Latest / Omni Talk Retail / Walmart Same-Day Rx Delivery, Bed Bath’s Return & WTF Is Amazon’s Grocery Strategy | Fast Five

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Walmart Same-Day Rx Delivery, Bed Bath’s Return & WTF Is Amazon’s Grocery Strategy | Fast Five · Omni Talk Retail

• 0:05
  The
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  OmniTalk
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  Five
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  the
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  that
• 1:48
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• 1:48
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• 1:48
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• 1:49
  a
• 1:49
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• 1:49
  smarter,
• 1:50
  but
• 1:50
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• 1:50
  importantly,
• 1:51
  a
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  little
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  each
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  week
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  too.
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• 1:58
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• 1:58
  alongside
• 1:58
  our
• 1:59
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• 1:59
  Daily
• 1:59
  Minute,
• 2:00
  which
• 2:00
  brings
• 2:00
  you
• 2:00
  a
• 2:00
  curated
• 2:01
  selection
• 2:01
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• 2:02
  the
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• 2:02
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• 2:03
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• 2:03
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• 2:05
  Technology
• 2:05
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• 2:06
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• 2:06
  which
• 2:06
  goes
• 2:06
  deep
• 2:07
  each
• 2:07
  week
• 2:07
  on
• 2:07
  the
• 2:08
  latest
• 2:08
  retail
• 2:08
  technology
• 2:09
  Trends.
• 2:10
  Today
• 2:10
  is
• 2:10
  October
• 2:11
  23,
• 2:11
  2024.
• 2:12
  I'm
• 2:12
  one
• 2:12
  of
• 2:13
  your
• 2:13
  hosts,
• 2:13
  Ann
• 2:13
  Mazinga.
• 2:14
  And
• 2:15
  I'm
• 2:15
  Stanford
• 2:15
  Balfour's
• 2:16
  25th
• 2:16
  college
• 2:17
  reunion,
• 2:17
  Chris
• 2:17
  Walton.
• 2:18
  Oh
• 2:19
  my
• 2:19
  God.
• 2:19
  And
• 2:19
  we
• 2:19
  are
• 2:20
  here
• 2:20
  once
• 2:20
  again
• 2:20
  to
• 2:20
  discuss
• 2:21
  all
• 2:21
  the
• 2:21
  top
• 2:21
  headlines
• 2:22
  from
• 2:22
  the
• 2:22
  past
• 2:23
  week
• 2:23
  making
• 2:23
  waves
• 2:24
  in
• 2:24
  the
• 2:25
  world
• 2:25
  of
• 2:25
  omnichannel
• 2:26
  retailing.
• 2:26
  Chris,
• 2:27
  you
• 2:27
  mentioned
• 2:27
  your
• 2:28
  college
• 2:29
  reunion.
• 2:29
  How
• 2:29
  could
• 2:29
  we
• 2:30
  get
• 2:30
  past
• 2:30
  it?
• 2:30
  You've
• 2:31
  got
• 2:31
  every
• 2:31
  piece
• 2:31
  of
• 2:32
  Stanford
• 2:32
  gear
• 2:32
  that
• 2:33
  you
• 2:33
  own
• 2:33
  on
• 2:33
  right
• 2:34
  now.
• 2:35
  Everyone
• 2:35
  knows
• 2:35
  you
• 2:36
  went
• 2:36
  to
• 2:36
  Stanford,
• 2:37
  but
• 2:37
  what
• 2:37
  are
• 2:37
  you
• 2:37
  so
• 2:38
  excited
• 2:38
  about
• 2:38
  for
• 2:38
  this
• 2:39
  Weekend
• 2:39
  for
• 2:39
  your
• 2:39
  reunion.
• 2:40
  Oh,
• 2:41
  man,
• 2:41
  I
• 2:41
  just
• 2:41
  can't
• 2:41
  wait
• 2:41
  to
• 2:42
  get
• 2:42
  back
• 2:42
  there.
• 2:42
  First
• 2:42
  of
• 2:42
  all,
• 2:43
  it's
• 2:43
  in
• 2:43
  sunny
• 2:44
  California,
• 2:44
  which
• 2:44
  is
• 2:45
  always
• 2:45
  a
• 2:45
  plus.
• 2:45
  And
• 2:46
  second,
• 2:47
  the
• 2:47
  thing
• 2:48
  I'm
• 2:48
  most
• 2:48
  excited
• 2:48
  about,
• 2:49
  which
• 2:49
  I
• 2:49
  know
• 2:49
  you're
• 2:49
  going
• 2:49
  to
• 2:49
  call
• 2:50
  me
• 2:50
  a
• 2:50
  major
• 2:50
  geek
• 2:50
  for,
• 2:51
  is
• 2:51
  there
• 2:51
  is
• 2:52
  a
• 2:52
  reunion
• 2:52
  of
• 2:52
  our,
• 2:53
  our
• 2:53
  freshman
• 2:54
  humanities
• 2:54
  course,
• 2:55
  which
• 2:55
  is
• 2:55
  a
• 2:55
  course
• 2:56
  that
• 2:56
  we
• 2:56
  took,
• 2:56
  all
• 2:57
  90
• 2:57
  of
• 2:57
  us.
• 2:57
  We
• 2:58
  lived
• 2:58
  in
• 2:58
  the
• 2:58
  same
• 2:58
  dormitory
• 2:59
  together,
• 2:59
  we
• 2:59
  took
• 2:59
  all
• 3:00
  our
• 3:00
  classes
• 3:00
  together.
• 3:01
  And
• 3:01
  I'm
• 3:01
  excited
• 3:02
  to
• 3:02
  reconnect
• 3:03
  with
• 3:03
  those
• 3:03
  people,
• 3:04
  which
• 3:04
  were
• 3:04
  all.
• 3:05
  Honestly,
• 3:05
  we
• 3:05
  were
• 3:05
  kind
• 3:05
  of
• 3:06
  the
• 3:06
  dorks
• 3:06
  on
• 3:06
  campus,
• 3:06
  which
• 3:07
  isn't
• 3:07
  a
• 3:07
  surprise,
• 3:07
  but
• 3:08
  I'm
• 3:08
  excited
• 3:08
  to
• 3:08
  reunite
• 3:09
  with
• 3:09
  them.
• 3:10
  Oh,
• 3:10
  I'm,
• 3:10
  I'm
• 3:11
  actually
• 3:11
  not.
• 3:11
  I
• 3:11
  think
• 3:12
  that
• 3:12
  is
• 3:12
  nice.
• 3:12
  Like
• 3:13
  that.
• 3:13
  That
• 3:13
  makes
• 3:14
  sense
• 3:14
  to
• 3:14
  me.
• 3:14
  That's
• 3:14
  a
• 3:15
  reason
• 3:15
  to
• 3:15
  like
• 3:15
  you.
• 3:16
  You
• 3:16
  had
• 3:16
  this
• 3:16
  intimate
• 3:17
  experience
• 3:17
  with
• 3:17
  the.
• 3:18
  Well,
• 3:18
  hopefully
• 3:18
  not
• 3:18
  too
• 3:18
  intimate
• 3:19
  all
• 3:19
  in
• 3:19
  one
• 3:19
  dorm,
• 3:20
  but
• 3:20
  you
• 3:20
  had
• 3:20
  this
• 3:21
  very
• 3:21
  close
• 3:21
  experience
• 3:22
  together
• 3:23
  and
• 3:23
  that
• 3:23
  makes
• 3:24
  sense
• 3:24
  to
• 3:24
  go
• 3:24
  back
• 3:24
  for.
• 3:25
  I
• 3:26
  don't
• 3:26
  know,
• 3:26
  the,
• 3:26
  the
• 3:27
  Cardinals,
• 3:27
  though
• 3:28
  your
• 3:28
  Cardinal
• 3:28
  game
• 3:28
  is
• 3:29
  strong
• 3:29
  right
• 3:29
  now,
• 3:29
  you
• 3:29
  got
• 3:30
  a
• 3:30
  lot,
• 3:30
  you
• 3:30
  got
• 3:30
  a
• 3:30
  lot
• 3:31
  going
• 3:31
  for
• 3:31
  you.
• 3:31
  So
• 3:31
  I
• 3:32
  hope,
• 3:33
  I
• 3:33
  hope
• 3:34
  you
• 3:34
  have
• 3:34
  time.
• 3:35
  Thank
• 3:35
  you.
• 3:35
  And
• 3:35
  thank
• 3:36
  you.
• 3:36
  And
• 3:36
  yes,
• 3:36
  we'll.
• 3:36
  We
• 3:36
  actually
• 3:37
  will
• 3:37
  be
• 3:37
  doing
• 3:37
  an
• 3:37
  hour
• 3:38
  long
• 3:38
  session
• 3:38
  on
• 3:39
  Plato
• 3:39
  as
• 3:39
  part
• 3:40
  of
• 3:40
  the
• 3:40
  reunion
• 3:40
  too.
• 3:41
  So
• 3:41
  that
• 3:41
  gives
• 3:41
  you
• 3:41
  an
• 3:41
  idea
• 3:42
  of
• 3:42
  just
• 3:42
  how
• 3:42
  dorky
• 3:43
  group
• 3:43
  is.
• 3:44
  That's
• 3:44
  where
• 3:44
  you
• 3:44
  lost
• 3:45
  me.
• 3:46
  Okay.
• 3:46
  Well,
• 3:47
  Chris,
• 3:47
  we
• 3:48
  have
• 3:48
  also
• 3:48
  been
• 3:48
  working
• 3:49
  very
• 3:49
  hard
• 3:49
  at
• 3:50
  the
• 3:50
  shops.
• 3:50
  I've
• 3:51
  just
• 3:51
  started
• 3:51
  to
• 3:51
  condense
• 3:51
  it
• 3:52
  to
• 3:52
  the
• 3:52
  shops
• 3:52
  conferences.
• 3:53
  The
• 3:53
  last
• 3:53
  two
• 3:53
  weeks
• 3:53
  we
• 3:54
  were
• 3:54
  at
• 3:54
  grocery
• 3:54
  shop.
• 3:54
  We
• 3:55
  were
• 3:55
  at
• 3:55
  Shop
• 3:56
  Talk
• 3:56
  fall
• 3:56
  last
• 3:56
  week.
• 3:57
  And
• 3:57
  so
• 3:58
  we
• 3:58
  have
• 3:58
  to
• 3:58
  call
• 3:58
  in
• 3:58
  some
• 3:59
  reinforcements
• 3:59
  for
• 4:00
  this
• 4:00
  week's.
• 4:02
  So
• 4:02
  joining
• 4:02
  us
• 4:03
  today
• 4:03
  for
• 4:03
  their
• 4:03
  regularly
• 4:04
  scheduled
• 4:04
  monthly
• 4:05
  appearance,
• 4:05
  we
• 4:05
  have
• 4:05
  the
• 4:05
  Alvarez,
• 4:06
  Marcel
• 4:06
  consumer
• 4:07
  and
• 4:07
  retail
• 4:07
  groups,
• 4:08
  Lakshman,
• 4:08
  Lakshmanan
• 4:09
  and
• 4:09
  Chris
• 4:10
  Kreitz
• 4:10
  here
• 4:11
  to
• 4:11
  help
• 4:12
  us
• 4:12
  break
• 4:12
  down
• 4:13
  the
• 4:13
  week's
• 4:13
  headlines.
• 4:14
  Chris
• 4:15
  and
• 4:15
  Lakshman,
• 4:16
  thank
• 4:16
  you
• 4:16
  so
• 4:16
  much
• 4:16
  for
• 4:17
  your
• 4:17
  bearing
• 4:17
  with
• 4:17
  us
• 4:17
  as
• 4:18
  we
• 4:18
  have
• 4:18
  this
• 4:18
  introduction
• 4:19
  and
• 4:19
  cover
• 4:19
  all
• 4:20
  of
• 4:20
  Chris's
• 4:20
  past
• 4:21
  college
• 4:21
  experiences.
• 4:23
  But
• 4:23
  I'd
• 4:23
  love
• 4:24
  for
• 4:24
  you
• 4:24
  both
• 4:24
  to
• 4:25
  reintroduce
• 4:26
  yourself
• 4:27
  to
• 4:27
  our
• 4:27
  audience.
• 4:28
  And
• 4:28
  Chris,
• 4:28
  let's
• 4:28
  start
• 4:29
  with
• 4:29
  you.
• 4:29
  Hey
• 4:30
  guys.
• 4:30
  Chris
• 4:30
  Kreitz
• 4:31
  with
• 4:31
  A&McRG
• 4:33
  live
• 4:34
  over
• 4:34
  here
• 4:34
  in
• 4:34
  Charlotte,
• 4:35
  North
• 4:35
  Carolina.
• 4:36
  It's
• 4:36
  a
• 4:36
  beautiful
• 4:37
  day
• 4:37
  out
• 4:37
  here.
• 4:38
  Specialize
• 4:38
  in
• 4:38
  working
• 4:39
  with
• 4:39
  clients
• 4:39
  on
• 4:39
  the
• 4:39
  merchandising
• 4:40
  side,
• 4:41
  answering
• 4:41
  questions
• 4:42
  around
• 4:42
  space
• 4:42
  assortment,
• 4:43
  pricing
• 4:44
  things
• 4:44
  like
• 4:44
  that.
• 4:45
  Really
• 4:45
  excited
• 4:46
  and
• 4:46
  hope
• 4:46
  we'll
• 4:47
  be
• 4:47
  following
• 4:47
  the
• 4:47
  Socratic
• 4:48
  method
• 4:49
  today.
• 4:49
  Chris,
• 4:49
  for
• 4:50
  your
• 4:50
  Plato
• 4:51
  throwback.
• 4:52
  That's
• 4:53
  awesome,
• 4:53
  man.
• 4:53
  That
• 4:53
  is
• 4:53
  kind
• 4:54
  of
• 4:54
  the
• 4:54
  vibe
• 4:54
  of
• 4:54
  our
• 4:55
  show,
• 4:55
  actually,
• 4:55
  that
• 4:55
  we
• 4:55
  get
• 4:56
  a
• 4:56
  little
• 4:56
  Socratic
• 4:56
  in
• 4:57
  terms
• 4:57
  of
• 4:57
  how
• 4:57
  we
• 4:57
  approach
• 4:57
  this
• 4:58
  show.
• 4:58
  That's
• 4:58
  wonderful.
• 4:59
  I
• 4:59
  know,
• 4:59
  I
• 5:00
  know.
• 5:00
  No
• 5:00
  one's
• 5:00
  going
• 5:00
  to
• 5:00
  be
• 5:01
  surprised
• 5:01
  that
• 5:01
  I
• 5:02
  was
• 5:02
  in
• 5:02
  honors
• 5:03
  English
• 5:03
  in
• 5:04
  high
• 5:04
  school
• 5:04
  and
• 5:04
  read
• 5:04
  the
• 5:04
  Cliffs
• 5:05
  Notes
• 5:05
  for
• 5:05
  every
• 5:05
  one
• 5:06
  of
• 5:06
  those
• 5:06
  books.
• 5:06
  So
• 5:07
  that
• 5:07
  is
• 5:08
  something
• 5:08
  that
• 5:08
  I
• 5:08
  will
• 5:08
  not
• 5:09
  be
• 5:09
  participating
• 5:09
  in.
• 5:10
  Chris.
• 5:10
  But
• 5:11
  we'll
• 5:11
  give
• 5:11
  it
• 5:12
  the
• 5:12
  old
• 5:12
  college
• 5:12
  try.
• 5:13
  Lakshman,
• 5:14
  why
• 5:14
  don't
• 5:14
  you
• 5:14
  introduce
• 5:15
  yourself
• 5:16
  to
• 5:16
  the
• 5:17
  audience?
• 5:18
  Hey
• 5:18
  everyone,
• 5:19
  I'm
• 5:20
  Lakshman.
• 5:20
  Lakshman
• 5:21
  and
• 5:21
  the
• 5:22
  other
• 5:22
  newly
• 5:23
  minted
• 5:23
  Lacks
• 5:24
  here
• 5:25
  who
• 5:26
  probably
• 5:26
  is
• 5:27
  having
• 5:27
  a
• 5:27
  longer
• 5:28
  shelf
• 5:28
  life
• 5:29
  than
• 5:29
  the
• 5:29
  other
• 5:30
  Lacks.
• 5:31
  But
• 5:32
  all
• 5:32
  jokes
• 5:32
  aside,
• 5:33
  very
• 5:34
  excited
• 5:34
  to
• 5:34
  be
• 5:34
  here.
• 5:35
  Been
• 5:35
  part
• 5:36
  of
• 5:36
  A
• 5:36
  and
• 5:36
  M
• 5:37
  CRG
• 5:37
  for
• 5:37
  about
• 5:37
  4
• 5:38
  years
• 5:38
  now.
• 5:39
  Do
• 5:39
  specialize
• 5:40
  in
• 5:40
  consumer
• 5:40
  goods
• 5:41
  and
• 5:41
  retail,
• 5:42
  specifically
• 5:42
  in
• 5:42
  the
• 5:43
  areas
• 5:43
  of
• 5:43
  supply
• 5:44
  chain
• 5:44
  analytics
• 5:45
  and
• 5:45
  technology.
• 5:46
  And
• 5:47
  in
• 5:47
  the
• 5:47
  spirit
• 5:47
  of
• 5:48
  keeping
• 5:48
  the
• 5:48
  reunion
• 5:49
  spirit
• 5:49
  alive
• 5:50
  was
• 5:51
  Target
• 5:52
  Guy
• 5:54
  and
• 5:55
  go
• 5:55
  Bullshy.
• 5:56
  Chris
• 5:56
  and
• 5:56
  Ann,
• 5:57
  so
• 5:58
  excited
• 5:58
  to
• 5:58
  have
• 5:59
  you
• 5:59
  both.
• 5:59
  Thank
• 5:59
  you.
• 6:00
  Thank
• 6:00
  you
• 6:00
  so
• 6:00
  much
• 6:01
  for
• 6:01
  being
• 6:01
  up
• 6:02
  for
• 6:02
  today's
• 6:03
  Fast
• 6:03
  5.
• 6:04
  All
• 6:05
  right,
• 6:05
  Chris,
• 6:06
  shall
• 6:06
  we,
• 6:06
  should
• 6:06
  we
• 6:06
  do
• 6:07
  the
• 6:07
  headlines?
• 6:07
  Ann
• 6:08
  this
• 6:08
  is
• 6:08
  always
• 6:08
  my
• 6:09
  favorite
• 6:09
  show
• 6:09
  every
• 6:09
  month
• 6:10
  because
• 6:10
  I
• 6:10
  love
• 6:10
  when
• 6:10
  these
• 6:11
  guys
• 6:11
  are
• 6:11
  on
• 6:11
  because
• 6:11
  they
• 6:12
  help
• 6:12
  carry
• 6:12
  the
• 6:12
  show
• 6:13
  and
• 6:13
  provide
• 6:13
  new
• 6:13
  insights
• 6:14
  that
• 6:14
  we
• 6:14
  don't
• 6:15
  always
• 6:15
  think
• 6:15
  of.
• 6:15
  So
• 6:16
  let's
• 6:16
  do
• 6:16
  it.
• 6:17
  Today's
• 6:17
  Fast5
• 6:17
  headlines
• 6:18
  are
• 6:18
  brought
• 6:18
  to
• 6:18
  you
• 6:18
  by
• 6:19
  Manifest.
• 6:19
  Manifest,
• 6:20
  the
• 6:20
  future
• 6:20
  of
• 6:21
  supply
• 6:21
  chain
• 6:22
  and
• 6:22
  logistics
• 6:23
  and
• 6:23
  agenda
• 6:24
  is
• 6:24
  now
• 6:25
  live.
• 6:25
  What's
• 6:25
  in
• 6:26
  store?
• 6:26
  You
• 6:27
  May
• 6:27
  ask?
• 6:27
  Anne
• 6:28
  300
• 6:29
  plus
• 6:29
  speakers,
• 6:29
  130
• 6:30
  plus
• 6:30
  sessions,
• 6:31
  50
• 6:31
  plus
• 6:32
  C
• 6:32
  level
• 6:33
  supply
• 6:33
  chain
• 6:34
  executives
• 6:34
  and
• 6:35
  100
• 6:35
  plus
• 6:35
  startups.
• 6:36
  If
• 6:37
  interested,
• 6:37
  you
• 6:37
  can
• 6:37
  take
• 6:37
  a
• 6:38
  first
• 6:38
  look
• 6:38
  at
• 6:38
  the
• 6:38
  agenda
• 6:39
  and
• 6:39
  save
• 6:39
  200
• 6:40
  on
• 6:40
  the
• 6:41
  current
• 6:42
  registration
• 6:42
  rate
• 6:43
  which
• 6:43
  is
• 6:44
  800
• 6:44
  off
• 6:45
  the
• 6:45
  on
• 6:46
  site
• 6:46
  rate
• 6:47
  by
• 6:47
  visiting
• 6:48
  manifest
• 6:48
  vegas.com
• 6:49
  save
• 6:49
  with
• 6:50
  Omnitalk.
• 6:50
  That's
• 6:51
  manifest
• 6:51
  vegas.com
• 6:52
  save
• 6:53
  with
• 6:53
  OmniTalk.
• 6:54
  In
• 6:54
  this
• 6:55
  week's
• 6:55
  Fast
• 6:56
  5,
• 6:56
  we've
• 6:56
  got
• 6:57
  news
• 6:57
  on
• 6:57
  Amazon
• 6:58
  testing
• 6:58
  yet
• 6:59
  another
• 6:59
  grocery
• 7:00
  concept
• 7:01
  in
• 7:01
  Chicago,
• 7:02
  the
• 7:02
  return
• 7:02
  of
• 7:03
  Bed,
• 7:03
  Bath
• 7:03
  and
• 7:03
  Beyond
• 7:04
  stores
• 7:05
  and
• 7:05
  conversely,
• 7:06
  Bye
• 7:06
  Bye
• 7:06
  Babies
• 7:07
  plants
• 7:07
  to
• 7:07
  shutter
• 7:08
  all
• 7:08
  of
• 7:08
  its
• 7:08
  stores
• 7:09
  and
• 7:09
  Chick
• 7:09
  Fil
• 7:10
  A's
• 7:10
  release
• 7:10
  of
• 7:11
  its
• 7:11
  own
• 7:11
  family
• 7:12
  friendly
• 7:12
  entertainment
• 7:13
  app.
• 7:13
  But
• 7:13
  we
• 7:13
  begin
• 7:14
  today
• 7:14
  with
• 7:15
  news
• 7:15
  that
• 7:15
  could
• 7:15
  shake
• 7:16
  up
• 7:16
  the
• 7:16
  pharmacy
• 7:17
  industry.
• 7:17
  And
• 7:19
  shake
• 7:19
  that
• 7:19
  up
• 7:19
  is
• 7:20
  right.
• 7:20
  Headline
• 7:20
  number
• 7:21
  one.
• 7:21
  Walmart
• 7:22
  has
• 7:22
  added
• 7:22
  same
• 7:23
  day
• 7:23
  prescription
• 7:24
  delivery
• 7:24
  service.
• 7:25
  According
• 7:25
  to
• 7:25
  Seeking
• 7:26
  Alpha,
• 7:26
  the
• 7:26
  retail
• 7:26
  giant
• 7:27
  will
• 7:27
  begin
• 7:27
  to
• 7:27
  deliver
• 7:28
  prescriptions
• 7:28
  to
• 7:28
  households
• 7:29
  in
• 7:29
  the
• 7:29
  U.S.
• 7:29
  in
• 7:30
  as
• 7:30
  little
• 7:30
  as
• 7:31
  30
• 7:31
  minutes.
• 7:32
  3
• 7:32
  0.
• 7:32
  That's
• 7:33
  right,
• 7:33
  30
• 7:33
  minutes.
• 7:34
  Customers
• 7:34
  have
• 7:34
  the
• 7:35
  ability
• 7:35
  to
• 7:35
  add
• 7:35
  prescriptions
• 7:36
  and
• 7:36
  medication
• 7:37
  refills
• 7:38
  to
• 7:38
  their
• 7:38
  orders
• 7:38
  for
• 7:39
  groceries
• 7:39
  and
• 7:39
  other
• 7:40
  products.
• 7:40
  And
• 7:40
  the
• 7:40
  service
• 7:41
  will
• 7:41
  be
• 7:41
  free
• 7:42
  for
• 7:42
  Walmart
• 7:42
  plus
• 7:43
  members.
• 7:43
  Walmart
• 7:44
  aims
• 7:44
  to
• 7:44
  have
• 7:44
  prescription
• 7:45
  delivery
• 7:45
  available
• 7:46
  in
• 7:46
  49
• 7:46
  states
• 7:47
  by
• 7:47
  the
• 7:47
  end
• 7:47
  of
• 7:47
  January
• 7:48
  with
• 7:48
  coverage
• 7:49
  across
• 7:49
  more
• 7:49
  than
• 7:49
  86%
• 7:50
  of
• 7:50
  U.S.
• 7:51
  households.
• 7:52
  Chris,
• 7:52
  we're
• 7:53
  going
• 7:53
  to
• 7:53
  you
• 7:53
  first
• 7:54
  here.
• 7:54
  How
• 7:54
  big
• 7:54
  of
• 7:55
  a
• 7:55
  move
• 7:55
  is
• 7:55
  same
• 7:55
  day
• 7:56
  prescription
• 7:56
  delivery
• 7:56
  from
• 7:57
  Walmart?
• 7:57
  There's
• 7:57
  a
• 7:57
  lot
• 7:58
  of
• 7:58
  perks
• 7:58
  in
• 7:58
  that
• 7:59
  announcement.
• 8:00
  Yeah,
• 8:01
  I
• 8:01
  mean,
• 8:01
  I
• 8:02
  think
• 8:02
  it's
• 8:02
  definitely
• 8:03
  a
• 8:03
  big
• 8:03
  move.
• 8:04
  I
• 8:04
  think
• 8:04
  it's
• 8:05
  scarier
• 8:05
  if
• 8:06
  you're
• 8:06
  cvs,
• 8:07
  Walgreens
• 8:07
  sitting
• 8:08
  there.
• 8:09
  It's
• 8:09
  obviously
• 8:10
  quite
• 8:10
  a,
• 8:11
  quite
• 8:11
  an
• 8:11
  intimidating
• 8:12
  move.
• 8:12
  But
• 8:13
  I
• 8:13
  don't
• 8:13
  think
• 8:13
  of
• 8:13
  it
• 8:13
  as,
• 8:14
  you
• 8:14
  know,
• 8:14
  some
• 8:14
  people
• 8:15
  have
• 8:15
  been
• 8:15
  saying
• 8:15
  this
• 8:15
  is
• 8:16
  the
• 8:17
  like
• 8:17
  critical
• 8:18
  death
• 8:19
  of
• 8:19
  pharmacy
• 8:20
  and
• 8:20
  drug.
• 8:21
  I
• 8:21
  mean,
• 8:22
  I
• 8:22
  look
• 8:22
  at
• 8:22
  it
• 8:22
  more
• 8:23
  as
• 8:24
  a
• 8:24
  million
• 8:24
  cuts
• 8:25
  that
• 8:25
  are
• 8:25
  going
• 8:25
  to
• 8:25
  a
• 8:26
  contributing
• 8:26
  factor
• 8:26
  that's
• 8:27
  going
• 8:27
  to
• 8:27
  lead
• 8:28
  continued
• 8:28
  decline
• 8:28
  in
• 8:29
  drug.
• 8:29
  I
• 8:29
  mean,
• 8:29
  so
• 8:30
  today
• 8:31
  90%
• 8:32
  of
• 8:32
  households
• 8:33
  are
• 8:33
  within
• 8:34
  10
• 8:34
  miles
• 8:35
  of
• 8:35
  a
• 8:35
  Walmart
• 8:35
  pharmacy,
• 8:36
  but
• 8:37
  they
• 8:37
  only
• 8:37
  actually
• 8:38
  Walmart
• 8:38
  only
• 8:38
  has
• 8:39
  5%
• 8:39
  of
• 8:40
  the
• 8:40
  market
• 8:41
  share
• 8:41
  for
• 8:42
  prescriptions.
• 8:42
  Walgreens
• 8:43
  and
• 8:43
  CVS
• 8:43
  40,
• 8:44
  50%.
• 8:45
  So
• 8:46
  right
• 8:46
  out
• 8:47
  of
• 8:47
  the
• 8:47
  gate,
• 8:47
  will
• 8:47
  they
• 8:48
  start
• 8:48
  to
• 8:48
  steal
• 8:48
  some
• 8:49
  market
• 8:49
  share
• 8:49
  away?
• 8:49
  Probably,
• 8:50
  but
• 8:51
  their
• 8:51
  overall
• 8:52
  penetration
• 8:52
  in
• 8:52
  the
• 8:53
  pharmacy
• 8:53
  is
• 8:53
  relatively
• 8:54
  low.
• 8:55
  You
• 8:55
  know,
• 8:55
  it
• 8:55
  starts
• 8:56
  to
• 8:56
  get
• 8:56
  more
• 8:56
  interesting.
• 8:57
  Amazon's
• 8:57
  doing
• 8:57
  the
• 8:57
  same
• 8:58
  thing.
• 8:58
  I
• 8:59
  think
• 8:59
  Walmart's
• 9:00
  targeting
• 9:00
  90%
• 9:01
  coverage
• 9:02
  by
• 9:02
  January.
• 9:03
  Amazon's
• 9:04
  opening
• 9:04
  new
• 9:04
  pharmacies.
• 9:05
  I
• 9:05
  think
• 9:05
  they're
• 9:06
  trying
• 9:06
  to
• 9:06
  reach
• 9:06
  50%
• 9:07
  of
• 9:08
  households
• 9:08
  with
• 9:08
  same
• 9:09
  day
• 9:09
  over
• 9:09
  the
• 9:09
  next
• 9:10
  year.
• 9:11
  So
• 9:11
  you
• 9:11
  start
• 9:11
  to
• 9:11
  have
• 9:12
  more
• 9:12
  and
• 9:12
  more
• 9:12
  competitors
• 9:13
  in
• 9:13
  the
• 9:13
  space.
• 9:13
  And
• 9:14
  I
• 9:14
  think
• 9:14
  it
• 9:14
  does
• 9:14
  beg
• 9:14
  the
• 9:15
  question
• 9:15
  of
• 9:16
  what
• 9:16
  is
• 9:16
  the
• 9:16
  future
• 9:17
  for
• 9:17
  pharmacies
• 9:18
  like
• 9:18
  Walgreens
• 9:19
  and
• 9:19
  CVS
• 9:19
  that
• 9:19
  have,
• 9:20
  you
• 9:20
  know,
• 9:20
  8,000
• 9:21
  locations.
• 9:22
  They're
• 9:22
  continuing
• 9:22
  to
• 9:23
  evaluate
• 9:23
  their
• 9:23
  footprints.
• 9:25
  I
• 9:25
  think
• 9:25
  the
• 9:25
  bigger
• 9:25
  thing
• 9:26
  here
• 9:26
  for
• 9:26
  them
• 9:26
  is
• 9:27
  that
• 9:27
  Walmart
• 9:27
  doesn't
• 9:28
  really
• 9:28
  have
• 9:28
  to
• 9:28
  make
• 9:28
  money
• 9:29
  on
• 9:29
  their
• 9:29
  pharmacy,
• 9:30
  whereas
• 9:31
  they
• 9:31
  really
• 9:31
  do.
• 9:32
  So
• 9:32
  I
• 9:32
  think
• 9:33
  it's
• 9:33
  just
• 9:33
  another
• 9:33
  cut
• 9:34
  that's
• 9:34
  going
• 9:34
  to
• 9:34
  start
• 9:34
  amping
• 9:35
  up
• 9:35
  the
• 9:35
  pressure.
• 9:36
  And
• 9:36
  it
• 9:36
  really
• 9:36
  shows
• 9:37
  how
• 9:37
  other
• 9:37
  players
• 9:38
  who
• 9:38
  are
• 9:38
  competing
• 9:38
  for
• 9:38
  those
• 9:39
  same
• 9:39
  scripts,
• 9:39
  trips
• 9:40
  and
• 9:40
  the
• 9:40
  same
• 9:40
  front
• 9:41
  end
• 9:41
  baskets
• 9:42
  have
• 9:42
  a
• 9:42
  lot
• 9:42
  more
• 9:43
  levers
• 9:43
  to
• 9:43
  innovate
• 9:44
  than
• 9:45
  your
• 9:45
  CVS
• 9:46
  and
• 9:46
  your
• 9:46
  Walgreens
• 9:47
  of
• 9:47
  the
• 9:47
  world.
• 9:48
  Yeah,
• 9:49
  absolutely.
• 9:49
  And
• 9:50
  then
• 9:50
  you
• 9:50
  throw
• 9:50
  in
• 9:50
  grocery
• 9:51
  delivery
• 9:51
  in
• 9:51
  there
• 9:51
  too,
• 9:52
  which
• 9:52
  is
• 9:52
  something
• 9:52
  that
• 9:52
  Walgreens
• 9:53
  CVS
• 9:54
  can't
• 9:54
  compete
• 9:54
  with
• 9:54
  for
• 9:55
  sure.
• 9:56
  All
• 9:56
  right,
• 9:56
  Chris
• 9:57
  Walton,
• 9:58
  you
• 9:58
  are
• 9:59
  so
• 9:59
  excited
• 9:59
  about
• 9:59
  this.
• 10:00
  I
• 10:00
  know.
• 10:00
  What
• 10:00
  are
• 10:01
  your
• 10:01
  thoughts
• 10:01
  here?
• 10:02
  Yeah,
• 10:02
  I
• 10:03
  mean,
• 10:03
  Chris
• 10:03
  brought
• 10:03
  up
• 10:03
  some
• 10:04
  great
• 10:04
  points
• 10:04
  there.
• 10:04
  Like,
• 10:04
  I
• 10:04
  didn't
• 10:05
  realize
• 10:05
  the
• 10:05
  underpenetration
• 10:06
  of
• 10:06
  Walmart's
• 10:06
  pharmacy
• 10:07
  business.
• 10:07
  So
• 10:07
  that
• 10:07
  means
• 10:07
  to
• 10:08
  me
• 10:08
  this
• 10:08
  is
• 10:08
  just
• 10:08
  all
• 10:08
  a
• 10:09
  massive
• 10:09
  growth
• 10:09
  opportunity.
• 10:11
  The
• 10:11
  other
• 10:11
  thing
• 10:11
  that
• 10:11
  I'm
• 10:12
  reminded
• 10:12
  Of
• 10:12
  is
• 10:12
  the
• 10:12
  great
• 10:13
  MC
• 10:13
  Hammer
• 10:14
  song
• 10:14
  and
• 10:14
  of
• 10:14
  can't
• 10:15
  touch
• 10:15
  this
• 10:15
  because
• 10:16
  you
• 10:16
  know,
• 10:17
  Chris
• 10:17
  mentioned
• 10:17
  it
• 10:17
  a
• 10:17
  little
• 10:18
  bit.
• 10:18
  But
• 10:18
  like
• 10:19
  the
• 10:20
  Walgreens
• 10:21
  and
• 10:21
  CVS
• 10:21
  is
• 10:21
  the
• 10:21
  world,
• 10:21
  they
• 10:22
  can't
• 10:22
  really
• 10:22
  do
• 10:22
  this
• 10:22
  at
• 10:23
  the
• 10:23
  same
• 10:23
  scale
• 10:24
  particularly
• 10:24
  because
• 10:24
  of
• 10:24
  the
• 10:24
  dynamics
• 10:25
  of
• 10:25
  the
• 10:25
  other
• 10:25
  items
• 10:26
  you
• 10:26
  can
• 10:26
  ship
• 10:27
  with
• 10:27
  your
• 10:27
  pharmacy
• 10:28
  orders
• 10:29
  that
• 10:29
  Walmart
• 10:29
  can.
• 10:30
  And
• 10:30
  then
• 10:30
  I
• 10:31
  look
• 10:31
  at
• 10:31
  their
• 10:31
  biggest
• 10:31
  competitors,
• 10:33
  Target
• 10:33
  particularly
• 10:33
  Target
• 10:34
  can't
• 10:34
  touch
• 10:34
  this
• 10:35
  at
• 10:35
  all
• 10:35
  because
• 10:35
  of
• 10:36
  their
• 10:36
  CVS
• 10:37
  relationship.
• 10:37
  They've
• 10:38
  subcontracted
• 10:39
  out
• 10:39
  their
• 10:39
  pharmacy
• 10:39
  business
• 10:40
  to
• 10:40
  cvs.
• 10:40
  So
• 10:40
  think
• 10:40
  about
• 10:41
  the
• 10:41
  coordination
• 10:41
  that's
• 10:41
  going
• 10:42
  to
• 10:42
  be
• 10:42
  involved
• 10:42
  in
• 10:42
  that.
• 10:43
  And
• 10:43
  CVS
• 10:43
  has
• 10:44
  a
• 10:44
  ton
• 10:44
  of
• 10:44
  other
• 10:44
  problems,
• 10:45
  namely
• 10:45
  they
• 10:45
  just
• 10:45
  named
• 10:45
  a
• 10:46
  new
• 10:46
  CEO
• 10:46
  in
• 10:46
  the
• 10:46
  last
• 10:47
  week.
• 10:47
  So
• 10:47
  they're
• 10:47
  not
• 10:48
  going
• 10:48
  to
• 10:48
  be
• 10:48
  focused
• 10:48
  on
• 10:49
  trying
• 10:49
  to
• 10:49
  do
• 10:49
  that
• 10:49
  and
• 10:49
  figuring
• 10:49
  out
• 10:50
  how
• 10:50
  to
• 10:50
  make
• 10:50
  that
• 10:50
  happen
• 10:50
  at
• 10:51
  a
• 10:51
  Target
• 10:51
  particularly.
• 10:52
  And
• 10:52
  then
• 10:52
  Amazon
• 10:53
  just
• 10:53
  doesn't
• 10:53
  have
• 10:53
  the
• 10:53
  physical
• 10:54
  presence.
• 10:54
  So
• 10:55
  I
• 10:55
  don't
• 10:55
  know.
• 10:56
  The
• 10:56
  thing
• 10:56
  I
• 10:56
  love
• 10:56
  most
• 10:57
  about
• 10:57
  this
• 10:57
  is
• 10:58
  that
• 10:58
  it
• 10:59
  shows
• 10:59
  the
• 10:59
  beauty
• 10:59
  of
• 11:00
  how
• 11:00
  Walmart
• 11:00
  is
• 11:00
  also
• 11:01
  thinking
• 11:01
  about
• 11:01
  Walmart
• 11:02
  Plus.
• 11:02
  It's
• 11:02
  taking
• 11:03
  the
• 11:03
  beauty
• 11:03
  of,
• 11:04
  of
• 11:04
  what
• 11:05
  Walmart
• 11:05
  does
• 11:05
  best,
• 11:06
  which
• 11:06
  is
• 11:06
  its
• 11:06
  physical
• 11:07
  stores
• 11:08
  by
• 11:08
  way
• 11:08
  of
• 11:08
  gas
• 11:09
  discounts,
• 11:09
  scan
• 11:10
  and
• 11:10
  go
• 11:10
  activations
• 11:11
  and
• 11:11
  now
• 11:11
  pharmacy
• 11:12
  and
• 11:12
  creating
• 11:13
  differentiation
• 11:14
  through
• 11:15
  digital
• 11:15
  by
• 11:16
  way
• 11:16
  of
• 11:16
  that
• 11:16
  subscription
• 11:17
  which
• 11:17
  is
• 11:17
  just
• 11:17
  going
• 11:18
  to
• 11:18
  be
• 11:18
  so
• 11:18
  powerful.
• 11:18
  And
• 11:19
  to
• 11:19
  Chris's
• 11:19
  point,
• 11:19
  with
• 11:20
  under
• 11:20
  penetration
• 11:20
  a
• 11:21
  massive
• 11:21
  growth
• 11:21
  opportunity
• 11:22
  here
• 11:22
  potentially
• 11:22
  too.
• 11:23
  Yeah
• 11:24
  Chris,
• 11:24
  I
• 11:24
  think
• 11:24
  it's
• 11:24
  really
• 11:25
  important
• 11:25
  what
• 11:25
  you
• 11:25
  highlight
• 11:26
  too
• 11:26
  about
• 11:26
  the
• 11:26
  Walmart
• 11:27
  plus
• 11:27
  membership
• 11:27
  too.
• 11:28
  Holden
• 11:29
  Bale,
• 11:29
  he
• 11:30
  was
• 11:30
  sharing
• 11:30
  with
• 11:30
  me
• 11:30
  some
• 11:31
  research
• 11:31
  at
• 11:31
  Shoptalk
• 11:32
  last
• 11:32
  week
• 11:32
  where
• 11:32
  he
• 11:32
  said
• 11:32
  that,
• 11:33
  you
• 11:33
  know,
• 11:33
  of
• 11:34
  the,
• 11:34
  of
• 11:34
  these
• 11:34
  retailers
• 11:35
  that
• 11:35
  they
• 11:35
  studied,
• 11:36
  the
• 11:36
  most
• 11:37
  surprising
• 11:37
  thing
• 11:37
  that
• 11:37
  he
• 11:37
  found
• 11:38
  was
• 11:38
  that
• 11:38
  so
• 11:38
  many
• 11:39
  of
• 11:39
  the
• 11:39
  retailers
• 11:39
  are
• 11:40
  just
• 11:40
  looking
• 11:40
  at
• 11:40
  what
• 11:40
  their
• 11:41
  competitors
• 11:41
  are
• 11:41
  doing
• 11:42
  and
• 11:42
  trying
• 11:42
  to
• 11:42
  do
• 11:43
  that
• 11:43
  versus
• 11:43
  what
• 11:44
  their
• 11:44
  customers
• 11:44
  are
• 11:44
  telling
• 11:45
  them
• 11:45
  that
• 11:45
  they
• 11:45
  want.
• 11:45
  And
• 11:45
  I
• 11:46
  think
• 11:46
  this
• 11:46
  is
• 11:46
  a
• 11:46
  perfect
• 11:47
  example
• 11:47
  of
• 11:48
  Walmart
• 11:49
  doing
• 11:49
  the
• 11:50
  opposite
• 11:50
  here.
• 11:50
  Walmart
• 11:51
  listened
• 11:51
  to
• 11:51
  what
• 11:52
  their
• 11:52
  customers
• 11:52
  said.
• 11:53
  They
• 11:53
  said
• 11:53
  the
• 11:53
  number
• 11:53
  one
• 11:54
  thing
• 11:54
  they
• 11:54
  wanted
• 11:54
  with
• 11:54
  their
• 11:54
  Walmart
• 11:55
  plus
• 11:55
  membership
• 11:55
  was
• 11:55
  the
• 11:56
  ability
• 11:56
  to
• 11:56
  combine
• 11:57
  grocery
• 11:57
  delivery
• 11:58
  and
• 11:58
  prescription
• 11:59
  delivery.
• 11:59
  And
• 12:00
  Walmart
• 12:00
  delivered.
• 12:01
  It's
• 12:01
  the
• 12:01
  single
• 12:01
  most
• 12:02
  asked
• 12:02
  for
• 12:02
  service
• 12:03
  and
• 12:03
  them
• 12:04
  listening
• 12:04
  to
• 12:04
  their
• 12:04
  customers
• 12:05
  instead
• 12:05
  of
• 12:05
  just
• 12:06
  saying
• 12:06
  like
• 12:06
  what's
• 12:07
  Amazon
• 12:07
  doing?
• 12:08
  What's
• 12:08
  Target
• 12:08
  doing?
• 12:09
  What's
• 12:09
  you
• 12:09
  know,
• 12:09
  what
• 12:10
  are
• 12:10
  CVS
• 12:10
  and
• 12:11
  Walgreens
• 12:11
  doing?
• 12:11
  They
• 12:12
  are
• 12:12
  uniquely
• 12:13
  positioned
• 12:13
  to
• 12:13
  give
• 12:14
  the
• 12:14
  customers
• 12:15
  what
• 12:15
  they
• 12:15
  want.
• 12:15
  I
• 12:15
  think
• 12:15
  it's
• 12:16
  so
• 12:16
  brilliant
• 12:16
  here
• 12:17
  Lakshman,
• 12:18
  I'd
• 12:19
  love
• 12:19
  for
• 12:19
  you
• 12:19
  to
• 12:20
  close
• 12:20
  us
• 12:20
  out.
• 12:21
  What
• 12:21
  do
• 12:21
  you
• 12:21
  think
• 12:21
  of
• 12:22
  this
• 12:22
  move?
• 12:22
  How
• 12:22
  big
• 12:22
  is,
• 12:23
  is
• 12:23
  Walmart's
• 12:24
  same
• 12:24
  day
• 12:25
  prescription
• 12:25
  delivery?
• 12:26
  Yeah,
• 12:27
  we
• 12:27
  know
• 12:28
  the
• 12:28
  demographic
• 12:28
  curve
• 12:29
  that's
• 12:29
  coming
• 12:29
  up,
• 12:30
  right?
• 12:30
  We
• 12:30
  know
• 12:30
  that
• 12:31
  the
• 12:31
  baby
• 12:31
  boomers
• 12:31
  and
• 12:32
  the
• 12:32
  next,
• 12:32
  the
• 12:32
  next
• 12:33
  wave
• 12:33
  are
• 12:33
  coming
• 12:34
  up
• 12:34
  to
• 12:34
  age
• 12:34
  now.
• 12:35
  It's
• 12:35
  a
• 12:35
  great
• 12:35
  they
• 12:35
  want
• 12:36
  convenience,
• 12:36
  they
• 12:37
  want
• 12:37
  speed,
• 12:38
  they
• 12:38
  want
• 12:38
  security,
• 12:39
  they
• 12:39
  want
• 12:39
  reliability.
• 12:41
  Who
• 12:41
  best
• 12:42
  to
• 12:42
  deliver
• 12:42
  that
• 12:43
  than
• 12:43
  Walmart?
• 12:45
  100%.
• 12:46
  That's
• 12:46
  a
• 12:46
  great
• 12:47
  point
• 12:47
  too
• 12:47
  because
• 12:47
  the
• 12:47
  demographics
• 12:48
  of
• 12:48
  who
• 12:49
  shops
• 12:49
  where
• 12:49
  at
• 12:49
  what
• 12:50
  pharmacies
• 12:50
  is
• 12:50
  also
• 12:51
  going
• 12:51
  to
• 12:51
  shift
• 12:51
  because
• 12:52
  as
• 12:52
  you
• 12:52
  get
• 12:52
  older
• 12:52
  is
• 12:52
  when
• 12:53
  you
• 12:53
  start
• 12:53
  needing
• 12:53
  medication.
• 12:54
  So
• 12:54
  that
• 12:54
  50%,
• 12:55
  roughly,
• 12:55
  I
• 12:56
  think
• 12:56
  you
• 12:56
  said,
• 12:56
  Chris,
• 12:56
  that
• 12:57
  shop
• 12:57
  at
• 12:57
  Walgreens
• 12:57
  and
• 12:58
  cvs,
• 12:58
  that's
• 12:59
  going
• 12:59
  to
• 12:59
  change
• 12:59
  naturally
• 13:00
  too.
• 13:00
  So
• 13:01
  that's
• 13:01
  a
• 13:01
  really
• 13:01
  interesting
• 13:01
  point,
• 13:02
  Lakshman.
• 13:02
  All
• 13:02
  right,
• 13:03
  and
• 13:03
  Anne,
• 13:04
  we
• 13:04
  just
• 13:04
  interviewed
• 13:04
  Vanessa
• 13:05
  Yates,
• 13:05
  the
• 13:05
  SVP
• 13:06
  of
• 13:06
  Walmart
• 13:06
  plus,
• 13:06
  she's
• 13:07
  got
• 13:07
  the
• 13:07
  best
• 13:07
  poker
• 13:08
  face
• 13:08
  in
• 13:08
  the
• 13:08
  world.
• 13:08
  We
• 13:08
  interviewed
• 13:09
  her
• 13:09
  what,
• 13:09
  10
• 13:10
  days
• 13:10
  ago.
• 13:10
  We
• 13:10
  asked
• 13:11
  her
• 13:11
  like
• 13:11
  what's
• 13:11
  coming
• 13:11
  with
• 13:12
  Walmart
• 13:12
  plus,
• 13:13
  she
• 13:13
  didn't
• 13:13
  give
• 13:13
  us
• 13:13
  any
• 13:14
  indication
• 13:14
  that
• 13:14
  this
• 13:15
  bombshell
• 13:15
  was
• 13:15
  on
• 13:16
  the
• 13:16
  doorstep.
• 13:16
  I
• 13:16
  can
• 13:17
  only
• 13:17
  imagine
• 13:17
  what's
• 13:17
  in
• 13:18
  store
• 13:18
  still.
• 13:19
  Like
• 13:19
  that's
• 13:19
  not
• 13:20
  the
• 13:20
  end
• 13:20
  of
• 13:20
  this.
• 13:20
  They
• 13:20
  just,
• 13:21
  they're
• 13:21
  moving
• 13:21
  at
• 13:21
  lightning
• 13:22
  speed
• 13:22
  right
• 13:22
  now.
• 13:22
  It's
• 13:23
  remarkable.
• 13:24
  100%.
• 13:24
  All
• 13:25
  right,
• 13:25
  now
• 13:25
  what
• 13:25
  is
• 13:25
  quite
• 13:26
  possibly,
• 13:26
  even
• 13:26
  though
• 13:26
  I
• 13:27
  love
• 13:27
  that
• 13:27
  last
• 13:27
  headline,
• 13:27
  this
• 13:28
  is
• 13:28
  quite
• 13:28
  possibly
• 13:28
  my
• 13:29
  favorite
• 13:29
  headline
• 13:30
  to
• 13:30
  get
• 13:30
  into
• 13:30
  a
• 13:30
  discussion
• 13:31
  about
• 13:31
  today,
• 13:31
  which
• 13:31
  is
• 13:32
  that
• 13:32
  headline
• 13:32
  number
• 13:33
  two.
• 13:33
  Amazon
• 13:33
  is
• 13:34
  testing
• 13:34
  a
• 13:34
  new
• 13:35
  small
• 13:35
  format
• 13:35
  grocery
• 13:36
  store
• 13:36
  concept
• 13:37
  in
• 13:37
  Chicago.
• 13:38
  According
• 13:38
  to
• 13:38
  Chain
• 13:39
  Storage,
• 13:39
  the
• 13:39
  company
• 13:40
  has
• 13:40
  opened
• 13:40
  a
• 13:41
  3,800square
• 13:42
  foot
• 13:43
  small
• 13:43
  format
• 13:43
  grocery
• 13:44
  store
• 13:44
  concept
• 13:44
  in
• 13:45
  downtown
• 13:45
  Chicago
• 13:46
  in
• 13:46
  a
• 13:47
  building
• 13:47
  that
• 13:47
  also
• 13:47
  houses
• 13:48
  a
• 13:48
  Whole
• 13:48
  Foods
• 13:49
  market.
• 13:49
  An
• 13:50
  Amazon
• 13:50
  spokesperson
• 13:51
  spokesperson
• 13:52
  confirmed
• 13:53
  the
• 13:53
  new
• 13:54
  store
• 13:54
  called
• 13:54
  Amazon
• 13:55
  Grocery.
• 13:56
  Gotta
• 13:56
  love
• 13:56
  that
• 13:57
  name.
• 13:57
  Amazon
• 13:57
  Grocery
• 13:58
  and
• 13:58
  not
• 13:59
  to
• 13:59
  be
• 13:59
  confused
• 13:59
  with
• 13:59
  Amazon
• 14:00
  Fresh
• 14:00
  or
• 14:01
  Amazon
• 14:01
  Go,
• 14:02
  features
• 14:02
  a
• 14:02
  selection
• 14:03
  of
• 14:03
  approximately
• 14:04
  3,500
• 14:04
  products
• 14:05
  and
• 14:05
  is
• 14:05
  located
• 14:06
  in
• 14:06
  the
• 14:06
  One
• 14:06
  Chicago
• 14:07
  building.
• 14:08
  The
• 14:08
  new
• 14:08
  store
• 14:08
  allows
• 14:09
  customers
• 14:09
  to
• 14:09
  complete
• 14:10
  quick
• 14:10
  trips
• 14:11
  like
• 14:11
  grocery
• 14:11
  top
• 14:12
  ups,
• 14:12
  coffee
• 14:13
  and
• 14:13
  grab
• 14:13
  and
• 14:13
  go
• 14:13
  meals
• 14:14
  all
• 14:14
  during
• 14:15
  their
• 14:15
  regular
• 14:15
  trip
• 14:16
  to
• 14:16
  Whole
• 14:16
  Foods.
• 14:17
  It
• 14:17
  also
• 14:17
  offers
• 14:18
  national
• 14:18
  grocery
• 14:19
  brands
• 14:19
  or
• 14:20
  household
• 14:20
  essentials
• 14:21
  that
• 14:21
  are
• 14:21
  not
• 14:22
  available
• 14:22
  at
• 14:22
  Whole
• 14:23
  Foods.
• 14:25
  Lakshman,
• 14:25
  I'm
• 14:25
  going
• 14:25
  to
• 14:25
  go
• 14:26
  to
• 14:26
  you
• 14:26
  first
• 14:26
  on
• 14:26
  this.
• 14:28
  What
• 14:28
  in
• 14:28
  the
• 14:29
  heck
• 14:29
  is
• 14:29
  Amazon's
• 14:30
  grocery
• 14:31
  strategy?
• 14:31
  Like,
• 14:31
  I
• 14:31
  just
• 14:31
  cannot
• 14:32
  put
• 14:32
  my
• 14:32
  finger
• 14:33
  on
• 14:33
  it
• 14:33
  at
• 14:33
  all.
• 14:33
  Like
• 14:34
  wtf?
• 14:35
  What
• 14:35
  are
• 14:35
  they
• 14:35
  doing
• 14:35
  here
• 14:36
  and
• 14:36
  what
• 14:36
  do
• 14:36
  you
• 14:36
  think
• 14:36
  of
• 14:36
  this
• 14:36
  new
• 14:37
  concept?
• 14:37
  Does
• 14:37
  it
• 14:37
  help
• 14:38
  things
• 14:38
  at
• 14:38
  all
• 14:39
  or
• 14:39
  does
• 14:39
  it
• 14:39
  just
• 14:39
  muddy
• 14:39
  the
• 14:40
  waters?
• 14:41
  Yeah,
• 14:41
  let's
• 14:41
  add
• 14:41
  another
• 14:43
  banner
• 14:44
  under
• 14:44
  the
• 14:45
  grocery
• 14:46
  experiments
• 14:47
  that
• 14:47
  are
• 14:47
  happening
• 14:48
  right
• 14:48
  now
• 14:48
  with
• 14:48
  Amazon.
• 14:51
  Listen,
• 14:51
  this
• 14:51
  is
• 14:52
  a
• 14:52
  walled
• 14:52
  garden,
• 14:53
  right?
• 14:53
  You
• 14:54
  cannot
• 14:54
  have.
• 14:55
  It's
• 14:55
  a
• 14:55
  small
• 14:56
  store
• 14:56
  format,
• 14:56
  3500
• 14:57
  SKUs.
• 14:58
  Very
• 14:58
  limited
• 14:59
  national
• 14:59
  brands.
• 15:02
  They
• 15:03
  do
• 15:03
  not
• 15:03
  allow
• 15:03
  the
• 15:03
  customer
• 15:04
  to
• 15:04
  go
• 15:04
  and
• 15:04
  transact
• 15:05
  between
• 15:05
  the
• 15:05
  two.
• 15:06
  They
• 15:06
  cannot
• 15:07
  have
• 15:08
  one
• 15:09
  single
• 15:09
  cart
• 15:09
  that
• 15:10
  moves
• 15:10
  up
• 15:10
  and
• 15:10
  down.
• 15:12
  So
• 15:12
  from
• 15:13
  a.
• 15:14
  It
• 15:14
  is
• 15:14
  going
• 15:14
  to
• 15:14
  be
• 15:14
  a
• 15:15
  walled
• 15:15
  garden
• 15:15
  because
• 15:15
  the
• 15:15
  private
• 15:16
  labels,
• 15:16
  they
• 15:16
  cannot
• 15:17
  place
• 15:17
  it
• 15:17
  right.
• 15:18
  They
• 15:18
  cannot
• 15:18
  increase
• 15:19
  the
• 15:19
  penetration
• 15:19
  of
• 15:20
  their
• 15:20
  own
• 15:20
  products.
• 15:21
  They
• 15:21
  have
• 15:21
  to
• 15:22
  rely
• 15:22
  on
• 15:22
  trade
• 15:23
  funds
• 15:23
  and
• 15:24
  everything
• 15:24
  that's
• 15:25
  coming
• 15:25
  from
• 15:25
  the
• 15:25
  national
• 15:26
  brands
• 15:27
  to
• 15:27
  fund
• 15:28
  their
• 15:29
  marketing
• 15:29
  expense
• 15:29
  for
• 15:30
  this
• 15:30
  particular
• 15:30
  channel,
• 15:31
  which
• 15:31
  is
• 15:31
  quite
• 15:31
  expensive.
• 15:32
  Shall
• 15:32
  I
• 15:32
  say
• 15:33
  the
• 15:33
  name
• 15:33
  of
• 15:33
  the
• 15:34
  game
• 15:34
  here
• 15:34
  is
• 15:34
  convenience.
• 15:35
  Right.
• 15:36
  Looking
• 15:36
  at
• 15:36
  the
• 15:37
  age
• 15:38
  group
• 15:38
  of
• 15:38
  about
• 15:39
  25
• 15:39
  to
• 15:39
  35
• 15:40
  people
• 15:40
  living
• 15:41
  in
• 15:41
  the
• 15:42
  cities
• 15:42
  with
• 15:42
  an
• 15:43
  income
• 15:43
  of
• 15:44
  80
• 15:44
  to
• 15:44
  120k
• 15:45
  who
• 15:45
  just
• 15:45
  need
• 15:46
  to
• 15:46
  go
• 15:46
  and
• 15:46
  buy
• 15:47
  or
• 15:47
  get
• 15:47
  that
• 15:48
  one
• 15:48
  small
• 15:48
  item
• 15:49
  that
• 15:49
  they
• 15:49
  forgot
• 15:50
  to
• 15:50
  get,
• 15:51
  whether
• 15:51
  it's
• 15:51
  Coke
• 15:52
  or
• 15:52
  it's,
• 15:53
  you
• 15:53
  know,
• 15:54
  packed
• 15:54
  sandwich.
• 15:55
  That's
• 15:56
  a
• 15:56
  convenience
• 15:56
  thing.
• 15:57
  Play
• 15:57
  here.
• 15:58
  It
• 15:58
  squarely
• 15:58
  goes
• 15:59
  against
• 15:59
  what
• 15:59
  711
• 16:00
  is
• 16:00
  trying
• 16:00
  to
• 16:01
  do
• 16:01
  which
• 16:01
  is
• 16:01
  upscale
• 16:02
  their
• 16:02
  convenience
• 16:03
  format
• 16:03
  and
• 16:04
  make
• 16:04
  it
• 16:04
  more
• 16:04
  interesting.
• 16:05
  I
• 16:06
  think
• 16:06
  it's
• 16:06
  got
• 16:07
  very
• 16:07
  limited
• 16:08
  shelf
• 16:08
  life.
• 16:09
  It
• 16:09
  is
• 16:09
  an
• 16:09
  experiment.
• 16:11
  I
• 16:11
  feel
• 16:11
  like
• 16:12
  they
• 16:12
  probably
• 16:12
  are
• 16:13
  going
• 16:13
  to
• 16:13
  try
• 16:13
  a
• 16:13
  couple
• 16:14
  of
• 16:14
  other
• 16:14
  huge
• 16:14
  city
• 16:15
  centers
• 16:16
  locations
• 16:17
  and
• 16:18
  likely
• 16:18
  it
• 16:18
  will
• 16:18
  saturate
• 16:19
  at
• 16:19
  that
• 16:19
  point.
• 16:20
  Is
• 16:21
  it
• 16:21
  a
• 16:21
  good
• 16:21
  experiment
• 16:22
  though?
• 16:22
  Is
• 16:22
  it
• 16:22
  an
• 16:22
  experiment
• 16:23
  worth
• 16:23
  running
• 16:24
  Just
• 16:24
  by
• 16:25
  the
• 16:25
  fact
• 16:25
  that
• 16:25
  you
• 16:25
  have
• 16:25
  to
• 16:25
  put
• 16:25
  it
• 16:26
  next
• 16:26
  to
• 16:26
  a
• 16:26
  Whole
• 16:26
  Foods
• 16:27
  and
• 16:27
  the
• 16:27
  whole
• 16:27
  strategic
• 16:28
  premise
• 16:28
  that
• 16:28
  you're
• 16:29
  pitching
• 16:29
  in
• 16:29
  this
• 16:29
  article
• 16:30
  is
• 16:30
  that
• 16:30
  it's
• 16:30
  next
• 16:30
  to
• 16:31
  a
• 16:31
  Whole
• 16:31
  Foods.
• 16:32
  Yeah.
• 16:34
  And
• 16:34
  think
• 16:35
  about
• 16:35
  the
• 16:35
  cost
• 16:35
  delta
• 16:36
  between
• 16:36
  the
• 16:36
  two.
• 16:36
  Right.
• 16:36
  You
• 16:36
  have
• 16:37
  to
• 16:37
  have
• 16:37
  a
• 16:37
  separation
• 16:37
  of
• 16:38
  at
• 16:38
  least
• 16:38
  20
• 16:39
  to
• 16:39
  40%.
• 16:40
  If
• 16:40
  not
• 16:40
  the
• 16:40
  customer
• 16:41
  is
• 16:41
  not
• 16:41
  going
• 16:41
  to
• 16:41
  walk
• 16:41
  in.
• 16:42
  And
• 16:42
  the
• 16:42
  other
• 16:43
  thing
• 16:43
  is
• 16:43
  you're
• 16:44
  likely
• 16:44
  cannibalizing
• 16:45
  your
• 16:45
  own
• 16:45
  sales.
• 16:46
  If
• 16:46
  there
• 16:46
  is
• 16:46
  an
• 16:46
  equivalent
• 16:47
  national
• 16:47
  brand,
• 16:48
  same
• 16:48
  quality
• 16:49
  price
• 16:50
  point
• 16:50
  is
• 16:50
  20%
• 16:51
  higher.
• 16:52
  Then
• 16:52
  you
• 16:53
  are
• 16:53
  competing
• 16:53
  against
• 16:53
  your
• 16:54
  own
• 16:54
  private
• 16:54
  label
• 16:54
  in
• 16:55
  some
• 16:55
  ways
• 16:55
  and
• 16:56
  you
• 16:56
  are
• 16:56
  competing
• 16:56
  against,
• 16:57
  you
• 16:57
  know,
• 16:57
  your
• 16:57
  higher
• 16:57
  end
• 16:58
  whole
• 16:58
  food
• 16:58
  products
• 16:59
  themselves.
• 17:00
  Right.
• 17:00
  So
• 17:00
  it's
• 17:01
  a
• 17:01
  very
• 17:01
  interesting
• 17:01
  assortment
• 17:02
  tiering
• 17:03
  problem.
• 17:04
  Which
• 17:04
  is
• 17:04
  why
• 17:05
  this
• 17:05
  is
• 17:05
  very
• 17:05
  baffling
• 17:06
  for
• 17:06
  me
• 17:06
  to
• 17:06
  co
• 17:06
  locate
• 17:07
  it
• 17:07
  in
• 17:07
  the
• 17:07
  same
• 17:08
  spot.
• 17:09
  If
• 17:09
  it
• 17:09
  were
• 17:09
  at
• 17:09
  least
• 17:10
  a
• 17:10
  mile
• 17:10
  away
• 17:11
  and
• 17:11
  there
• 17:12
  was
• 17:12
  some
• 17:12
  separation
• 17:13
  between
• 17:13
  the
• 17:13
  two.
• 17:14
  It
• 17:14
  makes
• 17:14
  a
• 17:14
  ton
• 17:14
  of
• 17:15
  sense
• 17:15
  that
• 17:15
  they're
• 17:15
  trying
• 17:15
  to
• 17:16
  get
• 17:16
  entry
• 17:17
  into
• 17:17
  this
• 17:17
  particular
• 17:17
  fast
• 17:18
  moving
• 17:18
  segment.
• 17:19
  But
• 17:19
  to
• 17:20
  co
• 17:20
  locate
• 17:20
  it
• 17:20
  is
• 17:21
  what
• 17:21
  is
• 17:21
  really
• 17:21
  the
• 17:22
  baffler
• 17:22
  here.
• 17:23
  Interesting,
• 17:23
  interesting.
• 17:24
  Chris,
• 17:24
  I
• 17:24
  saw
• 17:24
  you
• 17:24
  shaking
• 17:24
  your
• 17:25
  head.
• 17:25
  What,
• 17:25
  what's
• 17:25
  your
• 17:26
  points
• 17:26
  that
• 17:26
  you'd
• 17:26
  add
• 17:26
  here?
• 17:27
  No,
• 17:27
  I
• 17:27
  mean
• 17:27
  I
• 17:28
  actually
• 17:28
  just
• 17:28
  had
• 17:29
  a
• 17:29
  different
• 17:29
  take
• 17:29
  on.
• 17:30
  I
• 17:30
  thought
• 17:30
  Lakshman's
• 17:30
  take
• 17:31
  was
• 17:31
  really
• 17:31
  interesting.
• 17:32
  I
• 17:32
  kind
• 17:32
  of
• 17:32
  thought
• 17:33
  about
• 17:33
  it
• 17:33
  differently.
• 17:34
  Okay.
• 17:35
  I
• 17:35
  think
• 17:35
  the
• 17:35
  whole
• 17:36
  point
• 17:36
  was
• 17:36
  co
• 17:36
  locating
• 17:37
  it
• 17:37
  or
• 17:38
  what
• 17:38
  I
• 17:38
  wonder
• 17:38
  is,
• 17:39
  is
• 17:39
  the
• 17:39
  whole
• 17:39
  point
• 17:39
  co
• 17:40
  Locating
• 17:40
  it.
• 17:41
  I
• 17:41
  agree
• 17:41
  with
• 17:41
  Lakshman.
• 17:42
  It's
• 17:42
  not
• 17:42
  a
• 17:42
  concept
• 17:43
  that's
• 17:43
  designed
• 17:44
  to
• 17:44
  scale.
• 17:45
  I,
• 17:45
  I
• 17:45
  kind
• 17:45
  of
• 17:46
  see
• 17:46
  this
• 17:46
  one
• 17:46
  as
• 17:46
  a
• 17:47
  data
• 17:47
  gathering
• 17:48
  experiment,
• 17:48
  a
• 17:49
  pet
• 17:49
  project
• 17:49
  from
• 17:49
  someone
• 17:50
  there.
• 17:50
  And
• 17:50
  I
• 17:51
  think
• 17:51
  it's
• 17:51
  all
• 17:51
  about
• 17:52
  exploring
• 17:53
  like
• 17:53
  the
• 17:54
  whole
• 17:55
  Amazon
• 17:56
  Whole
• 17:57
  Foods
• 17:57
  piece
• 17:58
  where
• 17:58
  you
• 17:58
  can't
• 17:58
  have
• 17:59
  national
• 17:59
  brands
• 17:59
  in
• 17:59
  the
• 18:00
  store.
• 18:00
  There's
• 18:00
  a
• 18:00
  big
• 18:00
  customer
• 18:01
  problem
• 18:01
  that
• 18:02
  that
• 18:02
  customer
• 18:02
  now
• 18:03
  has
• 18:03
  to
• 18:03
  make
• 18:03
  two
• 18:03
  shopping
• 18:04
  trips
• 18:04
  to
• 18:04
  do
• 18:04
  their
• 18:05
  Grocery
• 18:05
  Shopp.
• 18:06
  So
• 18:06
  I
• 18:06
  think
• 18:07
  it's
• 18:07
  an
• 18:07
  experiment
• 18:08
  to
• 18:08
  place
• 18:08
  national
• 18:09
  brands
• 18:09
  in
• 18:09
  close
• 18:10
  proximity
• 18:10
  without
• 18:11
  violating
• 18:11
  that
• 18:12
  wall
• 18:13
  and
• 18:13
  see
• 18:14
  how
• 18:15
  many
• 18:15
  of
• 18:15
  those
• 18:16
  customers
• 18:16
  you
• 18:16
  can
• 18:16
  actually
• 18:17
  get
• 18:17
  to
• 18:17
  shop
• 18:17
  in
• 18:18
  Whole
• 18:18
  Foods,
• 18:18
  then
• 18:19
  buy
• 18:19
  national
• 18:20
  brands
• 18:20
  right
• 18:20
  next
• 18:21
  door
• 18:21
  on
• 18:21
  the
• 18:22
  same
• 18:22
  shopping
• 18:22
  trip.
• 18:23
  Because
• 18:23
  Amazon's
• 18:24
  actually
• 18:24
  experimenting
• 18:25
  with
• 18:25
  other
• 18:25
  concepts
• 18:26
  that
• 18:26
  are
• 18:26
  similar.
• 18:26
  So
• 18:27
  in
• 18:27
  Pennsylvania
• 18:28
  they
• 18:28
  have
• 18:28
  like
• 18:28
  a
• 18:28
  micro
• 18:29
  fulfillment
• 18:30
  center
• 18:30
  tied
• 18:31
  to
• 18:31
  a
• 18:32
  Whole
• 18:32
  Foods
• 18:32
  where
• 18:33
  the
• 18:33
  idea
• 18:34
  is
• 18:34
  you
• 18:34
  place
• 18:34
  your
• 18:35
  Amazon
• 18:35
  order
• 18:35
  on
• 18:35
  your
• 18:36
  phone
• 18:36
  and
• 18:36
  you
• 18:36
  can
• 18:36
  get
• 18:37
  your
• 18:37
  brands
• 18:38
  products
• 18:39
  right
• 18:39
  outside
• 18:40
  the
• 18:40
  door
• 18:40
  of
• 18:40
  the
• 18:40
  Whole
• 18:41
  Foods
• 18:41
  so
• 18:41
  you
• 18:41
  can
• 18:41
  do
• 18:42
  one
• 18:42
  trip.
• 18:42
  So
• 18:42
  I
• 18:43
  kind
• 18:43
  of
• 18:43
  see
• 18:43
  it
• 18:43
  as
• 18:43
  more
• 18:44
  of
• 18:44
  like
• 18:44
  a
• 18:44
  similar
• 18:45
  very
• 18:46
  small
• 18:46
  scale
• 18:46
  test
• 18:47
  concept
• 18:47
  to,
• 18:48
  you
• 18:48
  know,
• 18:48
  further
• 18:49
  discussions
• 18:50
  and
• 18:50
  test
• 18:51
  data
• 18:51
  on
• 18:52
  how
• 18:52
  do
• 18:52
  you
• 18:52
  integrate
• 18:53
  national
• 18:54
  brands
• 18:54
  within
• 18:55
  the
• 18:55
  Whole
• 18:55
  Foods
• 18:56
  channel.
• 18:56
  But
• 18:56
  you
• 18:57
  know,
• 18:57
  I
• 18:57
  could
• 18:57
  be
• 18:57
  wrong.
• 18:57
  It's
• 18:57
  a
• 18:57
  weird
• 18:58
  spot
• 18:58
  to
• 18:58
  do
• 18:58
  it
• 18:58
  too
• 18:58
  because
• 18:59
  to
• 18:59
  lock
• 19:00
  like
• 19:00
  the
• 19:01
  one
• 19:01
  Chicago,
• 19:01
  it's
• 19:02
  a
• 19:02
  residential
• 19:02
  building.
• 19:03
  Uh,
• 19:04
  and
• 19:04
  you
• 19:04
  have
• 19:04
  to
• 19:05
  imagine
• 19:05
  a
• 19:05
  lot
• 19:05
  of
• 19:05
  those
• 19:06
  3500
• 19:06
  SKUs
• 19:07
  are
• 19:07
  just
• 19:08
  convenience
• 19:08
  focused,
• 19:09
  like
• 19:09
  quick
• 19:09
  grab
• 19:10
  and
• 19:10
  go
• 19:10
  stuff.
• 19:10
  So
• 19:11
  that's
• 19:11
  the
• 19:11
  part
• 19:11
  that
• 19:12
  doesn't
• 19:12
  quite
• 19:12
  tie
• 19:13
  for
• 19:13
  me.
• 19:13
  Yeah,
• 19:13
  yeah.
• 19:14
  Okay,
• 19:14
  so,
• 19:14
  so
• 19:15
  you
• 19:15
  kind
• 19:15
  of
• 19:15
  like
• 19:15
  it.
• 19:16
  Lakshman's
• 19:16
  a
• 19:16
  little
• 19:16
  more
• 19:17
  baffled
• 19:17
  by
• 19:17
  it.
• 19:18
  And
• 19:18
  what
• 19:18
  do
• 19:18
  you
• 19:18
  think
• 19:19
  here?
• 19:20
  Yeah,
• 19:20
  I
• 19:20
  mean
• 19:21
  I
• 19:22
  agree
• 19:22
  with
• 19:22
  Chris.
• 19:22
  I
• 19:23
  think
• 19:23
  this
• 19:23
  is
• 19:23
  just
• 19:23
  another
• 19:24
  version
• 19:25
  of
• 19:25
  the
• 19:25
  test
• 19:26
  that
• 19:26
  is
• 19:26
  happening
• 19:26
  in
• 19:27
  Pennsylvania
• 19:27
  right
• 19:28
  now.
• 19:28
  Like
• 19:28
  what's
• 19:29
  the
• 19:29
  threshold
• 19:30
  ultimately?
• 19:30
  What
• 19:30
  do
• 19:30
  I
• 19:30
  think
• 19:31
  is
• 19:31
  going
• 19:31
  to
• 19:31
  happen?
• 19:32
  I
• 19:32
  think
• 19:32
  that
• 19:33
  this
• 19:33
  is
• 19:33
  a
• 19:33
  continuation
• 19:34
  of
• 19:34
  our
• 19:35
  conversation
• 19:35
  last
• 19:36
  week,
• 19:36
  Chris.
• 19:36
  I
• 19:36
  think
• 19:37
  this
• 19:37
  is
• 19:38
  the
• 19:38
  death
• 19:38
  of
• 19:38
  Whole
• 19:39
  Foods
• 19:39
  as
• 19:39
  we
• 19:39
  know
• 19:39
  it
• 19:40
  right
• 19:40
  now.
• 19:40
  I
• 19:40
  think
• 19:41
  that
• 19:41
  eventually
• 19:42
  Amazon's
• 19:42
  just
• 19:42
  going
• 19:42
  to
• 19:43
  see
• 19:43
  people
• 19:43
  want
• 19:44
  to
• 19:44
  get
• 19:44
  all
• 19:44
  their
• 19:45
  private
• 19:45
  brands
• 19:45
  or
• 19:46
  sorry,
• 19:46
  all
• 19:46
  their
• 19:47
  keep
• 19:47
  saying
• 19:47
  private
• 19:47
  brands,
• 19:48
  all
• 19:48
  of
• 19:48
  their
• 19:49
  national
• 19:49
  brands
• 19:50
  and
• 19:50
  their
• 19:50
  Whole
• 19:51
  Foods
• 19:51
  brands
• 19:51
  in
• 19:51
  one
• 19:52
  place.
• 19:52
  But
• 19:52
  I'm
• 19:53
  wondering,
• 19:53
  and
• 19:54
  I
• 19:54
  think
• 19:54
  that
• 19:54
  this
• 19:54
  store,
• 19:55
  Whole
• 19:55
  Foods
• 19:55
  is
• 19:55
  going
• 19:55
  to
• 19:55
  go
• 19:56
  away
• 19:56
  and
• 19:56
  eventually
• 19:56
  it's
• 19:56
  just
• 19:57
  going
• 19:57
  to
• 19:57
  be
• 19:57
  called
• 19:57
  Amazon
• 19:58
  Grocery.
• 19:58
  Because
• 19:59
  I
• 19:59
  think
• 19:59
  it's
• 19:59
  just
• 19:59
  going
• 19:59
  to
• 19:59
  be
• 19:59
  easier
• 20:00
  to
• 20:00
  put
• 20:00
  all
• 20:00
  those
• 20:00
  brands
• 20:01
  side
• 20:01
  by
• 20:01
  side
• 20:01
  side
• 20:02
  inside
• 20:02
  the
• 20:02
  Whole
• 20:02
  Foods.
• 20:03
  Now
• 20:03
  yes,
• 20:04
  you
• 20:04
  lose
• 20:04
  this
• 20:04
  coveted
• 20:05
  Whole
• 20:05
  Foods,
• 20:06
  you
• 20:06
  know,
• 20:06
  experience.
• 20:07
  But
• 20:08
  I
• 20:08
  honestly
• 20:08
  am
• 20:09
  wondering
• 20:09
  if
• 20:10
  this
• 20:10
  is
• 20:10
  the
• 20:10
  Only
• 20:10
  opportunity
• 20:11
  that
• 20:11
  Amazon
• 20:12
  has
• 20:12
  in
• 20:12
  grocery.
• 20:13
  If
• 20:13
  it
• 20:13
  seems
• 20:14
  like
• 20:14
  it
• 20:14
  may
• 20:14
  be
• 20:14
  the
• 20:14
  winningest
• 20:15
  strategy
• 20:16
  where
• 20:16
  you
• 20:16
  know,
• 20:16
  yes,
• 20:17
  you
• 20:17
  have
• 20:17
  other
• 20:17
  competition
• 20:18
  from
• 20:18
  some
• 20:18
  of
• 20:18
  these
• 20:19
  nicer
• 20:19
  upscale
• 20:20
  groceries
• 20:21
  where
• 20:21
  that
• 20:21
  have
• 20:21
  this
• 20:22
  access
• 20:22
  to
• 20:23
  some
• 20:23
  of
• 20:23
  the
• 20:24
  organic
• 20:24
  foods.
• 20:25
  But
• 20:26
  will
• 20:26
  Amazon
• 20:27
  be
• 20:27
  able
• 20:27
  to
• 20:27
  offer
• 20:28
  some
• 20:28
  of
• 20:28
  these
• 20:28
  brands
• 20:29
  at
• 20:29
  a
• 20:29
  more
• 20:29
  affordable
• 20:30
  price
• 20:31
  because
• 20:31
  of
• 20:31
  the
• 20:31
  scale
• 20:32
  that
• 20:32
  they
• 20:32
  have
• 20:33
  with
• 20:33
  delivery
• 20:34
  with
• 20:34
  Grocery?
• 20:35
  Like
• 20:35
  to
• 20:36
  me
• 20:36
  it
• 20:36
  seems
• 20:36
  like
• 20:37
  this
• 20:37
  could
• 20:37
  be
• 20:38
  the
• 20:38
  only
• 20:38
  chance
• 20:39
  that
• 20:39
  Amazon
• 20:39
  has
• 20:40
  a
• 20:40
  success
• 20:40
  in
• 20:41
  Grocery,
• 20:41
  which
• 20:41
  is
• 20:42
  combining
• 20:42
  everything,
• 20:43
  the
• 20:43
  Whole
• 20:43
  Foods,
• 20:43
  the
• 20:44
  national
• 20:44
  brands
• 20:44
  and
• 20:45
  having
• 20:45
  this
• 20:45
  Amazon
• 20:46
  Grocery
• 20:46
  experience.
• 20:47
  But
• 20:48
  wow,
• 20:49
  you
• 20:49
  are
• 20:49
  not
• 20:50
  in
• 20:50
  the
• 20:50
  camp.
• 20:51
  No,
• 20:51
  I
• 20:52
  mean,
• 20:53
  I
• 20:53
  think
• 20:53
  if
• 20:53
  you
• 20:53
  play
• 20:54
  that
• 20:54
  out,
• 20:54
  you
• 20:54
  know
• 20:54
  who
• 20:54
  wins
• 20:54
  in
• 20:55
  that
• 20:55
  game?
• 20:55
  Sprouts.
• 20:56
  Because
• 20:57
  all
• 20:57
  the
• 20:57
  Whole
• 20:57
  Foods
• 20:57
  shoppers
• 20:58
  start
• 20:58
  going
• 20:58
  to
• 20:58
  Sprouts
• 20:59
  and
• 20:59
  Sprouts
• 20:59
  explodes
• 21:00
  nationally.
• 21:01
  Because
• 21:01
  in
• 21:01
  the,
• 21:02
  at
• 21:02
  the
• 21:02
  end
• 21:02
  have.
• 21:03
  The
• 21:03
  national
• 21:03
  brands
• 21:04
  though
• 21:04
  to
• 21:04
  the
• 21:04
  effect.
• 21:05
  But
• 21:05
  that's
• 21:05
  why
• 21:05
  I'm
• 21:06
  saying
• 21:06
  that
• 21:06
  those
• 21:06
  people
• 21:07
  don't
• 21:07
  want
• 21:07
  that.
• 21:07
  So
• 21:08
  Sprouts
• 21:08
  gets
• 21:08
  it.
• 21:08
  Because
• 21:09
  if
• 21:09
  you
• 21:09
  stop
• 21:10
  back
• 21:10
  and
• 21:10
  you
• 21:10
  look
• 21:10
  at
• 21:10
  grocery
• 21:11
  from
• 21:11
  a
• 21:11
  mass
• 21:11
  market
• 21:12
  perspective,
• 21:12
  the
• 21:13
  mass
• 21:13
  market
• 21:13
  already
• 21:14
  determines
• 21:15
  what
• 21:15
  products
• 21:15
  are
• 21:16
  going
• 21:16
  into.
• 21:17
  Kroger,
• 21:17
  Target,
• 21:18
  Walmart,
• 21:19
  Safeway,
• 21:19
  Albertsons,
• 21:20
  they're
• 21:20
  already
• 21:21
  doing
• 21:21
  that.
• 21:22
  So
• 21:22
  Amazon's
• 21:22
  got
• 21:22
  to
• 21:23
  come
• 21:23
  in
• 21:23
  with
• 21:23
  an
• 21:23
  entirely
• 21:24
  new
• 21:24
  concept
• 21:25
  to
• 21:25
  make
• 21:25
  this
• 21:26
  work.
• 21:26
  So
• 21:26
  that's
• 21:26
  why,
• 21:27
  that's
• 21:27
  why
• 21:27
  I
• 21:27
  think
• 21:27
  this
• 21:27
  idea
• 21:28
  is.
• 21:28
  This
• 21:28
  test
• 21:29
  particularly
• 21:29
  is
• 21:30
  the
• 21:30
  dumbest
• 21:30
  idea
• 21:31
  I've
• 21:31
  heard
• 21:31
  in
• 21:31
  a
• 21:31
  long
• 21:31
  time.
• 21:32
  To
• 21:32
  your
• 21:33
  point,
• 21:33
  if
• 21:33
  people
• 21:33
  want,
• 21:33
  if
• 21:33
  you,
• 21:34
  if
• 21:34
  you
• 21:34
  really
• 21:34
  think
• 21:34
  people
• 21:35
  want
• 21:35
  to
• 21:35
  buy,
• 21:36
  you
• 21:36
  know,
• 21:37
  general
• 21:37
  national
• 21:37
  brand
• 21:38
  products
• 21:38
  next
• 21:38
  to
• 21:39
  Whole
• 21:39
  Foods,
• 21:39
  just
• 21:39
  put
• 21:40
  them
• 21:40
  in
• 21:40
  frickin
• 21:40
  Whole
• 21:40
  Foods
• 21:41
  and
• 21:41
  run
• 21:41
  that
• 21:41
  experiment.
• 21:42
  Like
• 21:42
  what's
• 21:42
  the
• 21:42
  point
• 21:43
  of
• 21:43
  doing
• 21:43
  this?
• 21:44
  The
• 21:44
  small
• 21:44
  format
• 21:44
  is
• 21:45
  going
• 21:45
  to
• 21:45
  give
• 21:45
  you
• 21:45
  fake
• 21:45
  false
• 21:46
  positives
• 21:46
  or
• 21:46
  false
• 21:47
  negatives
• 21:47
  too
• 21:47
  because
• 21:48
  it's
• 21:48
  a
• 21:48
  separate
• 21:49
  location.
• 21:49
  And
• 21:50
  like
• 21:50
  why,
• 21:50
  if
• 21:51
  I
• 21:51
  need
• 21:51
  to
• 21:51
  make
• 21:51
  another
• 21:52
  trip,
• 21:52
  I
• 21:53
  already
• 21:53
  go
• 21:53
  to
• 21:53
  Whole
• 21:53
  Foods
• 21:54
  and
• 21:54
  most
• 21:54
  of
• 21:54
  the
• 21:54
  time
• 21:54
  I
• 21:54
  have
• 21:54
  to
• 21:55
  complement
• 21:55
  my
• 21:55
  trip
• 21:56
  by
• 21:56
  going
• 21:56
  to
• 21:56
  another
• 21:56
  store.
• 21:57
  Why
• 21:57
  would
• 21:57
  I
• 21:57
  go
• 21:57
  to
• 21:57
  a
• 21:58
  store
• 21:58
  that
• 21:58
  has
• 21:58
  3,500
• 21:59
  items
• 21:59
  when
• 21:59
  I
• 21:59
  can
• 21:59
  go
• 22:00
  to
• 22:00
  my
• 22:00
  local
• 22:00
  grocery
• 22:00
  store
• 22:01
  that
• 22:01
  has
• 22:01
  a
• 22:01
  water
• 22:01
  assortment
• 22:02
  and
• 22:03
  all
• 22:03
  the
• 22:03
  other
• 22:03
  options
• 22:03
  that
• 22:04
  are
• 22:04
  available
• 22:04
  to
• 22:05
  me
• 22:05
  that
• 22:05
  I
• 22:05
  can't
• 22:05
  get
• 22:05
  at
• 22:05
  a
• 22:05
  Whole
• 22:06
  Foods.
• 22:06
  So
• 22:06
  this
• 22:07
  just
• 22:07
  makes
• 22:07
  no
• 22:07
  sense
• 22:08
  to
• 22:08
  me
• 22:08
  from
• 22:08
  a
• 22:08
  testing
• 22:09
  perspective
• 22:09
  and
• 22:09
  why
• 22:10
  you
• 22:10
  would
• 22:10
  waste
• 22:10
  your
• 22:10
  time
• 22:11
  on
• 22:11
  it.
• 22:11
  But
• 22:11
  I
• 22:11
  don't
• 22:12
  know,
• 22:12
  somebody
• 22:12
  else
• 22:12
  take
• 22:13
  the
• 22:13
  last
• 22:13
  word
• 22:13
  on
• 22:13
  it
• 22:13
  because
• 22:14
  I,
• 22:14
  I
• 22:14
  got
• 22:14
  on
• 22:14
  my
• 22:14
  soapbox
• 22:15
  pretty
• 22:15
  quickly
• 22:15
  on
• 22:15
  this
• 22:16
  one.
• 22:17
  Well,
• 22:19
  I,
• 22:20
  I
• 22:20
  just
• 22:20
  questioned
• 22:21
  then
• 22:21
  like,
• 22:22
  does
• 22:22
  Amazon
• 22:23
  Grocery
• 22:23
  really
• 22:24
  just
• 22:24
  become
• 22:24
  Amazon,
• 22:25
  the
• 22:25
  mass
• 22:25
  retailer
• 22:26
  where
• 22:26
  they
• 22:26
  like,
• 22:27
  is
• 22:27
  that
• 22:27
  where
• 22:27
  they
• 22:28
  are
• 22:28
  successful?
• 22:28
  Good
• 22:29
  luck.
• 22:29
  You
• 22:29
  don't
• 22:29
  think
• 22:29
  so,
• 22:30
  yeah.
• 22:30
  I
• 22:30
  mean,
• 22:30
  good
• 22:30
  luck.
• 22:31
  I
• 22:31
  mean,
• 22:31
  people
• 22:31
  are
• 22:31
  trying
• 22:32
  to
• 22:32
  do
• 22:32
  that
• 22:32
  all
• 22:32
  the
• 22:32
  time.
• 22:32
  Good.
• 22:33
  I
• 22:33
  mean,
• 22:33
  I
• 22:33
  think
• 22:33
  that's
• 22:33
  a,
• 22:34
  that's,
• 22:34
  that's
• 22:34
  a
• 22:35
  tough,
• 22:35
  tough
• 22:36
  game.
• 22:36
  And
• 22:36
  they've
• 22:36
  shown
• 22:36
  that
• 22:36
  they
• 22:37
  haven't
• 22:37
  been
• 22:37
  able
• 22:37
  to
• 22:37
  create
• 22:38
  their
• 22:38
  own
• 22:38
  grocery
• 22:39
  concept,
• 22:39
  which
• 22:40
  if,
• 22:40
  correct
• 22:40
  me
• 22:41
  if
• 22:41
  I'm
• 22:41
  wrong,
• 22:41
  but
• 22:41
  Amazon
• 22:42
  Fresh
• 22:42
  has
• 22:43
  some
• 22:43
  of
• 22:43
  the,
• 22:44
  I
• 22:44
  don't
• 22:44
  remember,
• 22:44
  but
• 22:45
  doesn't
• 22:45
  it
• 22:45
  have
• 22:45
  some
• 22:45
  of
• 22:46
  the
• 22:46
  Whole
• 22:46
  Foods
• 22:46
  elements
• 22:47
  inside
• 22:47
  of
• 22:47
  it
• 22:47
  already?
• 22:48
  So
• 22:48
  they've
• 22:49
  kind
• 22:49
  of
• 22:49
  been
• 22:49
  running
• 22:49
  this
• 22:49
  experiment
• 22:50
  too.
• 22:51
  And
• 22:51
  that's
• 22:51
  not
• 22:51
  blowing
• 22:51
  the
• 22:52
  doors
• 22:52
  off
• 22:52
  anyone
• 22:52
  from
• 22:52
  a
• 22:53
  consumer
• 22:53
  love
• 22:53
  standpoint
• 22:54
  either.
• 22:54
  So
• 22:55
  I
• 22:55
  don't,
• 22:55
  I
• 22:55
  don't
• 22:56
  know.
• 22:56
  I
• 22:56
  just
• 22:56
  don't
• 22:56
  get
• 22:56
  it.
• 22:58
  But
• 22:58
  let's
• 22:59
  go
• 22:59
  into
• 23:00
  headline
• 23:00
  number
• 23:00
  three
• 23:01
  and
• 23:01
  talk
• 23:01
  more
• 23:02
  about
• 23:02
  going
• 23:02
  into
• 23:03
  physical
• 23:03
  retail.
• 23:04
  Guess
• 23:05
  what,
• 23:05
  guys?
• 23:06
  Bed
• 23:06
  Bath
• 23:06
  and
• 23:06
  Beyond
• 23:07
  stores
• 23:07
  could
• 23:08
  soon
• 23:08
  return.
• 23:09
  Yay.
• 23:10
  According
• 23:11
  to
• 23:11
  Retail
• 23:11
  Dive,
• 23:11
  Kirkland's
• 23:12
  Home
• 23:12
  and
• 23:12
  Beyond
• 23:13
  have
• 23:13
  entered
• 23:13
  a
• 23:13
  strategic
• 23:14
  partnership
• 23:14
  that
• 23:15
  includes
• 23:15
  the
• 23:15
  pilot
• 23:16
  opening
• 23:16
  of
• 23:16
  up
• 23:17
  to
• 23:17
  5
• 23:18
  neighborhood
• 23:18
  small
• 23:19
  format
• 23:19
  Bed,
• 23:19
  Bath
• 23:19
  and
• 23:20
  Beyond
• 23:20
  stores.
• 23:20
  The
• 23:21
  company
• 23:21
  said
• 23:21
  Monday,
• 23:22
  you
• 23:22
  won't
• 23:22
  need
• 23:22
  the
• 23:22
  whole
• 23:23
  Saturday
• 23:23
  to
• 23:23
  go
• 23:23
  to
• 23:24
  Bed,
• 23:24
  Bath
• 23:24
  and
• 23:24
  Beyond,
• 23:24
  Home
• 23:25
  Depot
• 23:25
  and
• 23:25
  others.
• 23:25
  You
• 23:26
  will
• 23:26
  just
• 23:26
  need
• 23:26
  a
• 23:26
  short
• 23:26
  amount
• 23:27
  of
• 23:27
  time
• 23:27
  because
• 23:27
  they're
• 23:27
  just
• 23:27
  tiny
• 23:28
  little
• 23:28
  cute
• 23:28
  Bed,
• 23:29
  Bath
• 23:29
  and
• 23:29
  Beyond
• 23:30
  good
• 23:30
  frank.
• 23:30
  To
• 23:30
  take
• 23:31
  reference
• 23:31
  and
• 23:32
  nice,
• 23:32
  subtle.
• 23:33
  Kirkland's
• 23:34
  is
• 23:34
  beyond
• 23:35
  beyond
• 23:36
  exclusive
• 23:36
  operator
• 23:37
  and
• 23:37
  licensee
• 23:37
  for
• 23:38
  the
• 23:38
  new
• 23:38
  stores
• 23:39
  Bed,
• 23:39
  Bath
• 23:39
  and
• 23:39
  Beyond.
• 23:40
  Shop
• 23:40
  and
• 23:40
  shops
• 23:41
  may
• 23:41
  also
• 23:41
  be
• 23:42
  opened
• 23:42
  inside
• 23:42
  of
• 23:43
  Kirkland's
• 23:43
  locations,
• 23:44
  but
• 23:44
  that's
• 23:44
  yet
• 23:44
  to
• 23:44
  be
• 23:45
  determined.
• 23:45
  Beyond
• 23:46
  is
• 23:47
  providing
• 23:47
  $17
• 23:48
  million
• 23:48
  in
• 23:48
  debt
• 23:49
  financing
• 23:49
  to
• 23:49
  Kirkland's
• 23:50
  under
• 23:50
  the
• 23:50
  deals
• 23:51
  financial
• 23:51
  terms.
• 23:52
  Eight
• 23:52
  and
• 23:52
  a
• 23:52
  half
• 23:53
  million
• 23:53
  of
• 23:53
  that
• 23:53
  is
• 23:53
  a
• 23:54
  convertible
• 23:54
  note
• 23:54
  that
• 23:55
  will
• 23:55
  convert
• 23:55
  to
• 23:55
  Kirkland's
• 23:56
  common
• 23:56
  stock
• 23:57
  at
• 23:57
  $1.85
• 23:58
  per
• 23:58
  share.
• 23:58
  Upon
• 23:59
  stockholder
• 23:59
  approval,
• 24:00
  beyond
• 24:00
  will
• 24:01
  also
• 24:01
  buy
• 24:02
  $8
• 24:02
  million
• 24:03
  of
• 24:03
  Kirkland
• 24:03
  stock
• 24:04
  in
• 24:04
  a
• 24:04
  subscription
• 24:05
  agreement.
• 24:06
  The
• 24:06
  company's
• 24:07
  also
• 24:07
  entered
• 24:07
  a
• 24:07
  seven
• 24:07
  year
• 24:08
  collaboration
• 24:08
  agreement
• 24:10
  starting
• 24:10
  in
• 24:10
  Q1
• 24:11
  of
• 24:11
  2025.
• 24:12
  Beyond
• 24:12
  will
• 24:13
  earn
• 24:13
  a
• 24:14
  collaboration
• 24:14
  fee
• 24:15
  equal
• 24:15
  to
• 24:16
  0.25%
• 24:16
  on
• 24:16
  all
• 24:17
  of
• 24:17
  Kirkland's
• 24:17
  quarterly
• 24:18
  retail
• 24:18
  and
• 24:18
  E
• 24:19
  Commerce
• 24:19
  revenue,
• 24:19
  an
• 24:19
  incentive
• 24:20
  fee
• 24:20
  equal
• 24:21
  to
• 24:21
  1.5%
• 24:22
  of
• 24:22
  Kirkland's
• 24:23
  incremental
• 24:23
  growth
• 24:23
  in
• 24:23
  E
• 24:24
  Commerce
• 24:24
  revenue,
• 24:25
  and
• 24:25
  a
• 24:25
  trademark
• 24:26
  license
• 24:26
  agreement
• 24:27
  where
• 24:27
  beyond
• 24:27
  will
• 24:28
  earn
• 24:28
  a
• 24:28
  store
• 24:28
  royalty
• 24:29
  fee
• 24:29
  equal
• 24:29
  to
• 24:30
  3%
• 24:30
  of
• 24:30
  net
• 24:31
  store
• 24:31
  sales
• 24:32
  generated
• 24:32
  under
• 24:32
  the
• 24:33
  Bed,
• 24:33
  Bath
• 24:33
  and
• 24:33
  Beyond
• 24:33
  banner.
• 24:34
  I
• 24:35
  hope
• 24:35
  you
• 24:35
  were
• 24:35
  taking
• 24:35
  notes
• 24:36
  there.
• 24:36
  There
• 24:36
  was
• 24:36
  a
• 24:36
  lot
• 24:37
  of
• 24:37
  data
• 24:37
  that
• 24:37
  I
• 24:37
  just
• 24:38
  threw
• 24:38
  out
• 24:38
  you.
• 24:39
  But
• 24:39
  my
• 24:40
  question
• 24:40
  is
• 24:40
  simpler.
• 24:41
  Does
• 24:42
  the
• 24:42
  market
• 24:42
  need
• 24:43
  a
• 24:43
  smaller
• 24:43
  incarnation
• 24:44
  of
• 24:44
  Bed,
• 24:44
  Bath
• 24:44
  and
• 24:45
  Beyond,
• 24:45
  or
• 24:46
  is
• 24:46
  this
• 24:46
  an
• 24:46
  example
• 24:47
  of
• 24:47
  two
• 24:48
  wrongs
• 24:48
  that
• 24:48
  won't
• 24:49
  likely
• 24:49
  make
• 24:49
  a
• 24:50
  Right.
• 24:50
  If
• 24:51
  you
• 24:51
  step
• 24:51
  back
• 24:51
  and
• 24:51
  think
• 24:51
  about
• 24:52
  what
• 24:52
  beyond
• 24:52
  is
• 24:52
  trying
• 24:53
  to
• 24:53
  do
• 24:53
  here.
• 24:53
  Right.
• 24:53
  Which
• 24:54
  is
• 24:54
  trying
• 24:54
  to
• 24:55
  have
• 24:55
  a
• 24:55
  broader
• 24:55
  play
• 24:56
  in
• 24:56
  home,
• 24:57
  home
• 24:57
  improvement,
• 24:58
  home
• 24:58
  services,
• 24:59
  decor,
• 25:00
  furniture.
• 25:02
  I
• 25:02
  think
• 25:02
  that
• 25:02
  makes
• 25:03
  sense.
• 25:03
  Right.
• 25:03
  Zulily
• 25:04
  they
• 25:04
  have
• 25:04
  bought
• 25:05
  Bed
• 25:05
  Bath
• 25:06
  and
• 25:06
  Beyond,
• 25:07
  the
• 25:07
  IP
• 25:07
  of
• 25:07
  it
• 25:08
  overstock.
• 25:09
  And
• 25:09
  now
• 25:09
  they
• 25:10
  are
• 25:10
  forging
• 25:10
  a
• 25:10
  partnership
• 25:11
  with
• 25:11
  Container
• 25:11
  Store.
• 25:12
  So
• 25:12
  they're
• 25:12
  moving
• 25:13
  more
• 25:13
  towards
• 25:13
  this
• 25:15
  home
• 25:16
  centered
• 25:16
  around
• 25:17
  home
• 25:18
  concept.
• 25:19
  Right.
• 25:20
  And
• 25:20
  Marcus
• 25:20
  is
• 25:21
  a,
• 25:21
  is
• 25:21
  a,
• 25:21
  is
• 25:22
  a
• 25:22
  phenomenally
• 25:22
  well
• 25:23
  proven
• 25:23
  leader.
• 25:24
  So
• 25:24
  he
• 25:24
  has
• 25:25
  a
• 25:25
  plan
• 25:25
  to
• 25:26
  execute
• 25:26
  against
• 25:27
  it.
• 25:27
  Now
• 25:28
  it's
• 25:29
  a
• 25:29
  small
• 25:29
  test
• 25:30
  that
• 25:30
  they
• 25:30
  are
• 25:30
  trying
• 25:31
  to
• 25:31
  get
• 25:31
  into
• 25:32
  may
• 25:33
  likely
• 25:33
  be
• 25:33
  that
• 25:34
  Kirkland's
• 25:36
  is
• 25:36
  not
• 25:37
  penetrated
• 25:38
  as
• 25:38
  much
• 25:38
  in
• 25:38
  the
• 25:39
  brick
• 25:39
  and
• 25:39
  mortar
• 25:39
  space
• 25:40
  as
• 25:40
  opposed
• 25:41
  to
• 25:41
  online.
• 25:41
  Probably
• 25:42
  their
• 25:42
  sales
• 25:43
  are
• 25:43
  a
• 25:43
  lot
• 25:43
  more
• 25:43
  lopsided
• 25:44
  towards
• 25:45
  online
• 25:45
  and
• 25:45
  E
• 25:46
  commerce,
• 25:46
  especially
• 25:47
  coming
• 25:47
  out
• 25:47
  of
• 25:47
  COVID
• 25:49
  And
• 25:49
  I
• 25:50
  mean
• 25:50
  they
• 25:50
  have
• 25:50
  about
• 25:50
  $60
• 25:51
  million
• 25:51
  in
• 25:52
  sales,
• 25:52
  net
• 25:52
  sales
• 25:53
  and
• 25:53
  likely
• 25:54
  the
• 25:54
  revenue
• 25:54
  is
• 25:54
  going
• 25:54
  to
• 25:55
  be,
• 25:55
  you
• 25:55
  know,
• 25:55
  they're
• 25:55
  expecting
• 25:56
  probably
• 25:56
  the
• 25:56
  vicinity
• 25:57
  of
• 25:58
  200
• 25:58
  to
• 25:59
  500
• 25:59
  range
• 25:59
  in
• 26:00
  terms
• 26:00
  of
• 26:00
  revenue
• 26:00
  from
• 26:01
  a
• 26:01
  store
• 26:01
  from
• 26:02
  this
• 26:02
  particular
• 26:02
  format,
• 26:03
  which
• 26:03
  is
• 26:03
  not
• 26:04
  huge
• 26:04
  expectation.
• 26:05
  Right.
• 26:05
  From
• 26:06
  a
• 26:06
  small,
• 26:07
  tightly
• 26:08
  controlled
• 26:09
  and
• 26:09
  well
• 26:10
  placed
• 26:11
  the
• 26:11
  retail
• 26:11
  location.
• 26:12
  That's
• 26:12
  the
• 26:12
  key.
• 26:13
  Right.
• 26:13
  If
• 26:13
  they
• 26:13
  put
• 26:14
  it
• 26:14
  in
• 26:14
  the
• 26:14
  right
• 26:14
  set
• 26:15
  of
• 26:15
  semi
• 26:15
  urban,
• 26:16
  highly
• 26:17
  populated
• 26:18
  strip
• 26:18
  mall
• 26:19
  location,
• 26:19
  then
• 26:20
  you
• 26:20
  have
• 26:21
  low
• 26:21
  labor,
• 26:21
  low
• 26:22
  rentals,
• 26:22
  low
• 26:22
  leases.
• 26:23
  So
• 26:24
  it
• 26:24
  has
• 26:24
  some
• 26:24
  legs.
• 26:25
  Right.
• 26:25
  If
• 26:25
  you
• 26:25
  have,
• 26:25
  you
• 26:26
  can
• 26:26
  make
• 26:26
  the
• 26:26
  economics
• 26:27
  work.
• 26:28
  Bed
• 26:29
  Bath
• 26:29
  and
• 26:29
  Beyond
• 26:29
  still
• 26:29
  has
• 26:30
  a
• 26:30
  wonderful
• 26:30
  brand
• 26:30
  recall,
• 26:31
  but
• 26:32
  it's
• 26:32
  a
• 26:32
  more,
• 26:33
  you
• 26:34
  know,
• 26:34
  promotion
• 26:35
  oriented
• 26:35
  coupons,
• 26:36
  discounts,
• 26:37
  markdowns.
• 26:38
  Right.
• 26:38
  So
• 26:38
  they'll
• 26:38
  have
• 26:38
  to
• 26:38
  price
• 26:39
  it
• 26:39
  properly.
• 26:41
  The
• 26:41
  biggest
• 26:41
  thing
• 26:42
  that
• 26:42
  led
• 26:43
  to
• 26:43
  chapter
• 26:44
  11
• 26:44
  for
• 26:45
  bed
• 26:45
  bath
• 26:45
  and
• 26:45
  beyond
• 26:46
  was
• 26:46
  that
• 26:47
  the
• 26:47
  costs
• 26:48
  were
• 26:48
  not
• 26:49
  in
• 26:49
  control
• 26:50
  and
• 26:51
  a
• 26:51
  lot
• 26:51
  of
• 26:51
  the
• 26:51
  merchandise
• 26:52
  choices
• 26:52
  that
• 26:53
  were
• 26:53
  made
• 26:53
  were
• 26:53
  competing
• 26:54
  with
• 26:54
  the
• 26:54
  national
• 26:54
  brands
• 26:55
  and
• 26:55
  were
• 26:55
  Target
• 26:55
  and
• 26:56
  with
• 26:56
  Walmart,
• 26:56
  especially
• 26:57
  in
• 26:57
  the
• 26:57
  home
• 26:57
  improvement
• 26:58
  category.
• 26:59
  Home
• 26:59
  improvement
• 26:59
  and
• 26:59
  decor.
• 27:00
  And
• 27:00
  now
• 27:01
  this
• 27:01
  is
• 27:01
  a
• 27:01
  very
• 27:02
  particular
• 27:02
  category,
• 27:03
  furniture
• 27:04
  that
• 27:04
  they
• 27:04
  can
• 27:04
  probably
• 27:05
  reach
• 27:05
  more,
• 27:05
  lean
• 27:06
  more
• 27:06
  into
• 27:07
  and
• 27:08
  have
• 27:08
  very
• 27:08
  clear
• 27:09
  merchandising,
• 27:11
  supply
• 27:11
  chain
• 27:12
  procurement,
• 27:13
  cogs,
• 27:14
  gross
• 27:15
  margin
• 27:15
  play
• 27:16
  from
• 27:16
  Kirkland
• 27:16
  that
• 27:16
  they
• 27:17
  probably
• 27:17
  have
• 27:17
  a
• 27:17
  good
• 27:18
  team
• 27:18
  already
• 27:18
  in
• 27:18
  place
• 27:19
  and
• 27:19
  they
• 27:19
  can
• 27:20
  lift
• 27:20
  and
• 27:20
  shift.
• 27:20
  So
• 27:20
  if
• 27:20
  you
• 27:21
  read
• 27:21
  the
• 27:21
  press
• 27:21
  release,
• 27:22
  Markus
• 27:22
  is
• 27:23
  very
• 27:24
  clearly
• 27:24
  pointing
• 27:24
  that
• 27:25
  out
• 27:25
  that
• 27:26
  they
• 27:26
  have
• 27:26
  a
• 27:27
  proven
• 27:27
  track
• 27:28
  record
• 27:28
  and
• 27:29
  he
• 27:29
  has
• 27:29
  confidence
• 27:29
  in
• 27:29
  the
• 27:30
  leadership
• 27:30
  team.
• 27:31
  So
• 27:31
  I
• 27:31
  think
• 27:32
  if
• 27:32
  you
• 27:32
  tie
• 27:32
  all
• 27:33
  this
• 27:33
  together,
• 27:33
  I
• 27:33
  think
• 27:34
  there
• 27:34
  is
• 27:34
  something
• 27:34
  here
• 27:35
  that
• 27:35
  they
• 27:36
  can
• 27:36
  start
• 27:36
  this
• 27:37
  experiment
• 27:37
  in
• 27:38
  a
• 27:38
  small
• 27:38
  format
• 27:39
  and
• 27:40
  then
• 27:40
  assess
• 27:41
  and
• 27:41
  I
• 27:41
  believe
• 27:41
  that
• 27:42
  the
• 27:42
  right
• 27:42
  location
• 27:43
  and
• 27:43
  the
• 27:43
  right
• 27:44
  investments
• 27:45
  will
• 27:45
  likely
• 27:45
  be.
• 27:46
  Will
• 27:47
  help
• 27:47
  them
• 27:47
  shape
• 27:48
  this
• 27:48
  strategy.
• 27:49
  And
• 27:49
  the
• 27:49
  pilots.
• 27:50
  Okay.
• 27:50
  All
• 27:51
  right,
• 27:51
  Chris
• 27:51
  Kreitz,
• 27:51
  what
• 27:52
  do
• 27:52
  you
• 27:52
  say
• 27:52
  about
• 27:52
  this?
• 27:53
  I'm
• 27:53
  going
• 27:53
  to
• 27:53
  go
• 27:54
  off
• 27:54
  on
• 27:54
  the
• 27:54
  rails
• 27:55
  here
• 27:55
  and
• 27:55
  just
• 27:56
  go
• 27:56
  a
• 27:56
  totally
• 27:56
  different
• 27:57
  direction
• 27:57
  and
• 27:57
  answer
• 27:57
  a
• 27:58
  different
• 27:58
  oh,
• 27:58
  boy.
• 27:59
  I
• 27:59
  think
• 27:59
  the
• 27:59
  whole
• 28:00
  history
• 28:00
  of
• 28:01
  beyond
• 28:01
  is
• 28:02
  so
• 28:02
  in
• 28:02
  the
• 28:03
  new
• 28:03
  beyond
• 28:03
  is
• 28:03
  so
• 28:04
  interesting.
• 28:04
  Right?
• 28:04
  Yeah.
• 28:05
  They
• 28:06
  buy
• 28:06
  the
• 28:06
  Bed
• 28:06
  bath
• 28:07
  and
• 28:07
  Beyond
• 28:07
  IP
• 28:08
  for
• 28:08
  $20
• 28:09
  million.
• 28:09
  Right.
• 28:09
  Then
• 28:10
  they
• 28:10
  buy,
• 28:11
  they
• 28:11
  close
• 28:12
  overstock.com
• 28:12
  they've
• 28:13
  now
• 28:13
  reopened
• 28:14
  overstock.com
• 28:14
  they
• 28:15
  did
• 28:15
  a
• 28:16
  $40
• 28:16
  million
• 28:17
  deal
• 28:17
  with
• 28:18
  the
• 28:18
  Container
• 28:18
  Store.
• 28:19
  They
• 28:19
  did
• 28:20
  this
• 28:20
  $17
• 28:21
  million
• 28:21
  deal
• 28:21
  with
• 28:22
  Kirkland's.
• 28:22
  They
• 28:22
  said,
• 28:23
  we're
• 28:23
  never
• 28:23
  going
• 28:23
  to
• 28:23
  open
• 28:24
  physical
• 28:24
  retail
• 28:25
  stores
• 28:25
  again.
• 28:26
  A
• 28:26
  year
• 28:26
  later,
• 28:26
  they've
• 28:27
  opened
• 28:27
  physical
• 28:27
  retail
• 28:28
  stores
• 28:28
  again.
• 28:29
  And
• 28:29
  at
• 28:30
  the,
• 28:31
  from
• 28:32
  the
• 28:32
  outside,
• 28:32
  it
• 28:32
  looks
• 28:33
  like
• 28:33
  the
• 28:33
  most
• 28:33
  scattered
• 28:34
  retailing
• 28:35
  strategy
• 28:35
  you
• 28:35
  can
• 28:35
  possibly
• 28:36
  imagine.
• 28:38
  And
• 28:38
  then
• 28:38
  like,
• 28:38
  you
• 28:38
  know,
• 28:39
  just
• 28:39
  dumping
• 28:39
  money
• 28:40
  into,
• 28:40
  you
• 28:40
  know,
• 28:41
  failing
• 28:41
  brands
• 28:41
  or
• 28:42
  struggling
• 28:42
  brands.
• 28:44
  If
• 28:44
  I
• 28:44
  step
• 28:44
  back
• 28:45
  and
• 28:45
  say
• 28:45
  it's,
• 28:45
  you
• 28:45
  know,
• 28:46
  it's
• 28:46
  either
• 28:46
  a
• 28:46
  very
• 28:46
  scattered
• 28:47
  strategy
• 28:47
  or
• 28:47
  there's
• 28:48
  something
• 28:48
  brilliant
• 28:49
  going
• 28:49
  on
• 28:49
  here.
• 28:50
  I
• 28:50
  thought
• 28:50
  Lakshman
• 28:51
  had
• 28:51
  a
• 28:51
  really
• 28:51
  good
• 28:51
  point.
• 28:52
  Right.
• 28:52
  Like,
• 28:52
  the
• 28:52
  beyond
• 28:53
  brand
• 28:53
  has
• 28:53
  extremely
• 28:54
  high
• 28:55
  rankings
• 28:56
  on
• 28:56
  search
• 28:57
  and
• 28:57
  customer
• 28:57
  recall.
• 28:58
  They
• 28:58
  know
• 28:58
  the
• 28:59
  name.
• 28:59
  Right.
• 29:00
  So
• 29:00
  one
• 29:00
  of
• 29:00
  the
• 29:01
  things
• 29:01
  that's
• 29:01
  interesting
• 29:01
  in
• 29:02
  all
• 29:02
  the
• 29:02
  releases
• 29:02
  of
• 29:03
  the
• 29:03
  deals
• 29:03
  that
• 29:03
  they've
• 29:03
  done
• 29:04
  with
• 29:04
  Kirkland's,
• 29:04
  with
• 29:05
  the
• 29:05
  Container
• 29:05
  Store,
• 29:05
  there's
• 29:06
  like
• 29:06
  a
• 29:06
  small
• 29:06
  snippet
• 29:07
  that's
• 29:07
  hidden
• 29:08
  in
• 29:08
  where
• 29:08
  they
• 29:09
  say
• 29:10
  all
• 29:10
  the
• 29:11
  companies
• 29:11
  are
• 29:11
  going
• 29:11
  to
• 29:11
  join
• 29:12
  beyond
• 29:12
  customer
• 29:13
  Data,
• 29:13
  global
• 29:14
  data
• 29:14
  platform.
• 29:15
  Which
• 29:16
  means
• 29:17
  my
• 29:17
  curiosity
• 29:18
  is,
• 29:18
  are
• 29:18
  they
• 29:18
  just
• 29:18
  making
• 29:19
  these
• 29:19
  investments
• 29:20
  to
• 29:20
  get
• 29:20
  access
• 29:20
  to
• 29:21
  the
• 29:21
  customer
• 29:21
  lists,
• 29:22
  to
• 29:22
  Lakshman's
• 29:23
  point,
• 29:24
  to
• 29:24
  use
• 29:24
  their
• 29:25
  brand
• 29:25
  recall
• 29:26
  and
• 29:26
  search
• 29:27
  prominence
• 29:27
  to
• 29:28
  be
• 29:28
  able
• 29:28
  to
• 29:28
  funnel
• 29:29
  customers
• 29:29
  towards
• 29:30
  these
• 29:30
  brands?
• 29:31
  Like,
• 29:31
  I
• 29:31
  think
• 29:31
  it
• 29:32
  could
• 29:32
  be
• 29:32
  overall,
• 29:33
  just
• 29:33
  a
• 29:33
  large
• 29:33
  marketing
• 29:34
  play.
• 29:35
  The
• 29:35
  other
• 29:35
  interesting
• 29:36
  piece
• 29:36
  is
• 29:36
  they
• 29:37
  all
• 29:37
  say
• 29:37
  that
• 29:37
  they're
• 29:37
  going
• 29:37
  to
• 29:38
  adopt
• 29:38
  the
• 29:38
  loyalty
• 29:39
  program
• 29:39
  and
• 29:40
  then
• 29:40
  it
• 29:40
  looks
• 29:40
  like
• 29:40
  they're
• 29:40
  going
• 29:41
  to
• 29:41
  start
• 29:41
  selling
• 29:42
  payment
• 29:42
  solutions
• 29:43
  and
• 29:43
  insurance
• 29:44
  and
• 29:44
  those
• 29:44
  like
• 29:44
  ancillary
• 29:46
  financial
• 29:46
  products
• 29:47
  now
• 29:47
  that
• 29:48
  beyond
• 29:48
  is
• 29:48
  going
• 29:49
  to
• 29:49
  own.
• 29:49
  So
• 29:50
  to
• 29:50
  me,
• 29:51
  there's
• 29:52
  some
• 29:52
  sort
• 29:52
  of
• 29:52
  marketing
• 29:53
  data
• 29:53
  play
• 29:53
  there
• 29:54
  where
• 29:54
  they're
• 29:54
  just
• 29:54
  making
• 29:55
  these
• 29:55
  investments
• 29:55
  into
• 29:56
  smaller
• 29:57
  indecline
• 29:58
  retailers
• 29:58
  that
• 29:59
  used
• 29:59
  to
• 29:59
  have
• 30:00
  billion
• 30:00
  dollars
• 30:01
  of
• 30:01
  sales
• 30:01
  and
• 30:02
  now
• 30:02
  you
• 30:02
  have
• 30:02
  access
• 30:02
  to
• 30:03
  all
• 30:03
  of
• 30:03
  that
• 30:03
  customer
• 30:04
  data
• 30:04
  and
• 30:04
  you
• 30:04
  can
• 30:05
  figure
• 30:05
  out
• 30:05
  ways
• 30:05
  to
• 30:06
  funnel
• 30:06
  that
• 30:06
  data
• 30:07
  towards
• 30:07
  your
• 30:07
  future
• 30:09
  platform
• 30:09
  of
• 30:09
  brands.
• 30:10
  So
• 30:10
  I
• 30:10
  think
• 30:10
  it's
• 30:10
  really
• 30:11
  interesting
• 30:11
  from
• 30:11
  that
• 30:11
  perspective,
• 30:12
  too.
• 30:13
  So
• 30:13
  it's
• 30:13
  a
• 30:14
  data
• 30:14
  play.
• 30:14
  You
• 30:14
  think,
• 30:15
  Chris
• 30:15
  Walton,
• 30:16
  you.
• 30:17
  This
• 30:17
  is,
• 30:17
  this
• 30:17
  is
• 30:17
  your
• 30:18
  wheelhouse.
• 30:19
  You,
• 30:20
  you
• 30:20
  worked
• 30:20
  in
• 30:21
  home
• 30:21
  furnishings
• 30:21
  for
• 30:21
  a
• 30:21
  long
• 30:22
  time
• 30:22
  with
• 30:22
  Target.
• 30:23
  What
• 30:23
  do
• 30:23
  you
• 30:23
  make
• 30:23
  of
• 30:23
  this?
• 30:24
  Yeah,
• 30:24
  you.
• 30:24
  I
• 30:25
  mean,
• 30:25
  I.
• 30:26
  God,
• 30:26
  there's
• 30:26
  a
• 30:26
  lot
• 30:26
  here.
• 30:27
  I
• 30:27
  mean,
• 30:27
  I
• 30:27
  think
• 30:27
  both,
• 30:28
  both
• 30:28
  the
• 30:28
  two
• 30:29
  gentlemen
• 30:29
  before
• 30:29
  me
• 30:29
  summed
• 30:30
  it
• 30:30
  up
• 30:30
  pretty
• 30:30
  well.
• 30:30
  I
• 30:30
  mean,
• 30:31
  I
• 30:31
  mean,
• 30:31
  my
• 30:31
  biggest
• 30:31
  takeaway
• 30:32
  from
• 30:32
  this
• 30:32
  is,
• 30:32
  I
• 30:32
  gotta
• 30:32
  say,
• 30:33
  great
• 30:33
  job,
• 30:33
  Marcus.
• 30:34
  You
• 30:34
  know,
• 30:34
  like,
• 30:34
  he's
• 30:35
  doing
• 30:35
  what
• 30:35
  the
• 30:35
  entrepreneur
• 30:36
  does,
• 30:36
  which
• 30:36
  is
• 30:36
  like
• 30:37
  offloading
• 30:37
  all
• 30:37
  the
• 30:38
  risk
• 30:38
  onto
• 30:38
  two
• 30:39
  other
• 30:39
  companies.
• 30:39
  You
• 30:40
  know,
• 30:40
  we
• 30:40
  brought
• 30:40
  up
• 30:40
  the
• 30:41
  Container
• 30:41
  Store,
• 30:41
  but
• 30:41
  in
• 30:41
  this
• 30:42
  case,
• 30:42
  you
• 30:42
  know,
• 30:42
  he's
• 30:42
  offloading
• 30:43
  it
• 30:43
  to
• 30:43
  Kirkland's.
• 30:43
  Like,
• 30:43
  like,
• 30:44
  you
• 30:44
  know
• 30:45
  that
• 30:45
  basically
• 30:45
  the
• 30:45
  money
• 30:45
  is
• 30:45
  just
• 30:46
  going
• 30:46
  to
• 30:46
  float
• 30:46
  to
• 30:47
  beyond,
• 30:48
  you
• 30:48
  know,
• 30:48
  if
• 30:48
  Kirkland's
• 30:48
  tries
• 30:49
  to
• 30:49
  do
• 30:49
  anything.
• 30:50
  And
• 30:50
  Bed
• 30:50
  Bath
• 30:50
  beyond
• 30:51
  doesn't
• 30:51
  even
• 30:51
  really
• 30:51
  have
• 30:51
  to
• 30:51
  do
• 30:52
  anything
• 30:52
  to
• 30:52
  make
• 30:52
  that
• 30:52
  happen.
• 30:53
  So
• 30:53
  from
• 30:53
  a,
• 30:53
  from
• 30:54
  a
• 30:54
  cash
• 30:54
  flow
• 30:54
  perspective,
• 30:54
  I
• 30:54
  got
• 30:55
  to
• 30:55
  think
• 30:55
  that's
• 30:55
  good
• 30:55
  for
• 30:56
  Beyond's
• 30:56
  business.
• 30:57
  But
• 30:58
  net
• 30:58
  net,
• 30:58
  when
• 30:58
  I
• 30:59
  step
• 30:59
  back
• 30:59
  from
• 30:59
  it,
• 30:59
  I
• 31:00
  struggle
• 31:00
  seeing
• 31:01
  why
• 31:01
  a
• 31:01
  new,
• 31:02
  smaller
• 31:03
  incarnation
• 31:03
  of
• 31:03
  Bed,
• 31:03
  Bath
• 31:04
  and
• 31:04
  Beyond
• 31:04
  is
• 31:05
  going
• 31:05
  to
• 31:05
  amount
• 31:05
  to
• 31:05
  anything,
• 31:06
  because
• 31:06
  I
• 31:06
  just
• 31:06
  don't
• 31:07
  know
• 31:07
  the
• 31:07
  why.
• 31:07
  Like,
• 31:08
  what
• 31:08
  is
• 31:08
  the
• 31:08
  why
• 31:09
  in
• 31:09
  terms
• 31:09
  of
• 31:09
  why
• 31:10
  I'm
• 31:10
  going
• 31:10
  to
• 31:11
  that
• 31:12
  store
• 31:13
  over
• 31:13
  any
• 31:13
  other
• 31:14
  option?
• 31:14
  Like,
• 31:14
  I
• 31:14
  just
• 31:15
  don't
• 31:15
  get
• 31:15
  it.
• 31:15
  The
• 31:15
  space
• 31:16
  is
• 31:16
  so
• 31:16
  crowded
• 31:17
  already.
• 31:17
  Yeah.
• 31:18
  And
• 31:18
  you
• 31:18
  know,
• 31:18
  when
• 31:18
  I
• 31:19
  go
• 31:19
  back
• 31:19
  to
• 31:19
  like,
• 31:20
  why
• 31:20
  why
• 31:20
  Bed
• 31:20
  Bath
• 31:21
  beyond
• 31:21
  failed
• 31:21
  initially,
• 31:22
  it's
• 31:22
  because
• 31:22
  Bed
• 31:23
  Bath
• 31:23
  and
• 31:23
  Beyond
• 31:24
  was
• 31:24
  done
• 31:24
  better
• 31:25
  by
• 31:25
  Amazon.
• 31:25
  It
• 31:25
  was
• 31:26
  all
• 31:26
  the
• 31:26
  beyond
• 31:26
  stuff
• 31:27
  that
• 31:27
  you
• 31:27
  could
• 31:27
  get
• 31:27
  now
• 31:28
  through
• 31:28
  Amazon
• 31:28
  just
• 31:29
  delivered
• 31:29
  to
• 31:29
  you.
• 31:29
  So
• 31:30
  especially
• 31:30
  with
• 31:30
  all
• 31:30
  the
• 31:30
  other
• 31:31
  competitions.
• 31:31
  So
• 31:32
  I,
• 31:32
  I,
• 31:33
  good
• 31:33
  luck.
• 31:33
  Kirkland's
• 31:34
  trying
• 31:34
  to
• 31:34
  do
• 31:34
  this.
• 31:34
  I
• 31:35
  think
• 31:35
  he
• 31:35
  might
• 31:35
  have
• 31:35
  gotten
• 31:35
  hoodwinked
• 31:36
  a
• 31:36
  little
• 31:36
  bit
• 31:36
  on
• 31:36
  this
• 31:36
  one.
• 31:37
  Yeah,
• 31:38
  I
• 31:38
  agree.
• 31:38
  Chris.
• 31:38
  I
• 31:39
  don't
• 31:39
  understand
• 31:39
  the
• 31:39
  new
• 31:40
  small
• 31:40
  format
• 31:40
  ones.
• 31:40
  I'm
• 31:41
  a
• 31:41
  little
• 31:41
  softer
• 31:42
  on
• 31:43
  the,
• 31:44
  you
• 31:44
  know,
• 31:44
  the
• 31:45
  collaborations,
• 31:46
  the
• 31:46
  going
• 31:46
  inside
• 31:47
  the
• 31:47
  Container
• 31:48
  Store
• 31:49
  or
• 31:49
  going
• 31:49
  inside
• 31:50
  of
• 31:50
  a
• 31:50
  Kirklands.
• 31:51
  Like,
• 31:51
  I
• 31:51
  don't
• 31:51
  hate
• 31:52
  that
• 31:52
  idea.
• 31:52
  I
• 31:52
  think
• 31:52
  that's
• 31:53
  an
• 31:53
  easy,
• 31:54
  easier
• 31:54
  thing
• 31:55
  for
• 31:55
  them
• 31:55
  to
• 31:55
  test.
• 31:55
  And
• 31:56
  they
• 31:56
  have
• 31:56
  the
• 31:56
  data,
• 31:56
  like
• 31:57
  Chris
• 31:57
  was
• 31:57
  saying,
• 31:58
  you
• 31:58
  know,
• 31:58
  collected
• 31:59
  from
• 31:59
  shoppers
• 32:00
  across
• 32:00
  the
• 32:00
  platform,
• 32:01
  what
• 32:01
  they're
• 32:01
  interested
• 32:02
  in,
• 32:02
  what
• 32:02
  people
• 32:02
  are
• 32:03
  buying
• 32:03
  in
• 32:03
  those
• 32:03
  locations.
• 32:04
  And
• 32:04
  I
• 32:05
  think
• 32:05
  the
• 32:05
  thing
• 32:05
  that
• 32:05
  we
• 32:05
  haven't
• 32:06
  talked
• 32:06
  about
• 32:06
  is
• 32:06
  from
• 32:06
  a
• 32:06
  customer
• 32:07
  perspective,
• 32:08
  I
• 32:08
  do
• 32:08
  like
• 32:08
  the
• 32:09
  potential
• 32:09
  option
• 32:10
  to
• 32:10
  use
• 32:10
  these
• 32:10
  Kirkland's
• 32:11
  locations,
• 32:11
  these
• 32:12
  Container
• 32:12
  Store
• 32:12
  locations,
• 32:13
  as,
• 32:13
  you
• 32:14
  know,
• 32:14
  returns
• 32:15
  drop
• 32:15
  off
• 32:15
  points
• 32:16
  for
• 32:16
  these
• 32:16
  retailers.
• 32:17
  Like
• 32:17
  there
• 32:17
  is
• 32:18
  some
• 32:18
  benefit
• 32:18
  there,
• 32:19
  especially
• 32:19
  when
• 32:19
  you're
• 32:19
  buying
• 32:19
  home
• 32:20
  products.
• 32:20
  I
• 32:20
  think
• 32:20
  that
• 32:21
  it's
• 32:21
  just
• 32:21
  like
• 32:21
  a
• 32:21
  peril
• 32:22
  in
• 32:22
  my
• 32:22
  mind
• 32:22
  where
• 32:23
  it's
• 32:23
  like
• 32:23
  you
• 32:23
  could
• 32:24
  be
• 32:24
  trying
• 32:25
  a
• 32:25
  different
• 32:25
  color
• 32:25
  pillow
• 32:26
  or
• 32:26
  comforter
• 32:26
  or
• 32:27
  something,
• 32:27
  and
• 32:27
  so
• 32:27
  you
• 32:27
  might
• 32:27
  be
• 32:28
  ordering
• 32:28
  three
• 32:28
  or
• 32:28
  four.
• 32:29
  Like,
• 32:29
  I
• 32:29
  think
• 32:29
  that
• 32:30
  from
• 32:30
  a
• 32:30
  customer
• 32:30
  standpoint
• 32:31
  it
• 32:31
  could
• 32:31
  be
• 32:31
  worth
• 32:32
  the
• 32:32
  test.
• 32:32
  But
• 32:33
  does
• 32:33
  it
• 32:33
  have
• 32:33
  the
• 32:34
  long
• 32:34
  term
• 32:36
  support?
• 32:36
  I
• 32:36
  think
• 32:36
  from
• 32:37
  an
• 32:37
  organizational
• 32:38
  perspective
• 32:38
  and
• 32:39
  from
• 32:39
  an
• 32:39
  ROI
• 32:39
  perspective,
• 32:40
  I
• 32:41
  really,
• 32:41
  I
• 32:41
  don't
• 32:41
  see
• 32:41
  that
• 32:42
  happening.
• 32:42
  But
• 32:43
  yeah,
• 32:43
  and
• 32:44
  I
• 32:44
  don't
• 32:44
  know,
• 32:44
  I
• 32:44
  think
• 32:44
  like
• 32:44
  while
• 32:45
  Bed
• 32:45
  Bath
• 32:45
  and
• 32:45
  Beyond
• 32:45
  has
• 32:46
  good
• 32:46
  recall
• 32:46
  nationally
• 32:47
  as
• 32:47
  a
• 32:47
  brand,
• 32:48
  I
• 32:48
  don't
• 32:48
  see
• 32:48
  like
• 32:48
  what
• 32:49
  products
• 32:49
  are
• 32:49
  driving
• 32:50
  me
• 32:50
  into
• 32:50
  a
• 32:50
  shop
• 32:51
  and
• 32:51
  shop
• 32:51
  in
• 32:51
  either
• 32:52
  instance.
• 32:52
  Like,
• 32:53
  you
• 32:53
  know,
• 32:53
  like,
• 32:53
  oh,
• 32:53
  I'm
• 32:53
  going
• 32:53
  to
• 32:54
  go
• 32:54
  to
• 32:54
  the
• 32:54
  Container
• 32:54
  Store
• 32:54
  to
• 32:55
  check
• 32:55
  out
• 32:55
  Bed,
• 32:55
  Bath
• 32:55
  and
• 32:55
  Beyond.
• 32:56
  What?
• 32:57
  You
• 32:57
  know?
• 32:57
  Well,
• 32:57
  I
• 32:58
  mean,
• 32:58
  I
• 32:58
  think
• 32:58
  it's
• 32:58
  more
• 32:58
  of
• 32:59
  like
• 32:59
  a,
• 32:59
  a
• 33:00
  vignette.
• 33:00
  Like
• 33:00
  when
• 33:00
  you
• 33:01
  go
• 33:01
  into
• 33:01
  the
• 33:01
  Container
• 33:02
  Store,
• 33:02
  like
• 33:02
  are
• 33:02
  you
• 33:02
  able
• 33:03
  to
• 33:03
  make
• 33:03
  purchases
• 33:04
  like
• 33:04
  do
• 33:04
  you
• 33:04
  buy
• 33:05
  a
• 33:05
  rug
• 33:05
  at
• 33:05
  that
• 33:06
  same
• 33:06
  point
• 33:06
  in
• 33:06
  time
• 33:06
  or
• 33:06
  are
• 33:07
  there
• 33:07
  certain
• 33:07
  items
• 33:08
  that
• 33:08
  maybe
• 33:08
  make
• 33:09
  sense
• 33:09
  that,
• 33:09
  you
• 33:09
  know,
• 33:10
  it's
• 33:10
  just
• 33:10
  saving
• 33:11
  their
• 33:11
  customers
• 33:11
  a
• 33:12
  trip.
• 33:12
  But
• 33:12
  brands,
• 33:13
  brands
• 33:13
  don't
• 33:13
  matter
• 33:14
  in
• 33:14
  home
• 33:14
  furnishings
• 33:14
  though,
• 33:14
  like
• 33:14
  we've
• 33:15
  talked
• 33:15
  about,
• 33:15
  what
• 33:15
  people
• 33:15
  care
• 33:16
  about
• 33:16
  is
• 33:16
  the
• 33:16
  style,
• 33:16
  design
• 33:17
  and
• 33:17
  the
• 33:17
  quality
• 33:17
  of
• 33:17
  the
• 33:18
  product.
• 33:18
  So
• 33:18
  the
• 33:18
  brands
• 33:19
  of
• 33:19
  home
• 33:19
  furnishings
• 33:19
  are
• 33:19
  almost
• 33:20
  obsolete
• 33:20
  at
• 33:20
  this
• 33:20
  point,
• 33:21
  you
• 33:21
  know,
• 33:21
  so
• 33:21
  I
• 33:21
  don't
• 33:22
  know.
• 33:22
  But
• 33:22
  all
• 33:22
  right,
• 33:23
  let's
• 33:23
  keep
• 33:23
  moving
• 33:23
  because
• 33:24
  this
• 33:24
  one
• 33:24
  is
• 33:24
  related,
• 33:24
  the
• 33:25
  next
• 33:25
  one's
• 33:25
  related.
• 33:25
  Headline
• 33:26
  number
• 33:26
  four
• 33:27
  Bye
• 33:27
  Bye
• 33:27
  Baby
• 33:28
  plans
• 33:28
  to
• 33:28
  close
• 33:29
  all
• 33:29
  of
• 33:29
  its
• 33:29
  stores
• 33:29
  less
• 33:30
  than
• 33:30
  a
• 33:30
  year
• 33:30
  after
• 33:31
  its
• 33:31
  launch,
• 33:32
  according
• 33:32
  to
• 33:32
  retail
• 33:32
  dive.
• 33:33
  Bye
• 33:33
  Bye
• 33:33
  Baby
• 33:33
  plans
• 33:34
  to
• 33:34
  close
• 33:34
  its
• 33:34
  entire
• 33:35
  physical
• 33:35
  store
• 33:36
  footprint
• 33:36
  by
• 33:36
  the
• 33:36
  end
• 33:36
  of
• 33:37
  this
• 33:37
  year,
• 33:37
  quote
• 33:38
  transforming
• 33:38
  into
• 33:38
  a
• 33:39
  digital
• 33:39
  first
• 33:39
  brand,
• 33:40
  end
• 33:40
  quote,
• 33:41
  and
• 33:41
  allowing
• 33:41
  it
• 33:41
  to
• 33:42
  focus,
• 33:42
  quote,
• 33:42
  all
• 33:42
  our
• 33:43
  energy
• 33:43
  on
• 33:43
  providing
• 33:44
  an
• 33:44
  exceptional
• 33:45
  online
• 33:45
  experience.
• 33:46
  Also
• 33:46
  another
• 33:46
  end
• 33:47
  quote,
• 33:48
  store
• 33:48
  closing
• 33:48
  sales
• 33:48
  began
• 33:49
  on
• 33:49
  Friday
• 33:49
  and
• 33:50
  the
• 33:50
  banner
• 33:50
  will
• 33:50
  transition
• 33:51
  to
• 33:51
  an
• 33:51
  online
• 33:51
  only
• 33:52
  business,
• 33:52
  the
• 33:52
  company
• 33:53
  said
• 33:53
  in
• 33:53
  an
• 33:53
  FAQ
• 33:54
  on
• 33:54
  its
• 33:54
  website.
• 33:55
  Omnitalk
• 33:56
  fans
• 33:56
  will
• 33:56
  remember
• 33:56
  that
• 33:57
  the
• 33:57
  New
• 33:57
  Jersey
• 33:57
  based
• 33:58
  Dream
• 33:58
  On
• 33:59
  Me
• 33:59
  won
• 34:00
  the
• 34:00
  Bye
• 34:00
  Bye
• 34:00
  Baby
• 34:01
  brand
• 34:01
  intellectual
• 34:02
  property
• 34:02
  and
• 34:02
  digital
• 34:03
  assets
• 34:03
  at
• 34:03
  auction
• 34:04
  for
• 34:04
  15
• 34:05
  and
• 34:05
  a
• 34:05
  half
• 34:06
  million
• 34:06
  dollars
• 34:07
  and
• 34:07
  then
• 34:07
  bought
• 34:08
  11
• 34:08
  store
• 34:09
  leases
• 34:09
  in
• 34:09
  seven
• 34:10
  states
• 34:10
  for
• 34:11
  $1.17
• 34:11
  million
• 34:11
  in
• 34:12
  a
• 34:12
  separate
• 34:13
  auction
• 34:13
  and
• 34:13
  relaunched
• 34:14
  the
• 34:14
  company
• 34:15
  in
• 34:15
  11
• 34:15
  stores
• 34:16
  last
• 34:16
  fall
• 34:17
  ahead
• 34:18
  of
• 34:18
  the
• 34:18
  store
• 34:18
  launch.
• 34:19
  Bye
• 34:19
  Bye
• 34:19
  Baby
• 34:19
  CEO
• 34:20
  Pete
• 34:21
  Deledin
• 34:21
  said
• 34:22
  in
• 34:22
  a
• 34:22
  statement
• 34:22
  that
• 34:22
  the
• 34:23
  retailer
• 34:23
  sought
• 34:23
  to
• 34:24
  position
• 34:24
  itself
• 34:24
  as
• 34:24
  a
• 34:25
  go
• 34:25
  to
• 34:25
  destination
• 34:25
  for
• 34:26
  all
• 34:26
  parents,
• 34:27
  caregivers
• 34:27
  and
• 34:27
  families
• 34:28
  seeking
• 34:28
  thoughtfully
• 34:29
  design
• 34:29
  and
• 34:29
  quality
• 34:29
  baby
• 34:30
  and
• 34:30
  child
• 34:30
  focused
• 34:31
  products
• 34:31
  and
• 34:32
  exceptional
• 34:32
  customer
• 34:33
  service,
• 34:33
  end
• 34:34
  quote.
• 34:35
  Lakshman,
• 34:36
  let's
• 34:36
  go
• 34:36
  back
• 34:36
  to
• 34:36
  you
• 34:36
  on
• 34:37
  this
• 34:37
  one.
• 34:37
  Can
• 34:37
  a
• 34:38
  successful
• 34:38
  baby
• 34:39
  business
• 34:39
  exist
• 34:40
  in
• 34:40
  the
• 34:40
  long
• 34:40
  term
• 34:41
  without
• 34:41
  a
• 34:41
  store
• 34:42
  footprint?
• 34:44
  Well,
• 34:45
  I'd
• 34:46
  like
• 34:46
  to
• 34:46
  connect
• 34:46
  three
• 34:47
  disparate
• 34:48
  data
• 34:48
  points
• 34:48
  and
• 34:48
  probably
• 34:49
  try
• 34:49
  to
• 34:50
  make
• 34:50
  the
• 34:50
  connection.
• 34:50
  So
• 34:51
  first
• 34:51
  is
• 34:51
  the
• 34:51
  birth
• 34:52
  rates,
• 34:53
  second
• 34:54
  is
• 34:54
  influencers
• 34:56
  and
• 34:56
  third
• 34:56
  is
• 34:57
  quality.
• 34:59
  I
• 34:59
  mean
• 35:00
  we
• 35:00
  are
• 35:00
  currently
• 35:01
  at
• 35:01
  1.6
• 35:02
  birth
• 35:02
  rate
• 35:03
  which
• 35:03
  is
• 35:04
  well
• 35:05
  below
• 35:05
  the
• 35:06
  2.1
• 35:07
  replacement.
• 35:08
  So
• 35:09
  much
• 35:09
  so
• 35:09
  that
• 35:09
  the
• 35:10
  likely
• 35:10
  huge
• 35:11
  billionaires
• 35:11
  and
• 35:12
  leaders
• 35:13
  of
• 35:13
  the
• 35:13
  society
• 35:14
  and
• 35:14
  politicians
• 35:14
  are,
• 35:15
  are
• 35:15
  talking
• 35:15
  about
• 35:16
  this
• 35:16
  consistently
• 35:17
  now.
• 35:17
  Then
• 35:18
  it's
• 35:18
  gotten
• 35:18
  national
• 35:19
  press,
• 35:19
  right?
• 35:20
  Including
• 35:20
  Wall
• 35:20
  Street
• 35:21
  Journal
• 35:21
  and
• 35:21
  other,
• 35:22
  you
• 35:22
  know,
• 35:22
  talking,
• 35:23
  shining
• 35:23
  a
• 35:23
  light
• 35:24
  on
• 35:24
  this,
• 35:24
  this
• 35:25
  particular
• 35:25
  problem.
• 35:26
  So
• 35:27
  industry
• 35:28
  itself
• 35:29
  has
• 35:29
  a
• 35:30
  population
• 35:31
  headwind
• 35:32
  that
• 35:32
  is
• 35:32
  fundamental
• 35:33
  and
• 35:33
  structural.
• 35:34
  So
• 35:35
  there
• 35:35
  is
• 35:35
  that
• 35:35
  particular
• 35:36
  pressure
• 35:36
  that
• 35:36
  is
• 35:37
  kind
• 35:37
  of
• 35:37
  building
• 35:37
  up
• 35:38
  towards
• 35:38
  for
• 35:38
  it
• 35:39
  or
• 35:39
  against
• 35:40
  it.
• 35:40
  Then
• 35:41
  you
• 35:41
  have
• 35:41
  the
• 35:42
  second
• 35:42
  part
• 35:42
  of
• 35:42
  this
• 35:43
  is
• 35:43
  influencers.
• 35:45
  Over
• 35:45
  the
• 35:45
  last
• 35:46
  three
• 35:46
  to
• 35:46
  five
• 35:46
  years,
• 35:46
  since
• 35:47
  the
• 35:47
  time
• 35:47
  of
• 35:47
  COVID
• 35:48
  if
• 35:48
  you
• 35:48
  go
• 35:48
  to
• 35:49
  YouTube
• 35:49
  or
• 35:49
  Instagram,
• 35:50
  one
• 35:50
  of
• 35:51
  the
• 35:51
  highest
• 35:53
  group
• 35:53
  of
• 35:53
  influencers
• 35:54
  belong
• 35:55
  to
• 35:55
  this
• 35:56
  young
• 35:56
  mothers
• 35:57
  and
• 35:57
  or
• 35:58
  expectant
• 35:58
  mothers.
• 35:59
  They
• 35:59
  are
• 36:00
  publishing
• 36:01
  so
• 36:02
  much
• 36:02
  content
• 36:03
  and
• 36:03
  material
• 36:04
  on
• 36:04
  how
• 36:05
  to
• 36:05
  have
• 36:06
  safe,
• 36:07
  high
• 36:07
  quality
• 36:07
  products
• 36:08
  access
• 36:09
  to
• 36:09
  them.
• 36:09
  Where
• 36:09
  can
• 36:09
  you
• 36:10
  find
• 36:10
  it,
• 36:10
  how
• 36:11
  can
• 36:11
  you
• 36:11
  use
• 36:11
  it,
• 36:11
  how
• 36:12
  can
• 36:12
  you
• 36:12
  install
• 36:12
  it,
• 36:13
  right?
• 36:14
  All
• 36:14
  of
• 36:14
  that
• 36:14
  has
• 36:14
  become
• 36:15
  such
• 36:15
  a
• 36:15
  big,
• 36:16
  big,
• 36:17
  you
• 36:17
  know,
• 36:18
  driver
• 36:19
  of
• 36:19
  that
• 36:20
  group
• 36:20
  of
• 36:21
  small
• 36:22
  group
• 36:22
  of
• 36:22
  influencers
• 36:22
  that
• 36:23
  very,
• 36:23
  very
• 36:23
  vocal
• 36:23
  and
• 36:24
  influential.
• 36:25
  The
• 36:26
  third
• 36:26
  is
• 36:27
  the
• 36:27
  commoditization
• 36:28
  of
• 36:29
  some
• 36:29
  of
• 36:29
  these
• 36:30
  products
• 36:30
  themselves.
• 36:31
  Right?
• 36:31
  Where
• 36:31
  you
• 36:31
  wanted
• 36:32
  to
• 36:32
  test
• 36:32
  drive,
• 36:33
  you
• 36:33
  wanted
• 36:34
  to
• 36:34
  go
• 36:35
  look
• 36:36
  and
• 36:36
  feel
• 36:36
  touch.
• 36:37
  But
• 36:39
  since
• 36:39
  COVID
• 36:40
  what
• 36:40
  has
• 36:40
  happened
• 36:41
  is,
• 36:41
  I
• 36:41
  mean
• 36:42
  interestingly,
• 36:43
  the
• 36:43
  quality
• 36:44
  of
• 36:44
  the
• 36:44
  product.
• 36:45
  Again,
• 36:45
  time
• 36:45
  to
• 36:45
  influencers
• 36:46
  and
• 36:46
  all
• 36:46
  of
• 36:46
  the
• 36:46
  ratings
• 36:47
  out
• 36:47
  there.
• 36:48
  You
• 36:48
  have
• 36:49
  almost
• 36:49
  commoditized
• 36:50
  something
• 36:51
  as
• 36:52
  complex
• 36:53
  as
• 36:53
  a
• 36:53
  stroller
• 36:54
  into
• 36:55
  a
• 36:55
  very
• 36:55
  simple
• 36:56
  scorecard
• 36:57
  that
• 36:57
  clearly
• 36:57
  lays
• 36:58
  out
• 36:58
  does
• 36:58
  it
• 36:58
  have,
• 36:59
  you
• 36:59
  know,
• 37:00
  harmful
• 37:01
  chemicals
• 37:01
  in
• 37:01
  it?
• 37:02
  Does
• 37:02
  it
• 37:02
  have
• 37:03
  stability?
• 37:03
  Does
• 37:04
  it
• 37:04
  have
• 37:04
  balancing
• 37:05
  wheels?
• 37:05
  Does
• 37:05
  it
• 37:05
  have
• 37:05
  counterparts?
• 37:06
  All
• 37:07
  of
• 37:07
  these
• 37:07
  content
• 37:07
  metadata
• 37:08
  characteristics
• 37:09
  of
• 37:09
  the,
• 37:09
  of
• 37:09
  the
• 37:09
  product
• 37:10
  itself
• 37:10
  has
• 37:10
  been
• 37:11
  very
• 37:11
  widely
• 37:12
  published
• 37:13
  and
• 37:13
  there
• 37:13
  are
• 37:14
  tons
• 37:14
  and
• 37:15
  tons
• 37:15
  and
• 37:15
  tons
• 37:16
  of
• 37:16
  information
• 37:17
  and
• 37:17
  content
• 37:17
  regarding
• 37:18
  how
• 37:18
  it
• 37:18
  can
• 37:18
  be
• 37:18
  done.
• 37:19
  So
• 37:19
  consumers
• 37:20
  have
• 37:20
  naturally
• 37:20
  gravitated
• 37:21
  towards
• 37:22
  the
• 37:22
  department
• 37:22
  stores
• 37:23
  and
• 37:23
  Amazon,
• 37:24
  where
• 37:25
  if
• 37:25
  you
• 37:25
  think
• 37:25
  about
• 37:26
  this
• 37:26
  entire
• 37:26
  segment,
• 37:27
  about
• 37:27
  12,
• 37:28
  13
• 37:28
  billion
• 37:28
  in
• 37:29
  size,
• 37:29
  you
• 37:30
  have
• 37:31
  Amazon,
• 37:31
  Target
• 37:32
  and
• 37:32
  Walmart
• 37:33
  dominating
• 37:34
  80%
• 37:34
  of
• 37:34
  the
• 37:34
  market
• 37:35
  share
• 37:35
  here.
• 37:38
  So
• 37:38
  it
• 37:39
  feels
• 37:39
  like
• 37:39
  a
• 37:39
  logical
• 37:40
  move
• 37:40
  from
• 37:41
  buy
• 37:41
  by
• 37:41
  baby
• 37:42
  to
• 37:42
  kind
• 37:42
  of
• 37:42
  shutter
• 37:43
  the
• 37:43
  store
• 37:44
  because
• 37:44
  of
• 37:44
  the
• 37:44
  high
• 37:45
  operating
• 37:46
  expenses
• 37:46
  likely
• 37:47
  in
• 37:47
  the
• 37:47
  area
• 37:47
  that
• 37:48
  they
• 37:48
  were
• 37:48
  thinking
• 37:48
  about
• 37:49
  and
• 37:49
  likely
• 37:50
  exiting
• 37:50
  all
• 37:50
  of
• 37:50
  its
• 37:51
  formats
• 37:52
  and
• 37:52
  just
• 37:52
  being
• 37:53
  a
• 37:54
  online
• 37:54
  store
• 37:55
  where
• 37:55
  they
• 37:55
  can
• 37:56
  invest
• 37:57
  more
• 37:57
  into
• 37:58
  the
• 37:58
  marketing
• 37:58
  and
• 37:59
  attracting
• 38:00
  and
• 38:00
  go
• 38:00
  to
• 38:00
  the
• 38:00
  higher
• 38:01
  end
• 38:01
  of
• 38:01
  the
• 38:01
  funnel
• 38:02
  as
• 38:02
  opposed
• 38:02
  to
• 38:03
  servicing
• 38:03
  the
• 38:03
  customer
• 38:04
  in
• 38:04
  store
• 38:05
  through
• 38:05
  all
• 38:05
  of
• 38:05
  their
• 38:05
  associate
• 38:06
  experience.
• 38:07
  Okay,
• 38:07
  so
• 38:07
  interesting
• 38:08
  points.
• 38:08
  So
• 38:08
  you,
• 38:08
  so
• 38:09
  you
• 38:09
  like,
• 38:09
  you
• 38:10
  like
• 38:10
  this
• 38:10
  move?
• 38:11
  Hmm.
• 38:11
  Okay,
• 38:11
  throwing
• 38:11
  me
• 38:12
  for
• 38:12
  a
• 38:12
  loop
• 38:12
  here
• 38:12
  already.
• 38:13
  Chris,
• 38:13
  what,
• 38:13
  what
• 38:13
  are
• 38:13
  your
• 38:14
  thoughts
• 38:14
  on
• 38:14
  this?
• 38:14
  It's
• 38:15
  a
• 38:15
  good
• 38:15
  point.
• 38:15
  Lakshman
• 38:16
  raises,
• 38:17
  I
• 38:17
  guess
• 38:17
  the,
• 38:18
  the,
• 38:18
  the
• 38:19
  first
• 38:19
  like
• 38:19
  the
• 38:20
  counter
• 38:20
  to
• 38:20
  the
• 38:20
  question
• 38:20
  of
• 38:21
  can
• 38:21
  you
• 38:21
  survive
• 38:21
  without
• 38:22
  a
• 38:22
  physical
• 38:23
  retail
• 38:23
  store
• 38:23
  is
• 38:24
  like
• 38:24
  can
• 38:24
  anyone
• 38:25
  survive
• 38:25
  with
• 38:25
  one
• 38:26
  right.
• 38:26
  Like
• 38:26
  everyone
• 38:26
  in
• 38:27
  baby,
• 38:28
  I
• 38:28
  mean
• 38:28
  there's
• 38:28
  like
• 38:29
  15
• 38:29
  to
• 38:29
  20
• 38:30
  million
• 38:30
  feet
• 38:30
  of
• 38:31
  retail
• 38:31
  space
• 38:32
  has
• 38:32
  been
• 38:32
  vacated
• 38:32
  that
• 38:33
  used
• 38:33
  to
• 38:33
  be
• 38:33
  in
• 38:33
  baby.
• 38:34
  Like
• 38:34
  Gymboree,
• 38:35
  Babies
• 38:35
  R
• 38:35
  Us,
• 38:36
  Carter's
• 38:37
  is
• 38:37
  closing
• 38:38
  stores.
• 38:38
  Bye
• 38:38
  Bye
• 38:39
  Baby.
• 38:40
  You
• 38:41
  know
• 38:41
  now
• 38:41
  you
• 38:41
  have
• 38:42
  Once
• 38:42
  Upon
• 38:42
  a
• 38:43
  Child
• 38:43
  is
• 38:43
  like
• 38:43
  that
• 38:44
  consignment
• 38:44
  space
• 38:45
  and
• 38:45
  local
• 38:46
  luxury
• 38:46
  boutiques.
• 38:47
  So
• 38:47
  most
• 38:48
  at
• 38:48
  scale,
• 38:48
  there's
• 38:49
  very
• 38:49
  few.
• 38:50
  I
• 38:50
  don't
• 38:50
  know
• 38:50
  of
• 38:50
  another
• 38:51
  major
• 38:51
  baby
• 38:52
  brand
• 38:52
  that
• 38:52
  has
• 38:52
  a
• 38:52
  big
• 38:53
  physical
• 38:53
  retail
• 38:53
  footprint.
• 38:55
  Like
• 38:55
  a
• 38:55
  lot
• 38:55
  of
• 38:56
  the
• 38:56
  people
• 38:56
  who
• 38:56
  would
• 38:57
  do
• 38:57
  try,
• 38:58
  you
• 38:58
  know,
• 38:58
  try
• 38:59
  and
• 38:59
  browse,
• 38:59
  would
• 39:00
  end
• 39:00
  up
• 39:00
  going
• 39:00
  to
• 39:01
  buy
• 39:01
  online.
• 39:02
  To
• 39:03
  what
• 39:03
  Lakshman's
• 39:04
  point
• 39:04
  was
• 39:04
  that
• 39:04
  role
• 39:05
  that
• 39:05
  used
• 39:06
  to
• 39:06
  get
• 39:06
  traffic
• 39:07
  in
• 39:07
  the
• 39:07
  door,
• 39:07
  which
• 39:07
  was
• 39:08
  like
• 39:08
  try
• 39:08
  and
• 39:08
  evaluate,
• 39:09
  is
• 39:10
  now
• 39:10
  being
• 39:10
  filled
• 39:10
  in
• 39:11
  by
• 39:11
  social
• 39:11
  media
• 39:12
  and
• 39:12
  influencers.
• 39:12
  So
• 39:13
  then
• 39:13
  it
• 39:13
  makes
• 39:14
  sense,
• 39:14
  maybe
• 39:14
  you
• 39:15
  don't
• 39:15
  have
• 39:15
  the
• 39:15
  physical
• 39:16
  retail
• 39:16
  footprint,
• 39:17
  but
• 39:17
  then
• 39:17
  the
• 39:17
  question
• 39:18
  is,
• 39:18
  so
• 39:18
  you're
• 39:19
  just
• 39:19
  competing
• 39:19
  to
• 39:20
  buy
• 39:20
  traffic.
• 39:21
  So
• 39:22
  basically
• 39:22
  they
• 39:22
  already
• 39:22
  know
• 39:23
  the
• 39:23
  product
• 39:23
  they
• 39:23
  want
• 39:23
  to
• 39:24
  buy.
• 39:24
  So
• 39:24
  then
• 39:25
  you're
• 39:25
  just
• 39:25
  spending
• 39:26
  marketing
• 39:27
  your
• 39:27
  customer
• 39:27
  acquisition
• 39:28
  cost
• 39:29
  goes
• 39:29
  up
• 39:29
  and
• 39:29
  then
• 39:29
  you're
• 39:30
  just
• 39:30
  competing
• 39:30
  against
• 39:30
  Target
• 39:31
  Walmart
• 39:31
  to
• 39:32
  buy
• 39:32
  that
• 39:32
  traffic
• 39:33
  and
• 39:33
  then
• 39:33
  you
• 39:33
  don't
• 39:34
  have
• 39:34
  the
• 39:35
  lifetime
• 39:35
  of
• 39:36
  the
• 39:36
  customer
• 39:36
  to
• 39:37
  make
• 39:37
  that
• 39:37
  money
• 39:37
  back,
• 39:38
  that
• 39:38
  investment
• 39:38
  back.
• 39:39
  Whereas
• 39:39
  Target
• 39:40
  Walmart
• 39:41
  and
• 39:41
  Amazon
• 39:42
  you
• 39:42
  can
• 39:42
  spend
• 39:43
  more
• 39:43
  to
• 39:43
  acquire
• 39:43
  a
• 39:43
  customer
• 39:44
  because
• 39:44
  your
• 39:44
  customer
• 39:45
  lifetime
• 39:45
  value
• 39:45
  is
• 39:45
  so
• 39:46
  much
• 39:46
  higher
• 39:46
  because
• 39:46
  for
• 39:47
  the
• 39:47
  next
• 39:47
  20
• 39:48
  years
• 39:48
  they're
• 39:48
  going
• 39:48
  to
• 39:48
  be
• 39:48
  buying
• 39:49
  product
• 39:49
  from
• 39:49
  you.
• 39:49
  Whereas
• 39:50
  if
• 39:50
  you're
• 39:50
  buy
• 39:50
  Bye
• 39:51
  Baby,
• 39:51
  you
• 39:52
  have
• 39:52
  to
• 39:53
  make
• 39:53
  enough
• 39:53
  back
• 39:54
  from
• 39:54
  that
• 39:54
  customer
• 39:55
  over
• 39:55
  the
• 39:55
  next
• 39:55
  year
• 39:55
  and
• 39:56
  a
• 39:56
  half
• 39:56
  of
• 39:56
  their
• 39:56
  baby
• 39:57
  purchases
• 39:58
  to
• 39:58
  be
• 39:58
  able
• 39:59
  to
• 39:59
  make
• 39:59
  the
• 39:59
  investment
• 40:00
  to
• 40:00
  capture
• 40:00
  that
• 40:00
  customer.
• 40:01
  I
• 40:01
  mean
• 40:02
  I'm
• 40:02
  sure
• 40:02
  there's
• 40:02
  some
• 40:03
  potential
• 40:03
  here,
• 40:03
  but
• 40:04
  for
• 40:04
  me
• 40:04
  I'm
• 40:04
  a
• 40:04
  pessimist
• 40:05
  on
• 40:05
  whether
• 40:06
  you
• 40:06
  can
• 40:06
  really
• 40:06
  survive
• 40:07
  and
• 40:07
  compete
• 40:07
  against
• 40:08
  the
• 40:08
  brands
• 40:08
  that
• 40:08
  have
• 40:08
  taken
• 40:09
  so
• 40:09
  much
• 40:09
  of
• 40:09
  your
• 40:09
  market
• 40:10
  share
• 40:10
  already
• 40:11
  without
• 40:11
  a
• 40:11
  physical
• 40:12
  footprint.
• 40:12
  So
• 40:13
  yeah,
• 40:13
  pessimist.
• 40:14
  So
• 40:15
  that,
• 40:15
  that's
• 40:15
  interesting.
• 40:16
  So
• 40:16
  you
• 40:16
  basically
• 40:16
  just
• 40:16
  think
• 40:16
  at
• 40:17
  this
• 40:17
  point,
• 40:17
  given
• 40:17
  the
• 40:18
  saturation
• 40:18
  of
• 40:18
  the
• 40:18
  marketplace,
• 40:19
  just
• 40:19
  the
• 40:19
  baby
• 40:20
  business
• 40:20
  is
• 40:20
  just
• 40:20
  a
• 40:21
  bad
• 40:21
  business
• 40:21
  to
• 40:21
  be
• 40:22
  in.
• 40:22
  And
• 40:22
  particularly
• 40:22
  when
• 40:22
  you
• 40:23
  look
• 40:23
  at
• 40:23
  the
• 40:23
  macroeconomic
• 40:24
  factors
• 40:24
  too
• 40:24
  in
• 40:24
  terms
• 40:25
  of
• 40:25
  the
• 40:25
  declining
• 40:25
  birth
• 40:25
  rates
• 40:26
  as
• 40:26
  well,
• 40:26
  that
• 40:26
  can't
• 40:27
  help
• 40:27
  anything
• 40:27
  too.
• 40:27
  That's
• 40:28
  your
• 40:28
  point,
• 40:28
  Chris,
• 40:28
  right?
• 40:29
  Totally.
• 40:29
  I
• 40:29
  mean
• 40:29
  it's
• 40:29
  puzzling,
• 40:30
  right?
• 40:30
  It's
• 40:30
  a
• 40:30
  hundred
• 40:30
  billion
• 40:31
  dollar
• 40:31
  market
• 40:32
  and
• 40:32
  it's
• 40:32
  really,
• 40:33
  really
• 40:33
  like
• 40:33
  you'd
• 40:34
  think
• 40:34
  massive
• 40:35
  market
• 40:35
  share,
• 40:36
  currently
• 40:37
  only
• 40:37
  being
• 40:37
  done
• 40:38
  by
• 40:38
  Amazon,
• 40:38
  Target,
• 40:39
  Walmart,
• 40:39
  really
• 40:40
  well,
• 40:40
  wow,
• 40:41
  that
• 40:41
  sounds
• 40:41
  like
• 40:41
  a
• 40:41
  great
• 40:41
  opportunity
• 40:42
  for
• 40:42
  like
• 40:42
  a
• 40:43
  niche
• 40:43
  brand
• 40:43
  that
• 40:43
  better
• 40:44
  connects
• 40:44
  with
• 40:44
  consumers.
• 40:45
  But
• 40:45
  no
• 40:45
  one's
• 40:46
  been
• 40:46
  able
• 40:46
  to
• 40:46
  do
• 40:46
  it
• 40:47
  really
• 40:47
  successfully.
• 40:48
  Yeah,
• 40:48
  yeah,
• 40:49
  and
• 40:49
  I
• 40:49
  100%
• 40:49
  agree
• 40:50
  with
• 40:50
  you
• 40:50
  too.
• 40:50
  I
• 40:50
  think
• 40:50
  the
• 40:51
  idea
• 40:51
  of
• 40:51
  doing
• 40:51
  it
• 40:51
  alone
• 40:52
  on
• 40:52
  the
• 40:52
  online
• 40:52
  only
• 40:53
  side
• 40:53
  is
• 40:53
  a
• 40:54
  fool's
• 40:54
  errand,
• 40:55
  honestly,
• 40:55
  because
• 40:56
  the
• 40:56
  margins,
• 40:57
  the
• 40:57
  products
• 40:57
  are
• 40:57
  all
• 40:58
  market
• 40:58
  available.
• 40:58
  Right.
• 40:58
  There's
• 40:59
  not
• 40:59
  one
• 40:59
  thing
• 40:59
  that
• 40:59
  differentiates
• 41:00
  you
• 41:00
  from
• 41:00
  anyone
• 41:00
  else.
• 41:01
  You
• 41:01
  can
• 41:01
  get
• 41:01
  it
• 41:01
  from
• 41:01
  Amazon's
• 41:02
  third
• 41:02
  party
• 41:02
  marketplace
• 41:03
  pretty
• 41:03
  easily
• 41:04
  and
• 41:04
  it's
• 41:04
  really
• 41:05
  expensive
• 41:05
  to
• 41:06
  ship
• 41:06
  the
• 41:06
  gear
• 41:06
  and
• 41:07
  the
• 41:07
  cribs.
• 41:07
  The
• 41:07
  only
• 41:07
  margin
• 41:08
  in
• 41:08
  the
• 41:08
  business
• 41:09
  as
• 41:09
  the
• 41:09
  former,
• 41:09
  you
• 41:10
  know,
• 41:10
  head
• 41:10
  of
• 41:10
  this
• 41:10
  for
• 41:11
  Target
• 41:11
  is
• 41:11
  in
• 41:12
  the
• 41:12
  feeding
• 41:12
  area
• 41:13
  and
• 41:13
  the
• 41:13
  clothing
• 41:13
  area,
• 41:14
  which
• 41:14
  quite
• 41:15
  honestly
• 41:15
  are
• 41:15
  a
• 41:15
  little
• 41:15
  postnatal
• 41:16
  too,
• 41:16
  as
• 41:16
  much
• 41:17
  as
• 41:17
  they
• 41:17
  are
• 41:17
  prenatal.
• 41:18
  And
• 41:18
  so
• 41:18
  that's
• 41:18
  kind
• 41:18
  of
• 41:19
  a
• 41:19
  different
• 41:19
  business
• 41:19
  in
• 41:20
  that
• 41:20
  first
• 41:20
  time
• 41:20
  mom
• 41:21
  business
• 41:21
  as
• 41:21
  well.
• 41:21
  So,
• 41:22
  so,
• 41:22
  yeah,
• 41:22
  so
• 41:22
  it's
• 41:23
  just
• 41:23
  the
• 41:23
  market's
• 41:23
  too
• 41:24
  saturated
• 41:24
  with
• 41:24
  the
• 41:24
  incumbents
• 41:25
  to,
• 41:25
  to
• 41:26
  make
• 41:26
  a
• 41:26
  hay
• 41:26
  at
• 41:26
  this,
• 41:26
  I
• 41:27
  think
• 41:27
  without
• 41:27
  a
• 41:27
  physical
• 41:27
  store
• 41:28
  presence
• 41:28
  in
• 41:28
  particular.
• 41:29
  But
• 41:29
  Anne,
• 41:29
  what
• 41:29
  do
• 41:29
  you
• 41:29
  think?
• 41:30
  I,
• 41:31
  you
• 41:31
  know,
• 41:31
  I,
• 41:32
  I
• 41:32
  agree
• 41:32
  with
• 41:32
  what
• 41:33
  you're
• 41:33
  saying.
• 41:33
  I
• 41:34
  don't
• 41:34
  think
• 41:34
  that
• 41:34
  they
• 41:34
  need
• 41:34
  to
• 41:35
  have
• 41:35
  these.
• 41:35
  Again,
• 41:36
  like
• 41:36
  we
• 41:36
  were
• 41:36
  saying
• 41:36
  with,
• 41:37
  with
• 41:37
  beyond,
• 41:37
  like,
• 41:38
  I
• 41:38
  don't
• 41:38
  think
• 41:38
  that
• 41:38
  there
• 41:38
  needs
• 41:39
  to
• 41:39
  be
• 41:39
  this
• 41:39
  Baby
• 41:40
  superstore
• 41:41
  anymore,
• 41:41
  but
• 41:41
  I
• 41:41
  do
• 41:42
  think
• 41:42
  we
• 41:42
  have
• 41:42
  to
• 41:42
  look
• 41:43
  at
• 41:43
  what's
• 41:44
  happening
• 41:44
  with
• 41:45
  like
• 41:45
  Babies
• 41:45
  or
• 41:45
  Us
• 41:46
  and
• 41:46
  Kohl's.
• 41:46
  I
• 41:46
  do
• 41:47
  think
• 41:47
  that
• 41:47
  there
• 41:47
  still
• 41:48
  is
• 41:48
  a
• 41:48
  need
• 41:49
  to
• 41:49
  go
• 41:49
  out
• 41:49
  and
• 41:50
  test
• 41:50
  and
• 41:50
  trial
• 41:50
  some
• 41:51
  products,
• 41:51
  especially
• 41:52
  the
• 41:52
  gear.
• 41:53
  So
• 41:53
  I
• 41:53
  do,
• 41:54
  I
• 41:54
  think
• 41:54
  the
• 41:54
  smart
• 41:55
  move
• 41:55
  from
• 41:55
  Bye
• 41:55
  Bye
• 41:56
  Baby
• 41:56
  might
• 41:56
  be
• 41:56
  to
• 41:57
  look
• 41:57
  for
• 41:57
  a
• 41:57
  partner
• 41:58
  the
• 41:58
  same
• 41:58
  way
• 41:58
  that
• 41:59
  beyond
• 41:59
  is
• 41:59
  looking
• 42:00
  at
• 42:00
  Container
• 42:01
  Stor
• 42:01
  at
• 42:02
  Kirkland's,
• 42:02
  because
• 42:03
  you
• 42:03
  do
• 42:03
  get
• 42:04
  traffic
• 42:04
  from
• 42:04
  that.
• 42:04
  So
• 42:05
  whether
• 42:05
  or
• 42:05
  not
• 42:05
  they're
• 42:06
  ordering
• 42:06
  that
• 42:06
  stroller
• 42:07
  from
• 42:07
  you,
• 42:07
  for
• 42:07
  example,
• 42:08
  you
• 42:08
  do
• 42:08
  get
• 42:09
  people
• 42:09
  in
• 42:09
  the
• 42:09
  store
• 42:09
  to
• 42:10
  test
• 42:10
  it.
• 42:10
  And
• 42:10
  I
• 42:10
  think
• 42:11
  that's
• 42:11
  what
• 42:11
  Kohl's
• 42:11
  is
• 42:12
  banking
• 42:12
  on
• 42:12
  here
• 42:12
  with
• 42:12
  their
• 42:13
  strategy.
• 42:13
  Babies
• 42:14
  R
• 42:14
  Us
• 42:14
  is
• 42:14
  like,
• 42:15
  hopefully
• 42:15
  once
• 42:15
  you're
• 42:15
  inside
• 42:16
  of
• 42:16
  a
• 42:16
  Kohl's,
• 42:16
  they're
• 42:17
  capturing
• 42:17
  you
• 42:18
  as
• 42:18
  a
• 42:18
  longer
• 42:18
  term
• 42:19
  customer.
• 42:19
  Like
• 42:19
  Chris
• 42:19
  was
• 42:20
  saying,
• 42:20
  they're,
• 42:20
  you
• 42:20
  know,
• 42:21
  they're
• 42:21
  giving
• 42:21
  you
• 42:22
  some
• 42:22
  reason
• 42:23
  to
• 42:23
  kind
• 42:23
  of
• 42:23
  be
• 42:24
  and
• 42:24
  start
• 42:24
  to
• 42:25
  stay
• 42:25
  and
• 42:25
  develop
• 42:25
  a
• 42:25
  relationship
• 42:26
  in
• 42:26
  the
• 42:26
  store.
• 42:27
  I
• 42:27
  just,
• 42:27
  I
• 42:28
  don't
• 42:28
  think
• 42:28
  that
• 42:29
  it
• 42:29
  needs
• 42:29
  to
• 42:29
  be
• 42:29
  the
• 42:30
  grand
• 42:30
  footprint
• 42:31
  that
• 42:31
  we're
• 42:31
  talking
• 42:31
  about.
• 42:31
  And
• 42:32
  if
• 42:32
  I
• 42:32
  were
• 42:32
  Bye
• 42:32
  Bye
• 42:33
  Baby,
• 42:33
  I
• 42:33
  would
• 42:33
  start
• 42:33
  looking
• 42:34
  for
• 42:34
  a
• 42:34
  similar
• 42:35
  partnership
• 42:35
  of
• 42:35
  Kohl's
• 42:36
  and
• 42:36
  Babies
• 42:36
  R
• 42:36
  Us
• 42:36
  with
• 42:37
  another
• 42:37
  retailer,
• 42:37
  like
• 42:38
  especially,
• 42:38
  you
• 42:38
  know,
• 42:39
  might
• 42:40
  be
• 42:40
  far
• 42:40
  fetched,
• 42:40
  but
• 42:40
  even
• 42:41
  like
• 42:41
  an
• 42:41
  Ikea
• 42:42
  where
• 42:42
  you're
• 42:42
  like
• 42:42
  really
• 42:43
  in
• 42:43
  the
• 42:43
  furniture
• 42:43
  space
• 42:44
  or
• 42:44
  you're
• 42:44
  thinking
• 42:44
  of
• 42:44
  like
• 42:45
  a
• 42:45
  place
• 42:45
  that
• 42:45
  you're
• 42:45
  going
• 42:45
  to
• 42:46
  get
• 42:46
  people
• 42:46
  to
• 42:46
  invest
• 42:47
  in.
• 42:47
  For
• 42:47
  the
• 42:47
  coming
• 42:48
  years
• 42:48
  after
• 42:49
  that
• 42:49
  in
• 42:50
  other
• 42:50
  higher
• 42:50
  margin
• 42:51
  areas
• 42:51
  potentially.
• 42:52
  But
• 42:52
  that's
• 42:53
  that
• 42:53
  key.
• 42:54
  Yeah,
• 42:55
  I
• 42:55
  mean
• 42:55
  the
• 42:55
  thing
• 42:56
  that,
• 42:56
  the
• 42:56
  thing
• 42:56
  that,
• 42:57
  the
• 42:57
  thing
• 42:57
  that's
• 42:57
  interesting
• 42:57
  about
• 42:58
  Buy
• 42:58
  by
• 42:58
  Baby
• 42:58
  is
• 42:58
  they
• 42:59
  get
• 42:59
  the
• 42:59
  brands
• 43:00
  that
• 43:00
  the
• 43:00
  targets
• 43:00
  in
• 43:00
  the
• 43:00
  Walmarts
• 43:01
  don't
• 43:01
  get
• 43:02
  too.
• 43:02
  They
• 43:02
  get
• 43:02
  the
• 43:02
  upper
• 43:03
  echelon
• 43:03
  gear
• 43:04
  brands
• 43:04
  which
• 43:04
  is
• 43:04
  what
• 43:05
  is
• 43:05
  the
• 43:05
  differentiation
• 43:06
  point.
• 43:06
  So
• 43:06
  that's
• 43:06
  what
• 43:06
  you
• 43:06
  have
• 43:06
  to
• 43:06
  play
• 43:07
  up.
• 43:07
  The
• 43:08
  last
• 43:08
  thing
• 43:08
  I'd
• 43:08
  make
• 43:08
  here
• 43:08
  too,
• 43:09
  I
• 43:09
  think
• 43:09
  if
• 43:09
  there's
• 43:09
  a
• 43:10
  condemnation
• 43:10
  that
• 43:11
  should
• 43:11
  go
• 43:11
  out
• 43:11
  on
• 43:11
  this
• 43:12
  headline,
• 43:12
  it's
• 43:12
  that,
• 43:13
  it's
• 43:13
  that
• 43:13
  they
• 43:13
  try
• 43:13
  that
• 43:14
  they
• 43:14
  have
• 43:14
  the
• 43:14
  audacity
• 43:15
  to
• 43:15
  think
• 43:15
  they
• 43:15
  could,
• 43:15
  they
• 43:16
  could
• 43:16
  run,
• 43:17
  you
• 43:17
  know,
• 43:17
  stores
• 43:18
  across,
• 43:18
  what
• 43:18
  was
• 43:18
  it,
• 43:19
  seven
• 43:19
  states.
• 43:20
  Like
• 43:20
  as,
• 43:21
  as
• 43:21
  an
• 43:21
  online
• 43:21
  only
• 43:21
  brand.
• 43:21
  You're
• 43:22
  going
• 43:22
  to
• 43:22
  know,
• 43:22
  come
• 43:22
  in
• 43:23
  and
• 43:23
  know
• 43:23
  how
• 43:23
  to
• 43:23
  do
• 43:23
  that.
• 43:24
  That's
• 43:24
  just
• 43:24
  really
• 43:24
  hard.
• 43:25
  So
• 43:25
  like.
• 43:25
  Yeah,
• 43:25
  you
• 43:26
  just
• 43:26
  shot
• 43:26
  too
• 43:27
  hard.
• 43:27
  And
• 43:27
  why
• 43:27
  didn't
• 43:27
  you
• 43:27
  just
• 43:28
  like
• 43:28
  keep
• 43:28
  one
• 43:29
  of
• 43:29
  them
• 43:29
  and
• 43:29
  make
• 43:30
  one
• 43:30
  of
• 43:30
  them
• 43:30
  really,
• 43:31
  really
• 43:31
  strong?
• 43:31
  I'm
• 43:31
  curious
• 43:32
  why
• 43:32
  that
• 43:32
  isn't
• 43:33
  part
• 43:33
  of
• 43:33
  this
• 43:33
  announcement.
• 43:34
  Why
• 43:34
  is
• 43:34
  it
• 43:34
  just
• 43:34
  shutting
• 43:34
  everything
• 43:35
  down
• 43:35
  completely?
• 43:35
  I
• 43:36
  don't
• 43:36
  know.
• 43:36
  Yeah,
• 43:37
  you
• 43:37
  gotta
• 43:37
  wonder
• 43:38
  like
• 43:38
  how
• 43:38
  bad
• 43:39
  it
• 43:39
  was
• 43:39
  going
• 43:39
  for
• 43:39
  them
• 43:40
  for
• 43:40
  them
• 43:40
  to
• 43:41
  buy
• 43:41
  11
• 43:42
  leases
• 43:42
  and
• 43:43
  within.
• 43:43
  Oh
• 43:43
  my
• 43:43
  God.
• 43:44
  Because
• 43:44
  when
• 43:44
  you
• 43:44
  open
• 43:45
  a
• 43:45
  new
• 43:45
  retail
• 43:46
  store,
• 43:46
  you
• 43:46
  have
• 43:46
  a
• 43:46
  new
• 43:46
  presence.
• 43:47
  I
• 43:47
  mean
• 43:47
  there's
• 43:47
  a
• 43:48
  ramp
• 43:48
  up
• 43:48
  time.
• 43:48
  Right.
• 43:48
  So
• 43:49
  how
• 43:49
  bad
• 43:50
  was
• 43:50
  it
• 43:50
  going
• 43:50
  that
• 43:51
  like.
• 43:51
  Because
• 43:51
  that
• 43:51
  decision
• 43:52
  was
• 43:52
  probably
• 43:52
  made
• 43:53
  four
• 43:53
  or
• 43:53
  five
• 43:53
  months
• 43:53
  ago
• 43:54
  to
• 43:54
  close
• 43:54
  it
• 43:54
  all
• 43:54
  down.
• 43:54
  So
• 43:55
  you
• 43:55
  know,
• 43:55
  within
• 43:55
  the
• 43:55
  first
• 43:56
  five
• 43:56
  months
• 43:56
  they
• 43:57
  were
• 43:57
  just
• 43:57
  like,
• 43:58
  oh
• 43:58
  my
• 43:58
  God,
• 43:59
  no.
• 44:00
  Yeah,
• 44:00
  they
• 44:00
  must
• 44:01
  have
• 44:01
  been
• 44:01
  like
• 44:01
  drowning.
• 44:02
  That's
• 44:02
  the
• 44:02
  only
• 44:02
  thing
• 44:02
  I
• 44:02
  could
• 44:02
  think
• 44:02
  of.
• 44:02
  They're
• 44:03
  like,
• 44:03
  what
• 44:03
  do
• 44:03
  we
• 44:03
  get
• 44:03
  ourselves
• 44:04
  into?
• 44:04
  Let's
• 44:04
  just
• 44:05
  get
• 44:05
  out
• 44:05
  of
• 44:05
  this
• 44:06
  completely.
• 44:06
  And
• 44:08
  that's
• 44:08
  what
• 44:08
  ultimately
• 44:08
  didn't
• 44:09
  work
• 44:09
  here.
• 44:09
  Which
• 44:09
  is
• 44:09
  why
• 44:10
  I
• 44:10
  still
• 44:10
  think
• 44:11
  there
• 44:12
  could
• 44:12
  be
• 44:12
  a
• 44:12
  concept
• 44:13
  for
• 44:13
  the
• 44:13
  baby
• 44:14
  market
• 44:14
  at
• 44:15
  the
• 44:15
  upper
• 44:15
  end.
• 44:17
  All
• 44:17
  right,
• 44:17
  let's
• 44:18
  talk
• 44:18
  about
• 44:18
  what
• 44:18
  those
• 44:18
  babies
• 44:19
  are
• 44:19
  going
• 44:19
  to
• 44:19
  be
• 44:19
  doing
• 44:20
  on
• 44:20
  the
• 44:20
  phones
• 44:20
  that
• 44:21
  they're
• 44:21
  given
• 44:21
  very
• 44:22
  shortly
• 44:22
  after
• 44:22
  they're
• 44:23
  born.
• 44:23
  In
• 44:23
  headline
• 44:24
  number
• 44:24
  five,
• 44:25
  Chick
• 44:25
  Fil
• 44:25
  A
• 44:26
  is
• 44:26
  releasing
• 44:26
  its
• 44:27
  own
• 44:27
  entertainment
• 44:28
  app,
• 44:28
  you
• 44:28
  guys,
• 44:29
  with
• 44:29
  family
• 44:29
  friendly
• 44:30
  shows
• 44:30
  and
• 44:30
  podcasts.
• 44:31
  According
• 44:31
  to
• 44:32
  cnbc,
• 44:32
  Chick
• 44:33
  Fil
• 44:33
  A
• 44:33
  plans
• 44:33
  to
• 44:34
  launch
• 44:34
  a
• 44:34
  new
• 44:34
  app
• 44:34
  on
• 44:34
  November
• 44:35
  18th
• 44:35
  with
• 44:35
  a
• 44:36
  slate
• 44:36
  of
• 44:36
  original
• 44:37
  animated
• 44:37
  shows,
• 44:38
  scripted
• 44:38
  podcasts,
• 44:39
  games,
• 44:39
  recipes
• 44:40
  and
• 44:40
  ebooks
• 44:41
  aimed
• 44:41
  at
• 44:41
  families.
• 44:42
  A
• 44:42
  preview
• 44:43
  of
• 44:43
  the
• 44:43
  app
• 44:43
  viewed
• 44:43
  by
• 44:44
  CNBC
• 44:44
  included
• 44:45
  the
• 44:45
  first
• 44:45
  22
• 44:46
  minute
• 44:46
  episode
• 44:46
  of
• 44:47
  Legends
• 44:47
  of
• 44:48
  Evergreen
• 44:48
  Hills,
• 44:49
  which
• 44:49
  continues
• 44:50
  or
• 44:51
  protagonist
• 44:51
  Sam's
• 44:52
  adventures
• 44:53
  in
• 44:53
  the
• 44:53
  fantasy
• 44:54
  world
• 44:54
  of
• 44:55
  Evergreen
• 44:55
  Hills.
• 44:56
  The
• 44:56
  first
• 44:56
  installment
• 44:57
  of
• 44:57
  Hidden
• 44:58
  Island,
• 44:58
  a
• 44:58
  scripted
• 44:59
  podcast
• 44:59
  about
• 45:00
  a
• 45:00
  family
• 45:00
  that
• 45:00
  shipwrecks
• 45:01
  on
• 45:01
  a
• 45:01
  deserted
• 45:01
  island
• 45:02
  and
• 45:02
  a
• 45:02
  step
• 45:03
  by
• 45:03
  step
• 45:03
  cooking
• 45:03
  tutorial
• 45:04
  that
• 45:04
  uses
• 45:04
  a
• 45:05
  Chick
• 45:05
  Fil
• 45:05
  A
• 45:05
  milkshake
• 45:06
  as
• 45:06
  a
• 45:06
  key
• 45:06
  ingredient.
• 45:07
  Customers
• 45:08
  can
• 45:08
  pre
• 45:08
  download
• 45:08
  the
• 45:09
  free
• 45:09
  Chick
• 45:09
  Fil
• 45:09
  A
• 45:10
  play
• 45:10
  app
• 45:10
  for
• 45:10
  their
• 45:10
  phones,
• 45:11
  iPads
• 45:11
  and
• 45:12
  Android
• 45:12
  devices
• 45:12
  ahead
• 45:13
  of
• 45:13
  the
• 45:13
  launch
• 45:13
  next
• 45:14
  month.
• 45:14
  Month.
• 45:15
  Chris,
• 45:15
  I'm
• 45:15
  gonna
• 45:16
  have
• 45:16
  you
• 45:16
  wrap
• 45:16
  this
• 45:16
  up.
• 45:17
  This
• 45:17
  is
• 45:17
  in
• 45:17
  your
• 45:17
  wheelhouse,
• 45:18
  as
• 45:18
  you
• 45:19
  said.
• 45:19
  Are
• 45:19
  you
• 45:20
  buying
• 45:20
  or
• 45:20
  selling
• 45:20
  the
• 45:21
  idea
• 45:21
  of
• 45:21
  Chick
• 45:21
  Fil
• 45:21
  A
• 45:22
  producing
• 45:22
  and
• 45:22
  distributing
• 45:23
  its
• 45:23
  own
• 45:23
  content
• 45:24
  via
• 45:24
  a
• 45:24
  standalone
• 45:25
  app?
• 45:26
  I
• 45:26
  love
• 45:26
  it.
• 45:26
  Like,
• 45:27
  you
• 45:27
  know,
• 45:27
  disclosure
• 45:28
  biased
• 45:29
  here.
• 45:29
  You
• 45:29
  know,
• 45:29
  major
• 45:30
  Chick
• 45:30
  Fil
• 45:30
  A
• 45:31
  fan,
• 45:31
  avid
• 45:32
  customer,
• 45:33
  as
• 45:33
  are
• 45:34
  many
• 45:34
  of
• 45:34
  our.
• 45:34
  Omnitok
• 45:35
  listeners
• 45:35
  after
• 45:35
  last
• 45:35
  week's
• 45:36
  show.
• 45:36
  Yeah,
• 45:37
  yeah,
• 45:37
  they,
• 45:38
  you
• 45:38
  know,
• 45:38
  I
• 45:38
  love
• 45:39
  it.
• 45:39
  I,
• 45:39
  I
• 45:39
  think
• 45:39
  it's
• 45:39
  a,
• 45:40
  it's
• 45:40
  a
• 45:40
  good
• 45:40
  idea
• 45:40
  for
• 45:40
  them.
• 45:41
  Right.
• 45:41
  It's
• 45:41
  a
• 45:41
  brand
• 45:42
  that
• 45:42
  people
• 45:42
  already
• 45:43
  love
• 45:43
  and
• 45:45
  I
• 45:45
  think
• 45:45
  like
• 45:45
  the,
• 45:46
  on
• 45:47
  the
• 45:47
  surface
• 45:47
  level,
• 45:47
  right,
• 45:48
  people
• 45:48
  are
• 45:48
  doing
• 45:49
  less
• 45:49
  dining
• 45:50
  at
• 45:50
  the
• 45:51
  restaurant.
• 45:51
  You
• 45:51
  know,
• 45:52
  there
• 45:52
  are
• 45:52
  places
• 45:53
  like
• 45:53
  McDonald's
• 45:53
  starting
• 45:54
  to
• 45:54
  close
• 45:54
  their
• 45:55
  playpens,
• 45:55
  etc.
• 45:55
  I
• 45:56
  think
• 45:56
  it's
• 45:56
  a
• 45:57
  fun
• 45:57
  way
• 45:57
  to
• 45:58
  have
• 45:58
  some
• 45:59
  sort
• 45:59
  of
• 45:59
  replacement
• 46:00
  engagement
• 46:01
  in
• 46:01
  the
• 46:01
  restaurant.
• 46:02
  And
• 46:02
  I
• 46:02
  thought
• 46:02
  you
• 46:02
  brought
• 46:03
  up
• 46:03
  a
• 46:03
  really
• 46:03
  good
• 46:03
  point
• 46:04
  at
• 46:04
  the
• 46:04
  beginning
• 46:04
  of
• 46:04
  the
• 46:04
  show
• 46:05
  of
• 46:05
  brands
• 46:05
  doing
• 46:06
  a
• 46:06
  good
• 46:06
  job
• 46:06
  listening
• 46:07
  to
• 46:07
  customers.
• 46:08
  And
• 46:08
  I
• 46:08
  don't
• 46:08
  think
• 46:08
  any
• 46:09
  customers
• 46:09
  like
• 46:09
  actually
• 46:10
  said,
• 46:10
  oh
• 46:10
  my
• 46:10
  God,
• 46:11
  I
• 46:11
  want
• 46:11
  Chick
• 46:11
  Fil
• 46:11
  A
• 46:12
  streaming.
• 46:13
  But,
• 46:13
  but
• 46:13
  they,
• 46:14
  when,
• 46:14
  when
• 46:14
  you
• 46:14
  look
• 46:14
  at
• 46:15
  the
• 46:15
  release
• 46:15
  here,
• 46:15
  they
• 46:16
  talked
• 46:16
  about
• 46:16
  understanding
• 46:17
  the
• 46:17
  adjacencies
• 46:18
  and
• 46:19
  how
• 46:19
  the
• 46:19
  adjacencies
• 46:20
  to
• 46:20
  meal
• 46:20
  time
• 46:21
  are
• 46:21
  shifting
• 46:22
  and
• 46:22
  instead
• 46:22
  of
• 46:22
  having
• 46:23
  like
• 46:23
  the
• 46:23
  play
• 46:23
  centers,
• 46:24
  they
• 46:25
  were
• 46:25
  looking
• 46:25
  for
• 46:25
  activities
• 46:26
  and
• 46:26
  games
• 46:27
  that
• 46:27
  could
• 46:28
  be
• 46:28
  adjacent
• 46:28
  to
• 46:28
  meal
• 46:29
  time
• 46:29
  that
• 46:29
  customers
• 46:30
  are
• 46:30
  doing
• 46:30
  now.
• 46:31
  You
• 46:31
  know,
• 46:32
  parents
• 46:32
  with
• 46:32
  iPads
• 46:33
  and
• 46:33
  things
• 46:33
  at
• 46:34
  restaurants.
• 46:34
  I
• 46:35
  think
• 46:35
  it's
• 46:35
  a
• 46:35
  great
• 46:35
  idea
• 46:36
  to
• 46:36
  have
• 46:37
  a
• 46:37
  slightly
• 46:38
  different
• 46:38
  engagement
• 46:39
  in
• 46:39
  the
• 46:39
  restaurant,
• 46:40
  but
• 46:40
  then
• 46:41
  outside
• 46:41
  the
• 46:42
  restaurant
• 46:42
  you
• 46:42
  just
• 46:43
  extend
• 46:43
  your
• 46:44
  connection
• 46:44
  to
• 46:44
  that
• 46:44
  customer
• 46:45
  into
• 46:45
  totally
• 46:46
  new
• 46:46
  environments
• 46:46
  when
• 46:46
  you.
• 46:47
  Chick
• 46:47
  Fil
• 46:47
  A
• 46:47
  was
• 46:48
  never
• 46:49
  being
• 46:49
  discussed.
• 46:50
  So
• 46:50
  like,
• 46:51
  is
• 46:51
  it
• 46:51
  going
• 46:51
  to
• 46:51
  be
• 46:52
  a
• 46:52
  massive
• 46:53
  win?
• 46:54
  Probably
• 46:55
  not.
• 46:55
  Is
• 46:55
  there
• 46:55
  going
• 46:55
  to
• 46:55
  be
• 46:55
  a
• 46:56
  lot
• 46:56
  of
• 46:56
  halo
• 46:56
  effect
• 46:57
  from
• 46:57
  deepening
• 46:57
  connection
• 46:58
  with
• 46:58
  the
• 46:58
  brand?
• 46:59
  And
• 46:59
  you
• 46:59
  know,
• 47:00
  can
• 47:00
  you
• 47:00
  market
• 47:01
  to
• 47:01
  kids
• 47:01
  without
• 47:01
  blatantly
• 47:02
  marketing
• 47:02
  to
• 47:02
  kids
• 47:03
  with
• 47:03
  this?
• 47:03
  Yeah,
• 47:03
  probably.
• 47:04
  Right?
• 47:04
  I
• 47:04
  like
• 47:05
  it.
• 47:05
  Yeah.
• 47:06
  I
• 47:06
  mean
• 47:06
  that's
• 47:06
  the
• 47:07
  question
• 47:07
  that
• 47:07
  they
• 47:08
  bring
• 47:08
  up
• 47:08
  in
• 47:08
  this
• 47:08
  article
• 47:09
  too
• 47:09
  that
• 47:09
  I
• 47:09
  thought
• 47:09
  was
• 47:10
  interesting.
• 47:10
  Like,
• 47:10
  like
• 47:10
  Procter
• 47:11
  and
• 47:11
  Gamble
• 47:11
  did
• 47:12
  this
• 47:12
  with
• 47:12
  the
• 47:12
  soap
• 47:12
  opera
• 47:13
  early
• 47:13
  on.
• 47:13
  Like,
• 47:14
  is
• 47:14
  this
• 47:14
  the
• 47:14
  next
• 47:15
  is,
• 47:15
  Is
• 47:15
  Chick
• 47:16
  Fil
• 47:16
  A
• 47:16
  the
• 47:16
  next
• 47:17
  P
• 47:17
  and
• 47:17
  G?
• 47:17
  And
• 47:18
  do
• 47:18
  they
• 47:18
  have
• 47:18
  the
• 47:19
  ability
• 47:19
  to
• 47:19
  drive
• 47:20
  traffic
• 47:20
  to
• 47:20
  another,
• 47:21
  you
• 47:21
  know,
• 47:22
  destination?
• 47:23
  We'll
• 47:23
  see.
• 47:24
  Lakshman,
• 47:24
  where
• 47:24
  do
• 47:24
  you
• 47:25
  come
• 47:25
  down
• 47:25
  on
• 47:25
  this?
• 47:26
  Well,
• 47:27
  if
• 47:28
  they,
• 47:28
  if
• 47:28
  they,
• 47:29
  if
• 47:29
  they
• 47:29
  figured
• 47:29
  out
• 47:29
  the
• 47:30
  licensing
• 47:30
  fees
• 47:30
  and
• 47:31
  all
• 47:31
  the
• 47:31
  royalties
• 47:32
  and
• 47:32
  everything
• 47:32
  with
• 47:32
  others
• 47:33
  in
• 47:33
  terms
• 47:33
  of,
• 47:33
  you
• 47:34
  know,
• 47:34
  how
• 47:34
  they're
• 47:34
  going
• 47:34
  to
• 47:34
  product
• 47:35
  go
• 47:35
  to
• 47:35
  production
• 47:36
  services
• 47:36
  on
• 47:36
  this
• 47:36
  one.
• 47:37
  Right.
• 47:37
  So
• 47:38
  if
• 47:38
  it
• 47:38
  is
• 47:38
  a
• 47:38
  low
• 47:39
  overhead
• 47:39
  and
• 47:40
  they're
• 47:40
  not
• 47:40
  invested
• 47:40
  a
• 47:40
  ton
• 47:41
  into
• 47:41
  that
• 47:42
  and
• 47:42
  have
• 47:43
  a
• 47:43
  lot
• 47:43
  more
• 47:44
  AI
• 47:44
  driven
• 47:44
  content
• 47:45
  generation
• 47:45
  going
• 47:46
  on
• 47:46
  here,
• 47:46
  this
• 47:46
  is
• 47:46
  a
• 47:47
  real
• 47:47
  use
• 47:47
  case
• 47:47
  for
• 47:48
  asset
• 47:49
  like
• 47:49
  model
• 47:50
  for
• 47:50
  them
• 47:50
  to
• 47:50
  develop
• 47:51
  and
• 47:51
  deliver
• 47:51
  content
• 47:52
  quite
• 47:52
  significantly.
• 47:53
  And
• 47:54
  kids
• 47:54
  are
• 47:54
  always
• 47:55
  stuck
• 47:55
  to
• 47:56
  their
• 47:56
  iPads
• 47:56
  so
• 47:57
  we
• 47:57
  can
• 47:58
  have
• 47:58
  greater
• 47:58
  engagement.
• 47:59
  I
• 47:59
  think
• 47:59
  it
• 47:59
  just
• 48:00
  increases
• 48:00
  two
• 48:00
  things.
• 48:01
  One
• 48:01
  is
• 48:01
  traffic,
• 48:02
  where
• 48:03
  kids
• 48:03
  have
• 48:03
  a
• 48:03
  reason
• 48:04
  to
• 48:04
  go
• 48:04
  to
• 48:04
  Chick
• 48:04
  Fil
• 48:05
  A
• 48:05
  now
• 48:05
  and
• 48:06
  number
• 48:06
  two,
• 48:07
  duration
• 48:07
  for
• 48:08
  which
• 48:08
  they
• 48:08
  can
• 48:08
  stay
• 48:09
  in
• 48:09
  the
• 48:09
  store.
• 48:10
  So
• 48:10
  you
• 48:10
  at
• 48:10
  least
• 48:11
  have
• 48:11
  to
• 48:11
  stay
• 48:11
  for
• 48:11
  the
• 48:11
  duration
• 48:12
  of
• 48:12
  the
• 48:12
  video.
• 48:13
  Likely.
• 48:13
  Right.
• 48:13
  And
• 48:13
  they'll
• 48:14
  likely,
• 48:14
  you
• 48:14
  know,
• 48:14
  give
• 48:15
  free
• 48:15
  wi
• 48:15
  fi
• 48:16
  and
• 48:16
  whatnot
• 48:16
  for
• 48:16
  this
• 48:17
  and
• 48:18
  8
• 48:18
  to
• 48:18
  10
• 48:19
  minutes
• 48:19
  will
• 48:19
  likely
• 48:19
  get
• 48:20
  extended
• 48:20
  to
• 48:20
  15
• 48:20
  to
• 48:20
  20
• 48:21
  minutes.
• 48:21
  The
• 48:22
  longer
• 48:22
  you
• 48:22
  stay,
• 48:22
  the
• 48:22
  more
• 48:23
  you
• 48:23
  buy,
• 48:23
  which
• 48:24
  in
• 48:24
  case
• 48:24
  drives
• 48:24
  the
• 48:25
  basket
• 48:25
  size
• 48:26
  and
• 48:26
  the
• 48:26
  aoe.
• 48:27
  Yeah.
• 48:28
  And
• 48:28
  I
• 48:28
  mean,
• 48:28
  Chris,
• 48:29
  what
• 48:29
  are
• 48:29
  your
• 48:29
  thoughts
• 48:29
  here?
• 48:30
  Walton?
• 48:30
  Chris
• 48:30
  Walton.
• 48:32
  Because
• 48:32
  it's
• 48:32
  not
• 48:33
  in
• 48:33
  the
• 48:33
  Chick
• 48:33
  Fil
• 48:33
  A
• 48:34
  app.
• 48:34
  You
• 48:34
  use
• 48:34
  the
• 48:35
  Chick
• 48:35
  Fil
• 48:35
  A
• 48:35
  app
• 48:35
  like
• 48:36
  no
• 48:36
  one's
• 48:36
  business.
• 48:37
  So
• 48:37
  I
• 48:38
  mean,
• 48:38
  do
• 48:38
  you
• 48:38
  think
• 48:38
  that
• 48:39
  they'd
• 48:39
  be
• 48:39
  better
• 48:39
  positioned
• 48:40
  putting
• 48:40
  this
• 48:41
  inside
• 48:41
  of
• 48:41
  that
• 48:41
  app
• 48:42
  experience
• 48:42
  or,
• 48:43
  or
• 48:43
  can
• 48:43
  they
• 48:44
  drive
• 48:44
  traffic
• 48:44
  to
• 48:44
  an
• 48:45
  entirely
• 48:45
  new
• 48:45
  app?
• 48:46
  I
• 48:46
  don't
• 48:47
  know.
• 48:47
  I'm
• 48:47
  starting
• 48:47
  to
• 48:47
  feel
• 48:47
  like
• 48:47
  this
• 48:47
  is
• 48:48
  a
• 48:48
  glass
• 48:48
  half
• 48:48
  empty
• 48:48
  podcast
• 48:49
  for
• 48:49
  me
• 48:49
  because
• 48:49
  I,
• 48:50
  I,
• 48:50
  I
• 48:50
  hate
• 48:51
  this
• 48:51
  idea
• 48:51
  too.
• 48:51
  I
• 48:52
  mean,
• 48:52
  and
• 48:52
  for
• 48:52
  the
• 48:52
  reasons
• 48:52
  you're
• 48:53
  saying,
• 48:53
  I
• 48:53
  think,
• 48:54
  you
• 48:54
  know,
• 48:54
  the,
• 48:55
  the
• 48:55
  PNG
• 48:55
  analogy
• 48:56
  is
• 48:56
  a
• 48:56
  false
• 48:57
  analogy
• 48:57
  because
• 48:57
  PNG
• 48:58
  was,
• 48:58
  was
• 48:59
  producing
• 49:00
  that
• 49:00
  content,
• 49:00
  but
• 49:00
  distributing
• 49:01
  it
• 49:01
  through
• 49:01
  an
• 49:01
  existing
• 49:02
  content
• 49:03
  network,
• 49:03
  which
• 49:03
  is
• 49:03
  the
• 49:03
  problem
• 49:04
  here.
• 49:04
  So
• 49:04
  whether
• 49:05
  you
• 49:05
  create
• 49:05
  your
• 49:05
  own
• 49:06
  app
• 49:06
  or
• 49:06
  whether
• 49:07
  you
• 49:07
  put
• 49:07
  it
• 49:07
  in
• 49:07
  the
• 49:07
  existing
• 49:08
  Chick
• 49:08
  Fil
• 49:08
  A
• 49:08
  app,
• 49:09
  when
• 49:09
  people
• 49:09
  are
• 49:10
  in
• 49:10
  the
• 49:10
  entertainment
• 49:11
  seeking
• 49:11
  mood,
• 49:11
  we
• 49:11
  talk
• 49:11
  about
• 49:12
  it
• 49:12
  all
• 49:12
  the
• 49:12
  time
• 49:13
  on
• 49:13
  the
• 49:13
  show.
• 49:13
  Like,
• 49:13
  you're
• 49:14
  competing
• 49:14
  against
• 49:14
  TikTok,
• 49:15
  Instagram,
• 49:16
  YouTube.
• 49:17
  That's
• 49:17
  a
• 49:17
  hard
• 49:17
  hurdle
• 49:18
  to
• 49:18
  get
• 49:18
  over.
• 49:19
  And
• 49:19
  so
• 49:20
  this
• 49:20
  whole
• 49:20
  thing,
• 49:21
  I
• 49:21
  mean,
• 49:21
  it's
• 49:21
  funny,
• 49:21
  it
• 49:21
  reminds
• 49:22
  me
• 49:22
  of
• 49:22
  my
• 49:22
  old
• 49:23
  boss,
• 49:23
  Jason
• 49:23
  Goldberger
• 49:24
  used
• 49:24
  to
• 49:24
  have
• 49:24
  this
• 49:24
  thing
• 49:25
  where
• 49:25
  he'd
• 49:25
  say,
• 49:25
  like,
• 49:25
  you
• 49:25
  remember,
• 49:26
  like
• 49:26
  the
• 49:26
  app
• 49:26
  craze
• 49:27
  in
• 49:27
  2010,
• 49:28
  2011,
• 49:29
  like,
• 49:29
  roughly,
• 49:30
  he'd
• 49:30
  be
• 49:30
  like,
• 49:31
  do
• 49:31
  you
• 49:31
  know
• 49:31
  that
• 49:31
  Lysol
• 49:32
  built
• 49:32
  an
• 49:33
  app?
• 49:33
  Like,
• 49:33
  why
• 49:34
  in
• 49:34
  the
• 49:34
  hell
• 49:34
  would
• 49:34
  Lysol
• 49:35
  build
• 49:35
  an
• 49:35
  app?
• 49:36
  But
• 49:36
  that's
• 49:36
  what
• 49:36
  they
• 49:36
  did.
• 49:37
  And
• 49:37
  I
• 49:37
  think
• 49:37
  that's
• 49:37
  what
• 49:38
  we're
• 49:38
  seeing
• 49:38
  here
• 49:38
  as
• 49:39
  well,
• 49:39
  is
• 49:39
  that
• 49:40
  a
• 49:40
  lot
• 49:40
  of
• 49:40
  companies
• 49:40
  are
• 49:41
  trying
• 49:41
  to
• 49:41
  get
• 49:41
  into
• 49:41
  this
• 49:42
  media
• 49:42
  Thing,
• 49:43
  but
• 49:43
  they're
• 49:43
  not
• 49:43
  thinking
• 49:44
  about
• 49:44
  the
• 49:44
  right
• 49:44
  way
• 49:44
  to
• 49:45
  do
• 49:45
  it
• 49:45
  and
• 49:45
  they're
• 49:45
  almost
• 49:45
  over
• 49:46
  engineering
• 49:46
  a
• 49:47
  new
• 49:47
  wheel
• 49:47
  too
• 49:48
  much
• 49:48
  instead
• 49:48
  of
• 49:48
  just
• 49:48
  saying,
• 49:48
  okay,
• 49:49
  yeah,
• 49:49
  we
• 49:49
  want
• 49:50
  to
• 49:50
  put
• 49:50
  content
• 49:50
  in
• 49:50
  there,
• 49:50
  we
• 49:51
  want
• 49:51
  to
• 49:51
  create
• 49:51
  attachment
• 49:51
  to
• 49:52
  our
• 49:52
  brand.
• 49:52
  What's
• 49:52
  the
• 49:52
  right
• 49:53
  distribution
• 49:53
  channels
• 49:53
  for
• 49:54
  us
• 49:54
  to
• 49:54
  do
• 49:54
  that?
• 49:54
  And
• 49:55
  that's
• 49:55
  how
• 49:55
  you
• 49:55
  should
• 49:55
  be
• 49:55
  thinking
• 49:56
  of
• 49:56
  it.
• 49:56
  This
• 49:56
  is,
• 49:57
  this
• 49:57
  is
• 49:57
  way
• 49:58
  too
• 49:58
  souped
• 49:58
  up
• 49:58
  for
• 49:58
  my
• 49:59
  tastes.
• 49:59
  Yeah,
• 50:00
  I
• 50:00
  mean
• 50:00
  it.
• 50:00
  And,
• 50:00
  and
• 50:01
  I
• 50:01
  think
• 50:01
  it
• 50:02
  actually
• 50:02
  goes
• 50:02
  a
• 50:03
  little
• 50:03
  bit
• 50:03
  against
• 50:03
  what
• 50:03
  Lakshman
• 50:04
  was
• 50:04
  saying
• 50:04
  because
• 50:05
  they,
• 50:05
  it
• 50:05
  does
• 50:05
  involve
• 50:06
  a
• 50:06
  heavy
• 50:06
  amount
• 50:07
  of
• 50:07
  capital
• 50:07
  to
• 50:07
  invest
• 50:08
  to
• 50:08
  make
• 50:08
  this
• 50:09
  content
• 50:09
  and
• 50:09
  to
• 50:10
  real
• 50:10
  and
• 50:10
  to
• 50:10
  drive
• 50:11
  traffic
• 50:11
  to
• 50:11
  it
• 50:12
  early
• 50:12
  on.
• 50:13
  Yes,
• 50:13
  you
• 50:13
  have
• 50:13
  AI
• 50:14
  that
• 50:14
  can
• 50:14
  help
• 50:14
  make
• 50:14
  this
• 50:15
  a
• 50:15
  little
• 50:15
  bit
• 50:15
  simpler.
• 50:15
  But
• 50:16
  my
• 50:16
  only
• 50:17
  question
• 50:17
  here
• 50:18
  is,
• 50:18
  you
• 50:18
  know,
• 50:18
  something
• 50:19
  that
• 50:19
  really
• 50:19
  started
• 50:19
  to
• 50:19
  resonate
• 50:20
  with
• 50:20
  me
• 50:20
  when
• 50:20
  we
• 50:20
  were
• 50:20
  at
• 50:20
  Chop
• 50:21
  Talk
• 50:21
  Fall
• 50:21
  last
• 50:21
  week
• 50:22
  and
• 50:22
  that
• 50:22
  is
• 50:22
  just
• 50:23
  really
• 50:23
  re
• 50:24
  thinking
• 50:25
  about
• 50:25
  Gen
• 50:26
  Z
• 50:26
  and
• 50:26
  Gen
• 50:26
  Alpha.
• 50:27
  They
• 50:27
  are
• 50:28
  the
• 50:28
  first
• 50:28
  digital,
• 50:29
  first
• 50:29
  generation
• 50:30
  that
• 50:30
  has
• 50:30
  been,
• 50:31
  has
• 50:31
  started
• 50:31
  on
• 50:31
  iPads
• 50:32
  from
• 50:32
  the
• 50:32
  moment
• 50:33
  that
• 50:33
  they
• 50:33
  were
• 50:33
  coming
• 50:34
  out
• 50:34
  of
• 50:34
  Bye
• 50:34
  bye
• 50:34
  baby.
• 50:35
  And
• 50:35
  now
• 50:36
  they
• 50:36
  are
• 50:37
  looking
• 50:37
  at
• 50:38
  content.
• 50:38
  They're
• 50:38
  exploring
• 50:39
  brands
• 50:39
  and
• 50:40
  experiencing
• 50:40
  brands
• 50:41
  in
• 50:41
  a
• 50:41
  digital
• 50:41
  way
• 50:42
  like
• 50:42
  they
• 50:42
  never
• 50:42
  have
• 50:42
  before.
• 50:43
  So
• 50:43
  is
• 50:44
  this
• 50:45
  is
• 50:45
  Chick
• 50:45
  Fil
• 50:45
  a
• 50:45
  really
• 50:46
  like
• 50:46
  doubling
• 50:47
  down
• 50:47
  and
• 50:47
  saying
• 50:47
  this
• 50:48
  is
• 50:48
  how
• 50:48
  we're
• 50:48
  going
• 50:48
  to
• 50:48
  try
• 50:48
  to
• 50:49
  invest
• 50:49
  with
• 50:49
  the
• 50:49
  next
• 50:50
  generation
• 50:50
  of
• 50:50
  consumer.
• 50:51
  We
• 50:51
  know
• 50:51
  we
• 50:51
  have
• 50:51
  them,
• 50:52
  we
• 50:52
  know
• 50:52
  that
• 50:52
  they
• 50:53
  want
• 50:53
  to
• 50:53
  come
• 50:53
  to
• 50:53
  our
• 50:53
  stores.
• 50:54
  We
• 50:54
  know
• 50:54
  that
• 50:54
  the
• 50:54
  content
• 50:55
  that
• 50:55
  we're
• 50:55
  generating
• 50:55
  on
• 50:55
  the
• 50:56
  social
• 50:56
  platforms
• 50:57
  is
• 50:57
  working
• 50:57
  with
• 50:57
  them.
• 50:58
  How
• 50:58
  do
• 50:58
  we
• 50:58
  get
• 50:59
  them
• 50:59
  further
• 50:59
  embedded
• 51:00
  with
• 51:00
  us?
• 51:00
  And
• 51:00
  that's,
• 51:01
  that's
• 51:01
  the
• 51:01
  only
• 51:01
  question
• 51:02
  that
• 51:02
  I
• 51:02
  have
• 51:02
  here
• 51:02
  is
• 51:03
  like,
• 51:03
  will
• 51:03
  they
• 51:04
  actually
• 51:04
  be
• 51:04
  able
• 51:04
  to
• 51:04
  pull
• 51:05
  this
• 51:05
  off?
• 51:06
  Because
• 51:06
  they're,
• 51:07
  they're
• 51:07
  really
• 51:07
  putting
• 51:08
  all
• 51:08
  of
• 51:08
  their
• 51:08
  investment
• 51:09
  in
• 51:09
  doing
• 51:09
  that
• 51:10
  in
• 51:10
  a,
• 51:10
  in
• 51:10
  a
• 51:10
  way
• 51:10
  that
• 51:10
  a
• 51:11
  lot
• 51:11
  of
• 51:11
  other
• 51:11
  retailers
• 51:12
  aren't
• 51:12
  doing
• 51:12
  anymore.
• 51:12
  Especially
• 51:13
  like
• 51:13
  Walmart
• 51:14
  last
• 51:14
  year
• 51:14
  was
• 51:14
  doing,
• 51:14
  trying
• 51:15
  to
• 51:15
  do
• 51:15
  this
• 51:15
  too
• 51:15
  with
• 51:16
  their
• 51:16
  Add
• 51:16
  to
• 51:16
  Heart
• 51:17
  series
• 51:17
  that
• 51:17
  we
• 51:17
  haven't
• 51:18
  heard
• 51:18
  anything
• 51:18
  about
• 51:18
  yet
• 51:18
  this
• 51:19
  year.
• 51:19
  But,
• 51:19
  but
• 51:20
  could
• 51:20
  this
• 51:21
  be,
• 51:21
  could
• 51:21
  this
• 51:22
  be
• 51:22
  them
• 51:22
  being
• 51:23
  kind
• 51:23
  of,
• 51:23
  you
• 51:23
  know,
• 51:24
  ahead
• 51:24
  of
• 51:24
  their
• 51:24
  time?
• 51:25
  Yeah,
• 51:25
  but,
• 51:26
  and,
• 51:26
  and
• 51:26
  to
• 51:26
  that
• 51:27
  point,
• 51:27
  like
• 51:27
  Walmart,
• 51:27
  we
• 51:27
  haven't
• 51:28
  heard
• 51:28
  word
• 51:28
  one
• 51:28
  about
• 51:28
  that
• 51:28
  from
• 51:29
  Walmart
• 51:29
  this
• 51:29
  year.
• 51:29
  And
• 51:29
  they
• 51:30
  were
• 51:30
  doing
• 51:30
  that
• 51:30
  through
• 51:30
  YouTube
• 51:31
  too.
• 51:31
  So
• 51:31
  like,
• 51:31
  but
• 51:32
  no,
• 51:32
  no.
• 51:32
  What
• 51:32
  do
• 51:32
  you,
• 51:33
  do
• 51:33
  you
• 51:33
  like
• 51:33
  this
• 51:33
  idea?
• 51:34
  And
• 51:34
  though,
• 51:34
  like
• 51:34
  would,
• 51:34
  is
• 51:35
  this
• 51:35
  how
• 51:35
  you
• 51:35
  would
• 51:35
  advise
• 51:36
  them
• 51:36
  trying
• 51:36
  to
• 51:36
  approach.
• 51:37
  Gen
• 51:37
  Z
• 51:38
  And
• 51:38
  I
• 51:38
  wouldn't
• 51:39
  do
• 51:39
  it
• 51:39
  in
• 51:39
  this
• 51:40
  way.
• 51:40
  I
• 51:40
  think
• 51:40
  I'd
• 51:40
  try
• 51:41
  to
• 51:41
  keep
• 51:41
  it
• 51:41
  within
• 51:41
  the
• 51:41
  Chick
• 51:42
  Fil
• 51:42
  A
• 51:42
  app.
• 51:42
  I
• 51:43
  think
• 51:43
  that
• 51:43
  makes
• 51:43
  more
• 51:44
  sense
• 51:44
  as
• 51:44
  a
• 51:44
  starting
• 51:44
  point.
• 51:45
  And
• 51:45
  then
• 51:45
  Using
• 51:46
  clips.
• 51:46
  Clips
• 51:46
  or
• 51:47
  content
• 51:47
  to
• 51:48
  put
• 51:48
  on
• 51:48
  the
• 51:48
  social
• 51:49
  platforms,
• 51:49
  on
• 51:49
  YouTube,
• 51:50
  on
• 51:50
  TikTok,
• 51:51
  where
• 51:51
  the
• 51:51
  generation
• 51:52
  is
• 51:53
  exposing
• 51:54
  themselves
• 51:54
  or
• 51:54
  discovering
• 51:55
  content.
• 51:55
  And
• 51:55
  then
• 51:56
  I
• 51:56
  drive
• 51:56
  them
• 51:56
  into
• 51:56
  the
• 51:57
  app
• 51:57
  for
• 51:57
  long
• 51:58
  form
• 51:58
  content
• 51:58
  if
• 51:59
  that's
• 51:59
  what
• 51:59
  they
• 51:59
  want.
• 52:00
  All
• 52:00
  right,
• 52:01
  let's
• 52:01
  go
• 52:01
  to
• 52:01
  the
• 52:01
  lightning
• 52:01
  round.
• 52:02
  You
• 52:02
  guys.
• 52:03
  Question
• 52:03
  one
• 52:03
  goes
• 52:04
  to
• 52:04
  you.
• 52:04
  Chris
• 52:04
  Kreitz.
• 52:05
  Retail
• 52:06
  Brew
• 52:06
  recently
• 52:06
  released
• 52:07
  their
• 52:07
  list
• 52:07
  of
• 52:07
  the
• 52:07
  best
• 52:08
  horror
• 52:08
  movies
• 52:08
  set
• 52:08
  inside
• 52:09
  retail
• 52:09
  destinations.
• 52:10
  What
• 52:10
  is
• 52:11
  the
• 52:11
  best
• 52:11
  movie
• 52:12
  shot
• 52:12
  in
• 52:12
  a
• 52:12
  retail
• 52:13
  location?
• 52:13
  And
• 52:13
  I'll
• 52:14
  give
• 52:14
  you
• 52:14
  extra
• 52:14
  credit
• 52:15
  if
• 52:15
  it's
• 52:15
  horror
• 52:15
  or
• 52:15
  Halloween
• 52:16
  related.
• 52:17
  I'm
• 52:17
  gonna.
• 52:17
  Thank
• 52:18
  you
• 52:18
  and
• 52:18
  I'm
• 52:18
  gonna
• 52:18
  decline
• 52:19
  the
• 52:19
  extra
• 52:19
  credit
• 52:19
  and
• 52:20
  go.
• 52:22
  I'm
• 52:23
  gonna
• 52:23
  lower
• 52:23
  the
• 52:23
  bar
• 52:24
  here.
• 52:25
  That's
• 52:25
  just
• 52:25
  fine.
• 52:26
  That's
• 52:26
  just
• 52:26
  fine.
• 52:26
  That's
• 52:27
  just
• 52:27
  fine.
• 52:28
  I'm
• 52:28
  gonna
• 52:29
  go
• 52:29
  with
• 52:29
  bad
• 52:29
  Santa,
• 52:30
  the
• 52:30
  classic
• 52:31
  retail
• 52:31
  Santa.
• 52:35
  And
• 52:35
  then
• 52:36
  I'll
• 52:36
  add
• 52:36
  a
• 52:36
  fun
• 52:36
  fact
• 52:37
  to
• 52:37
  try
• 52:37
  and
• 52:37
  get
• 52:37
  back
• 52:38
  some
• 52:38
  of
• 52:38
  the
• 52:38
  extra
• 52:38
  credit
• 52:39
  that
• 52:39
  I.
• 52:39
  Okay,
• 52:39
  okay,
• 52:40
  we're
• 52:40
  accepting.
• 52:40
  We're
• 52:41
  accepting.
• 52:41
  Billy
• 52:42
  Bob
• 52:42
  Thornton
• 52:43
  actually
• 52:43
  was
• 52:43
  drunk
• 52:44
  on
• 52:44
  set
• 52:44
  during
• 52:45
  that
• 52:45
  scene
• 52:45
  to
• 52:46
  play
• 52:46
  up
• 52:46
  the
• 52:47
  role
• 52:47
  of
• 52:47
  being
• 52:47
  the
• 52:48
  drunken
• 52:48
  Santa
• 52:48
  in
• 52:48
  the
• 52:49
  department
• 52:49
  store.
• 52:49
  So.
• 52:50
  Oh
• 52:50
  my
• 52:50
  God.
• 52:51
  Some
• 52:51
  points
• 52:51
  back.
• 52:52
  How
• 52:52
  do
• 52:53
  we
• 52:53
  sign
• 52:53
  up
• 52:53
  for
• 52:53
  that
• 52:53
  job?
• 52:54
  Yeah,
• 52:55
  right.
• 52:55
  That
• 52:55
  would
• 52:55
  be
• 52:56
  that
• 52:56
  movie
• 52:56
  in
• 52:56
  a
• 52:57
  while.
• 52:57
  Yeah,
• 52:57
  I
• 52:57
  gotta
• 52:57
  find
• 52:57
  a
• 52:57
  quote
• 52:58
  from
• 52:58
  that
• 52:58
  movie
• 52:58
  for
• 52:58
  our
• 52:58
  newsletter.
• 52:59
  All
• 52:59
  right,
• 53:00
  Chris,
• 53:00
  back
• 53:00
  to
• 53:00
  you.
• 53:01
  Doritos
• 53:01
  on
• 53:01
  Monday
• 53:02
  released
• 53:02
  its
• 53:02
  first
• 53:03
  ad,
• 53:03
  filmed
• 53:03
  in
• 53:04
  space,
• 53:04
  and
• 53:04
  it
• 53:05
  is
• 53:05
  filled
• 53:05
  with
• 53:05
  the
• 53:05
  sound
• 53:05
  of
• 53:06
  astronauts
• 53:07
  crunching
• 53:07
  down
• 53:07
  on
• 53:07
  the
• 53:08
  brand's
• 53:08
  first
• 53:08
  ever
• 53:09
  chips
• 53:09
  to
• 53:09
  leave
• 53:09
  the
• 53:10
  planet.
• 53:10
  If
• 53:10
  you
• 53:11
  were
• 53:11
  to
• 53:11
  take
• 53:11
  one
• 53:11
  food
• 53:12
  into
• 53:12
  space
• 53:12
  with
• 53:12
  you,
• 53:13
  what
• 53:13
  would
• 53:13
  it
• 53:13
  be?
• 53:14
  That's
• 53:14
  a
• 53:15
  good
• 53:15
  question.
• 53:15
  I'm
• 53:15
  gonna
• 53:16
  go.
• 53:16
  There's
• 53:16
  a
• 53:17
  new
• 53:17
  chip
• 53:17
  that's
• 53:17
  very
• 53:18
  similar
• 53:18
  to
• 53:18
  Doritos.
• 53:19
  They're
• 53:19
  called
• 53:19
  Quest
• 53:20
  protein
• 53:20
  chips.
• 53:20
  They're
• 53:21
  made
• 53:21
  out
• 53:21
  of
• 53:21
  whey
• 53:21
  protein.
• 53:22
  It's
• 53:22
  20
• 53:22
  grams
• 53:23
  of
• 53:23
  protein,
• 53:23
  140
• 53:24
  calories.
• 53:24
  It
• 53:25
  tastes
• 53:25
  just
• 53:25
  like
• 53:26
  a
• 53:26
  Dorito.
• 53:27
  They're
• 53:27
  fantastic.
• 53:28
  Yeah.
• 53:28
  Really
• 53:28
  good.
• 53:29
  You
• 53:29
  have
• 53:29
  to
• 53:29
  check
• 53:29
  them
• 53:29
  out.
• 53:30
  All
• 53:30
  right,
• 53:30
  I'm
• 53:30
  gonna
• 53:31
  try
• 53:31
  it.
• 53:31
  I
• 53:31
  don't
• 53:31
  know.
• 53:32
  I
• 53:32
  don't
• 53:32
  know
• 53:32
  if
• 53:33
  I
• 53:33
  can
• 53:33
  believe
• 53:33
  that
• 53:33
  a
• 53:34
  whey
• 53:34
  protein
• 53:34
  chip
• 53:35
  is
• 53:35
  going
• 53:35
  to
• 53:35
  give
• 53:35
  me
• 53:35
  the
• 53:35
  satisfaction
• 53:36
  of
• 53:36
  Doritos,
• 53:37
  but
• 53:37
  I'll
• 53:37
  give
• 53:38
  it
• 53:38
  a
• 53:38
  shot.
• 53:38
  Hold
• 53:39
  on,
• 53:39
  Anne.
• 53:39
  Of
• 53:39
  all
• 53:39
  the
• 53:40
  food,
• 53:40
  that's
• 53:40
  what
• 53:40
  you
• 53:40
  take
• 53:41
  into
• 53:41
  space
• 53:41
  with
• 53:42
  you,
• 53:43
  Chris.
• 53:43
  They're
• 53:44
  really.
• 53:45
  You
• 53:45
  love
• 53:45
  them
• 53:45
  that
• 53:46
  much?
• 53:46
  That's
• 53:46
  funny
• 53:46
  because
• 53:47
  my
• 53:47
  answer
• 53:47
  is
• 53:47
  Doritos
• 53:48
  too.
• 53:48
  So.
• 53:48
  Okay,
• 53:48
  I
• 53:48
  can
• 53:49
  buy
• 53:49
  that.
• 53:49
  I
• 53:49
  guess.
• 53:49
  They're
• 53:50
  that
• 53:50
  good.
• 53:50
  I
• 53:50
  gotta
• 53:50
  try
• 53:51
  them.
• 53:51
  Yeah.
• 53:52
  All
• 53:52
  right.
• 53:52
  All
• 53:52
  right,
• 53:53
  Lakshman,
• 53:53
  we're
• 53:53
  going
• 53:53
  to
• 53:54
  you
• 53:54
  now.
• 53:54
  It's
• 53:55
  almost
• 53:55
  Halloween.
• 53:56
  Very
• 53:56
  simple.
• 53:57
  Rank
• 53:57
  your
• 53:57
  Top
• 53:57
  three
• 53:57
  Halloween
• 53:58
  candies.
• 53:58
  Oh,
• 53:59
  boy.
• 54:00
  Of
• 54:00
  course,
• 54:00
  you
• 54:00
  know,
• 54:01
  there
• 54:01
  is
• 54:01
  Sour
• 54:02
  Patch,
• 54:02
  there
• 54:02
  is
• 54:03
  Skittles,
• 54:04
  there
• 54:04
  is
• 54:04
  M
• 54:05
  M's,
• 54:05
  but
• 54:05
  personal
• 54:05
  favorite
• 54:06
  of
• 54:06
  minus
• 54:06
  Hershey's
• 54:07
  Kisses.
• 54:08
  So.
• 54:09
  Hershey's
• 54:09
  Kisses.
• 54:10
  Yes.
• 54:11
  Wow.
• 54:11
  Okay,
• 54:12
  that's
• 54:12
  number
• 54:12
  one.
• 54:12
  What's
• 54:13
  two
• 54:13
  and
• 54:13
  three?
• 54:13
  Sour
• 54:14
  Patch
• 54:14
  Kids
• 54:14
  and
• 54:14
  Skittles.
• 54:15
  And
• 54:16
  the
• 54:16
  second
• 54:16
  would
• 54:16
  be.
• 54:17
  Yeah,
• 54:18
  second
• 54:18
  would
• 54:18
  be
• 54:18
  Skittles
• 54:19
  and
• 54:19
  third
• 54:19
  would
• 54:19
  be,
• 54:20
  you
• 54:20
  know,
• 54:20
  probably
• 54:21
  Sour
• 54:21
  Patch.
• 54:22
  Yeah.
• 54:22
  Oh
• 54:22
  my
• 54:23
  God.
• 54:23
  I
• 54:23
  love.
• 54:24
  I'm
• 54:24
  with
• 54:24
  you
• 54:24
  on
• 54:24
  Sour
• 54:24
  Patch.
• 54:25
  I
• 54:25
  don't
• 54:25
  know
• 54:25
  about
• 54:25
  the
• 54:26
  Hershey
• 54:26
  Kiss
• 54:26
  though,
• 54:27
  man.
• 54:27
  Wow,
• 54:27
  that's
• 54:28
  so
• 54:28
  random.
• 54:28
  One
• 54:28
  of
• 54:29
  those
• 54:29
  is
• 54:29
  not
• 54:29
  like
• 54:29
  the
• 54:30
  other
• 54:30
  two.
• 54:30
  That's
• 54:30
  so
• 54:31
  crazy.
• 54:31
  That
• 54:31
  Hershey
• 54:32
  Kiss
• 54:32
  leads
• 54:32
  the
• 54:32
  pack.
• 54:33
  All
• 54:33
  right,
• 54:33
  Last
• 54:34
  one.
• 54:34
  Lakshman.
• 54:34
  LinkedIn
• 54:35
  lunatics.
• 54:35
  A
• 54:36
  670,000
• 54:36
  member
• 54:37
  Reddit
• 54:38
  community
• 54:38
  devoted
• 54:39
  to
• 54:39
  quote,
• 54:40
  insufferable
• 54:40
  LinkedIn
• 54:41
  content
• 54:41
  has
• 54:42
  made
• 54:42
  it.
• 54:42
  Made
• 54:43
  it
• 54:43
  its
• 54:43
  mission
• 54:43
  to
• 54:44
  poke
• 54:44
  fun
• 54:44
  at
• 54:44
  insufferable
• 54:45
  LinkedIn
• 54:46
  posts
• 54:46
  that
• 54:46
  have
• 54:47
  no
• 54:47
  business
• 54:47
  being
• 54:48
  shared
• 54:48
  on
• 54:48
  a
• 54:48
  business
• 54:49
  to
• 54:49
  business
• 54:49
  networking
• 54:50
  site.
• 54:50
  What
• 54:50
  is
• 54:50
  the
• 54:51
  most
• 54:51
  audacious
• 54:52
  post
• 54:52
  you
• 54:52
  recall
• 54:53
  reading
• 54:54
  on
• 54:54
  LinkedIn
• 54:54
  that
• 54:55
  you
• 54:55
  wish
• 54:56
  was
• 54:56
  not
• 54:56
  on
• 54:57
  the
• 54:57
  platform?
• 54:57
  Yeah,
• 54:58
  LinkedIn
• 54:58
  is
• 54:58
  like
• 54:58
  kitchen
• 54:59
  sink.
• 54:59
  I
• 54:59
  say
• 55:00
  if
• 55:00
  you
• 55:00
  don't
• 55:00
  pay
• 55:00
  attention
• 55:00
  to
• 55:01
  it,
• 55:01
  it
• 55:01
  gets
• 55:02
  like
• 55:02
  really
• 55:02
  nasty
• 55:04
  in
• 55:04
  a
• 55:04
  few
• 55:04
  weeks.
• 55:05
  So
• 55:05
  you
• 55:05
  have
• 55:05
  to
• 55:05
  continuously
• 55:06
  keep
• 55:06
  cleaning
• 55:07
  it
• 55:07
  and
• 55:07
  maintaining
• 55:08
  it.
• 55:09
  But
• 55:09
  for
• 55:09
  me,
• 55:09
  I
• 55:10
  think,
• 55:10
  you
• 55:10
  know,
• 55:11
  all
• 55:11
  of
• 55:11
  the
• 55:12
  advertisements
• 55:12
  around,
• 55:13
  you
• 55:13
  know,
• 55:14
  hey,
• 55:14
  here
• 55:14
  are
• 55:14
  the
• 55:14
  new
• 55:14
  products,
• 55:15
  etc.
• 55:15
  Those
• 55:15
  are
• 55:16
  fine.
• 55:16
  But
• 55:17
  teaching
• 55:17
  life
• 55:18
  lessons
• 55:18
  through
• 55:19
  memes,
• 55:19
  that
• 55:20
  is
• 55:20
  one
• 55:20
  that,
• 55:21
  you
• 55:21
  know,
• 55:21
  probably
• 55:21
  crosses
• 55:22
  the
• 55:22
  boundary
• 55:22
  for
• 55:22
  me.
• 55:23
  Got
• 55:24
  it.
• 55:24
  Yes,
• 55:24
  got
• 55:25
  it.
• 55:25
  Yes.
• 55:25
  I
• 55:25
  feel
• 55:25
  like
• 55:25
  Lakshman
• 55:26
  has
• 55:26
  an
• 55:26
  example
• 55:27
  in
• 55:27
  mind
• 55:27
  that
• 55:28
  I'd
• 55:28
  love
• 55:28
  him
• 55:28
  to
• 55:28
  share
• 55:29
  with
• 55:29
  us.
• 55:31
  Well,
• 55:31
  there
• 55:31
  is
• 55:31
  this
• 55:32
  one
• 55:32
  meme
• 55:32
  where
• 55:33
  there
• 55:33
  was
• 55:33
  the
• 55:33
  office
• 55:34
  and
• 55:34
  I
• 55:34
  think
• 55:34
  they
• 55:34
  had
• 55:35
  something
• 55:35
  along
• 55:35
  the
• 55:36
  lines
• 55:36
  of,
• 55:36
  you
• 55:36
  know,
• 55:36
  how
• 55:38
  teamwork
• 55:38
  is
• 55:38
  dreamwork
• 55:39
  or
• 55:39
  some.
• 55:39
  Something
• 55:40
  like
• 55:40
  that,
• 55:40
  which
• 55:40
  was
• 55:41
  completely
• 55:42
  weird.
• 55:43
  And
• 55:43
  using
• 55:43
  that
• 55:44
  particular
• 55:44
  frame
• 55:45
  to
• 55:45
  kind
• 55:45
  of
• 55:46
  help
• 55:46
  explain
• 55:47
  was
• 55:47
  like,
• 55:47
  weird
• 55:48
  because
• 55:48
  we
• 55:48
  know
• 55:48
  the
• 55:49
  dysfunctions
• 55:49
  of
• 55:49
  office.
• 55:50
  So
• 55:50
  let's.
• 55:51
  Yeah,
• 55:51
  we
• 55:51
  love
• 55:51
  both,
• 55:52
  but
• 55:52
  they
• 55:52
  have
• 55:52
  to
• 55:52
  live
• 55:53
  in
• 55:53
  separate
• 55:53
  universes.
• 55:55
  Yeah,
• 55:55
  100%.
• 55:56
  Yeah,
• 55:56
  that,
• 55:56
  that's
• 55:57
  always
• 55:57
  my
• 55:57
  pet
• 55:57
  peeve
• 55:58
  too
• 55:58
  is
• 55:58
  the
• 55:58
  pithy
• 55:58
  like
• 55:59
  sayings
• 55:59
  that
• 55:59
  come
• 55:59
  out
• 56:00
  on
• 56:00
  LinkedIn
• 56:00
  which
• 56:00
  like
• 56:01
  apply
• 56:01
  to
• 56:01
  every
• 56:01
  leadership
• 56:02
  situation
• 56:02
  and
• 56:03
  anywhere
• 56:03
  in
• 56:03
  the
• 56:03
  world.
• 56:04
  That
• 56:04
  always
• 56:04
  drives
• 56:04
  me
• 56:04
  nuts
• 56:05
  too.
• 56:05
  All
• 56:05
  right,
• 56:05
  well,
• 56:06
  thanks
• 56:06
  you
• 56:06
  both.
• 56:07
  That
• 56:07
  closes
• 56:07
  us
• 56:07
  up.
• 56:08
  Happy
• 56:08
  birthday
• 56:08
  today
• 56:09
  to
• 56:09
  Emilia
• 56:09
  Clarke,
• 56:10
  Ryan
• 56:10
  Reynolds
• 56:11
  and
• 56:11
  to
• 56:11
  the
• 56:11
  woman
• 56:11
  who
• 56:12
  is
• 56:12
  the
• 56:12
  reason
• 56:12
  I
• 56:12
  have
• 56:13
  rewatched
• 56:13
  Step
• 56:13
  up
• 56:14
  to
• 56:14
  at
• 56:14
  least
• 56:14
  half
• 56:14
  a
• 56:15
  dozen
• 56:15
  times,
• 56:16
  Brianna
• 56:16
  Ev
• 56:16
  again.
• 56:17
  And
• 56:17
  remember,
• 56:18
  if
• 56:18
  you
• 56:18
  can
• 56:18
  only
• 56:18
  read
• 56:18
  or
• 56:19
  listen
• 56:19
  to
• 56:19
  one
• 56:19
  retail
• 56:20
  blog
• 56:20
  in
• 56:20
  the
• 56:20
  business
• 56:20
  make
• 56:21
  it
• 56:21
  Omnitrix,
• 56:21
  the
• 56:21
  only
• 56:22
  retail
• 56:22
  media
• 56:22
  outlet
• 56:23
  run
• 56:23
  by
• 56:23
  two
• 56:23
  former
• 56:24
  executives
• 56:24
  from
• 56:24
  a
• 56:24
  current
• 56:25
  top
• 56:25
  10
• 56:25
  US
• 56:26
  retailer.
• 56:26
  Our
• 56:27
  Fast
• 56:27
  Five
• 56:27
  podcast
• 56:27
  is
• 56:28
  the
• 56:28
  quickest,
• 56:28
  fastest
• 56:28
  rundown
• 56:29
  of
• 56:29
  all
• 56:29
  the
• 56:29
  week's
• 56:29
  top
• 56:30
  news
• 56:30
  and
• 56:30
  our
• 56:30
  daily
• 56:31
  newsletter,
• 56:31
  the
• 56:31
  Retail
• 56:32
  Daily
• 56:32
  Minute,
• 56:32
  tells
• 56:32
  you
• 56:32
  all
• 56:33
  you
• 56:33
  need
• 56:33
  to
• 56:33
  know
• 56:33
  each
• 56:33
  day
• 56:34
  to
• 56:34
  stay
• 56:34
  on
• 56:34
  top
• 56:34
  of
• 56:34
  your
• 56:34
  game
• 56:35
  as
• 56:35
  a
• 56:35
  retail
• 56:35
  executive
• 56:36
  and
• 56:36
  also
• 56:37
  regularly
• 56:37
  features
• 56:38
  special
• 56:38
  content
• 56:38
  that
• 56:39
  is
• 56:39
  exclusive
• 56:39
  to
• 56:39
  us
• 56:40
  and
• 56:40
  that
• 56:40
  Anne
• 56:40
  and
• 56:40
  I
• 56:41
  take
• 56:41
  a
• 56:41
  heck
• 56:41
  of
• 56:41
  a
• 56:41
  lot
• 56:41
  of
• 56:41
  pride
• 56:42
  in
• 56:42
  doing
• 56:42
  just
• 56:42
  for
• 56:43
  you.
• 56:43
  Thanks
• 56:43
  as
• 56:43
  always
• 56:43
  for
• 56:44
  listening
• 56:44
  in.
• 56:44
  Please
• 56:44
  remember
• 56:44
  to
• 56:45
  like
• 56:45
  and
• 56:45
  leave
• 56:45
  us
• 56:45
  a
• 56:46
  review
• 56:46
  wherever
• 56:46
  you
• 56:47
  happen
• 56:47
  to
• 56:47
  listen
• 56:47
  to
• 56:47
  your
• 56:48
  podcast
• 56:48
  or
• 56:48
  on
• 56:49
  YouTube.
• 56:49
  You
• 56:49
  can
• 56:50
  follow
• 56:50
  us
• 56:51
  today
• 56:51
  by
• 56:51
  simply
• 56:52
  going
• 56:52
  to
• 56:52
  YouTube.com
• 56:53
  omnitalkretail
• 56:55
  lakshman
• 56:55
  if
• 56:56
  people
• 56:56
  heard
• 56:56
  this
• 56:57
  conversation
• 56:57
  they
• 56:57
  say,
• 56:58
  hey,
• 56:58
  I
• 56:58
  want
• 56:58
  to
• 56:58
  get
• 56:58
  in
• 56:59
  touch
• 56:59
  with
• 56:59
  the
• 56:59
  AM
• 56:59
  Consumer
• 57:00
  and
• 57:00
  Retail
• 57:00
  group.
• 57:00
  What's
• 57:01
  the
• 57:01
  best
• 57:01
  way
• 57:01
  for
• 57:01
  them
• 57:01
  to
• 57:01
  do
• 57:02
  that?
• 57:02
  Yeah,
• 57:02
  you
• 57:03
  can
• 57:03
  find
• 57:03
  us
• 57:03
  on
• 57:04
  LinkedIn.
• 57:04
  We
• 57:04
  have
• 57:05
  our
• 57:05
  own
• 57:05
  page
• 57:06
  on
• 57:06
  LinkedIn.
• 57:07
  Search
• 57:07
  for
• 57:08
  Alvarez
• 57:08
  and
• 57:08
  Marcel
• 57:09
  Consumer
• 57:09
  and
• 57:09
  retail
• 57:10
  group
• 57:11
  on
• 57:11
  LinkedIn
• 57:12
  or
• 57:12
  you
• 57:12
  can
• 57:13
  visit
• 57:13
  visit
• 57:14
  Alvarez
• 57:14
  and
• 57:15
  Marcel
• 57:15
  crg.com
• 57:16
  online
• 57:18
  awesome.
• 57:18
  Awesome.
• 57:19
  So
• 57:19
  until
• 57:19
  next
• 57:20
  week,
• 57:20
  on
• 57:20
  behalf
• 57:21
  of
• 57:21
  Krish
• 57:21
  Locksman
• 57:22
  and
• 57:23
  myself
• 57:23
  and
• 57:23
  all
• 57:23
  of
• 57:24
  us
• 57:24
  at
• 57:24
  Omnitalk
• 57:25
  Retail,
• 57:25
  as
• 57:26
  always,
• 57:26
  be
• 57:26
  careful
• 57:27
  out
• 57:27
  there.