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Fast Five Shorts | Walmart Gaining Share From $200K+ Income Earners · Omni Talk Retail

• 0:00
  New
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  research
• 0:01
  from
• 0:01
  Brickmeets
• 0:01
  Click
• 0:02
  and
• 0:02
  Mercatus
• 0:02
  says
• 0:03
  that
• 0:03
  affluent
• 0:04
  households
• 0:04
  played
• 0:04
  a
• 0:04
  significant
• 0:05
  role
• 0:06
  in
• 0:06
  driving
• 0:06
  Walmart's
• 0:07
  online
• 0:07
  grocery
• 0:08
  growth
• 0:08
  during
• 0:08
  the
• 0:08
  first
• 0:09
  half
• 0:09
  of
• 0:09
  2024
• 0:10
  as
• 0:10
  even,
• 0:11
  sorry.
• 0:12
  Even
• 0:12
  as
• 0:12
  lower
• 0:13
  income
• 0:13
  households
• 0:13
  remain
• 0:14
  the
• 0:14
  retailers
• 0:15
  core
• 0:15
  e
• 0:15
  grocery
• 0:16
  segment.
• 0:17
  According
• 0:17
  to
• 0:17
  Grocery
• 0:18
  Dive,
• 0:18
  the
• 0:18
  growth
• 0:18
  stems
• 0:19
  from
• 0:19
  Walmart's
• 0:19
  higher
• 0:19
  income
• 0:20
  households
• 0:20
  spending
• 0:21
  more
• 0:21
  online
• 0:21
  and
• 0:22
  ordering
• 0:22
  more
• 0:22
  frequently
• 0:23
  than
• 0:23
  other
• 0:23
  customer
• 0:23
  segments.
• 0:24
  Walmart's
• 0:25
  growing
• 0:25
  popularity
• 0:26
  with
• 0:26
  higher
• 0:26
  income
• 0:27
  households
• 0:27
  comes,
• 0:28
  quote,
• 0:28
  at
• 0:28
  at
• 0:28
  the
• 0:29
  expense
• 0:29
  end
• 0:29
  quote
• 0:30
  of
• 0:30
  supermarkets,
• 0:31
  hard
• 0:31
  discounters,
• 0:32
  and
• 0:32
  target.
• 0:33
  Walmart's
• 0:33
  most
• 0:34
  affluent
• 0:34
  customer
• 0:35
  segment,
• 0:35
  which
• 0:35
  makes
• 0:35
  up
• 0:36
  more
• 0:36
  than
• 0:37
  $200,000
• 0:38
  in
• 0:38
  annual
• 0:38
  income,
• 0:39
  now
• 0:40
  makes
• 0:40
  up
• 0:40
  8%
• 0:41
  of
• 0:41
  its
• 0:41
  average
• 0:42
  monthly
• 0:42
  active
• 0:43
  user
• 0:43
  base.
• 0:43
  That
• 0:44
  affluent
• 0:44
  monthly
• 0:45
  user
• 0:45
  base
• 0:45
  has
• 0:45
  increased
• 0:46
  five
• 0:46
  times
• 0:46
  faster
• 0:47
  over
• 0:47
  the
• 0:47
  past
• 0:48
  year
• 0:48
  than
• 0:48
  its
• 0:48
  overall
• 0:49
  average
• 0:49
  monthly
• 0:50
  active
• 0:50
  users
• 0:50
  have.
• 0:51
  The
• 0:51
  two
• 0:51
  firms
• 0:51
  found
• 0:52
  lower
• 0:53
  income
• 0:53
  households,
• 0:54
  or
• 0:54
  households
• 0:54
  that
• 0:54
  are
• 0:55
  making
• 0:55
  less
• 0:55
  than
• 0:55
  $50,000
• 0:56
  a
• 0:56
  year,
• 0:57
  accounted
• 0:57
  for
• 0:57
  41%
• 0:58
  of
• 0:58
  Walmart's
• 0:59
  average
• 0:59
  active
• 1:00
  monthly
• 1:01
  users,
• 1:01
  compared
• 1:01
  to
• 1:02
  36%
• 1:03
  for
• 1:03
  hard
• 1:03
  discounters,
• 1:04
  30%
• 1:04
  for
• 1:05
  supermarkets,
• 1:05
  and
• 1:05
  28%
• 1:06
  for
• 1:06
  target,
• 1:07
  per
• 1:07
  the
• 1:07
  report.
• 1:08
  But
• 1:08
  while
• 1:09
  Walmart
• 1:09
  sales
• 1:09
  for
• 1:10
  this
• 1:10
  customer
• 1:10
  segment
• 1:11
  dipped
• 1:11
  6%,
• 1:12
  supermarkets
• 1:13
  and
• 1:13
  target
• 1:14
  saw
• 1:14
  a
• 1:14
  drop
• 1:14
  of
• 1:15
  20%.
• 1:16
  Joe,
• 1:17
  this
• 1:17
  is
• 1:17
  also
• 1:18
  our
• 1:18
  a
• 1:18
  and
• 1:19
  M
• 1:19
  put
• 1:19
  you
• 1:19
  on
• 1:19
  the
• 1:19
  spot
• 1:20
  question
• 1:20
  of
• 1:20
  the
• 1:20
  week.
• 1:21
  We
• 1:22
  are
• 1:22
  going
• 1:22
  to
• 1:22
  put
• 1:22
  you
• 1:23
  in
• 1:23
  the
• 1:23
  hot
• 1:23
  seat
• 1:23
  here.
• 1:24
  And
• 1:24
  here
• 1:24
  is
• 1:25
  the
• 1:25
  question
• 1:25
  that
• 1:26
  A
• 1:26
  and
• 1:26
  M
• 1:26
  has
• 1:28
  1
• 1:28
  may
• 1:28
  have
• 1:29
  been
• 1:29
  able
• 1:29
  to
• 1:29
  predict
• 1:29
  this
• 1:30
  trend,
• 1:31
  this
• 1:31
  Walmart
• 1:32
  affluent
• 1:33
  customer
• 1:33
  increase
• 1:34
  trend
• 1:35
  per
• 1:35
  A
• 1:35
  and
• 1:35
  M
• 1:36
  CRG's
• 1:36
  spring
• 1:37
  customer
• 1:37
  sentiment
• 1:38
  survey,
• 1:38
  where
• 1:39
  higher
• 1:39
  income
• 1:39
  households
• 1:40
  maintained
• 1:41
  a
• 1:41
  600
• 1:42
  basis
• 1:42
  point
• 1:42
  higher
• 1:43
  preference
• 1:43
  to
• 1:44
  shop
• 1:44
  online
• 1:44
  in
• 1:44
  general,
• 1:45
  plus
• 1:46
  24%
• 1:47
  of
• 1:47
  higher
• 1:47
  earners,
• 1:48
  indicated
• 1:48
  they've
• 1:48
  switched
• 1:49
  to
• 1:49
  less
• 1:49
  expensive
• 1:50
  grocers.
• 1:51
  Joe,
• 1:51
  do
• 1:51
  you
• 1:51
  suppose
• 1:52
  the
• 1:52
  Walmart
• 1:53
  versus
• 1:53
  broader
• 1:53
  grocery
• 1:54
  results
• 1:54
  are
• 1:54
  indicative
• 1:55
  of
• 1:55
  that
• 1:55
  wallet
• 1:56
  tightening
• 1:56
  for
• 1:56
  more
• 1:57
  affluent
• 1:57
  online
• 1:58
  shoppers
• 1:59
  or
• 1:59
  because
• 1:59
  of
• 1:59
  a
• 1:59
  superior
• 2:00
  Walmart
• 2:00
  delivery
• 2:01
  customer
• 2:01
  experience?
• 2:02
  What
• 2:03
  do
• 2:03
  you
• 2:03
  make
• 2:03
  of
• 2:03
  these
• 2:04
  new
• 2:04
  income
• 2:04
  statistics
• 2:05
  surrounding
• 2:05
  Walmart?
• 2:07
  That
• 2:07
  was
• 2:07
  a
• 2:07
  lot.
• 2:08
  Welcome
• 2:08
  to
• 2:08
  the
• 2:09
  party,
• 2:09
  Joe.
• 2:09
  There's,
• 2:10
  there's
• 2:10
  a
• 2:10
  lot
• 2:11
  of
• 2:11
  stats
• 2:12
  there
• 2:12
  to
• 2:13
  parse
• 2:13
  out.
• 2:13
  I
• 2:13
  kind
• 2:13
  of
• 2:14
  wish
• 2:14
  there
• 2:14
  were
• 2:14
  some,
• 2:14
  some
• 2:15
  graphs
• 2:15
  and
• 2:16
  charts.
• 2:16
  You
• 2:16
  need
• 2:16
  some
• 2:16
  infographics.
• 2:17
  Yes,
• 2:18
  working
• 2:18
  on
• 2:19
  it.
• 2:19
  You
• 2:19
  know,
• 2:20
  my
• 2:20
  head
• 2:20
  went
• 2:21
  first
• 2:21
  to
• 2:21
  customer
• 2:21
  experience
• 2:22
  as
• 2:22
  opposed
• 2:22
  to
• 2:23
  trading
• 2:23
  down
• 2:24
  or,
• 2:24
  you
• 2:24
  know,
• 2:25
  affluent
• 2:25
  customers
• 2:26
  suddenly
• 2:26
  watching
• 2:26
  their
• 2:26
  grocery
• 2:27
  budgets
• 2:27
  more.
• 2:27
  It
• 2:27
  was,
• 2:28
  the
• 2:28
  second
• 2:28
  thing
• 2:29
  was
• 2:29
  the
• 2:29
  one
• 2:29
  that
• 2:29
  I
• 2:30
  thought
• 2:30
  of,
• 2:30
  which
• 2:30
  is
• 2:31
  when
• 2:32
  you
• 2:32
  decide
• 2:32
  where
• 2:33
  you
• 2:33
  want
• 2:33
  to
• 2:33
  buy
• 2:33
  your
• 2:33
  groceries
• 2:34
  online
• 2:34
  from,
• 2:35
  if
• 2:35
  you
• 2:35
  do
• 2:35
  it
• 2:35
  at
• 2:35
  all.
• 2:36
  It
• 2:36
  depends
• 2:37
  on
• 2:37
  selection,
• 2:37
  it
• 2:37
  depends
• 2:38
  on
• 2:38
  price.
• 2:38
  But
• 2:38
  most
• 2:39
  importantly,
• 2:39
  it
• 2:39
  depends
• 2:39
  on,
• 2:40
  like,
• 2:40
  how
• 2:40
  fast
• 2:41
  you
• 2:41
  get
• 2:41
  your
• 2:41
  order
• 2:41
  and
• 2:41
  is
• 2:42
  your
• 2:42
  order
• 2:42
  correct
• 2:43
  and
• 2:43
  those
• 2:43
  kinds
• 2:43
  of
• 2:43
  things.
• 2:43
  And
• 2:44
  it
• 2:44
  only
• 2:44
  takes
• 2:44
  one
• 2:44
  or
• 2:44
  two
• 2:45
  negative
• 2:45
  experiences
• 2:46
  for
• 2:46
  somebody
• 2:46
  to
• 2:47
  sour
• 2:47
  on
• 2:48
  kind
• 2:48
  of
• 2:48
  whoever
• 2:49
  they
• 2:49
  use
• 2:49
  the
• 2:49
  first
• 2:49
  time
• 2:50
  and
• 2:50
  try
• 2:50
  somebody
• 2:50
  else.
• 2:51
  And
• 2:51
  I
• 2:51
  kind
• 2:52
  of
• 2:52
  think
• 2:52
  it
• 2:52
  might
• 2:52
  be
• 2:53
  more
• 2:53
  that
• 2:53
  experience
• 2:54
  piece
• 2:54
  that's
• 2:55
  driving
• 2:55
  Walmart's
• 2:55
  success
• 2:56
  with
• 2:56
  affluent
• 2:56
  customers.
• 2:57
  It's
• 2:57
  probably
• 2:57
  a
• 2:57
  little
• 2:57
  bit
• 2:57
  of
• 2:57
  both,
• 2:58
  but
• 2:58
  I
• 2:58
  would
• 2:58
  I
• 2:59
  put
• 2:59
  my
• 2:59
  money
• 2:59
  more
• 2:59
  on
• 3:00
  the
• 3:01
  experience
• 3:01
  they're
• 3:01
  able
• 3:01
  to
• 3:01
  deliver.
• 3:02
  Yeah,
• 3:03
  I
• 3:03
  think
• 3:03
  that
• 3:03
  makes
• 3:03
  a
• 3:03
  lot
• 3:03
  of
• 3:04
  sense,
• 3:04
  Joe.
• 3:04
  I
• 3:04
  mean,
• 3:04
  you
• 3:05
  look
• 3:05
  at
• 3:05
  number
• 3:05
  one,
• 3:06
  and
• 3:06
  that
• 3:06
  being
• 3:06
  convenience,
• 3:07
  and
• 3:08
  the
• 3:08
  majority
• 3:08
  of
• 3:09
  the
• 3:09
  households
• 3:09
  in
• 3:09
  the
• 3:10
  country
• 3:10
  are,
• 3:10
  you
• 3:10
  know,
• 3:11
  Walmart
• 3:11
  is
• 3:11
  the
• 3:11
  closest
• 3:12
  option
• 3:13
  for
• 3:13
  them.
• 3:13
  And
• 3:13
  if
• 3:13
  they
• 3:13
  can,
• 3:14
  you
• 3:14
  know,
• 3:14
  order
• 3:14
  online
• 3:15
  and
• 3:15
  have
• 3:15
  it
• 3:15
  delivered
• 3:16
  or
• 3:16
  they
• 3:16
  can
• 3:16
  have
• 3:17
  something
• 3:17
  available
• 3:18
  for
• 3:18
  pickup
• 3:18
  on
• 3:18
  their
• 3:18
  schedule,
• 3:19
  I
• 3:19
  mean,
• 3:19
  that,
• 3:19
  that
• 3:20
  is
• 3:20
  a
• 3:20
  huge
• 3:21
  impact,
• 3:22
  regardless
• 3:22
  of
• 3:22
  demographic,
• 3:23
  I
• 3:23
  think.
• 3:24
  But
• 3:24
  I,
• 3:24
  especially
• 3:25
  in
• 3:25
  this
• 3:25
  case,
• 3:25
  and
• 3:26
  what
• 3:26
  they're
• 3:26
  seeing
• 3:26
  with
• 3:26
  this
• 3:27
  more
• 3:27
  affluent
• 3:28
  customer.
• 3:28
  But,
• 3:29
  Chris,
• 3:29
  what
• 3:29
  are
• 3:29
  your
• 3:29
  thoughts
• 3:30
  here?
• 3:31
  I
• 3:31
  think
• 3:31
  the
• 3:31
  answer
• 3:31
  to
• 3:32
  a
• 3:32
  and
• 3:32
  M's
• 3:32
  question
• 3:32
  is
• 3:32
  clearly
• 3:33
  both
• 3:34
  things
• 3:34
  are
• 3:34
  happening.
• 3:34
  You
• 3:35
  know,
• 3:35
  you
• 3:35
  have
• 3:35
  the
• 3:35
  higher
• 3:35
  income
• 3:36
  shopper
• 3:36
  trying
• 3:36
  to
• 3:36
  be
• 3:37
  more
• 3:37
  discerning,
• 3:37
  but
• 3:37
  you
• 3:38
  also
• 3:38
  have
• 3:38
  something
• 3:39
  special
• 3:39
  in
• 3:39
  the
• 3:39
  water
• 3:39
  at
• 3:40
  Walmart.
• 3:40
  And
• 3:40
  so
• 3:41
  I
• 3:41
  think
• 3:41
  at
• 3:41
  the
• 3:41
  end
• 3:42
  of
• 3:42
  the
• 3:42
  day,
• 3:42
  this
• 3:43
  news
• 3:44
  is
• 3:44
  massive
• 3:45
  news.
• 3:46
  It
• 3:46
  really
• 3:47
  is.
• 3:47
  It's
• 3:47
  a
• 3:47
  huge
• 3:47
  headline
• 3:48
  because
• 3:48
  the
• 3:48
  fruits
• 3:48
  of
• 3:48
  it
• 3:49
  are
• 3:49
  really
• 3:50
  going
• 3:50
  to
• 3:50
  be
• 3:50
  felt
• 3:51
  as
• 3:51
  the
• 3:51
  economy
• 3:51
  gets
• 3:52
  better
• 3:52
  and
• 3:52
  the
• 3:52
  lower
• 3:52
  income
• 3:53
  strata
• 3:53
  starts
• 3:54
  to
• 3:54
  reemerge,
• 3:55
  so
• 3:55
  to
• 3:55
  speak,
• 3:56
  at,
• 3:56
  you
• 3:56
  know,
• 3:56
  and
• 3:56
  who
• 3:56
  knows
• 3:56
  when
• 3:57
  that
• 3:57
  is.
• 3:57
  But
• 3:57
  it'll
• 3:57
  happen
• 3:57
  at
• 3:58
  some
• 3:58
  point.
• 3:59
  And
• 3:59
  so,
• 3:59
  you
• 4:00
  know,
• 4:00
  I,
• 4:00
  there's
• 4:00
  two
• 4:00
  things
• 4:01
  I
• 4:01
  would
• 4:01
  key
• 4:01
  in
• 4:01
  on
• 4:01
  with
• 4:01
  this
• 4:02
  announcement.
• 4:02
  First,
• 4:03
  and
• 4:03
  Joe,
• 4:03
  you
• 4:04
  kind
• 4:04
  of
• 4:04
  mentioned
• 4:04
  it,
• 4:04
  but
• 4:04
  I'll
• 4:05
  go
• 4:05
  into
• 4:05
  it
• 4:05
  a
• 4:05
  little
• 4:05
  bit
• 4:06
  further.
• 4:06
  Is
• 4:06
  grocery
• 4:07
  shopping
• 4:07
  is
• 4:07
  a
• 4:07
  really
• 4:08
  sticky
• 4:08
  behavior.
• 4:08
  So
• 4:09
  once
• 4:09
  you
• 4:09
  have
• 4:09
  high
• 4:09
  income
• 4:10
  shoppers
• 4:11
  shopping
• 4:11
  for
• 4:11
  groceries
• 4:12
  at
• 4:12
  Walmart,
• 4:13
  it
• 4:13
  will
• 4:13
  become
• 4:14
  an
• 4:14
  integrated
• 4:14
  part
• 4:15
  of
• 4:15
  their
• 4:15
  weekly
• 4:15
  grocery
• 4:16
  routines.
• 4:17
  And
• 4:17
  the
• 4:17
  second
• 4:17
  point
• 4:18
  I
• 4:18
  make
• 4:18
  is
• 4:18
  that
• 4:18
  the
• 4:18
  data
• 4:19
  also,
• 4:19
  this
• 4:19
  was
• 4:19
  really
• 4:20
  interesting
• 4:20
  to
• 4:20
  me.
• 4:20
  The
• 4:21
  data
• 4:21
  also
• 4:21
  shows
• 4:21
  that
• 4:22
  only
• 4:22
  17%
• 4:23
  of
• 4:23
  Walmart's
• 4:24
  monthly
• 4:24
  users
• 4:25
  bought
• 4:25
  groceries
• 4:26
  online
• 4:26
  from
• 4:26
  another
• 4:27
  supermarket
• 4:28
  format
• 4:28
  in
• 4:28
  the
• 4:29
  first
• 4:29
  quarter
• 4:29
  of
• 4:29
  2024,
• 4:30
  which
• 4:31
  was
• 4:31
  a
• 4:31
  28
• 4:32
  basis
• 4:32
  point
• 4:32
  drop
• 4:33
  from
• 4:33
  the
• 4:33
  same
• 4:33
  period
• 4:34
  in
• 4:34
  2023,
• 4:35
  which
• 4:35
  means
• 4:36
  Walmart's
• 4:36
  getting
• 4:36
  more
• 4:37
  shoppers
• 4:37
  and
• 4:37
  they're
• 4:37
  cross
• 4:38
  shopping
• 4:38
  less.
• 4:39
  So
• 4:40
  that
• 4:40
  bodes
• 4:41
  very
• 4:41
  well
• 4:42
  for,
• 4:42
  for
• 4:42
  Walmart
• 4:43
  going
• 4:43
  forward.
• 4:43
  It
• 4:44
  only
• 4:44
  puts
• 4:44
  more
• 4:44
  tailwind
• 4:45
  at
• 4:45
  their
• 4:45
  back
• 4:46
  if
• 4:46
  they
• 4:46
  can
• 4:46
  continue
• 4:47
  this,
• 4:47
  which.
• 4:47
  And
• 4:48
  then
• 4:48
  they
• 4:48
  get
• 4:48
  the
• 4:48
  lower
• 4:48
  income
• 4:49
  strata
• 4:49
  in
• 4:49
  the,
• 4:49
  into
• 4:49
  the
• 4:50
  game
• 4:50
  as
• 4:50
  well.
• 4:50
  So
• 4:51
  there
• 4:51
  is
• 4:51
  growth
• 4:52
  latent
• 4:52
  here
• 4:52
  that's
• 4:53
  going
• 4:53
  to
• 4:53
  come
• 4:53
  for
• 4:53
  Walmart
• 4:54
  at
• 4:54
  some
• 4:54
  point
• 4:54
  in
• 4:55
  time.
• 4:55
  So
• 4:55
  this
• 4:55
  is
• 4:55
  big
• 4:55
  news
• 4:56
  to
• 4:56
  me.
• 4:56
  Yeah.
• 4:57
  Especially
• 4:57
  Chris,
• 4:57
  I
• 4:57
  think
• 4:57
  that's
• 4:58
  a
• 4:58
  great
• 4:58
  point.
• 4:58
  But
• 4:58
  especially
• 4:59
  when
• 4:59
  you
• 4:59
  start
• 4:59
  to
• 4:59
  bring
• 5:00
  in
• 5:00
  like
• 5:00
  scoop
• 5:01
  fashion
• 5:01
  and
• 5:02
  apparel
• 5:02
  product
• 5:02
  and
• 5:03
  all
• 5:03
  of
• 5:03
  the
• 5:03
  work
• 5:03
  that
• 5:03
  they're,
• 5:04
  Walmart's
• 5:04
  really,
• 5:05
  really
• 5:05
  been
• 5:05
  digging
• 5:06
  their
• 5:06
  heels
• 5:06
  into
• 5:07
  in
• 5:07
  the,
• 5:07
  the
• 5:08
  higher
• 5:08
  end
• 5:09
  apparel
• 5:09
  and
• 5:09
  fashion
• 5:10
  as
• 5:10
  they're
• 5:10
  adding
• 5:10
  those
• 5:10
  brands
• 5:11
  to
• 5:11
  their
• 5:11
  marketplace,
• 5:12
  the
• 5:12
  stockx
• 5:13
  partnership.
• 5:13
  I
• 5:13
  mean,
• 5:13
  I
• 5:13
  think
• 5:14
  you're
• 5:14
  so
• 5:14
  right.
• 5:14
  Like,
• 5:15
  once
• 5:15
  you
• 5:15
  get
• 5:15
  in
• 5:15
  there
• 5:16
  and
• 5:16
  people
• 5:17
  are
• 5:17
  going
• 5:17
  to
• 5:17
  Walmart
• 5:18
  for
• 5:18
  maybe
• 5:18
  a
• 5:19
  pair
• 5:19
  of
• 5:19
  sneakers
• 5:19
  that
• 5:20
  they
• 5:20
  wouldn't
• 5:20
  go
• 5:20
  to
• 5:20
  before,
• 5:21
  and
• 5:21
  now
• 5:21
  they
• 5:21
  can,
• 5:22
  you
• 5:22
  know,
• 5:22
  get
• 5:23
  Thanksgiving
• 5:24
  dinner
• 5:25
  like
• 5:25
  we
• 5:25
  talked
• 5:25
  about
• 5:26
  last
• 5:26
  week
• 5:26
  for
• 5:26
  under,
• 5:26
  you
• 5:27
  know,
• 5:27
  $10
• 5:27
  a
• 5:28
  person
• 5:28
  or
• 5:28
  $7
• 5:29
  a
• 5:29
  person.
• 5:29
  I
• 5:29
  think
• 5:29
  it
• 5:29
  was
• 5:30
  like
• 5:30
  all
• 5:30
  of
• 5:30
  those
• 5:31
  things
• 5:31
  are
• 5:31
  going
• 5:31
  to
• 5:31
  just
• 5:32
  kind
• 5:32
  of
• 5:32
  give
• 5:32
  people
• 5:33
  a
• 5:33
  reason
• 5:33
  to
• 5:33
  keep
• 5:34
  being
• 5:34
  fueled
• 5:34
  in,
• 5:35
  in
• 5:35
  that
• 5:36
  Walmart
• 5:36
  experience.
• 5:37
  And
• 5:37
  I
• 5:37
  think
• 5:38
  the
• 5:38
  last
• 5:38
  thing
• 5:38
  that
• 5:38
  I
• 5:39
  would
• 5:39
  just
• 5:39
  add
• 5:39
  to
• 5:40
  kind
• 5:40
  of
• 5:40
  close
• 5:40
  us
• 5:40
  out
• 5:40
  here,
• 5:41
  Chris,
• 5:41
  too,
• 5:41
  is
• 5:42
  I
• 5:42
  think
• 5:42
  that
• 5:43
  the
• 5:43
  digital
• 5:43
  penetration
• 5:44
  is
• 5:44
  really
• 5:44
  important,
• 5:45
  especially
• 5:45
  with
• 5:45
  this
• 5:46
  more
• 5:46
  affluent
• 5:46
  consumer.
• 5:47
  And
• 5:47
  especially
• 5:47
  as
• 5:47
  you're
• 5:48
  starting
• 5:48
  to
• 5:48
  see
• 5:48
  Walmart
• 5:49
  steal
• 5:49
  more
• 5:49
  share
• 5:49
  from
• 5:50
  like
• 5:50
  a
• 5:50
  target,
• 5:50
  for
• 5:50
  example.
• 5:51
  I
• 5:52
  think
• 5:52
  Walmart
• 5:53
  is
• 5:53
  dominating
• 5:54
  in
• 5:54
  their
• 5:54
  marketing.
• 5:55
  They're
• 5:55
  dominating
• 5:56
  in,
• 5:56
  you
• 5:57
  know,
• 5:57
  their
• 5:57
  innovation
• 5:58
  investments.
• 5:59
  They're
• 5:59
  doing
• 5:59
  all
• 5:59
  the
• 5:59
  things
• 6:00
  to
• 6:00
  make
• 6:00
  this
• 6:00
  customer
• 6:01
  experience
• 6:01
  really
• 6:02
  good
• 6:02
  from
• 6:02
  a
• 6:03
  digital
• 6:03
  perspective,
• 6:04
  from
• 6:04
  an
• 6:04
  online
• 6:04
  perspective.
• 6:05
  And
• 6:05
  so
• 6:06
  I
• 6:06
  think
• 6:06
  that,
• 6:06
  you
• 6:07
  know,
• 6:07
  for
• 6:07
  me
• 6:08
  at
• 6:08
  least,
• 6:08
  I
• 6:08
  think
• 6:08
  Walmart's
• 6:09
  still
• 6:09
  lacking
• 6:10
  in
• 6:10
  the
• 6:10
  store
• 6:11
  experience
• 6:12
  that
• 6:12
  will
• 6:12
  be
• 6:12
  important
• 6:13
  to
• 6:14
  keep
• 6:14
  and
• 6:14
  maintain
• 6:15
  this
• 6:15
  affluent
• 6:15
  customer.
• 6:16
  So
• 6:16
  I
• 6:16
  think
• 6:17
  I,
• 6:17
  seeing
• 6:17
  their
• 6:17
  investment
• 6:18
  tier
• 6:18
  in
• 6:19
  digital
• 6:19
  and,
• 6:20
  you
• 6:20
  know,
• 6:20
  in
• 6:21
  the
• 6:21
  Walmart
• 6:21
  that
• 6:22
  they're
• 6:22
  kind
• 6:22
  of
• 6:22
  putting
• 6:22
  out
• 6:23
  into
• 6:23
  the
• 6:23
  public
• 6:24
  is
• 6:24
  great.
• 6:24
  I
• 6:25
  think
• 6:25
  they're
• 6:26
  going
• 6:26
  to
• 6:26
  have
• 6:26
  to,
• 6:26
  to
• 6:27
  maintain
• 6:27
  that
• 6:27
  affluent
• 6:28
  customer
• 6:28
  base.
• 6:28
  They're
• 6:29
  going
• 6:29
  to
• 6:29
  have
• 6:29
  to
• 6:29
  still
• 6:30
  make
• 6:30
  investments
• 6:30
  in
• 6:30
  stores
• 6:31
  if
• 6:32
  they
• 6:32
  want
• 6:32
  to
• 6:32
  kind
• 6:32
  of
• 6:33
  retain
• 6:33
  that
• 6:33
  base
• 6:34
  and
• 6:34
  continue.
• 6:34
  To
• 6:35
  grow
• 6:35
  it,
• 6:36
  which
• 6:36
  they
• 6:36
  are
• 6:36
  doing,
• 6:37
  too.
• 6:37
  Although
• 6:37
  I
• 6:37
  push
• 6:37
  back
• 6:38
  on
• 6:38
  that
• 6:38
  a
• 6:38
  little
• 6:38
  bit
• 6:38
  because
• 6:38
  I
• 6:39
  think
• 6:39
  all
• 6:39
  this
• 6:39
  growth
• 6:40
  is
• 6:40
  potentially
• 6:40
  additive.
• 6:41
  When
• 6:41
  you
• 6:41
  look
• 6:41
  at
• 6:41
  the
• 6:41
  higher
• 6:41
  income
• 6:42
  shopper,
• 6:42
  I
• 6:42
  think
• 6:42
  it
• 6:43
  also
• 6:43
  plays
• 6:43
  back
• 6:43
  the
• 6:44
  adage
• 6:44
  we
• 6:44
  talked
• 6:44
  about
• 6:44
  on
• 6:44
  the
• 6:44
  show,
• 6:45
  too,
• 6:45
  and
• 6:45
  which
• 6:45
  what
• 6:45
  is
• 6:46
  old
• 6:46
  is
• 6:46
  new
• 6:46
  again.
• 6:46
  You
• 6:47
  know,
• 6:47
  the
• 6:47
  supercenter
• 6:48
  was
• 6:48
  the
• 6:48
  key
• 6:49
  invention
• 6:49
  in
• 6:49
  the,
• 6:49
  in
• 6:49
  the
• 6:50
  eighties,
• 6:50
  basically,
• 6:51
  and
• 6:51
  you,
• 6:52
  and
• 6:52
  the
• 6:52
  grocery
• 6:52
  was
• 6:53
  the
• 6:53
  trip
• 6:53
  driver.
• 6:53
  And
• 6:54
  now
• 6:54
  we're
• 6:54
  seeing
• 6:54
  online
• 6:54
  at
• 6:55
  Walmart,
• 6:55
  that
• 6:55
  grocery
• 6:55
  can
• 6:56
  be
• 6:56
  the
• 6:56
  trip
• 6:56
  driver
• 6:56
  for
• 6:57
  the
• 6:57
  upper
• 6:57
  income
• 6:58
  echelon
• 6:59
  of
• 6:59
  the
• 6:59
  digital
• 7:00
  shopper.
• 7:00
  That
• 7:00
  then,
• 7:01
  to
• 7:01
  your
• 7:01
  point,
• 7:01
  gets
• 7:01
  them
• 7:01
  into
• 7:02
  peril,
• 7:02
  gets
• 7:02
  them
• 7:02
  into
• 7:02
  other
• 7:03
  things,
• 7:03
  and
• 7:03
  that
• 7:04
  end,
• 7:04
  their
• 7:04
  marketplace
• 7:05
  is
• 7:05
  fully
• 7:06
  functioning
• 7:06
  as
• 7:06
  well.
• 7:06
  So
• 7:06
  that's
• 7:07
  all
• 7:07
  additive
• 7:07
  growth
• 7:08
  here
• 7:08
  at
• 7:08
  the
• 7:08
  end
• 7:08
  of
• 7:08
  the
• 7:08
  day.
• 7:09
  So
• 7:09
  you
• 7:09
  think
• 7:09
  the
• 7:09
  store
• 7:10
  experience
• 7:10
  is
• 7:10
  a
• 7:10
  little
• 7:10
  bit
• 7:11
  less
• 7:11
  important.
• 7:11
  It's
• 7:12
  really
• 7:12
  more
• 7:12
  about
• 7:12
  like
• 7:13
  just
• 7:13
  keeping
• 7:13
  them
• 7:13
  in
• 7:14
  the
• 7:14
  digital
• 7:14
  and
• 7:15
  marketplace
• 7:15
  sphere.
• 7:16
  I
• 7:16
  think
• 7:16
  so,
• 7:17
  especially
• 7:17
  when
• 7:17
  you
• 7:17
  look
• 7:17
  at
• 7:17
  the,
• 7:18
  the
• 7:18
  tough
• 7:18
  times
• 7:18
  the
• 7:19
  lower
• 7:19
  income
• 7:19
  strategy
• 7:19
  is
• 7:19
  having,
• 7:20
  because
• 7:20
  that
• 7:20
  will
• 7:20
  come
• 7:20
  back
• 7:21
  via
• 7:21
  the
• 7:21
  store.
• 7:22
  But
• 7:22
  all
• 7:22
  this
• 7:23
  growth
• 7:23
  is
• 7:23
  additive
• 7:24
  in
• 7:24
  the
• 7:24
  digital
• 7:24
  sphere,
• 7:25
  which
• 7:25
  is
• 7:25
  so
• 7:26
  important
• 7:26
  here,
• 7:26
  so.