
  you
• 2:29
  how
• 2:29
  they
• 2:29
  vote
• 2:29
  across
• 2:30
  the
• 2:30
  United
• 2:30
  States
• 2:31
  every
• 2:31
  single
• 2:31
  day.
• 2:32
  We
• 2:32
  do
• 2:32
  that
• 2:32
  by
• 2:32
  observing
• 2:33
  a
• 2:33
  panel
• 2:33
  of
• 2:34
  tens
• 2:34
  of
• 2:34
  millions
• 2:34
  of
• 2:35
  mobile
• 2:35
  devices
• 2:35
  very
• 2:35
  critically.
• 2:36
  This
• 2:36
  is
• 2:36
  all
• 2:37
  aggregate
• 2:37
  data
• 2:37
  that
• 2:37
  has
• 2:37
  been
• 2:38
  stripped
• 2:38
  of
• 2:38
  identifiers
• 2:39
  like
• 2:39
  maids.
• 2:39
  And
• 2:40
  we
• 2:40
  then
• 2:40
  analyze
• 2:41
  that
• 2:41
  data
• 2:41
  with
• 2:41
  machine
• 2:42
  learning
• 2:42
  and
• 2:42
  AI
• 2:43
  algorithms
• 2:43
  and
• 2:43
  make
• 2:44
  estimations
• 2:44
  and
• 2:45
  present
• 2:45
  that
• 2:45
  in
• 2:45
  a
• 2:45
  wealth
• 2:46
  of
• 2:46
  different
• 2:46
  reports
• 2:46
  within
• 2:46
  our
• 2:47
  platform
• 2:47
  on
• 2:47
  everything
• 2:48
  from
• 2:48
  visits,
• 2:48
  visit
• 2:49
  trends
• 2:49
  through
• 2:50
  trade
• 2:50
  areas,
• 2:50
  cross
• 2:51
  visitation,
• 2:51
  and
• 2:52
  a
• 2:52
  whole
• 2:52
  lot
• 2:53
  more.
• 2:53
  Nicely
• 2:53
  done,
• 2:54
  Ethan.
• 2:54
  Nicely
• 2:54
  done.
• 2:55
  Yes,
• 2:56
  you
• 2:56
  did.
• 2:56
  All
• 2:56
  right,
• 2:57
  so
• 2:57
  let's
• 2:57
  not
• 2:57
  keep
• 2:57
  the
• 2:57
  audience
• 2:58
  in
• 2:58
  suspense
• 2:58
  any
• 2:59
  longer.
• 2:59
  I
• 2:59
  mean,
• 3:00
  the
• 3:00
  one
• 3:01
  thing
• 3:01
  that
• 3:01
  we
• 3:01
  love
• 3:01
  about
• 3:01
  having
• 3:02
  Ethan
• 3:02
  on,
• 3:02
  for
• 3:02
  all
• 3:03
  those
• 3:03
  that
• 3:03
  are
• 3:03
  joining
• 3:03
  us
• 3:03
  maybe
• 3:04
  for
• 3:04
  the
• 3:04
  first
• 3:04
  time
• 3:04
  and
• 3:04
  those
• 3:04
  that
• 3:05
  are
• 3:05
  returning
• 3:05
  is.
• 3:05
  And
• 3:06
  I
• 3:06
  literally
• 3:06
  have
• 3:07
  no
• 3:07
  idea
• 3:07
  what
• 3:07
  Ethan
• 3:08
  is
• 3:08
  going
• 3:08
  to
• 3:08
  talk
• 3:08
  about,
• 3:09
  we've
• 3:09
  had
• 3:09
  in
• 3:09
  Ethan
• 3:10
  on
• 3:10
  our
• 3:10
  show
• 3:10
  so
• 3:10
  much
• 3:11
  that
• 3:11
  we
• 3:11
  trust
• 3:12
  him
• 3:12
  to
• 3:12
  present
• 3:13
  really
• 3:13
  cogent
• 3:14
  data
• 3:14
  to
• 3:14
  us
• 3:15
  and
• 3:15
  for
• 3:15
  Ann
• 3:15
  and
• 3:16
  I
• 3:16
  to
• 3:16
  react
• 3:16
  in
• 3:17
  the
• 3:17
  moment,
• 3:17
  which
• 3:17
  keeps
• 3:17
  us
• 3:18
  very
• 3:18
  lively
• 3:19
  and
• 3:19
  also,
• 3:19
  we
• 3:20
  think,
• 3:20
  quite
• 3:21
  interesting
• 3:21
  because
• 3:21
  you're
• 3:22
  hearing
• 3:22
  what
• 3:22
  Anna
• 3:22
  and
• 3:23
  I
• 3:23
  are
• 3:23
  digesting
• 3:23
  in
• 3:24
  the
• 3:24
  moment.
• 3:24
  So.
• 3:25
  So,
• 3:25
  Ethan,
• 3:26
  where
• 3:26
  are
• 3:26
  we
• 3:26
  going
• 3:26
  first?
• 3:27
  I
• 3:28
  mean,
• 3:28
  I'm
• 3:28
  really
• 3:28
  excited
• 3:28
  for
• 3:29
  our
• 3:29
  April
• 3:29
  Fool's
• 3:29
  episode
• 3:30
  that
• 3:30
  we're
• 3:30
  going
• 3:30
  to
• 3:30
  do
• 3:30
  where
• 3:30
  it's
• 3:31
  all
• 3:31
  going
• 3:31
  to
• 3:31
  be
• 3:31
  fake
• 3:31
  day.
• 3:33
  We
• 3:33
  should
• 3:33
  do
• 3:33
  that,
• 3:34
  actually.
• 3:34
  That
• 3:34
  would
• 3:34
  be
• 3:34
  great.
• 3:36
  Real
• 3:36
  or
• 3:36
  fake?
• 3:37
  Yes.
• 3:37
  Oh,
• 3:38
  my
• 3:38
  God.
• 3:38
  That
• 3:38
  is.
• 3:39
  We
• 3:39
  found
• 3:39
  our
• 3:39
  next
• 3:40
  one.
• 3:40
  We
• 3:40
  did.
• 3:41
  But
• 3:42
  let's
• 3:42
  start
• 3:43
  with,
• 3:43
  like,
• 3:43
  one
• 3:44
  of
• 3:44
  the
• 3:44
  big
• 3:44
  trends
• 3:44
  that
• 3:45
  is
• 3:45
  very
• 3:45
  exciting
• 3:45
  to
• 3:45
  me
• 3:46
  is
• 3:46
  the
• 3:46
  overall
• 3:47
  concept
• 3:47
  and
• 3:48
  return
• 3:48
  to
• 3:48
  glory
• 3:49
  of
• 3:49
  the
• 3:49
  concept
• 3:49
  of.
• 3:49
  Of
• 3:50
  the
• 3:50
  third
• 3:50
  place.
• 3:50
  And
• 3:50
  there's
• 3:51
  two
• 3:51
  elements
• 3:52
  in
• 3:52
  this
• 3:52
  for
• 3:53
  me,
• 3:53
  when
• 3:54
  we
• 3:54
  looked
• 3:54
  at.
• 3:55
  First
• 3:56
  of
• 3:56
  all,
• 3:56
  I
• 3:56
  think
• 3:56
  the
• 3:56
  big
• 3:57
  one
• 3:57
  was
• 3:58
  Brian
• 3:58
  Nichol
• 3:58
  entering
• 3:59
  into
• 3:59
  the
• 3:59
  Starbucks
• 4:00
  universe,
• 4:00
  talking
• 4:00
  about
• 4:01
  it
• 4:01
  quite
• 4:01
  a
• 4:01
  bit.
• 4:02
  And
• 4:02
  what
• 4:02
  we
• 4:02
  really
• 4:03
  triggered
• 4:03
  for,
• 4:03
  for
• 4:04
  me
• 4:04
  was
• 4:04
  this
• 4:04
  concept
• 4:05
  of
• 4:05
  where
• 4:05
  do
• 4:05
  people
• 4:05
  want
• 4:05
  to
• 4:06
  spend
• 4:06
  time?
• 4:07
  We're
• 4:07
  going
• 4:07
  to
• 4:07
  talk
• 4:07
  about
• 4:07
  this
• 4:07
  later
• 4:08
  within
• 4:08
  the
• 4:08
  shopping
• 4:08
  center
• 4:09
  context,
• 4:09
  but
• 4:09
  it's
• 4:09
  something
• 4:09
  we're
• 4:09
  hearing
• 4:10
  so
• 4:11
  much
• 4:11
  across
• 4:12
  the
• 4:12
  wider
• 4:12
  retail
• 4:12
  landscape
• 4:13
  of
• 4:13
  how
• 4:14
  do
• 4:14
  we
• 4:14
  get
• 4:14
  people
• 4:14
  to
• 4:14
  come
• 4:15
  to
• 4:16
  our
• 4:16
  space
• 4:17
  and
• 4:17
  spend
• 4:17
  more
• 4:17
  time
• 4:18
  there?
• 4:18
  Because
• 4:18
  if
• 4:18
  I
• 4:19
  spend
• 4:19
  time
• 4:19
  somewhere,
• 4:19
  the
• 4:20
  likelihood
• 4:20
  that
• 4:20
  I
• 4:21
  connect,
• 4:21
  that
• 4:21
  I
• 4:22
  make
• 4:22
  purchases
• 4:22
  that
• 4:23
  I
• 4:23
  make,
• 4:23
  that
• 4:23
  I
• 4:23
  transact,
• 4:24
  obviously
• 4:25
  increases.
• 4:26
  And
• 4:26
  I
• 4:26
  think
• 4:26
  what's
• 4:27
  really
• 4:27
  interesting
• 4:27
  about
• 4:27
  this,
• 4:28
  this
• 4:28
  wider
• 4:28
  third
• 4:29
  place
• 4:29
  concept
• 4:29
  is
• 4:29
  that
• 4:29
  it's
• 4:30
  having
• 4:30
  impacts
• 4:30
  beyond
• 4:31
  where
• 4:31
  it's
• 4:32
  naturally
• 4:32
  associated,
• 4:33
  which
• 4:34
  is
• 4:34
  with
• 4:34
  Starbucks.
• 4:35
  But
• 4:35
  if
• 4:35
  we
• 4:35
  think
• 4:35
  about,
• 4:36
  like,
• 4:36
  Barnes
• 4:36
  and
• 4:36
  Noble
• 4:37
  or
• 4:37
  books,
• 4:37
  a
• 4:37
  million,
• 4:37
  these
• 4:38
  brands
• 4:38
  that
• 4:38
  have
• 4:38
  been
• 4:39
  rising
• 4:39
  that
• 4:39
  we
• 4:39
  didn't
• 4:39
  necessarily
• 4:40
  expect,
• 4:41
  a
• 4:41
  lot
• 4:41
  of
• 4:41
  it
• 4:41
  has
• 4:41
  been
• 4:42
  how
• 4:42
  do
• 4:42
  we
• 4:42
  create
• 4:42
  a
• 4:42
  space
• 4:43
  where
• 4:43
  you
• 4:43
  want
• 4:43
  to
• 4:43
  consume
• 4:43
  information
• 4:44
  Books
• 4:44
  a
• 4:44
  million
• 4:45
  does
• 4:45
  like
• 4:45
  book
• 4:45
  readings.
• 4:46
  Barnes
• 4:46
  and
• 4:46
  Noble
• 4:46
  runs
• 4:47
  events
• 4:47
  within
• 4:47
  their
• 4:47
  stores.
• 4:48
  And
• 4:48
  this
• 4:48
  has
• 4:49
  been
• 4:49
  something
• 4:49
  even
• 4:49
  think
• 4:50
  about
• 4:50
  like
• 4:50
  a
• 4:50
  Macy's
• 4:51
  having
• 4:51
  like
• 4:51
  a
• 4:51
  Tortazo
• 4:52
  within
• 4:53
  a
• 4:53
  department
• 4:54
  store
• 4:54
  concept
• 4:55
  within
• 4:55
  a
• 4:55
  mall.
• 4:56
  This
• 4:56
  idea
• 4:56
  of
• 4:56
  how
• 4:57
  do
• 4:57
  we
• 4:57
  create
• 4:57
  an
• 4:57
  area
• 4:57
  where
• 4:58
  you're
• 4:58
  going
• 4:58
  to
• 4:58
  spend
• 4:58
  more
• 4:58
  time,
• 4:58
  where
• 4:59
  you
• 4:59
  want
• 4:59
  to
• 4:59
  engage
• 4:59
  is
• 5:00
  really
• 5:00
  significant.
• 5:00
  And
• 5:01
  one
• 5:01
  of
• 5:01
  the
• 5:01
  things
• 5:01
  that
• 5:01
  was
• 5:01
  fascinating
• 5:02
  for
• 5:02
  us,
• 5:03
  especially
• 5:03
  when
• 5:03
  we
• 5:03
  think
• 5:03
  about
• 5:04
  some
• 5:04
  more
• 5:04
  like
• 5:04
  Starbucks,
• 5:05
  is
• 5:05
  when
• 5:06
  you
• 5:06
  look
• 5:06
  at
• 5:06
  their
• 5:06
  data
• 5:06
  compared
• 5:07
  to
• 5:07
  other
• 5:07
  coffee
• 5:07
  players,
• 5:08
  you
• 5:09
  actually
• 5:09
  see
• 5:09
  that
• 5:09
  they're
• 5:10
  well
• 5:10
  oriented
• 5:10
  for
• 5:11
  this.
• 5:11
  So,
• 5:12
  for
• 5:12
  example,
• 5:12
  Starbucks
• 5:13
  sees
• 5:13
  7%
• 5:14
  more
• 5:15
  from
• 5:15
  a
• 5:15
  proportion
• 5:15
  of
• 5:16
  visits
• 5:16
  perspective
• 5:16
  of
• 5:17
  people
• 5:17
  visiting
• 5:17
  between
• 5:18
  3
• 5:18
  and
• 5:18
  7pm
• 5:19
  than
• 5:19
  Duncan
• 5:20
  does.
• 5:20
  Right.
• 5:21
  And
• 5:21
  it's
• 5:21
  so
• 5:21
  it's
• 5:21
  not
• 5:21
  just
• 5:22
  about
• 5:22
  product,
• 5:22
  it's
• 5:22
  about
• 5:22
  this
• 5:23
  space
• 5:23
  where
• 5:23
  people
• 5:23
  want
• 5:23
  to
• 5:23
  spend.
• 5:24
  And
• 5:24
  I
• 5:24
  think
• 5:24
  this
• 5:24
  is
• 5:24
  something
• 5:24
  we're
• 5:25
  going
• 5:25
  to
• 5:25
  see
• 5:25
  a
• 5:25
  lot
• 5:26
  of
• 5:26
  players,
• 5:26
  certainly
• 5:27
  within
• 5:27
  the
• 5:27
  food
• 5:27
  and
• 5:28
  dining
• 5:28
  space,
• 5:28
  but
• 5:28
  even
• 5:28
  within
• 5:29
  wider
• 5:29
  retail,
• 5:30
  lean
• 5:30
  into
• 5:31
  what
• 5:31
  this
• 5:31
  means
• 5:31
  within
• 5:31
  their
• 5:32
  sector.
• 5:33
  So
• 5:33
  you're
• 5:34
  saying,
• 5:34
  so
• 5:34
  say
• 5:35
  Ethan,
• 5:35
  you're
• 5:35
  saying
• 5:35
  that,
• 5:36
  you're
• 5:36
  saying
• 5:36
  that
• 5:37
  your
• 5:37
  hunch
• 5:37
  is
• 5:37
  that
• 5:38
  Brian
• 5:38
  Nicholl
• 5:38
  from
• 5:38
  Starbucks
• 5:39
  understands
• 5:40
  that
• 5:40
  dynamic
• 5:40
  and
• 5:40
  hence
• 5:41
  that's
• 5:41
  why
• 5:42
  he's
• 5:42
  kind
• 5:42
  of
• 5:42
  playing
• 5:43
  into
• 5:43
  this
• 5:43
  third
• 5:43
  place
• 5:44
  angle
• 5:44
  in
• 5:44
  terms
• 5:45
  of
• 5:45
  re
• 5:45
  enlivening
• 5:46
  the
• 5:46
  Starbucks.
• 5:46
  And
• 5:46
  you're
• 5:46
  seeing
• 5:48
  proof
• 5:48
  of
• 5:48
  this
• 5:49
  actually
• 5:49
  still
• 5:49
  working
• 5:50
  at
• 5:50
  places
• 5:50
  like
• 5:50
  Barnes
• 5:50
  and
• 5:51
  Noble
• 5:51
  by
• 5:52
  the
• 5:52
  side
• 5:52
  you
• 5:53
  have
• 5:53
  in
• 5:53
  front
• 5:53
  of
• 5:53
  us
• 5:53
  as
• 5:53
  well.
• 5:54
  100%.
• 5:55
  Yeah.
• 5:56
  This
• 5:56
  is
• 5:56
  great.
• 5:56
  I
• 5:56
  think
• 5:57
  the
• 5:57
  thing
• 5:57
  that
• 5:58
  it
• 5:58
  will
• 5:58
  be
• 5:58
  interesting
• 5:59
  for
• 5:59
  retailers
• 5:59
  to
• 6:00
  think
• 6:00
  about
• 6:00
  too,
• 6:00
  as
• 6:00
  they're
• 6:01
  trying
• 6:01
  to
• 6:01
  draw
• 6:02
  people
• 6:02
  back
• 6:02
  into
• 6:02
  stores,
• 6:03
  is
• 6:04
  how
• 6:04
  you
• 6:05
  scale
• 6:05
  these
• 6:05
  operations
• 6:06
  to
• 6:06
  like,
• 6:07
  what
• 6:07
  other
• 6:07
  things,
• 6:08
  technologies,
• 6:09
  things
• 6:09
  are
• 6:10
  you
• 6:10
  putting
• 6:10
  in
• 6:10
  place
• 6:10
  in
• 6:11
  order
• 6:11
  to
• 6:11
  try
• 6:11
  to
• 6:11
  make
• 6:12
  this
• 6:12
  as
• 6:12
  simple
• 6:12
  and
• 6:13
  seamless,
• 6:13
  for
• 6:13
  this
• 6:13
  to
• 6:14
  be
• 6:14
  done
• 6:14
  at,
• 6:14
  you
• 6:14
  know,
• 6:14
  not
• 6:15
  just
• 6:15
  the
• 6:15
  flagship
• 6:15
  locations,
• 6:16
  but
• 6:16
  every
• 6:17
  single
• 6:17
  Barnes
• 6:18
  and
• 6:18
  Noble
• 6:18
  location
• 6:19
  across
• 6:19
  the
• 6:19
  country,
• 6:19
  for
• 6:20
  example.
• 6:21
  But
• 6:21
  it's
• 6:21
  also
• 6:22
  like,
• 6:22
  where
• 6:22
  does
• 6:22
  it
• 6:22
  work
• 6:22
  and
• 6:23
  how
• 6:23
  does
• 6:23
  it
• 6:23
  work
• 6:23
  within
• 6:23
  a
• 6:23
  specific
• 6:24
  environment?
• 6:24
  Because
• 6:25
  I
• 6:25
  don't
• 6:25
  think,
• 6:25
  I
• 6:25
  think
• 6:26
  when
• 6:26
  we
• 6:26
  think
• 6:26
  about
• 6:26
  like
• 6:26
  the
• 6:26
  third
• 6:27
  place,
• 6:27
  there
• 6:27
  is
• 6:27
  this
• 6:27
  kind
• 6:27
  of
• 6:27
  very
• 6:28
  classic,
• 6:29
  you
• 6:29
  know,
• 6:29
  the
• 6:29
  piece
• 6:30
  fits
• 6:30
  so
• 6:30
  well
• 6:31
  within
• 6:31
  that
• 6:31
  Starbucks
• 6:32
  coffee
• 6:32
  puzzle.
• 6:33
  And
• 6:33
  we
• 6:33
  think
• 6:33
  about
• 6:33
  retail,
• 6:34
  it's
• 6:34
  going
• 6:34
  to
• 6:34
  be
• 6:34
  different,
• 6:35
  but
• 6:35
  that
• 6:35
  doesn't
• 6:35
  mean
• 6:35
  it
• 6:35
  doesn't,
• 6:36
  it
• 6:36
  doesn't
• 6:36
  exist
• 6:36
  there.
• 6:37
  So
• 6:37
  it's
• 6:37
  asking
• 6:37
  like,
• 6:38
  how
• 6:38
  does
• 6:38
  it
• 6:38
  fit
• 6:38
  within
• 6:38
  that
• 6:39
  environment?
• 6:39
  And
• 6:39
  obviously
• 6:40
  for
• 6:40
  some
• 6:40
  brands
• 6:40
  to
• 6:41
  be
• 6:41
  like,
• 6:41
  this
• 6:41
  doesn't
• 6:41
  fit
• 6:42
  for
• 6:42
  what
• 6:42
  we
• 6:42
  do.
• 6:42
  Right.
• 6:43
  Also
• 6:43
  important,
• 6:44
  but
• 6:44
  I
• 6:44
  think
• 6:44
  this
• 6:44
  is
• 6:45
  going
• 6:45
  to
• 6:45
  carry
• 6:45
  a
• 6:45
  lot
• 6:45
  of
• 6:45
  weight
• 6:45
  within
• 6:46
  the
• 6:46
  year
• 6:46
  to
• 6:46
  come.
• 6:47
  And
• 6:47
  Ethan,
• 6:48
  I'm
• 6:48
  curious
• 6:48
  and
• 6:48
  this
• 6:48
  Is
• 6:48
  kind
• 6:48
  of
• 6:48
  a
• 6:48
  self
• 6:49
  serving
• 6:49
  question
• 6:49
  for
• 6:49
  something
• 6:50
  I'm
• 6:50
  working
• 6:50
  on
• 6:50
  potentially
• 6:51
  too.
• 6:51
  But
• 6:51
  Jeff,
• 6:52
  any
• 6:53
  data,
• 6:53
  and
• 6:53
  not
• 6:54
  again,
• 6:54
  not
• 6:54
  knowing
• 6:54
  what
• 6:55
  data
• 6:55
  you
• 6:55
  brought
• 6:55
  with
• 6:55
  you,
• 6:55
  I
• 6:56
  don't
• 6:56
  know
• 6:56
  if
• 6:56
  we're
• 6:56
  going
• 6:56
  to
• 6:56
  see
• 6:56
  this
• 6:56
  later
• 6:56
  or
• 6:57
  not.
• 6:57
  But
• 6:57
  Geoff,
• 6:57
  any
• 6:57
  data
• 6:58
  that,
• 6:58
  that
• 6:59
  get
• 6:59
  gives
• 6:59
  us
• 6:59
  an
• 7:00
  indication
• 7:00
  of
• 7:00
  whether
• 7:01
  the
• 7:01
  Starbucks
• 7:01
  turnaround
• 7:02
  plan
• 7:02
  is
• 7:03
  headed
• 7:03
  in
• 7:03
  the
• 7:03
  right
• 7:03
  direction
• 7:04
  at
• 7:04
  this
• 7:04
  point.
• 7:04
  Are
• 7:05
  you
• 7:05
  seeing
• 7:05
  anything
• 7:06
  in
• 7:06
  the
• 7:06
  data
• 7:06
  that
• 7:06
  you're
• 7:06
  looking
• 7:07
  at
• 7:07
  day
• 7:07
  to
• 7:07
  day?
• 7:08
  So
• 7:08
  what's
• 7:08
  fascinating
• 7:09
  is
• 7:10
  literally
• 7:10
  today
• 7:11
  I
• 7:11
  removed
• 7:12
  the
• 7:12
  slide
• 7:12
  on
• 7:13
  Starbucks
• 7:13
  at
• 7:13
  the
• 7:13
  end.
• 7:14
  Oh
• 7:15
  no.
• 7:15
  So,
• 7:16
  so
• 7:16
  I'm
• 7:16
  so
• 7:16
  happy
• 7:16
  you
• 7:16
  asked
• 7:17
  that
• 7:17
  question.
• 7:18
  Okay.
• 7:19
  I
• 7:19
  think
• 7:19
  Starbucks
• 7:20
  is
• 7:20
  one
• 7:20
  of
• 7:20
  the,
• 7:20
  especially
• 7:21
  when
• 7:21
  you
• 7:21
  think
• 7:21
  narrative
• 7:21
  wise
• 7:22
  like
• 7:22
  they're
• 7:22
  kind
• 7:22
  of
• 7:22
  like
• 7:22
  a
• 7:22
  cheap
• 7:23
  surprise.
• 7:24
  But
• 7:24
  I
• 7:24
  think
• 7:24
  they're
• 7:24
  one
• 7:25
  of
• 7:25
  the,
• 7:25
  the
• 7:25
  surprises
• 7:26
  of
• 7:26
  the
• 7:26
  coming
• 7:26
  year.
• 7:27
  And
• 7:27
  I
• 7:27
  would
• 7:27
  add
• 7:27
  an
• 7:28
  S
• 7:28
  at
• 7:28
  the
• 7:28
  end
• 7:28
  and
• 7:28
  say
• 7:28
  years
• 7:29
  because
• 7:29
  I
• 7:30
  think
• 7:30
  there's
• 7:30
  a
• 7:30
  few
• 7:30
  things
• 7:30
  they
• 7:30
  have
• 7:31
  going
• 7:31
  for
• 7:31
  them.
• 7:31
  One,
• 7:32
  this
• 7:32
  return
• 7:32
  of
• 7:32
  the
• 7:33
  third
• 7:33
  place,
• 7:33
  which
• 7:33
  I
• 7:33
  think
• 7:33
  is
• 7:34
  going
• 7:34
  to
• 7:34
  be
• 7:34
  very
• 7:34
  valuable
• 7:35
  and
• 7:35
  really
• 7:35
  kind
• 7:35
  of
• 7:35
  work
• 7:36
  for
• 7:36
  them,
• 7:36
  especially
• 7:36
  in
• 7:36
  suburban
• 7:37
  environments.
• 7:38
  You
• 7:38
  have
• 7:38
  the
• 7:38
  continued
• 7:39
  kind
• 7:39
  of
• 7:39
  return
• 7:39
  to
• 7:39
  office,
• 7:40
  especially
• 7:40
  in
• 7:41
  places
• 7:41
  like
• 7:41
  New
• 7:41
  York
• 7:41
  where
• 7:42
  they're
• 7:42
  very
• 7:42
  strong
• 7:42
  and
• 7:43
  what
• 7:43
  that
• 7:43
  means
• 7:43
  for
• 7:44
  kind
• 7:44
  of
• 7:44
  the
• 7:45
  performance
• 7:45
  of
• 7:45
  their
• 7:45
  locations.
• 7:46
  I
• 7:46
  think
• 7:46
  the
• 7:46
  optimization
• 7:47
  of
• 7:48
  their
• 7:48
  convenience
• 7:49
  element,
• 7:49
  which
• 7:49
  is
• 7:49
  how
• 7:50
  do
• 7:50
  I
• 7:50
  make
• 7:50
  sure
• 7:50
  that
• 7:50
  that
• 7:50
  person
• 7:51
  who
• 7:51
  wants
• 7:51
  to
• 7:51
  get
• 7:51
  in,
• 7:52
  get
• 7:52
  out
• 7:52
  can
• 7:52
  do
• 7:52
  so
• 7:52
  quickly
• 7:53
  and
• 7:53
  effectively,
• 7:53
  I
• 7:54
  think
• 7:54
  is
• 7:54
  really
• 7:54
  important.
• 7:55
  And
• 7:55
  then
• 7:55
  last
• 7:55
  bit,
• 7:56
  and
• 7:56
  this
• 7:56
  is
• 7:56
  a
• 7:56
  data
• 7:56
  point
• 7:56
  we
• 7:57
  found
• 7:57
  I
• 7:58
  think
• 7:58
  well
• 7:58
  over
• 7:58
  a
• 7:59
  year
• 7:59
  ago.
• 7:59
  But
• 7:59
  if
• 8:00
  you
• 8:00
  look
• 8:00
  at
• 8:00
  the
• 8:00
  markets
• 8:00
  where
• 8:00
  they're
• 8:01
  looking
• 8:01
  to
• 8:01
  expand,
• 8:01
  where
• 8:02
  they've
• 8:02
  announced
• 8:02
  those
• 8:02
  expansion
• 8:03
  plans
• 8:03
  in
• 8:03
  the
• 8:03
  past,
• 8:04
  they're
• 8:05
  still
• 8:05
  like,
• 8:05
  we
• 8:05
  think
• 8:05
  of
• 8:05
  Starbucks
• 8:06
  as
• 8:06
  like,
• 8:06
  oh,
• 8:06
  there's
• 8:07
  a
• 8:07
  location
• 8:07
  on
• 8:08
  every
• 8:08
  corner
• 8:09
  everywhere
• 8:09
  on
• 8:09
  planet
• 8:09
  Earth.
• 8:10
  There
• 8:10
  are
• 8:11
  still
• 8:11
  places
• 8:12
  where
• 8:12
  they
• 8:12
  are
• 8:12
  not
• 8:13
  as
• 8:13
  saturated.
• 8:13
  And
• 8:14
  that
• 8:14
  expansion
• 8:14
  potential
• 8:14
  does
• 8:15
  exist.
• 8:15
  And
• 8:15
  I
• 8:16
  think
• 8:16
  the
• 8:16
  fact
• 8:16
  that
• 8:16
  their
• 8:16
  focus
• 8:17
  aligns
• 8:17
  with
• 8:17
  those
• 8:17
  places
• 8:18
  gives
• 8:18
  us
• 8:18
  a
• 8:18
  lot
• 8:18
  of
• 8:19
  optimism
• 8:19
  in
• 8:19
  terms
• 8:19
  of
• 8:19
  what
• 8:19
  the
• 8:20
  brand
• 8:20
  can
• 8:20
  do
• 8:21
  over
• 8:21
  the
• 8:21
  coming
• 8:21
  years.
• 8:22
  Great.
• 8:23
  Glad
• 8:23
  I
• 8:23
  asked.
• 8:24
  All
• 8:24
  right,
• 8:25
  what's
• 8:26
  next,
• 8:26
  Ethan?
• 8:27
  Okay,
• 8:28
  next
• 8:28
  is
• 8:29
  calendar
• 8:29
  matters,
• 8:30
  right?
• 8:30
  We,
• 8:30
  we
• 8:30
  talked
• 8:31
  about
• 8:31
  this
• 8:31
  briefly
• 8:32
  with,
• 8:33
  in
• 8:33
  the
• 8:33
  last
• 8:33
  time
• 8:33
  we
• 8:33
  spoke
• 8:34
  when
• 8:34
  we
• 8:34
  were
• 8:34
  looking
• 8:34
  at
• 8:34
  like
• 8:35
  eclipse
• 8:35
  data.
• 8:36
  So
• 8:36
  everyone
• 8:36
  go
• 8:36
  find
• 8:36
  out
• 8:37
  that
• 8:37
  episode.
• 8:37
  I
• 8:37
  think
• 8:37
  it
• 8:37
  was
• 8:38
  one
• 8:38
  of
• 8:38
  our
• 8:38
  best
• 8:39
  and
• 8:39
  it
• 8:39
  was.
• 8:40
  We
• 8:40
  looked
• 8:41
  at
• 8:42
  the
• 8:42
  alignment
• 8:42
  of
• 8:43
  visits
• 8:43
  to
• 8:43
  where
• 8:44
  that
• 8:44
  solar
• 8:44
  eclipse
• 8:45
  could
• 8:45
  be
• 8:45
  seen
• 8:45
  in
• 8:46
  its
• 8:46
  kind
• 8:46
  of
• 8:46
  full
• 8:46
  glory.
• 8:47
  And
• 8:48
  I
• 8:48
  think
• 8:48
  one
• 8:48
  of
• 8:48
  the
• 8:48
  things
• 8:48
  we
• 8:48
  were
• 8:49
  talking
• 8:49
  about
• 8:49
  at
• 8:49
  the
• 8:49
  time
• 8:49
  was
• 8:50
  do
• 8:50
  you
• 8:50
  take
• 8:51
  advantage
• 8:51
  of
• 8:51
  opportunities
• 8:52
  that
• 8:52
  fall
• 8:52
  on
• 8:52
  your
• 8:52
  lap?
• 8:53
  I
• 8:53
  think
• 8:53
  one
• 8:53
  of
• 8:53
  the
• 8:53
  fascinating
• 8:54
  things
• 8:54
  about
• 8:55
  that
• 8:55
  is
• 8:55
  really
• 8:56
  Understanding
• 8:56
  the
• 8:56
  calendar
• 8:57
  and
• 8:57
  how
• 8:57
  it's
• 8:57
  working
• 8:58
  on
• 8:58
  a
• 8:58
  given
• 8:58
  year.
• 8:58
  So
• 8:58
  let's
• 8:59
  take
• 8:59
  this
• 8:59
  is
• 8:59
  data
• 8:59
  from
• 9:00
  2024.
• 9:01
  Now,
• 9:01
  the
• 9:01
  fascinating
• 9:02
  thing
• 9:02
  about
• 9:02
  the
• 9:02
  data
• 9:02
  from
• 9:02
  2024
• 9:03
  is
• 9:03
  if
• 9:04
  you
• 9:04
  look
• 9:04
  at
• 9:04
  Super
• 9:04
  Saturday,
• 9:05
  right?
• 9:05
  Super
• 9:06
  Saturday
• 9:06
  came
• 9:06
  out
• 9:07
  on
• 9:07
  December
• 9:07
  21st.
• 9:08
  And
• 9:09
  if
• 9:09
  you
• 9:09
  looked
• 9:09
  at
• 9:09
  Super
• 9:09
  Saturday
• 9:10
  data
• 9:10
  year
• 9:11
  over
• 9:11
  year,
• 9:12
  you
• 9:12
  actually
• 9:13
  saw
• 9:13
  a
• 9:13
  decline
• 9:14
  in
• 9:14
  visible.
• 9:15
  Now,
• 9:15
  when
• 9:15
  we
• 9:16
  put
• 9:16
  out
• 9:16
  our
• 9:16
  data
• 9:17
  on
• 9:17
  Super
• 9:17
  Saturday,
• 9:18
  we
• 9:18
  very
• 9:19
  intentionally
• 9:20
  did
• 9:20
  not
• 9:20
  include
• 9:21
  year
• 9:21
  over
• 9:21
  year
• 9:22
  visits.
• 9:22
  Why
• 9:24
  December
• 9:25
  of
• 9:25
  2023?
• 9:26
  Super
• 9:27
  SA
• 9:27
  so
• 9:27
  a
• 9:27
  year
• 9:28
  prior,
• 9:28
  December
• 9:29
  Super
• 9:29
  Saturday
• 9:30
  fell
• 9:30
  out
• 9:30
  on
• 9:30
  December
• 9:31
  23rd.
• 9:32
  So
• 9:32
  it
• 9:32
  was
• 9:32
  the
• 9:33
  last
• 9:33
  shopping
• 9:33
  day
• 9:34
  before
• 9:34
  Christmas.
• 9:35
  The
• 9:35
  visit
• 9:36
  spike
• 9:36
  was
• 9:37
  absolutely
• 9:38
  enormous.
• 9:39
  This
• 9:39
  year
• 9:39
  came
• 9:39
  out
• 9:39
  on
• 9:40
  the
• 9:40
  21st.
• 9:41
  So
• 9:41
  what
• 9:41
  we
• 9:41
  expected
• 9:42
  and
• 9:42
  then
• 9:42
  what
• 9:42
  actually
• 9:42
  played
• 9:43
  out
• 9:43
  was
• 9:43
  that
• 9:44
  the
• 9:44
  Sunday
• 9:45
  right
• 9:45
  after
• 9:45
  on
• 9:45
  the
• 9:46
  22nd
• 9:46
  did
• 9:46
  very
• 9:46
  well
• 9:47
  and
• 9:47
  Monday
• 9:48
  the
• 9:48
  23rd
• 9:49
  did
• 9:49
  extremely
• 9:49
  well
• 9:50
  because
• 9:50
  you
• 9:50
  had
• 9:50
  all
• 9:50
  that
• 9:50
  rush
• 9:51
  of
• 9:51
  people
• 9:51
  who
• 9:51
  need
• 9:51
  to
• 9:51
  buy
• 9:52
  something
• 9:52
  right
• 9:52
  before
• 9:53
  the
• 9:53
  holiday
• 9:54
  happen
• 9:54
  on
• 9:54
  the
• 9:54
  Monday,
• 9:55
  not
• 9:55
  on
• 9:55
  the
• 9:55
  Saturday.
• 9:56
  And
• 9:56
  so
• 9:56
  one
• 9:56
  of
• 9:57
  the
• 9:57
  things
• 9:57
  that
• 9:57
  really
• 9:58
  kind
• 9:58
  of
• 9:58
  peaked
• 9:58
  for
• 9:58
  us
• 9:58
  is
• 9:59
  if
• 9:59
  you
• 9:59
  look
• 9:59
  ahead
• 9:59
  at
• 10:00
  this
• 10:00
  year,
• 10:00
  Christmas
• 10:01
  is
• 10:01
  even
• 10:02
  further
• 10:02
  into
• 10:02
  the
• 10:03
  middle
• 10:03
  of
• 10:03
  the
• 10:03
  week.
• 10:03
  So
• 10:03
  our
• 10:04
  thought
• 10:04
  process
• 10:05
  is
• 10:05
  you
• 10:05
  might
• 10:05
  see
• 10:06
  an
• 10:06
  even
• 10:06
  lower
• 10:07
  performance
• 10:07
  for
• 10:07
  Super
• 10:08
  Saturday.
• 10:08
  But
• 10:09
  that's
• 10:09
  not
• 10:09
  because
• 10:09
  Super
• 10:10
  Saturday
• 10:10
  is
• 10:10
  less
• 10:10
  important.
• 10:11
  It's
• 10:11
  because
• 10:11
  the
• 10:11
  context
• 10:12
  is
• 10:12
  shifting
• 10:13
  in
• 10:13
  terms
• 10:13
  of
• 10:13
  the
• 10:13
  way
• 10:14
  the
• 10:14
  days
• 10:14
  are
• 10:14
  actually
• 10:14
  falling
• 10:15
  out.
• 10:15
  And
• 10:16
  it's
• 10:16
  something
• 10:16
  that
• 10:16
  we
• 10:16
  think
• 10:16
  offers
• 10:17
  a
• 10:17
  tremendous
• 10:17
  amount
• 10:18
  of
• 10:18
  opportunity
• 10:18
  for
• 10:18
  those
• 10:18
  who
• 10:19
  know
• 10:19
  how
• 10:19
  to
• 10:19
  lean
• 10:19
  into
• 10:19
  it
• 10:20
  and
• 10:20
  plan
• 10:21
  around
• 10:21
  it,
• 10:22
  as
• 10:22
  opposed
• 10:23
  to
• 10:23
  maybe
• 10:23
  the
• 10:23
  kind
• 10:24
  of
• 10:24
  quick
• 10:24
  hit
• 10:24
  hot
• 10:25
  take
• 10:25
  that
• 10:25
  says,
• 10:25
  ooh,
• 10:26
  Super
• 10:26
  Saturday
• 10:27
  is
• 10:27
  losing
• 10:27
  its
• 10:27
  value,
• 10:28
  which
• 10:28
  is
• 10:28
  clearly
• 10:28
  not
• 10:29
  the
• 10:29
  case.
• 10:30
  So
• 10:30
  what
• 10:30
  kind
• 10:30
  of
• 10:31
  things
• 10:31
  are
• 10:31
  retailers
• 10:32
  doing
• 10:32
  then
• 10:33
  to,
• 10:33
  you
• 10:34
  know,
• 10:34
  to
• 10:34
  kind
• 10:34
  of
• 10:34
  keep
• 10:35
  that
• 10:35
  maybe
• 10:35
  even
• 10:36
  level,
• 10:36
  like
• 10:37
  not,
• 10:37
  not
• 10:37
  to
• 10:37
  have
• 10:38
  the
• 10:38
  spike
• 10:38
  that
• 10:38
  we're
• 10:39
  seeing
• 10:39
  on
• 10:39
  the
• 10:39
  screen.
• 10:40
  But
• 10:40
  what
• 10:41
  are
• 10:41
  retailers
• 10:41
  doing,
• 10:42
  Ethan,
• 10:42
  or
• 10:42
  what
• 10:42
  do
• 10:42
  you
• 10:43
  anticipate
• 10:43
  that
• 10:43
  they'll
• 10:43
  try
• 10:44
  to
• 10:44
  do
• 10:44
  to
• 10:44
  capture
• 10:45
  that
• 10:47
  Sunday,
• 10:47
  Monday,
• 10:48
  Tuesday
• 10:48
  into
• 10:49
  Wednesday
• 10:50
  traffic?
• 10:51
  Well,
• 10:52
  I
• 10:52
  think
• 10:52
  it's
• 10:52
  asking,
• 10:53
  like,
• 10:53
  what
• 10:53
  drives
• 10:54
  the
• 10:54
  Super
• 10:55
  Saturday
• 10:55
  visit?
• 10:55
  And
• 10:55
  we
• 10:56
  talked
• 10:56
  about
• 10:56
  this
• 10:56
  before,
• 10:57
  but
• 10:57
  what
• 10:58
  makes
• 10:58
  someone
• 10:58
  visit
• 10:58
  on
• 10:58
  Black
• 10:59
  Friday
• 10:59
  versus
• 10:59
  Super
• 11:00
  Saturday?
• 11:00
  What
• 11:00
  are
• 11:00
  the
• 11:01
  differences
• 11:01
  in
• 11:01
  those
• 11:01
  motivations?
• 11:02
  And
• 11:02
  then
• 11:03
  it's
• 11:03
  going
• 11:03
  to
• 11:03
  be
• 11:03
  the
• 11:03
  same
• 11:03
  thing
• 11:03
  here.
• 11:04
  The
• 11:04
  person
• 11:04
  who's
• 11:05
  visiting
• 11:06
  December
• 11:07
  23rd,
• 11:07
  yes,
• 11:08
  very
• 11:08
  often
• 11:08
  is
• 11:09
  the
• 11:09
  oh,
• 11:09
  I
• 11:10
  need
• 11:10
  something
• 11:11
  customer.
• 11:11
  And
• 11:11
  it
• 11:12
  could
• 11:12
  be
• 11:12
  sheets
• 11:13
  or
• 11:13
  pillows
• 11:14
  or
• 11:14
  food
• 11:15
  or
• 11:15
  a
• 11:15
  present
• 11:16
  that
• 11:16
  they
• 11:16
  didn't
• 11:16
  get
• 11:16
  last
• 11:17
  minute.
• 11:17
  But
• 11:17
  understanding
• 11:18
  that
• 11:18
  driver
• 11:18
  of
• 11:19
  visit,
• 11:19
  that
• 11:19
  motivation
• 11:20
  that
• 11:20
  you
• 11:20
  can
• 11:21
  work
• 11:21
  your
• 11:21
  way
• 11:21
  back
• 11:21
  to,
• 11:22
  there's
• 11:22
  this,
• 11:23
  you
• 11:23
  know,
• 11:23
  you
• 11:24
  know,
• 11:24
  I'm
• 11:24
  a
• 11:24
  big
• 11:25
  fan
• 11:25
  of
• 11:25
  behavioral
• 11:26
  psychology
• 11:27
  and
• 11:27
  this
• 11:27
  idea
• 11:28
  of
• 11:28
  there
• 11:28
  are
• 11:29
  predictable,
• 11:30
  irrational
• 11:31
  processes
• 11:31
  that
• 11:31
  we
• 11:32
  go
• 11:32
  through,
• 11:32
  even
• 11:33
  if
• 11:33
  they're
• 11:33
  not
• 11:33
  as
• 11:33
  easy
• 11:33
  to
• 11:34
  say.
• 11:34
  This
• 11:34
  is
• 11:34
  how
• 11:34
  everyone
• 11:35
  works
• 11:35
  all
• 11:35
  the
• 11:35
  time.
• 11:36
  I
• 11:36
  think
• 11:37
  understanding
• 11:37
  what
• 11:38
  are
• 11:38
  those
• 11:38
  driving
• 11:38
  forces
• 11:39
  can
• 11:39
  bring
• 11:39
  a
• 11:39
  ton
• 11:39
  of
• 11:39
  value
• 11:40
  in
• 11:40
  terms
• 11:40
  of
• 11:40
  how
• 11:41
  we
• 11:41
  message,
• 11:41
  how
• 11:41
  do
• 11:41
  we
• 11:41
  drive
• 11:42
  those
• 11:42
  visits
• 11:43
  and
• 11:43
  how
• 11:43
  do
• 11:43
  we
• 11:43
  create
• 11:43
  that
• 11:44
  in
• 11:44
  store
• 11:44
  experience
• 11:44
  to
• 11:45
  help
• 11:45
  people
• 11:45
  get
• 11:46
  from
• 11:46
  point
• 11:46
  A
• 11:46
  to
• 11:46
  point
• 11:47
  B
• 11:47
  as
• 11:47
  fast
• 11:47
  as
• 11:47
  possible,
• 11:48
  especially
• 11:48
  when
• 11:48
  we're
• 11:48
  linking
• 11:49
  online
• 11:50
  to
• 11:50
  offline,
• 11:51
  buy
• 11:51
  online,
• 11:51
  pickup
• 11:51
  in
• 11:52
  store,
• 11:52
  et
• 11:52
  cetera.
• 11:54
  Yeah,
• 11:55
  the
• 11:55
  merchant
• 11:55
  in
• 11:55
  me
• 11:55
  is
• 11:55
  actually
• 11:56
  looking
• 11:56
  at
• 11:56
  this
• 11:56
  going,
• 11:57
  okay,
• 11:57
  yeah,
• 11:57
  the
• 11:58
  traffic
• 11:58
  pattern
• 11:58
  is
• 11:59
  one
• 11:59
  thing,
• 11:59
  but
• 11:59
  then
• 11:59
  there's
• 11:59
  the
• 12:00
  margin
• 12:00
  of
• 12:00
  the
• 12:00
  items
• 12:01
  and
• 12:01
  the
• 12:01
  promotional
• 12:01
  schedule
• 12:02
  and
• 12:02
  the
• 12:02
  markdown
• 12:03
  schedule
• 12:03
  of
• 12:03
  the
• 12:03
  items
• 12:04
  too,
• 12:04
  that
• 12:05
  have
• 12:05
  to
• 12:05
  factor
• 12:06
  into
• 12:06
  this.
• 12:06
  So
• 12:06
  I
• 12:06
  think,
• 12:07
  you
• 12:07
  know,
• 12:07
  as
• 12:08
  you're
• 12:08
  playing
• 12:08
  that
• 12:08
  up,
• 12:08
  you
• 12:08
  know,
• 12:09
  you
• 12:09
  want
• 12:09
  to,
• 12:09
  you
• 12:09
  want
• 12:10
  to
• 12:10
  be
• 12:10
  very
• 12:10
  intentional
• 12:11
  with
• 12:11
  those
• 12:11
  strategies
• 12:12
  as
• 12:12
  you
• 12:12
  come
• 12:12
  in
• 12:13
  and
• 12:13
  out
• 12:13
  of
• 12:13
  these
• 12:13
  peaks
• 12:13
  as
• 12:14
  well,
• 12:14
  which
• 12:14
  is,
• 12:14
  you
• 12:14
  know,
• 12:15
  kind
• 12:15
  of
• 12:15
  core
• 12:15
  and
• 12:15
  core
• 12:16
  bread
• 12:16
  and
• 12:16
  butter
• 12:16
  retailing.
• 12:17
  Go
• 12:17
  ahead,
• 12:17
  Ethan.
• 12:17
  Man.
• 12:18
  I'll
• 12:18
  reveal
• 12:18
  my,
• 12:19
  my
• 12:19
  fandom
• 12:19
  of
• 12:20
  the,
• 12:20
  of
• 12:20
  the
• 12:20
  Omni
• 12:21
  Talk
• 12:21
  world
• 12:21
  with.
• 12:21
  I
• 12:21
  love
• 12:22
  the
• 12:22
  video
• 12:22
  you
• 12:22
  did
• 12:23
  with
• 12:23
  fabric
• 12:23
  at
• 12:23
  their
• 12:24
  fulfillment
• 12:24
  center,
• 12:24
  the
• 12:24
  micro
• 12:25
  fulfillment
• 12:25
  center.
• 12:26
  One
• 12:26
  of
• 12:26
  the
• 12:26
  things
• 12:27
  that
• 12:27
  I've
• 12:27
  always
• 12:27
  obsessed
• 12:27
  over
• 12:28
  from
• 12:28
  a
• 12:28
  microfilm
• 12:28
  perspective.
• 12:29
  Imagine,
• 12:30
  you
• 12:30
  know,
• 12:30
  we
• 12:31
  have
• 12:31
  a
• 12:31
  Super
• 12:32
  bowl
• 12:32
  is
• 12:32
  coming
• 12:32
  up,
• 12:33
  right?
• 12:33
  If
• 12:34
  the
• 12:34
  super
• 12:34
  bowl
• 12:35
  happened,
• 12:36
  I
• 12:36
  would
• 12:37
  love
• 12:37
  to
• 12:37
  have
• 12:37
  a
• 12:37
  package
• 12:38
  ready
• 12:38
  for
• 12:38
  micro
• 12:39
  fulfillment,
• 12:39
  especially
• 12:40
  within
• 12:40
  urban
• 12:40
  areas
• 12:41
  of
• 12:41
  like
• 12:42
  two
• 12:42
  Pepsis,
• 12:43
  a
• 12:43
  thing
• 12:43
  of
• 12:43
  Fritos,
• 12:44
  whatever
• 12:44
  chocolate
• 12:45
  fits
• 12:45
  under
• 12:45
  that
• 12:45
  banner,
• 12:46
  like
• 12:46
  package.
• 12:47
  Understanding
• 12:47
  that
• 12:47
  this
• 12:47
  is
• 12:47
  something
• 12:48
  that
• 12:48
  people
• 12:48
  are
• 12:48
  going
• 12:48
  to
• 12:49
  be
• 12:49
  thinking
• 12:49
  about.
• 12:50
  How
• 12:50
  do
• 12:50
  I
• 12:50
  enable
• 12:50
  that?
• 12:51
  Especially
• 12:51
  we've
• 12:51
  heard
• 12:51
  about,
• 12:51
  you
• 12:52
  know,
• 12:52
  one
• 12:52
  hour
• 12:52
  delivery,
• 12:53
  all
• 12:53
  these
• 12:53
  things
• 12:53
  really
• 12:54
  quick.
• 12:54
  And
• 12:55
  you
• 12:55
  think
• 12:55
  about
• 12:55
  the
• 12:56
  mindset
• 12:56
  of
• 12:57
  where
• 12:57
  the
• 12:57
  consumer
• 12:57
  is
• 12:57
  going
• 12:58
  to
• 12:58
  be
• 12:58
  at.
• 12:58
  And
• 12:58
  the
• 12:58
  calendar
• 12:59
  tells
• 12:59
  us
• 13:00
  a
• 13:00
  lot
• 13:00
  about
• 13:00
  what
• 13:00
  that
• 13:00
  mindset
• 13:01
  is
• 13:01
  going
• 13:01
  to
• 13:01
  be
• 13:01
  and
• 13:01
  how
• 13:01
  it's
• 13:02
  going
• 13:02
  to
• 13:02
  differ
• 13:02
  from
• 13:02
  day
• 13:02
  to
• 13:02
  day.
• 13:03
  Yeah,
• 13:04
  it's
• 13:04
  funny
• 13:04
  you
• 13:04
  brought
• 13:04
  that
• 13:04
  up.
• 13:04
  I
• 13:05
  can't
• 13:05
  actually
• 13:05
  stop
• 13:06
  thinking
• 13:06
  about
• 13:06
  that
• 13:06
  video
• 13:07
  since
• 13:07
  we
• 13:07
  shot
• 13:08
  it.
• 13:08
  So
• 13:08
  for
• 13:08
  those
• 13:08
  that
• 13:09
  aren't
• 13:09
  maybe
• 13:09
  aren't
• 13:09
  familiar,
• 13:09
  we
• 13:10
  shot
• 13:10
  a
• 13:10
  video
• 13:10
  of,
• 13:11
  of
• 13:11
  fabrics
• 13:12
  installation
• 13:12
  that
• 13:12
  they're
• 13:12
  doing
• 13:12
  at
• 13:13
  for
• 13:13
  Save
• 13:13
  A
• 13:13
  Lot,
• 13:14
  where
• 13:14
  they
• 13:14
  open
• 13:14
  a
• 13:15
  9,000
• 13:15
  square
• 13:15
  foot
• 13:16
  warehouse
• 13:16
  and
• 13:16
  they're
• 13:16
  fulfilling
• 13:17
  all
• 13:17
  the
• 13:17
  orders
• 13:17
  through
• 13:18
  Save
• 13:18
  A
• 13:18
  lot's
• 13:18
  positioning
• 13:19
  on
• 13:19
  UberEats.
• 13:20
  And
• 13:20
  there
• 13:20
  were
• 13:21
  Uber
• 13:21
  drivers
• 13:21
  coming
• 13:22
  in
• 13:22
  and
• 13:22
  out
• 13:22
  of
• 13:22
  this
• 13:22
  warehouse
• 13:23
  like
• 13:23
  crazy
• 13:23
  while
• 13:23
  Ann
• 13:24
  and
• 13:24
  I
• 13:24
  were
• 13:24
  there.
• 13:24
  And
• 13:25
  it's
• 13:25
  a
• 13:25
  really
• 13:25
  interesting
• 13:25
  way
• 13:26
  to
• 13:26
  attack
• 13:26
  a
• 13:26
  new
• 13:27
  market.
• 13:27
  So
• 13:27
  to
• 13:27
  Ethan's
• 13:27
  point,
• 13:28
  you
• 13:28
  use
• 13:29
  that
• 13:29
  at
• 13:29
  the
• 13:29
  right
• 13:29
  times.
• 13:30
  It
• 13:30
  potentially
• 13:30
  even
• 13:30
  extends
• 13:31
  your
• 13:31
  reach
• 13:32
  for
• 13:32
  the
• 13:32
  key
• 13:33
  products
• 13:33
  of
• 13:33
  the
• 13:33
  moment
• 13:34
  too.
• 13:34
  So.
• 13:34
  All
• 13:34
  right,
• 13:35
  Ethan,
• 13:35
  well,
• 13:35
  what's
• 13:35
  next?
• 13:36
  All
• 13:37
  right.
• 13:37
  The
• 13:37
  next
• 13:37
  is
• 13:38
  a
• 13:39
  real
• 13:39
  focus
• 13:39
  on
• 13:40
  why
• 13:40
  we
• 13:40
  visit.
• 13:41
  And
• 13:41
  I
• 13:41
  think
• 13:41
  we've
• 13:41
  had
• 13:41
  this
• 13:42
  conversation
• 13:42
  in
• 13:42
  the
• 13:42
  past
• 13:43
  about
• 13:43
  kind
• 13:43
  of
• 13:43
  the
• 13:44
  mall
• 13:44
  renaissance.
• 13:45
  But
• 13:45
  I
• 13:45
  think
• 13:46
  one
• 13:46
  of
• 13:46
  the
• 13:46
  things
• 13:46
  we
• 13:46
  think
• 13:46
  about
• 13:47
  where
• 13:47
  it's
• 13:48
  going
• 13:48
  to
• 13:48
  head
• 13:48
  from
• 13:49
  here.
• 13:49
  I
• 13:49
  had
• 13:49
  an
• 13:49
  interesting
• 13:50
  conversation
• 13:50
  at
• 13:51
  NRF
• 13:51
  actually
• 13:52
  where
• 13:52
  someone
• 13:52
  was
• 13:53
  talking
• 13:53
  about
• 13:54
  the
• 13:55
  goal
• 13:55
  in
• 13:55
  retail
• 13:56
  is
• 13:56
  not
• 13:56
  to
• 13:56
  think
• 13:57
  a
• 13:57
  year
• 13:57
  into
• 13:57
  the
• 13:57
  future,
• 13:57
  it's
• 13:58
  to
• 13:58
  think
• 13:58
  10
• 13:58
  years
• 13:58
  into
• 13:59
  the
• 13:59
  future.
• 13:59
  And
• 13:59
  that's
• 14:00
  how
• 14:00
  you're
• 14:00
  going
• 14:00
  to
• 14:00
  make
• 14:00
  the
• 14:00
  best
• 14:01
  decisions.
• 14:01
  And
• 14:02
  so
• 14:02
  especially
• 14:02
  from
• 14:03
  this
• 14:03
  was
• 14:03
  someone
• 14:03
  on
• 14:03
  the
• 14:03
  real
• 14:03
  estate
• 14:04
  side.
• 14:04
  So
• 14:04
  they
• 14:04
  were
• 14:04
  saying,
• 14:05
  especially
• 14:05
  in
• 14:05
  their
• 14:06
  world.
• 14:06
  And
• 14:07
  I
• 14:07
  think
• 14:07
  one
• 14:07
  of
• 14:07
  the
• 14:07
  things
• 14:07
  we
• 14:08
  think
• 14:08
  about,
• 14:08
  you
• 14:08
  know,
• 14:09
  let's
• 14:09
  say
• 14:09
  where
• 14:09
  we're
• 14:09
  at
• 14:09
  is
• 14:10
  the
• 14:10
  mall
• 14:10
  2.0.
• 14:11
  There
• 14:11
  is
• 14:11
  this
• 14:11
  mall
• 14:12
  3.0.
• 14:12
  And
• 14:13
  what's
• 14:13
  fascinating
• 14:13
  is,
• 14:13
  is
• 14:14
  what
• 14:15
  it
• 14:15
  is
• 14:15
  going
• 14:15
  to
• 14:16
  drive
• 14:17
  and
• 14:18
  how
• 14:18
  it's
• 14:18
  being
• 14:18
  developed
• 14:19
  and
• 14:19
  what,
• 14:19
  what
• 14:20
  that
• 14:20
  means.
• 14:20
  So
• 14:20
  one
• 14:20
  of
• 14:20
  the
• 14:20
  things
• 14:20
  that
• 14:21
  was
• 14:21
  really
• 14:21
  fascinating
• 14:21
  for
• 14:22
  us
• 14:22
  is
• 14:22
  when
• 14:22
  we
• 14:22
  looked
• 14:22
  at
• 14:23
  Black
• 14:23
  Friday
• 14:24
  weekend,
• 14:25
  we
• 14:25
  saw
• 14:26
  open
• 14:26
  air
• 14:27
  shopping
• 14:27
  centers
• 14:27
  and
• 14:28
  indoor
• 14:28
  malls
• 14:29
  in
• 14:29
  many
• 14:29
  cases
• 14:29
  outperforming
• 14:31
  the
• 14:31
  anchors
• 14:32
  of
• 14:32
  those
• 14:33
  malls.
• 14:33
  Wow.
• 14:34
  Performing
• 14:35
  some
• 14:35
  of
• 14:35
  the
• 14:35
  key
• 14:36
  apparel
• 14:36
  players
• 14:37
  within
• 14:37
  those
• 14:37
  malls.
• 14:38
  We
• 14:38
  also
• 14:38
  saw
• 14:38
  visit
• 14:39
  duration
• 14:40
  rising
• 14:40
  in
• 14:41
  the
• 14:41
  holiday
• 14:41
  season
• 14:41
  compared
• 14:42
  to
• 14:42
  the
• 14:42
  standard
• 14:43
  kind
• 14:43
  of
• 14:43
  rest
• 14:44
  of
• 14:44
  the
• 14:44
  year,
• 14:44
  which
• 14:45
  told
• 14:45
  us
• 14:45
  something
• 14:45
  really
• 14:45
  interesting.
• 14:46
  Which
• 14:46
  our
• 14:46
  expectation
• 14:47
  of
• 14:47
  what
• 14:47
  we're
• 14:48
  going
• 14:48
  to
• 14:48
  do
• 14:48
  in
• 14:48
  the
• 14:48
  mall,
• 14:48
  what
• 14:49
  drives
• 14:49
  that
• 14:50
  visit
• 14:50
  is
• 14:51
  changing
• 14:51
  quite
• 14:52
  substantially.
• 14:53
  Yes.
• 14:53
  And
• 14:54
  then
• 14:54
  understanding
• 14:55
  how,
• 14:56
  how
• 14:57
  this
• 14:57
  is
• 14:57
  going,
• 14:58
  what
• 14:58
  this
• 14:59
  means,
• 14:59
  the
• 14:59
  amount
• 14:59
  of
• 14:59
  time
• 15:00
  we
• 15:00
  want
• 15:00
  to
• 15:00
  spend,
• 15:00
  what
• 15:00
  that
• 15:01
  means
• 15:01
  for,
• 15:01
  for
• 15:01
  tenancy
• 15:02
  mix,
• 15:02
  the
• 15:02
  types
• 15:03
  of
• 15:03
  opportunities
• 15:03
  that
• 15:04
  work,
• 15:04
  even
• 15:04
  promotional
• 15:05
  concepts
• 15:05
  that
• 15:06
  work.
• 15:06
  So
• 15:06
  I
• 15:06
  was
• 15:06
  in
• 15:06
  a
• 15:06
  mall
• 15:07
  over
• 15:07
  the
• 15:07
  summer
• 15:07
  that
• 15:07
  had
• 15:07
  this
• 15:08
  big
• 15:08
  Nintendo
• 15:09
  promotion.
• 15:09
  This
• 15:10
  whole
• 15:10
  area
• 15:10
  of
• 15:10
  the
• 15:11
  mall
• 15:11
  set
• 15:11
  up
• 15:12
  to
• 15:12
  like
• 15:12
  try
• 15:12
  out
• 15:13
  the
• 15:13
  classic
• 15:13
  Mario
• 15:14
  Kart,
• 15:14
  video
• 15:15
  games,
• 15:15
  Super
• 15:15
  Mario
• 15:16
  Brothers,
• 15:16
  et
• 15:16
  cetera.
• 15:17
  And
• 15:17
  it
• 15:17
  was
• 15:17
  really
• 15:17
  interesting
• 15:18
  to
• 15:18
  see
• 15:18
  how
• 15:18
  many
• 15:18
  people
• 15:19
  were
• 15:19
  coming
• 15:19
  along
• 15:20
  with
• 15:20
  lots
• 15:20
  of
• 15:20
  kids
• 15:21
  waiting
• 15:21
  in
• 15:21
  line,
• 15:21
  doing
• 15:22
  that
• 15:22
  and
• 15:22
  then
• 15:23
  consuming
• 15:23
  some
• 15:23
  food
• 15:23
  and
• 15:23
  leaving.
• 15:24
  Not
• 15:24
  classic
• 15:25
  mall
• 15:25
  visit
• 15:26
  that
• 15:26
  we
• 15:26
  would
• 15:26
  come
• 15:27
  to
• 15:27
  expect
• 15:27
  years
• 15:27
  ago.
• 15:28
  I
• 15:28
  think
• 15:28
  that
• 15:29
  change
• 15:30
  and
• 15:30
  what
• 15:30
  it's
• 15:30
  going
• 15:30
  to
• 15:31
  mean
• 15:31
  for
• 15:31
  retail
• 15:32
  spaces
• 15:33
  and
• 15:33
  the
• 15:33
  expectations
• 15:34
  of
• 15:34
  what
• 15:34
  retailers
• 15:34
  need
• 15:35
  to
• 15:35
  do
• 15:35
  to
• 15:35
  thrive
• 15:35
  within
• 15:35
  those
• 15:36
  spaces.
• 15:36
  It's
• 15:36
  going
• 15:37
  to
• 15:37
  have
• 15:37
  a
• 15:37
  very
• 15:37
  significant
• 15:38
  impact.
• 15:38
  Well,
• 15:38
  Ethan,
• 15:39
  it
• 15:39
  gets
• 15:39
  back
• 15:39
  to
• 15:39
  what
• 15:39
  you
• 15:40
  were
• 15:40
  saying
• 15:40
  too
• 15:40
  about
• 15:41
  like
• 15:41
  the,
• 15:41
  the
• 15:42
  programming
• 15:43
  for
• 15:43
  the
• 15:43
  third
• 15:44
  space,
• 15:44
  right.
• 15:44
  I
• 15:44
  mean
• 15:45
  the
• 15:45
  things
• 15:45
  you're
• 15:45
  able
• 15:46
  to
• 15:46
  do
• 15:46
  like
• 15:47
  think
• 15:47
  about
• 15:47
  even
• 15:48
  the
• 15:48
  malls
• 15:48
  locally,
• 15:49
  like
• 15:49
  doing
• 15:49
  like
• 15:50
  horse
• 15:50
  and
• 15:50
  carriage
• 15:51
  rides
• 15:51
  at
• 15:51
  the
• 15:51
  outdoor
• 15:52
  malls.
• 15:52
  Like
• 15:52
  you.
• 15:53
  It's
• 15:53
  totally
• 15:53
  hitting
• 15:54
  on
• 15:54
  I
• 15:54
  think
• 15:54
  what
• 15:55
  you
• 15:55
  were
• 15:55
  talking
• 15:55
  about
• 15:55
  in
• 15:55
  the
• 15:56
  first
• 15:56
  slide
• 15:56
  of
• 15:56
  like
• 15:56
  what
• 15:57
  are
• 15:57
  all
• 15:57
  the
• 15:57
  things
• 15:57
  that
• 15:57
  you
• 15:57
  can
• 15:57
  do
• 15:58
  especially
• 15:59
  centered
• 15:59
  around
• 16:00
  what
• 16:00
  we
• 16:00
  know
• 16:00
  about
• 16:01
  the
• 16:01
  calendar
• 16:01
  to
• 16:01
  be
• 16:01
  true.
• 16:02
  Families
• 16:03
  being
• 16:03
  together
• 16:03
  during
• 16:03
  those
• 16:04
  times,
• 16:04
  needing
• 16:04
  an
• 16:05
  activity
• 16:05
  to
• 16:05
  do,
• 16:06
  having
• 16:06
  being
• 16:06
  able
• 16:06
  to
• 16:06
  eat
• 16:07
  at
• 16:07
  the
• 16:07
  same
• 16:07
  store
• 16:08
  spot
• 16:08
  and
• 16:08
  then
• 16:08
  go.
• 16:09
  It's
• 16:09
  less
• 16:09
  now
• 16:10
  about
• 16:10
  the
• 16:10
  waiting
• 16:11
  in
• 16:11
  line
• 16:11
  outside
• 16:12
  of
• 16:12
  the
• 16:12
  Kohl's
• 16:12
  or
• 16:13
  Macy's
• 16:13
  for
• 16:13
  their
• 16:14
  Black
• 16:14
  Friday
• 16:14
  Day
• 16:15
  deals
• 16:15
  and
• 16:15
  the
• 16:16
  mall
• 16:16
  being
• 16:16
  a
• 16:16
  destination
• 16:17
  for
• 16:17
  entertainment,
• 16:18
  it
• 16:18
  sounds
• 16:18
  like,
• 16:19
  and
• 16:20
  I
• 16:20
  think
• 16:20
  with.
• 16:20
  That,
• 16:21
  that
• 16:21
  also
• 16:21
  has
• 16:21
  this,
• 16:22
  this,
• 16:22
  this
• 16:22
  impact
• 16:23
  of
• 16:24
  a
• 16:24
  trend
• 16:24
  that
• 16:24
  we
• 16:24
  talked
• 16:25
  about
• 16:25
  years
• 16:25
  ago
• 16:26
  on,
• 16:26
  on
• 16:26
  this
• 16:27
  kind
• 16:27
  of
• 16:27
  platform,
• 16:28
  which
• 16:29
  is
• 16:29
  the
• 16:29
  mall
• 16:29
  waterfall.
• 16:30
  Which
• 16:30
  means
• 16:30
  it's
• 16:31
  like
• 16:31
  if
• 16:31
  the
• 16:32
  focus
• 16:32
  of
• 16:32
  going
• 16:32
  to
• 16:33
  these
• 16:33
  top
• 16:33
  tier
• 16:33
  malls
• 16:34
  is
• 16:34
  so
• 16:34
  much
• 16:34
  more
• 16:34
  about
• 16:34
  experience
• 16:35
  and
• 16:35
  so
• 16:35
  much
• 16:35
  more
• 16:35
  about
• 16:36
  these
• 16:36
  kind
• 16:36
  of
• 16:36
  high
• 16:37
  end,
• 16:37
  exciting
• 16:37
  retail
• 16:38
  concepts,
• 16:39
  other
• 16:40
  places
• 16:40
  are
• 16:40
  going
• 16:40
  to
• 16:41
  be
• 16:41
  the
• 16:41
  destination
• 16:41
  for
• 16:42
  more
• 16:43
  traditional
• 16:43
  expectations
• 16:44
  of
• 16:44
  retail.
• 16:44
  And
• 16:44
  there's
• 16:45
  opportunities
• 16:45
  likely
• 16:46
  not
• 16:46
  in
• 16:46
  those
• 16:47
  hot
• 16:47
  places,
• 16:48
  but
• 16:48
  notch
• 16:49
  below
• 16:50
  for
• 16:50
  retail
• 16:51
  success
• 16:51
  for
• 16:51
  certain
• 16:51
  brands
• 16:52
  that
• 16:52
  their
• 16:53
  place
• 16:53
  just
• 16:53
  no
• 16:53
  longer
• 16:54
  is
• 16:54
  within
• 16:54
  those
• 16:55
  top
• 16:55
  tier
• 16:55
  centers.
• 16:56
  Yeah,
• 16:57
  this,
• 16:57
  to
• 16:57
  me,
• 16:57
  this
• 16:57
  is
• 16:58
  a
• 16:58
  truth
• 16:58
  bomb
• 16:58
  slide,
• 16:59
  Ethan.
• 16:59
  I
• 16:59
  mean
• 16:59
  that,
• 17:00
  that's
• 17:00
  how
• 17:00
  I
• 17:00
  look
• 17:00
  at
• 17:00
  this.
• 17:01
  And
• 17:01
  I
• 17:01
  mean
• 17:01
  like,
• 17:02
  like
• 17:02
  you
• 17:03
  look
• 17:03
  at
• 17:03
  the
• 17:03
  data
• 17:03
  here
• 17:03
  on
• 17:04
  this
• 17:04
  slide.
• 17:04
  I
• 17:04
  mean,
• 17:05
  I
• 17:05
  mean
• 17:05
  it's,
• 17:06
  it's,
• 17:06
  it's
• 17:06
  atrocious
• 17:07
  for
• 17:07
  Macy's
• 17:07
  and
• 17:07
  Kohl's
• 17:08
  when
• 17:08
  you
• 17:08
  look
• 17:08
  at
• 17:08
  it
• 17:08
  from
• 17:08
  that
• 17:09
  perspective.
• 17:09
  And
• 17:09
  then
• 17:10
  you
• 17:10
  know,
• 17:10
  you
• 17:10
  started
• 17:10
  with
• 17:10
  real
• 17:11
  estate
• 17:11
  in
• 17:11
  terms
• 17:11
  of
• 17:11
  how
• 17:12
  does
• 17:12
  this
• 17:12
  thing
• 17:12
  evolve?
• 17:13
  This
• 17:13
  gives
• 17:14
  you
• 17:14
  an
• 17:14
  inclination.
• 17:14
  What
• 17:14
  the
• 17:15
  question
• 17:15
  I
• 17:15
  start
• 17:15
  to
• 17:15
  ask
• 17:16
  myself
• 17:16
  is
• 17:16
  do
• 17:17
  the
• 17:17
  Macy's,
• 17:18
  the
• 17:18
  Macy's
• 17:18
  executive
• 17:19
  team
• 17:19
  in
• 17:19
  particular
• 17:20
  already
• 17:20
  understand
• 17:21
  this
• 17:21
  and
• 17:21
  hence
• 17:21
  why
• 17:22
  they've
• 17:22
  tried
• 17:22
  to
• 17:22
  move
• 17:22
  themselves
• 17:23
  off
• 17:23
  of
• 17:23
  malls
• 17:24
  to
• 17:25
  get
• 17:25
  that
• 17:25
  trip
• 17:26
  that
• 17:26
  you're
• 17:26
  talking
• 17:26
  about
• 17:26
  where
• 17:27
  people
• 17:28
  traditionally
• 17:28
  want
• 17:28
  to
• 17:28
  go
• 17:29
  for
• 17:29
  the
• 17:29
  actual
• 17:29
  shopping
• 17:30
  of
• 17:30
  it,
• 17:30
  but
• 17:31
  yet
• 17:31
  they
• 17:31
  haven't
• 17:31
  exactly
• 17:32
  figured
• 17:32
  out
• 17:32
  the
• 17:32
  code
• 17:33
  on
• 17:33
  that
• 17:33
  given
• 17:34
  their
• 17:34
  recent
• 17:34
  store
• 17:34
  closure
• 17:35
  announcements
• 17:35
  they
• 17:35
  had
• 17:36
  earlier
• 17:36
  this
• 17:37
  past
• 17:37
  January.
• 17:37
  So,
• 17:38
  so
• 17:38
  yeah,
• 17:38
  I
• 17:39
  mean
• 17:39
  this,
• 17:39
  this
• 17:39
  is
• 17:40
  a,
• 17:40
  a
• 17:40
  really
• 17:41
  telling
• 17:41
  slide
• 17:41
  when
• 17:42
  you're
• 17:42
  thinking
• 17:42
  about
• 17:42
  how
• 17:42
  does
• 17:43
  retail
• 17:43
  evolve
• 17:44
  over
• 17:44
  the
• 17:45
  next
• 17:45
  10
• 17:45
  years
• 17:46
  in
• 17:46
  terms
• 17:46
  of
• 17:46
  what
• 17:47
  type
• 17:47
  of
• 17:47
  stores
• 17:47
  are
• 17:47
  we
• 17:48
  building
• 17:48
  and
• 17:48
  where
• 17:48
  are
• 17:49
  we
• 17:49
  building
• 17:49
  them?
• 17:50
  And
• 17:50
  then
• 17:50
  of
• 17:50
  course
• 17:51
  too,
• 17:51
  to
• 17:51
  your
• 17:51
  point,
• 17:52
  what
• 17:52
  is
• 17:52
  version
• 17:52
  3.0
• 17:53
  of
• 17:53
  the
• 17:53
  mall
• 17:53
  as?
• 17:53
  Well,
• 17:54
  it's
• 17:55
  so
• 17:55
  interesting
• 17:55
  that
• 17:55
  you
• 17:56
  know
• 17:56
  the
• 17:56
  Macy's
• 17:57
  point
• 17:57
  because
• 17:57
  again,
• 17:58
  execution
• 17:59
  of
• 17:59
  new
• 17:59
  ideas
• 17:59
  is
• 17:59
  always
• 18:00
  going
• 18:00
  to
• 18:00
  be
• 18:00
  a
• 18:00
  challenge
• 18:00
  and
• 18:02
  people
• 18:02
  can
• 18:02
  judge
• 18:02
  what
• 18:02
  they
• 18:03
  think
• 18:03
  of
• 18:03
  each
• 18:03
  concept.
• 18:04
  I've
• 18:05
  always
• 18:05
  looked
• 18:05
  at
• 18:06
  Macy's
• 18:06
  as
• 18:06
  a
• 18:06
  really
• 18:07
  interesting
• 18:07
  kind
• 18:07
  of
• 18:07
  canary
• 18:08
  in
• 18:08
  the
• 18:08
  coal
• 18:08
  mine
• 18:09
  where
• 18:09
  from
• 18:09
  a
• 18:09
  strategic
• 18:10
  perspective
• 18:11
  they
• 18:11
  are
• 18:11
  trying
• 18:12
  things
• 18:12
  that
• 18:12
  seem
• 18:12
  pretty
• 18:13
  far
• 18:13
  ahead
• 18:13
  of
• 18:13
  the
• 18:13
  curve.
• 18:14
  It
• 18:14
  doesn't
• 18:14
  mean
• 18:14
  you
• 18:14
  always
• 18:14
  love
• 18:15
  the
• 18:15
  execution.
• 18:15
  And
• 18:15
  there's
• 18:16
  lots
• 18:16
  of
• 18:16
  opinions
• 18:16
  on
• 18:17
  why
• 18:17
  things
• 18:17
  work
• 18:17
  or
• 18:17
  why
• 18:18
  they
• 18:18
  don't.
• 18:19
  But
• 18:19
  they
• 18:20
  are
• 18:20
  one
• 18:20
  of
• 18:20
  those
• 18:21
  few,
• 18:21
  not
• 18:22
  few,
• 18:22
  but
• 18:22
  they
• 18:22
  are
• 18:22
  one
• 18:23
  of
• 18:23
  the
• 18:23
  top
• 18:23
  retailers,
• 18:24
  especially
• 18:24
  for
• 18:24
  that
• 18:25
  size,
• 18:25
  that
• 18:25
  seems
• 18:26
  to
• 18:26
  be
• 18:26
  aggressive
• 18:26
  in
• 18:27
  trying
• 18:27
  new
• 18:27
  things
• 18:27
  and
• 18:27
  focusing
• 18:28
  on
• 18:28
  that,
• 18:29
  where
• 18:29
  things
• 18:29
  are
• 18:29
  going.
• 18:30
  And
• 18:30
  it's
• 18:30
  one
• 18:30
  of
• 18:30
  the
• 18:31
  reasons,
• 18:31
  kind
• 18:31
  of,
• 18:32
  I
• 18:32
  have
• 18:32
  a
• 18:33
  little
• 18:33
  bit
• 18:33
  of
• 18:33
  an
• 18:33
  obsession
• 18:34
  with
• 18:34
  Macy's,
• 18:35
  and
• 18:35
  I
• 18:35
  think
• 18:35
  it's
• 18:35
  because
• 18:36
  they
• 18:36
  do
• 18:36
  feel
• 18:36
  like,
• 18:37
  from
• 18:37
  a
• 18:37
  strategic
• 18:37
  perspective,
• 18:39
  kind
• 18:39
  of
• 18:39
  ahead
• 18:39
  of
• 18:40
  it,
• 18:40
  they
• 18:40
  understand
• 18:40
  where
• 18:41
  the
• 18:41
  world
• 18:41
  is
• 18:41
  going.
• 18:42
  Yeah,
• 18:43
  no,
• 18:43
  you're
• 18:43
  right.
• 18:43
  I
• 18:44
  mean,
• 18:44
  they
• 18:44
  do
• 18:44
  deserve
• 18:45
  a
• 18:45
  lot
• 18:45
  of
• 18:45
  credit
• 18:45
  for
• 18:46
  not
• 18:46
  not
• 18:47
  wanting
• 18:47
  to
• 18:47
  give
• 18:47
  up.
• 18:48
  I
• 18:48
  think
• 18:48
  the
• 18:48
  question
• 18:49
  that
• 18:49
  is
• 18:49
  just
• 18:49
  in
• 18:49
  everyone's
• 18:50
  minds
• 18:50
  is,
• 18:51
  you
• 18:51
  know,
• 18:52
  at
• 18:52
  what
• 18:52
  point
• 18:53
  is
• 18:53
  the
• 18:53
  fight
• 18:53
  not
• 18:54
  winnable
• 18:54
  anymore?
• 18:55
  And
• 18:55
  I
• 18:55
  don't
• 18:55
  think
• 18:55
  any
• 18:55
  of
• 18:55
  us
• 18:56
  know
• 18:56
  that,
• 18:56
  because
• 18:56
  you
• 18:57
  can
• 18:57
  learn
• 18:57
  a
• 18:57
  lot
• 18:57
  of
• 18:57
  things
• 18:58
  through
• 18:58
  experimentation,
• 18:59
  particularly
• 18:59
  with
• 18:59
  the
• 19:00
  different
• 19:00
  brands
• 19:00
  that
• 19:00
  they
• 19:01
  have
• 19:01
  too.
• 19:01
  Right,
• 19:02
  Ethan?
• 19:02
  I
• 19:02
  mean,
• 19:02
  Bloomingdale's
• 19:03
  is
• 19:03
  not
• 19:03
  the
• 19:03
  same
• 19:04
  thing
• 19:04
  as
• 19:04
  Macy's,
• 19:04
  and
• 19:04
  Bloomingdale's
• 19:05
  is
• 19:05
  not
• 19:05
  on
• 19:05
  this
• 19:06
  slide
• 19:06
  either.
• 19:06
  And
• 19:06
  so
• 19:06
  we
• 19:07
  have
• 19:07
  to
• 19:07
  keep
• 19:07
  that
• 19:07
  in
• 19:07
  mind.
• 19:08
  But
• 19:09
  yeah,
• 19:10
  yeah.
• 19:10
  All
• 19:10
  right,
• 19:10
  Ethan,
• 19:11
  let's.
• 19:12
  Let's.
• 19:12
  Moving
• 19:12
  forward.
• 19:13
  I
• 19:13
  think
• 19:13
  the
• 19:13
  next
• 19:14
  slide.
• 19:15
  This
• 19:15
  is
• 19:15
  a
• 19:15
  slide
• 19:15
  that
• 19:16
  I
• 19:16
  was
• 19:16
  really
• 19:16
  excited
• 19:17
  by.
• 19:17
  This
• 19:17
  was
• 19:17
  actually.
• 19:18
  I
• 19:18
  replaced
• 19:18
  the
• 19:18
  Starbucks
• 19:19
  thing
• 19:19
  for
• 19:19
  this.
• 19:20
  I'll
• 19:20
  tell
• 19:20
  you
• 19:20
  where
• 19:21
  retail
• 19:21
  will
• 19:21
  happen.
• 19:22
  Okay?
• 19:22
  This
• 19:23
  is
• 19:23
  breaking
• 19:23
  down
• 19:24
  all
• 19:25
  of
• 19:25
  the
• 19:26
  states
• 19:27
  that
• 19:27
  had
• 19:28
  net
• 19:28
  positive
• 19:29
  migration
• 19:30
  since
• 19:31
  from
• 19:31
  between
• 19:31
  2020
• 19:32
  and
• 19:32
  2024,
• 19:33
  who
• 19:33
  had
• 19:34
  the
• 19:34
  largest
• 19:35
  share
• 19:35
  of
• 19:35
  the
• 19:35
  net
• 19:35
  positive
• 19:36
  migration.
• 19:37
  And
• 19:37
  what
• 19:38
  was
• 19:38
  interesting
• 19:38
  is
• 19:38
  we've
• 19:39
  looked
• 19:39
  at
• 19:39
  this
• 19:39
  before,
• 19:40
  and
• 19:40
  we
• 19:40
  usually
• 19:40
  look
• 19:40
  at
• 19:40
  it
• 19:41
  as,
• 19:41
  all
• 19:41
  right,
• 19:42
  what's
• 19:42
  been
• 19:42
  the
• 19:42
  trend?
• 19:43
  And
• 19:43
  it's
• 19:43
  like,
• 19:43
  all
• 19:44
  right,
• 19:44
  Florida
• 19:44
  is
• 19:45
  3.6%
• 19:46
  up,
• 19:47
  and
• 19:47
  Montana
• 19:47
  is
• 19:48
  2.7%
• 19:49
  up.
• 19:49
  Isn't
• 19:50
  that
• 19:50
  exciting
• 19:50
  for
• 19:50
  all
• 19:51
  of
• 19:51
  them?
• 19:51
  The
• 19:51
  answer
• 19:51
  is
• 19:51
  yes.
• 19:52
  But
• 19:52
  when
• 19:53
  you
• 19:53
  actually
• 19:53
  do
• 19:53
  this
• 19:54
  type
• 19:54
  of
• 19:54
  breakdown,
• 19:54
  it
• 19:55
  pops
• 19:56
  just
• 19:56
  how
• 19:56
  significant
• 19:57
  the
• 19:57
  move
• 19:58
  south
• 19:58
  has
• 19:58
  been.
• 19:59
  Florida,
• 20:00
  Texas,
• 20:01
  Arizona,
• 20:02
  North
• 20:03
  Carolina,
• 20:03
  these
• 20:04
  significant
• 20:05
  pops
• 20:05
  in
• 20:05
  these
• 20:06
  new
• 20:06
  regions.
• 20:07
  And
• 20:07
  I
• 20:07
  think
• 20:08
  what's
• 20:08
  really
• 20:08
  interesting
• 20:09
  is
• 20:10
  when
• 20:10
  we
• 20:10
  think
• 20:10
  about
• 20:11
  where
• 20:12
  retail
• 20:12
  is
• 20:13
  going
• 20:13
  to
• 20:13
  happen,
• 20:13
  the
• 20:13
  excitement
• 20:14
  around
• 20:14
  these
• 20:14
  spaces
• 20:15
  where
• 20:15
  people
• 20:15
  want
• 20:15
  to
• 20:15
  spend
• 20:16
  time,
• 20:16
  by
• 20:16
  the
• 20:16
  way,
• 20:17
  the
• 20:17
  alignment
• 20:17
  of
• 20:18
  not
• 20:18
  just
• 20:19
  where
• 20:19
  people
• 20:19
  move,
• 20:20
  but
• 20:20
  where
• 20:20
  people
• 20:21
  who
• 20:21
  have
• 20:21
  disposable
• 20:22
  income
• 20:22
  moved
• 20:22
  and
• 20:23
  now
• 20:23
  have
• 20:23
  potentially
• 20:24
  more
• 20:24
  disposable
• 20:24
  income
• 20:25
  because
• 20:25
  they
• 20:25
  were
• 20:25
  coming
• 20:26
  from
• 20:26
  places
• 20:26
  with
• 20:26
  a
• 20:26
  higher
• 20:27
  cost
• 20:27
  of
• 20:27
  living,
• 20:28
  places
• 20:28
  with
• 20:28
  a
• 20:28
  lower
• 20:29
  cost
• 20:29
  of
• 20:29
  living,
• 20:30
  There
• 20:30
  are
• 20:30
  places
• 20:30
  where
• 20:30
  I
• 20:31
  think
• 20:31
  retail
• 20:32
  pops.
• 20:32
  We're
• 20:33
  only
• 20:33
  just
• 20:33
  beginning
• 20:34
  to
• 20:34
  see
• 20:34
  and
• 20:34
  I
• 20:34
  think
• 20:35
  understanding
• 20:36
  how
• 20:36
  that
• 20:37
  shifted
• 20:37
  where
• 20:37
  those
• 20:38
  opportunities
• 20:38
  may
• 20:38
  lie
• 20:38
  is
• 20:39
  going
• 20:39
  to
• 20:39
  have
• 20:39
  a
• 20:39
  big
• 20:39
  impact.
• 20:40
  Even
• 20:40
  things
• 20:40
  like
• 20:41
  flagships.
• 20:42
  You
• 20:42
  know,
• 20:42
  again,
• 20:42
  we
• 20:42
  were
• 20:43
  all
• 20:43
  at
• 20:43
  nrs.
• 20:44
  Lots
• 20:44
  of
• 20:44
  people
• 20:44
  will
• 20:44
  talk
• 20:44
  to
• 20:44
  you,
• 20:45
  especially
• 20:45
  these
• 20:45
  digitally
• 20:46
  natives.
• 20:46
  Oh
• 20:46
  yeah,
• 20:46
  we're
• 20:47
  have
• 20:47
  something
• 20:47
  in
• 20:47
  New
• 20:47
  York,
• 20:47
  we're
• 20:48
  going
• 20:48
  to
• 20:48
  have
• 20:48
  something
• 20:48
  in
• 20:48
  la,
• 20:48
  right.
• 20:49
  Like,
• 20:49
  but
• 20:50
  have
• 20:50
  you
• 20:50
  thought
• 20:51
  about
• 20:51
  Dallas
• 20:51
  and
• 20:51
  Austin?
• 20:52
  What
• 20:52
  about
• 20:52
  Miami
• 20:53
  and
• 20:53
  even
• 20:53
  places
• 20:54
  like
• 20:54
  Tampa
• 20:55
  for
• 20:55
  some
• 20:55
  brands,
• 20:55
  is
• 20:56
  it
• 20:56
  Phoenix
• 20:56
  and
• 20:57
  Raleigh,
• 20:57
  North
• 20:57
  Carolina?
• 20:58
  There's
• 20:58
  these
• 20:59
  areas
• 20:59
  that
• 20:59
  are
• 20:59
  popping
• 21:00
  that
• 21:00
  I
• 21:00
  think
• 21:01
  are
• 21:01
  going
• 21:01
  to
• 21:01
  continue
• 21:02
  to
• 21:02
  rise
• 21:02
  in
• 21:02
  terms
• 21:03
  of
• 21:03
  their
• 21:03
  overall
• 21:03
  influence
• 21:04
  and
• 21:04
  potential.
• 21:05
  Yeah,
• 21:05
  there's
• 21:06
  so
• 21:06
  much
• 21:06
  opportunity
• 21:06
  in
• 21:06
  these
• 21:07
  spaces
• 21:07
  too.
• 21:08
  Like,
• 21:08
  I
• 21:08
  think
• 21:08
  that's
• 21:09
  the
• 21:09
  really
• 21:09
  cool
• 21:09
  thing
• 21:10
  for
• 21:10
  those
• 21:10
  listening
• 21:11
  who
• 21:11
  aren't,
• 21:11
  aren't
• 21:11
  watching.
• 21:12
  When
• 21:12
  you
• 21:12
  see
• 21:13
  states
• 21:13
  like
• 21:13
  Ethan's
• 21:14
  talking
• 21:14
  about,
• 21:14
  like
• 21:15
  Arizona,
• 21:15
  where
• 21:15
  we're
• 21:16
  hearing
• 21:16
  tons
• 21:16
  of
• 21:16
  pilots
• 21:17
  happening
• 21:17
  with
• 21:17
  retailers
• 21:18
  in
• 21:18
  the
• 21:18
  Phoenix
• 21:19
  area.
• 21:20
  Texas,
• 21:20
  15.9%
• 21:22
  increase
• 21:23
  here
• 21:23
  in,
• 21:24
  in
• 21:24
  where,
• 21:25
  you
• 21:25
  know,
• 21:25
  where
• 21:26
  retail
• 21:26
  is
• 21:26
  going
• 21:27
  to
• 21:27
  happen,
• 21:27
  24%
• 21:29
  in
• 21:29
  Florida.
• 21:30
  So
• 21:30
  I
• 21:30
  think
• 21:30
  you're
• 21:30
  right,
• 21:31
  Ethan.
• 21:31
  There's
• 21:31
  so
• 21:31
  much
• 21:32
  opportunity
• 21:32
  in
• 21:32
  these
• 21:33
  spaces
• 21:33
  to
• 21:33
  be
• 21:33
  able
• 21:34
  to
• 21:34
  do.
• 21:34
  And
• 21:35
  it's
• 21:35
  why
• 21:35
  we're
• 21:35
  hearing
• 21:36
  more
• 21:36
  tests.
• 21:36
  That's
• 21:36
  why
• 21:37
  we're
• 21:37
  hearing
• 21:37
  more
• 21:37
  tests
• 21:38
  of
• 21:38
  things
• 21:38
  in
• 21:38
  Dallas
• 21:38
  and
• 21:39
  you
• 21:39
  know,
• 21:39
  in
• 21:40
  Arizona
• 21:40
  and
• 21:41
  Florida
• 21:41
  too.
• 21:41
  So
• 21:42
  that,
• 21:42
  that
• 21:42
  all
• 21:43
  aligns
• 21:43
  with
• 21:43
  what
• 21:43
  we're
• 21:43
  seeing
• 21:44
  here
• 21:44
  on
• 21:44
  the.
• 21:46
  Well,
• 21:46
  and
• 21:46
  the
• 21:46
  other
• 21:46
  point
• 21:47
  I
• 21:47
  love
• 21:47
  about
• 21:47
  having
• 21:47
  Ethan
• 21:48
  on
• 21:48
  too
• 21:48
  is
• 21:48
  like,
• 21:49
  particularly
• 21:49
  for
• 21:49
  me,
• 21:49
  like
• 21:50
  in,
• 21:50
  in
• 21:50
  the,
• 21:50
  in
• 21:50
  the,
• 21:50
  in
• 21:51
  the
• 21:51
  writing
• 21:51
  and
• 21:51
  the
• 21:51
  commentary
• 21:52
  that
• 21:52
  we
• 21:52
  do.
• 21:53
  Like,
• 21:53
  I
• 21:54
  actually
• 21:54
  like
• 21:54
  putting
• 21:54
  these
• 21:54
  different
• 21:55
  data
• 21:55
  points
• 21:55
  together
• 21:56
  to
• 21:56
  try
• 21:56
  to
• 21:56
  understand,
• 21:57
  you
• 21:57
  know,
• 21:57
  and
• 21:58
  read
• 21:58
  the
• 21:58
  tea
• 21:58
  leaves
• 21:59
  about
• 21:59
  where
• 21:59
  retail's
• 22:00
  headed.
• 22:00
  So
• 22:00
  I
• 22:00
  go
• 22:01
  back
• 22:01
  to
• 22:01
  what
• 22:01
  you
• 22:01
  showed
• 22:01
  on
• 22:02
  the
• 22:02
  last
• 22:02
  slide
• 22:02
  with
• 22:02
  Macy's
• 22:03
  and
• 22:03
  then
• 22:04
  I
• 22:04
  look
• 22:04
  at
• 22:04
  this
• 22:04
  and
• 22:04
  I
• 22:05
  go,
• 22:05
  wow.
• 22:05
  Macy's
• 22:06
  has
• 22:06
  been
• 22:06
  very
• 22:07
  deliberate
• 22:07
  in
• 22:08
  trying
• 22:08
  to
• 22:08
  capitalize
• 22:09
  on
• 22:09
  this
• 22:10
  pattern
• 22:11
  or
• 22:11
  trend,
• 22:11
  particularly
• 22:12
  by
• 22:12
  doing
• 22:12
  a
• 22:13
  lot
• 22:13
  of
• 22:13
  their
• 22:13
  testing
• 22:14
  of
• 22:14
  their
• 22:14
  smaller
• 22:14
  format
• 22:14
  stores
• 22:15
  in,
• 22:15
  in
• 22:16
  the
• 22:16
  Texas
• 22:16
  area
• 22:17
  and
• 22:17
  then
• 22:18
  subsequently
• 22:18
  shuttering
• 22:19
  those
• 22:19
  and
• 22:19
  not
• 22:20
  being
• 22:20
  able
• 22:20
  to
• 22:20
  make
• 22:20
  them
• 22:20
  successful
• 22:21
  despite
• 22:22
  the
• 22:22
  macroeconomic
• 22:23
  tailwinds
• 22:24
  at
• 22:24
  their
• 22:24
  back.
• 22:24
  When
• 22:25
  you
• 22:25
  look
• 22:25
  at
• 22:25
  this
• 22:25
  slide
• 22:26
  that
• 22:26
  Ethan's
• 22:26
  showing
• 22:26
  us,
• 22:27
  so,
• 22:27
  so
• 22:28
  there's,
• 22:28
  there's,
• 22:28
  there's
• 22:29
  a,
• 22:29
  there's
• 22:30
  a
• 22:30
  lot
• 22:30
  here
• 22:30
  to
• 22:30
  unravel
• 22:31
  or
• 22:31
  at
• 22:31
  least
• 22:31
  a
• 22:31
  lot
• 22:32
  of
• 22:32
  things
• 22:32
  that
• 22:32
  make
• 22:32
  me
• 22:33
  stop
• 22:33
  and
• 22:33
  go,
• 22:33
  huh,
• 22:34
  I
• 22:35
  didn't
• 22:35
  thought
• 22:35
  about
• 22:35
  it
• 22:36
  that
• 22:36
  way
• 22:36
  before.
• 22:36
  And
• 22:37
  so
• 22:37
  I,
• 22:37
  that's
• 22:38
  why
• 22:38
  I
• 22:38
  love
• 22:38
  having
• 22:38
  Ethan
• 22:39
  on.
• 22:39
  No,
• 22:40
  I
• 22:40
  think
• 22:40
  this
• 22:40
  is
• 22:40
  like
• 22:40
  a
• 22:40
  surface
• 22:41
  level
• 22:41
  metric
• 22:42
  too.
• 22:42
  I
• 22:42
  think
• 22:42
  it's
• 22:43
  super
• 22:43
  like
• 22:43
  it
• 22:43
  pops.
• 22:44
  But
• 22:45
  even
• 22:45
  that
• 22:45
  question
• 22:45
  of
• 22:46
  like
• 22:46
  all
• 22:46
  right,
• 22:47
  Florida
• 22:48
  is
• 22:48
  clearly
• 22:48
  a
• 22:48
  place
• 22:48
  of
• 22:49
  excitement.
• 22:49
  Is
• 22:50
  it
• 22:50
  exciting?
• 22:50
  For
• 22:51
  me,
• 22:51
  like,
• 22:51
  even
• 22:51
  that
• 22:52
  question
• 22:52
  that
• 22:52
  we
• 22:52
  were
• 22:52
  asking
• 22:52
  before,
• 22:53
  we
• 22:53
  were
• 22:53
  talking
• 22:53
  to
• 22:53
  a
• 22:53
  brand,
• 22:54
  I
• 22:54
  mean,
• 22:54
  literally
• 22:54
  at
• 22:55
  nrf,
• 22:55
  and
• 22:56
  they
• 22:56
  had
• 22:56
  tried
• 22:56
  locations
• 22:57
  that
• 22:57
  hadn't
• 22:57
  worked.
• 22:58
  They
• 22:58
  shut
• 22:58
  them
• 22:58
  down.
• 22:58
  And
• 22:58
  the
• 22:59
  way
• 22:59
  they
• 22:59
  had
• 22:59
  tried
• 22:59
  locations
• 23:00
  was
• 23:00
  on
• 23:00
  the
• 23:01
  coasts.
• 23:01
  And
• 23:02
  what
• 23:02
  they
• 23:02
  found,
• 23:02
  what
• 23:03
  they
• 23:03
  said
• 23:03
  was,
• 23:04
  our
• 23:04
  most
• 23:04
  of
• 23:04
  our
• 23:05
  audience
• 23:05
  is
• 23:05
  actually
• 23:06
  a
• 23:06
  certain
• 23:06
  kind
• 23:07
  of
• 23:07
  income
• 23:07
  class
• 23:08
  within
• 23:08
  a
• 23:08
  certain
• 23:08
  type
• 23:09
  of
• 23:09
  individual
• 23:09
  that
• 23:09
  lives
• 23:10
  in
• 23:10
  the
• 23:10
  Midwest.
• 23:11
  Well,
• 23:11
  I
• 23:11
  said,
• 23:11
  then
• 23:11
  why
• 23:12
  did
• 23:12
  you
• 23:12
  open
• 23:12
  up
• 23:13
  your
• 23:13
  locations
• 23:14
  on
• 23:14
  the
• 23:14
  coast?
• 23:15
  You
• 23:15
  know,
• 23:15
  there
• 23:16
  are
• 23:16
  places
• 23:16
  to
• 23:16
  go
• 23:16
  where
• 23:17
  your
• 23:17
  audience
• 23:17
  might
• 23:18
  be
• 23:18
  more
• 23:19
  focused
• 23:19
  or
• 23:19
  more.
• 23:20
  More
• 23:20
  saturated,
• 23:21
  and
• 23:21
  orienting
• 23:22
  yourself
• 23:22
  towards
• 23:23
  that
• 23:23
  audience
• 23:23
  is
• 23:23
  where
• 23:24
  you
• 23:24
  want
• 23:24
  to
• 23:24
  be.
• 23:24
  So
• 23:24
  I
• 23:24
  think
• 23:25
  there's
• 23:26
  always
• 23:26
  that
• 23:26
  level,
• 23:26
  deeper
• 23:27
  task.
• 23:27
  Okay,
• 23:28
  people
• 23:28
  have
• 23:28
  gone
• 23:28
  there,
• 23:28
  but
• 23:29
  is
• 23:29
  it
• 23:29
  the
• 23:29
  right
• 23:29
  people
• 23:29
  for
• 23:29
  me
• 23:30
  and
• 23:30
  the
• 23:30
  places
• 23:30
  that
• 23:30
  people
• 23:31
  have
• 23:31
  left?
• 23:31
  Does
• 23:31
  that
• 23:31
  mean
• 23:31
  some
• 23:32
  of
• 23:32
  my
• 23:32
  competitors
• 23:32
  have
• 23:33
  moved
• 23:33
  who
• 23:33
  may
• 23:33
  be
• 23:33
  better
• 23:33
  oriented
• 23:34
  for
• 23:34
  that
• 23:34
  space?
• 23:34
  And
• 23:34
  now
• 23:35
  I
• 23:35
  have
• 23:35
  an
• 23:35
  opportunity
• 23:36
  in
• 23:36
  the
• 23:36
  place
• 23:36
  I
• 23:36
  was
• 23:36
  already
• 23:37
  operating
• 23:37
  if
• 23:37
  I
• 23:37
  know
• 23:38
  how
• 23:38
  to
• 23:38
  take
• 23:38
  advantage
• 23:38
  of
• 23:38
  that
• 23:39
  market.
• 23:40
  Right,
• 23:40
  right.
• 23:40
  And
• 23:41
  like
• 23:41
  we
• 23:41
  always
• 23:41
  say,
• 23:41
  for
• 23:41
  every
• 23:41
  trend,
• 23:42
  there's
• 23:42
  a
• 23:42
  counter
• 23:42
  trend
• 23:43
  too,
• 23:43
  particularly
• 23:44
  when
• 23:44
  you
• 23:44
  start
• 23:44
  thinking
• 23:44
  about
• 23:45
  the
• 23:45
  regional
• 23:45
  plays
• 23:45
  here
• 23:45
  as
• 23:46
  well.
• 23:48
  All
• 23:48
  right,
• 23:49
  Ethan,
• 23:49
  you
• 23:49
  always
• 23:49
  surprise
• 23:50
  us
• 23:50
  with
• 23:50
  something
• 23:51
  at
• 23:51
  the
• 23:51
  end.
• 23:51
  You
• 23:51
  have
• 23:52
  anything
• 23:52
  for
• 23:52
  us
• 23:52
  today?
• 23:53
  I
• 23:53
  have.
• 23:54
  I
• 23:54
  have
• 23:55
  something
• 23:55
  for
• 23:55
  you.
• 23:56
  You
• 23:56
  do?
• 23:57
  Our
• 23:57
  brands
• 23:57
  to
• 23:58
  watch
• 23:58
  are.
• 23:59
  I'm
• 24:00
  very
• 24:00
  excited
• 24:00
  about.
• 24:01
  And
• 24:01
  this
• 24:01
  is.
• 24:01
  This
• 24:02
  is
• 24:02
  from
• 24:02
  our.
• 24:02
  Our
• 24:03
  10
• 24:03
  Brands
• 24:04
  to
• 24:04
  Watch
• 24:04
  in
• 24:04
  2020,
• 24:05
  25
• 24:06
  report
• 24:07
  that
• 24:07
  we
• 24:07
  do
• 24:07
  every
• 24:08
  year.
• 24:08
  We've
• 24:08
  included
• 24:08
  some
• 24:09
  because
• 24:09
  we
• 24:09
  don't
• 24:09
  have
• 24:09
  to
• 24:09
  follow
• 24:09
  all
• 24:09
  the
• 24:10
  rules
• 24:10
  here
• 24:10
  in
• 24:10
  our
• 24:10
  report
• 24:10
  where
• 24:11
  you're
• 24:11
  not
• 24:11
  allowed
• 24:11
  to
• 24:11
  be
• 24:11
  on
• 24:11
  the.
• 24:11
  On
• 24:12
  it
• 24:12
  two
• 24:12
  years
• 24:12
  in
• 24:12
  a
• 24:13
  row.
• 24:13
  And
• 24:13
  this
• 24:13
  one
• 24:13
  I
• 24:14
  included
• 24:14
  on
• 24:15
  it
• 24:15
  last
• 24:15
  year
• 24:16
  because,
• 24:16
  you
• 24:16
  know,
• 24:16
  rules
• 24:17
  are
• 24:17
  for
• 24:17
  other
• 24:17
  people,
• 24:17
  not
• 24:17
  for
• 24:18
  me.
• 24:19
  But
• 24:20
  our
• 24:20
  first
• 24:20
  one.
• 24:21
  Yes.
• 24:21
  Is.
• 24:22
  Is
• 24:22
  Sam's
• 24:23
  Club.
• 24:23
  Okay.
• 24:24
  And
• 24:24
  Sam's
• 24:25
  Club,
• 24:25
  for
• 24:25
  a
• 24:25
  very
• 24:25
  specific
• 24:26
  reason.
• 24:26
  I
• 24:27
  think
• 24:27
  they
• 24:27
  obviously
• 24:28
  nail
• 24:28
  value,
• 24:28
  they
• 24:29
  obviously
• 24:29
  nail
• 24:29
  loyalty
• 24:30
  with
• 24:30
  their
• 24:30
  business
• 24:30
  model.
• 24:31
  But
• 24:31
  I
• 24:31
  think
• 24:31
  one
• 24:31
  of
• 24:31
  the
• 24:32
  things
• 24:32
  we're
• 24:32
  really
• 24:32
  excited
• 24:32
  about
• 24:33
  is
• 24:33
  the
• 24:33
  idea
• 24:33
  of
• 24:34
  audiences
• 24:35
  shifting
• 24:35
  into
• 24:35
  relevance
• 24:36
  for
• 24:36
  certain
• 24:37
  retailers
• 24:38
  and
• 24:38
  its
• 24:39
  context,
• 24:40
  not
• 24:40
  necessarily
• 24:41
  some
• 24:41
  decline
• 24:41
  in
• 24:41
  terms
• 24:42
  of
• 24:42
  their
• 24:42
  power
• 24:42
  or
• 24:42
  potential.
• 24:43
  So
• 24:43
  what
• 24:43
  do
• 24:43
  I
• 24:44
  mean
• 24:44
  by
• 24:44
  this?
• 24:45
  I
• 24:46
  don't
• 24:46
  know.
• 24:46
  30
• 24:47
  somethings
• 24:48
  older,
• 24:48
  millennials
• 24:49
  living
• 24:49
  in
• 24:49
  the
• 24:50
  city.
• 24:51
  Is
• 24:51
  Sam's
• 24:51
  Club
• 24:52
  a
• 24:52
  great
• 24:52
  fit
• 24:52
  for
• 24:52
  them?
• 24:53
  No.
• 24:53
  Would
• 24:53
  a
• 24:54
  30
• 24:54
  something
• 24:55
  10
• 24:55
  years
• 24:56
  prior
• 24:56
  have
• 24:56
  already
• 24:56
  moved
• 24:56
  to
• 24:57
  the
• 24:57
  suburbs?
• 24:57
  Maybe.
• 24:58
  As
• 24:59
  this
• 24:59
  audience
• 25:00
  now
• 25:00
  shifts
• 25:00
  into
• 25:00
  the
• 25:01
  suburban
• 25:01
  environment,
• 25:01
  are
• 25:01
  they
• 25:02
  positioned
• 25:02
  to
• 25:02
  take
• 25:02
  full
• 25:02
  advantage
• 25:03
  of
• 25:03
  all
• 25:04
  of
• 25:04
  the
• 25:04
  benefits
• 25:04
  that
• 25:04
  a
• 25:05
  Sam's
• 25:05
  Club
• 25:05
  has
• 25:05
  to
• 25:06
  bring?
• 25:06
  I
• 25:06
  think
• 25:06
  the
• 25:06
  answer
• 25:06
  Is
• 25:07
  Yes.
• 25:07
  And
• 25:07
  you
• 25:08
  combine
• 25:08
  that
• 25:08
  with
• 25:09
  their
• 25:09
  focus
• 25:09
  on
• 25:09
  innovation
• 25:10
  both
• 25:10
  in
• 25:10
  the
• 25:10
  in
• 25:10
  store,
• 25:11
  in
• 25:11
  terms
• 25:11
  of
• 25:11
  retail
• 25:11
  media,
• 25:12
  all
• 25:12
  these
• 25:12
  other
• 25:12
  things.
• 25:13
  I
• 25:13
  think
• 25:13
  it
• 25:13
  speaks
• 25:14
  to
• 25:14
  a
• 25:14
  brand
• 25:14
  that
• 25:14
  is
• 25:14
  super
• 25:15
  well
• 25:15
  positioned
• 25:15
  to
• 25:15
  have
• 25:16
  a
• 25:16
  lot
• 25:16
  of
• 25:16
  success
• 25:16
  in
• 25:17
  the
• 25:17
  near
• 25:17
  term
• 25:18
  largely
• 25:18
  because
• 25:19
  there
• 25:19
  are
• 25:19
  these
• 25:19
  new
• 25:19
  audiences
• 25:20
  that
• 25:20
  now
• 25:20
  make
• 25:21
  sense
• 25:21
  for
• 25:21
  their
• 25:21
  offering.
• 25:22
  So
• 25:22
  they
• 25:22
  were
• 25:22
  doing
• 25:23
  great
• 25:23
  things
• 25:23
  before
• 25:24
  and
• 25:24
  now
• 25:24
  kind
• 25:25
  of
• 25:25
  the
• 25:25
  stars
• 25:25
  are
• 25:25
  aligning
• 25:26
  for
• 25:26
  that
• 25:27
  great
• 25:27
  those
• 25:27
  great
• 25:28
  things
• 25:28
  to
• 25:28
  bring
• 25:28
  maximum
• 25:29
  benefit.
• 25:31
  Yeah,
• 25:31
  I
• 25:32
  wonder
• 25:33
  Chris
• 25:33
  too
• 25:34
  like
• 25:34
  I
• 25:34
  think
• 25:34
  about
• 25:35
  their
• 25:35
  merging
• 25:35
  with
• 25:36
  Walmart
• 25:36
  plus
• 25:37
  and
• 25:37
  as
• 25:37
  you
• 25:37
  start
• 25:37
  to
• 25:38
  think
• 25:38
  about.
• 25:38
  Down
• 25:38
  the
• 25:39
  road
• 25:39
  if
• 25:39
  they
• 25:40
  do
• 25:40
  that.
• 25:40
  What,
• 25:40
  what?
• 25:41
  Well
• 25:41
  just
• 25:41
  like
• 25:42
  they
• 25:42
  merged
• 25:42
  their
• 25:43
  supply
• 25:43
  chains
• 25:43
  with
• 25:44
  Walmart
• 25:45
  so
• 25:45
  I
• 25:45
  started
• 25:46
  yeah
• 25:46
  with
• 25:46
  Walmart
• 25:47
  but
• 25:47
  I
• 25:47
  think
• 25:47
  with
• 25:47
  the
• 25:47
  Walmart
• 25:48
  plus
• 25:48
  membership,
• 25:48
  if
• 25:49
  you
• 25:49
  start
• 25:49
  to
• 25:49
  think
• 25:49
  about
• 25:50
  too
• 25:50
  Ethan,
• 25:50
  down
• 25:51
  the
• 25:51
  road
• 25:51
  how
• 25:51
  this
• 25:51
  could
• 25:52
  continue
• 25:53
  to
• 25:53
  evolve
• 25:54
  like
• 25:54
  where
• 25:54
  as
• 25:55
  an,
• 25:55
  as
• 25:55
  a
• 25:56
  older
• 25:56
  millennial,
• 25:57
  maybe
• 25:57
  I
• 25:57
  don't
• 25:57
  want
• 25:58
  to
• 25:58
  go
• 25:58
  to
• 25:58
  Sam's
• 25:59
  Club
• 25:59
  to
• 25:59
  get
• 25:59
  to
• 26:00
  fully
• 26:00
  stock
• 26:00
  up
• 26:01
  or
• 26:01
  I'm
• 26:01
  not
• 26:01
  fully
• 26:02
  prepared
• 26:02
  to
• 26:02
  have
• 26:03
  you
• 26:03
  know,
• 26:03
  giant
• 26:04
  things
• 26:04
  of
• 26:05
  toilet
• 26:05
  paper
• 26:05
  and
• 26:06
  whatever
• 26:06
  in
• 26:06
  my
• 26:07
  small,
• 26:07
  small
• 26:08
  living
• 26:08
  space.
• 26:09
  But
• 26:09
  I
• 26:09
  think
• 26:09
  that
• 26:09
  you
• 26:10
  start
• 26:10
  to
• 26:10
  think
• 26:10
  about
• 26:11
  you
• 26:11
  know,
• 26:11
  seeing
• 26:12
  the
• 26:12
  adoption
• 26:12
  that
• 26:13
  Walmart
• 26:13
  has
• 26:13
  had
• 26:14
  with
• 26:14
  especially
• 26:14
  that
• 26:14
  upper
• 26:15
  income
• 26:16
  level
• 26:16
  to
• 26:17
  now
• 26:17
  have
• 26:17
  Sam's
• 26:18
  Club
• 26:18
  to
• 26:19
  kind
• 26:19
  of
• 26:19
  into
• 26:19
  integrated
• 26:20
  or
• 26:20
  kind
• 26:21
  of
• 26:21
  teasing
• 26:21
  them
• 26:22
  a
• 26:22
  little
• 26:22
  bit
• 26:22
  with
• 26:23
  bringing
• 26:23
  in
• 26:23
  Sam's
• 26:24
  that
• 26:24
  that
• 26:25
  does
• 26:25
  offer
• 26:25
  so
• 26:26
  much
• 26:26
  more
• 26:26
  potential
• 26:26
  I
• 26:27
  think
• 26:27
  for
• 26:27
  Sam's
• 26:27
  Club
• 26:28
  too
• 26:28
  down
• 26:28
  the
• 26:28
  road
• 26:29
  just
• 26:29
  as
• 26:30
  they
• 26:30
  gain
• 26:30
  more
• 26:30
  exposure
• 26:31
  through,
• 26:32
  through
• 26:32
  some
• 26:32
  of
• 26:32
  the
• 26:32
  Walmart
• 26:33
  plus
• 26:33
  membership
• 26:33
  perks
• 26:34
  and
• 26:34
  just
• 26:34
  some
• 26:35
  of
• 26:35
  the
• 26:35
  experiences
• 26:36
  that
• 26:36
  those
• 26:36
  shoppers
• 26:36
  are
• 26:36
  having
• 26:37
  at
• 26:37
  Walmart.
• 26:37
  I
• 26:37
  think
• 26:38
  this
• 26:39
  combined
• 26:39
  with
• 26:39
  the
• 26:39
  things
• 26:40
  you're
• 26:40
  talking
• 26:40
  about,
• 26:41
  their
• 26:41
  digital
• 26:42
  investments
• 26:42
  make
• 26:43
  for,
• 26:43
  make
• 26:43
  for
• 26:44
  a
• 26:44
  good
• 26:44
  pick
• 26:44
  here
• 26:45
  with
• 26:45
  Sam's
• 26:45
  Club.
• 26:46
  Yeah,
• 26:47
  I
• 26:47
  mean
• 26:47
  I'm,
• 26:48
  Ann
• 26:48
  and
• 26:48
  I
• 26:48
  are
• 26:48
  all
• 26:48
  in
• 26:49
  on
• 26:49
  this
• 26:49
  slide,
• 26:49
  Ethan.
• 26:50
  I
• 26:50
  mean
• 26:50
  you
• 26:50
  know,
• 26:50
  and
• 26:50
  to
• 26:51
  your
• 26:51
  point
• 26:51
  too,
• 26:51
  I
• 26:51
  mean
• 26:52
  I
• 26:52
  think,
• 26:52
  you
• 26:52
  know
• 26:52
  we've
• 26:53
  long
• 26:53
  wanted
• 26:53
  them
• 26:54
  to
• 26:54
  join
• 26:54
  those
• 26:54
  programs
• 26:55
  together.
• 26:55
  We
• 26:55
  don't
• 26:55
  know
• 26:56
  Will,
• 26:56
  but
• 26:57
  to
• 26:57
  the
• 26:57
  point
• 26:57
  that
• 26:57
  Ethan
• 26:57
  opened
• 26:58
  with,
• 26:58
  you
• 26:58
  know,
• 26:58
  looking
• 26:59
  10
• 26:59
  years
• 26:59
  out,
• 27:00
  you
• 27:01
  know
• 27:01
  Walmart's
• 27:01
  the
• 27:01
  best
• 27:02
  at
• 27:02
  doing
• 27:02
  that
• 27:02
  and
• 27:03
  so
• 27:03
  they're
• 27:03
  giving
• 27:03
  themselves
• 27:04
  the
• 27:04
  option
• 27:04
  to
• 27:04
  potentially
• 27:05
  go
• 27:05
  that
• 27:05
  route.
• 27:05
  The
• 27:05
  other
• 27:06
  part
• 27:06
  of
• 27:06
  that
• 27:06
  too,
• 27:06
  like
• 27:06
  going
• 27:07
  back
• 27:07
  to
• 27:07
  the
• 27:07
  fabric
• 27:08
  conversation
• 27:08
  we
• 27:08
  had
• 27:09
  too.
• 27:09
  Walmart
• 27:10
  just
• 27:10
  made
• 27:10
  that
• 27:10
  big
• 27:10
  investment
• 27:11
  in
• 27:11
  symbotic
• 27:12
  or
• 27:13
  hard
• 27:13
  to
• 27:14
  explain
• 27:14
  that
• 27:14
  that,
• 27:15
  that,
• 27:15
  that
• 27:15
  deal.
• 27:15
  But
• 27:16
  yeah,
• 27:16
  but
• 27:16
  anyway
• 27:16
  let's
• 27:17
  just
• 27:17
  say
• 27:17
  there's,
• 27:17
  there's
• 27:17
  a
• 27:17
  nice
• 27:18
  partnership
• 27:18
  developing
• 27:19
  between
• 27:19
  them
• 27:19
  and
• 27:19
  robotics
• 27:20
  and
• 27:21
  trying
• 27:21
  to
• 27:21
  do
• 27:21
  similar
• 27:22
  type
• 27:22
  things
• 27:23
  here
• 27:23
  to
• 27:23
  get
• 27:23
  at
• 27:23
  your
• 27:23
  point
• 27:24
  Ann,
• 27:24
  which
• 27:24
  is
• 27:25
  making,
• 27:26
  making
• 27:26
  their
• 27:27
  reach
• 27:27
  as
• 27:27
  easy
• 27:28
  for
• 27:28
  their
• 27:28
  consumer,
• 27:29
  whether
• 27:29
  it's
• 27:29
  in
• 27:29
  the
• 27:29
  rural
• 27:30
  areas
• 27:30
  or
• 27:30
  in
• 27:31
  the
• 27:31
  cities,
• 27:31
  which
• 27:31
  could
• 27:32
  be
• 27:32
  a
• 27:32
  part
• 27:32
  of
• 27:32
  both
• 27:32
  the
• 27:32
  Sam's
• 27:33
  Club
• 27:33
  and
• 27:33
  the
• 27:33
  Walmart
• 27:34
  strategy
• 27:34
  in
• 27:34
  the
• 27:34
  long
• 27:35
  run.
• 27:35
  So,
• 27:35
  yeah,
• 27:35
  I
• 27:36
  mean,
• 27:36
  I
• 27:36
  think
• 27:37
  net.
• 27:37
  Net.
• 27:38
  I
• 27:38
  think
• 27:38
  we're
• 27:38
  all
• 27:39
  in
• 27:39
  on.
• 27:39
  On
• 27:39
  the
• 27:40
  slide
• 27:40
  you're
• 27:40
  showing
• 27:40
  here,
• 27:40
  Ethan,
• 27:41
  for
• 27:41
  sure.
• 27:41
  Excited
• 27:42
  for
• 27:42
  this
• 27:42
  one,
• 27:42
  too.
• 27:43
  All
• 27:43
  right,
• 27:44
  next
• 27:44
  one
• 27:45
  is
• 27:45
  the
• 27:45
  home
• 27:45
  furnishings
• 27:46
  comeback.
• 27:47
  And
• 27:47
  I
• 27:47
  think
• 27:47
  it's
• 27:48
  going
• 27:48
  to
• 27:48
  be
• 27:48
  led
• 27:49
  by
• 27:49
  Ashley
• 27:50
  and
• 27:50
  Home
• 27:50
  Goods,
• 27:51
  but
• 27:51
  I
• 27:51
  think
• 27:52
  it's
• 27:52
  the
• 27:52
  beginning.
• 27:52
  Oh,
• 27:53
  wow.
• 27:54
  Look
• 27:54
  at
• 27:54
  the
• 27:55
  visits
• 27:55
  for
• 27:56
  Ashley
• 27:56
  Furniture
• 27:56
  and
• 27:56
  Home
• 27:57
  Goods.
• 27:57
  They
• 27:58
  are.
• 27:58
  They
• 27:59
  were
• 27:59
  impressive
• 28:00
  year
• 28:00
  over
• 28:00
  year,
• 28:01
  throughout
• 28:01
  the
• 28:01
  year,
• 28:01
  like
• 28:02
  really
• 28:02
  growing
• 28:02
  back.
• 28:03
  And
• 28:03
  what's
• 28:03
  interesting
• 28:04
  is
• 28:05
  I
• 28:05
  think
• 28:05
  it's
• 28:05
  the
• 28:06
  first
• 28:06
  indication
• 28:07
  because
• 28:07
  these
• 28:07
  are
• 28:07
  the
• 28:07
  ones
• 28:08
  that
• 28:08
  really
• 28:08
  embrace
• 28:09
  either
• 28:09
  naturally
• 28:10
  or
• 28:10
  because
• 28:10
  of
• 28:10
  a
• 28:10
  concerted
• 28:11
  effort,
• 28:12
  value
• 28:13
  price,
• 28:14
  you
• 28:14
  know,
• 28:14
  price
• 28:14
  being
• 28:15
  a
• 28:15
  major
• 28:15
  priority.
• 28:16
  And
• 28:17
  so
• 28:17
  when
• 28:17
  you
• 28:17
  see
• 28:17
  that
• 28:17
  kind
• 28:18
  of
• 28:18
  trigger
• 28:18
  back,
• 28:19
  it
• 28:19
  does
• 28:19
  give
• 28:20
  you
• 28:20
  this
• 28:20
  indication
• 28:20
  that
• 28:21
  this
• 28:22
  space
• 28:22
  is
• 28:23
  very
• 28:23
  much
• 28:23
  poised
• 28:24
  for
• 28:24
  a
• 28:24
  very
• 28:24
  significant
• 28:25
  comeback.
• 28:25
  Again,
• 28:25
  I
• 28:26
  think
• 28:26
  it's
• 28:26
  going
• 28:26
  to
• 28:26
  be
• 28:26
  led
• 28:26
  by
• 28:27
  Ashley
• 28:27
  and
• 28:27
  HomeGoods
• 28:27
  in
• 28:28
  the
• 28:28
  next
• 28:28
  year,
• 28:28
  but
• 28:29
  there
• 28:29
  is
• 28:29
  big
• 28:30
  potential
• 28:30
  for
• 28:30
  the
• 28:30
  wider
• 28:31
  space
• 28:31
  in
• 28:31
  2025.
• 28:33
  Wow,
• 28:34
  Ash.
• 28:35
  Ashley,
• 28:35
  getting
• 28:35
  a
• 28:35
  shout
• 28:36
  out
• 28:36
  from
• 28:36
  Ethan.
• 28:36
  I
• 28:37
  mean,
• 28:37
  homegoods,
• 28:37
  I'm
• 28:37
  all
• 28:38
  in
• 28:38
  on
• 28:38
  that.
• 28:38
  But.
• 28:38
  But
• 28:39
  Ashley,
• 28:39
  like
• 28:39
  the
• 28:40
  one
• 28:40
  furniture
• 28:40
  store
• 28:41
  brand
• 28:41
  that
• 28:41
  you
• 28:41
  can
• 28:42
  actually
• 28:42
  name
• 28:43
  that
• 28:43
  still
• 28:44
  exists
• 28:44
  is
• 28:45
  getting
• 28:45
  you
• 28:45
  singled
• 28:46
  out
• 28:46
  for
• 28:46
  you,
• 28:46
  from
• 28:47
  you
• 28:47
  as
• 28:47
  the
• 28:47
  retail
• 28:48
  to
• 28:48
  watch.
• 28:48
  That's.
• 28:49
  That's
• 28:49
  fascinating.
• 28:50
  That's
• 28:50
  a
• 28:50
  big
• 28:50
  surprise
• 28:51
  for
• 28:51
  me,
• 28:51
  Ethan.
• 28:52
  Yeah,
• 28:52
  you
• 28:52
  have
• 28:52
  to.
• 28:52
  I
• 28:53
  mean,
• 28:53
  HomeGoods
• 28:53
  is
• 28:53
  always
• 28:53
  there,
• 28:54
  so
• 28:54
  you
• 28:54
  have
• 28:54
  to
• 28:54
  go
• 28:54
  with
• 28:54
  the
• 28:55
  other
• 28:55
  one
• 28:55
  too.
• 28:56
  But
• 28:56
  I
• 28:56
  think
• 28:56
  they've
• 28:56
  also
• 28:56
  done
• 28:57
  just
• 28:57
  a
• 28:57
  really
• 28:57
  brilliant
• 28:57
  job
• 28:58
  of
• 28:58
  positioning
• 28:58
  themselves.
• 28:59
  But
• 28:59
  then
• 29:00
  I've
• 29:00
  got
• 29:00
  one
• 29:00
  last
• 29:01
  one,
• 29:01
  guys.
• 29:02
  Okay,
• 29:02
  wait,
• 29:02
  before
• 29:03
  you
• 29:03
  move
• 29:03
  on,
• 29:03
  do
• 29:03
  you
• 29:03
  think.
• 29:04
  So
• 29:04
  I
• 29:04
  have
• 29:04
  a
• 29:04
  question
• 29:05
  about
• 29:05
  this.
• 29:05
  Do
• 29:05
  you
• 29:05
  think
• 29:05
  this
• 29:05
  will
• 29:06
  translate
• 29:06
  to,
• 29:06
  like,
• 29:07
  the
• 29:07
  home
• 29:07
  furnishings
• 29:08
  business
• 29:08
  for
• 29:09
  the
• 29:09
  mass
• 29:09
  merchants,
• 29:10
  like
• 29:10
  the
• 29:10
  targets,
• 29:11
  the
• 29:11
  Walmarts,
• 29:11
  who
• 29:12
  are
• 29:12
  also
• 29:12
  big
• 29:12
  in
• 29:13
  this
• 29:13
  exact
• 29:13
  same
• 29:14
  space,
• 29:14
  particularly
• 29:14
  against
• 29:15
  Home
• 29:15
  Goods
• 29:15
  and.
• 29:16
  Ikea
• 29:16
  and
• 29:16
  Wayfair,
• 29:17
  like,
• 29:17
  how
• 29:17
  did
• 29:17
  they
• 29:17
  factor
• 29:18
  in
• 29:18
  ikea?
• 29:18
  Yeah,
• 29:19
  yeah.
• 29:19
  I
• 29:19
  actually
• 29:20
  think
• 29:20
  Ikea's.
• 29:21
  I'm
• 29:22
  pretty
• 29:22
  bullish
• 29:22
  on
• 29:22
  what
• 29:23
  IKEA
• 29:23
  can
• 29:23
  do.
• 29:23
  I
• 29:23
  think
• 29:24
  it's
• 29:24
  understanding
• 29:25
  where
• 29:25
  they
• 29:25
  have
• 29:26
  to
• 29:26
  do
• 29:26
  it
• 29:26
  and
• 29:26
  they're
• 29:26
  kind
• 29:26
  of
• 29:27
  the
• 29:27
  very
• 29:27
  unique
• 29:27
  limitations
• 29:28
  that
• 29:28
  they.
• 29:28
  They
• 29:29
  face
• 29:29
  from
• 29:29
  like
• 29:29
  a
• 29:30
  real
• 29:30
  estate
• 29:30
  perspective
• 29:31
  and
• 29:31
  because
• 29:31
  of
• 29:31
  the
• 29:31
  shopping
• 29:32
  journey
• 29:32
  they
• 29:32
  expect
• 29:33
  you
• 29:33
  to
• 29:33
  go
• 29:33
  on.
• 29:33
  There
• 29:34
  are
• 29:34
  certain
• 29:34
  places
• 29:34
  where
• 29:34
  it
• 29:35
  fits
• 29:35
  really,
• 29:35
  really
• 29:35
  well.
• 29:36
  And
• 29:36
  there
• 29:36
  are
• 29:36
  certain
• 29:37
  places
• 29:37
  where
• 29:37
  it's,
• 29:37
  I
• 29:37
  think,
• 29:38
  less
• 29:38
  of
• 29:38
  a
• 29:38
  fit.
• 29:39
  And
• 29:39
  so
• 29:39
  understanding
• 29:40
  that
• 29:40
  gap
• 29:40
  is
• 29:41
  going
• 29:41
  to
• 29:41
  be
• 29:41
  really
• 29:41
  significant
• 29:41
  for
• 29:42
  them.
• 29:42
  Okay.
• 29:43
  Wow.
• 29:44
  The
• 29:44
  wayfare
• 29:44
  question
• 29:44
  is
• 29:45
  really
• 29:45
  interesting
• 29:45
  too
• 29:45
  though.
• 29:45
  And
• 29:46
  because
• 29:46
  like
• 29:46
  their
• 29:47
  CEO
• 29:47
  just
• 29:47
  came
• 29:47
  out
• 29:47
  and
• 29:47
  said
• 29:47
  they're
• 29:48
  going
• 29:48
  to
• 29:48
  invest
• 29:48
  more
• 29:48
  in
• 29:48
  stores.
• 29:49
  That's
• 29:49
  why
• 29:49
  they
• 29:49
  shut
• 29:49
  down
• 29:49
  their
• 29:50
  German
• 29:50
  operations.
• 29:51
  So
• 29:51
  he
• 29:51
  could
• 29:51
  be
• 29:51
  hitting
• 29:51
  the
• 29:52
  trend
• 29:52
  here
• 29:53
  at
• 29:53
  the
• 29:53
  right
• 29:53
  time
• 29:53
  to
• 29:54
  start
• 29:54
  building
• 29:54
  out
• 29:54
  more
• 29:54
  stores
• 29:55
  too.
• 29:55
  Right.
• 29:56
  Showing
• 29:57
  here.
• 29:58
  Yeah.
• 29:58
  They
• 29:58
  certainly
• 29:59
  fit
• 29:59
  into
• 29:59
  that
• 30:00
  between
• 30:00
  Road
• 30:01
  of
• 30:01
  Home
• 30:01
  Goods
• 30:01
  and
• 30:02
  Ashley
• 30:02
  from
• 30:03
  Price
• 30:03
  point.
• 30:04
  Yeah.
• 30:04
  Perspective.
• 30:05
  So
• 30:05
  that
• 30:05
  makes,
• 30:06
  that
• 30:06
  makes
• 30:06
  a
• 30:06
  lot
• 30:07
  of
• 30:07
  sense.
• 30:08
  All
• 30:08
  right,
• 30:08
  Ethan,
• 30:09
  last
• 30:10
  one.
• 30:11
  Focused
• 30:12
  grocery
• 30:13
  now.
• 30:14
  100%.
• 30:15
  100%.
• 30:15
  100%.
• 30:16
  We're
• 30:17
  all
• 30:17
  about
• 30:17
  Trader
• 30:18
  Joe's
• 30:18
  and
• 30:18
  Sprouts,
• 30:19
  but
• 30:19
  I
• 30:19
  would
• 30:19
  even
• 30:19
  included
• 30:20
  things
• 30:20
  like
• 30:20
  H
• 30:20
  Mart,
• 30:21
  ethnic
• 30:21
  grocery
• 30:22
  here.
• 30:23
  One
• 30:23
  of
• 30:23
  the
• 30:23
  things
• 30:23
  we've
• 30:23
  been
• 30:23
  seeing
• 30:24
  a
• 30:24
  lot
• 30:24
  more
• 30:24
  is
• 30:24
  a
• 30:24
  widening
• 30:25
  of
• 30:25
  the
• 30:25
  audience
• 30:25
  that
• 30:26
  go
• 30:26
  to
• 30:26
  like
• 30:26
  specialty
• 30:27
  groceries.
• 30:28
  So
• 30:28
  you
• 30:28
  know
• 30:28
  you
• 30:28
  would
• 30:28
  have
• 30:29
  like
• 30:29
  kind
• 30:29
  of
• 30:29
  Asian
• 30:30
  oriented
• 30:30
  chains
• 30:30
  like
• 30:31
  an
• 30:31
  H
• 30:31
  Mart.
• 30:32
  That
• 30:32
  audience
• 30:32
  is
• 30:33
  growing
• 30:33
  and
• 30:33
  it's
• 30:33
  expanding
• 30:34
  and
• 30:34
  it's
• 30:34
  showing
• 30:34
  the
• 30:35
  excitement
• 30:35
  around
• 30:35
  different
• 30:35
  types
• 30:36
  of
• 30:36
  food,
• 30:36
  widening
• 30:37
  palates
• 30:37
  nationwide
• 30:38
  and
• 30:38
  the
• 30:38
  opportunity
• 30:39
  that
• 30:39
  exists
• 30:39
  for
• 30:40
  people
• 30:40
  who
• 30:40
  can
• 30:40
  drive
• 30:41
  those
• 30:41
  visits.
• 30:41
  Especially
• 30:42
  when
• 30:42
  we've
• 30:43
  seen
• 30:43
  consumers
• 30:43
  more
• 30:44
  willing
• 30:44
  to
• 30:44
  make
• 30:45
  more
• 30:45
  locations,
• 30:46
  more
• 30:46
  visits
• 30:47
  a
• 30:47
  part
• 30:47
  of
• 30:47
  their
• 30:47
  kind
• 30:48
  of
• 30:48
  monthly
• 30:48
  grocery
• 30:49
  mix.
• 30:49
  So
• 30:49
  whether
• 30:50
  that's
• 30:50
  more
• 30:50
  stores,
• 30:52
  more,
• 30:52
  more,
• 30:53
  more
• 30:53
  visits
• 30:54
  overall,
• 30:54
  all
• 30:55
  of
• 30:55
  these
• 30:55
  things
• 30:56
  benefit
• 30:56
  those
• 30:56
  that
• 30:56
  have
• 30:57
  something
• 30:57
  very
• 30:57
  special
• 30:58
  to
• 30:58
  bring
• 30:58
  to
• 30:58
  the
• 30:58
  table.
• 30:59
  And
• 30:59
  it's
• 30:59
  all
• 30:59
  this
• 30:59
  orientation
• 31:00
  of
• 31:00
  like
• 31:01
  unique
• 31:01
  selling
• 31:01
  point,
• 31:02
  like
• 31:02
  what
• 31:02
  do
• 31:03
  I
• 31:03
  have
• 31:03
  to
• 31:03
  bring
• 31:03
  to
• 31:03
  the
• 31:04
  grocery
• 31:04
  mix
• 31:05
  that
• 31:05
  is
• 31:05
  extra
• 31:05
  valuable
• 31:06
  that's
• 31:06
  going
• 31:06
  to
• 31:06
  drive
• 31:06
  this
• 31:07
  visit.
• 31:07
  And
• 31:07
  the
• 31:07
  fascinating
• 31:08
  thing
• 31:08
  here
• 31:09
  is
• 31:10
  there's
• 31:10
  going
• 31:10
  to
• 31:10
  be
• 31:10
  a
• 31:10
  battle
• 31:11
  between
• 31:11
  those
• 31:11
  all
• 31:11
  in
• 31:12
  ones
• 31:12
  trying
• 31:12
  to
• 31:13
  regain
• 31:14
  more
• 31:14
  of
• 31:14
  that
• 31:14
  shopping
• 31:15
  list
• 31:15
  and
• 31:16
  chains
• 31:16
  like
• 31:16
  this
• 31:16
  who
• 31:16
  have
• 31:17
  a
• 31:17
  very
• 31:17
  clear
• 31:17
  area
• 31:18
  where
• 31:18
  they
• 31:18
  are
• 31:18
  awesome
• 31:19
  but
• 31:19
  don't.
• 31:19
  Can't
• 31:19
  necessarily
• 31:20
  compete
• 31:20
  on
• 31:20
  the
• 31:20
  wider
• 31:21
  breadth
• 31:21
  of
• 31:21
  options
• 31:22
  and
• 31:23
  what
• 31:23
  wins
• 31:23
  out
• 31:23
  for
• 31:24
  consumers
• 31:24
  in
• 31:24
  different
• 31:24
  areas,
• 31:25
  which
• 31:25
  chains
• 31:25
  are
• 31:25
  able
• 31:26
  to
• 31:26
  leverage
• 31:26
  their
• 31:27
  strengths
• 31:27
  to
• 31:27
  dominate
• 31:28
  more
• 31:28
  of
• 31:28
  that
• 31:28
  space.
• 31:29
  Wow.
• 31:30
  Yeah.
• 31:30
  Which
• 31:31
  is
• 31:31
  something
• 31:31
  that's
• 31:31
  really
• 31:31
  interesting
• 31:31
  because
• 31:32
  we've
• 31:32
  heard
• 31:32
  from
• 31:32
  Sprouts
• 31:33
  leadership
• 31:33
  explicitly
• 31:34
  that
• 31:35
  that's
• 31:35
  their
• 31:35
  strategy.
• 31:36
  They,
• 31:36
  they
• 31:36
  just
• 31:37
  know
• 31:37
  they're
• 31:37
  going
• 31:37
  to
• 31:37
  be
• 31:38
  the,
• 31:38
  the
• 31:38
  extra
• 31:39
  stop
• 31:39
  in
• 31:39
  the
• 31:40
  shopping
• 31:40
  center
• 31:41
  that
• 31:41
  captures
• 31:42
  their
• 31:42
  customer
• 31:43
  and,
• 31:44
  and
• 31:44
  they
• 31:44
  draw
• 31:44
  them
• 31:45
  in
• 31:45
  with
• 31:45
  great
• 31:45
  products
• 31:45
  you
• 31:46
  can't
• 31:46
  find
• 31:46
  anywhere
• 31:46
  else
• 31:47
  or
• 31:47
  a
• 31:47
  great
• 31:47
  experience
• 31:48
  that
• 31:48
  you
• 31:48
  can't
• 31:48
  get
• 31:48
  anywhere
• 31:49
  else.
• 31:49
  So,
• 31:50
  so,
• 31:50
  yeah,
• 31:50
  and
• 31:50
  so
• 31:51
  basically
• 31:51
  so
• 31:51
  if
• 31:51
  I,
• 31:52
  so
• 31:52
  if
• 31:53
  I
• 31:53
  go
• 31:53
  back
• 31:53
  then,
• 31:53
  Ethan,
• 31:54
  to
• 31:54
  some
• 31:54
  of
• 31:54
  the
• 31:54
  last
• 31:55
  few
• 31:55
  times
• 31:55
  we've
• 31:55
  had
• 31:55
  you
• 31:56
  on.
• 31:56
  So
• 31:56
  this
• 31:56
  is
• 31:57
  really
• 31:57
  kind
• 31:57
  of
• 31:57
  a,
• 31:58
  this
• 31:58
  is
• 31:58
  a
• 31:58
  trend
• 31:59
  that's
• 31:59
  been
• 31:59
  exacerbated
• 31:59
  by
• 32:00
  us
• 32:00
  coming
• 32:00
  out
• 32:00
  of
• 32:00
  the
• 32:00
  pandemic
• 32:01
  too.
• 32:01
  Right.
• 32:01
  In
• 32:02
  terms
• 32:02
  of
• 32:02
  us
• 32:02
  having
• 32:03
  more
• 32:03
  time
• 32:03
  to
• 32:04
  do
• 32:04
  these
• 32:04
  types
• 32:05
  of
• 32:05
  things.
• 32:06
  What's
• 32:06
  fascinating
• 32:07
  is
• 32:07
  immediately
• 32:08
  post
• 32:09
  Pandemic
• 32:09
  we
• 32:09
  were
• 32:09
  still
• 32:10
  in
• 32:10
  a
• 32:10
  stage
• 32:11
  where
• 32:11
  visit
• 32:11
  durations
• 32:12
  were
• 32:12
  up,
• 32:12
  visits
• 32:13
  were
• 32:13
  over,
• 32:13
  oriented
• 32:13
  towards
• 32:14
  kind
• 32:14
  of
• 32:14
  the
• 32:14
  all
• 32:14
  in
• 32:15
  one
• 32:15
  grocers.
• 32:16
  And
• 32:16
  then
• 32:16
  that
• 32:16
  started
• 32:17
  to
• 32:17
  fade.
• 32:17
  And
• 32:17
  I
• 32:18
  guess
• 32:18
  the
• 32:18
  one
• 32:18
  exception
• 32:18
  to
• 32:18
  that
• 32:19
  rule
• 32:19
  was
• 32:19
  Trader
• 32:19
  Joe's
• 32:19
  has
• 32:20
  been
• 32:20
  incredible
• 32:20
  from
• 32:21
  about
• 32:21
  like
• 32:21
  a
• 32:21
  month
• 32:21
  into
• 32:22
  the
• 32:22
  pandemic
• 32:22
  and
• 32:22
  they
• 32:23
  were
• 32:23
  just
• 32:23
  back.
• 32:23
  Yeah.
• 32:24
  But
• 32:24
  all
• 32:24
  the
• 32:24
  other
• 32:24
  ones
• 32:24
  that
• 32:24
  was
• 32:25
  more
• 32:25
  specialty.
• 32:25
  I
• 32:25
  do
• 32:25
  think
• 32:25
  there
• 32:26
  was
• 32:26
  this.
• 32:26
  They
• 32:27
  took
• 32:27
  a
• 32:27
  little
• 32:27
  bit
• 32:27
  of
• 32:27
  a
• 32:28
  hit
• 32:28
  for
• 32:29
  a
• 32:29
  few
• 32:29
  years
• 32:29
  and
• 32:29
  now
• 32:30
  you've
• 32:30
  seen
• 32:30
  over
• 32:30
  the
• 32:31
  last
• 32:31
  year
• 32:31
  or
• 32:31
  two
• 32:32
  this
• 32:32
  shift
• 32:32
  away
• 32:33
  from
• 32:33
  convenience
• 32:33
  and
• 32:34
  there's
• 32:34
  lots
• 32:34
  of
• 32:34
  reasons
• 32:34
  why
• 32:35
  and
• 32:35
  the
• 32:35
  shift
• 32:36
  towards
• 32:36
  the
• 32:36
  types
• 32:36
  of
• 32:37
  products
• 32:37
  that
• 32:37
  people
• 32:37
  are
• 32:37
  really
• 32:37
  excited
• 32:38
  by
• 32:38
  and
• 32:39
  it's,
• 32:39
  it's.
• 32:40
  I
• 32:40
  think
• 32:40
  value
• 32:40
  is
• 32:40
  a
• 32:41
  piece
• 32:41
  of
• 32:41
  the
• 32:41
  puzzle
• 32:41
  and
• 32:41
  it
• 32:41
  gets
• 32:42
  a
• 32:42
  lot
• 32:42
  of
• 32:42
  the.
• 32:43
  When
• 32:43
  people
• 32:43
  are
• 32:43
  saying
• 32:43
  why
• 32:43
  this
• 32:44
  is
• 32:44
  happening,
• 32:44
  value
• 32:44
  is
• 32:45
  clearly
• 32:45
  a
• 32:45
  part
• 32:45
  of
• 32:45
  it.
• 32:46
  So
• 32:46
  much
• 32:46
  of
• 32:46
  it
• 32:47
  is
• 32:47
  what
• 32:47
  you
• 32:47
  mentioned
• 32:47
  before.
• 32:48
  Products
• 32:48
  that
• 32:48
  I
• 32:48
  can't
• 32:49
  get
• 32:49
  anywhere
• 32:49
  else.
• 32:49
  Products
• 32:49
  that
• 32:50
  I'm
• 32:50
  excited
• 32:50
  about
• 32:51
  that,
• 32:51
  you
• 32:51
  know,
• 32:52
  the
• 32:52
  things
• 32:52
  that
• 32:52
  really
• 32:52
  pop
• 32:53
  in
• 32:53
  terms
• 32:53
  of
• 32:53
  my
• 32:53
  overall
• 32:54
  grocery
• 32:54
  list,
• 32:54
  the
• 32:54
  things
• 32:55
  that
• 32:55
  get
• 32:55
  me
• 32:55
  really
• 32:55
  excited
• 32:56
  as
• 32:56
  a
• 32:56
  consumer.
• 32:57
  Very
• 32:57
  often
• 32:57
  I'm
• 32:57
  getting
• 32:58
  at
• 32:58
  specialty
• 32:59
  grocery
• 32:59
  or
• 32:59
  the
• 32:59
  grocery
• 33:00
  chain
• 33:00
  that
• 33:00
  doesn't
• 33:01
  have
• 33:01
  everything
• 33:01
  I
• 33:01
  need
• 33:02
  but
• 33:02
  has
• 33:02
  the
• 33:02
  things
• 33:02
  I
• 33:02
  really,
• 33:03
  really
• 33:03
  want.
• 33:04
  Yeah.
• 33:04
  Well,
• 33:05
  Nathan,
• 33:05
  I
• 33:05
  think
• 33:05
  it
• 33:06
  brings
• 33:06
  up
• 33:06
  an
• 33:06
  interesting
• 33:07
  point
• 33:07
  too.
• 33:07
  Like
• 33:07
  we're
• 33:08
  seeing
• 33:08
  increased
• 33:08
  foot
• 33:09
  traffic
• 33:09
  in
• 33:09
  places
• 33:09
  like
• 33:10
  Sprouts
• 33:10
  and
• 33:10
  Trader
• 33:10
  Joe's.
• 33:11
  And
• 33:11
  when
• 33:11
  you
• 33:11
  think
• 33:11
  about
• 33:11
  their
• 33:12
  shopping
• 33:12
  experience,
• 33:12
  I
• 33:13
  mean
• 33:13
  it
• 33:13
  is
• 33:13
  more
• 33:13
  of
• 33:14
  like
• 33:14
  a
• 33:14
  surprise
• 33:15
  treasure
• 33:16
  hunt
• 33:16
  kind
• 33:16
  of
• 33:17
  experience
• 33:17
  where
• 33:17
  you
• 33:17
  know,
• 33:18
  going
• 33:18
  in
• 33:19
  is
• 33:19
  the
• 33:19
  way
• 33:19
  that
• 33:20
  you're
• 33:20
  going
• 33:20
  to
• 33:20
  find
• 33:20
  these
• 33:20
  new
• 33:20
  products.
• 33:21
  And
• 33:21
  I
• 33:22
  wonder
• 33:22
  if
• 33:22
  you,
• 33:23
  as
• 33:23
  we
• 33:23
  continue
• 33:23
  to
• 33:23
  see
• 33:24
  Walmart's
• 33:24
  further
• 33:25
  penetration
• 33:25
  and
• 33:26
  grocery
• 33:26
  like
• 33:26
  are
• 33:27
  you
• 33:27
  just
• 33:27
  reordering
• 33:28
  or
• 33:28
  doing
• 33:28
  pickup
• 33:29
  for
• 33:29
  those
• 33:29
  other
• 33:30
  things
• 33:30
  that
• 33:30
  maybe
• 33:30
  you
• 33:31
  don't
• 33:31
  need
• 33:31
  to
• 33:31
  go
• 33:31
  into
• 33:31
  a
• 33:31
  Walmart
• 33:32
  store
• 33:32
  for
• 33:33
  or
• 33:33
  your
• 33:33
  traditional
• 33:34
  grocery
• 33:34
  store,
• 33:34
  but
• 33:35
  you
• 33:35
  are
• 33:35
  going
• 33:35
  into
• 33:36
  Sprouts
• 33:36
  because
• 33:36
  the
• 33:36
  shopping
• 33:37
  experience
• 33:37
  is
• 33:37
  great.
• 33:38
  The
• 33:38
  products
• 33:38
  assortment
• 33:39
  is
• 33:39
  going
• 33:39
  to
• 33:39
  be
• 33:39
  new
• 33:40
  and
• 33:40
  fresh
• 33:40
  every
• 33:41
  time.
• 33:41
  Like
• 33:41
  those
• 33:41
  are
• 33:41
  the
• 33:41
  places
• 33:42
  where
• 33:42
  if
• 33:42
  I'm
• 33:42
  going
• 33:43
  grocery
• 33:43
  shopping,
• 33:43
  I
• 33:44
  do
• 33:44
  want
• 33:44
  to
• 33:44
  spend
• 33:44
  the
• 33:45
  time
• 33:45
  versus,
• 33:45
  you
• 33:46
  know,
• 33:47
  Walmart.
• 33:48
  I've
• 33:48
  got
• 33:48
  my
• 33:48
  groceries
• 33:49
  on
• 33:49
  repeat
• 33:49
  at
• 33:50
  this
• 33:50
  point.
• 33:50
  Like
• 33:50
  they're
• 33:50
  delivered
• 33:51
  to
• 33:51
  my
• 33:51
  house.
• 33:51
  I
• 33:52
  don't
• 33:52
  need
• 33:52
  to
• 33:52
  go
• 33:53
  for
• 33:53
  those
• 33:53
  specialty
• 33:54
  items.
• 33:54
  But
• 33:54
  it's
• 33:55
  still
• 33:55
  worth
• 33:55
  a
• 33:55
  trip
• 33:55
  to
• 33:56
  some
• 33:56
  of
• 33:56
  these
• 33:56
  stores.
• 33:56
  It's
• 33:57
  interesting.
• 33:57
  I
• 33:57
  wonder
• 33:58
  if
• 33:58
  we'll
• 33:58
  continue
• 33:58
  to
• 33:59
  see
• 33:59
  that
• 33:59
  as
• 34:00
  20,
• 34:00
  25
• 34:00
  unfolds
• 34:01
  I
• 34:01
  think.
• 34:01
  You
• 34:01
  absolutely
• 34:02
  nailed
• 34:02
  it.
• 34:02
  This
• 34:03
  is.
• 34:03
  I'll
• 34:03
  go
• 34:03
  back
• 34:04
  to
• 34:04
  a
• 34:04
  conversation
• 34:04
  I
• 34:04
  had
• 34:04
  with
• 34:05
  a
• 34:05
  mutual
• 34:05
  friend
• 34:05
  of
• 34:06
  ours,
• 34:06
  Ben
• 34:07
  Miller
• 34:07
  from
• 34:07
  Shop
• 34:07
  Talk,
• 34:08
  where
• 34:08
  we
• 34:08
  talked
• 34:09
  about
• 34:09
  kind
• 34:09
  of
• 34:09
  the.
• 34:09
  The
• 34:10
  digital
• 34:10
  physical
• 34:11
  loop.
• 34:11
  Yeah.
• 34:12
  You
• 34:12
  go
• 34:13
  into
• 34:13
  a
• 34:13
  store
• 34:13
  and
• 34:14
  there's
• 34:14
  some
• 34:14
  things
• 34:14
  you
• 34:14
  don't
• 34:15
  want
• 34:15
  to
• 34:15
  have
• 34:15
  to
• 34:15
  go
• 34:15
  back
• 34:15
  in
• 34:15
  the
• 34:15
  store
• 34:16
  for,
• 34:16
  like,
• 34:16
  I
• 34:16
  don't
• 34:16
  know,
• 34:16
  toilet
• 34:17
  paper
• 34:17
  or
• 34:17
  paper
• 34:17
  towels.
• 34:18
  I
• 34:18
  love
• 34:19
  Charmin.
• 34:19
  You
• 34:19
  don't
• 34:19
  need
• 34:19
  to
• 34:19
  convince
• 34:20
  me
• 34:20
  otherwise.
• 34:21
  Possible
• 34:22
  package.
• 34:23
  You
• 34:23
  don't
• 34:23
  need
• 34:23
  to
• 34:24
  squeeze
• 34:24
  it.
• 34:24
  Yeah,
• 34:25
  yeah,
• 34:25
  I'm
• 34:26
  there.
• 34:26
  It's
• 34:26
  great.
• 34:27
  You've
• 34:28
  convinced
• 34:28
  me.
• 34:28
  And
• 34:29
  so
• 34:29
  just
• 34:29
  send
• 34:29
  that
• 34:29
  to
• 34:30
  my
• 34:30
  house.
• 34:30
  I
• 34:30
  don't
• 34:30
  need
• 34:30
  to
• 34:30
  go
• 34:30
  shopping
• 34:31
  for
• 34:31
  that.
• 34:31
  But
• 34:31
  then
• 34:31
  there's
• 34:31
  going
• 34:32
  to
• 34:32
  be
• 34:32
  some
• 34:32
  items
• 34:32
  that
• 34:32
  I
• 34:33
  want
• 34:33
  to
• 34:33
  specifically
• 34:34
  pick
• 34:34
  out
• 34:34
  in
• 34:34
  a
• 34:34
  store.
• 34:34
  Or
• 34:34
  I
• 34:35
  went
• 34:35
  to
• 34:35
  Walmart
• 34:35
  to
• 34:35
  get
• 34:35
  something
• 34:36
  else
• 34:36
  and
• 34:36
  I'm
• 34:36
  going
• 34:36
  to
• 34:36
  utilize
• 34:37
  their
• 34:37
  grocery
• 34:37
  as
• 34:37
  a
• 34:37
  part
• 34:37
  of
• 34:38
  it.
• 34:38
  And
• 34:38
  then
• 34:39
  the
• 34:39
  places
• 34:39
  that
• 34:40
  have
• 34:40
  the
• 34:40
  products
• 34:40
  that
• 34:40
  I
• 34:40
  really
• 34:41
  do
• 34:41
  want
• 34:41
  to
• 34:41
  go
• 34:41
  and
• 34:41
  find
• 34:42
  and
• 34:42
  excite
• 34:42
  me.
• 34:43
  I
• 34:43
  think
• 34:43
  that
• 34:43
  that
• 34:44
  kind
• 34:44
  of
• 34:44
  wider
• 34:45
  journey
• 34:45
  is
• 34:45
  about
• 34:46
  to
• 34:46
  change
• 34:46
  in
• 34:46
  a
• 34:46
  really
• 34:46
  significant
• 34:47
  way.
• 34:47
  Even
• 34:47
  the
• 34:47
  way
• 34:47
  you
• 34:48
  talked
• 34:48
  about
• 34:48
  it
• 34:48
  with
• 34:49
  Sam's
• 34:49
  Club
• 34:49
  vis
• 34:49
  a
• 34:50
  vis
• 34:50
  Walmart,
• 34:50
  you
• 34:50
  know,
• 34:51
  I
• 34:51
  think
• 34:51
  that's
• 34:51
  where
• 34:52
  that
• 34:52
  sector
• 34:52
  is
• 34:53
  going.
• 34:54
  Well,
• 34:54
  and
• 34:54
  you
• 34:54
  guys
• 34:55
  are
• 34:55
  hitting
• 34:55
  on
• 34:55
  it,
• 34:55
  too.
• 34:56
  This
• 34:56
  is
• 34:56
  the
• 34:56
  value
• 34:56
  of
• 34:57
  Walmart
• 34:57
  plus
• 34:57
  for
• 34:57
  the
• 34:58
  higher
• 34:58
  income
• 34:58
  graphic
• 34:59
  as
• 34:59
  well.
• 35:00
  You
• 35:00
  know,
• 35:00
  the
• 35:01
  higher
• 35:01
  income
• 35:01
  demographic
• 35:02
  is
• 35:02
  going
• 35:02
  to
• 35:02
  be
• 35:02
  the
• 35:02
  one
• 35:03
  shopping
• 35:03
  at
• 35:03
  Sprouts,
• 35:04
  not
• 35:04
  the
• 35:04
  lower
• 35:04
  income
• 35:04
  demographic
• 35:05
  for
• 35:05
  the
• 35:06
  most
• 35:06
  part,
• 35:06
  I
• 35:06
  would
• 35:07
  assume.
• 35:07
  And
• 35:08
  so
• 35:08
  the
• 35:08
  higher
• 35:08
  income
• 35:09
  demographic
• 35:09
  can
• 35:09
  use
• 35:09
  Walmart
• 35:10
  plus
• 35:10
  to
• 35:10
  put
• 35:10
  everything
• 35:11
  on
• 35:11
  repeat.
• 35:11
  They
• 35:11
  don't
• 35:11
  have
• 35:12
  to
• 35:12
  go
• 35:12
  into
• 35:12
  the
• 35:12
  Walmart
• 35:13
  store
• 35:13
  and
• 35:13
  that
• 35:13
  frees
• 35:13
  up
• 35:14
  their
• 35:14
  time
• 35:15
  to
• 35:15
  then
• 35:15
  go
• 35:15
  to
• 35:15
  Trader
• 35:16
  Joe's
• 35:16
  and
• 35:16
  Sprouts
• 35:17
  and
• 35:17
  all
• 35:17
  that.
• 35:17
  So
• 35:18
  there
• 35:18
  should
• 35:18
  be
• 35:18
  some
• 35:18
  natural
• 35:19
  tailwind,
• 35:19
  you
• 35:20
  know,
• 35:20
  to
• 35:20
  those
• 35:20
  retailers
• 35:21
  as
• 35:21
  well.
• 35:21
  Fascinating.
• 35:24
  And
• 35:24
  with
• 35:24
  that,
• 35:25
  with
• 35:25
  that
• 35:26
  boom,
• 35:28
  that's
• 35:28
  what
• 35:28
  I
• 35:28
  got
• 35:28
  for
• 35:28
  you
• 35:29
  guys.
• 35:30
  Ethan,
• 35:31
  you're
• 35:31
  the
• 35:31
  best.
• 35:32
  I
• 35:32
  love
• 35:32
  your
• 35:32
  boom
• 35:33
  mic
• 35:33
  drop
• 35:33
  for
• 35:33
  yourself.
• 35:34
  We
• 35:34
  really
• 35:34
  appreciate
• 35:35
  it.
• 35:35
  I
• 35:35
  don't
• 35:35
  even
• 35:35
  know
• 35:35
  what
• 35:35
  I
• 35:35
  dropped.
• 35:36
  I
• 35:36
  dropped
• 35:36
  something.
• 35:37
  I
• 35:38
  dropped
• 35:38
  a
• 35:38
  big
• 35:38
  package
• 35:38
  of
• 35:39
  Charmin.
• 35:40
  Yes,
• 35:40
  you
• 35:40
  dropped
• 35:41
  a
• 35:41
  giant
• 35:42
  value
• 35:43
  size
• 35:43
  packages
• 35:43
  Charmin
• 35:44
  on
• 35:44
  all
• 35:44
  of
• 35:44
  our
• 35:44
  audience
• 35:45
  today.
• 35:46
  Ethan,
• 35:46
  thank
• 35:47
  you
• 35:47
  so,
• 35:47
  so
• 35:48
  much
• 35:48
  for
• 35:48
  pulling
• 35:48
  this
• 35:49
  together.
• 35:49
  It's
• 35:49
  always
• 35:49
  so
• 35:50
  fun
• 35:50
  to
• 35:50
  talk
• 35:50
  to
• 35:50
  you.
• 35:51
  If
• 35:51
  people
• 35:52
  want
• 35:52
  to
• 35:52
  dig
• 35:52
  in
• 35:53
  more
• 35:53
  to
• 35:53
  any
• 35:53
  of
• 35:54
  the
• 35:54
  data
• 35:54
  you
• 35:55
  shared
• 35:55
  today,
• 35:55
  they
• 35:56
  want
• 35:56
  to
• 35:56
  talk
• 35:56
  to
• 35:56
  you
• 35:56
  about
• 35:57
  setting
• 35:57
  something
• 35:57
  up
• 35:57
  for
• 35:58
  their
• 35:58
  own
• 35:58
  stores
• 35:59
  or
• 35:59
  brands.
• 35:59
  What's
• 36:00
  the
• 36:00
  best
• 36:00
  way
• 36:00
  for
• 36:00
  them
• 36:00
  to
• 36:01
  get
• 36:01
  in
• 36:01
  touch
• 36:01
  with
• 36:01
  you?
• 36:02
  So,
• 36:02
  I
• 36:03
  mean,
• 36:03
  you
• 36:03
  could
• 36:03
  do
• 36:03
  the.
• 36:03
  If
• 36:04
  you're
• 36:04
  watching
• 36:04
  us
• 36:04
  live
• 36:04
  on
• 36:04
  LinkedIn.
• 36:05
  You
• 36:05
  can
• 36:05
  click
• 36:05
  on
• 36:06
  my
• 36:06
  name
• 36:06
  and
• 36:06
  message
• 36:06
  me
• 36:07
  if
• 36:07
  you
• 36:07
  are.
• 36:08
  If
• 36:08
  you
• 36:08
  want
• 36:08
  to
• 36:08
  email
• 36:08
  me,
• 36:09
  I'm
• 36:09
  @ethanlayster
• 36:10
  AI.
• 36:10
  You
• 36:10
  can
• 36:10
  also
• 36:10
  check
• 36:11
  out
• 36:11
  Placer
• 36:12
  and
• 36:12
  all
• 36:12
  of
• 36:12
  our
• 36:12
  amazing
• 36:13
  stuff,
• 36:13
  including
• 36:13
  our
• 36:14
  free
• 36:14
  version
• 36:14
  of
• 36:14
  our
• 36:14
  premium
• 36:15
  product
• 36:15
  at
• 36:15
  Placer
• 36:16
  AI.
• 36:17
  Excellent,
• 36:18
  Ethan.
• 36:18
  And
• 36:18
  you'll
• 36:18
  be
• 36:19
  out
• 36:19
  at
• 36:19
  Shop
• 36:19
  Talk
• 36:19
  this
• 36:20
  year,
• 36:20
  too.
• 36:20
  So
• 36:20
  for
• 36:20
  all
• 36:21
  those
• 36:21
  listening,
• 36:22
  check
• 36:23
  Ethan
• 36:23
  out
• 36:23
  there.
• 36:24
  Maybe
• 36:24
  he'll
• 36:25
  have
• 36:25
  some
• 36:25
  more
• 36:25
  fun
• 36:25
  data
• 36:26
  to
• 36:26
  share
• 36:26
  with
• 36:26
  you.
• 36:27
  I'm
• 36:27
  sure
• 36:27
  you
• 36:27
  will,
• 36:27
  right?
• 36:28
  I'll
• 36:28
  have
• 36:29
  so
• 36:29
  much
• 36:29
  fun,
• 36:29
  dude.
• 36:30
  You
• 36:31
  might
• 36:31
  have
• 36:31
  to
• 36:31
  get
• 36:31
  in
• 36:31
  line,
• 36:32
  though.
• 36:32
  Ethan's
• 36:32
  booth
• 36:32
  is
• 36:33
  always
• 36:33
  highly
• 36:33
  trafficked.
• 36:35
  It
• 36:35
  is.
• 36:36
  All
• 36:36
  right,
• 36:36
  well,
• 36:36
  thanks
• 36:37
  again.
• 36:37
  That
• 36:37
  wraps
• 36:37
  us
• 36:38
  up.
• 36:38
  Ethan
• 36:38
  Chernofsky,
• 36:40
  svp@placer
• 36:41
  AI.
• 36:42
  Thanks
• 36:42
  for
• 36:42
  joining
• 36:43
  us.
• 36:43
  Thanks
• 36:43
  to
• 36:43
  all
• 36:43
  of
• 36:43
  you
• 36:43
  who
• 36:44
  joined
• 36:44
  us
• 36:44
  live
• 36:44
  on
• 36:45
  LinkedIn.
• 36:45
  And
• 36:46
  as
• 36:46
  always,
• 36:47
  be
• 36:47
  careful
• 36:48
  out
• 36:48
  there.