Latest / Omni Talk Retail / Starbucks Goes Small, Target Goes Bravo & Walmart's Marketplace Goes International | Fast Five

Transcript

Starbucks Goes Small, Target Goes Bravo & Walmart's Marketplace Goes International | Fast Five · Omni Talk Retail

• 0:00
  Hello
• 0:00
  and
• 0:00
  welcome
• 0:01
  to
• 0:01
  this
• 0:01
  week's
• 0:01
  Omnitalk
• 0:02
  Retail
• 0:03
  Fast
• 0:03
  5.
• 0:03
  I'm
• 0:04
  in
• 0:04
  my
• 0:04
  second
• 0:05
  of
• 0:05
  three
• 0:05
  weeks
• 0:05
  of
• 0:06
  Walton's
• 0:06
  European
• 0:07
  Retail
• 0:08
  conference
• 0:08
  tour,
• 0:09
  coming
• 0:09
  to
• 0:09
  you
• 0:10
  live
• 0:10
  from
• 0:10
  Amsterdam.
• 0:11
  After
• 0:12
  having
• 0:12
  just
• 0:12
  finished
• 0:13
  up
• 0:13
  a
• 0:13
  full
• 0:14
  day
• 0:14
  at
• 0:14
  the
• 0:14
  DIY
• 0:15
  summit
• 0:16
  in
• 0:16
  Amsterdam
• 0:16
  itself.
• 0:17
  I
• 0:17
  had
• 0:18
  planned
• 0:18
  on
• 0:18
  making
• 0:19
  this
• 0:19
  my
• 0:19
  first
• 0:20
  ever
• 0:20
  solo
• 0:21
  Fast
• 0:21
  five
• 0:21
  podcast
• 0:22
  as
• 0:22
  an
• 0:23
  experiment
• 0:24
  after
• 0:24
  the
• 0:24
  encouragement
• 0:25
  of
• 0:25
  producer
• 0:25
  Ella.
• 0:26
  But
• 0:27
  beyond
• 0:27
  just
• 0:28
  being
• 0:28
  road
• 0:28
  weary
• 0:28
  from
• 0:29
  being
• 0:29
  in
• 0:29
  Europe
• 0:30
  for
• 0:30
  two
• 0:30
  weeks,
• 0:31
  I
• 0:31
  also
• 0:31
  came
• 0:31
  down
• 0:32
  with
• 0:32
  a
• 0:32
  nasty
• 0:33
  case
• 0:33
  of
• 0:33
  food
• 0:34
  poisoning
• 0:34
  over
• 0:34
  the
• 0:34
  weekend.
• 0:35
  And
• 0:35
  so
• 0:36
  I
• 0:36
  just
• 0:36
  had
• 0:36
  to
• 0:36
  phone
• 0:37
  a
• 0:37
  friend
• 0:37
  to
• 0:38
  get
• 0:38
  an
• 0:38
  emergency
• 0:38
  fill
• 0:39
  in
• 0:39
  host.
• 0:39
  And
• 0:39
  so
• 0:39
  I
• 0:39
  thought
• 0:40
  to
• 0:40
  myself,
• 0:41
  who
• 0:41
  in
• 0:41
  their
• 0:41
  right
• 0:42
  mind,
• 0:42
  in
• 0:42
  their
• 0:43
  right
• 0:43
  mind
• 0:43
  would
• 0:44
  be
• 0:44
  able
• 0:44
  to
• 0:44
  join
• 0:44
  me
• 0:44
  in
• 0:45
  Europe
• 0:45
  on
• 0:45
  my
• 0:46
  schedule
• 0:46
  with
• 0:47
  just
• 0:47
  24
• 0:48
  hours
• 0:48
  notice
• 0:48
  to
• 0:48
  help
• 0:49
  me
• 0:49
  out?
• 0:49
  And
• 0:49
  then
• 0:50
  it
• 0:50
  hit
• 0:50
  me.
• 0:51
  Ben
• 0:51
  Miller,
• 0:51
  my
• 0:52
  British
• 0:52
  mother,
• 0:52
  from
• 0:53
  a
• 0:53
  by
• 0:53
  British
• 0:54
  brother,
• 0:54
  I
• 0:54
  should
• 0:55
  say
• 0:55
  from
• 0:55
  another
• 0:55
  mother
• 0:56
  and
• 0:56
  could
• 0:56
  literally
• 0:57
  help
• 0:58
  a
• 0:58
  brother
• 0:58
  out.
• 0:58
  He
• 0:58
  came
• 0:59
  to
• 0:59
  the
• 0:59
  rescue
• 1:00
  for
• 1:00
  me,
• 1:00
  everybody
• 1:00
  and
• 1:01
  I
• 1:01
  could
• 1:01
  not
• 1:01
  be
• 1:01
  more
• 1:02
  thankful
• 1:02
  for
• 1:02
  him.
• 1:03
  And
• 1:03
  boy
• 1:03
  did
• 1:03
  the
• 1:04
  two
• 1:04
  of
• 1:04
  us
• 1:04
  have
• 1:05
  a
• 1:05
  blast
• 1:05
  recording
• 1:06
  today's
• 1:06
  episode.
• 1:07
  So
• 1:07
  I
• 1:07
  hope
• 1:07
  you
• 1:07
  enjoy
• 1:07
  it.
• 1:08
  Thanks
• 1:08
  again
• 1:08
  to
• 1:08
  Ben
• 1:09
  for
• 1:09
  filling
• 1:10
  in
• 1:10
  in
• 1:10
  a
• 1:11
  much
• 1:11
  needed
• 1:11
  pinch.
• 1:12
  All
• 1:12
  right,
• 1:12
  Ella,
• 1:13
  let's
• 1:13
  get
• 1:14
  to
• 1:14
  this
• 1:14
  week's
• 1:14
  teaser.
• 1:17
  Not
• 1:17
  only
• 1:18
  are
• 1:18
  we
• 1:18
  finishing
• 1:18
  the
• 1:19
  big
• 1:19
  show,
• 1:19
  it
• 1:19
  was
• 1:20
  my
• 1:20
  last
• 1:20
  shop
• 1:21
  tour.
• 1:21
  There
• 1:22
  is
• 1:22
  no
• 1:22
  clearer
• 1:23
  sign
• 1:24
  of
• 1:24
  a
• 1:24
  company
• 1:25
  needing
• 1:25
  a
• 1:26
  new
• 1:26
  chief
• 1:26
  marketing
• 1:27
  office.
• 1:28
  I
• 1:28
  am,
• 1:28
  I'm
• 1:28
  in
• 1:29
  pure
• 1:29
  X
• 1:29
  Files
• 1:30
  mode.
• 1:31
  If
• 1:31
  entertainment
• 1:32
  and
• 1:32
  shopping
• 1:33
  keep
• 1:33
  merging,
• 1:34
  are
• 1:34
  retailers
• 1:35
  eventually
• 1:36
  competing
• 1:37
  less
• 1:37
  with
• 1:38
  each
• 1:38
  other
• 1:39
  and
• 1:39
  more
• 1:39
  with
• 1:39
  Netflix,
• 1:40
  TikTok
• 1:41
  and
• 1:41
  creators
• 1:41
  for
• 1:42
  attention?
• 1:43
  DoorDash.
• 1:43
  It's
• 1:44
  my
• 1:44
  most
• 1:44
  used
• 1:45
  retail
• 1:45
  app.
• 1:45
  More
• 1:46
  than
• 1:46
  Amazon,
• 1:46
  more
• 1:46
  than
• 1:47
  Walmart.
• 1:48
  I,
• 1:48
  I
• 1:48
  don't
• 1:48
  love
• 1:48
  it.
• 1:49
  And
• 1:49
  I'll
• 1:49
  tell
• 1:49
  you,
• 1:49
  you're
• 1:50
  gonna
• 1:50
  pee
• 1:50
  in
• 1:50
  my
• 1:50
  pool.
• 1:50
  Ben
• 1:51
  Miller.
• 1:51
  Okay,
• 1:51
  go
• 1:51
  ahead.
• 1:53
  Ben
• 1:53
  Miller.
• 1:54
  Fresh
• 1:54
  off
• 1:54
  Shop
• 1:55
  top,
• 1:55
  Barcelona.
• 1:56
  Shopdock
• 1:57
  Europe
• 1:57
  in
• 1:57
  Barcelona.
• 1:58
  I'm
• 1:58
  curious,
• 1:58
  Ben,
• 1:59
  what
• 1:59
  does,
• 1:59
  what
• 1:59
  does
• 2:00
  the
• 2:00
  post
• 2:00
  conference
• 2:00
  recovery
• 2:01
  plan
• 2:02
  look
• 2:02
  like
• 2:02
  for
• 2:02
  you?
• 2:03
  How
• 2:03
  long
• 2:03
  does
• 2:03
  it
• 2:03
  take
• 2:03
  to
• 2:04
  get
• 2:04
  back
• 2:04
  to
• 2:04
  normal
• 2:05
  when
• 2:05
  you
• 2:05
  put
• 2:06
  on
• 2:06
  a
• 2:06
  big,
• 2:06
  big
• 2:07
  ass
• 2:07
  show
• 2:07
  like
• 2:08
  that?
• 2:09
  Hey
• 2:09
  Chris.
• 2:09
  And
• 2:09
  look,
• 2:10
  thanks
• 2:10
  for
• 2:10
  inviting
• 2:10
  me
• 2:11
  on.
• 2:11
  It's.
• 2:12
  Yeah,
• 2:13
  my
• 2:13
  recovery
• 2:14
  has
• 2:14
  been
• 2:14
  pretty
• 2:15
  different
• 2:15
  this
• 2:15
  time
• 2:15
  because
• 2:16
  not
• 2:16
  only
• 2:16
  are
• 2:16
  we
• 2:17
  finishing
• 2:17
  the
• 2:18
  big
• 2:18
  show,
• 2:18
  it
• 2:18
  was
• 2:19
  my
• 2:19
  last
• 2:19
  Shop
• 2:19
  Talk.
• 2:20
  Yeah,
• 2:20
  right.
• 2:21
  Yeah.
• 2:21
  So
• 2:22
  after
• 2:22
  four
• 2:22
  years,
• 2:23
  after
• 2:23
  16
• 2:23
  shows,
• 2:24
  it
• 2:24
  was
• 2:25
  the
• 2:25
  time
• 2:25
  for
• 2:25
  me
• 2:25
  to
• 2:26
  kind
• 2:26
  of
• 2:26
  hang
• 2:26
  up
• 2:26
  and
• 2:27
  go
• 2:27
  do
• 2:27
  something.
• 2:28
  So
• 2:28
  yesterday
• 2:29
  was
• 2:29
  actually
• 2:30
  my
• 2:30
  last
• 2:31
  day
• 2:31
  at
• 2:31
  Shop
• 2:32
  Talk.
• 2:32
  Yesterday
• 2:33
  was
• 2:33
  your
• 2:33
  last
• 2:33
  day?
• 2:34
  Yesterday
• 2:34
  was
• 2:34
  my
• 2:34
  last
• 2:35
  day.
• 2:35
  I
• 2:35
  was
• 2:35
  in
• 2:35
  the
• 2:35
  office,
• 2:36
  I
• 2:36
  was
• 2:36
  with
• 2:36
  the
• 2:36
  guys.
• 2:38
  I
• 2:38
  got
• 2:38
  a
• 2:38
  lovely
• 2:39
  send
• 2:39
  off.
• 2:39
  It's
• 2:39
  super
• 2:40
  kind
• 2:40
  in
• 2:40
  jubilee
• 2:41
  style.
• 2:41
  We
• 2:42
  just
• 2:42
  Went
• 2:42
  to
• 2:42
  the
• 2:42
  pub.
• 2:44
  Of
• 2:44
  course
• 2:44
  we
• 2:45
  did,
• 2:45
  and
• 2:45
  that
• 2:45
  was
• 2:46
  great.
• 2:46
  So
• 2:46
  my
• 2:46
  plans
• 2:47
  for
• 2:47
  today
• 2:47
  was
• 2:47
  literally
• 2:48
  to
• 2:48
  sit
• 2:48
  on
• 2:48
  the
• 2:48
  sofa
• 2:48
  all
• 2:48
  day
• 2:49
  and
• 2:49
  watch
• 2:49
  the
• 2:49
  World
• 2:49
  cup.
• 2:50
  But,
• 2:50
  but
• 2:50
  I.
• 2:50
  But
• 2:51
  here
• 2:51
  I
• 2:51
  am
• 2:51
  talking
• 2:52
  to
• 2:52
  you,
• 2:52
  Chris,
• 2:52
  and
• 2:53
  I
• 2:53
  couldn't
• 2:53
  be
• 2:53
  happier.
• 2:54
  Yeah,
• 2:54
  I
• 2:54
  said
• 2:55
  at
• 2:55
  the
• 2:55
  outset
• 2:55
  in
• 2:55
  the
• 2:55
  teaser,
• 2:56
  like,
• 2:56
  you're
• 2:56
  doing
• 2:56
  me
• 2:56
  a
• 2:57
  massive
• 2:57
  solid
• 2:57
  because
• 2:58
  I
• 2:58
  had
• 2:58
  a
• 2:58
  horrible
• 2:58
  case
• 2:58
  of
• 2:59
  the
• 2:59
  stomach
• 2:59
  flu
• 3:00
  and
• 3:00
  I
• 3:00
  needed
• 3:01
  help
• 3:01
  to
• 3:01
  do
• 3:01
  this
• 3:01
  week's
• 3:02
  episode.
• 3:02
  I
• 3:02
  was
• 3:02
  going
• 3:02
  to
• 3:02
  do
• 3:02
  it
• 3:02
  solo,
• 3:03
  I
• 3:03
  was
• 3:03
  going
• 3:03
  to
• 3:03
  try
• 3:03
  and
• 3:03
  experiment,
• 3:04
  but
• 3:04
  you're
• 3:05
  here
• 3:05
  to
• 3:05
  help
• 3:05
  me
• 3:05
  out,
• 3:05
  so
• 3:06
  thank
• 3:06
  you
• 3:06
  so
• 3:06
  much,
• 3:06
  Ben.
• 3:07
  But,
• 3:07
  but
• 3:07
  I'm
• 3:07
  curious
• 3:08
  too,
• 3:08
  like
• 3:08
  what
• 3:08
  do
• 3:08
  you
• 3:08
  got
• 3:08
  planned?
• 3:09
  What's
• 3:09
  next
• 3:09
  for
• 3:09
  you?
• 3:10
  Yeah,
• 3:11
  so
• 3:11
  I'm
• 3:12
  starting
• 3:12
  as
• 3:12
  of
• 3:13
  today
• 3:13
  as
• 3:13
  an
• 3:13
  independent
• 3:14
  retail
• 3:14
  analyst.
• 3:15
  Okay.
• 3:16
  Yeah,
• 3:17
  I'm
• 3:17
  probably
• 3:18
  going
• 3:18
  to
• 3:18
  do
• 3:18
  a
• 3:18
  bit
• 3:18
  more
• 3:18
  on
• 3:18
  grocery,
• 3:20
  which
• 3:20
  is
• 3:20
  my
• 3:21
  home,
• 3:21
  which
• 3:21
  is
• 3:22
  where
• 3:22
  I
• 3:22
  originally
• 3:22
  come
• 3:23
  from.
• 3:23
  But
• 3:24
  it's
• 3:24
  been,
• 3:24
  look,
• 3:25
  it's
• 3:25
  been
• 3:25
  genuinely
• 3:26
  an
• 3:26
  honor
• 3:27
  and
• 3:27
  a
• 3:27
  privilege
• 3:28
  to
• 3:28
  have
• 3:29
  been
• 3:29
  kind
• 3:29
  of
• 3:30
  the
• 3:30
  retail
• 3:30
  insight
• 3:31
  guy
• 3:31
  within
• 3:31
  one
• 3:32
  of
• 3:32
  the
• 3:33
  top
• 3:33
  10
• 3:34
  global
• 3:35
  events
• 3:35
  businesses
• 3:36
  in
• 3:36
  the
• 3:36
  world
• 3:37
  and
• 3:37
  you
• 3:38
  know,
• 3:38
  in
• 3:38
  my
• 3:38
  eyes
• 3:38
  the
• 3:39
  leading
• 3:39
  brand
• 3:40
  for
• 3:40
  retail
• 3:41
  technology
• 3:41
  events.
• 3:42
  So
• 3:42
  that's
• 3:42
  been
• 3:42
  an
• 3:43
  absolute
• 3:43
  blast.
• 3:43
  But
• 3:44
  I
• 3:45
  just
• 3:45
  want
• 3:45
  to
• 3:45
  spend
• 3:45
  a
• 3:45
  little
• 3:45
  bit
• 3:46
  more
• 3:46
  time
• 3:46
  closer
• 3:47
  to
• 3:47
  the
• 3:47
  industry.
• 3:48
  You
• 3:48
  know,
• 3:48
  things
• 3:48
  are
• 3:48
  moving
• 3:49
  so
• 3:49
  quick
• 3:49
  and
• 3:50
  these
• 3:50
  shows,
• 3:51
  you
• 3:51
  know,
• 3:51
  as
• 3:52
  you
• 3:52
  mentioned,
• 3:52
  about
• 3:52
  recovery,
• 3:54
  we
• 3:54
  do
• 3:54
  five
• 3:55
  shows
• 3:55
  a
• 3:55
  year
• 3:55
  and
• 3:55
  it's
• 3:55
  a
• 3:56
  bit
• 3:56
  of
• 3:56
  a
• 3:56
  peak
• 3:56
  and
• 3:56
  trough.
• 3:58
  So
• 3:58
  I'm
• 3:58
  looking
• 3:58
  forward
• 3:58
  to
• 3:59
  be
• 3:59
  closer
• 3:59
  to
• 3:59
  the
• 3:59
  industry
• 4:00
  24
• 4:00
  7.
• 4:02
  And
• 4:02
  yeah,
• 4:03
  I've
• 4:03
  got
• 4:03
  some
• 4:03
  exciting
• 4:04
  projects
• 4:05
  that
• 4:05
  I'm
• 4:05
  working
• 4:05
  on.
• 4:05
  But
• 4:06
  actually
• 4:06
  my,
• 4:07
  my
• 4:08
  eldest
• 4:08
  daughter
• 4:08
  has
• 4:09
  literally
• 4:09
  finished
• 4:09
  a
• 4:09
  radical.
• 4:10
  So
• 4:10
  big
• 4:11
  shout
• 4:11
  out
• 4:11
  to
• 4:11
  all
• 4:11
  your
• 4:12
  parents
• 4:12
  out
• 4:12
  there
• 4:12
  who've
• 4:13
  got
• 4:13
  kids
• 4:13
  doing
• 4:13
  at
• 4:13
  the
• 4:14
  school
• 4:14
  exams
• 4:14
  wherever
• 4:15
  they
• 4:15
  are
• 4:15
  at
• 4:15
  the
• 4:15
  mom.
• 4:16
  So
• 4:16
  she's
• 4:16
  finished.
• 4:17
  We're
• 4:17
  going
• 4:17
  to
• 4:17
  take
• 4:17
  a
• 4:18
  little
• 4:18
  bit
• 4:18
  of
• 4:18
  time
• 4:18
  relaxing
• 4:19
  and
• 4:19
  then
• 4:19
  going
• 4:19
  to
• 4:20
  probably
• 4:20
  start
• 4:20
  something
• 4:21
  new
• 4:21
  and
• 4:21
  exciting
• 4:21
  after
• 4:21
  the
• 4:22
  summer.
• 4:22
  Yeah.
• 4:22
  Wow.
• 4:23
  And
• 4:23
  the
• 4:23
  A
• 4:23
  levels
• 4:23
  are
• 4:23
  a
• 4:23
  big
• 4:24
  deal
• 4:24
  in
• 4:24
  the
• 4:24
  uk,
• 4:24
  are
• 4:24
  they
• 4:24
  not?
• 4:25
  Yeah,
• 4:26
  they
• 4:26
  are
• 4:26
  the
• 4:27
  go
• 4:28
  or
• 4:28
  no
• 4:28
  go
• 4:28
  for
• 4:28
  university,
• 4:29
  for
• 4:29
  college.
• 4:30
  So
• 4:30
  it's
• 4:31
  big
• 4:31
  and
• 4:31
  everything
• 4:31
  depends
• 4:32
  on
• 4:32
  the
• 4:32
  grade.
• 4:32
  So
• 4:33
  we've
• 4:33
  got,
• 4:33
  we've
• 4:34
  got
• 4:34
  until
• 4:34
  the
• 4:35
  middle
• 4:35
  of
• 4:35
  August
• 4:35
  now
• 4:35
  to
• 4:36
  wait
• 4:36
  to
• 4:36
  know
• 4:36
  what
• 4:36
  she
• 4:36
  does
• 4:36
  in
• 4:37
  September.
• 4:37
  It's
• 4:37
  a
• 4:37
  wacky,
• 4:38
  a
• 4:38
  wacky
• 4:38
  system
• 4:39
  in
• 4:39
  the
• 4:39
  uk.
• 4:40
  Yeah.
• 4:40
  But
• 4:40
  it's
• 4:41
  done
• 4:41
  now.
• 4:41
  She's
• 4:41
  finished.
• 4:41
  She
• 4:42
  had
• 4:42
  her
• 4:42
  last
• 4:42
  exam
• 4:42
  yesterday
• 4:43
  so
• 4:43
  we
• 4:44
  both
• 4:44
  walked
• 4:44
  away
• 4:44
  together
• 4:46
  and
• 4:46
  now
• 4:46
  we
• 4:46
  can
• 4:46
  spend
• 4:47
  a
• 4:47
  bit,
• 4:47
  a
• 4:47
  little
• 4:47
  bit
• 4:47
  of
• 4:47
  time
• 4:47
  relaxing
• 4:48
  as
• 4:48
  a
• 4:48
  family.
• 4:49
  Oh,
• 4:49
  that's
• 4:49
  awesome.
• 4:50
  That's
• 4:50
  awesome.
• 4:50
  So
• 4:50
  you
• 4:50
  mentioned
• 4:51
  the
• 4:51
  World
• 4:51
  Cup.
• 4:51
  Do
• 4:51
  you
• 4:52
  have
• 4:52
  any
• 4:52
  games
• 4:52
  that
• 4:52
  you're
• 4:53
  particularly
• 4:53
  spying
• 4:54
  on
• 4:54
  today's
• 4:55
  docket?
• 4:55
  Ben?
• 4:56
  Oh,
• 4:56
  my
• 4:56
  God.
• 4:56
  Chris.
• 4:57
  England
• 4:57
  starts
• 4:58
  today.
• 4:59
  What
• 5:00
  time
• 5:00
  is
• 5:00
  England
• 5:00
  on?
• 5:01
  So
• 5:02
  9
• 5:02
  o'.
• 5:02
  Clock.
• 5:02
  UK
• 5:02
  10
• 5:03
  o'.
• 5:03
  Clock,
• 5:03
  Amsterdam
• 5:05
  playing
• 5:05
  Croatia.
• 5:07
  Having
• 5:07
  watched
• 5:08
  some
• 5:08
  pretty
• 5:08
  fantastic
• 5:09
  football
• 5:09
  over
• 5:10
  the
• 5:10
  last
• 5:11
  six
• 5:11
  or
• 5:11
  so
• 5:11
  days,
• 5:12
  I'm
• 5:12
  expecting
• 5:13
  this
• 5:13
  to
• 5:13
  be
• 5:13
  pretty
• 5:13
  dire.
• 5:15
  We
• 5:15
  will
• 5:16
  probably
• 5:16
  scrape
• 5:17
  a
• 5:17
  nil.
• 5:17
  Nil
• 5:17
  or
• 5:18
  a
• 5:18
  1
• 5:18
  nil.
• 5:19
  And
• 5:19
  you
• 5:19
  know
• 5:20
  that
• 5:20
  that
• 5:20
  would
• 5:20
  be
• 5:20
  good.
• 5:21
  So.
• 5:22
  So
• 5:22
  typical
• 5:22
  British
• 5:22
  optimism.
• 5:23
  That's
• 5:23
  how
• 5:23
  you're
• 5:23
  feeling
• 5:24
  about
• 5:24
  this,
• 5:25
  this
• 5:25
  year's
• 5:25
  World
• 5:25
  Cup?
• 5:25
  Better.
• 5:26
  At
• 5:26
  least
• 5:26
  the
• 5:26
  first
• 5:27
  match.
• 5:27
  Typical
• 5:27
  British
• 5:27
  optimism.
• 5:28
  Oh,
• 5:29
  I
• 5:29
  think
• 5:29
  you
• 5:29
  talk
• 5:29
  to
• 5:29
  any
• 5:29
  Brit
• 5:30
  and
• 5:30
  they
• 5:30
  will
• 5:30
  simultaneously
• 5:31
  tell
• 5:31
  you
• 5:31
  two
• 5:32
  things.
• 5:32
  One,
• 5:33
  that
• 5:33
  we
• 5:33
  are
• 5:34
  going
• 5:34
  to
• 5:34
  lose
• 5:34
  the
• 5:34
  next
• 5:35
  game
• 5:35
  and
• 5:36
  two,
• 5:36
  we're
• 5:36
  also
• 5:36
  going
• 5:37
  to
• 5:37
  win
• 5:37
  the
• 5:37
  World
• 5:37
  Cup.
• 5:38
  The
• 5:38
  two
• 5:38
  things
• 5:38
  simultaneously
• 5:39
  happen
• 5:39
  with
• 5:40
  every
• 5:40
  English
• 5:40
  fan
• 5:41
  at
• 5:41
  the
• 5:41
  same
• 5:41
  time.
• 5:41
  Yes,
• 5:42
  there's
• 5:42
  always
• 5:42
  that
• 5:42
  British
• 5:43
  dichotomy
• 5:43
  at
• 5:43
  play.
• 5:44
  Whenever
• 5:44
  you
• 5:44
  talk
• 5:44
  about
• 5:45
  the
• 5:45
  World
• 5:45
  cup.
• 5:47
  We
• 5:47
  are
• 5:47
  awful.
• 5:47
  But
• 5:48
  it
• 5:48
  is
• 5:48
  also
• 5:48
  coming
• 5:48
  home,
• 5:49
  which
• 5:49
  is,
• 5:49
  wow.
• 5:50
  Well,
• 5:50
  I
• 5:50
  didn't
• 5:50
  realize
• 5:50
  that
• 5:51
  I've
• 5:51
  been
• 5:51
  so
• 5:51
  out
• 5:52
  of
• 5:52
  it
• 5:52
  that
• 5:52
  I'm
• 5:52
  like
• 5:53
  been.
• 5:53
  I
• 5:53
  am.
• 5:53
  I'm
• 5:54
  not
• 5:54
  clued
• 5:54
  into
• 5:54
  what's
• 5:55
  going
• 5:55
  on
• 5:55
  in
• 5:55
  the
• 5:55
  real
• 5:55
  world
• 5:56
  outside
• 5:56
  of
• 5:56
  what's
• 5:56
  happening
• 5:56
  in
• 5:57
  the
• 5:57
  home
• 5:57
  improvement
• 5:57
  industry
• 5:58
  in
• 5:58
  Amsterdam
• 5:59
  right
• 5:59
  this
• 6:00
  second,
• 6:00
  right
• 6:00
  outside
• 6:00
  the
• 6:00
  door
• 6:01
  of
• 6:01
  my
• 6:01
  hotel.
• 6:01
  But
• 6:02
  yeah,
• 6:02
  man,
• 6:02
  9
• 6:02
  o',
• 6:02
  clock,
• 6:03
  that's
• 6:03
  like
• 6:03
  two
• 6:03
  hours
• 6:03
  from
• 6:04
  when
• 6:04
  we're
• 6:04
  recording
• 6:04
  this.
• 6:04
  So
• 6:05
  we
• 6:05
  got
• 6:05
  to
• 6:05
  get
• 6:05
  this
• 6:05
  done,
• 6:06
  we
• 6:06
  got
• 6:06
  to
• 6:06
  get
• 6:06
  you
• 6:06
  off
• 6:07
  to
• 6:07
  that
• 6:07
  and
• 6:07
  potentially
• 6:08
  even
• 6:08
  back
• 6:08
  into
• 6:08
  the
• 6:08
  pub
• 6:09
  and
• 6:09
  having
• 6:09
  a
• 6:09
  pint
• 6:10
  and
• 6:10
  watching
• 6:10
  that
• 6:10
  with
• 6:10
  your
• 6:11
  friends
• 6:11
  and
• 6:11
  family.
• 6:11
  So
• 6:13
  I
• 6:13
  have
• 6:13
  a
• 6:13
  very
• 6:13
  ill
• 6:14
  fitting
• 6:14
  Umbra
• 6:14
  Replica
• 6:15
  jersey
• 6:15
  to
• 6:15
  put
• 6:16
  on.
• 6:16
  So,
• 6:16
  you
• 6:16
  know,
• 6:16
  there's
• 6:17
  things
• 6:17
  to
• 6:17
  do.
• 6:17
  Chris
• 6:18
  Ill
• 6:19
  fitting
• 6:19
  Umbra
• 6:20
  replica
• 6:21
  jerseys.
• 6:21
  All
• 6:21
  right,
• 6:21
  on
• 6:22
  that
• 6:22
  note,
• 6:22
  let's
• 6:22
  get
• 6:23
  to
• 6:23
  this
• 6:23
  week's
• 6:23
  Fast
• 6:24
  5,
• 6:24
  which
• 6:24
  is
• 6:24
  of
• 6:25
  course
• 6:25
  brought
• 6:25
  to
• 6:25
  you
• 6:25
  with
• 6:25
  the
• 6:26
  help
• 6:26
  and
• 6:26
  support
• 6:27
  of
• 6:27
  the
• 6:27
  A
• 6:27
  and
• 6:27
  M
• 6:28
  consumer
• 6:28
  and
• 6:28
  retail
• 6:29
  group,
• 6:29
  Miracle
• 6:30
  Corso,
• 6:31
  Ocampo
• 6:32
  Capital
• 6:32
  and
• 6:32
  Veloc.
• 6:33
  In
• 6:33
  this
• 6:33
  week's
• 6:33
  Fast5,
• 6:34
  we've
• 6:34
  got
• 6:34
  news
• 6:34
  on
• 6:35
  Target
• 6:36
  sponsoring
• 6:36
  a
• 6:36
  new
• 6:36
  shoppable
• 6:37
  Bravo
• 6:38
  Digital
• 6:38
  series,
• 6:39
  Walmart
• 6:40
  expanding
• 6:40
  Walmart.com
• 6:41
  to
• 6:41
  shoppers
• 6:42
  in
• 6:42
  Mexico,
• 6:43
  Dollar
• 6:43
  General
• 6:43
  introducing
• 6:44
  a
• 6:44
  new
• 6:44
  subscription
• 6:45
  program
• 6:45
  and
• 6:46
  DoorDash
• 6:46
  launching
• 6:47
  a
• 6:47
  new
• 6:47
  AI
• 6:48
  based
• 6:48
  search
• 6:48
  feature.
• 6:49
  But
• 6:49
  we
• 6:49
  begin
• 6:50
  today
• 6:50
  with
• 6:50
  Starbucks
• 6:51
  claiming
• 6:51
  it
• 6:52
  could
• 6:52
  open
• 6:52
  up
• 6:52
  another
• 6:53
  5,000
• 6:54
  to
• 6:55
  10,000
• 6:56
  stores
• 6:57
  in
• 6:57
  the
• 6:57
  United
• 6:58
  States.
• 6:58
  Headline
• 6:59
  number
• 6:59
  one
• 6:59
  is
• 7:00
  of
• 7:00
  course
• 7:00
  brought
• 7:00
  to
• 7:00
  you
• 7:00
  all
• 7:01
  with
• 7:01
  the
• 7:01
  help
• 7:01
  and
• 7:01
  support
• 7:02
  of
• 7:02
  the
• 7:02
  A
• 7:02
  and
• 7:02
  M
• 7:02
  Consumer
• 7:03
  and
• 7:03
  Retail
• 7:03
  Group.
• 7:04
  The
• 7:04
  A
• 7:04
  and
• 7:04
  M
• 7:04
  Consumer
• 7:05
  and
• 7:05
  Retail
• 7:05
  Group
• 7:05
  is
• 7:06
  a
• 7:06
  management
• 7:06
  consulting
• 7:07
  firm
• 7:07
  that
• 7:07
  tackles
• 7:08
  the
• 7:08
  most
• 7:08
  complex
• 7:08
  challenges
• 7:09
  and
• 7:09
  advances
• 7:10
  its
• 7:10
  clients,
• 7:10
  people
• 7:11
  and
• 7:11
  communities
• 7:12
  toward
• 7:12
  their
• 7:13
  maximum
• 7:13
  potential.
• 7:14
  CRJ
• 7:14
  brings
• 7:15
  the
• 7:15
  experienced
• 7:16
  tools
• 7:16
  and
• 7:16
  operator
• 7:17
  like
• 7:17
  pragmatism
• 7:17
  to
• 7:18
  help
• 7:18
  retailers
• 7:18
  and
• 7:18
  consumer
• 7:19
  products
• 7:19
  companies
• 7:20
  be
• 7:20
  on
• 7:20
  the
• 7:21
  right
• 7:21
  side
• 7:21
  of
• 7:21
  disruption.
• 7:22
  All
• 7:22
  right
• 7:23
  Ben,
• 7:23
  here
• 7:23
  we
• 7:23
  go.
• 7:23
  According
• 7:24
  to
• 7:24
  the
• 7:24
  nation's
• 7:25
  restaurant
• 7:26
  News,
• 7:26
  the
• 7:26
  NRN
• 7:27
  Starbucks
• 7:28
  believes
• 7:28
  it
• 7:28
  can,
• 7:28
  quote,
• 7:29
  get
• 7:29
  bigger
• 7:30
  by
• 7:30
  getting
• 7:30
  smaller.
• 7:31
  Specifically,
• 7:32
  the
• 7:32
  coffee
• 7:32
  shop
• 7:33
  giant
• 7:33
  wants
• 7:33
  5,000
• 7:34
  more
• 7:34
  locations
• 7:35
  in
• 7:35
  the
• 7:35
  US
• 7:35
  and
• 7:35
  believes
• 7:36
  that
• 7:36
  it
• 7:36
  knows
• 7:36
  the
• 7:36
  markets
• 7:37
  where
• 7:37
  it
• 7:37
  can
• 7:37
  open
• 7:37
  those
• 7:38
  units.
• 7:38
  But
• 7:39
  the
• 7:39
  locations
• 7:39
  it
• 7:40
  plans
• 7:40
  to
• 7:40
  open
• 7:40
  will
• 7:41
  be
• 7:41
  smaller
• 7:41
  than
• 7:41
  those
• 7:41
  it
• 7:42
  has
• 7:42
  historically
• 7:42
  opened.
• 7:43
  At
• 7:43
  the
• 7:43
  company's
• 7:44
  investor
• 7:44
  day
• 7:44
  presentation
• 7:45
  earlier
• 7:45
  this
• 7:45
  year,
• 7:46
  Starbucks
• 7:46
  showed
• 7:46
  off
• 7:47
  one
• 7:47
  potential
• 7:47
  smaller
• 7:48
  location
• 7:48
  at
• 7:49
  about
• 7:49
  1350
• 7:50
  square
• 7:50
  feet,
• 7:51
  which
• 7:51
  is
• 7:51
  smaller
• 7:52
  than
• 7:52
  the
• 7:52
  typical
• 7:52
  2500
• 7:53
  square
• 7:53
  foot
• 7:54
  footprint.
• 7:55
  These
• 7:55
  shops
• 7:56
  would
• 7:56
  still
• 7:56
  have
• 7:56
  drive
• 7:57
  thrus,
• 7:57
  delivery
• 7:57
  in
• 7:58
  store
• 7:58
  and
• 7:58
  mobile
• 7:59
  ordering
• 7:59
  and
• 7:59
  they
• 7:59
  would
• 8:00
  still
• 8:00
  also
• 8:00
  have
• 8:00
  seats,
• 8:01
  but
• 8:01
  they
• 8:02
  would
• 8:02
  be
• 8:02
  cheaper
• 8:02
  to
• 8:02
  build
• 8:03
  requiring
• 8:03
  half
• 8:04
  the
• 8:04
  acreage.
• 8:05
  Brian
• 8:05
  Nichol
• 8:06
  during
• 8:06
  the
• 8:06
  presentation
• 8:07
  also
• 8:07
  did
• 8:07
  not
• 8:07
  stop
• 8:08
  at
• 8:08
  just
• 8:08
  5,000
• 8:09
  locations.
• 8:09
  Quote,
• 8:10
  there's
• 8:10
  probably
• 8:11
  another
• 8:11
  5,000
• 8:12
  sites
• 8:12
  that
• 8:12
  we
• 8:12
  can
• 8:13
  add
• 8:13
  on
• 8:13
  top
• 8:13
  of
• 8:13
  the
• 8:13
  5,000
• 8:14
  that
• 8:14
  we've
• 8:15
  already
• 8:15
  identified.
• 8:16
  And
• 8:17
  that's
• 8:17
  how
• 8:17
  you
• 8:17
  get
• 8:17
  to
• 8:18
  10,000
• 8:18
  additional
• 8:19
  stores
• 8:19
  in
• 8:19
  the
• 8:20
  U.S.
• 8:20
  end
• 8:20
  quote.
• 8:21
  Ben,
• 8:21
  is
• 8:22
  Brian
• 8:22
  Nichols
• 8:22
  5,000
• 8:23
  plus
• 8:24
  small
• 8:24
  store
• 8:24
  strategy
• 8:26
  counter
• 8:27
  or
• 8:27
  congruent
• 8:27
  with
• 8:27
  his
• 8:28
  plans
• 8:28
  to
• 8:29
  try
• 8:29
  and
• 8:29
  re
• 8:29
  enliven
• 8:30
  the
• 8:30
  in
• 8:30
  store
• 8:31
  Starbucks
• 8:31
  experience?
• 8:33
  It's
• 8:34
  a
• 8:34
  great
• 8:34
  question
• 8:34
  and
• 8:34
  I'm
• 8:35
  really
• 8:35
  glad
• 8:35
  we're
• 8:35
  starting
• 8:36
  here
• 8:36
  as
• 8:36
  this
• 8:36
  story.
• 8:37
  So
• 8:38
  you
• 8:38
  know,
• 8:38
  actually
• 8:38
  to
• 8:39
  answer
• 8:39
  your
• 8:39
  question,
• 8:39
  what
• 8:40
  did
• 8:40
  I
• 8:40
  do
• 8:40
  on
• 8:40
  my
• 8:40
  first
• 8:41
  shop
• 8:41
  talk?
• 8:42
  I
• 8:42
  went
• 8:42
  back
• 8:42
  and
• 8:42
  I
• 8:43
  watched
• 8:43
  the
• 8:43
  entire
• 8:44
  video
• 8:45
  of
• 8:45
  the
• 8:45
  Starbucks
• 8:46
  investor
• 8:47
  day
• 8:47
  earlier
• 8:48
  this
• 8:48
  year
• 8:48
  because
• 8:50
  I
• 8:50
  wanted
• 8:50
  to
• 8:50
  really
• 8:50
  get
• 8:51
  under
• 8:51
  the
• 8:51
  skin
• 8:51
  of
• 8:51
  this
• 8:51
  for
• 8:51
  two
• 8:52
  things.
• 8:52
  I
• 8:52
  wanted
• 8:53
  to
• 8:53
  get
• 8:53
  a
• 8:53
  feel
• 8:54
  for
• 8:54
  the
• 8:55
  future
• 8:55
  cafe
• 8:55
  plans,
• 8:56
  but
• 8:57
  I
• 8:57
  also
• 8:57
  wanted
• 8:57
  to
• 8:58
  get
• 8:58
  a
• 8:58
  feel
• 8:58
  for
• 8:58
  where
• 8:58
  they
• 8:59
  were
• 8:59
  on
• 8:59
  this
• 8:59
  idea
• 8:59
  of
• 9:00
  the
• 9:00
  third
• 9:00
  place
• 9:01
  to
• 9:01
  see
• 9:01
  if
• 9:01
  there
• 9:02
  is
• 9:02
  a
• 9:02
  right,
• 9:03
  a
• 9:03
  contradiction
• 9:04
  there.
• 9:06
  And
• 9:06
  yeah,
• 9:06
  I
• 9:06
  think
• 9:07
  we've
• 9:07
  all
• 9:07
  heard
• 9:07
  Brian
• 9:08
  Nicholl
• 9:08
  talk
• 9:08
  about
• 9:08
  this
• 9:09
  in
• 9:09
  his
• 9:09
  last
• 9:09
  18
• 9:09
  months
• 9:10
  in
• 9:10
  charge
• 9:10
  of
• 9:10
  the
• 9:11
  company.
• 9:11
  But
• 9:12
  this
• 9:12
  whole
• 9:12
  idea
• 9:13
  of
• 9:13
  rebuilding
• 9:14
  the
• 9:14
  third
• 9:14
  place
• 9:14
  is
• 9:15
  absolutely
• 9:16
  core
• 9:16
  to
• 9:16
  the
• 9:17
  back
• 9:17
  to
• 9:17
  Starbucks
• 9:17
  plan.
• 9:18
  Now
• 9:18
  I
• 9:18
  was
• 9:19
  seeing,
• 9:19
  are
• 9:19
  they
• 9:19
  moving
• 9:20
  away
• 9:20
  from
• 9:20
  this?
• 9:20
  Is
• 9:21
  there
• 9:21
  any.
• 9:21
  No.
• 9:22
  They
• 9:23
  talk
• 9:23
  about
• 9:23
  putting
• 9:24
  more
• 9:24
  seating
• 9:24
  in.
• 9:24
  They
• 9:24
  talk
• 9:25
  about
• 9:26
  how
• 9:26
  the
• 9:26
  stores
• 9:27
  that
• 9:27
  they
• 9:27
  have
• 9:27
  put
• 9:27
  their
• 9:29
  better,
• 9:29
  more
• 9:30
  friendly
• 9:30
  concept
• 9:31
  they
• 9:31
  call
• 9:31
  the
• 9:31
  uplift
• 9:31
  program
• 9:33
  doing
• 9:33
  better
• 9:33
  comps.
• 9:34
  They
• 9:34
  talk
• 9:34
  about
• 9:35
  community
• 9:35
  gathering
• 9:36
  points,
• 9:36
  they
• 9:36
  talk
• 9:36
  about
• 9:37
  the
• 9:37
  cafe
• 9:37
  at
• 9:37
  the
• 9:37
  heart
• 9:38
  of
• 9:38
  the
• 9:38
  business.
• 9:38
  So
• 9:39
  that's
• 9:39
  really
• 9:40
  clear
• 9:41
  when
• 9:41
  they
• 9:41
  talk
• 9:42
  about
• 9:42
  stores.
• 9:43
  And
• 9:44
  I
• 9:44
  know
• 9:44
  it's,
• 9:44
  it's
• 9:44
  a
• 9:44
  topic
• 9:45
  that
• 9:45
  you
• 9:45
  and
• 9:45
  I
• 9:45
  have
• 9:45
  talked
• 9:46
  about.
• 9:46
  You've
• 9:46
  covered
• 9:46
  in
• 9:46
  the
• 9:47
  pod.
• 9:47
  They
• 9:48
  are
• 9:48
  absolutely
• 9:49
  clear
• 9:50
  that
• 9:50
  their
• 9:50
  stores
• 9:51
  need
• 9:51
  to
• 9:51
  be
• 9:51
  able
• 9:51
  to
• 9:51
  deliver
• 9:52
  on
• 9:52
  what
• 9:52
  they
• 9:53
  say
• 9:53
  are
• 9:53
  their
• 9:53
  four
• 9:53
  access
• 9:54
  points.
• 9:55
  Right.
• 9:55
  Okay.
• 9:56
  So
• 9:56
  their
• 9:56
  access
• 9:57
  points
• 9:57
  are
• 9:57
  the
• 9:58
  cafes
• 9:58
  to
• 9:59
  sit
• 9:59
  down.
• 9:59
  This
• 10:00
  third
• 10:00
  place,
• 10:01
  it's
• 10:01
  drive
• 10:01
  through,
• 10:02
  it's
• 10:02
  mobile
• 10:03
  order
• 10:03
  and
• 10:03
  it's
• 10:04
  delivery.
• 10:05
  You
• 10:05
  know,
• 10:05
  delivery
• 10:05
  which
• 10:06
  is
• 10:06
  already
• 10:06
  a
• 10:07
  billion
• 10:07
  dollar
• 10:07
  business
• 10:07
  for
• 10:08
  them.
• 10:09
  And
• 10:09
  they're
• 10:09
  very
• 10:09
  clear
• 10:09
  that
• 10:10
  the
• 10:11
  units
• 10:11
  must,
• 10:11
  unless
• 10:12
  it's
• 10:12
  in
• 10:12
  an
• 10:12
  incredibly
• 10:13
  high
• 10:13
  density
• 10:14
  urban
• 10:14
  environment
• 10:14
  where
• 10:15
  you
• 10:15
  can't
• 10:15
  do
• 10:15
  drive
• 10:15
  through,
• 10:16
  their
• 10:16
  units
• 10:17
  must
• 10:17
  be
• 10:17
  able
• 10:17
  to
• 10:17
  do
• 10:18
  all
• 10:18
  four.
• 10:18
  So
• 10:18
  they're
• 10:19
  very,
• 10:19
  they're
• 10:19
  very
• 10:20
  glued
• 10:20
  to
• 10:21
  that
• 10:21
  as
• 10:21
  well.
• 10:23
  So
• 10:24
  then
• 10:24
  they
• 10:24
  talk
• 10:24
  about
• 10:25
  5,000
• 10:25
  new
• 10:25
  stores
• 10:26
  with
• 10:27
  an
• 10:27
  opportunity
• 10:28
  of
• 10:28
  10,000.
• 10:29
  So
• 10:29
  I
• 10:29
  guess
• 10:29
  there's
• 10:30
  two
• 10:30
  things.
• 10:30
  There's
• 10:30
  one
• 10:30
  is
• 10:31
  the
• 10:31
  wear
• 10:31
  and
• 10:31
  one
• 10:32
  is
• 10:32
  then
• 10:32
  what
• 10:32
  does
• 10:32
  a
• 10:32
  unit
• 10:33
  look
• 10:33
  like?
• 10:33
  So
• 10:33
  for
• 10:34
  the
• 10:34
  wear
• 10:35
  they're
• 10:35
  saying
• 10:35
  they're
• 10:36
  basically,
• 10:37
  they're
• 10:37
  underrepresented
• 10:38
  in
• 10:38
  the
• 10:38
  middle
• 10:38
  of
• 10:38
  the
• 10:39
  country.
• 10:39
  So
• 10:39
  they
• 10:39
  talk
• 10:39
  about
• 10:39
  the
• 10:40
  south
• 10:41
  central
• 10:41
  US
• 10:41
  and
• 10:42
  some
• 10:42
  bits
• 10:42
  of
• 10:43
  the
• 10:43
  northeast,
• 10:43
  which
• 10:43
  they
• 10:43
  call
• 10:43
  that
• 10:44
  as
• 10:44
  well,
• 10:44
  which
• 10:44
  I
• 10:44
  thought
• 10:44
  was
• 10:45
  interesting.
• 10:46
  That
• 10:46
  gets
• 10:47
  them
• 10:47
  to
• 10:47
  5,000.
• 10:48
  The
• 10:49
  next
• 10:49
  5,000
• 10:50
  locations
• 10:50
  they
• 10:50
  say
• 10:51
  is
• 10:51
  unlocking
• 10:52
  afternoon.
• 10:53
  So
• 10:54
  they,
• 10:54
  they
• 10:54
  significantly
• 10:55
  under
• 10:55
  index
• 10:56
  sales
• 10:56
  in
• 10:56
  the
• 10:56
  afternoon.
• 10:56
  If
• 10:57
  they
• 10:57
  can
• 10:57
  get
• 10:57
  a
• 10:57
  proposition
• 10:58
  that
• 10:58
  fits
• 10:58
  there,
• 10:58
  they
• 10:59
  can
• 10:59
  make
• 10:59
  more
• 10:59
  places
• 11:00
  hit
• 11:00
  the
• 11:00
  economics.
• 11:01
  And
• 11:01
  that's
• 11:01
  how
• 11:02
  you
• 11:02
  get
• 11:02
  5
• 11:02
  to
• 11:03
  10,000.
• 11:05
  Their
• 11:05
  plan
• 11:05
  for
• 11:05
  next
• 11:06
  fiscal
• 11:06
  year,
• 11:06
  fiscal
• 11:06
  year
• 11:07
  28
• 11:07
  is
• 11:07
  400
• 11:08
  net
• 11:08
  new
• 11:08
  stores.
• 11:09
  So
• 11:09
  this,
• 11:10
  so
• 11:10
  there's
• 11:11
  a
• 11:11
  bit
• 11:11
  of
• 11:11
  a
• 11:11
  contradiction.
• 11:11
  They're
• 11:11
  talking
• 11:12
  about
• 11:12
  400
• 11:12
  next
• 11:13
  year,
• 11:13
  but
• 11:13
  then
• 11:13
  we
• 11:13
  can
• 11:13
  see
• 11:14
  10,000.
• 11:14
  So,
• 11:15
  so
• 11:15
  they're
• 11:16
  not.
• 11:16
  It's
• 11:17
  reality
• 11:17
  now
• 11:18
  versus
• 11:18
  versus
• 11:18
  concept
• 11:19
  later.
• 11:19
  And,
• 11:20
  and
• 11:20
  this
• 11:20
  is
• 11:21
  where
• 11:21
  it
• 11:21
  comes.
• 11:22
  They
• 11:22
  have
• 11:22
  developed
• 11:23
  a
• 11:23
  smaller
• 11:24
  format,
• 11:25
  half
• 11:25
  the
• 11:25
  size,
• 11:26
  lower
• 11:26
  capex,
• 11:29
  less
• 11:30
  space
• 11:30
  required.
• 11:31
  So
• 11:31
  smaller
• 11:32
  sites,
• 11:32
  smaller
• 11:32
  land.
• 11:33
  But
• 11:34
  we
• 11:34
  haven't
• 11:35
  seen
• 11:35
  it
• 11:35
  yet.
• 11:36
  We
• 11:36
  don't
• 11:36
  really
• 11:36
  know
• 11:37
  what
• 11:37
  it's
• 11:37
  like.
• 11:37
  So
• 11:39
  when
• 11:40
  you
• 11:40
  add
• 11:40
  it
• 11:40
  all
• 11:40
  together,
• 11:41
  there's
• 11:42
  a
• 11:42
  bit
• 11:42
  of
• 11:42
  alchemy
• 11:43
  and
• 11:43
  it's
• 11:43
  that
• 11:43
  alchemy
• 11:44
  that
• 11:44
  we
• 11:44
  haven't
• 11:45
  seen
• 11:45
  is
• 11:45
  how
• 11:45
  do
• 11:46
  you
• 11:46
  do
• 11:46
  all
• 11:46
  of
• 11:46
  those
• 11:47
  one
• 11:47
  things?
• 11:47
  So
• 11:48
  look,
• 11:48
  I
• 11:48
  think
• 11:48
  on
• 11:49
  the
• 11:49
  Starbucks
• 11:49
  recovery
• 11:50
  turnaround
• 11:50
  right
• 11:51
  now
• 11:51
  I'm
• 11:52
  in
• 11:52
  pure
• 11:52
  X
• 11:53
  Files
• 11:53
  mode.
• 11:56
  I
• 11:56
  am
• 11:56
  Agent
• 11:56
  Boulder.
• 11:57
  Chris.
• 11:57
  Chris.
• 11:58
  I
• 11:58
  want,
• 11:58
  I
• 11:59
  want
• 11:59
  to
• 11:59
  believe
• 12:00
  but
• 12:00
  they've
• 12:00
  got
• 12:01
  to
• 12:01
  give
• 12:01
  me
• 12:01
  more
• 12:01
  to
• 12:01
  know
• 12:02
  what
• 12:02
  they're
• 12:02
  actually
• 12:02
  doing.
• 12:03
  So.
• 12:04
  Okay,
• 12:04
  so
• 12:04
  if
• 12:04
  I
• 12:04
  play
• 12:04
  that
• 12:05
  back,
• 12:05
  the,
• 12:05
  the,
• 12:05
  the,
• 12:06
  the
• 12:06
  X
• 12:06
  Files
• 12:06
  analogy
• 12:07
  is
• 12:07
  great.
• 12:07
  But
• 12:08
  you're
• 12:08
  saying
• 12:08
  they're,
• 12:08
  we're,
• 12:08
  we're
• 12:09
  stuck
• 12:09
  a
• 12:09
  little
• 12:09
  bit
• 12:09
  in
• 12:09
  the
• 12:10
  hype
• 12:10
  cycle
• 12:10
  here
• 12:10
  potentially.
• 12:11
  That's
• 12:11
  one
• 12:11
  thing
• 12:11
  I'm
• 12:12
  Hearing
• 12:12
  with
• 12:12
  you.
• 12:13
  But
• 12:13
  then
• 12:14
  net
• 12:14
  net.
• 12:15
  Do
• 12:15
  you
• 12:16
  think
• 12:16
  it's
• 12:16
  possible
• 12:17
  to
• 12:17
  have
• 12:17
  a
• 12:18
  third
• 12:18
  place
• 12:18
  experience
• 12:19
  in
• 12:19
  a
• 12:19
  1500
• 12:20
  square
• 12:21
  foot
• 12:21
  Starbucks
• 12:21
  store
• 12:22
  or
• 12:22
  Starbucks
• 12:23
  Cafe?
• 12:23
  Is
• 12:24
  that,
• 12:24
  can
• 12:24
  you
• 12:24
  even
• 12:25
  conceptualize
• 12:25
  that?
• 12:25
  In
• 12:26
  my
• 12:26
  head
• 12:26
  because
• 12:26
  I'm
• 12:26
  having
• 12:26
  difficulty,.
• 12:28
  Yeah,
• 12:28
  I
• 12:28
  can
• 12:28
  conceptualize
• 12:29
  it
• 12:29
  because
• 12:29
  the
• 12:30
  units
• 12:30
  that
• 12:30
  we
• 12:30
  have
• 12:31
  in,
• 12:31
  in
• 12:31
  Europe
• 12:31
  are
• 12:32
  often
• 12:32
  smaller
• 12:32
  than
• 12:33
  US
• 12:33
  units.
• 12:34
  So
• 12:34
  if
• 12:35
  I
• 12:35
  think
• 12:35
  of
• 12:35
  the
• 12:35
  Starbucks
• 12:36
  on
• 12:36
  my
• 12:36
  high
• 12:36
  street,
• 12:37
  yeah,
• 12:37
  it's
• 12:38
  1500-2000
• 12:40
  square
• 12:40
  feet.
• 12:41
  So
• 12:41
  I
• 12:41
  can
• 12:42
  see
• 12:42
  how
• 12:42
  that
• 12:42
  can
• 12:42
  work
• 12:43
  as
• 12:43
  a
• 12:44
  third
• 12:44
  place.
• 12:45
  It
• 12:45
  doesn't
• 12:45
  have
• 12:45
  drive
• 12:46
  through,
• 12:46
  but
• 12:47
  drive
• 12:47
  through
• 12:47
  is
• 12:47
  more
• 12:48
  a
• 12:48
  prop,
• 12:49
  a
• 12:49
  site
• 12:49
  play
• 12:50
  than
• 12:50
  it
• 12:50
  is
• 12:50
  a
• 12:50
  uni
• 12:51
  play.
• 12:52
  And
• 12:52
  obviously
• 12:53
  the
• 12:53
  level
• 12:54
  of
• 12:54
  mobile
• 12:54
  ordering
• 12:55
  and
• 12:55
  delivery
• 12:55
  is
• 12:56
  a
• 12:56
  lot
• 12:56
  less.
• 12:56
  But
• 12:56
  they
• 12:57
  are
• 12:57
  investing
• 12:57
  in
• 12:57
  machinery.
• 12:58
  They've
• 12:58
  got
• 12:59
  new
• 12:59
  machines
• 13:00
  that
• 13:00
  will
• 13:00
  double
• 13:00
  the
• 13:01
  speed
• 13:01
  at
• 13:01
  which
• 13:02
  espresso
• 13:02
  based
• 13:02
  drinks
• 13:03
  are
• 13:03
  made.
• 13:04
  Look,
• 13:04
  my
• 13:04
  biggest
• 13:05
  challenge
• 13:05
  to
• 13:05
  the
• 13:05
  whole
• 13:05
  thing,
• 13:05
  and
• 13:06
  I
• 13:06
  think
• 13:06
  you
• 13:06
  and
• 13:06
  I
• 13:06
  have
• 13:06
  talked
• 13:06
  about
• 13:07
  this
• 13:07
  before,
• 13:07
  is
• 13:08
  the
• 13:09
  range
• 13:09
  rationalization.
• 13:10
  Is
• 13:11
  the
• 13:11
  merchants
• 13:12
  thinking
• 13:13
  that's
• 13:13
  going
• 13:13
  to
• 13:13
  be
• 13:13
  required
• 13:14
  to
• 13:14
  get
• 13:14
  a
• 13:14
  range
• 13:15
  that
• 13:15
  they
• 13:15
  can
• 13:15
  put
• 13:15
  through
• 13:16
  in
• 13:16
  that
• 13:16
  space.
• 13:16
  Because
• 13:17
  if
• 13:17
  they
• 13:17
  continue
• 13:17
  to
• 13:18
  play
• 13:18
  proliferate,
• 13:19
  then
• 13:20
  that's
• 13:20
  the
• 13:20
  time
• 13:20
  it
• 13:21
  takes
• 13:21
  and
• 13:21
  that's
• 13:21
  the
• 13:21
  more
• 13:21
  workspace
• 13:22
  required
• 13:23
  and
• 13:23
  the
• 13:23
  more
• 13:23
  ingredients.
• 13:24
  And
• 13:24
  that's
• 13:24
  the
• 13:25
  bit
• 13:25
  I'm
• 13:25
  concerned
• 13:25
  about.
• 13:25
  Now
• 13:26
  there
• 13:26
  is
• 13:27
  talk
• 13:27
  in
• 13:27
  the
• 13:27
  analyst
• 13:28
  presentation
• 13:29
  about
• 13:29
  being
• 13:30
  more
• 13:30
  disciplined
• 13:31
  in
• 13:31
  innovation.
• 13:31
  I
• 13:32
  think
• 13:32
  that's
• 13:32
  probably
• 13:32
  the
• 13:32
  bit
• 13:33
  I'm
• 13:33
  yet
• 13:33
  to
• 13:33
  see
• 13:33
  in
• 13:34
  store.
• 13:35
  But
• 13:35
  I'm
• 13:35
  excited
• 13:35
  to
• 13:36
  hopefully
• 13:37
  see
• 13:37
  obviously
• 13:38
  the
• 13:38
  other
• 13:38
  bit
• 13:38
  they
• 13:39
  need
• 13:39
  to
• 13:39
  do
• 13:39
  is
• 13:39
  get
• 13:39
  their
• 13:39
  price
• 13:39
  inflation
• 13:40
  under
• 13:40
  control.
• 13:41
  And
• 13:41
  that's
• 13:41
  one
• 13:41
  thing
• 13:41
  they're
• 13:42
  not
• 13:42
  talking
• 13:42
  about
• 13:42
  yet.
• 13:43
  Right,
• 13:43
  right.
• 13:43
  And
• 13:44
  feels
• 13:44
  like
• 13:44
  every
• 13:44
  retailer's
• 13:45
  got
• 13:45
  that
• 13:45
  issue
• 13:45
  too
• 13:46
  to
• 13:46
  some
• 13:46
  degree.
• 13:47
  You
• 13:47
  know,
• 13:48
  the
• 13:48
  way
• 13:49
  I,
• 13:49
  I
• 13:50
  thought
• 13:50
  the.
• 13:50
  I,
• 13:51
  I
• 13:51
  really
• 13:51
  wanted
• 13:51
  to
• 13:51
  ask
• 13:52
  you
• 13:52
  that
• 13:52
  question
• 13:52
  to
• 13:52
  start
• 13:53
  because
• 13:53
  I
• 13:53
  think,
• 13:53
  you
• 13:53
  know,
• 13:54
  I
• 13:54
  think
• 13:54
  on
• 13:55
  the
• 13:55
  surface
• 13:56
  the
• 13:56
  idea
• 13:57
  sounds
• 13:57
  incongruent
• 13:58
  with
• 13:58
  the
• 13:58
  idea
• 13:58
  that
• 13:59
  you're
• 13:59
  going
• 13:59
  to
• 13:59
  invest
• 13:59
  in
• 14:00
  the
• 14:00
  third
• 14:00
  place
• 14:00
  because
• 14:01
  you
• 14:01
  know,
• 14:01
  generally
• 14:02
  speaking
• 14:02
  it's,
• 14:02
  especially
• 14:03
  in
• 14:03
  the
• 14:03
  US
• 14:03
  a
• 14:03
  typical
• 14:04
  footprint
• 14:04
  is
• 14:04
  bigger.
• 14:05
  It's,
• 14:05
  you
• 14:05
  know,
• 14:05
  it's
• 14:05
  got
• 14:06
  the
• 14:06
  atmosphere
• 14:06
  etc.
• 14:07
  But
• 14:08
  as
• 14:08
  I
• 14:08
  step
• 14:08
  back
• 14:09
  from
• 14:09
  it,
• 14:09
  I
• 14:09
  think
• 14:10
  that's
• 14:10
  okay
• 14:10
  because
• 14:11
  both
• 14:11
  things
• 14:11
  can
• 14:12
  be
• 14:12
  true.
• 14:13
  The
• 14:13
  existing
• 14:13
  store
• 14:14
  base
• 14:14
  can
• 14:14
  need
• 14:14
  a
• 14:14
  refresh
• 14:15
  and
• 14:15
  a,
• 14:15
  and
• 14:16
  also
• 14:16
  I
• 14:16
  might
• 14:17
  add
• 14:17
  a
• 14:17
  jolt
• 14:17
  of
• 14:17
  employee
• 14:18
  support
• 14:18
  and
• 14:18
  inspiration
• 14:19
  which
• 14:19
  is
• 14:20
  also
• 14:20
  a
• 14:20
  key
• 14:20
  piece
• 14:21
  of
• 14:21
  the
• 14:21
  Back
• 14:21
  to
• 14:21
  Starbucks
• 14:22
  plan
• 14:22
  that
• 14:23
  Nichols
• 14:24
  laid
• 14:24
  out.
• 14:24
  And
• 14:25
  then
• 14:25
  the
• 14:25
  second
• 14:25
  thing
• 14:25
  is
• 14:26
  longer
• 14:26
  term,
• 14:27
  Starbucks
• 14:27
  also
• 14:27
  potentially
• 14:28
  does
• 14:28
  need
• 14:29
  a
• 14:29
  new
• 14:29
  format
• 14:29
  to
• 14:30
  spread
• 14:30
  out
• 14:31
  operational
• 14:31
  demand
• 14:32
  as
• 14:32
  well
• 14:32
  as
• 14:33
  tap
• 14:33
  into
• 14:33
  new
• 14:33
  markets.
• 14:34
  Because
• 14:34
  the
• 14:34
  demand,
• 14:35
  especially
• 14:35
  with
• 14:35
  mobile
• 14:36
  order
• 14:36
  and
• 14:36
  drive
• 14:36
  Thru
• 14:37
  is
• 14:37
  just
• 14:37
  getting
• 14:37
  too
• 14:37
  high
• 14:38
  at
• 14:38
  many
• 14:38
  of
• 14:38
  these
• 14:38
  locations.
• 14:39
  But
• 14:40
  with
• 14:40
  that
• 14:40
  said
• 14:40
  Ben
• 14:41
  and
• 14:41
  I'm
• 14:41
  gonna
• 14:41
  let,
• 14:42
  let
• 14:42
  everyone
• 14:42
  in
• 14:42
  on
• 14:42
  a
• 14:43
  little
• 14:43
  inside
• 14:43
  baseball
• 14:44
  here.
• 14:44
  The
• 14:44
  thing
• 14:44
  that
• 14:45
  really
• 14:45
  frustrates
• 14:45
  me
• 14:46
  though
• 14:46
  is
• 14:47
  when
• 14:47
  he
• 14:47
  made,
• 14:47
  when
• 14:48
  he
• 14:48
  was
• 14:48
  touting
• 14:49
  the
• 14:50
  or
• 14:51
  I
• 14:51
  don't
• 14:51
  know
• 14:51
  if
• 14:51
  it's
• 14:51
  him
• 14:51
  or
• 14:52
  somebody
• 14:52
  else
• 14:52
  in
• 14:52
  their,
• 14:53
  in
• 14:53
  one
• 14:53
  of
• 14:53
  their
• 14:53
  reports
• 14:55
  the
• 14:55
  amount
• 14:55
  of
• 14:55
  delivery
• 14:56
  that
• 14:56
  they're
• 14:56
  doing.
• 14:57
  And
• 14:58
  I
• 14:58
  wrote
• 14:58
  an
• 14:58
  article
• 14:58
  for
• 14:59
  Forbes
• 14:59
  saying,
• 14:59
  well
• 14:59
  that's
• 14:59
  a
• 14:59
  testament
• 15:00
  to
• 15:00
  the
• 15:00
  fact
• 15:00
  that,
• 15:01
  you
• 15:01
  know,
• 15:01
  maybe
• 15:01
  you
• 15:01
  don't
• 15:02
  need
• 15:02
  that
• 15:02
  third
• 15:02
  place
• 15:02
  experience
• 15:03
  for
• 15:03
  the
• 15:03
  average
• 15:03
  star,
• 15:04
  for
• 15:04
  the
• 15:04
  average
• 15:05
  Starbucks
• 15:05
  customers.
• 15:05
  Maybe
• 15:06
  it's
• 15:06
  not
• 15:06
  that
• 15:06
  important
• 15:06
  when
• 15:07
  you
• 15:07
  see
• 15:07
  delivery
• 15:07
  growing
• 15:07
  the
• 15:08
  way
• 15:08
  that
• 15:08
  it
• 15:08
  is.
• 15:08
  But.
• 15:08
  And
• 15:09
  I
• 15:09
  immediately
• 15:09
  got
• 15:10
  a
• 15:10
  call
• 15:10
  from
• 15:10
  their
• 15:10
  comms
• 15:11
  team
• 15:11
  and
• 15:11
  I
• 15:11
  spent
• 15:12
  an
• 15:12
  hour,
• 15:12
  you
• 15:13
  know,
• 15:13
  on
• 15:13
  the
• 15:13
  phone
• 15:14
  with
• 15:14
  them
• 15:15
  debating.
• 15:16
  Basically
• 15:16
  my
• 15:16
  point
• 15:16
  was
• 15:17
  like
• 15:17
  okay,
• 15:17
  you
• 15:18
  can
• 15:18
  say
• 15:18
  you're
• 15:18
  always
• 15:19
  going
• 15:19
  to
• 15:19
  put
• 15:20
  chairs
• 15:21
  and
• 15:21
  seating
• 15:21
  in
• 15:22
  your
• 15:22
  cafes,
• 15:23
  but
• 15:23
  can't
• 15:23
  you
• 15:24
  just
• 15:24
  at
• 15:24
  least
• 15:24
  tell
• 15:24
  me
• 15:24
  you're
• 15:25
  leaving
• 15:25
  the
• 15:25
  option
• 15:25
  open
• 15:26
  to
• 15:26
  go
• 15:26
  down
• 15:26
  that
• 15:26
  road?
• 15:27
  And
• 15:27
  so
• 15:27
  this
• 15:28
  tells
• 15:28
  me
• 15:28
  that
• 15:28
  you
• 15:29
  probably
• 15:29
  still
• 15:29
  are
• 15:30
  hedging
• 15:30
  that
• 15:30
  way.
• 15:31
  Especially
• 15:31
  Ben,
• 15:32
  if
• 15:32
  you,
• 15:32
  as
• 15:33
  someone
• 15:33
  that
• 15:33
  follows
• 15:33
  this
• 15:33
  industry
• 15:34
  as
• 15:34
  closely
• 15:34
  as
• 15:34
  you
• 15:34
  do
• 15:35
  is,
• 15:35
  is
• 15:35
  also
• 15:35
  saying
• 15:35
  this
• 15:36
  sounds
• 15:36
  like
• 15:36
  a
• 15:36
  little
• 15:36
  bit
• 15:36
  of
• 15:36
  hype.
• 15:37
  You
• 15:37
  don't
• 15:37
  know
• 15:37
  what
• 15:37
  to
• 15:37
  believe
• 15:38
  and
• 15:38
  it's
• 15:38
  kind
• 15:38
  of
• 15:39
  X
• 15:39
  file
• 15:39
  ish
• 15:39
  as
• 15:40
  well.
• 15:40
  So
• 15:40
  I
• 15:40
  don't
• 15:41
  know.
• 15:41
  That's,
• 15:41
  that's
• 15:42
  the
• 15:42
  one
• 15:42
  just
• 15:42
  misgiving
• 15:43
  I
• 15:43
  have
• 15:43
  about
• 15:44
  this
• 15:44
  is
• 15:44
  like
• 15:44
  it
• 15:44
  doesn't,
• 15:45
  it
• 15:46
  doesn't
• 15:46
  feel
• 15:46
  like
• 15:46
  everything
• 15:47
  is
• 15:47
  being
• 15:47
  as
• 15:48
  transparent
• 15:48
  as
• 15:48
  it
• 15:49
  could
• 15:49
  be.
• 15:50
  But
• 15:50
  you
• 15:50
  know,
• 15:50
  time
• 15:50
  will
• 15:51
  tell.
• 15:51
  But
• 15:51
  do
• 15:51
  I
• 15:51
  think
• 15:51
  it's
• 15:52
  a
• 15:52
  bad
• 15:52
  strategy?
• 15:52
  I
• 15:52
  don't
• 15:53
  think
• 15:53
  I
• 15:53
  do.
• 15:53
  I
• 15:53
  think
• 15:53
  it's
• 15:54
  smart.
• 15:54
  But
• 15:55
  there
• 15:55
  are
• 15:55
  inconsistencies
• 15:56
  in
• 15:56
  the
• 15:56
  logic
• 15:56
  that
• 15:56
  are
• 15:57
  worth
• 15:57
  pointing
• 15:57
  out
• 15:57
  which
• 15:57
  is
• 15:58
  why,
• 15:58
  why,
• 15:59
  why
• 16:00
  we
• 16:00
  started
• 16:01
  Omnitalk
• 16:01
  to
• 16:01
  begin
• 16:02
  with
• 16:02
  was
• 16:02
  to
• 16:03
  call
• 16:03
  things
• 16:03
  out
• 16:03
  when
• 16:03
  things
• 16:04
  just
• 16:04
  aren't
• 16:04
  making
• 16:05
  sense
• 16:05
  and
• 16:05
  aren't
• 16:05
  lining
• 16:06
  up.
• 16:06
  But
• 16:06
  Ben,
• 16:07
  what
• 16:07
  do
• 16:07
  you
• 16:07
  think?
• 16:08
  Yeah,
• 16:08
  and
• 16:09
  I
• 16:09
  think
• 16:09
  that's
• 16:09
  where
• 16:09
  it's
• 16:09
  incredibly
• 16:10
  exciting.
• 16:11
  You
• 16:12
  can
• 16:12
  see
• 16:12
  the
• 16:12
  logic.
• 16:13
  Yeah,
• 16:14
  you
• 16:14
  can
• 16:14
  see
• 16:14
  the
• 16:14
  numbers.
• 16:15
  Look,
• 16:15
  all
• 16:15
  credit
• 16:15
  to
• 16:16
  Brian
• 16:16
  and
• 16:16
  the
• 16:16
  team.
• 16:16
  The
• 16:17
  comps
• 16:17
  are
• 16:17
  at
• 16:17
  plus
• 16:17
  4%
• 16:18
  having
• 16:18
  been
• 16:18
  at,
• 16:19
  you
• 16:19
  know,
• 16:20
  high
• 16:20
  single
• 16:21
  digit
• 16:21
  negatives
• 16:22
  before
• 16:22
  they
• 16:22
  joined.
• 16:23
  So
• 16:23
  yeah,
• 16:23
  the,
• 16:24
  the
• 16:24
  team
• 16:24
  are
• 16:24
  in,
• 16:25
  the
• 16:25
  team
• 16:25
  are
• 16:25
  improving,
• 16:26
  the
• 16:26
  in
• 16:26
  store
• 16:26
  standards
• 16:27
  are
• 16:27
  getting
• 16:27
  better
• 16:29
  and
• 16:29
  maybe
• 16:29
  they
• 16:30
  have
• 16:30
  as
• 16:30
  a
• 16:30
  team
• 16:30
  seen
• 16:31
  something
• 16:31
  to
• 16:31
  be
• 16:32
  able
• 16:32
  to
• 16:32
  drive
• 16:32
  some
• 16:33
  efficiencies
• 16:33
  out
• 16:33
  the
• 16:33
  back
• 16:34
  office
• 16:34
  and
• 16:34
  the
• 16:34
  way
• 16:34
  that
• 16:35
  they
• 16:35
  were.
• 16:35
  They've
• 16:35
  got,
• 16:36
  look,
• 16:36
  they've
• 16:36
  got
• 16:36
  an
• 16:36
  almost
• 16:37
  new
• 16:37
  executive
• 16:37
  team,
• 16:38
  they've
• 16:38
  got
• 16:38
  A
• 16:38
  new
• 16:38
  coo,
• 16:39
  they've
• 16:39
  got
• 16:39
  a
• 16:39
  new
• 16:39
  cmo.
• 16:40
  So
• 16:40
  maybe
• 16:41
  they've
• 16:41
  seen
• 16:41
  something.
• 16:42
  And
• 16:42
  then
• 16:42
  hopefully
• 16:43
  they'll
• 16:43
  invite
• 16:43
  the
• 16:43
  analyst
• 16:44
  community,
• 16:44
  we'll
• 16:44
  get
• 16:45
  to
• 16:45
  see
• 16:45
  these
• 16:45
  smaller
• 16:45
  stores
• 16:46
  and
• 16:46
  then
• 16:46
  you
• 16:46
  can
• 16:46
  see
• 16:47
  how
• 16:47
  they've
• 16:47
  pulled
• 16:47
  it
• 16:47
  off.
• 16:48
  It's
• 16:48
  just
• 16:48
  the
• 16:49
  unknown
• 16:50
  makes
• 16:51
  you
• 16:52
  curious
• 16:52
  at
• 16:53
  the
• 16:53
  moment.
• 16:54
  Yeah.
• 16:54
  To
• 16:54
  your
• 16:55
  point,
• 16:55
  with
• 16:55
  all
• 16:55
  those
• 16:55
  mobile
• 16:55
  orders
• 16:56
  coming
• 16:56
  in
• 16:56
  and
• 16:56
  drive
• 16:57
  through
• 16:57
  orders
• 16:57
  coming
• 16:57
  in,
• 16:57
  maybe
• 16:58
  you
• 16:58
  don't
• 16:58
  need
• 16:59
  as
• 16:59
  much
• 16:59
  seating
• 16:59
  space
• 17:00
  in
• 17:00
  the
• 17:00
  store
• 17:00
  too,
• 17:01
  you
• 17:01
  know,
• 17:01
  and
• 17:01
  you
• 17:01
  can
• 17:02
  still
• 17:02
  have
• 17:02
  a
• 17:02
  vision
• 17:02
  that
• 17:03
  still,
• 17:03
  that
• 17:04
  still
• 17:04
  complements
• 17:05
  the
• 17:05
  third
• 17:05
  place
• 17:05
  idea.
• 17:05
  Yeah,
• 17:06
  that's
• 17:06
  a
• 17:06
  great
• 17:06
  point.
• 17:07
  Yeah.
• 17:08
  Okay,
• 17:08
  Chris,
• 17:08
  let's
• 17:09
  move
• 17:09
  on.
• 17:09
  Let's
• 17:09
  move
• 17:09
  on
• 17:09
  to
• 17:09
  headline
• 17:10
  number
• 17:10
  two.
• 17:10
  And
• 17:11
  this
• 17:11
  headline
• 17:11
  is
• 17:11
  brought
• 17:12
  to
• 17:12
  you
• 17:12
  by
• 17:12
  Miracle,
• 17:13
  the
• 17:13
  catalyst
• 17:13
  of
• 17:14
  Commerce.
• 17:15
  Over
• 17:15
  450
• 17:16
  retailers
• 17:17
  are
• 17:17
  opening
• 17:17
  new
• 17:18
  revenue
• 17:18
  streams
• 17:18
  with
• 17:19
  marketplaces,
• 17:20
  dropship,
• 17:20
  retail
• 17:21
  media,
• 17:21
  and
• 17:22
  succeeding
• 17:23
  with
• 17:23
  Miracle,
• 17:24
  you
• 17:24
  can
• 17:24
  unlock
• 17:25
  more
• 17:25
  products,
• 17:25
  more
• 17:26
  partners,
• 17:26
  and
• 17:27
  more
• 17:27
  profit
• 17:28
  without
• 17:28
  the
• 17:28
  heavy
• 17:28
  lifting.
• 17:29
  So
• 17:29
  what
• 17:29
  is
• 17:30
  holding
• 17:30
  you
• 17:30
  back?
• 17:31
  Visit
• 17:31
  miracle.com
• 17:32
  to
• 17:33
  learn
• 17:33
  more.
• 17:34
  All
• 17:34
  right,
• 17:34
  Chris,
• 17:34
  headline
• 17:35
  number
• 17:35
  two.
• 17:35
  Target
• 17:36
  is
• 17:36
  to
• 17:36
  sponsor
• 17:37
  a
• 17:38
  first
• 17:38
  of
• 17:38
  a
• 17:38
  kind
• 17:39
  shoppable
• 17:40
  Bravo
• 17:41
  digital
• 17:42
  series.
• 17:43
  Okay.
• 17:43
  According
• 17:43
  to
• 17:44
  Chainsaw
• 17:44
  H,
• 17:45
  Target
• 17:45
  will
• 17:45
  be
• 17:46
  the
• 17:46
  exclusive
• 17:47
  retail
• 17:47
  sponsor
• 17:48
  of
• 17:48
  a
• 17:48
  digital
• 17:49
  series
• 17:50
  inspired
• 17:50
  by
• 17:51
  the
• 17:51
  format
• 17:51
  of
• 17:51
  Bravo's
• 17:52
  popular
• 17:52
  show,
• 17:53
  Watch
• 17:53
  what
• 17:53
  Happens
• 17:54
  Live
• 17:54
  with
• 17:54
  Andy
• 17:55
  Cohen.
• 17:56
  The
• 17:56
  series,
• 17:56
  titled
• 17:57
  Shop
• 17:58
  what
• 17:58
  Happens
• 17:59
  is
• 17:59
  a
• 17:59
  weekly
• 18:00
  summer
• 18:00
  theme
• 18:01
  series
• 18:01
  that
• 18:01
  brings
• 18:02
  together
• 18:02
  some
• 18:02
  of
• 18:02
  Bravo's
• 18:03
  best
• 18:03
  known
• 18:03
  figures
• 18:04
  for
• 18:04
  conversations,
• 18:05
  games
• 18:05
  and
• 18:06
  cultural
• 18:07
  commentary
• 18:08
  spanning
• 18:09
  fashion,
• 18:09
  entertainment,
• 18:11
  beauty,
• 18:11
  travel,
• 18:12
  swim
• 18:13
  and
• 18:13
  seasonal
• 18:14
  trends.
• 18:15
  QR
• 18:15
  codes
• 18:15
  will
• 18:16
  enable
• 18:16
  seamless
• 18:16
  shopping
• 18:17
  directly
• 18:17
  from
• 18:17
  Peacock
• 18:18
  on
• 18:18
  living
• 18:18
  room
• 18:19
  devices,
• 18:20
  while
• 18:20
  Text
• 18:21
  to
• 18:21
  Shop
• 18:21
  and
• 18:22
  Click
• 18:22
  to
• 18:22
  Shop
• 18:22
  functionality
• 18:23
  will
• 18:24
  allow
• 18:24
  fans
• 18:24
  to
• 18:24
  instantly
• 18:25
  shop
• 18:26
  the
• 18:26
  featured
• 18:27
  Target
• 18:27
  items
• 18:28
  they
• 18:28
  see
• 18:28
  across
• 18:29
  the
• 18:29
  PeaceRock
• 18:29
  mobile
• 18:30
  app,
• 18:30
  YouTube,
• 18:31
  TikTok
• 18:32
  and
• 18:32
  Instagram.
• 18:33
  So,
• 18:33
  Chris,
• 18:33
  this
• 18:34
  is
• 18:34
  also
• 18:34
  the
• 18:35
  A
• 18:35
  and
• 18:35
  M
• 18:35
  Put
• 18:35
  yout
• 18:35
  on
• 18:36
  the
• 18:36
  Spot
• 18:36
  question.
• 18:36
  It's
• 18:37
  one
• 18:37
  for
• 18:37
  you
• 18:37
  this
• 18:38
  week.
• 18:38
  And
• 18:38
  here
• 18:38
  it
• 18:38
  is.
• 18:39
  Okay,
• 18:40
  if
• 18:40
  entertainment
• 18:41
  and
• 18:42
  shopping
• 18:42
  keep
• 18:43
  merging,
• 18:44
  are
• 18:44
  retailers
• 18:45
  eventually
• 18:46
  competing
• 18:47
  less
• 18:48
  with
• 18:48
  each
• 18:48
  other
• 18:49
  and
• 18:50
  more
• 18:50
  with
• 18:50
  Netflix,
• 18:51
  TikTok
• 18:51
  and
• 18:52
  creators
• 18:52
  for
• 18:52
  attention?
• 18:54
  And
• 18:55
  what's
• 18:55
  the
• 18:55
  future
• 18:56
  scenario?
• 18:57
  That
• 18:57
  sounded
• 18:58
  ridiculous
• 18:58
  yesterday.
• 18:59
  Like
• 18:59
  that
• 19:00
  probably
• 19:00
  did.
• 19:01
  That
• 19:01
  could
• 19:02
  feel
• 19:02
  plausible
• 19:03
  tomorrow.
• 19:05
  Why?
• 19:05
  Why
• 19:06
  do
• 19:06
  I
• 19:06
  always.
• 19:06
  First
• 19:06
  of
• 19:07
  all,
• 19:07
  why
• 19:07
  do
• 19:07
  I
• 19:07
  always
• 19:07
  get
• 19:08
  these
• 19:08
  questions
• 19:09
  in
• 19:09
  the
• 19:09
  least
• 19:10
  opportune
• 19:10
  time
• 19:10
  for
• 19:11
  me?
• 19:11
  I'm
• 19:11
  like
• 19:11
  36
• 19:12
  hours
• 19:12
  after
• 19:12
  a
• 19:13
  stomach
• 19:13
  bug
• 19:13
  and
• 19:14
  I
• 19:14
  got
• 19:14
  to
• 19:14
  answer
• 19:14
  this
• 19:14
  question.
• 19:15
  Oh,
• 19:15
  my
• 19:15
  God.
• 19:16
  All
• 19:16
  right.
• 19:16
  But
• 19:16
  I
• 19:16
  do
• 19:16
  love
• 19:17
  the
• 19:17
  question
• 19:17
  because
• 19:17
  it's
• 19:18
  prediction.
• 19:18
  It's
• 19:18
  basically
• 19:18
  asking
• 19:19
  me
• 19:19
  to
• 19:19
  put
• 19:19
  my
• 19:19
  prediction
• 19:19
  hat
• 19:19
  on,
• 19:20
  which
• 19:20
  I
• 19:20
  absolutely
• 19:20
  love.
• 19:21
  That's
• 19:21
  a
• 19:21
  fun
• 19:22
  thing
• 19:22
  to
• 19:22
  do.
• 19:22
  And
• 19:22
  I'm
• 19:23
  guessing,
• 19:23
  Ben,
• 19:23
  that
• 19:23
  on
• 19:24
  this
• 19:24
  new,
• 19:24
  this
• 19:25
  new
• 19:25
  show,
• 19:25
  this
• 19:25
  new
• 19:26
  Bravo
• 19:26
  series
• 19:26
  there
• 19:27
  won't
• 19:27
  be
• 19:27
  a
• 19:27
  lot
• 19:27
  of
• 19:27
  replica
• 19:28
  tight
• 19:29
  fitting
• 19:29
  English
• 19:30
  jerseys
• 19:30
  that
• 19:30
  are
• 19:31
  being
• 19:31
  showcased
• 19:32
  on
• 19:32
  said
• 19:33
  program.
• 19:33
  At
• 19:33
  least,
• 19:34
  at
• 19:34
  least,
• 19:34
  let's
• 19:34
  hope
• 19:34
  not
• 19:35
  for
• 19:35
  the
• 19:35
  sake
• 19:35
  of
• 19:35
  fashion.
• 19:36
  But,
• 19:37
  but,
• 19:37
  but
• 19:37
  before
• 19:38
  I
• 19:38
  get
• 19:38
  to
• 19:38
  the
• 19:38
  headline,
• 19:38
  the
• 19:38
  other
• 19:38
  thing
• 19:39
  I
• 19:39
  do
• 19:39
  have
• 19:39
  to
• 19:39
  say
• 19:39
  is
• 19:40
  I
• 19:41
  think
• 19:41
  between
• 19:41
  this
• 19:41
  headline
• 19:42
  and
• 19:42
  we
• 19:42
  can
• 19:42
  go
• 19:42
  into
• 19:43
  this
• 19:43
  too
• 19:43
  if
• 19:44
  you
• 19:44
  know,
• 19:44
  depending
• 19:44
  on
• 19:45
  where
• 19:45
  the
• 19:45
  discussion
• 19:45
  takes
• 19:45
  us.
• 19:46
  But
• 19:46
  between
• 19:46
  this
• 19:46
  headline,
• 19:48
  because
• 19:48
  I
• 19:48
  don't
• 19:48
  think
• 19:48
  this
• 19:48
  headline's
• 19:49
  that
• 19:49
  cool.
• 19:49
  I
• 19:49
  think
• 19:49
  it's
• 19:49
  kind
• 19:50
  of
• 19:50
  like,
• 19:50
  okay,
• 19:50
  yeah,
• 19:51
  not
• 19:51
  surprised
• 19:51
  you're
• 19:52
  doing
• 19:52
  this.
• 19:52
  The
• 19:53
  first
• 19:53
  of
• 19:53
  its
• 19:53
  kind
• 19:53
  is
• 19:53
  a
• 19:54
  little
• 19:54
  bit
• 19:54
  pitchy
• 19:55
  in
• 19:55
  some
• 19:55
  ways.
• 19:56
  And
• 19:56
  the
• 19:57
  fact
• 19:57
  that
• 19:57
  they
• 19:57
  just,
• 19:57
  the
• 19:58
  Target
• 19:58
  just
• 19:58
  went
• 19:58
  back
• 19:59
  to
• 19:59
  the
• 19:59
  Isaac
• 19:59
  Mizrahi
• 20:00
  well
• 20:01
  tells
• 20:01
  me
• 20:01
  that
• 20:02
  there
• 20:02
  is
• 20:02
  no
• 20:02
  clearer
• 20:03
  sign
• 20:04
  of
• 20:04
  a
• 20:04
  company
• 20:05
  needing
• 20:05
  a
• 20:06
  new
• 20:07
  chief
• 20:07
  Marketing
• 20:07
  officer.
• 20:08
  Not
• 20:08
  even
• 20:08
  a
• 20:08
  new
• 20:08
  one
• 20:09
  needing
• 20:09
  to
• 20:10
  place
• 20:10
  one.
• 20:11
  They
• 20:11
  haven't
• 20:11
  had
• 20:11
  one
• 20:12
  for
• 20:12
  a
• 20:12
  considerable
• 20:13
  amount
• 20:13
  of
• 20:13
  time
• 20:14
  than,
• 20:14
  than
• 20:14
  Target.
• 20:15
  Like
• 20:15
  they're
• 20:15
  desperately
• 20:16
  in
• 20:16
  need
• 20:16
  of
• 20:16
  that.
• 20:17
  Because
• 20:17
  I
• 20:17
  just,
• 20:17
  I
• 20:17
  can't
• 20:18
  get
• 20:18
  my
• 20:18
  head
• 20:18
  around,
• 20:19
  you
• 20:19
  know,
• 20:20
  promoting
• 20:21
  this
• 20:21
  move
• 20:21
  and
• 20:21
  then
• 20:21
  also,
• 20:22
  you
• 20:22
  know,
• 20:22
  the
• 20:23
  going
• 20:23
  back
• 20:23
  to
• 20:24
  the
• 20:24
  retread
• 20:24
  that
• 20:24
  was,
• 20:25
  you
• 20:25
  know,
• 20:25
  last
• 20:25
  popular
• 20:26
  back
• 20:26
  in
• 20:26
  2005.
• 20:27
  But
• 20:27
  with
• 20:27
  that
• 20:28
  said,
• 20:28
  I
• 20:28
  just
• 20:28
  had
• 20:28
  to
• 20:29
  get
• 20:29
  that
• 20:29
  off
• 20:29
  my
• 20:29
  chest.
• 20:29
  Ben,
• 20:31
  I
• 20:32
  think,
• 20:32
  you
• 20:32
  know,
• 20:33
  I,
• 20:33
  I
• 20:33
  think,
• 20:34
  I
• 20:34
  think
• 20:34
  this,
• 20:35
  this,
• 20:35
  this
• 20:36
  is,
• 20:37
  I
• 20:37
  don't
• 20:37
  see
• 20:38
  this
• 20:38
  idea
• 20:39
  in
• 20:39
  terms
• 20:39
  of
• 20:39
  what
• 20:39
  A
• 20:40
  and
• 20:40
  M
• 20:40
  is
• 20:40
  talking
• 20:40
  about.
• 20:41
  I
• 20:42
  don't
• 20:42
  see
• 20:42
  when
• 20:42
  I
• 20:43
  step
• 20:43
  back
• 20:43
  from
• 20:43
  everything,
• 20:44
  I
• 20:44
  don't
• 20:44
  see
• 20:44
  what's
• 20:44
  going
• 20:45
  on
• 20:45
  here
• 20:46
  at
• 20:46
  an
• 20:47
  industry
• 20:47
  wide
• 20:48
  level
• 20:48
  as
• 20:48
  revolutionary.
• 20:49
  I
• 20:50
  see
• 20:50
  it
• 20:50
  all
• 20:50
  as
• 20:50
  just
• 20:51
  a
• 20:51
  new
• 20:51
  form
• 20:51
  of
• 20:52
  television
• 20:53
  and
• 20:53
  where
• 20:54
  we
• 20:54
  as
• 20:54
  consumers
• 20:54
  get
• 20:55
  advertising.
• 20:56
  Retailers,
• 20:57
  retailers
• 20:57
  have
• 20:57
  always
• 20:58
  competed
• 20:58
  for
• 20:58
  attention.
• 20:59
  That's
• 20:59
  not
• 21:00
  new
• 21:00
  and
• 21:01
  that's
• 21:01
  kind
• 21:01
  of
• 21:01
  stated
• 21:01
  in
• 21:01
  the
• 21:02
  A
• 21:02
  and
• 21:02
  M
• 21:02
  Put
• 21:02
  yout
• 21:02
  on
• 21:02
  the
• 21:02
  Spot
• 21:03
  question.
• 21:03
  So,
• 21:03
  but
• 21:04
  like
• 21:04
  it's
• 21:04
  not
• 21:04
  new
• 21:04
  and
• 21:05
  is
• 21:05
  the
• 21:05
  competition
• 21:06
  any
• 21:06
  greater
• 21:06
  than
• 21:07
  it
• 21:07
  was
• 21:07
  in
• 21:07
  the
• 21:07
  days
• 21:07
  of
• 21:08
  cbs,
• 21:08
  abc,
• 21:09
  NBC,
• 21:10
  even
• 21:10
  the
• 21:10
  BBC
• 21:11
  where
• 21:11
  you're
• 21:11
  from?
• 21:11
  Ben,
• 21:12
  I,
• 21:13
  I
• 21:13
  doubt
• 21:13
  it.
• 21:13
  And
• 21:14
  it's,
• 21:14
  it's
• 21:14
  probably
• 21:15
  even
• 21:15
  less
• 21:15
  competitive
• 21:16
  if
• 21:16
  you
• 21:16
  think
• 21:17
  about
• 21:17
  it.
• 21:17
  So
• 21:18
  where
• 21:18
  the
• 21:18
  money
• 21:18
  is
• 21:19
  going
• 21:19
  to
• 21:19
  be
• 21:19
  made
• 21:19
  is
• 21:20
  in
• 21:20
  who
• 21:20
  can
• 21:21
  control
• 21:22
  or
• 21:22
  who
• 21:22
  can
• 21:22
  acquire
• 21:23
  both.
• 21:23
  Both
• 21:24
  the
• 21:24
  distribution
• 21:25
  and
• 21:25
  the
• 21:26
  product.
• 21:26
  So
• 21:27
  we
• 21:27
  already
• 21:27
  know
• 21:27
  Amazon
• 21:28
  has
• 21:28
  this
• 21:28
  right.
• 21:29
  Amazon
• 21:29
  has
• 21:29
  a
• 21:29
  leg
• 21:30
  up.
• 21:30
  Walmart
• 21:31
  bought
• 21:31
  Vizio.
• 21:32
  Why
• 21:32
  Target?
• 21:33
  Just
• 21:34
  to
• 21:34
  go
• 21:34
  back
• 21:34
  to
• 21:34
  this,
• 21:34
  since
• 21:34
  Target's
• 21:35
  the
• 21:35
  headline,
• 21:35
  why
• 21:36
  they
• 21:36
  didn't
• 21:36
  ever
• 21:36
  lever
• 21:36
  up
• 21:37
  and
• 21:37
  buy
• 21:37
  TikTok
• 21:38
  or
• 21:38
  even
• 21:38
  make
• 21:38
  a
• 21:38
  play
• 21:38
  for
• 21:39
  TikTok
• 21:39
  publicly
• 21:40
  is
• 21:40
  beyond
• 21:41
  me.
• 21:41
  Just
• 21:41
  even
• 21:41
  get
• 21:41
  some
• 21:42
  cachet
• 21:42
  for
• 21:42
  the
• 21:42
  brand.
• 21:43
  But
• 21:44
  you
• 21:44
  know,
• 21:44
  to
• 21:44
  me,
• 21:45
  if
• 21:45
  I
• 21:45
  had
• 21:45
  to
• 21:45
  step
• 21:45
  back
• 21:46
  and
• 21:46
  Think
• 21:46
  about
• 21:46
  what's
• 21:47
  out
• 21:47
  there
• 21:47
  that
• 21:47
  I'm
• 21:47
  not
• 21:48
  seeing
• 21:48
  around
• 21:48
  the
• 21:48
  corner.
• 21:49
  I
• 21:49
  think
• 21:49
  YouTube.
• 21:50
  YouTube
• 21:50
  seems
• 21:51
  like
• 21:51
  the
• 21:51
  platform
• 21:52
  with
• 21:52
  all
• 21:52
  the
• 21:52
  AI
• 21:53
  enhancements
• 21:53
  that
• 21:53
  Google's
• 21:54
  putting
• 21:54
  towards
• 21:54
  things
• 21:55
  with
• 21:55
  additional
• 21:56
  partnerships
• 21:56
  that
• 21:57
  could
• 21:57
  come
• 21:57
  into
• 21:57
  play
• 21:58
  to
• 21:58
  unlock
• 21:59
  something
• 21:59
  new
• 21:59
  and
• 21:59
  interesting.
• 22:00
  Like
• 22:00
  my
• 22:00
  brain
• 22:00
  got
• 22:01
  thinking
• 22:01
  about
• 22:01
  this
• 22:01
  like
• 22:02
  you
• 22:02
  know,
• 22:02
  or
• 22:02
  is
• 22:02
  getting
• 22:03
  thinking
• 22:03
  about
• 22:03
  this
• 22:03
  like,
• 22:03
  you
• 22:04
  know,
• 22:04
  is
• 22:04
  there
• 22:04
  an
• 22:04
  exclusive
• 22:05
  distribution
• 22:05
  partner
• 22:06
  for
• 22:06
  YouTube,
• 22:07
  you
• 22:07
  know,
• 22:07
  so
• 22:07
  you
• 22:07
  can
• 22:07
  have
• 22:07
  the
• 22:08
  confidence
• 22:09
  in
• 22:09
  getting
• 22:09
  the
• 22:10
  products
• 22:10
  you
• 22:10
  want
• 22:10
  on
• 22:11
  time
• 22:11
  with
• 22:11
  the
• 22:11
  return
• 22:12
  policies
• 22:12
  that
• 22:12
  you
• 22:13
  want.
• 22:13
  I
• 22:13
  mean
• 22:13
  those
• 22:14
  are
• 22:14
  the
• 22:14
  ideas
• 22:14
  that
• 22:14
  I
• 22:14
  think
• 22:15
  haven't
• 22:15
  been
• 22:15
  explored
• 22:16
  yet.
• 22:17
  Where
• 22:17
  commerce
• 22:18
  and
• 22:19
  you
• 22:19
  know,
• 22:19
  media
• 22:20
  attention
• 22:20
  capture
• 22:21
  start
• 22:21
  coming
• 22:22
  together.
• 22:22
  That's
• 22:23
  the
• 22:23
  best
• 22:23
  way
• 22:23
  I
• 22:23
  can
• 22:23
  answer
• 22:23
  this
• 22:24
  question
• 22:24
  at
• 22:24
  this
• 22:24
  point
• 22:25
  in
• 22:25
  time.
• 22:25
  But
• 22:25
  what
• 22:25
  do
• 22:26
  you
• 22:26
  think?
• 22:26
  I'm
• 22:26
  curious.
• 22:26
  Where
• 22:26
  does
• 22:27
  your
• 22:27
  head
• 22:27
  go
• 22:27
  in
• 22:27
  answering
• 22:27
  the
• 22:28
  A
• 22:28
  and
• 22:28
  M
• 22:28
  put
• 22:28
  you
• 22:29
  on
• 22:29
  the
• 22:29
  spot
• 22:29
  question
• 22:29
  this
• 22:30
  week,
• 22:30
  Ben?
• 22:31
  Yeah,
• 22:31
  I
• 22:32
  love
• 22:32
  the
• 22:32
  fact
• 22:32
  we're
• 22:33
  talking
• 22:33
  about
• 22:33
  it
• 22:33
  this
• 22:33
  week
• 22:34
  because
• 22:34
  it
• 22:34
  feels
• 22:34
  a
• 22:34
  bit
• 22:34
  like
• 22:35
  a
• 22:35
  primer
• 22:35
  ahead
• 22:35
  of
• 22:36
  can
• 22:36
  and
• 22:36
  the
• 22:36
  Festival
• 22:37
  of
• 22:37
  Creativity
• 22:38
  next
• 22:38
  week.
• 22:39
  So
• 22:39
  you
• 22:39
  know
• 22:40
  our
• 22:40
  news
• 22:41
  feeds,
• 22:41
  our
• 22:41
  in
• 22:42
  our
• 22:43
  LinkedIn
• 22:43
  is
• 22:44
  going
• 22:44
  to
• 22:44
  be
• 22:44
  full
• 22:45
  of
• 22:46
  announcements
• 22:47
  from
• 22:47
  CAD
• 22:48
  and,
• 22:48
  and
• 22:48
  I
• 22:48
  think
• 22:48
  that's
• 22:49
  becoming
• 22:49
  increasingly
• 22:50
  the
• 22:50
  place
• 22:50
  where
• 22:51
  advertisers
• 22:52
  and
• 22:52
  creatives
• 22:52
  meet.
• 22:54
  Just
• 22:54
  today
• 22:54
  I
• 22:55
  was
• 22:55
  reading
• 22:55
  that
• 22:55
  Albertons
• 22:56
  Media
• 22:56
  Creative
• 22:57
  have
• 22:57
  been
• 22:57
  working
• 22:57
  with
• 22:58
  P
• 22:58
  and
• 22:58
  G
• 22:59
  to,
• 22:59
  to
• 22:59
  look
• 22:59
  at
• 23:00
  kind
• 23:00
  of
• 23:00
  shortfall
• 23:01
  entertainment
• 23:02
  that
• 23:03
  is
• 23:03
  then.
• 23:03
  I
• 23:03
  mean
• 23:04
  it
• 23:04
  doesn't
• 23:04
  sound
• 23:05
  hugely
• 23:05
  different
• 23:05
  to
• 23:05
  Walmart's
• 23:06
  at
• 23:06
  to
• 23:06
  heart
• 23:07
  and
• 23:07
  you
• 23:07
  know
• 23:08
  that
• 23:08
  died
• 23:08
  a
• 23:08
  pretty
• 23:09
  quick
• 23:09
  death
• 23:09
  so.
• 23:10
  But,
• 23:11
  but
• 23:11
  they're
• 23:11
  going
• 23:11
  to
• 23:11
  bring
• 23:11
  that
• 23:12
  into
• 23:12
  the
• 23:12
  in
• 23:12
  store
• 23:12
  environment
• 23:14
  and
• 23:14
  they're
• 23:14
  working
• 23:14
  with
• 23:15
  a
• 23:15
  brand
• 23:15
  so
• 23:15
  I
• 23:16
  think,
• 23:16
  I
• 23:16
  think
• 23:16
  we're
• 23:16
  going
• 23:16
  to
• 23:17
  look,
• 23:17
  we're
• 23:17
  going
• 23:17
  to
• 23:17
  see
• 23:17
  a
• 23:18
  whole
• 23:19
  stream
• 23:20
  of
• 23:20
  these
• 23:20
  sorts
• 23:21
  of
• 23:21
  news
• 23:21
  over
• 23:21
  the
• 23:22
  next
• 23:23
  7,
• 23:24
  10,
• 23:24
  14
• 23:25
  days
• 23:27
  and,
• 23:27
  and
• 23:28
  they're
• 23:29
  really
• 23:29
  hard
• 23:29
  to
• 23:29
  judge
• 23:30
  creatives
• 23:31
  if
• 23:31
  you
• 23:31
  haven't
• 23:32
  actually
• 23:32
  seen
• 23:32
  the
• 23:32
  output
• 23:33
  because
• 23:34
  trying
• 23:34
  to
• 23:34
  describe
• 23:35
  a
• 23:35
  creative
• 23:35
  idea
• 23:35
  on
• 23:35
  paper
• 23:36
  you
• 23:36
  don't
• 23:37
  quite
• 23:37
  know.
• 23:38
  I
• 23:38
  think
• 23:38
  the
• 23:38
  difference
• 23:39
  here
• 23:39
  is,.
• 23:41
  You.
• 23:42
  Know,
• 23:42
  for
• 23:42
  this,
• 23:43
  this
• 23:44
  new
• 23:44
  initiative
• 23:45
  from,
• 23:45
  from
• 23:46
  Target
• 23:47
  you
• 23:48
  can
• 23:48
  see
• 23:48
  what
• 23:48
  it
• 23:48
  is.
• 23:49
  The
• 23:49
  first,
• 23:49
  the
• 23:50
  first
• 23:50
  episode
• 23:50
  is
• 23:50
  live.
• 23:51
  So
• 23:52
  I
• 23:52
  watched
• 23:52
  that
• 23:53
  as
• 23:53
  well
• 23:53
  this
• 23:53
  afternoon.
• 23:54
  Um,
• 23:54
  so
• 23:55
  I,
• 23:55
  so
• 23:55
  I
• 23:56
  came
• 23:56
  to.
• 23:56
  So,
• 23:56
  so
• 23:56
  the
• 23:56
  first
• 23:57
  realization
• 23:57
  I
• 23:57
  really
• 23:57
  quickly
• 23:58
  came
• 23:58
  to
• 23:58
  was
• 23:59
  I,
• 23:59
  I
• 24:00
  am
• 24:00
  not
• 24:00
  into
• 24:00
  Target
• 24:00
  market
• 24:01
  Chris.
• 24:03
  Right.
• 24:04
  Without
• 24:04
  a
• 24:04
  doubt.
• 24:05
  No,
• 24:05
  it
• 24:05
  really
• 24:06
  wasn't
• 24:07
  the
• 24:07
  Starbucks
• 24:08
  analyst
• 24:08
  presentation
• 24:09
  I
• 24:09
  can
• 24:10
  assure
• 24:10
  you
• 24:10
  with
• 24:10
  that.
• 24:12
  I
• 24:13
  wanted
• 24:13
  to
• 24:14
  be
• 24:14
  intrigued
• 24:15
  and
• 24:15
  to
• 24:15
  like
• 24:15
  it.
• 24:15
  It
• 24:16
  was,
• 24:19
  it
• 24:19
  was
• 24:19
  sort
• 24:19
  of
• 24:19
  like
• 24:20
  the
• 24:20
  ghost
• 24:20
  of
• 24:21
  QVC
• 24:21
  meets
• 24:22
  reality
• 24:22
  tv.
• 24:24
  It
• 24:24
  wasn't
• 24:25
  great.
• 24:26
  But
• 24:26
  then
• 24:26
  I'm
• 24:27
  not
• 24:27
  the
• 24:27
  shopper
• 24:28
  it
• 24:28
  was
• 24:28
  celebrity
• 24:29
  content
• 24:30
  with
• 24:31
  a
• 24:31
  few.
• 24:32
  And
• 24:32
  would
• 24:32
  you
• 24:32
  like
• 24:32
  to
• 24:32
  buy
• 24:33
  this
• 24:34
  fitted
• 24:34
  in.
• 24:34
  So
• 24:35
  it
• 24:35
  didn't
• 24:35
  have
• 24:36
  the
• 24:36
  shop
• 24:37
  the
• 24:37
  look
• 24:37
  of
• 24:38
  something
• 24:38
  like,
• 24:39
  you
• 24:39
  know,
• 24:39
  like
• 24:39
  to
• 24:39
  know
• 24:40
  it,
• 24:40
  which
• 24:40
  is
• 24:40
  really
• 24:40
  established.
• 24:41
  You
• 24:41
  can,
• 24:41
  you
• 24:42
  can
• 24:42
  buy
• 24:42
  from
• 24:43
  your
• 24:43
  favorite
• 24:43
  creators
• 24:43
  or
• 24:44
  influencers
• 24:44
  there.
• 24:45
  It
• 24:45
  was
• 24:45
  much
• 24:45
  more
• 24:45
  promoting
• 24:46
  the
• 24:47
  Bravo
• 24:47
  celebrities
• 24:48
  and
• 24:48
  their
• 24:48
  series
• 24:49
  is
• 24:49
  with
• 24:49
  a
• 24:49
  few
• 24:49
  products
• 24:50
  thrown
• 24:50
  in.
• 24:50
  So,
• 24:51
  you
• 24:51
  know,
• 24:51
  look,
• 24:52
  I
• 24:53
  didn't
• 24:53
  love
• 24:53
  it
• 24:53
  as
• 24:54
  a
• 24:54
  piece
• 24:54
  of
• 24:54
  creative
• 24:55
  and
• 24:55
  I
• 24:55
  think
• 24:55
  it
• 24:57
  much
• 24:57
  more
• 24:57
  takes
• 24:57
  me
• 24:58
  back
• 24:58
  to
• 24:58
  the
• 24:59
  conversation
• 24:59
  where
• 24:59
  you
• 24:59
  started
• 25:00
  on
• 25:01
  Target.
• 25:01
  And
• 25:02
  I
• 25:03
  think
• 25:03
  for
• 25:03
  me,
• 25:03
  when
• 25:04
  I
• 25:04
  look
• 25:04
  at
• 25:04
  Target,
• 25:04
  I
• 25:05
  look
• 25:05
  at
• 25:06
  three
• 25:06
  things
• 25:06
  that
• 25:07
  I
• 25:07
  think
• 25:07
  they
• 25:07
  should
• 25:07
  be
• 25:07
  working
• 25:08
  on.
• 25:09
  Number
• 25:09
  one
• 25:10
  is
• 25:11
  the
• 25:12
  install
• 25:12
  standards,
• 25:14
  the
• 25:14
  supply
• 25:15
  chain
• 25:15
  to
• 25:15
  drive
• 25:16
  the
• 25:16
  availability
• 25:17
  and
• 25:17
  the
• 25:17
  team
• 25:18
  being
• 25:18
  motivated
• 25:18
  behind
• 25:19
  it.
• 25:19
  And
• 25:19
  that's
• 25:20
  the
• 25:20
  first
• 25:20
  one
• 25:20
  to
• 25:20
  give
• 25:20
  Fidelkin
• 25:21
  the
• 25:21
  team
• 25:21
  some
• 25:21
  credit.
• 25:22
  We've
• 25:22
  seen
• 25:22
  improvements
• 25:23
  on
• 25:23
  that
• 25:23
  over
• 25:23
  the
• 25:23
  last.
• 25:23
  The
• 25:24
  last
• 25:24
  six
• 25:24
  months
• 25:24
  and
• 25:24
  the
• 25:25
  latest
• 25:25
  results
• 25:25
  show,
• 25:26
  you
• 25:26
  know,
• 25:26
  a
• 25:27
  ways
• 25:27
  to
• 25:27
  go.
• 25:27
  But.
• 25:28
  But
• 25:28
  we've
• 25:28
  seen
• 25:29
  some
• 25:29
  stuff.
• 25:30
  The
• 25:30
  second
• 25:30
  bit,
• 25:31
  and
• 25:31
  as
• 25:31
  you
• 25:31
  just
• 25:32
  talk
• 25:32
  towards
• 25:32
  that
• 25:32
  is,
• 25:33
  is
• 25:33
  the
• 25:33
  merchants,
• 25:33
  is
• 25:34
  the
• 25:34
  merchandising,
• 25:35
  is
• 25:35
  these
• 25:35
  exciting
• 25:36
  products
• 25:36
  that
• 25:36
  you
• 25:36
  want
• 25:37
  coming
• 25:37
  in.
• 25:37
  And
• 25:37
  I
• 25:37
  think
• 25:37
  there's
• 25:38
  some
• 25:38
  ways
• 25:38
  to
• 25:38
  go
• 25:38
  on
• 25:38
  that.
• 25:39
  And
• 25:39
  then
• 25:39
  the
• 25:40
  third
• 25:40
  is
• 25:41
  brand
• 25:41
  and
• 25:42
  storytelling.
• 25:43
  Right.
• 25:44
  And
• 25:44
  this
• 25:44
  is
• 25:44
  where,
• 25:45
  if
• 25:45
  you
• 25:45
  look
• 25:45
  at
• 25:45
  what
• 25:46
  Richard
• 25:46
  Dixon
• 25:46
  has
• 25:47
  done
• 25:47
  with
• 25:47
  Gap,
• 25:48
  got
• 25:48
  the
• 25:49
  excitement
• 25:50
  back
• 25:50
  into
• 25:50
  that
• 25:51
  brand
• 25:52
  through
• 25:53
  fantastic
• 25:53
  creative,
• 25:54
  through
• 25:54
  great
• 25:55
  use
• 25:55
  of
• 25:55
  media
• 25:55
  and
• 25:56
  entertainment
• 25:56
  and
• 25:57
  through
• 25:57
  telling
• 25:57
  stories.
• 25:58
  And
• 25:58
  when
• 25:58
  Target
• 25:59
  at
• 25:59
  his
• 25:59
  best,
• 25:59
  it
• 26:00
  does
• 26:00
  the
• 26:00
  same.
• 26:01
  And
• 26:02
  this
• 26:03
  activation
• 26:04
  is
• 26:04
  not
• 26:04
  that.
• 26:05
  And
• 26:05
  I
• 26:05
  would
• 26:05
  much
• 26:06
  rather
• 26:06
  see
• 26:06
  them
• 26:06
  investing
• 26:07
  in
• 26:07
  building
• 26:08
  that
• 26:08
  cachet
• 26:09
  for
• 26:09
  the
• 26:09
  brand
• 26:09
  again.
• 26:10
  Yeah,
• 26:11
  it's
• 26:12
  really
• 26:12
  great
• 26:12
  to
• 26:12
  hear
• 26:12
  you
• 26:12
  say
• 26:12
  that.
• 26:13
  And
• 26:13
  I'm
• 26:14
  kind
• 26:14
  of
• 26:14
  fortuitous
• 26:15
  that
• 26:15
  I
• 26:15
  luckily
• 26:15
  had
• 26:15
  you
• 26:16
  on
• 26:16
  the
• 26:16
  show
• 26:16
  this
• 26:16
  week
• 26:16
  too
• 26:17
  because,
• 26:17
  like,
• 26:17
  you
• 26:18
  know,
• 26:18
  it's
• 26:19
  interesting
• 26:19
  to
• 26:19
  hear
• 26:19
  someone
• 26:19
  aligned
• 26:20
  with,
• 26:20
  you
• 26:21
  know,
• 26:21
  the
• 26:21
  thinking
• 26:21
  around
• 26:21
  Target,
• 26:22
  particularly
• 26:22
  on
• 26:23
  the
• 26:23
  branding
• 26:23
  side,
• 26:23
  because,
• 26:24
  yeah,
• 26:24
  when
• 26:24
  I
• 26:25
  listen
• 26:25
  to
• 26:25
  you
• 26:25
  describe
• 26:26
  the
• 26:26
  experience
• 26:27
  to
• 26:27
  me
• 26:28
  with
• 26:28
  the
• 26:28
  merchant
• 26:28
  hat,
• 26:29
  that
• 26:29
  sounds.
• 26:30
  That
• 26:30
  sounds
• 26:31
  to
• 26:31
  me
• 26:31
  just
• 26:31
  like
• 26:31
  when
• 26:31
  we
• 26:32
  would
• 26:32
  try
• 26:32
  to
• 26:32
  pitch
• 26:33
  getting
• 26:33
  my
• 26:34
  beach
• 26:34
  towels
• 26:34
  on
• 26:35
  Oprah's
• 26:35
  Favorite
• 26:35
  things
• 26:36
  back
• 26:36
  in
• 26:36
  2007.
• 26:37
  It's
• 26:38
  a
• 26:38
  really
• 26:38
  hard
• 26:39
  way
• 26:40
  to
• 26:40
  make
• 26:40
  money
• 26:41
  consistently
• 26:41
  over
• 26:41
  time
• 26:42
  because
• 26:42
  people
• 26:42
  will
• 26:43
  get
• 26:43
  bored
• 26:43
  of
• 26:44
  being
• 26:44
  pitched
• 26:44
  to
• 26:44
  with
• 26:45
  that
• 26:45
  type
• 26:45
  of.
• 26:46
  With
• 26:46
  that
• 26:47
  type
• 26:47
  of
• 26:47
  theater,
• 26:48
  as
• 26:48
  you
• 26:48
  described
• 26:49
  it
• 26:49
  to
• 26:49
  me,
• 26:49
  Ben.
• 26:50
  And
• 26:50
  so
• 26:50
  that's
• 26:51
  why
• 26:51
  I
• 26:51
  think,
• 26:51
  like,
• 26:51
  you've
• 26:52
  got
• 26:52
  to
• 26:52
  work
• 26:52
  harder
• 26:52
  like
• 26:53
  you
• 26:53
  could.
• 26:53
  And
• 26:54
  this
• 26:54
  isn't
• 26:54
  cheap.
• 26:55
  I
• 26:55
  gotta
• 26:55
  think
• 26:55
  doing
• 26:56
  a
• 26:56
  program
• 26:56
  like
• 26:56
  this
• 26:56
  is
• 26:56
  not
• 26:57
  cheap.
• 26:57
  You're
• 26:58
  probably
• 26:58
  better
• 26:58
  off
• 26:58
  giving
• 26:59
  more
• 26:59
  incentives
• 26:59
  to
• 27:00
  the
• 27:00
  average
• 27:00
  influencer
• 27:01
  to
• 27:01
  just
• 27:01
  come
• 27:01
  into
• 27:01
  your
• 27:02
  store
• 27:02
  and
• 27:03
  promote
• 27:03
  your
• 27:03
  products.
• 27:04
  But
• 27:04
  that
• 27:04
  starts
• 27:04
  with
• 27:05
  having
• 27:05
  great
• 27:05
  products
• 27:05
  on
• 27:05
  your
• 27:06
  shelves
• 27:06
  that
• 27:06
  you
• 27:06
  want
• 27:06
  to
• 27:06
  promote
• 27:07
  and
• 27:07
  then
• 27:07
  making
• 27:08
  it
• 27:08
  easier
• 27:08
  for
• 27:08
  people
• 27:08
  to
• 27:09
  buy
• 27:09
  them
• 27:09
  at
• 27:09
  the
• 27:09
  end
• 27:09
  of
• 27:10
  the
• 27:10
  day
• 27:10
  through
• 27:10
  a
• 27:11
  very
• 27:11
  seamless
• 27:12
  inspiration.
• 27:13
  Discover
• 27:14
  process
• 27:14
  to
• 27:15
  buy
• 27:15
  process
• 27:16
  too,
• 27:16
  which
• 27:16
  is
• 27:16
  also
• 27:17
  something
• 27:17
  Target,
• 27:17
  you
• 27:18
  know,
• 27:18
  needs
• 27:18
  to
• 27:18
  work
• 27:18
  on.
• 27:19
  So,
• 27:19
  so,
• 27:19
  yeah,
• 27:20
  so
• 27:20
  I
• 27:20
  think
• 27:20
  that's,
• 27:21
  I,
• 27:21
  I
• 27:22
  100%
• 27:22
  agree
• 27:22
  with
• 27:23
  you
• 27:23
  and
• 27:23
  I
• 27:23
  thought
• 27:23
  you
• 27:23
  articulated
• 27:24
  that
• 27:24
  one
• 27:24
  really
• 27:24
  well.
• 27:25
  Thank
• 27:25
  you.
• 27:26
  All
• 27:26
  right,
• 27:26
  Headline
• 27:27
  number
• 27:27
  three
• 27:27
  is
• 27:28
  brought
• 27:28
  to
• 27:28
  you
• 27:28
  of
• 27:28
  course,
• 27:28
  by
• 27:29
  Corso.
• 27:30
  Your
• 27:30
  stores
• 27:30
  are
• 27:30
  full
• 27:31
  of
• 27:31
  data,
• 27:31
  but
• 27:31
  are
• 27:31
  your
• 27:32
  teams
• 27:32
  acting
• 27:33
  on
• 27:33
  it?
• 27:33
  Corso
• 27:33
  turns
• 27:34
  retail
• 27:34
  data
• 27:35
  into
• 27:35
  personalized
• 27:36
  daily
• 27:36
  to
• 27:36
  dos
• 27:37
  that
• 27:37
  drive
• 27:37
  sales,
• 27:38
  reduce
• 27:38
  waste
• 27:39
  and
• 27:39
  improve
• 27:39
  execution.
• 27:40
  No
• 27:41
  fluff,
• 27:41
  just
• 27:42
  action.
• 27:42
  Help
• 27:42
  your
• 27:43
  managers
• 27:43
  focus
• 27:43
  on
• 27:44
  what
• 27:44
  matters
• 27:44
  most.
• 27:45
  Visit
• 27:45
  corso.com
• 27:46
  to
• 27:46
  see
• 27:46
  Intelligent
• 27:47
  management.
• 27:48
  Intelligent
• 27:49
  management
• 27:50
  in
• 27:50
  motion.
• 27:51
  All
• 27:51
  right,
• 27:51
  headline
• 27:52
  number
• 27:52
  three.
• 27:52
  Headline
• 27:52
  number
• 27:53
  three.
• 27:53
  Walmart
• 27:53
  expands
• 27:54
  Walmart.com
• 27:55
  access
• 27:56
  to
• 27:56
  shoppers
• 27:57
  in
• 27:57
  Mexico.
• 27:58
  According
• 27:58
  to
• 27:58
  the
• 27:59
  Retail
• 27:59
  Insight
• 28:00
  Network,
• 28:00
  the
• 28:00
  rollout
• 28:01
  enables
• 28:01
  customers
• 28:01
  in
• 28:02
  Mexico
• 28:02
  to
• 28:02
  buy
• 28:03
  goods
• 28:03
  across
• 28:03
  various
• 28:04
  categories,
• 28:05
  including
• 28:05
  clothing,
• 28:06
  home
• 28:06
  goods
• 28:06
  and
• 28:06
  electronics
• 28:07
  directly
• 28:08
  through
• 28:08
  Walmart.com
• 28:09
  Orders
• 28:10
  placed
• 28:10
  will
• 28:10
  be
• 28:10
  processed
• 28:11
  through
• 28:11
  Walmart's
• 28:12
  existing
• 28:12
  fulfillment
• 28:13
  network
• 28:13
  in
• 28:13
  the
• 28:13
  US
• 28:13
  with
• 28:14
  international
• 28:14
  carriers
• 28:15
  handling
• 28:16
  shipping
• 28:16
  and
• 28:16
  customs
• 28:17
  clearance.
• 28:18
  The
• 28:18
  company
• 28:18
  said
• 28:18
  that
• 28:19
  estimated
• 28:19
  duties,
• 28:20
  taxes
• 28:20
  and
• 28:20
  fees
• 28:20
  will
• 28:21
  be
• 28:21
  worked
• 28:21
  out
• 28:21
  and
• 28:22
  shown
• 28:22
  at
• 28:22
  checkout
• 28:23
  so
• 28:23
  customers
• 28:24
  can
• 28:24
  see
• 28:24
  the
• 28:24
  full
• 28:24
  cost
• 28:25
  before
• 28:25
  finalizing
• 28:26
  their
• 28:26
  purchases.
• 28:27
  Walmart
• 28:28
  also
• 28:28
  indicated
• 28:28
  that
• 28:29
  it
• 28:29
  intends
• 28:29
  to
• 28:29
  roll
• 28:30
  out
• 28:30
  international
• 28:30
  shipping
• 28:31
  to,
• 28:31
  to
• 28:32
  other
• 28:32
  markets
• 28:33
  as
• 28:33
  well
• 28:33
  going
• 28:33
  forward.
• 28:34
  Oh
• 28:34
  yes,
• 28:35
  I
• 28:35
  see
• 28:35
  where
• 28:36
  you
• 28:36
  go.
• 28:36
  This
• 28:36
  one
• 28:37
  scale
• 28:37
  of
• 28:37
  1
• 28:38
  to
• 28:38
  10,
• 28:38
  how
• 28:38
  much
• 28:38
  do
• 28:38
  you
• 28:39
  like
• 28:39
  the
• 28:39
  expansion
• 28:39
  of
• 28:40
  Walmart.com
• 28:40
  into
• 28:41
  Mexico?
• 28:42
  Yeah,
• 28:44
  so
• 28:44
  it's
• 28:45
  a,
• 28:45
  it's
• 28:45
  a
• 28:45
  straight
• 28:46
  10
• 28:47
  for.
• 28:47
  Is
• 28:47
  it
• 28:48
  the
• 28:48
  principle
• 28:49
  and
• 28:49
  the
• 28:49
  direction.
• 28:51
  But
• 28:51
  I.
• 28:52
  For
• 28:53
  the
• 28:53
  boldness.
• 28:54
  For
• 28:54
  the
• 28:54
  boldness,
• 28:55
  yeah.
• 28:56
  But
• 28:56
  it
• 28:56
  was
• 28:56
  also
• 28:57
  there's
• 28:58
  the
• 28:58
  execution
• 28:59
  is
• 29:00
  about
• 29:00
  a
• 29:00
  six
• 29:01
  at
• 29:01
  the
• 29:01
  moment.
• 29:01
  So
• 29:03
  let
• 29:03
  me
• 29:03
  explain
• 29:03
  for
• 29:04
  why
• 29:05
  there's
• 29:06
  really
• 29:06
  clear
• 29:06
  momentum
• 29:07
  in
• 29:07
  cross
• 29:07
  border
• 29:07
  marketplaces
• 29:08
  at
• 29:08
  the
• 29:08
  moment.
• 29:10
  It
• 29:10
  was
• 29:10
  one
• 29:10
  of
• 29:11
  the
• 29:11
  really
• 29:11
  interesting
• 29:11
  themes
• 29:12
  that
• 29:12
  we
• 29:12
  covered
• 29:12
  at
• 29:12
  Shop
• 29:13
  Talk
• 29:13
  Europe.
• 29:13
  We
• 29:14
  had
• 29:15
  Kaufland,
• 29:16
  part
• 29:16
  of
• 29:16
  Svart
• 29:16
  Group,
• 29:17
  that's
• 29:17
  Europe's
• 29:17
  biggest
• 29:17
  retailer,
• 29:18
  announcing
• 29:19
  they're
• 29:19
  expanding
• 29:19
  their
• 29:20
  marketplace
• 29:21
  across
• 29:21
  Europe
• 29:21
  at
• 29:22
  the
• 29:22
  show.
• 29:23
  Walmart
• 29:23
  were
• 29:23
  there
• 29:24
  and
• 29:24
  I'll
• 29:25
  come
• 29:25
  back
• 29:25
  to
• 29:25
  what
• 29:25
  they
• 29:25
  were
• 29:25
  doing
• 29:26
  at
• 29:26
  the
• 29:26
  European
• 29:27
  show.
• 29:28
  And
• 29:28
  you
• 29:28
  see
• 29:28
  they
• 29:29
  were
• 29:29
  talking
• 29:29
  about
• 29:30
  how
• 29:30
  the
• 29:30
  latest
• 29:30
  generation
• 29:31
  of
• 29:31
  tools
• 29:32
  and
• 29:32
  how
• 29:32
  AI
• 29:32
  is
• 29:33
  helping
• 29:33
  to
• 29:33
  remove
• 29:34
  some
• 29:34
  of
• 29:34
  the
• 29:34
  historic
• 29:35
  barriers
• 29:35
  for
• 29:35
  cross
• 29:35
  border,
• 29:36
  whether
• 29:36
  that's
• 29:36
  translations
• 29:37
  or
• 29:37
  dealing
• 29:38
  with
• 29:39
  the
• 29:39
  tariffs.
• 29:41
  So
• 29:41
  it's
• 29:41
  a
• 29:41
  big
• 29:42
  dream
• 29:42
  for
• 29:42
  Walmart.
• 29:43
  You've
• 29:44
  talked
• 29:44
  about
• 29:44
  this
• 29:44
  on
• 29:44
  the
• 29:44
  show.
• 29:45
  I've
• 29:45
  heard
• 29:45
  you
• 29:45
  talk
• 29:46
  about
• 29:46
  it
• 29:46
  before.
• 29:47
  The
• 29:47
  marketplace
• 29:48
  is
• 29:48
  Such
• 29:48
  an
• 29:48
  important
• 29:48
  part
• 29:49
  of
• 29:49
  Walmart's
• 29:49
  flywheel
• 29:50
  of
• 29:50
  growth
• 29:50
  at
• 29:51
  the
• 29:51
  moment.
• 29:52
  And
• 29:52
  by
• 29:53
  going
• 29:53
  to
• 29:53
  Mexico.
• 29:53
  Mexico's
• 29:54
  a
• 29:54
  country
• 29:54
  of
• 29:54
  130
• 29:55
  million
• 29:55
  people,
• 29:57
  so
• 29:58
  fantastic.
• 29:58
  Where
• 29:58
  they
• 29:58
  already
• 29:59
  have
• 29:59
  incredible
• 30:00
  brand
• 30:00
  presence,
• 30:01
  incredible
• 30:02
  reputation.
• 30:03
  So
• 30:03
  amazing.
• 30:04
  Yeah,
• 30:05
  way
• 30:05
  to
• 30:06
  go
• 30:06
  to
• 30:06
  drive
• 30:06
  that,
• 30:07
  drive
• 30:07
  that
• 30:08
  flywheel.
• 30:09
  The
• 30:09
  bit
• 30:10
  that.
• 30:10
  And
• 30:11
  I
• 30:11
  think
• 30:11
  this
• 30:11
  is
• 30:11
  really
• 30:11
  important,
• 30:12
  this
• 30:12
  is
• 30:12
  really
• 30:12
  important
• 30:13
  for
• 30:13
  everyone
• 30:13
  to
• 30:13
  pay
• 30:13
  attention
• 30:14
  to.
• 30:16
  They're
• 30:16
  driving
• 30:17
  that
• 30:17
  expansion
• 30:18
  by
• 30:18
  the
• 30:19
  Walmart.com
• 30:21
  marketplace
• 30:21
  then
• 30:22
  the
• 30:22
  US
• 30:23
  marketplace
• 30:24
  pushing
• 30:25
  that
• 30:25
  in
• 30:25
  Mexico.
• 30:26
  Walmart,
• 30:26
  the
• 30:26
  maker
• 30:27
  already
• 30:27
  has
• 30:28
  a
• 30:28
  marketplace
• 30:29
  but
• 30:29
  they're
• 30:29
  saying
• 30:29
  actually
• 30:30
  we
• 30:30
  want
• 30:30
  to
• 30:30
  take
• 30:30
  the.com
• 30:32
  marketplace.
• 30:32
  So
• 30:33
  it
• 30:33
  is
• 30:34
  that
• 30:34
  global
• 30:34
  marketplace
• 30:35
  idea
• 30:36
  which
• 30:36
  Amazon
• 30:37
  already
• 30:37
  has.
• 30:38
  And
• 30:39
  you
• 30:39
  know
• 30:41
  the
• 30:41
  Walmart
• 30:42
  press
• 30:42
  release
• 30:42
  just
• 30:43
  has
• 30:43
  this
• 30:43
  line
• 30:43
  at
• 30:44
  the
• 30:44
  end.
• 30:44
  Yeah.
• 30:45
  It's
• 30:46
  slightly
• 30:46
  sinister
• 30:47
  if
• 30:47
  you're
• 30:47
  a
• 30:47
  competitor
• 30:49
  expands
• 30:50
  the
• 30:50
  plans
• 30:50
  to
• 30:50
  expand
• 30:51
  to
• 30:51
  additional
• 30:52
  markets
• 30:52
  in
• 30:52
  the
• 30:52
  future.
• 30:53
  I
• 30:53
  mean
• 30:53
  that
• 30:54
  gauntlet
• 30:55
  fully
• 30:55
  laid
• 30:56
  down.
• 30:56
  Yeah.
• 30:56
  So
• 30:57
  that's
• 30:57
  the
• 30:57
  10.
• 30:58
  I
• 30:58
  actually
• 30:59
  spent
• 30:59
  some
• 30:59
  time
• 30:59
  with
• 30:59
  the
• 31:00
  Walmart
• 31:00
  Marketplace
• 31:00
  team
• 31:01
  last
• 31:01
  week
• 31:01
  in
• 31:01
  Barcelona.
• 31:02
  They're
• 31:03
  expanding
• 31:03
  in
• 31:03
  Europe
• 31:05
  and
• 31:05
  it's
• 31:05
  a
• 31:06
  sourcing
• 31:06
  hub
• 31:07
  so
• 31:08
  they're
• 31:08
  opening
• 31:09
  opportunities.
• 31:09
  But
• 31:09
  this
• 31:10
  is
• 31:10
  something
• 31:10
  that
• 31:11
  vendors
• 31:11
  really
• 31:12
  need
• 31:12
  to
• 31:12
  clearly
• 31:13
  pay
• 31:13
  attention
• 31:13
  to.
• 31:14
  You
• 31:14
  might
• 31:14
  have
• 31:14
  a
• 31:14
  1P
• 31:15
  relationship
• 31:15
  already
• 31:16
  with
• 31:16
  Mexico
• 31:17
  and
• 31:17
  now
• 31:17
  there's
• 31:17
  this
• 31:17
  3P
• 31:18
  relationship
• 31:18
  to
• 31:19
  the
• 31:19
  marketplace.
• 31:19
  So
• 31:20
  which
• 31:21
  Walmart
• 31:22
  bit
• 31:22
  of
• 31:22
  Walmart
• 31:23
  you're
• 31:23
  dealing
• 31:23
  with?
• 31:23
  So
• 31:24
  vendors
• 31:24
  need
• 31:24
  to
• 31:25
  think
• 31:25
  really
• 31:25
  carefully
• 31:25
  about
• 31:25
  that.
• 31:27
  And
• 31:27
  for
• 31:27
  consumers
• 31:28
  the
• 31:28
  import
• 31:29
  bit
• 31:29
  will
• 31:29
  add
• 31:30
  significant
• 31:30
  costs,
• 31:31
  right?
• 31:32
  Yeah.
• 31:32
  Depending
• 31:33
  on
• 31:33
  your
• 31:33
  category.
• 31:34
  Import
• 31:34
  from
• 31:35
  the
• 31:35
  US
• 31:35
  into
• 31:35
  Mexico
• 31:36
  is
• 31:36
  anywhere
• 31:37
  from
• 31:37
  0
• 31:37
  to
• 31:38
  35%.
• 31:39
  That's
• 31:41
  dangerous
• 31:41
  for
• 31:41
  consumers
• 31:42
  to
• 31:42
  see
• 31:42
  these
• 31:43
  extra
• 31:43
  charges
• 31:43
  added
• 31:44
  on.
• 31:44
  It's
• 31:44
  dangerous
• 31:45
  for
• 31:45
  Walmart
• 31:45
  and
• 31:45
  their
• 31:45
  price
• 31:46
  leadership
• 31:46
  proposition
• 31:47
  to
• 31:47
  suddenly
• 31:48
  hit
• 31:48
  it
• 31:48
  be.
• 31:49
  So
• 31:49
  they've
• 31:49
  got
• 31:49
  to
• 31:49
  be,
• 31:49
  they've
• 31:50
  got
• 31:50
  to
• 31:50
  be
• 31:50
  really
• 31:50
  mindful
• 31:51
  of
• 31:51
  that.
• 31:51
  I
• 31:51
  don't
• 31:52
  love
• 31:52
  the
• 31:52
  cx,
• 31:53
  Chris.
• 31:53
  The
• 31:53
  fact
• 31:54
  that
• 31:54
  you've
• 31:54
  got
• 31:54
  a
• 31:55
  Mexican
• 31:55
  website
• 31:56
  for
• 31:56
  Walmart
• 31:57
  and
• 31:57
  then
• 31:57
  you've
• 31:57
  got
• 31:57
  to
• 31:57
  go
• 31:57
  on.com
• 31:58
  it's.
• 31:59
  That's
• 32:00
  difficult,
• 32:00
  that's
• 32:01
  not
• 32:01
  seamless.
• 32:02
  And
• 32:02
  then
• 32:02
  when
• 32:02
  it
• 32:02
  comes
• 32:02
  to
• 32:03
  seamless,
• 32:03
  I.
• 32:03
  The
• 32:03
  bit
• 32:04
  that
• 32:04
  is
• 32:04
  always
• 32:04
  difficult
• 32:05
  with
• 32:05
  cross
• 32:05
  border
• 32:06
  and
• 32:06
  multiple
• 32:06
  places
• 32:06
  is
• 32:07
  returns,
• 32:08
  especially
• 32:08
  if
• 32:09
  they're
• 32:09
  not
• 32:09
  going
• 32:09
  through
• 32:09
  the
• 32:09
  main
• 32:10
  Mexican
• 32:10
  business
• 32:10
  and,
• 32:11
  and
• 32:11
  Walmart.
• 32:12
  I've
• 32:12
  not
• 32:12
  seen
• 32:12
  them
• 32:12
  talk
• 32:13
  about
• 32:13
  that.
• 32:14
  So
• 32:14
  there's
• 32:14
  some
• 32:15
  friction
• 32:16
  and
• 32:16
  that
• 32:16
  friction
• 32:17
  is
• 32:17
  hard,
• 32:17
  my
• 32:17
  friend,
• 32:18
  when
• 32:18
  you're
• 32:18
  up
• 32:18
  against
• 32:18
  Ricardo
• 32:19
  Libre
• 32:20
  who
• 32:20
  are
• 32:20
  really
• 32:21
  good
• 32:21
  at
• 32:21
  what
• 32:21
  they
• 32:22
  do.
• 32:22
  So
• 32:22
  they
• 32:23
  are
• 32:23
  the
• 32:23
  dominant
• 32:24
  marketplace
• 32:24
  in
• 32:24
  Mexico.
• 32:25
  They've
• 32:25
  got
• 32:26
  the
• 32:26
  logistics,
• 32:26
  they've
• 32:27
  got
• 32:27
  the
• 32:27
  network,
• 32:27
  they've
• 32:28
  got
• 32:28
  the
• 32:28
  returns,
• 32:28
  they've
• 32:28
  got
• 32:28
  the
• 32:29
  price
• 32:29
  point.
• 32:29
  So
• 32:30
  Look,
• 32:31
  I
• 32:31
  get
• 32:31
  it.
• 32:32
  There'll
• 32:33
  be
• 32:33
  work
• 32:33
  to
• 32:33
  do
• 32:34
  to
• 32:34
  make
• 32:34
  it
• 32:34
  a
• 32:35
  success.
• 32:36
  Have
• 32:36
  Walmart
• 32:37
  got
• 32:37
  it
• 32:37
  in
• 32:37
  them
• 32:37
  to
• 32:37
  make
• 32:37
  it
• 32:38
  a
• 32:38
  success?
• 32:38
  Yes,
• 32:38
  but
• 32:39
  it's
• 32:40
  not
• 32:40
  a
• 32:40
  home
• 32:40
  run
• 32:41
  from
• 32:41
  day
• 32:41
  one
• 32:41
  in
• 32:42
  my
• 32:42
  eyes.
• 32:43
  Yeah,
• 32:43
  there
• 32:43
  are
• 32:43
  operational
• 32:44
  issues
• 32:44
  that
• 32:45
  you
• 32:46
  have
• 32:46
  to
• 32:46
  think
• 32:46
  through
• 32:46
  and
• 32:46
  you
• 32:47
  have
• 32:47
  to
• 32:47
  solve.
• 32:47
  And
• 32:47
  I
• 32:48
  agree,
• 32:48
  the
• 32:48
  dissonance
• 32:49
  with
• 32:49
  the
• 32:49
  two
• 32:49
  websites
• 32:50
  is
• 32:50
  probably
• 32:51
  the
• 32:51
  thing
• 32:51
  that
• 32:51
  drives
• 32:52
  me
• 32:52
  the
• 32:52
  crazy
• 32:52
  the
• 32:52
  most.
• 32:53
  The
• 32:53
  part
• 32:53
  about
• 32:53
  the
• 32:54
  price
• 32:54
  transparency
• 32:55
  and
• 32:55
  the
• 32:55
  impact
• 32:55
  on
• 32:55
  price
• 32:56
  perception.
• 32:57
  I
• 32:58
  can
• 32:58
  even
• 32:58
  remember
• 32:58
  back
• 32:59
  to
• 32:59
  my
• 32:59
  days
• 32:59
  when
• 32:59
  Target
• 33:00
  was
• 33:00
  experimenting
• 33:00
  with
• 33:01
  international
• 33:01
  expansion
• 33:02
  and
• 33:04
  that
• 33:04
  was
• 33:04
  never
• 33:04
  a
• 33:04
  big
• 33:04
  concern
• 33:05
  of
• 33:05
  mine.
• 33:05
  I
• 33:05
  think
• 33:05
  if
• 33:06
  you're
• 33:06
  transparent
• 33:06
  at
• 33:07
  checkout
• 33:08
  and
• 33:08
  in
• 33:09
  terms
• 33:09
  of
• 33:09
  where,
• 33:09
  and
• 33:09
  maybe
• 33:10
  that's
• 33:10
  also
• 33:10
  why
• 33:10
  you
• 33:11
  have
• 33:11
  a
• 33:11
  separate
• 33:11
  website
• 33:12
  because
• 33:12
  then
• 33:12
  it
• 33:12
  kind
• 33:12
  of
• 33:13
  filters
• 33:13
  out
• 33:13
  that
• 33:13
  noise
• 33:14
  too.
• 33:14
  Now
• 33:14
  that
• 33:14
  I'm
• 33:14
  saying
• 33:14
  this
• 33:15
  out
• 33:15
  loud,
• 33:16
  I
• 33:16
  think
• 33:16
  it's
• 33:17
  pretty
• 33:17
  obvious
• 33:17
  when
• 33:17
  you
• 33:17
  say,
• 33:18
  like,
• 33:18
  you
• 33:18
  know,
• 33:18
  duty,
• 33:19
  I'm
• 33:19
  making
• 33:19
  this
• 33:20
  up.
• 33:20
  But
• 33:20
  duty
• 33:20
  charges,
• 33:21
  you
• 33:21
  know,
• 33:21
  a
• 33:21
  hundred
• 33:22
  dollars.
• 33:22
  Like,
• 33:22
  you
• 33:23
  know,
• 33:23
  that's
• 33:23
  pretty,
• 33:24
  you
• 33:24
  know,
• 33:24
  that
• 33:24
  can
• 33:24
  be
• 33:25
  shown
• 33:25
  pretty
• 33:25
  clearly
• 33:26
  and
• 33:26
  you
• 33:26
  could
• 33:26
  make
• 33:26
  that
• 33:26
  even
• 33:27
  more
• 33:27
  big
• 33:27
  and
• 33:27
  pronounced
• 33:28
  than
• 33:28
  you
• 33:28
  would
• 33:28
  in
• 33:28
  your
• 33:28
  typical,
• 33:29
  you
• 33:29
  know,
• 33:29
  checkout
• 33:30
  experience
• 33:30
  if
• 33:30
  you
• 33:30
  wanted
• 33:31
  to.
• 33:31
  So
• 33:31
  like,
• 33:32
  unless,
• 33:33
  let's
• 33:34
  give
• 33:34
  credit
• 33:34
  to
• 33:34
  Walmart
• 33:35
  on
• 33:35
  that
• 33:35
  point,
• 33:35
  Chris,
• 33:35
  because
• 33:36
  they
• 33:36
  are,
• 33:37
  they
• 33:37
  are
• 33:37
  calculating
• 33:38
  the
• 33:38
  exact
• 33:39
  duty
• 33:40
  and
• 33:40
  import
• 33:41
  charges
• 33:41
  and
• 33:42
  displaying
• 33:42
  them.
• 33:43
  Right.
• 33:44
  The
• 33:44
  standard
• 33:44
  model
• 33:45
  is
• 33:45
  that
• 33:45
  you'd
• 33:46
  almost
• 33:46
  pay
• 33:47
  a
• 33:47
  sort
• 33:47
  of
• 33:47
  a
• 33:47
  retainer,
• 33:48
  a
• 33:48
  deposit
• 33:49
  that
• 33:50
  then
• 33:50
  gets
• 33:50
  actually
• 33:50
  worked
• 33:51
  out
• 33:51
  when
• 33:51
  the
• 33:51
  calculations
• 33:52
  are
• 33:52
  done.
• 33:52
  But
• 33:52
  Walmart
• 33:53
  have
• 33:53
  been
• 33:53
  able
• 33:53
  to
• 33:53
  build
• 33:53
  the
• 33:54
  tech
• 33:54
  to
• 33:54
  do
• 33:54
  it
• 33:54
  in
• 33:54
  the
• 33:55
  moment
• 33:55
  on
• 33:55
  the
• 33:55
  website.
• 33:56
  So
• 33:56
  that's
• 33:56
  a
• 33:57
  do
• 33:58
  cap
• 33:58
  to
• 33:58
  that
• 33:58
  one.
• 33:59
  Right.
• 33:59
  And
• 33:59
  so
• 33:59
  when
• 34:00
  you
• 34:00
  think
• 34:00
  about
• 34:00
  a
• 34:00
  marketplace
• 34:01
  transaction
• 34:01
  in
• 34:01
  particular
• 34:02
  like
• 34:02
  Walmart,
• 34:02
  you're
• 34:03
  not
• 34:03
  holding
• 34:03
  the
• 34:03
  inventory,
• 34:04
  you're
• 34:04
  holding
• 34:04
  your
• 34:04
  price,
• 34:04
  your
• 34:05
  reg
• 34:05
  price
• 34:05
  is
• 34:05
  going
• 34:06
  to
• 34:06
  be
• 34:06
  consistent
• 34:06
  with
• 34:06
  your
• 34:07
  low
• 34:07
  price
• 34:07
  promise.
• 34:08
  And
• 34:09
  then
• 34:09
  the
• 34:09
  consumer's
• 34:09
  just
• 34:10
  going
• 34:10
  to
• 34:10
  understand
• 34:10
  in
• 34:11
  theory
• 34:11
  that,
• 34:11
  you
• 34:11
  know,
• 34:11
  there
• 34:12
  are
• 34:12
  these
• 34:12
  charges
• 34:12
  added
• 34:13
  on
• 34:13
  top
• 34:13
  and
• 34:13
  it's
• 34:14
  going
• 34:14
  to
• 34:14
  be
• 34:14
  shipped
• 34:15
  from
• 34:15
  a
• 34:15
  marketplace
• 34:15
  vendor.
• 34:16
  So
• 34:16
  it's
• 34:16
  on
• 34:16
  the
• 34:17
  customer
• 34:17
  ultimately
• 34:17
  if
• 34:18
  they
• 34:18
  want
• 34:18
  to
• 34:18
  buy
• 34:18
  it
• 34:18
  or
• 34:18
  not.
• 34:18
  And
• 34:19
  Walmart
• 34:19
  doesn't
• 34:19
  lose
• 34:20
  anything.
• 34:20
  So
• 34:20
  for
• 34:20
  me,
• 34:22
  I
• 34:22
  think
• 34:22
  it's
• 34:22
  a
• 34:22
  10
• 34:22
  out
• 34:23
  of
• 34:23
  10
• 34:23
  too.
• 34:24
  I'm
• 34:24
  a
• 34:24
  little
• 34:24
  less
• 34:25
  concerned
• 34:25
  about
• 34:25
  the
• 34:25
  operational
• 34:26
  dynamics,
• 34:26
  I
• 34:26
  think,
• 34:27
  than
• 34:27
  you
• 34:27
  are,
• 34:27
  Ben,
• 34:27
  and
• 34:27
  I
• 34:27
  think
• 34:27
  it
• 34:28
  goes
• 34:28
  back
• 34:28
  to
• 34:28
  something,
• 34:28
  actually.
• 34:28
  I
• 34:29
  shared
• 34:30
  last
• 34:30
  week
• 34:30
  on
• 34:30
  social
• 34:31
  media,
• 34:31
  which
• 34:31
  was,
• 34:31
  you
• 34:32
  know,
• 34:32
  my
• 34:32
  biggest
• 34:33
  takeaway
• 34:33
  from
• 34:33
  Shop
• 34:33
  Talk
• 34:34
  Europe
• 34:34
  in
• 34:34
  the
• 34:34
  interview
• 34:34
  I
• 34:35
  had
• 34:35
  with
• 34:35
  Peter
• 34:35
  Wood
• 34:35
  of
• 34:35
  All
• 34:35
  Saints
• 34:36
  is
• 34:36
  he
• 34:37
  said
• 34:37
  the
• 34:37
  job
• 34:37
  of
• 34:37
  the
• 34:38
  CFO
• 34:38
  is
• 34:38
  to
• 34:38
  ask
• 34:39
  what
• 34:39
  you
• 34:39
  kind
• 34:39
  of
• 34:39
  just
• 34:39
  said,
• 34:40
  which
• 34:40
  is
• 34:40
  to
• 34:40
  Ask
• 34:40
  what
• 34:40
  can
• 34:41
  go
• 34:41
  wrong
• 34:41
  right?
• 34:42
  And
• 34:42
  how
• 34:42
  do
• 34:42
  we
• 34:42
  ameliorate
• 34:43
  what
• 34:43
  can
• 34:43
  go
• 34:43
  wrong?
• 34:44
  But
• 34:44
  the
• 34:44
  job
• 34:45
  of
• 34:45
  the
• 34:45
  CEO
• 34:45
  is
• 34:46
  to
• 34:46
  ask
• 34:46
  what
• 34:46
  can
• 34:46
  go
• 34:46
  right.
• 34:47
  And
• 34:47
  that
• 34:48
  is
• 34:48
  what
• 34:48
  I
• 34:49
  think
• 34:49
  Walmart
• 34:50
  has
• 34:50
  done
• 34:50
  a
• 34:50
  tremendous
• 34:51
  job
• 34:52
  doing,
• 34:53
  or
• 34:53
  that's
• 34:53
  the
• 34:53
  mindset
• 34:54
  they've
• 34:54
  had.
• 34:55
  They've
• 34:55
  done
• 34:55
  a
• 34:55
  tremendous
• 34:56
  job
• 34:56
  of
• 34:56
  keeping
• 34:57
  over
• 34:57
  the
• 34:57
  past
• 34:58
  eight
• 34:58
  to
• 34:58
  ten
• 34:59
  years
• 34:59
  or
• 34:59
  so
• 35:00
  is
• 35:01
  saying
• 35:01
  what
• 35:01
  can
• 35:02
  go
• 35:02
  right
• 35:02
  and
• 35:02
  let's
• 35:03
  try
• 35:03
  to
• 35:03
  go
• 35:03
  after
• 35:03
  it
• 35:04
  until
• 35:04
  someone
• 35:04
  proves
• 35:05
  that
• 35:05
  we
• 35:05
  can't
• 35:05
  because
• 35:06
  the
• 35:06
  opportunity
• 35:07
  is
• 35:07
  substantial.
• 35:07
  You
• 35:07
  talked
• 35:08
  about
• 35:08
  the
• 35:08
  size
• 35:08
  of
• 35:08
  the
• 35:08
  Mexican
• 35:08
  market.
• 35:09
  You
• 35:09
  talk
• 35:09
  about
• 35:10
  a
• 35:10
  global
• 35:11
  marketplace
• 35:12
  and
• 35:12
  what
• 35:12
  that
• 35:12
  affords,
• 35:13
  particularly
• 35:13
  in
• 35:13
  the
• 35:13
  way
• 35:14
  of
• 35:14
  retail
• 35:14
  media
• 35:15
  too.
• 35:15
  They're
• 35:15
  also
• 35:17
  just
• 35:18
  a
• 35:18
  week
• 35:18
  before
• 35:19
  rolling
• 35:19
  out
• 35:19
  Walmart
• 35:20
  plus
• 35:20
  to
• 35:20
  Canada.
• 35:21
  Why?
• 35:21
  Because
• 35:22
  these
• 35:22
  are
• 35:22
  software
• 35:23
  solutions.
• 35:23
  Ultimately
• 35:24
  at
• 35:24
  the
• 35:24
  end
• 35:24
  of
• 35:24
  the
• 35:24
  day,
• 35:25
  and
• 35:25
  the
• 35:25
  margin
• 35:25
  on
• 35:25
  a
• 35:26
  software
• 35:26
  on
• 35:27
  software
• 35:27
  is
• 35:27
  much
• 35:28
  higher
• 35:28
  than
• 35:28
  the
• 35:28
  margins
• 35:29
  that
• 35:29
  they're
• 35:29
  going
• 35:29
  to
• 35:29
  get
• 35:29
  from
• 35:29
  selling
• 35:30
  more
• 35:30
  products.
• 35:31
  So
• 35:31
  like,
• 35:31
  it's
• 35:32
  just
• 35:32
  a
• 35:32
  smart
• 35:33
  move
• 35:33
  that
• 35:33
  scales
• 35:34
  so
• 35:34
  easily
• 35:35
  if
• 35:35
  you
• 35:35
  can
• 35:36
  get
• 35:37
  knock
• 35:37
  all
• 35:37
  the
• 35:37
  pins
• 35:38
  out
• 35:38
  of
• 35:38
  the
• 35:38
  way
• 35:38
  that
• 35:39
  are
• 35:39
  potentially
• 35:40
  keeping
• 35:40
  you
• 35:40
  from
• 35:40
  doing
• 35:41
  it.
• 35:41
  But
• 35:42
  that's
• 35:42
  what
• 35:42
  I
• 35:42
  love
• 35:42
  about
• 35:43
  Walmart's
• 35:43
  leadership
• 35:44
  and
• 35:44
  I
• 35:44
  hope
• 35:44
  they
• 35:45
  continue
• 35:45
  to
• 35:45
  do
• 35:45
  that.
• 35:45
  And
• 35:46
  I
• 35:46
  think
• 35:46
  more
• 35:47
  retailers
• 35:48
  would
• 35:48
  be
• 35:48
  smart
• 35:49
  to
• 35:49
  take
• 35:49
  a
• 35:49
  page
• 35:50
  out
• 35:50
  of
• 35:50
  Peter
• 35:51
  Wood's
• 35:51
  book
• 35:51
  and
• 35:52
  Walmart's
• 35:52
  book
• 35:52
  too,.
• 35:54
  Which
• 35:54
  beautifully
• 35:55
  brings
• 35:55
  us
• 35:55
  on
• 35:55
  to
• 35:55
  headline
• 35:56
  number
• 35:56
  four,
• 35:56
  Chris,
• 35:57
  because
• 35:57
  I'm
• 35:57
  so
• 35:57
  interested
• 35:58
  if
• 35:58
  you
• 35:58
  think
• 35:58
  this
• 35:58
  is
• 35:58
  something
• 35:59
  that's
• 35:59
  going
• 35:59
  to
• 35:59
  go
• 35:59
  right
• 36:00
  or
• 36:00
  going
• 36:00
  to
• 36:00
  go
• 36:01
  wrong.
• 36:01
  So
• 36:01
  headline
• 36:02
  number
• 36:02
  four
• 36:02
  though
• 36:02
  is
• 36:02
  brought
• 36:03
  to
• 36:03
  you
• 36:03
  by
• 36:03
  Ocampo
• 36:03
  Capital.
• 36:04
  Ocampo
• 36:05
  Capital
• 36:05
  is
• 36:06
  a
• 36:06
  venture
• 36:06
  capital
• 36:07
  firm
• 36:07
  founded
• 36:08
  by
• 36:08
  retail
• 36:08
  executives
• 36:09
  with
• 36:09
  the
• 36:10
  aim
• 36:10
  of
• 36:10
  helping
• 36:10
  early
• 36:11
  stage
• 36:11
  consumer
• 36:11
  businesses
• 36:12
  succeed
• 36:13
  through
• 36:13
  investment
• 36:14
  and
• 36:14
  operational
• 36:15
  support.
• 36:16
  So
• 36:16
  learn
• 36:16
  more@ocampo
• 36:18
  capital.com
• 36:20
  so
• 36:20
  headline
• 36:20
  number
• 36:20
  four,
• 36:21
  Chris.
• 36:21
  Dollar
• 36:21
  General
• 36:22
  plans
• 36:22
  to
• 36:22
  introduce
• 36:23
  a
• 36:23
  new
• 36:24
  pilot
• 36:25
  subscription
• 36:26
  program.
• 36:27
  So
• 36:27
  according
• 36:28
  to
• 36:28
  Google,
• 36:28
  by
• 36:28
  way
• 36:29
  of
• 36:29
  various
• 36:29
  sources,
• 36:30
  and
• 36:30
  while
• 36:31
  specific
• 36:32
  pricing
• 36:32
  and
• 36:33
  exact
• 36:33
  rollout
• 36:34
  dates
• 36:34
  have
• 36:34
  not
• 36:34
  been
• 36:34
  finalized,
• 36:36
  Dollar
• 36:36
  General
• 36:37
  membership
• 36:37
  is
• 36:37
  expected
• 36:38
  to
• 36:38
  offer
• 36:38
  exclusive
• 36:39
  discounts,
• 36:40
  special
• 36:40
  deals
• 36:41
  and
• 36:41
  added
• 36:42
  convenience
• 36:43
  for
• 36:43
  frequent
• 36:44
  shoppers.
• 36:45
  The
• 36:45
  news
• 36:45
  comes
• 36:46
  after
• 36:46
  CEO
• 36:47
  Todd
• 36:47
  Vassos
• 36:48
  recently
• 36:48
  told
• 36:48
  analysts
• 36:49
  that
• 36:50
  the
• 36:50
  company
• 36:50
  was
• 36:50
  seeing
• 36:51
  a
• 36:51
  major
• 36:51
  shift
• 36:52
  in
• 36:52
  the
• 36:52
  type
• 36:52
  of
• 36:53
  shoppers
• 36:53
  frequenting
• 36:54
  its
• 36:54
  stores.
• 36:56
  This
• 36:56
  is
• 36:56
  a
• 36:56
  quote,
• 36:57
  we
• 36:57
  are
• 36:57
  seeing
• 36:59
  customer
• 36:59
  penetration
• 37:00
  growth
• 37:00
  across
• 37:01
  low,
• 37:02
  middle
• 37:02
  and
• 37:03
  high
• 37:03
  income
• 37:04
  segments
• 37:05
  as
• 37:05
  customers
• 37:05
  across
• 37:06
  all
• 37:06
  income
• 37:07
  cohorts
• 37:07
  seek
• 37:08
  value
• 37:08
  at
• 37:09
  increasing
• 37:09
  rates.
• 37:10
  Notably,
• 37:11
  he
• 37:11
  went
• 37:11
  on
• 37:12
  across
• 37:12
  his
• 37:12
  cohorts,
• 37:13
  the
• 37:13
  largest
• 37:14
  increase
• 37:14
  in
• 37:14
  customer
• 37:15
  count
• 37:15
  came
• 37:16
  from
• 37:16
  the
• 37:16
  highest
• 37:16
  income
• 37:17
  segments,
• 37:18
  those
• 37:18
  who
• 37:19
  earn
• 37:19
  more
• 37:19
  than
• 37:19
  US$100,000
• 37:21
  annually.
• 37:22
  So
• 37:22
  Chris,
• 37:23
  super
• 37:23
  interested
• 37:24
  to
• 37:24
  hear
• 37:24
  your
• 37:24
  thoughts
• 37:25
  on
• 37:25
  this
• 37:25
  one.
• 37:25
  Do
• 37:25
  us
• 37:25
  Consumers
• 37:26
  need
• 37:26
  another
• 37:27
  Walmart
• 37:27
  plus
• 37:28
  like
• 37:28
  subscription
• 37:29
  program
• 37:29
  and
• 37:30
  do
• 37:30
  they
• 37:30
  need
• 37:30
  it
• 37:31
  from
• 37:31
  Dollar
• 37:31
  General?
• 37:32
  Oh,
• 37:32
  wow.
• 37:34
  I
• 37:34
  think
• 37:34
  wholeheartedly,
• 37:35
  yes.
• 37:35
  I
• 37:36
  think
• 37:36
  this
• 37:36
  is
• 37:36
  a
• 37:36
  great
• 37:37
  move
• 37:37
  by
• 37:37
  Dollar
• 37:37
  General.
• 37:38
  I'm
• 37:38
  all
• 37:38
  for
• 37:39
  this,
• 37:39
  especially,
• 37:40
  especially
• 37:40
  when
• 37:40
  you're
• 37:40
  just
• 37:40
  talking
• 37:41
  about
• 37:41
  a
• 37:41
  pilot
• 37:41
  stage.
• 37:42
  Right.
• 37:42
  And
• 37:42
  I
• 37:43
  think
• 37:43
  it'll
• 37:43
  end
• 37:43
  up
• 37:43
  rolling
• 37:43
  out
• 37:44
  too.
• 37:44
  I
• 37:44
  really
• 37:44
  do,
• 37:44
  Ben,
• 37:45
  and
• 37:45
  it's
• 37:46
  for
• 37:46
  all
• 37:46
  the
• 37:46
  reasons
• 37:46
  I
• 37:46
  said
• 37:46
  before.
• 37:48
  It's
• 37:48
  basically
• 37:48
  like
• 37:49
  it's
• 37:50
  a
• 37:50
  no
• 37:50
  risk
• 37:51
  pilot
• 37:51
  idea.
• 37:52
  Like
• 37:52
  if
• 37:52
  you
• 37:52
  get
• 37:53
  people
• 37:53
  to
• 37:53
  pay
• 37:53
  for
• 37:53
  it,
• 37:54
  great.
• 37:54
  If
• 37:54
  you
• 37:54
  don't,
• 37:54
  you
• 37:55
  shut
• 37:55
  it
• 37:55
  down.
• 37:55
  Or
• 37:55
  even
• 37:56
  if
• 37:56
  you
• 37:56
  get
• 37:56
  a
• 37:56
  few
• 37:56
  people
• 37:56
  that
• 37:57
  pay
• 37:57
  for
• 37:57
  it,
• 37:57
  it
• 37:57
  doesn't
• 37:58
  really
• 37:58
  cost
• 37:58
  you
• 37:59
  that
• 37:59
  much
• 37:59
  to
• 37:59
  run
• 37:59
  it
• 38:00
  once
• 38:00
  you
• 38:00
  have
• 38:00
  the
• 38:00
  program
• 38:01
  established
• 38:01
  and
• 38:02
  in
• 38:02
  place.
• 38:03
  So
• 38:03
  it's
• 38:03
  great
• 38:04
  profit
• 38:04
  if
• 38:04
  it
• 38:04
  works.
• 38:05
  And
• 38:05
  here's
• 38:05
  the
• 38:05
  other
• 38:06
  point
• 38:06
  I'd
• 38:06
  make
• 38:07
  and
• 38:07
  I
• 38:07
  think
• 38:07
  this
• 38:07
  is
• 38:08
  really
• 38:08
  important,
• 38:08
  like
• 38:09
  Dollar
• 38:09
  General
• 38:10
  has
• 38:11
  an
• 38:11
  advantage
• 38:12
  in
• 38:12
  its
• 38:12
  locations
• 38:13
  and
• 38:14
  where
• 38:14
  they
• 38:14
  are
• 38:15
  that
• 38:15
  it
• 38:16
  should
• 38:16
  be
• 38:16
  able
• 38:16
  to
• 38:17
  command
• 38:17
  additional
• 38:18
  value
• 38:19
  for
• 38:19
  those
• 38:20
  locations.
• 38:21
  It's
• 38:22
  the
• 38:22
  retailer,
• 38:22
  when
• 38:22
  you
• 38:22
  stop
• 38:23
  and
• 38:23
  think
• 38:23
  about
• 38:23
  that
• 38:23
  is
• 38:24
  closest
• 38:24
  to
• 38:25
  the
• 38:25
  entire
• 38:25
  US
• 38:26
  of
• 38:26
  anybody,
• 38:27
  including
• 38:27
  Walmart,
• 38:28
  including
• 38:28
  Amazon.
• 38:29
  It
• 38:29
  has
• 38:29
  20,000
• 38:30
  locations,
• 38:31
  particularly
• 38:32
  in
• 38:32
  the
• 38:32
  rural
• 38:33
  area,
• 38:33
  the
• 38:33
  rural
• 38:33
  communities
• 38:34
  where
• 38:34
  Amazon
• 38:35
  particularly
• 38:36
  is
• 38:36
  not,
• 38:36
  as
• 38:36
  you
• 38:36
  know,
• 38:37
  is
• 38:37
  not
• 38:37
  able
• 38:38
  to
• 38:38
  reach
• 38:38
  as
• 38:38
  easily.
• 38:39
  So
• 38:40
  yes,
• 38:40
  I
• 38:40
  mean
• 38:41
  Dollar
• 38:41
  General,
• 38:42
  if
• 38:42
  anyone
• 38:43
  should
• 38:43
  have
• 38:43
  a
• 38:43
  subscription
• 38:44
  program,
• 38:45
  because
• 38:45
  they
• 38:45
  should
• 38:46
  be
• 38:46
  able
• 38:46
  to
• 38:46
  command
• 38:47
  that
• 38:47
  additional
• 38:47
  value
• 38:48
  for
• 38:48
  the
• 38:49
  service
• 38:49
  they
• 38:49
  could
• 38:50
  provide
• 38:50
  with
• 38:50
  same
• 38:50
  day
• 38:51
  delivery
• 38:51
  even
• 38:51
  faster
• 38:52
  than
• 38:52
  same
• 38:52
  day
• 38:53
  delivery
• 38:53
  to
• 38:54
  their
• 38:54
  customers
• 38:54
  that
• 38:55
  want
• 38:55
  it.
• 38:55
  And
• 38:56
  that's
• 38:56
  the
• 38:56
  key
• 38:56
  thing
• 38:56
  is
• 38:56
  how
• 38:57
  many
• 38:57
  people
• 38:57
  want
• 38:57
  it.
• 38:58
  And
• 38:58
  I
• 38:58
  don't
• 38:58
  think
• 38:58
  you're
• 38:58
  ever
• 38:59
  going
• 38:59
  to
• 38:59
  find
• 38:59
  out
• 38:59
  if
• 39:00
  until
• 39:00
  you
• 39:00
  try.
• 39:01
  So
• 39:01
  again,
• 39:01
  I'm
• 39:01
  going
• 39:02
  back
• 39:02
  on
• 39:02
  the
• 39:02
  stump
• 39:02
  of
• 39:04
  what
• 39:04
  can
• 39:04
  go
• 39:05
  right.
• 39:05
  And
• 39:05
  if
• 39:05
  this
• 39:05
  goes
• 39:06
  right,
• 39:06
  it's
• 39:06
  a
• 39:06
  huge
• 39:07
  boon
• 39:07
  for
• 39:07
  Dollar
• 39:07
  General.
• 39:08
  Okay,
• 39:09
  well,
• 39:10
  in
• 39:10
  which
• 39:10
  case
• 39:10
  I
• 39:10
  will
• 39:11
  happily
• 39:11
  come
• 39:11
  in
• 39:11
  with
• 39:11
  the
• 39:12
  what
• 39:12
  could
• 39:12
  go
• 39:12
  wrong.
• 39:13
  Okay.
• 39:14
  I,
• 39:15
  I
• 39:15
  don't
• 39:15
  love
• 39:15
  it.
• 39:16
  And
• 39:16
  I'll
• 39:16
  tell
• 39:16
  you,
• 39:16
  you're
• 39:17
  gonna
• 39:17
  pee
• 39:17
  in
• 39:17
  my
• 39:17
  pool.
• 39:17
  Ben
• 39:18
  Miller.
• 39:18
  Okay,
• 39:18
  go
• 39:19
  ahead.
• 39:19
  I,
• 39:19
  I,
• 39:20
  I
• 39:20
  am,
• 39:20
  I
• 39:21
  am,
• 39:21
  I
• 39:21
  am.
• 39:21
  Don't
• 39:22
  love
• 39:22
  it.
• 39:23
  Yeah,
• 39:24
  look,
• 39:24
  Dollar
• 39:24
  General
• 39:25
  is
• 39:25
  starting
• 39:26
  to
• 39:26
  perform,
• 39:26
  perform
• 39:26
  okay
• 39:27
  again
• 39:27
  at
• 39:27
  the
• 39:28
  moment.
• 39:28
  Yeah,
• 39:28
  you
• 39:29
  know,
• 39:29
  they've
• 39:29
  not
• 39:29
  had
• 39:29
  a
• 39:30
  great
• 39:30
  run,
• 39:30
  but
• 39:30
  you
• 39:30
  know,
• 39:31
  they're
• 39:31
  seeing
• 39:31
  3
• 39:31
  to
• 39:31
  4%
• 39:32
  growth.
• 39:32
  And,
• 39:33
  and
• 39:33
  they've
• 39:33
  done
• 39:33
  that,
• 39:34
  Chris.
• 39:34
  They've
• 39:34
  done
• 39:34
  that
• 39:35
  by
• 39:35
  going
• 39:35
  back
• 39:35
  to
• 39:35
  the
• 39:35
  fundamentals,
• 39:36
  they've
• 39:37
  rolled
• 39:37
  back
• 39:37
  some
• 39:37
  programs,
• 39:38
  they've
• 39:38
  just
• 39:39
  focused
• 39:39
  on
• 39:39
  the
• 39:40
  basics
• 39:41
  and
• 39:42
  there
• 39:43
  is
• 39:43
  a,
• 39:43
  there
• 39:43
  is
• 39:43
  a
• 39:44
  coming
• 39:45
  back
• 39:45
  to
• 39:45
  one
• 39:45
  of
• 39:45
  the
• 39:46
  big
• 39:46
  trends
• 39:46
  that
• 39:46
  we've
• 39:46
  been
• 39:47
  talking
• 39:47
  about
• 39:47
  for
• 39:47
  a
• 39:47
  while,
• 39:47
  which
• 39:48
  is
• 39:48
  the
• 39:48
  mixed
• 39:48
  signals
• 39:49
  that
• 39:49
  are
• 39:49
  coming
• 39:49
  out
• 39:49
  of
• 39:50
  the
• 39:50
  US
• 39:50
  consumer
• 39:51
  at
• 39:51
  the
• 39:51
  moment,
• 39:52
  I
• 39:52
  find
• 39:52
  this
• 39:52
  a
• 39:52
  bit
• 39:52
  of
• 39:53
  a
• 39:53
  worry.
• 39:53
  You
• 39:53
  know,
• 39:54
  the
• 39:54
  Dollar
• 39:54
  General
• 39:54
  is
• 39:55
  seeing
• 39:55
  growth
• 39:56
  across
• 39:56
  all
• 39:57
  segments
• 39:58
  because
• 39:58
  that
• 39:59
  signposts
• 40:00
  that
• 40:00
  there
• 40:00
  are
• 40:01
  more
• 40:01
  people
• 40:01
  in
• 40:01
  the
• 40:01
  US
• 40:02
  Economy
• 40:02
  who
• 40:02
  are
• 40:02
  struggling
• 40:03
  right
• 40:03
  now.
• 40:04
  Now,
• 40:05
  for
• 40:05
  Dollar
• 40:05
  General,
• 40:06
  this
• 40:06
  is
• 40:06
  super
• 40:07
  important
• 40:07
  because
• 40:08
  if
• 40:08
  you
• 40:08
  think
• 40:08
  about
• 40:08
  the
• 40:08
  call
• 40:09
  the
• 40:09
  core
• 40:10
  Dollar
• 40:10
  General
• 40:10
  customer,
• 40:11
  when
• 40:11
  times
• 40:11
  are
• 40:12
  bad
• 40:12
  and
• 40:12
  their
• 40:12
  income
• 40:13
  is
• 40:13
  contracting,
• 40:13
  where
• 40:14
  can
• 40:14
  you
• 40:14
  go?
• 40:15
  They
• 40:16
  can't
• 40:16
  trade
• 40:16
  down,
• 40:17
  they
• 40:17
  can't
• 40:17
  trade
• 40:18
  down,
• 40:19
  they
• 40:19
  buy
• 40:19
  less
• 40:20
  items.
• 40:21
  So
• 40:21
  for
• 40:21
  dg,
• 40:22
  actually
• 40:23
  it's
• 40:23
  really
• 40:23
  important
• 40:24
  that
• 40:24
  they
• 40:24
  can
• 40:24
  bring
• 40:24
  more
• 40:25
  people
• 40:25
  in
• 40:25
  at
• 40:25
  those
• 40:25
  times
• 40:26
  to
• 40:26
  keep,
• 40:26
  to
• 40:26
  keep
• 40:26
  their
• 40:27
  business
• 40:27
  going.
• 40:29
  I
• 40:29
  don't
• 40:30
  really
• 40:30
  buy
• 40:31
  into
• 40:31
  the
• 40:32
  importance
• 40:32
  of
• 40:32
  $100,000
• 40:34
  households
• 40:35
  to
• 40:35
  them
• 40:35
  because
• 40:35
  I'm
• 40:36
  pretty
• 40:36
  sure
• 40:36
  it's
• 40:36
  a
• 40:36
  very
• 40:36
  small
• 40:37
  base.
• 40:37
  So
• 40:38
  proportionately.
• 40:39
  Okay,
• 40:39
  great,
• 40:39
  we're
• 40:40
  seeing
• 40:40
  that.
• 40:40
  But
• 40:41
  the
• 40:41
  DG
• 40:41
  model
• 40:42
  is
• 40:42
  about
• 40:42
  simplicity,
• 40:44
  Chris,
• 40:45
  and
• 40:45
  it's
• 40:46
  about
• 40:46
  walking
• 40:46
  in
• 40:47
  no
• 40:47
  matter
• 40:47
  who
• 40:48
  you
• 40:48
  are.
• 40:49
  Democratized
• 40:50
  and
• 40:50
  you're
• 40:51
  going
• 40:51
  to
• 40:51
  get
• 40:51
  a
• 40:51
  good
• 40:51
  deal,
• 40:51
  you're
• 40:52
  going
• 40:52
  to
• 40:52
  get
• 40:52
  the
• 40:52
  best
• 40:52
  possible
• 40:53
  price.
• 40:54
  Adding
• 40:54
  in
• 40:55
  the
• 40:55
  extra
• 40:55
  complexity
• 40:56
  of
• 40:57
  a
• 40:57
  membership
• 40:57
  program
• 40:58
  requiring
• 40:58
  subscription,
• 40:59
  requiring
• 40:59
  something
• 41:00
  to
• 41:00
  pay
• 41:00
  for
• 41:01
  up
• 41:01
  front
• 41:01
  to
• 41:02
  be
• 41:02
  able
• 41:02
  to
• 41:02
  get
• 41:02
  those
• 41:03
  good
• 41:03
  prices
• 41:04
  is.
• 41:05
  I'm
• 41:05
  not
• 41:05
  sure
• 41:05
  that's
• 41:06
  in
• 41:06
  keeping
• 41:06
  with
• 41:06
  the
• 41:06
  Dollar
• 41:07
  General
• 41:07
  brand.
• 41:08
  I'm
• 41:08
  not
• 41:08
  sure
• 41:09
  it's
• 41:09
  necessarily
• 41:09
  what
• 41:10
  their
• 41:10
  shoppers
• 41:10
  are
• 41:10
  looking
• 41:11
  for.
• 41:12
  Walmart
• 41:13
  and
• 41:13
  Amazon
• 41:13
  can
• 41:14
  get
• 41:14
  away
• 41:14
  with
• 41:14
  it
• 41:15
  because
• 41:15
  the
• 41:16
  they
• 41:16
  is
• 41:16
  so
• 41:17
  compelling.
• 41:18
  Everything
• 41:18
  they
• 41:18
  put
• 41:19
  the
• 41:19
  program.
• 41:20
  But
• 41:21
  this
• 41:21
  is,
• 41:21
  but
• 41:21
  this
• 41:22
  is
• 41:22
  the.
• 41:22
  Okay,
• 41:22
  well
• 41:22
  that's
• 41:23
  what
• 41:23
  can
• 41:23
  go
• 41:23
  wrong.
• 41:24
  So
• 41:24
  what
• 41:25
  can
• 41:25
  go
• 41:25
  right?
• 41:25
  Let's
• 41:26
  find
• 41:26
  out.
• 41:27
  Yeah,
• 41:28
  I'm
• 41:28
  chopping
• 41:28
  at
• 41:28
  the
• 41:28
  bit
• 41:28
  to
• 41:29
  retort.
• 41:29
  Let's
• 41:29
  go.
• 41:30
  Tell
• 41:30
  me
• 41:30
  everything
• 41:30
  I've
• 41:31
  seen
• 41:31
  wrong.
• 41:31
  No,
• 41:32
  no,
• 41:32
  you
• 41:32
  go,
• 41:32
  you
• 41:32
  go.
• 41:33
  You
• 41:33
  got
• 41:33
  more,
• 41:33
  you
• 41:33
  got
• 41:33
  more.
• 41:34
  You
• 41:34
  go.
• 41:34
  No,
• 41:35
  it's
• 41:35
  really
• 41:35
  hard
• 41:35
  to
• 41:35
  know
• 41:36
  what
• 41:36
  the
• 41:36
  value
• 41:36
  prop's
• 41:36
  going
• 41:37
  to
• 41:37
  be.
• 41:37
  So
• 41:37
  what
• 41:38
  are
• 41:38
  they
• 41:38
  going
• 41:38
  to
• 41:38
  put
• 41:38
  into
• 41:38
  that
• 41:39
  deal
• 41:39
  and
• 41:39
  how
• 41:39
  much
• 41:39
  are
• 41:39
  they
• 41:40
  going
• 41:40
  to
• 41:40
  charge
• 41:40
  for
• 41:40
  it?
• 41:42
  Because
• 41:42
  if
• 41:43
  it's,
• 41:43
  if
• 41:44
  the
• 41:44
  answer
• 41:44
  isn't
• 41:44
  we're
• 41:45
  putting
• 41:45
  a
• 41:45
  lot
• 41:45
  in
• 41:45
  and
• 41:45
  we're
• 41:46
  charging
• 41:46
  not
• 41:46
  a
• 41:46
  lot
• 41:47
  for
• 41:47
  it,
• 41:48
  then
• 41:48
  I'm
• 41:48
  worried.
• 41:49
  Right,
• 41:49
  right.
• 41:49
  Okay,
• 41:50
  so
• 41:50
  here's
• 41:50
  my
• 41:50
  retort,
• 41:51
  Ben,
• 41:51
  here's
• 41:51
  my
• 41:52
  retort.
• 41:52
  So
• 41:52
  my
• 41:53
  retort
• 41:53
  is
• 41:53
  all
• 41:53
  those
• 41:54
  arguments
• 41:54
  you
• 41:54
  made
• 41:55
  were
• 41:55
  the
• 41:55
  same
• 41:55
  arguments
• 41:56
  people
• 41:56
  were
• 41:56
  making
• 41:56
  against
• 41:57
  Walmart
• 41:57
  doing
• 41:58
  Walmart
• 41:58
  plus
• 41:59
  to
• 41:59
  begin
• 41:59
  with.
• 41:59
  If
• 42:00
  you
• 42:00
  look
• 42:00
  back,
• 42:00
  if
• 42:00
  you
• 42:01
  rewind
• 42:01
  in
• 42:01
  history,
• 42:02
  whenever
• 42:02
  they
• 42:02
  announced
• 42:03
  that
• 42:03
  program,
• 42:03
  which
• 42:04
  I
• 42:04
  don't
• 42:04
  even
• 42:04
  remember
• 42:04
  when
• 42:04
  it
• 42:05
  was
• 42:05
  now,
• 42:05
  those
• 42:06
  are
• 42:06
  the
• 42:06
  exact
• 42:06
  same
• 42:06
  arguments.
• 42:07
  And
• 42:07
  so
• 42:08
  the
• 42:08
  question
• 42:08
  I
• 42:08
  would
• 42:08
  have
• 42:09
  though
• 42:09
  is
• 42:09
  couldn't
• 42:10
  the
• 42:10
  same
• 42:10
  rationale
• 42:11
  hold
• 42:12
  true
• 42:12
  for
• 42:13
  Walmart
• 42:13
  in
• 42:13
  terms
• 42:13
  of,
• 42:14
  for
• 42:14
  Dollar
• 42:15
  General
• 42:15
  in
• 42:15
  terms
• 42:15
  of
• 42:15
  the
• 42:15
  fact
• 42:16
  that,
• 42:16
  you
• 42:16
  know,
• 42:17
  people
• 42:17
  are
• 42:17
  more
• 42:17
  squeezed,
• 42:18
  everyone
• 42:19
  at
• 42:19
  different
• 42:19
  income
• 42:20
  stress
• 42:20
  is
• 42:20
  starting
• 42:20
  to
• 42:21
  move
• 42:21
  down.
• 42:22
  So
• 42:22
  people
• 42:22
  that
• 42:22
  want
• 42:23
  same
• 42:23
  day
• 42:23
  delivery
• 42:24
  or
• 42:24
  want
• 42:24
  to
• 42:25
  leverage
• 42:26
  Dollar
• 42:26
  General
• 42:26
  for
• 42:27
  even
• 42:27
  cheaper
• 42:27
  options
• 42:28
  but
• 42:28
  get
• 42:28
  the
• 42:29
  same
• 42:29
  day
• 42:29
  of
• 42:29
  delivery
• 42:29
  benefits
• 42:30
  or
• 42:30
  even
• 42:30
  less
• 42:31
  delivery
• 42:31
  depending
• 42:31
  on
• 42:31
  how
• 42:32
  they
• 42:32
  do
• 42:32
  it
• 42:32
  again
• 42:33
  could
• 42:33
  potentially
• 42:34
  gravitate
• 42:34
  downward.
• 42:35
  And
• 42:36
  also
• 42:36
  the
• 42:37
  other
• 42:37
  factor
• 42:37
  here
• 42:37
  which
• 42:38
  Walmart
• 42:38
  has
• 42:38
  been,
• 42:39
  I
• 42:39
  don't
• 42:40
  want
• 42:40
  to
• 42:40
  say
• 42:40
  open,
• 42:40
  but
• 42:41
  it's
• 42:41
  been
• 42:41
  pretty
• 42:42
  transparent
• 42:42
  in
• 42:42
  like
• 42:42
  how,
• 42:43
  how
• 42:43
  it's
• 42:43
  being
• 42:44
  talked
• 42:44
  about
• 42:44
  anyway
• 42:45
  is
• 42:45
  like
• 42:45
  the
• 42:45
  reason
• 42:46
  people
• 42:46
  are
• 42:46
  signing
• 42:46
  up
• 42:46
  for
• 42:46
  Walmart
• 42:47
  plus
• 42:47
  is
• 42:48
  many
• 42:48
  of
• 42:48
  them
• 42:49
  don't
• 42:49
  have
• 42:49
  to
• 42:49
  go
• 42:49
  in
• 42:49
  a
• 42:49
  Walmart
• 42:50
  store.
• 42:50
  So
• 42:51
  if
• 42:51
  you
• 42:51
  want
• 42:51
  to
• 42:51
  get
• 42:51
  the
• 42:51
  value
• 42:52
  of
• 42:52
  Dollar
• 42:53
  General
• 42:54
  without
• 42:54
  going
• 42:54
  to
• 42:55
  Dollar
• 42:55
  General
• 42:55
  Store
• 42:56
  because
• 42:56
  you
• 42:56
  do
• 42:57
  happen
• 42:57
  to
• 42:57
  make
• 42:57
  a
• 42:57
  certain
• 42:57
  income
• 42:58
  level
• 42:58
  but
• 42:58
  you
• 42:59
  are
• 42:59
  feeling
• 42:59
  the
• 42:59
  pinch
• 43:00
  and
• 43:00
  you
• 43:00
  don't
• 43:00
  want
• 43:00
  to
• 43:00
  talk
• 43:00
  about
• 43:01
  it
• 43:01
  publicly,
• 43:01
  this
• 43:02
  could
• 43:02
  have
• 43:02
  some,
• 43:03
  some
• 43:03
  hooks
• 43:03
  for
• 43:03
  you
• 43:04
  too.
• 43:04
  So
• 43:05
  that's
• 43:05
  where
• 43:05
  I
• 43:05
  think
• 43:06
  those
• 43:06
  are
• 43:07
  all
• 43:07
  the
• 43:07
  what
• 43:08
  ifs
• 43:08
  I
• 43:08
  think
• 43:08
  that
• 43:08
  are
• 43:08
  really
• 43:09
  out
• 43:09
  there
• 43:09
  when
• 43:09
  you
• 43:09
  start
• 43:09
  drawing
• 43:10
  the
• 43:10
  comparison
• 43:10
  analogies
• 43:11
  because
• 43:12
  I
• 43:12
  think
• 43:12
  economics
• 43:12
  shows
• 43:13
  over
• 43:13
  time
• 43:13
  people
• 43:14
  always
• 43:14
  gravitate
• 43:15
  towards
• 43:15
  the
• 43:15
  lowest
• 43:16
  price.
• 43:16
  So
• 43:16
  who's
• 43:16
  to
• 43:17
  say
• 43:18
  there
• 43:18
  isn't
• 43:18
  some
• 43:19
  segment
• 43:19
  of
• 43:19
  the
• 43:19
  population
• 43:20
  that
• 43:20
  is
• 43:21
  monetarily
• 43:22
  valuable
• 43:23
  that
• 43:23
  want
• 43:23
  same
• 43:24
  day
• 43:24
  delivery
• 43:24
  from
• 43:24
  the
• 43:25
  Dollar
• 43:25
  General
• 43:26
  prod
• 43:27
  assortment
• 43:27
  that
• 43:27
  lives
• 43:28
  in
• 43:29
  its
• 43:29
  arena
• 43:30
  every
• 43:30
  single
• 43:30
  day.
• 43:31
  And
• 43:32
  I
• 43:32
  think
• 43:32
  that's
• 43:32
  the
• 43:32
  big
• 43:33
  ask
• 43:33
  because
• 43:34
  drawing
• 43:34
  a
• 43:34
  comparison
• 43:35
  between
• 43:35
  DG
• 43:36
  and
• 43:36
  Walmart,
• 43:37
  they're
• 43:37
  merchandising
• 43:38
  the
• 43:38
  brands
• 43:39
  that
• 43:39
  are
• 43:39
  available
• 43:39
  and
• 43:40
  the
• 43:40
  products
• 43:40
  that
• 43:40
  they
• 43:40
  can
• 43:41
  are
• 43:41
  very
• 43:41
  different.
• 43:42
  I,
• 43:43
  I
• 43:43
  hear
• 43:43
  that
• 43:43
  is
• 43:43
  the
• 43:43
  one,.
• 43:44
  That's
• 43:44
  the
• 43:44
  one
• 43:44
  hang
• 43:45
  up.
• 43:45
  But
• 43:46
  that's
• 43:46
  the
• 43:46
  stretch.
• 43:46
  You
• 43:47
  got
• 43:47
  to
• 43:47
  prove
• 43:47
  it
• 43:47
  out
• 43:47
  with
• 43:48
  the
• 43:48
  assortment,
• 43:48
  right?
• 43:49
  You
• 43:49
  got
• 43:49
  to
• 43:49
  prove
• 43:49
  it
• 43:49
  out
• 43:49
  that
• 43:50
  the
• 43:50
  assortment
• 43:50
  provides
• 43:51
  enough
• 43:51
  of
• 43:51
  a
• 43:52
  hook
• 43:52
  to
• 43:53
  make
• 43:53
  the
• 43:53
  subscription
• 43:54
  and
• 43:55
  the
• 43:55
  delivery
• 43:55
  tie
• 43:56
  ins
• 43:56
  valuable,
• 43:57
  right?
• 43:58
  And
• 43:58
  that's
• 43:58
  why
• 43:58
  you
• 43:58
  pilot
• 43:59
  it,
• 43:59
  right?
• 43:59
  So
• 43:59
  like,
• 43:59
  I
• 44:00
  mean,
• 44:00
  I
• 44:00
  think
• 44:00
  so
• 44:01
  if
• 44:01
  that
• 44:01
  with
• 44:02
  that
• 44:02
  said
• 44:02
  Ben,
• 44:02
  would
• 44:02
  you
• 44:03
  definitely
• 44:03
  warrant
• 44:03
  a
• 44:04
  pilot
• 44:04
  or
• 44:04
  would
• 44:04
  you
• 44:04
  be
• 44:04
  like
• 44:05
  so
• 44:05
  skeptical
• 44:05
  of
• 44:06
  the
• 44:06
  operations
• 44:07
  that
• 44:07
  you
• 44:07
  wouldn't
• 44:07
  pilot?
• 44:08
  Because
• 44:08
  I
• 44:08
  think
• 44:08
  there
• 44:08
  are
• 44:08
  some
• 44:08
  things
• 44:08
  that
• 44:09
  if
• 44:09
  you're
• 44:09
  skeptical
• 44:09
  enough,
• 44:10
  you
• 44:10
  don't
• 44:10
  even
• 44:10
  go
• 44:10
  pilot
• 44:11
  stage.
• 44:12
  I,
• 44:12
  I,
• 44:12
  I,
• 44:13
  I
• 44:13
  could
• 44:13
  pilot
• 44:13
  it,
• 44:14
  but
• 44:14
  you
• 44:14
  would
• 44:14
  do
• 44:14
  it.
• 44:16
  Small
• 44:16
  geography,
• 44:17
  low
• 44:17
  risk
• 44:18
  and
• 44:18
  you
• 44:18
  keep
• 44:18
  it
• 44:18
  really
• 44:19
  isolated
• 44:20
  because
• 44:20
  the
• 44:20
  last
• 44:21
  thing
• 44:21
  the
• 44:21
  DG
• 44:22
  business
• 44:22
  needs
• 44:22
  is
• 44:23
  disruption.
• 44:24
  Just
• 44:24
  as
• 44:24
  it's
• 44:25
  getting
• 44:25
  the
• 44:25
  machine
• 44:26
  going
• 44:26
  again
• 44:26
  and
• 44:27
  just
• 44:27
  as
• 44:27
  it's
• 44:28
  been
• 44:28
  able
• 44:28
  to
• 44:28
  reduce
• 44:28
  complexity.
• 44:29
  So
• 44:29
  as
• 44:30
  long
• 44:30
  as
• 44:30
  you
• 44:30
  could
• 44:30
  prevent
• 44:31
  the
• 44:31
  contagion
• 44:32
  without
• 44:33
  sounding
• 44:33
  CFO
• 44:34
  negative
• 44:34
  about
• 44:34
  it.
• 44:35
  Yeah.
• 44:35
  You
• 44:35
  run
• 44:35
  that
• 44:36
  pilot?
• 44:36
  Yeah.
• 44:37
  Yeah.
• 44:37
  It's
• 44:37
  an
• 44:37
  interesting
• 44:38
  point
• 44:38
  too,
• 44:38
  because
• 44:38
  the
• 44:38
  other
• 44:38
  thing
• 44:39
  that's
• 44:39
  happening
• 44:39
  in
• 44:39
  the
• 44:39
  background
• 44:39
  is
• 44:40
  they
• 44:40
  have
• 44:40
  a
• 44:40
  new
• 44:40
  CEO
• 44:40
  coming
• 44:41
  in,
• 44:41
  you
• 44:42
  know,
• 44:42
  and
• 44:42
  I
• 44:42
  want.
• 44:42
  And.
• 44:42
  And
• 44:43
  they've
• 44:43
  got
• 44:43
  a
• 44:43
  new
• 44:43
  format
• 44:44
  coming
• 44:44
  that
• 44:44
  they're
• 44:44
  talking
• 44:45
  about
• 44:45
  in
• 44:45
  the
• 44:45
  same
• 44:45
  announcement
• 44:46
  that
• 44:46
  they
• 44:46
  talked
• 44:46
  about
• 44:46
  the
• 44:46
  subscription.
• 44:47
  So
• 44:47
  JJ
• 44:47
  Fleeman's
• 44:48
  coming
• 44:48
  in
• 44:49
  as
• 44:49
  the
• 44:49
  CEO
• 44:49
  as
• 44:50
  well.
• 44:50
  So
• 44:50
  like,
• 44:50
  you
• 44:50
  wonder
• 44:51
  how
• 44:51
  on
• 44:51
  board
• 44:51
  he
• 44:51
  is
• 44:52
  with
• 44:52
  this.
• 44:52
  You
• 44:52
  got
• 44:52
  to
• 44:52
  think
• 44:52
  he
• 44:52
  is
• 44:53
  because
• 44:53
  there's
• 44:53
  been
• 44:53
  a
• 44:53
  long
• 44:53
  transition
• 44:54
  period.
• 44:55
  But
• 44:55
  these
• 44:55
  are
• 44:55
  big
• 44:55
  moves
• 44:56
  to
• 44:56
  your
• 44:56
  point.
• 44:56
  And
• 44:56
  so
• 44:57
  do
• 44:57
  you
• 44:57
  want
• 44:57
  them
• 44:57
  right
• 44:57
  now?
• 44:58
  I
• 44:58
  think
• 44:58
  those
• 44:58
  are
• 44:59
  questions
• 44:59
  well
• 44:59
  worth
• 45:00
  having
• 45:00
  in
• 45:00
  the
• 45:00
  boardroom.
• 45:00
  All
• 45:01
  right.
• 45:01
  Headline
• 45:01
  number
• 45:01
  five
• 45:02
  is
• 45:02
  brought
• 45:02
  to
• 45:03
  you
• 45:03
  by
• 45:03
  Veloc.
• 45:04
  Volac
• 45:05
  is
• 45:05
  a
• 45:05
  proven
• 45:05
  E
• 45:06
  grocery
• 45:06
  technology
• 45:06
  built
• 45:07
  by
• 45:07
  grocers
• 45:08
  for
• 45:08
  grocers,
• 45:09
  exactly
• 45:09
  the
• 45:09
  type
• 45:10
  of
• 45:10
  technology
• 45:10
  we
• 45:10
  always
• 45:11
  like
• 45:11
  to
• 45:11
  talk
• 45:11
  about
• 45:12
  here
• 45:12
  at
• 45:12
  Omnitalk.
• 45:13
  They
• 45:13
  unite
• 45:13
  proprietary
• 45:14
  software
• 45:15
  with
• 45:15
  right
• 45:15
  size
• 45:16
  automation
• 45:16
  to
• 45:17
  make
• 45:17
  same
• 45:17
  day
• 45:17
  delivery
• 45:18
  profitable.
• 45:19
  To
• 45:19
  learn
• 45:20
  more,
• 45:20
  visit
• 45:20
  Vallock.
• 45:22
  That's
• 45:22
  V
• 45:22
  E
• 45:23
  L
• 45:23
  O
• 45:24
  Q.com
• 45:25
  headline
• 45:26
  number
• 45:26
  five.
• 45:26
  DoorDash
• 45:27
  has
• 45:27
  launched
• 45:28
  an
• 45:28
  AI
• 45:28
  based
• 45:29
  app
• 45:29
  search
• 45:29
  feature.
• 45:30
  According
• 45:31
  to
• 45:31
  Chainstore
• 45:31
  Age,
• 45:32
  DoorDash
• 45:32
  is
• 45:32
  enabling
• 45:33
  natural
• 45:33
  language
• 45:34
  search
• 45:34
  in
• 45:34
  its
• 45:35
  iOS
• 45:36
  app.
• 45:36
  The
• 45:36
  on
• 45:36
  demand
• 45:37
  delivery
• 45:37
  platform
• 45:38
  is
• 45:38
  introducing
• 45:38
  Ask
• 45:39
  Doordash,
• 45:40
  a
• 45:40
  new
• 45:40
  artificial
• 45:41
  intelligence
• 45:41
  enabled
• 45:42
  way
• 45:42
  for
• 45:42
  customers
• 45:42
  to
• 45:43
  search
• 45:43
  the
• 45:43
  app
• 45:43
  in
• 45:44
  their
• 45:44
  own
• 45:44
  words.
• 45:45
  Shoppers
• 45:45
  can
• 45:45
  tap
• 45:46
  the
• 45:46
  ask
• 45:46
  button
• 45:46
  in
• 45:47
  the
• 45:47
  search
• 45:47
  bar
• 45:47
  and
• 45:47
  tell
• 45:48
  DoorDash
• 45:48
  what
• 45:49
  they
• 45:49
  want
• 45:49
  to
• 45:49
  eat,
• 45:49
  share
• 45:50
  a
• 45:50
  recipe
• 45:50
  link
• 45:50
  or
• 45:51
  cookbook
• 45:51
  photo,
• 45:52
  or
• 45:52
  even
• 45:52
  describe
• 45:53
  the
• 45:53
  reservation
• 45:54
  they're
• 45:54
  looking
• 45:54
  for
• 45:54
  to
• 45:55
  get
• 45:55
  personalized
• 45:56
  results
• 45:56
  in
• 45:56
  seconds.
• 45:57
  Ben,
• 45:58
  how
• 45:58
  significant
• 45:59
  is
• 45:59
  it
• 45:59
  that
• 45:59
  DoorDash
• 46:01
  has
• 46:01
  launched
• 46:01
  its
• 46:02
  own
• 46:02
  AI
• 46:02
  based
• 46:03
  search
• 46:03
  experience?
• 46:03
  Are
• 46:03
  you
• 46:04
  looking
• 46:04
  at
• 46:04
  this
• 46:04
  announcement
• 46:05
  any
• 46:05
  differently
• 46:06
  because
• 46:06
  it's
• 46:06
  DoorDash?
• 46:07
  This
• 46:08
  is
• 46:08
  a
• 46:08
  really
• 46:09
  significant
• 46:11
  story
• 46:11
  to
• 46:11
  pay
• 46:11
  attention
• 46:12
  to
• 46:12
  because
• 46:13
  of
• 46:14
  the
• 46:14
  fact
• 46:14
  that
• 46:14
  theme,
• 46:15
  the
• 46:15
  broader
• 46:15
  theme
• 46:16
  it
• 46:16
  speaks
• 46:16
  to,
• 46:16
  that's
• 46:17
  what
• 46:17
  makes
• 46:17
  it
• 46:17
  so
• 46:18
  important.
• 46:19
  It's
• 46:19
  a
• 46:19
  theme
• 46:20
  that
• 46:20
  I'll
• 46:21
  go
• 46:21
  further.
• 46:21
  If
• 46:22
  you
• 46:22
  look
• 46:22
  after
• 46:22
  e
• 46:23
  commerce
• 46:23
  at
• 46:23
  a
• 46:23
  retailer
• 46:24
  or
• 46:24
  consumer
• 46:24
  brand,
• 46:25
  this
• 46:25
  is
• 46:26
  the
• 46:26
  the
• 46:27
  most
• 46:27
  significant
• 46:28
  thing
• 46:29
  you
• 46:29
  should
• 46:29
  be
• 46:29
  paying
• 46:29
  attention
• 46:30
  to
• 46:30
  right
• 46:30
  now.
• 46:31
  And
• 46:31
  that
• 46:31
  is
• 46:32
  how
• 46:32
  customers
• 46:33
  are
• 46:33
  searching
• 46:34
  for
• 46:34
  your
• 46:34
  brand
• 46:35
  and
• 46:35
  searching
• 46:35
  your
• 46:36
  site
• 46:36
  and
• 46:36
  how
• 46:36
  you
• 46:37
  are
• 46:37
  being
• 46:37
  discovered
• 46:38
  by
• 46:38
  query
• 46:39
  engines.
• 46:39
  Yep.
• 46:40
  Because
• 46:40
  that's
• 46:40
  what
• 46:40
  it's
• 46:40
  all
• 46:40
  about.
• 46:43
  A
• 46:43
  really
• 46:44
  smart
• 46:44
  global
• 46:45
  digital
• 46:45
  commerce
• 46:46
  leader
• 46:46
  told
• 46:46
  me
• 46:47
  recently
• 46:47
  that
• 46:47
  winning
• 46:48
  in
• 46:48
  E
• 46:48
  commerce
• 46:48
  is
• 46:48
  a
• 46:49
  game
• 46:49
  of
• 46:49
  mastering
• 46:50
  changing
• 46:50
  algorithms.
• 46:52
  And
• 46:52
  all
• 46:52
  the
• 46:53
  data
• 46:53
  that
• 46:53
  I'm
• 46:53
  seeing
• 46:53
  right
• 46:54
  now
• 46:54
  is
• 46:55
  that
• 46:55
  users
• 46:55
  are
• 46:56
  rapidly
• 46:56
  adopting
• 46:57
  kind
• 46:57
  of
• 46:57
  these
• 46:58
  conversational
• 46:59
  natural
• 46:59
  language
• 47:00
  approaches
• 47:00
  to
• 47:01
  search
• 47:01
  which
• 47:01
  is
• 47:01
  changing
• 47:02
  all
• 47:02
  of
• 47:03
  our
• 47:03
  known
• 47:03
  algorithms.
• 47:05
  So
• 47:05
  there's
• 47:06
  two
• 47:06
  big
• 47:06
  implications
• 47:06
  of
• 47:07
  that.
• 47:07
  One
• 47:07
  is
• 47:07
  how
• 47:07
  your
• 47:07
  product
• 47:08
  gets
• 47:08
  shown
• 47:08
  in
• 47:08
  the
• 47:08
  results.
• 47:09
  So
• 47:09
  that's
• 47:10
  AO
• 47:10
  and
• 47:10
  geo.
• 47:11
  But
• 47:11
  secondly,
• 47:13
  if
• 47:13
  you
• 47:13
  acknowledge
• 47:14
  that
• 47:16
  you
• 47:17
  must
• 47:17
  enable
• 47:18
  your
• 47:18
  users
• 47:19
  to
• 47:19
  have
• 47:20
  the
• 47:20
  ability
• 47:20
  to
• 47:20
  ask
• 47:21
  longer
• 47:22
  context
• 47:22
  based
• 47:23
  questions
• 47:24
  on
• 47:25
  your
• 47:25
  site,
• 47:26
  for
• 47:27
  me
• 47:27
  this
• 47:27
  is
• 47:27
  becoming
• 47:28
  table
• 47:29
  stakes.
• 47:29
  And
• 47:29
  genuinely,
• 47:30
  I
• 47:30
  mean
• 47:30
  that,
• 47:30
  I
• 47:30
  mean
• 47:30
  that
• 47:31
  table
• 47:31
  stakes
• 47:32
  for
• 47:32
  a
• 47:32
  retailer.
• 47:33
  So,
• 47:33
  you
• 47:33
  know,
• 47:34
  with
• 47:34
  Google's
• 47:35
  AI
• 47:35
  overviews,
• 47:36
  with
• 47:36
  Gemini,
• 47:36
  you
• 47:37
  know,
• 47:37
  Amazon
• 47:37
  rolling
• 47:37
  out
• 47:38
  Alexa
• 47:38
  for
• 47:38
  shopping,
• 47:39
  which
• 47:40
  is
• 47:40
  on
• 47:40
  his
• 47:40
  way
• 47:40
  to
• 47:40
  becoming
• 47:41
  the
• 47:41
  primary
• 47:41
  way
• 47:41
  that
• 47:42
  shoppers
• 47:42
  are
• 47:42
  navigating
• 47:43
  Amazon
• 47:44
  or
• 47:44
  just
• 47:44
  good
• 47:44
  old
• 47:44
  chat
• 47:45
  GPT,
• 47:45
  the
• 47:46
  switch
• 47:46
  to
• 47:46
  context
• 47:47
  based
• 47:47
  questions
• 47:47
  is
• 47:48
  happening
• 47:48
  really,
• 47:49
  really,
• 47:49
  really
• 47:49
  quickly.
• 47:50
  So
• 47:50
  if
• 47:51
  retailers
• 47:51
  and
• 47:51
  platforms
• 47:52
  like
• 47:52
  DoorDash
• 47:53
  and
• 47:53
  DoorDash
• 47:53
  such
• 47:54
  a
• 47:54
  significant
• 47:54
  platform
• 47:55
  for
• 47:55
  people
• 47:56
  to
• 47:56
  find,
• 47:56
  discover
• 47:57
  and
• 47:57
  buy
• 47:57
  products
• 47:57
  through,
• 47:58
  if
• 47:58
  they
• 47:59
  don't
• 47:59
  keep
• 47:59
  up
• 47:59
  on
• 48:00
  their
• 48:00
  owned
• 48:01
  properties,
• 48:01
  they're
• 48:02
  going
• 48:02
  to
• 48:02
  lose
• 48:02
  out
• 48:03
  really
• 48:04
  quickly.
• 48:04
  Really
• 48:05
  quickly.
• 48:05
  So
• 48:06
  I
• 48:06
  think
• 48:07
  the
• 48:07
  move
• 48:07
  from
• 48:09
  interesting
• 48:10
  test
• 48:10
  and
• 48:11
  learn
• 48:11
  to
• 48:12
  table
• 48:12
  stakes
• 48:13
  is
• 48:13
  happening
• 48:14
  so
• 48:14
  quickly
• 48:14
  and
• 48:15
  I
• 48:15
  think
• 48:15
  we'll
• 48:15
  just
• 48:15
  see
• 48:16
  more
• 48:16
  and
• 48:16
  more
• 48:16
  and
• 48:16
  more
• 48:16
  announcements
• 48:17
  like
• 48:17
  this.
• 48:18
  Yeah,
• 48:18
  it's
• 48:18
  interesting
• 48:19
  too
• 48:19
  because
• 48:19
  Kroger
• 48:19
  and
• 48:20
  Wegmans
• 48:20
  I
• 48:20
  think
• 48:20
  actually
• 48:23
  sent
• 48:23
  us
• 48:24
  off
• 48:24
  to
• 48:24
  a
• 48:24
  third
• 48:24
  party
• 48:25
  to
• 48:25
  do
• 48:25
  for
• 48:26
  their
• 48:26
  website
• 48:26
  too,
• 48:26
  which
• 48:27
  I
• 48:27
  think
• 48:27
  is
• 48:28
  an
• 48:28
  interesting
• 48:29
  little
• 48:30
  coinky
• 48:31
  dink
• 48:31
  here
• 48:31
  in
• 48:31
  terms
• 48:31
  of
• 48:32
  how
• 48:32
  people
• 48:32
  are
• 48:32
  handling
• 48:32
  this.
• 48:33
  I
• 48:33
  talked
• 48:33
  about
• 48:33
  that
• 48:33
  with
• 48:34
  Shelley
• 48:34
  Huff.
• 48:34
  Is
• 48:34
  this
• 48:35
  something
• 48:35
  so
• 48:35
  core
• 48:36
  to
• 48:36
  the
• 48:36
  user
• 48:36
  experience,
• 48:37
  which.
• 48:37
  It
• 48:37
  sounds
• 48:37
  like
• 48:37
  you're
• 48:38
  probably
• 48:38
  in
• 48:38
  that
• 48:38
  camp,
• 48:39
  Ben,
• 48:39
  that
• 48:39
  it's
• 48:39
  probably
• 48:39
  not.
• 48:40
  Not
• 48:40
  something
• 48:41
  you
• 48:41
  would
• 48:41
  outsource
• 48:41
  to
• 48:42
  a
• 48:42
  third
• 48:42
  party,
• 48:42
  is
• 48:42
  that
• 48:42
  right?
• 48:43
  No,
• 48:43
  I'm
• 48:44
  all
• 48:44
  in.
• 48:44
  I
• 48:45
  think
• 48:45
  this
• 48:45
  is,
• 48:45
  this
• 48:46
  is
• 48:46
  how
• 48:46
  people
• 48:48
  will
• 48:48
  search
• 48:49
  your
• 48:49
  website.
• 48:50
  Yeah.
• 48:50
  If
• 48:50
  you're
• 48:50
  not
• 48:51
  ready
• 48:51
  for
• 48:51
  that,
• 48:51
  they'll
• 48:52
  go
• 48:52
  on
• 48:52
  to
• 48:52
  other
• 48:52
  tools
• 48:53
  and
• 48:53
  third
• 48:53
  party
• 48:53
  tools
• 48:54
  instead.
• 48:54
  Right.
• 48:55
  And
• 48:55
  you
• 48:55
  got
• 48:55
  to
• 48:55
  figure
• 48:55
  out
• 48:56
  how
• 48:56
  to
• 48:56
  make
• 48:56
  it
• 48:56
  work
• 48:56
  for
• 48:56
  you
• 48:57
  in
• 48:57
  the
• 48:57
  long
• 48:57
  term.
• 48:58
  The
• 48:58
  adoption
• 48:59
  curve
• 48:59
  is
• 48:59
  through
• 49:00
  the
• 49:00
  roof.
• 49:00
  Yeah.
• 49:01
  And
• 49:01
  it's
• 49:01
  not.
• 49:02
  Yep.
• 49:03
  The.
• 49:05
  Let's
• 49:06
  go
• 49:06
  back
• 49:06
  a
• 49:06
  couple
• 49:06
  of
• 49:06
  years
• 49:06
  or
• 49:07
  even
• 49:07
  longer.
• 49:07
  When
• 49:08
  the
• 49:08
  idea
• 49:08
  of
• 49:09
  voice
• 49:10
  search
• 49:10
  was
• 49:11
  being
• 49:11
  discussed.
• 49:12
  The
• 49:13
  big
• 49:13
  proponents
• 49:14
  of
• 49:14
  voice
• 49:14
  search
• 49:14
  were
• 49:15
  always
• 49:15
  saying
• 49:15
  that
• 49:16
  it's
• 49:16
  the
• 49:16
  natural
• 49:17
  way
• 49:17
  to
• 49:17
  communicate.
• 49:18
  And
• 49:19
  what
• 49:19
  Google
• 49:19
  has
• 49:19
  done
• 49:20
  is
• 49:20
  it's
• 49:20
  forced
• 49:21
  us
• 49:21
  to
• 49:21
  take
• 49:21
  a
• 49:21
  natural
• 49:22
  way
• 49:22
  to
• 49:22
  communicate
• 49:23
  and
• 49:23
  squeeze
• 49:23
  it
• 49:23
  down
• 49:24
  into
• 49:24
  three
• 49:24
  words
• 49:25
  to
• 49:25
  go
• 49:25
  into
• 49:25
  a
• 49:25
  search
• 49:25
  bar.
• 49:26
  So
• 49:26
  look,
• 49:27
  okay,
• 49:29
  talking
• 49:29
  to
• 49:29
  a
• 49:30
  machine
• 49:30
  did
• 49:30
  not
• 49:31
  get
• 49:31
  the
• 49:31
  traction
• 49:32
  that
• 49:32
  some
• 49:32
  people
• 49:33
  who
• 49:33
  were
• 49:33
  investing
• 49:33
  in
• 49:33
  it
• 49:34
  thought
• 49:34
  it
• 49:34
  was
• 49:34
  going
• 49:34
  to.
• 49:35
  But
• 49:35
  that
• 49:35
  idea
• 49:36
  that
• 49:36
  we
• 49:37
  would
• 49:37
  rather
• 49:38
  express
• 49:38
  a
• 49:38
  concept
• 49:39
  using
• 49:39
  more
• 49:40
  words
• 49:40
  than
• 49:40
  have
• 49:40
  to
• 49:41
  have
• 49:41
  an
• 49:41
  idea
• 49:41
  and
• 49:42
  then
• 49:42
  translate
• 49:43
  it
• 49:43
  into
• 49:43
  what
• 49:43
  a
• 49:43
  Google
• 49:44
  prompt
• 49:44
  might
• 49:44
  be,
• 49:45
  Google
• 49:45
  has
• 49:46
  said
• 49:46
  to
• 49:46
  us,
• 49:46
  you
• 49:46
  don't
• 49:46
  need
• 49:46
  to
• 49:46
  do
• 49:46
  that
• 49:47
  anymore.
• 49:47
  So
• 49:48
  if
• 49:48
  you're
• 49:48
  not
• 49:49
  getting
• 49:49
  your
• 49:49
  website
• 49:49
  ready
• 49:50
  to
• 49:50
  not
• 49:50
  have
• 49:51
  to
• 49:51
  do
• 49:51
  it
• 49:51
  anymore,
• 49:52
  you're
• 49:52
  going
• 49:52
  to
• 49:52
  miss
• 49:52
  out.
• 49:53
  Yeah,
• 49:54
  so.
• 49:54
  So
• 49:55
  a
• 49:55
  hundred
• 49:55
  percent
• 49:55
  agree
• 49:56
  with
• 49:56
  that.
• 49:56
  I
• 49:56
  think
• 49:56
  there's
• 49:56
  another
• 49:57
  layer
• 49:57
  to
• 49:57
  this
• 49:57
  story,
• 49:57
  even
• 49:58
  More
• 49:58
  so
• 49:58
  with
• 49:59
  DoorDash
• 50:00
  in
• 50:00
  particular.
• 50:00
  Ben,
• 50:01
  I'm
• 50:01
  curious
• 50:01
  what
• 50:01
  you
• 50:02
  think
• 50:02
  about
• 50:02
  it.
• 50:02
  Like,
• 50:02
  so
• 50:02
  I
• 50:03
  agree
• 50:03
  with
• 50:03
  you.
• 50:03
  I
• 50:03
  think
• 50:03
  this
• 50:04
  is
• 50:04
  a
• 50:04
  very
• 50:04
  significant
• 50:04
  announcement.
• 50:05
  I
• 50:05
  think
• 50:05
  it's
• 50:05
  very
• 50:05
  significant
• 50:06
  partly
• 50:06
  because
• 50:06
  DoorDash
• 50:07
  is
• 50:07
  the
• 50:07
  one
• 50:07
  making
• 50:07
  it.
• 50:08
  Because
• 50:09
  DoorDash,
• 50:09
  as
• 50:09
  we've
• 50:09
  talked
• 50:10
  about
• 50:10
  many
• 50:10
  times
• 50:10
  on
• 50:10
  this
• 50:11
  show,
• 50:11
  it's
• 50:12
  my
• 50:12
  most
• 50:12
  used
• 50:12
  retail
• 50:13
  app.
• 50:13
  I
• 50:13
  use
• 50:14
  it
• 50:14
  for
• 50:14
  retail
• 50:15
  consumer
• 50:15
  experiences
• 50:16
  more
• 50:16
  than
• 50:16
  any
• 50:16
  other
• 50:17
  app
• 50:17
  out
• 50:17
  there,
• 50:18
  more
• 50:18
  than
• 50:18
  Amazon,
• 50:18
  more
• 50:19
  than
• 50:19
  Walmart.
• 50:21
  And
• 50:21
  the
• 50:21
  reason
• 50:21
  for
• 50:21
  that
• 50:22
  is
• 50:22
  it's
• 50:22
  kind
• 50:22
  of
• 50:22
  the
• 50:22
  Swiss
• 50:23
  army
• 50:23
  knife
• 50:23
  of
• 50:24
  retail
• 50:24
  right
• 50:24
  now.
• 50:26
  So
• 50:26
  Gen
• 50:26
  AI
• 50:27
  to
• 50:27
  me,
• 50:27
  if
• 50:28
  I'm
• 50:28
  drawing
• 50:28
  an
• 50:28
  analogy,
• 50:29
  as
• 50:29
  you
• 50:29
  drew
• 50:29
  the
• 50:29
  X
• 50:30
  Files
• 50:30
  analogy,
• 50:31
  Gen
• 50:31
  AI
• 50:32
  search
• 50:32
  to
• 50:32
  me
• 50:32
  is
• 50:33
  like
• 50:33
  whoever
• 50:33
  added
• 50:33
  the
• 50:34
  corkscrew
• 50:35
  for
• 50:35
  the
• 50:35
  first
• 50:35
  time
• 50:35
  to
• 50:36
  my
• 50:36
  Swiss
• 50:36
  army
• 50:36
  knife,
• 50:37
  it
• 50:37
  was
• 50:37
  cool.
• 50:38
  It
• 50:38
  was
• 50:39
  cool
• 50:39
  before
• 50:39
  with
• 50:40
  just
• 50:40
  the
• 50:40
  knives,
• 50:40
  the
• 50:40
  toothpicks,
• 50:41
  even
• 50:42
  the
• 50:42
  tweezers.
• 50:42
  But
• 50:43
  now
• 50:43
  I've
• 50:43
  got
• 50:43
  the
• 50:44
  corkscrew,
• 50:44
  right?
• 50:45
  And
• 50:45
  so
• 50:45
  that
• 50:46
  opens
• 50:46
  up
• 50:47
  a
• 50:47
  whole
• 50:47
  new
• 50:47
  realm
• 50:48
  of
• 50:48
  experiences
• 50:49
  for
• 50:49
  me
• 50:49
  when
• 50:49
  I
• 50:49
  think
• 50:49
  about
• 50:50
  this
• 50:50
  inside
• 50:51
  of
• 50:51
  the
• 50:51
  Swiss
• 50:51
  army
• 50:51
  knife,
• 50:52
  that
• 50:52
  is
• 50:52
  DoorDash
• 50:53
  already.
• 50:54
  Because
• 50:54
  let's
• 50:54
  not
• 50:55
  forget,
• 50:55
  Ben,
• 50:56
  Jordache
• 50:57
  is
• 50:57
  already
• 50:57
  a
• 50:58
  marketplace.
• 50:59
  So
• 50:59
  it's
• 50:59
  doing
• 51:00
  this
• 51:00
  in
• 51:00
  a
• 51:01
  marketplace
• 51:01
  versus
• 51:02
  doing
• 51:02
  it
• 51:02
  on
• 51:02
  a
• 51:02
  branded
• 51:03
  site.
• 51:03
  So
• 51:03
  it's
• 51:03
  more
• 51:03
  akin
• 51:04
  to
• 51:05
  Amazon,
• 51:06
  but
• 51:06
  its
• 51:06
  marketplace
• 51:07
  has
• 51:07
  different
• 51:07
  dynamics
• 51:08
  than
• 51:08
  Amazon's
• 51:09
  because
• 51:09
  you
• 51:09
  can
• 51:09
  also
• 51:10
  order
• 51:10
  food
• 51:10
  for
• 51:11
  it
• 51:11
  or
• 51:11
  order
• 51:11
  other
• 51:12
  services
• 51:12
  as
• 51:13
  well.
• 51:14
  So
• 51:14
  who's
• 51:15
  to
• 51:15
  say,
• 51:15
  like,
• 51:15
  if
• 51:16
  I
• 51:16
  just
• 51:16
  get
• 51:16
  crazy
• 51:17
  here,
• 51:17
  start
• 51:17
  thinking
• 51:18
  long
• 51:18
  term,
• 51:18
  who's
• 51:19
  to
• 51:19
  say
• 51:19
  you
• 51:19
  can't
• 51:20
  start
• 51:20
  comparison
• 51:20
  shopping
• 51:21
  in
• 51:21
  that
• 51:21
  marketplace
• 51:22
  more
• 51:22
  easily
• 51:23
  than
• 51:23
  you
• 51:23
  could
• 51:24
  now,
• 51:24
  as
• 51:24
  you're
• 51:24
  envisioning
• 51:25
  it,
• 51:25
  who's
• 51:26
  to
• 51:26
  say
• 51:26
  you
• 51:26
  couldn't
• 51:26
  start
• 51:26
  making
• 51:27
  restaurant
• 51:28
  orders
• 51:28
  based
• 51:29
  on
• 51:29
  budget
• 51:29
  comparisons,
• 51:30
  like
• 51:30
  saying,
• 51:31
  hey,
• 51:31
  I
• 51:31
  only
• 51:31
  want
• 51:32
  to
• 51:32
  spend
• 51:32
  $50
• 51:33
  on
• 51:33
  my
• 51:33
  dinner
• 51:34
  tonight
• 51:34
  for
• 51:34
  my
• 51:34
  family
• 51:35
  of
• 51:35
  four,
• 51:35
  what
• 51:36
  are
• 51:36
  my
• 51:36
  best
• 51:36
  options?
• 51:38
  If
• 51:38
  that
• 51:38
  is
• 51:38
  enabled
• 51:39
  in
• 51:39
  this
• 51:40
  or
• 51:40
  it
• 51:41
  gets
• 51:41
  better
• 51:41
  over
• 51:41
  time,
• 51:42
  that
• 51:42
  is
• 51:42
  going
• 51:43
  to
• 51:43
  spur
• 51:43
  more
• 51:43
  and
• 51:44
  more
• 51:44
  usage,
• 51:44
  which,
• 51:45
  as
• 51:45
  we
• 51:45
  know
• 51:45
  more
• 51:46
  and
• 51:46
  more
• 51:46
  usage
• 51:46
  has
• 51:47
  so
• 51:47
  many
• 51:47
  one
• 51:47
  plus
• 51:48
  one
• 51:48
  equals
• 51:48
  three
• 51:49
  benefits
• 51:49
  to
• 51:50
  the
• 51:50
  platform
• 51:50
  itself.
• 51:51
  So
• 51:51
  that's
• 51:52
  what
• 51:52
  I
• 51:52
  think
• 51:52
  is
• 51:53
  really
• 51:54
  fascinating
• 51:54
  here,
• 51:55
  is
• 51:55
  DoorDash
• 51:56
  has
• 51:56
  been
• 51:56
  quietly
• 51:57
  building
• 51:57
  a
• 51:58
  very
• 51:58
  formidable
• 51:59
  app
• 52:00
  that
• 52:01
  can
• 52:01
  hold
• 52:01
  its
• 52:01
  own
• 52:02
  in
• 52:02
  a
• 52:02
  lot
• 52:02
  of
• 52:02
  ways.
• 52:03
  Yeah,
• 52:04
  completely
• 52:04
  agree.
• 52:05
  Completely
• 52:05
  agree.
• 52:06
  All
• 52:06
  right,
• 52:07
  Ben,
• 52:07
  well,
• 52:07
  let's
• 52:07
  go
• 52:08
  to
• 52:08
  the
• 52:08
  lightning
• 52:08
  round
• 52:09
  to
• 52:09
  close
• 52:09
  out
• 52:09
  the
• 52:09
  show.
• 52:10
  And
• 52:10
  to
• 52:10
  make
• 52:10
  sure
• 52:10
  you
• 52:11
  get
• 52:11
  to
• 52:11
  see
• 52:12
  England's
• 52:12
  soccer
• 52:13
  match
• 52:13
  on
• 52:13
  time.
• 52:14
  In
• 52:14
  the
• 52:14
  fame
• 52:15
  1980s
• 52:16
  movie
• 52:16
  American
• 52:16
  Flyer,
• 52:17
  Kevin
• 52:17
  Costner
• 52:18
  plays
• 52:18
  a
• 52:18
  mustachioed
• 52:19
  competitive
• 52:20
  cyclist
• 52:20
  opposite
• 52:21
  Radong
• 52:21
  Chong.
• 52:22
  And
• 52:22
  believe
• 52:22
  it
• 52:22
  or
• 52:22
  not,
• 52:22
  Ben,
• 52:23
  I
• 52:23
  had
• 52:23
  to
• 52:23
  look
• 52:23
  up
• 52:23
  how
• 52:23
  to
• 52:23
  spell
• 52:24
  mustachioed.
• 52:24
  It
• 52:24
  was
• 52:25
  really
• 52:25
  fun
• 52:25
  word
• 52:25
  to
• 52:25
  spell.
• 52:26
  I
• 52:26
  know
• 52:26
  you
• 52:26
  have
• 52:27
  no
• 52:27
  doubt,
• 52:28
  like
• 52:28
  producer
• 52:28
  Ella
• 52:29
  never
• 52:29
  seen
• 52:29
  this
• 52:30
  movie.
• 52:30
  I
• 52:30
  just
• 52:30
  know
• 52:31
  that.
• 52:31
  And
• 52:31
  I
• 52:31
  know
• 52:31
  producer
• 52:32
  hasn't
• 52:32
  either,
• 52:32
  so
• 52:33
  I'm
• 52:33
  not
• 52:33
  even
• 52:33
  gonna
• 52:33
  ask
• 52:33
  her.
• 52:34
  But
• 52:34
  as
• 52:34
  an
• 52:34
  avid
• 52:35
  cycling
• 52:35
  fan,
• 52:35
  which
• 52:35
  I
• 52:36
  know
• 52:36
  you
• 52:36
  are,
• 52:36
  what
• 52:37
  is
• 52:37
  one
• 52:37
  misgiving
• 52:38
  you
• 52:38
  would
• 52:38
  have
• 52:38
  about
• 52:38
  Mr.
• 52:39
  Costner
• 52:40
  in
• 52:40
  this
• 52:40
  role?
• 52:42
  You
• 52:42
  are
• 52:42
  right.
• 52:42
  I
• 52:43
  am
• 52:43
  an
• 52:43
  avid
• 52:43
  cycling
• 52:44
  fan.
• 52:44
  I
• 52:44
  love
• 52:45
  my
• 52:45
  road
• 52:45
  cycling.
• 52:46
  In
• 52:46
  fact,
• 52:47
  one
• 52:47
  of
• 52:48
  the
• 52:48
  leaving
• 52:48
  gifts
• 52:48
  that
• 52:49
  my
• 52:49
  lovely
• 52:49
  former
• 52:49
  colleagues
• 52:50
  at
• 52:50
  Shop
• 52:50
  Talk
• 52:50
  got
• 52:51
  me
• 52:51
  was
• 52:51
  a
• 52:51
  Lego
• 52:52
  racing
• 52:53
  bike.
• 52:53
  Oh,
• 52:54
  wow.
• 52:54
  Which
• 52:55
  obviously
• 52:55
  I
• 52:56
  didn't
• 52:56
  make
• 52:56
  today
• 52:56
  because
• 52:57
  I
• 52:57
  was
• 52:57
  busy
• 52:57
  watching
• 52:58
  the
• 52:58
  Starbucks
• 52:59
  investor
• 52:59
  video
• 52:59
  back,
• 53:00
  but,
• 53:01
  you
• 53:01
  know,
• 53:01
  later
• 53:01
  on
• 53:01
  this
• 53:02
  week,
• 53:02
  I'm
• 53:02
  going
• 53:02
  to
• 53:02
  do
• 53:02
  that.
• 53:04
  So
• 53:04
  Kevin
• 53:04
  Costner.
• 53:05
  Look,
• 53:05
  Kevin
• 53:06
  Costner
• 53:06
  is
• 53:07
  a
• 53:07
  fit,
• 53:07
  healthy
• 53:08
  guy,
• 53:08
  but
• 53:09
  he's
• 53:09
  obviously
• 53:09
  cast
• 53:10
  by
• 53:10
  somebody
• 53:10
  who's
• 53:11
  clearly
• 53:11
  never
• 53:11
  looked
• 53:12
  at
• 53:12
  what
• 53:12
  a
• 53:12
  professional
• 53:13
  cyclist
• 53:13
  looked
• 53:14
  like,
• 53:14
  because
• 53:14
  Kevin
• 53:15
  Costner's
• 53:15
  like
• 53:16
  6:1.
• 53:16
  He's.
• 53:17
  He's
• 53:17
  80
• 53:18
  plus
• 53:18
  kilos.
• 53:19
  Professional
• 53:20
  cyclists
• 53:21
  are
• 53:21
  incredibly
• 53:23
  slim
• 53:23
  because
• 53:24
  it
• 53:24
  all
• 53:24
  comes
• 53:24
  from
• 53:25
  power
• 53:25
  to
• 53:25
  weight
• 53:25
  ratio.
• 53:26
  You
• 53:26
  want
• 53:26
  to
• 53:26
  go
• 53:26
  up
• 53:26
  a
• 53:26
  hill
• 53:27
  quick,
• 53:27
  you've
• 53:27
  got
• 53:28
  to
• 53:28
  reduce
• 53:28
  the
• 53:28
  weight
• 53:28
  and
• 53:28
  you've
• 53:29
  got
• 53:29
  to
• 53:29
  increase
• 53:29
  the
• 53:29
  power.
• 53:30
  So,
• 53:31
  yeah,
• 53:31
  65
• 53:32
  kilos
• 53:33
  is
• 53:34
  a
• 53:34
  good
• 53:35
  weight
• 53:35
  for
• 53:36
  a
• 53:36
  racing
• 53:37
  cyclist,
• 53:38
  and
• 53:38
  they
• 53:38
  can
• 53:38
  be
• 53:39
  a
• 53:39
  lot
• 53:39
  less
• 53:39
  than
• 53:39
  that.
• 53:40
  So,
• 53:40
  yeah,
• 53:40
  Mr.
• 53:41
  Costner
• 53:41
  would
• 53:41
  not
• 53:42
  get
• 53:42
  very
• 53:42
  far
• 53:42
  in
• 53:43
  a
• 53:43
  professional
• 53:43
  peloton,
• 53:44
  I
• 53:44
  can
• 53:44
  assure
• 53:44
  you
• 53:45
  of
• 53:45
  that.
• 53:46
  So.
• 53:46
  So
• 53:46
  you
• 53:46
  are
• 53:47
  selling
• 53:47
  the
• 53:47
  casting
• 53:48
  of
• 53:48
  Kevin
• 53:48
  Costner
• 53:49
  in
• 53:49
  a
• 53:49
  cycling
• 53:50
  movie.
• 53:50
  That's
• 53:50
  basically
• 53:51
  what
• 53:51
  you're
• 53:51
  saying.
• 53:51
  You.
• 53:51
  You
• 53:52
  would
• 53:52
  not
• 53:52
  buy
• 53:52
  it
• 53:53
  one
• 53:53
  bit
• 53:53
  whatsoever.
• 53:55
  Absolutely
• 53:56
  not.
• 53:57
  But,
• 53:57
  yeah,
• 53:58
  but,
• 53:58
  Chris,
• 53:58
  I
• 53:58
  want
• 53:58
  to
• 53:58
  stay
• 53:58
  with
• 53:59
  sports
• 53:59
  for
• 54:00
  question
• 54:00
  number
• 54:00
  two,
• 54:01
  because
• 54:01
  as
• 54:01
  we
• 54:02
  talked
• 54:02
  about,
• 54:02
  it
• 54:02
  is
• 54:03
  the
• 54:03
  opening
• 54:03
  week
• 54:03
  of
• 54:03
  the
• 54:03
  FIFA
• 54:04
  World
• 54:04
  cup
• 54:06
  after,
• 54:06
  and
• 54:06
  look,
• 54:07
  admittedly
• 54:08
  thoroughly
• 54:09
  impressive,
• 54:10
  4:1
• 54:10
  win
• 54:11
  in
• 54:11
  their
• 54:11
  opening
• 54:12
  match
• 54:12
  for
• 54:12
  the
• 54:13
  USA.
• 54:13
  Where
• 54:14
  for
• 54:14
  you,
• 54:14
  Chris,
• 54:14
  where
• 54:15
  would
• 54:15
  a
• 54:16
  USA
• 54:17
  World
• 54:17
  cup
• 54:18
  overall
• 54:18
  victory
• 54:20
  sit
• 54:20
  in
• 54:20
  the
• 54:20
  Walton
• 54:21
  ranking
• 54:21
  of
• 54:21
  sports,
• 54:22
  sports
• 54:23
  and
• 54:23
  teams
• 54:23
  that
• 54:23
  you
• 54:24
  care
• 54:24
  or
• 54:25
  literally
• 54:26
  couldn't
• 54:26
  care
• 54:26
  less
• 54:26
  about?
• 54:27
  Oh,
• 54:27
  wow.
• 54:29
  You
• 54:30
  know,
• 54:31
  if
• 54:31
  the
• 54:31
  US
• 54:31
  Won
• 54:32
  the
• 54:32
  World
• 54:32
  Cup,
• 54:35
  I
• 54:35
  think
• 54:35
  it
• 54:35
  would
• 54:36
  probably
• 54:36
  be
• 54:36
  the
• 54:37
  number
• 54:37
  two
• 54:37
  sporting
• 54:38
  achievement
• 54:38
  of
• 54:39
  my
• 54:39
  lifetime.
• 54:39
  From
• 54:40
  a
• 54:40
  US
• 54:40
  fandom
• 54:40
  perspective,
• 54:41
  number
• 54:41
  one
• 54:41
  would
• 54:42
  still
• 54:42
  have
• 54:42
  to
• 54:42
  be
• 54:42
  defeating
• 54:43
  the
• 54:43
  USSR
• 54:44
  in
• 54:44
  the
• 54:44
  1980
• 54:45
  Olympics
• 54:45
  just
• 54:45
  because
• 54:46
  of
• 54:47
  the
• 54:47
  symbolism
• 54:47
  of
• 54:47
  the
• 54:47
  Cold
• 54:48
  War
• 54:48
  and
• 54:48
  everything.
• 54:49
  Yeah,
• 54:49
  but
• 54:49
  I
• 54:49
  think
• 54:49
  winning
• 54:50
  the
• 54:50
  World
• 54:50
  cup
• 54:50
  would
• 54:50
  be.
• 54:51
  Would
• 54:52
  Be
• 54:53
  right
• 54:53
  up
• 54:53
  there,
• 54:54
  man.
• 54:54
  Like,
• 54:54
  I.
• 54:55
  Yeah,
• 54:55
  I
• 54:55
  remember
• 54:56
  making
• 54:56
  a
• 54:56
  joke
• 54:56
  with
• 54:57
  somebody
• 54:57
  back
• 54:57
  in
• 54:57
  the
• 54:57
  day.
• 54:58
  I
• 54:58
  said,
• 54:58
  like,
• 54:58
  the
• 54:58
  U.S.
• 54:58
  will
• 54:59
  win
• 54:59
  the
• 54:59
  World
• 54:59
  cup
• 54:59
  before
• 55:00
  Ireland
• 55:00
  did.
• 55:00
  I
• 55:00
  think
• 55:01
  I
• 55:01
  made
• 55:01
  a
• 55:01
  bet
• 55:01
  with
• 55:01
  that
• 55:02
  person
• 55:02
  too,
• 55:03
  who
• 55:03
  shall
• 55:04
  remain
• 55:04
  nameless,
• 55:04
  but
• 55:05
  I
• 55:05
  think
• 55:05
  I
• 55:05
  did.
• 55:05
  And
• 55:06
  so,
• 55:06
  I
• 55:06
  don't
• 55:06
  know,
• 55:06
  I'm
• 55:07
  feeling
• 55:07
  like
• 55:07
  I.
• 55:07
  I
• 55:08
  feel
• 55:08
  like
• 55:08
  the
• 55:08
  odds
• 55:08
  of
• 55:08
  that
• 55:09
  are
• 55:09
  better,
• 55:09
  but
• 55:10
  I
• 55:10
  don't
• 55:10
  want
• 55:10
  to
• 55:10
  get
• 55:11
  too
• 55:11
  hyped
• 55:12
  up
• 55:12
  on
• 55:12
  one.
• 55:13
  One
• 55:13
  good
• 55:13
  victory
• 55:14
  to
• 55:14
  start
• 55:14
  the
• 55:14
  tournament,
• 55:15
  especially
• 55:15
  when
• 55:15
  the
• 55:16
  tournaments
• 55:16
  at
• 55:16
  home
• 55:16
  as
• 55:17
  well,
• 55:17
  because
• 55:17
  we've
• 55:17
  seen
• 55:17
  that,
• 55:18
  that
• 55:18
  happen
• 55:18
  and
• 55:19
  go
• 55:19
  the
• 55:19
  other
• 55:19
  way.
• 55:19
  And
• 55:19
  the
• 55:19
  US
• 55:20
  team
• 55:20
  has
• 55:20
  a.
• 55:20
  Has
• 55:21
  a
• 55:21
  history
• 55:21
  of
• 55:21
  letting
• 55:22
  people
• 55:22
  down
• 55:22
  as
• 55:23
  well.
• 55:23
  Ben.
• 55:23
  All
• 55:24
  right.
• 55:24
  If
• 55:24
  George
• 55:24
  Clooney
• 55:25
  had
• 55:25
  his
• 55:25
  way
• 55:25
  getting
• 55:25
  back
• 55:26
  to
• 55:26
  some
• 55:27
  British
• 55:28
  lighting
• 55:28
  round
• 55:28
  questions,
• 55:29
  he'd
• 55:30
  hand
• 55:30
  the
• 55:30
  keys
• 55:30
  to
• 55:31
  James
• 55:31
  Bond's
• 55:32
  Aston
• 55:32
  Martin
• 55:32
  over
• 55:32
  to
• 55:33
  British
• 55:33
  actor
• 55:33
  Callum
• 55:34
  Turner.
• 55:34
  Do
• 55:35
  you
• 55:35
  agree
• 55:35
  with
• 55:36
  Mr.
• 55:36
  Clooney
• 55:36
  in
• 55:37
  his
• 55:37
  choice?
• 55:39
  Well,
• 55:39
  I
• 55:39
  agree
• 55:39
  that
• 55:39
  this
• 55:40
  is
• 55:40
  a
• 55:40
  franchise
• 55:40
  that
• 55:41
  really
• 55:41
  does
• 55:41
  need
• 55:41
  some
• 55:42
  new
• 55:42
  life.
• 55:43
  Yes.
• 55:43
  That
• 55:43
  is
• 55:44
  for
• 55:44
  sure.
• 55:44
  Yeah.
• 55:45
  Daniel
• 55:45
  Craig's
• 55:45
  looking
• 55:45
  a
• 55:45
  little
• 55:46
  long
• 55:46
  in
• 55:46
  the
• 55:46
  tooth,
• 55:46
  you
• 55:47
  know,
• 55:47
  not
• 55:47
  that
• 55:47
  he
• 55:48
  wants
• 55:48
  to
• 55:48
  do
• 55:48
  it
• 55:48
  again
• 55:48
  anyway.
• 55:49
  And
• 55:49
  it's
• 55:50
  a
• 55:50
  real
• 55:50
  shame.
• 55:50
  I
• 55:50
  think
• 55:51
  there
• 55:51
  was
• 55:51
  a
• 55:51
  moment
• 55:52
  when
• 55:52
  it
• 55:52
  looked
• 55:52
  like
• 55:53
  Idris
• 55:53
  Elba
• 55:53
  was
• 55:54
  gonna
• 55:54
  be
• 55:54
  the
• 55:54
  next
• 55:54
  Bond
• 55:55
  and
• 55:55
  I
• 55:55
  would.
• 55:55
  I
• 55:56
  mean,
• 55:56
  Stringer
• 55:56
  Bell
• 55:57
  is
• 55:57
  James
• 55:57
  Bond.
• 55:57
  That
• 55:58
  would
• 55:58
  have
• 55:58
  been
• 55:58
  so
• 55:58
  cool.
• 55:59
  Yeah.
• 55:59
  So
• 55:59
  I
• 55:59
  would
• 55:59
  have
• 55:59
  been
• 55:59
  all
• 56:00
  in
• 56:00
  for
• 56:00
  that.
• 56:01
  Callum
• 56:02
  Turner.
• 56:02
  Why
• 56:03
  not?
• 56:03
  Look,
• 56:03
  if
• 56:03
  it
• 56:04
  gets
• 56:04
  Dulippa
• 56:04
  to
• 56:04
  do
• 56:04
  the
• 56:05
  theme
• 56:05
  tune,
• 56:05
  then
• 56:05
  I'm
• 56:05
  in.
• 56:07
  Right?
• 56:07
  Yes.
• 56:07
  Good
• 56:08
  call,
• 56:08
  man.
• 56:09
  Right,
• 56:09
  Chris,
• 56:10
  question
• 56:10
  number
• 56:10
  four,
• 56:11
  Last
• 56:11
  question
• 56:11
  for
• 56:11
  you.
• 56:12
  You
• 56:13
  are
• 56:13
  in
• 56:13
  the
• 56:13
  middle
• 56:14
  of
• 56:14
  your
• 56:14
  European
• 56:15
  grand
• 56:15
  tour.
• 56:17
  The
• 56:17
  classic
• 56:18
  Berlin
• 56:18
  curry
• 56:19
  verse
• 56:19
  that
• 56:19
  I
• 56:20
  recommended
• 56:20
  was
• 56:21
  quite
• 56:21
  clearly
• 56:21
  a
• 56:22
  flop.
• 56:22
  So
• 56:23
  what
• 56:23
  is
• 56:23
  the
• 56:23
  best
• 56:24
  thing
• 56:24
  that
• 56:24
  you've
• 56:24
  eaten
• 56:25
  while
• 56:25
  you've
• 56:25
  been
• 56:25
  over
• 56:26
  here
• 56:26
  this
• 56:26
  year?
• 56:27
  That's
• 56:27
  right.
• 56:27
  I
• 56:28
  forgot
• 56:28
  the
• 56:28
  last
• 56:28
  time
• 56:28
  you
• 56:28
  were
• 56:29
  on
• 56:29
  the
• 56:29
  show,
• 56:29
  you
• 56:29
  recommended
• 56:30
  that
• 56:30
  I
• 56:30
  eat
• 56:30
  that
• 56:30
  in
• 56:30
  Berlin.
• 56:31
  And
• 56:31
  yeah,
• 56:31
  it
• 56:31
  was,
• 56:31
  it
• 56:32
  was
• 56:32
  probably
• 56:32
  the
• 56:32
  worst
• 56:33
  thing
• 56:33
  I
• 56:33
  had
• 56:34
  on
• 56:34
  my
• 56:34
  entire
• 56:35
  trip
• 56:35
  that
• 56:36
  week.
• 56:37
  And
• 56:37
  I
• 56:37
  also
• 56:37
  told
• 56:38
  another
• 56:39
  friend,
• 56:39
  acquaintance
• 56:39
  of
• 56:40
  ours
• 56:40
  too,
• 56:40
  was
• 56:40
  on
• 56:40
  that
• 56:40
  set
• 56:41
  that
• 56:41
  same
• 56:41
  conference
• 56:41
  and
• 56:41
  he
• 56:42
  tried
• 56:42
  to
• 56:42
  have
• 56:42
  the
• 56:42
  same
• 56:43
  sentiment
• 56:44
  that
• 56:44
  I
• 56:44
  did.
• 56:44
  But
• 56:45
  anyway,
• 56:46
  you
• 56:46
  know,
• 56:46
  the
• 56:46
  best
• 56:46
  thing
• 56:47
  I
• 56:47
  had
• 56:47
  on
• 56:47
  this
• 56:47
  trip
• 56:47
  was
• 56:48
  I
• 56:48
  went
• 56:48
  to
• 56:49
  San
• 56:49
  Sebastian
• 56:49
  with
• 56:50
  my
• 56:50
  wife
• 56:51
  and
• 56:51
  we
• 56:51
  went
• 56:51
  to
• 56:53
  a
• 56:53
  high
• 56:53
  end
• 56:54
  two
• 56:54
  star
• 56:54
  Michelin
• 56:54
  restaurant
• 56:55
  because
• 56:55
  San
• 56:55
  Sebastian
• 56:56
  is
• 56:56
  known
• 56:56
  as,
• 56:56
  like,
• 56:56
  just
• 56:57
  the
• 56:57
  food
• 56:57
  mecca
• 56:58
  of
• 56:58
  the
• 56:58
  world.
• 56:59
  And
• 56:59
  it's,
• 56:59
  it's
• 57:00
  incredible.
• 57:00
  Like,
• 57:00
  I
• 57:01
  can't
• 57:01
  believe
• 57:01
  that
• 57:01
  this,
• 57:02
  that
• 57:03
  it's
• 57:03
  taken
• 57:03
  me
• 57:03
  long,
• 57:04
  this
• 57:04
  long
• 57:04
  to
• 57:04
  get
• 57:04
  to
• 57:05
  San
• 57:05
  Sebastian,
• 57:05
  but
• 57:05
  it's
• 57:06
  called
• 57:06
  Amelia.
• 57:07
  I
• 57:07
  can't
• 57:07
  remember
• 57:08
  the
• 57:08
  chef's
• 57:08
  name.
• 57:08
  I'm
• 57:09
  just
• 57:09
  blanking
• 57:09
  on
• 57:09
  it
• 57:09
  right
• 57:09
  now.
• 57:10
  But
• 57:11
  it
• 57:11
  was
• 57:12
  so
• 57:12
  incredibly
• 57:12
  impressive
• 57:13
  from
• 57:14
  start
• 57:14
  to
• 57:14
  finish.
• 57:15
  Like,
• 57:15
  it
• 57:15
  was
• 57:15
  actually
• 57:15
  a
• 57:16
  speakeasy.
• 57:16
  You
• 57:16
  went
• 57:17
  in
• 57:17
  and
• 57:17
  then
• 57:18
  they
• 57:18
  only
• 57:18
  served
• 57:18
  12
• 57:18
  people
• 57:19
  in
• 57:19
  the
• 57:19
  whole
• 57:19
  restaurant.
• 57:20
  It
• 57:20
  was
• 57:20
  a
• 57:21
  very
• 57:21
  personalized,
• 57:21
  very
• 57:22
  intimate
• 57:22
  experience,
• 57:23
  very
• 57:23
  quiet
• 57:24
  experience,
• 57:24
  too.
• 57:25
  And
• 57:26
  it
• 57:26
  was
• 57:26
  just
• 57:27
  very
• 57:27
  special.
• 57:27
  And
• 57:27
  she
• 57:27
  and
• 57:28
  I
• 57:28
  will.
• 57:28
  Will
• 57:28
  always
• 57:28
  remember
• 57:29
  it.
• 57:29
  So,
• 57:29
  yeah,
• 57:29
  that
• 57:30
  would
• 57:30
  be
• 57:30
  my
• 57:30
  answer,
• 57:30
  Ben.
• 57:31
  But
• 57:31
  sadly.
• 57:32
  Sadly
• 57:33
  or
• 57:33
  not
• 57:33
  sadly,
• 57:34
  there
• 57:34
  was
• 57:34
  not
• 57:34
  any
• 57:35
  currywurst
• 57:36
  on
• 57:36
  the
• 57:36
  menu.
• 57:36
  There
• 57:36
  was
• 57:37
  nary
• 57:37
  a
• 57:37
  curry
• 57:38
  to
• 57:38
  be
• 57:38
  found
• 57:38
  at
• 57:39
  Amelia.
• 57:40
  All
• 57:40
  right,
• 57:40
  producer
• 57:41
  Ella,
• 57:41
  let's
• 57:41
  bring
• 57:41
  you
• 57:42
  in
• 57:42
  here.
• 57:42
  I'm
• 57:42
  curious,
• 57:43
  what
• 57:43
  headline
• 57:44
  won
• 57:44
  today's
• 57:44
  show?
• 57:44
  Are
• 57:44
  you
• 57:45
  going
• 57:45
  with
• 57:45
  Starbucks
• 57:45
  again?
• 57:46
  Because
• 57:46
  that's
• 57:46
  kind
• 57:46
  of
• 57:46
  where
• 57:47
  you
• 57:47
  tend
• 57:48
  to
• 57:48
  roll.
• 57:48
  No.
• 57:49
  You're
• 57:49
  shaking
• 57:49
  your
• 57:50
  head
• 57:50
  no.
• 57:50
  Where
• 57:50
  are
• 57:51
  you
• 57:51
  going
• 57:51
  today
• 57:51
  then?
• 57:52
  How
• 57:52
  could
• 57:53
  I
• 57:53
  not
• 57:53
  pick
• 57:53
  DoorDash?
• 57:55
  Oh,
• 57:55
  wow.
• 57:56
  I
• 57:57
  love
• 57:57
  the
• 57:57
  angle
• 57:57
  they're
• 57:58
  coming
• 57:58
  in
• 57:58
  from,
• 57:58
  and
• 57:58
  I
• 57:59
  feel
• 57:59
  like
• 57:59
  grocers
• 58:00
  should
• 58:00
  really
• 58:00
  take
• 58:01
  this
• 58:01
  idea
• 58:01
  and
• 58:01
  run
• 58:02
  with
• 58:02
  it,
• 58:02
  especially
• 58:03
  the
• 58:03
  conversational
• 58:04
  approach.
• 58:05
  And
• 58:05
  it
• 58:05
  made
• 58:06
  me
• 58:06
  think
• 58:06
  about,
• 58:07
  I
• 58:07
  recently
• 58:07
  did
• 58:08
  a
• 58:08
  pickup
• 58:08
  order
• 58:08
  from
• 58:08
  Aldi
• 58:09
  and
• 58:10
  of
• 58:10
  course
• 58:10
  I
• 58:10
  do
• 58:10
  my
• 58:10
  five
• 58:11
  minute,
• 58:11
  like,
• 58:11
  run
• 58:11
  through
• 58:12
  my
• 58:12
  fridge,
• 58:12
  run
• 58:12
  through
• 58:12
  my
• 58:13
  pantry.
• 58:13
  Right.
• 58:14
  And
• 58:14
  as
• 58:14
  you're
• 58:14
  doing
• 58:14
  that,
• 58:15
  you're
• 58:15
  making
• 58:15
  this
• 58:15
  list
• 58:15
  in
• 58:16
  your
• 58:16
  head
• 58:16
  and
• 58:16
  then
• 58:16
  you
• 58:17
  go
• 58:17
  back
• 58:17
  to
• 58:17
  the
• 58:17
  app
• 58:17
  and
• 58:18
  you
• 58:18
  type
• 58:18
  it
• 58:18
  all
• 58:18
  in,
• 58:18
  trying
• 58:18
  to
• 58:19
  remember
• 58:19
  maybe
• 58:19
  you're
• 58:19
  going
• 58:19
  back
• 58:20
  to
• 58:20
  the
• 58:20
  fridge.
• 58:20
  Right.
• 58:21
  And
• 58:22
  the
• 58:22
  idea
• 58:23
  of
• 58:24
  either
• 58:25
  using
• 58:25
  a
• 58:25
  third
• 58:25
  party,
• 58:25
  Ben,
• 58:26
  like
• 58:26
  you
• 58:26
  were
• 58:26
  saying
• 58:26
  of
• 58:27
  me,
• 58:27
  just
• 58:27
  like
• 58:27
  talking
• 58:27
  to
• 58:28
  my
• 58:28
  phone
• 58:28
  and
• 58:28
  making
• 58:28
  that
• 58:28
  list
• 58:29
  for
• 58:29
  me,
• 58:30
  like
• 58:30
  what
• 58:30
  DoorDash
• 58:31
  is
• 58:31
  doing,
• 58:32
  just
• 58:32
  doing
• 58:32
  that
• 58:33
  in
• 58:33
  app.
• 58:33
  Like
• 58:34
  all
• 58:34
  of
• 58:34
  these.
• 58:35
  These
• 58:35
  apps
• 58:35
  should
• 58:35
  be
• 58:35
  doing
• 58:36
  this
• 58:36
  because
• 58:36
  it
• 58:36
  just
• 58:36
  saves
• 58:37
  me
• 58:37
  time.
• 58:37
  And
• 58:37
  I'm
• 58:38
  already
• 58:38
  making
• 58:38
  that
• 58:38
  list
• 58:38
  in
• 58:38
  my
• 58:39
  head
• 58:39
  already.
• 58:39
  So
• 58:40
  I
• 58:40
  think
• 58:40
  this
• 58:40
  is
• 58:40
  just
• 58:41
  an
• 58:41
  easy
• 58:41
  winner
• 58:41
  this
• 58:42
  week.
• 58:43
  Wow.
• 58:43
  Okay,
• 58:43
  so
• 58:43
  you're
• 58:44
  really
• 58:44
  liking
• 58:44
  this
• 58:44
  idea
• 58:45
  too,
• 58:45
  and
• 58:45
  you
• 58:45
  like
• 58:45
  particularly
• 58:46
  that
• 58:46
  it's
• 58:46
  doordash
• 58:47
  as
• 58:47
  well.
• 58:47
  All
• 58:48
  right,
• 58:48
  Ella,
• 58:48
  I'm
• 58:48
  shocked.
• 58:49
  I'm
• 58:49
  shocked.
• 58:49
  You
• 58:50
  are
• 58:50
  like
• 58:50
  the
• 58:50
  biggest
• 58:50
  Starbucks
• 58:51
  drinker
• 58:52
  in
• 58:52
  the
• 58:52
  world.
• 58:52
  What
• 58:53
  do
• 58:53
  you
• 58:53
  think?
• 58:53
  Can
• 58:53
  you
• 58:53
  envision
• 58:54
  going
• 58:54
  and
• 58:54
  sitting
• 58:55
  down
• 58:55
  in
• 58:55
  a
• 58:55
  1500
• 58:55
  square
• 58:56
  foot
• 58:56
  Starbucks
• 58:56
  store,
• 58:57
  too?
• 58:57
  A
• 58:57
  Starbucks
• 58:57
  cafe,
• 58:58
  too?
• 58:58
  That's
• 58:58
  the
• 58:58
  one
• 58:59
  question
• 58:59
  I
• 58:59
  have
• 58:59
  for
• 58:59
  you
• 58:59
  before
• 59:00
  we
• 59:00
  close
• 59:00
  out
• 59:00
  the
• 59:00
  show.
• 59:01
  Yeah,
• 59:02
  I
• 59:02
  mean,
• 59:02
  Chris,
• 59:02
  I'm
• 59:02
  going
• 59:02
  to
• 59:02
  stick
• 59:03
  to
• 59:03
  what
• 59:03
  I've
• 59:03
  said
• 59:03
  from
• 59:03
  the
• 59:03
  beginning.
• 59:04
  I
• 59:05
  love
• 59:05
  a
• 59:05
  coffee
• 59:05
  experience
• 59:06
  and
• 59:06
  I
• 59:06
  love
• 59:06
  every
• 59:07
  aspect
• 59:07
  of
• 59:07
  it,
• 59:07
  from
• 59:07
  the
• 59:08
  mobile
• 59:08
  to
• 59:08
  sitting
• 59:09
  in
• 59:09
  the
• 59:09
  store.
• 59:10
  Honestly,
• 59:11
  sometimes
• 59:11
  I
• 59:11
  don't
• 59:11
  even
• 59:11
  care
• 59:12
  what
• 59:12
  it
• 59:12
  looks
• 59:12
  like.
• 59:12
  I
• 59:12
  love
• 59:13
  sitting
• 59:13
  and
• 59:13
  drinking
• 59:13
  my
• 59:14
  coffee.
• 59:14
  So
• 59:14
  I'm
• 59:15
  all
• 59:15
  for
• 59:15
  it.
• 59:15
  And
• 59:15
  I
• 59:15
  love
• 59:16
  you.
• 59:17
  Don't
• 59:17
  care.
• 59:17
  As
• 59:17
  long
• 59:17
  as
• 59:17
  you
• 59:17
  got
• 59:17
  the
• 59:18
  coffee
• 59:18
  in
• 59:18
  hand,
• 59:18
  you're
• 59:18
  happy.
• 59:18
  That's
• 59:19
  kind
• 59:19
  of
• 59:19
  how
• 59:19
  I
• 59:19
  am
• 59:19
  too,
• 59:20
  actually.
• 59:20
  Yeah,
• 59:20
  I
• 59:21
  think
• 59:21
  you're
• 59:21
  right.
• 59:21
  You're
• 59:21
  right.
• 59:22
  All
• 59:22
  right.
• 59:22
  On
• 59:22
  that
• 59:22
  note,
• 59:23
  happy
• 59:23
  birthday
• 59:23
  today
• 59:23
  to
• 59:24
  Will
• 59:24
  Forte,
• 59:25
  Greg
• 59:25
  Kinnear,
• 59:26
  and
• 59:26
  to
• 59:26
  the
• 59:26
  man
• 59:26
  who
• 59:27
  starred
• 59:27
  in
• 59:27
  quite
• 59:28
  possibly
• 59:28
  one
• 59:29
  of
• 59:29
  the
• 59:29
  worst
• 59:29
  sequels
• 59:30
  ever
• 59:30
  made,
• 59:30
  Speed
• 59:31
  two,
• 59:31
  Jason
• 59:32
  Patrick.
• 59:33
  And
• 59:33
  remember,
• 59:34
  if
• 59:34
  you
• 59:34
  can
• 59:34
  only
• 59:34
  read
• 59:34
  or
• 59:35
  listen
• 59:35
  to
• 59:35
  one
• 59:35
  retail
• 59:36
  blog
• 59:36
  in
• 59:36
  the
• 59:36
  business,
• 59:36
  make
• 59:37
  it
• 59:37
  Omnitalk.
• 59:37
  Our
• 59:37
  Fast
• 59:38
  Five
• 59:38
  podcast
• 59:38
  is
• 59:38
  the
• 59:39
  quickest,
• 59:39
  fastest
• 59:39
  rundown
• 59:40
  of
• 59:40
  all
• 59:40
  the
• 59:40
  week's
• 59:41
  top
• 59:41
  news,
• 59:41
  and
• 59:41
  our
• 59:41
  daily
• 59:42
  newsletter,
• 59:42
  the
• 59:42
  Retail
• 59:43
  Daily
• 59:43
  Minute,
• 59:43
  tells
• 59:43
  you
• 59:44
  all
• 59:44
  you
• 59:44
  need
• 59:44
  to
• 59:44
  know
• 59:44
  each
• 59:44
  day
• 59:45
  to
• 59:45
  stay
• 59:46
  on
• 59:46
  top
• 59:46
  of
• 59:46
  your
• 59:46
  game
• 59:46
  as
• 59:47
  a
• 59:47
  retail
• 59:47
  executive
• 59:47
  and
• 59:48
  also
• 59:48
  regularly
• 59:48
  features
• 59:49
  special
• 59:49
  content
• 59:50
  that
• 59:50
  is
• 59:50
  exclusive
• 59:51
  and
• 59:51
  then
• 59:51
  we
• 59:51
  take
• 59:51
  a
• 59:51
  ton
• 59:52
  of
• 59:52
  pride
• 59:52
  in
• 59:52
  doing
• 59:53
  just
• 59:53
  for
• 59:53
  you.
• 59:54
  Thanks
• 59:54
  as
• 59:54
  always
• 59:54
  for
• 59:54
  listening
• 59:55
  in.
• 59:55
  Please
• 59:55
  remember
• 59:55
  to
• 59:55
  like
• 59:56
  and
• 59:56
  leave
• 59:56
  us
• 59:56
  a
• 59:56
  review
• 59:56
  wherever
• 59:57
  you
• 59:57
  happen
• 59:57
  to
• 59:57
  listen
• 59:57
  to
• 59:58
  your
• 59:58
  podcast
• 59:58
  or
• 59:58
  on
• 59:59
  YouTube.
• 59:59
  You
• 59:59
  can
• 1:00:00
  follow
• 1:00:00
  us
• 1:00:00
  today
• 1:00:00
  by
• 1:00:00
  simply
• 1:00:00
  going
• 1:00:01
  to
• 1:00:01
  YouTube.com
• 1:00:03
  omnitalkretail
• 1:00:05
  Ben,
• 1:00:05
  I
• 1:00:05
  used
• 1:00:05
  to
• 1:00:05
  ask
• 1:00:06
  you
• 1:00:06
  this
• 1:00:06
  question,
• 1:00:06
  but
• 1:00:07
  you
• 1:00:07
  did,
• 1:00:07
  and
• 1:00:08
  you
• 1:00:08
  were
• 1:00:08
  working
• 1:00:08
  at
• 1:00:08
  Shop
• 1:00:09
  Talk.
• 1:00:09
  You're
• 1:00:09
  no
• 1:00:09
  longer
• 1:00:10
  at
• 1:00:10
  Shop
• 1:00:10
  Talk.
• 1:00:11
  You
• 1:00:11
  did
• 1:00:11
  me
• 1:00:11
  a
• 1:00:11
  solid,
• 1:00:12
  so
• 1:00:12
  I'm
• 1:00:12
  going
• 1:00:12
  to
• 1:00:12
  ask
• 1:00:12
  you
• 1:00:13
  anyway.
• 1:00:13
  If
• 1:00:14
  people
• 1:00:14
  want
• 1:00:14
  to
• 1:00:14
  get
• 1:00:14
  in
• 1:00:14
  touch
• 1:00:14
  with
• 1:00:15
  you,
• 1:00:15
  found
• 1:00:15
  you
• 1:00:16
  really
• 1:00:16
  interesting
• 1:00:16
  and
• 1:00:17
  engaging
• 1:00:18
  and
• 1:00:18
  want
• 1:00:19
  to
• 1:00:19
  pick
• 1:00:19
  your
• 1:00:19
  brain
• 1:00:19
  on
• 1:00:19
  anything,
• 1:00:20
  what's
• 1:00:20
  the
• 1:00:20
  best
• 1:00:20
  way
• 1:00:20
  for
• 1:00:20
  them
• 1:00:21
  to
• 1:00:21
  do
• 1:00:21
  that
• 1:00:21
  now?
• 1:00:22
  Amazing.
• 1:00:23
  I
• 1:00:24
  am
• 1:00:24
  LinkedIn.
• 1:00:25
  Just
• 1:00:25
  look
• 1:00:25
  me
• 1:00:25
  up.
• 1:00:25
  Ben
• 1:00:26
  Miller.
• 1:00:26
  I
• 1:00:26
  think
• 1:00:26
  it's
• 1:00:27
  Ben
• 1:00:27
  Miller,
• 1:00:27
  retail,
• 1:00:28
  on
• 1:00:28
  LinkedIn.
• 1:00:29
  Drop
• 1:00:30
  me
• 1:00:30
  a
• 1:00:30
  note
• 1:00:30
  if.
• 1:00:31
  I'm
• 1:00:31
  sorry
• 1:00:31
  if
• 1:00:32
  I
• 1:00:32
  delayed.
• 1:00:32
  Sorry,
• 1:00:32
  I'm
• 1:00:33
  just
• 1:00:33
  finishing
• 1:00:33
  my
• 1:00:33
  Lego
• 1:00:34
  and
• 1:00:34
  I'll
• 1:00:34
  get
• 1:00:34
  back
• 1:00:34
  to
• 1:00:34
  you
• 1:00:34
  really
• 1:00:35
  quickly.
• 1:00:38
  All
• 1:00:38
  right?
• 1:00:39
  I
• 1:00:39
  can.
• 1:00:40
  I.
• 1:00:40
  I
• 1:00:40
  need
• 1:00:40
  a
• 1:00:41
  p.
• 1:00:41
  You
• 1:00:41
  got
• 1:00:41
  to
• 1:00:41
  send
• 1:00:41
  out
• 1:00:41
  a
• 1:00:42
  picture
• 1:00:42
  of
• 1:00:42
  that
• 1:00:42
  at
• 1:00:42
  some
• 1:00:42
  point.
• 1:00:43
  Maybe
• 1:00:43
  that's
• 1:00:44
  a
• 1:00:44
  good
• 1:00:44
  LinkedIn
• 1:00:44
  post.
• 1:00:45
  You
• 1:00:45
  and
• 1:00:45
  your
• 1:00:45
  new
• 1:00:46
  bicycle
• 1:00:46
  pen.
• 1:00:47
  All
• 1:00:47
  right,
• 1:00:47
  until
• 1:00:48
  next
• 1:00:48
  week,
• 1:00:48
  on
• 1:00:49
  behalf
• 1:00:49
  of
• 1:00:49
  all
• 1:00:49
  of
• 1:00:50
  us
• 1:00:50
  at
• 1:00:50
  Omnitalk
• 1:00:51
  Retail,
• 1:00:52
  go
• 1:00:52
  England.
• 1:00:53
  And
• 1:00:53
  as
• 1:00:53
  always,
• 1:00:54
  be
• 1:00:54
  careful
• 1:00:54
  out
• 1:00:54
  there.