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Walmart Redesigns Great Value After 10 Years | Fast Five Shorts · Omni Talk Retail

• 0:00
  Walmart
• 0:00
  has
• 0:00
  announced
• 0:00
  the
• 0:01
  first
• 0:01
  full
• 0:02
  redesign
• 0:03
  of
• 0:03
  its
• 0:03
  Great
• 0:03
  Value
• 0:04
  private
• 0:04
  label
• 0:04
  brand
• 0:05
  for
• 0:05
  more
• 0:05
  than
• 0:05
  a
• 0:05
  decade,
• 0:06
  with
• 0:07
  plans
• 0:07
  to
• 0:07
  roll
• 0:08
  out
• 0:08
  new,
• 0:08
  more
• 0:08
  modern
• 0:09
  and
• 0:09
  colorful
• 0:09
  packaging.
• 0:10
  How
• 0:10
  could
• 0:10
  it
• 0:10
  be
• 0:11
  anything
• 0:11
  but
• 0:11
  across
• 0:12
  nearly
• 0:12
  10,000
• 0:15
  grocery
• 0:16
  and
• 0:16
  household
• 0:17
  items
• 0:17
  over
• 0:18
  the
• 0:18
  next
• 0:18
  18
• 0:19
  to
• 0:19
  24
• 0:20
  months?
• 0:20
  So
• 0:20
  a
• 0:20
  little
• 0:20
  bit
• 0:21
  more
• 0:21
  detail.
• 0:21
  According
• 0:22
  to
• 0:22
  a
• 0:22
  Walmart
• 0:23
  corporate
• 0:23
  blog
• 0:24
  post,
• 0:24
  the
• 0:24
  new
• 0:24
  packaging
• 0:25
  designs
• 0:25
  were
• 0:26
  unveiled
• 0:26
  on
• 0:26
  April
• 0:26
  15,
• 0:27
  will
• 0:28
  begin
• 0:28
  rolling
• 0:28
  out
• 0:28
  from
• 0:29
  May,
• 0:29
  starting
• 0:30
  with
• 0:30
  salty
• 0:30
  snacks,
• 0:31
  which
• 0:31
  is
• 0:31
  interesting
• 0:31
  with
• 0:32
  the
• 0:32
  GLP1
• 0:32
  conversation,
• 0:33
  before
• 0:33
  expanding
• 0:34
  category
• 0:34
  by
• 0:35
  category
• 0:35
  into
• 0:35
  more
• 0:35
  than
• 0:36
  100
• 0:36
  product
• 0:36
  categories.
• 0:37
  The
• 0:38
  new
• 0:38
  packaging
• 0:38
  is
• 0:39
  specifically
• 0:39
  designed
• 0:40
  to
• 0:40
  improve
• 0:40
  what
• 0:40
  Walmart
• 0:41
  calls
• 0:41
  shopability,
• 0:43
  making
• 0:43
  it
• 0:43
  easier
• 0:43
  for
• 0:44
  customers
• 0:44
  to
• 0:44
  identify
• 0:44
  products
• 0:45
  in
• 0:45
  store
• 0:45
  and
• 0:46
  on
• 0:46
  the
• 0:46
  aisles.
• 0:47
  Customer
• 0:48
  research
• 0:49
  was
• 0:49
  the
• 0:49
  catalyst.
• 0:50
  While
• 0:50
  shoppers
• 0:51
  ranked
• 0:52
  Great
• 0:52
  Value
• 0:52
  highly
• 0:53
  on
• 0:53
  price
• 0:53
  and
• 0:53
  quality
• 0:54
  quality,
• 0:54
  many
• 0:55
  said
• 0:55
  they
• 0:55
  didn't
• 0:55
  feel
• 0:56
  particularly
• 0:56
  proud
• 0:56
  to
• 0:57
  display
• 0:57
  it
• 0:57
  in
• 0:57
  their
• 0:58
  home.
• 0:58
  So,
• 0:59
  Chris,
• 0:59
  do
• 1:00
  you
• 1:00
  think
• 1:00
  a
• 1:00
  Great
• 1:01
  Value
• 1:01
  packaging
• 1:01
  redesign
• 1:02
  will
• 1:02
  help
• 1:03
  get
• 1:03
  more
• 1:03
  people
• 1:03
  to
• 1:04
  buy
• 1:04
  more
• 1:04
  Great
• 1:05
  Value
• 1:05
  products
• 1:05
  from
• 1:06
  Walmart?
• 1:06
  Oh,
• 1:06
  man,
• 1:10
  that's
• 1:10
  a
• 1:10
  tough
• 1:10
  one.
• 1:12
  I
• 1:12
  don't
• 1:13
  actually
• 1:13
  know
• 1:13
  if
• 1:13
  it'll
• 1:13
  get
• 1:14
  them
• 1:14
  to
• 1:14
  buy
• 1:14
  more
• 1:14
  products
• 1:15
  because,
• 1:16
  you
• 1:16
  know,
• 1:16
  but
• 1:17
  I
• 1:17
  think
• 1:17
  at
• 1:17
  the
• 1:17
  end
• 1:17
  of
• 1:17
  the
• 1:17
  day
• 1:18
  I
• 1:18
  like
• 1:18
  this
• 1:19
  move
• 1:19
  because
• 1:19
  I
• 1:19
  don't
• 1:19
  think
• 1:19
  it's
• 1:20
  going
• 1:20
  to,
• 1:20
  it's
• 1:20
  not
• 1:20
  going
• 1:20
  to
• 1:21
  make
• 1:21
  them
• 1:21
  buy
• 1:21
  less
• 1:21
  products.
• 1:22
  I
• 1:22
  don't
• 1:23
  think,
• 1:23
  you
• 1:23
  know,
• 1:23
  at
• 1:23
  the
• 1:23
  end
• 1:24
  of
• 1:24
  the
• 1:24
  day
• 1:24
  it's
• 1:24
  not
• 1:24
  going
• 1:24
  to
• 1:24
  hurt
• 1:25
  anything.
• 1:25
  I
• 1:25
  mean,
• 1:25
  the
• 1:26
  article
• 1:26
  said
• 1:26
  nine
• 1:26
  out
• 1:27
  of
• 1:27
  10
• 1:27
  US
• 1:27
  households
• 1:28
  already
• 1:28
  buy
• 1:29
  it.
• 1:29
  So
• 1:30
  I
• 1:30
  mean,
• 1:30
  how
• 1:30
  much
• 1:30
  room
• 1:30
  is
• 1:30
  there
• 1:31
  to
• 1:31
  grow
• 1:31
  when
• 1:31
  nine
• 1:31
  out
• 1:31
  of
• 1:32
  10
• 1:32
  are
• 1:32
  already
• 1:32
  buying
• 1:32
  it?
• 1:32
  I
• 1:32
  guess
• 1:32
  you
• 1:33
  can
• 1:33
  get
• 1:33
  them
• 1:33
  to
• 1:33
  buy
• 1:33
  it
• 1:33
  more
• 1:33
  often,
• 1:33
  which
• 1:34
  I
• 1:34
  think
• 1:34
  is
• 1:34
  the
• 1:34
  play
• 1:34
  here.
• 1:35
  And
• 1:35
  I
• 1:35
  alluded
• 1:35
  to
• 1:35
  it
• 1:35
  before
• 1:36
  because
• 1:36
  you're
• 1:37
  going
• 1:37
  after
• 1:37
  the
• 1:37
  upper
• 1:38
  demo.
• 1:38
  If
• 1:38
  you
• 1:39
  read
• 1:39
  between
• 1:39
  the
• 1:39
  lines
• 1:40
  of
• 1:40
  this,
• 1:40
  we're
• 1:40
  not
• 1:41
  proud
• 1:41
  to
• 1:41
  show
• 1:41
  it
• 1:42
  in
• 1:42
  our
• 1:42
  pantries,
• 1:43
  which
• 1:43
  means
• 1:43
  we're
• 1:43
  not
• 1:44
  proud
• 1:44
  to
• 1:44
  highlight
• 1:45
  it
• 1:45
  to
• 1:45
  when
• 1:45
  we
• 1:45
  have
• 1:45
  guests
• 1:46
  in
• 1:46
  the
• 1:46
  house.
• 1:46
  You're
• 1:47
  right.
• 1:47
  And
• 1:47
  so
• 1:47
  that's
• 1:48
  the
• 1:48
  upper
• 1:48
  demographic
• 1:49
  that
• 1:49
  they're
• 1:49
  trying
• 1:49
  to
• 1:49
  get
• 1:49
  after.
• 1:50
  And
• 1:50
  they're
• 1:50
  going
• 1:50
  after
• 1:51
  it,
• 1:51
  you
• 1:51
  know,
• 1:51
  because
• 1:51
  of
• 1:52
  the
• 1:52
  success
• 1:52
  they've
• 1:52
  had
• 1:53
  with
• 1:53
  Walmart.
• 1:53
  Plus
• 1:54
  they
• 1:54
  want
• 1:54
  people
• 1:54
  to
• 1:54
  feel
• 1:55
  more
• 1:55
  pride
• 1:55
  in
• 1:56
  having
• 1:56
  it
• 1:56
  in
• 1:56
  their
• 1:57
  house.
• 1:57
  And
• 1:57
  it's.
• 1:58
  So
• 1:58
  it's
• 1:58
  not
• 1:58
  going
• 1:58
  to
• 1:58
  hurt
• 1:59
  anything
• 1:59
  if
• 1:59
  it
• 2:00
  doesn't
• 2:00
  move
• 2:00
  the
• 2:00
  needle,
• 2:01
  which
• 2:01
  it
• 2:01
  very
• 2:01
  well
• 2:01
  could.
• 2:02
  It,
• 2:02
  you
• 2:03
  know,
• 2:03
  helps
• 2:03
  them
• 2:03
  to,
• 2:03
  helps
• 2:04
  people
• 2:04
  to
• 2:04
  save
• 2:04
  money,
• 2:05
  helps
• 2:05
  Walmart
• 2:06
  make
• 2:06
  more
• 2:06
  money
• 2:06
  and
• 2:06
  then
• 2:07
  look
• 2:07
  out
• 2:07
  because
• 2:07
  that's
• 2:07
  more
• 2:08
  margin
• 2:08
  for
• 2:08
  Walmart
• 2:09
  and
• 2:09
  also
• 2:10
  more
• 2:10
  media
• 2:10
  dollars
• 2:11
  from
• 2:11
  the
• 2:11
  CBGs
• 2:12
  who
• 2:12
  are
• 2:12
  not
• 2:12
  going
• 2:12
  to
• 2:12
  want
• 2:12
  to
• 2:13
  let
• 2:13
  that
• 2:13
  happen.
• 2:13
  Yeah,
• 2:14
  you're
• 2:14
  right.
• 2:14
  You're
• 2:14
  not
• 2:14
  going
• 2:14
  to
• 2:14
  want
• 2:14
  to
• 2:15
  see
• 2:15
  the
• 2:15
  territory
• 2:15
  at
• 2:16
  a
• 2:16
  great
• 2:16
  value.
• 2:16
  So.
• 2:16
  So
• 2:17
  the
• 2:17
  flywheel
• 2:17
  just
• 2:18
  keeps
• 2:18
  on
• 2:18
  churning.
• 2:18
  So
• 2:19
  I
• 2:19
  think
• 2:19
  it's
• 2:19
  a
• 2:19
  really
• 2:20
  smart
• 2:20
  move
• 2:20
  from
• 2:21
  a
• 2:21
  profitability
• 2:22
  perspective
• 2:22
  whether
• 2:23
  they
• 2:23
  sell
• 2:23
  more
• 2:23
  great
• 2:24
  value
• 2:24
  product.
• 2:25
  I
• 2:26
  think
• 2:26
  actually
• 2:26
  as
• 2:26
  I'm
• 2:27
  talking
• 2:27
  this
• 2:27
  out
• 2:27
  loud,
• 2:27
  Ben,
• 2:28
  I
• 2:28
  think
• 2:28
  possibly.
• 2:29
  Yeah,
• 2:29
  I
• 2:30
  think
• 2:30
  to
• 2:30
  the
• 2:30
  upper
• 2:30
  income
• 2:31
  demos
• 2:31
  for
• 2:31
  sure.
• 2:31
  Yeah,
• 2:32
  I
• 2:32
  agree.
• 2:32
  I
• 2:33
  mean
• 2:33
  look,
• 2:34
  firstly,
• 2:34
  I
• 2:34
  love
• 2:34
  we're
• 2:35
  talking
• 2:35
  about
• 2:35
  private
• 2:35
  label.
• 2:35
  Yeah,
• 2:36
  that's
• 2:36
  another
• 2:36
  big
• 2:37
  themes.
• 2:37
  I
• 2:37
  don't
• 2:37
  talk
• 2:38
  about
• 2:38
  private
• 2:38
  label
• 2:38
  very
• 2:38
  often.
• 2:39
  Yeah,
• 2:39
  we
• 2:40
  must
• 2:40
  keep
• 2:40
  talking
• 2:40
  about
• 2:41
  it
• 2:41
  as
• 2:41
  an
• 2:41
  industry
• 2:41
  more.
• 2:41
  But
• 2:41
  let's
• 2:42
  look,
• 2:43
  let's
• 2:43
  talk
• 2:43
  about
• 2:43
  Walmart
• 2:44
  first.
• 2:44
  Because.
• 2:45
  Because
• 2:45
  it's
• 2:45
  Walmart,
• 2:46
  because
• 2:46
  the
• 2:47
  scale,
• 2:47
  because
• 2:47
  it's
• 2:47
  10,000
• 2:48
  products,
• 2:48
  because
• 2:49
  it's
• 2:49
  their
• 2:49
  core
• 2:49
  great
• 2:50
  value
• 2:50
  item,
• 2:51
  then
• 2:51
  it's
• 2:51
  a
• 2:51
  story.
• 2:52
  But
• 2:54
  it's
• 2:54
  really
• 2:54
  not
• 2:54
  a
• 2:55
  story
• 2:55
  in
• 2:56
  some
• 2:56
  ways.
• 2:56
  I
• 2:57
  mean,
• 2:57
  look,
• 2:57
  30
• 2:58
  years
• 2:58
  ago
• 2:58
  I
• 2:59
  sat
• 2:59
  my
• 3:00
  desk
• 3:00
  in,
• 3:00
  the
• 3:00
  marketing
• 3:01
  team
• 3:01
  at
• 3:01
  the
• 3:01
  grocery
• 3:01
  retailer
• 3:02
  was
• 3:02
  next
• 3:02
  to
• 3:02
  the
• 3:03
  packaging
• 3:03
  design
• 3:03
  team.
• 3:04
  They
• 3:04
  were
• 3:04
  on
• 3:04
  a
• 3:05
  constant
• 3:05
  cycle
• 3:06
  of
• 3:06
  redeveloping
• 3:07
  packaging
• 3:07
  for
• 3:07
  the
• 3:08
  private
• 3:08
  labels.
• 3:08
  Right.
• 3:09
  It's
• 3:09
  not
• 3:09
  news,
• 3:09
  it's
• 3:10
  just
• 3:10
  how
• 3:10
  you
• 3:10
  run
• 3:11
  a
• 3:11
  private
• 3:11
  label
• 3:11
  business.
• 3:11
  Right?
• 3:12
  Yeah.
• 3:12
  So
• 3:13
  scale
• 3:14
  makes
• 3:14
  it
• 3:14
  notable,
• 3:15
  Walmart
• 3:15
  makes
• 3:15
  it
• 3:15
  notable,
• 3:16
  but
• 3:16
  it's
• 3:17
  just
• 3:17
  how
• 3:18
  you
• 3:18
  should
• 3:18
  be
• 3:18
  doing.
• 3:19
  Having
• 3:20
  said
• 3:20
  that,
• 3:21
  to
• 3:21
  do
• 3:22
  it
• 3:22
  now
• 3:23
  is
• 3:23
  a
• 3:24
  huge
• 3:24
  signal
• 3:26
  and
• 3:26
  for
• 3:26
  that
• 3:26
  to
• 3:27
  read
• 3:27
  the
• 3:27
  signal,
• 3:27
  you
• 3:28
  got
• 3:28
  to
• 3:28
  look
• 3:28
  at
• 3:28
  what
• 3:28
  the
• 3:28
  CPGs
• 3:29
  did.
• 3:29
  Yeah.
• 3:30
  So
• 3:30
  we
• 3:30
  had
• 3:31
  inflation
• 3:31
  out
• 3:32
  of
• 3:32
  COVID
• 3:33
  CPGs.
• 3:34
  CPGs
• 3:36
  took
• 3:36
  the
• 3:36
  pricing,
• 3:36
  create
• 3:36
  the
• 3:37
  branded
• 3:37
  CPGs
• 3:38
  took
• 3:38
  the
• 3:38
  price
• 3:39
  and
• 3:39
  they've
• 3:39
  grown
• 3:39
  through
• 3:39
  price.
• 3:40
  So
• 3:40
  if
• 3:40
  you
• 3:41
  sit
• 3:41
  here
• 3:41
  now
• 3:41
  and
• 3:42
  you
• 3:42
  read
• 3:43
  the
• 3:44
  financial
• 3:44
  results
• 3:44
  of
• 3:45
  any
• 3:45
  of
• 3:45
  the
• 3:45
  big
• 3:45
  branded
• 3:46
  CPGs,
• 3:46
  there's
• 3:46
  growth
• 3:47
  coming
• 3:47
  from
• 3:47
  two
• 3:47
  places.
• 3:49
  One,
• 3:50
  value,
• 3:50
  that
• 3:50
  is
• 3:51
  price,
• 3:51
  it's
• 3:52
  not
• 3:52
  volume.
• 3:53
  Two,
• 3:53
  digital.
• 3:54
  Come
• 3:54
  back
• 3:55
  to
• 3:55
  the
• 3:55
  conversation
• 3:55
  we
• 3:55
  were
• 3:55
  having
• 3:55
  earlier
• 3:56
  in
• 3:56
  the
• 3:56
  Instacart
• 3:56
  Bunsen.
• 3:57
  That's
• 3:57
  where
• 3:57
  the
• 3:58
  growth
• 3:58
  is
• 3:59
  now.
• 4:00
  In
• 4:00
  the
• 4:01
  last
• 4:01
  six
• 4:01
  months
• 4:02
  we'd
• 4:02
  hit
• 4:02
  a
• 4:02
  point
• 4:03
  where
• 4:03
  CPGs,
• 4:04
  it
• 4:04
  felt
• 4:04
  like
• 4:05
  the
• 4:05
  conversation
• 4:05
  that
• 4:05
  they'd
• 4:06
  realized
• 4:06
  that
• 4:06
  did
• 4:06
  they
• 4:07
  realize
• 4:07
  price
• 4:07
  had
• 4:07
  been
• 4:08
  touched
• 4:08
  too
• 4:08
  far
• 4:09
  and,
• 4:09
  and
• 4:09
  the
• 4:09
  differential
• 4:10
  to
• 4:10
  private
• 4:10
  label
• 4:11
  that
• 4:11
  opened
• 4:11
  up
• 4:12
  too
• 4:12
  much
• 4:13
  and
• 4:13
  that
• 4:13
  was
• 4:13
  happening
• 4:14
  just
• 4:14
  at
• 4:14
  a
• 4:14
  time
• 4:14
  that
• 4:15
  the
• 4:15
  inflationary
• 4:15
  pressures
• 4:16
  thankfully
• 4:16
  had
• 4:17
  eased
• 4:17
  off.
• 4:19
  Okay,
• 4:20
  the
• 4:20
  world's
• 4:21
  changed
• 4:21
  in
• 4:21
  the
• 4:21
  last
• 4:22
  month.
• 4:22
  We're
• 4:23
  suddenly
• 4:23
  in
• 4:23
  an
• 4:23
  environment
• 4:24
  where
• 4:24
  inflationary
• 4:24
  pressures
• 4:25
  are
• 4:25
  coming
• 4:25
  in.
• 4:26
  This
• 4:26
  is
• 4:26
  a
• 4:26
  critical
• 4:27
  time.
• 4:28
  Walmart
• 4:28
  is
• 4:28
  saying,
• 4:29
  okay,
• 4:29
  we're
• 4:29
  going
• 4:29
  big
• 4:30
  on
• 4:30
  our
• 4:30
  private
• 4:30
  label.
• 4:31
  The
• 4:31
  industry
• 4:32
  cannot
• 4:33
  risk
• 4:34
  pushing
• 4:34
  price
• 4:35
  too
• 4:35
  much,
• 4:35
  otherwise
• 4:36
  that
• 4:36
  differential
• 4:36
  is
• 4:37
  going
• 4:37
  to
• 4:37
  increase
• 4:37
  even
• 4:38
  further.
• 4:38
  And
• 4:39
  you're
• 4:39
  seeing
• 4:39
  the
• 4:39
  investment
• 4:40
  that's
• 4:40
  going.
• 4:41
  So
• 4:41
  that
• 4:41
  for
• 4:42
  me
• 4:42
  is
• 4:42
  the
• 4:43
  big
• 4:43
  story.
• 4:44
  It's
• 4:44
  watching
• 4:45
  how
• 4:45
  that
• 4:45
  goes.
• 4:45
  Now,
• 4:47
  having
• 4:47
  said
• 4:48
  that,
• 4:50
  I
• 4:50
  also
• 4:51
  slightly
• 4:51
  don't
• 4:51
  agree
• 4:52
  with
• 4:52
  you.
• 4:52
  Okay.
• 4:53
  Yeah.
• 4:54
  How
• 4:54
  dare
• 4:55
  you?
• 4:56
  Okay,
• 4:57
  great,
• 4:57
  great.
• 4:58
  Nine
• 4:59
  out
• 4:59
  of
• 4:59
  10
• 4:59
  households.
• 5:01
  But
• 5:01
  it
• 5:01
  doesn't
• 5:01
  tell
• 5:01
  you
• 5:01
  how
• 5:02
  many
• 5:02
  items.
• 5:02
  No,
• 5:02
  it
• 5:02
  doesn't.
• 5:03
  It
• 5:03
  doesn't
• 5:03
  tell
• 5:03
  you
• 5:03
  what
• 5:03
  frequency.
• 5:04
  It
• 5:04
  doesn't
• 5:04
  tell
• 5:04
  you
• 5:04
  how
• 5:04
  many
• 5:04
  categories
• 5:05
  they're
• 5:05
  buying
• 5:05
  into.
• 5:06
  Nobody's
• 5:06
  gonna
• 5:06
  do
• 5:06
  a
• 5:07
  packaging
• 5:07
  redesign
• 5:07
  because
• 5:08
  they
• 5:08
  think
• 5:08
  they're
• 5:08
  gonna
• 5:08
  sell
• 5:08
  less.
• 5:09
  Right?
• 5:09
  Yeah.
• 5:09
  So
• 5:10
  this
• 5:10
  is
• 5:10
  about
• 5:10
  modernization.
• 5:11
  It's
• 5:11
  about
• 5:11
  pushing.
• 5:12
  There's
• 5:12
  categories
• 5:12
  where
• 5:13
  it's
• 5:13
  fascinating.
• 5:14
  They're
• 5:14
  starting
• 5:14
  with
• 5:15
  salty
• 5:15
  snacks
• 5:16
  and
• 5:16
  crisps,
• 5:17
  a
• 5:17
  category
• 5:17
  being
• 5:18
  hit
• 5:18
  by
• 5:18
  the
• 5:18
  GLP1
• 5:18
  impact.
• 5:19
  I
• 5:20
  hope
• 5:20
  that
• 5:20
  they
• 5:20
  recognize
• 5:21
  why
• 5:21
  it's
• 5:21
  been
• 5:21
  hit
• 5:21
  rather
• 5:22
  than
• 5:22
  just
• 5:22
  saying,
• 5:22
  here's
• 5:22
  another
• 5:23
  performer,
• 5:23
  let's
• 5:23
  put
• 5:23
  the
• 5:23
  investment
• 5:24
  there.
• 5:24
  But
• 5:24
  they're
• 5:25
  smart
• 5:25
  people,
• 5:25
  so
• 5:25
  I'm
• 5:25
  sure
• 5:25
  they
• 5:26
  do.
• 5:26
  If
• 5:27
  they
• 5:27
  get
• 5:27
  this
• 5:27
  right,
• 5:28
  it
• 5:28
  will
• 5:28
  help
• 5:29
  them
• 5:29
  grow
• 5:29
  penetration,
• 5:29
  growth
• 5:30
  frequency.
• 5:31
  And
• 5:31
  that's
• 5:31
  a
• 5:32
  real
• 5:32
  watch.
• 5:32
  And
• 5:32
  it's
• 5:32
  a
• 5:32
  real
• 5:33
  watch
• 5:33
  out
• 5:33
  for
• 5:34
  other
• 5:35
  grocers.
• 5:36
  Because
• 5:37
  one
• 5:37
  of
• 5:37
  the
• 5:37
  things
• 5:37
  that
• 5:37
  sometimes
• 5:38
  gets
• 5:38
  lost
• 5:38
  in
• 5:38
  the
• 5:39
  conversation
• 5:39
  about
• 5:39
  private
• 5:40
  label
• 5:41
  is
• 5:41
  it's
• 5:41
  not
• 5:42
  just
• 5:42
  switching
• 5:42
  from
• 5:42
  branded
• 5:43
  to
• 5:43
  private
• 5:43
  label.
• 5:44
  It's
• 5:44
  switching
• 5:45
  store
• 5:45
  locations
• 5:46
  to
• 5:46
  retailers
• 5:47
  that
• 5:47
  have
• 5:47
  a
• 5:47
  higher
• 5:47
  private
• 5:48
  label
• 5:48
  mix,
• 5:49
  like
• 5:49
  a
• 5:50
  limited
• 5:50
  line
• 5:50
  discounter,
• 5:51
  like
• 5:51
  a
• 5:51
  warehouse
• 5:52
  club.
• 5:52
  So
• 5:53
  if
• 5:53
  you're
• 5:53
  sat
• 5:53
  in
• 5:54
  a
• 5:54
  major
• 5:54
  mall
• 5:54
  or
• 5:54
  even
• 5:55
  a
• 5:55
  regional
• 5:55
  grocery
• 5:55
  and
• 5:56
  you're
• 5:56
  thinking
• 5:56
  about,
• 5:56
  you
• 5:56
  know,
• 5:56
  what
• 5:57
  do
• 5:57
  I
• 5:57
  know?
• 5:57
  How
• 5:57
  do
• 5:57
  I
• 5:57
  respond
• 5:58
  to
• 5:58
  this?
• 5:58
  It's
• 5:58
  so
• 5:59
  important
• 5:59
  to
• 5:59
  get
• 5:59
  that
• 5:59
  private
• 5:59
  label
• 6:00
  range
• 6:00
  back.
• 6:00
  Right?
• 6:01
  Yeah.
• 6:01
  Wow.
• 6:01
  Okay.
• 6:02
  So
• 6:02
  there's
• 6:02
  a
• 6:02
  lot
• 6:02
  of
• 6:02
  points
• 6:02
  I
• 6:03
  heard
• 6:03
  you
• 6:03
  say
• 6:03
  there
• 6:03
  that
• 6:03
  I
• 6:03
  think
• 6:04
  are
• 6:04
  important.
• 6:04
  Just
• 6:04
  to
• 6:05
  reiterate.
• 6:06
  So,
• 6:06
  like,
• 6:07
  one
• 6:07
  is
• 6:07
  the
• 6:08
  continued
• 6:08
  digital
• 6:08
  growth
• 6:09
  of
• 6:09
  grocery
• 6:10
  and
• 6:10
  showing
• 6:10
  up
• 6:11
  better
• 6:11
  there.
• 6:11
  Huge.
• 6:12
  One
• 6:12
  is
• 6:12
  the
• 6:12
  inflation
• 6:13
  impact.
• 6:14
  1.
• 6:14
  And
• 6:15
  then
• 6:15
  the
• 6:15
  other
• 6:15
  thing
• 6:15
  is
• 6:16
  the
• 6:16
  point
• 6:16
  that
• 6:17
  I
• 6:17
  think
• 6:17
  you
• 6:17
  and
• 6:17
  I
• 6:17
  both
• 6:17
  ended
• 6:18
  up
• 6:18
  making
• 6:18
  it.
• 6:18
  I
• 6:19
  came
• 6:19
  around
• 6:19
  to
• 6:19
  it
• 6:19
  at
• 6:20
  the
• 6:20
  end
• 6:20
  too.
• 6:20
  You
• 6:20
  did.
• 6:21
  Thank
• 6:22
  you,
• 6:22
  thank
• 6:22
  you,
• 6:22
  thank
• 6:22
  you
• 6:22
  for
• 6:23
  that.
• 6:23
  But
• 6:24
  it's
• 6:24
  right
• 6:24
  to
• 6:24
  disagree
• 6:25
  with
• 6:25
  me
• 6:25
  based
• 6:25
  on
• 6:25
  how
• 6:26
  I
• 6:26
  said
• 6:26
  it.
• 6:26
  But
• 6:26
  like,
• 6:27
  that
• 6:28
  there
• 6:28
  are
• 6:28
  more
• 6:28
  people
• 6:29
  that
• 6:29
  could
• 6:29
  be
• 6:29
  buying
• 6:29
  more
• 6:30
  great
• 6:30
  value
• 6:30
  products.
• 6:31
  My
• 6:31
  only
• 6:31
  question
• 6:31
  for
• 6:32
  you,
• 6:32
  Ben,
• 6:32
  is
• 6:32
  when
• 6:33
  they
• 6:33
  said
• 6:33
  that
• 6:33
  they
• 6:33
  haven't
• 6:33
  done
• 6:33
  this
• 6:34
  in
• 6:34
  10
• 6:34
  years,
• 6:35
  you
• 6:35
  know,
• 6:36
  were
• 6:36
  they
• 6:36
  kind
• 6:36
  of
• 6:36
  derelict
• 6:37
  in
• 6:37
  not
• 6:38
  doing
• 6:38
  it
• 6:38
  sooner?
• 6:39
  Yeah,
• 6:40
  that.
• 6:40
  That
• 6:40
  surprised
• 6:40
  me.
• 6:41
  It
• 6:41
  surprised
• 6:41
  me
• 6:41
  too.
• 6:43
  I
• 6:43
  think
• 6:43
  part
• 6:43
  of
• 6:43
  it
• 6:43
  is
• 6:44
  just
• 6:44
  the
• 6:44
  sheer
• 6:45
  scale
• 6:45
  of
• 6:46
  the
• 6:46
  range.
• 6:46
  Right.
• 6:47
  You
• 6:47
  know,
• 6:47
  this
• 6:47
  is
• 6:47
  the
• 6:48
  core
• 6:48
  range.
• 6:48
  It's
• 6:49
  a
• 6:49
  big
• 6:49
  undertaking.
• 6:50
  Big,
• 6:50
  big,
• 6:51
  big
• 6:51
  undertaking.
• 6:52
  And
• 6:52
  what
• 6:52
  stood
• 6:53
  out
• 6:53
  to
• 6:53
  me
• 6:53
  was,
• 6:54
  and
• 6:55
  I
• 6:55
  think
• 6:55
  I'd
• 6:56
  love
• 6:56
  the
• 6:56
  next
• 6:56
  time
• 6:56
  one
• 6:56
  of
• 6:57
  us
• 6:57
  is
• 6:57
  talking
• 6:57
  to
• 6:57
  a
• 6:57
  merchant
• 6:58
  at
• 6:58
  Walmart
• 6:58
  to
• 6:58
  understand,
• 7:00
  like,
• 7:00
  we're
• 7:01
  talking
• 7:01
  a
• 7:01
  12
• 7:01
  to
• 7:01
  48,
• 7:02
  a
• 7:02
  12
• 7:03
  to
• 7:03
  24
• 7:03
  month
• 7:04
  rollout
• 7:05
  for
• 7:05
  this,
• 7:06
  I'd
• 7:06
  love
• 7:06
  to
• 7:06
  know
• 7:07
  how
• 7:07
  you
• 7:07
  can
• 7:07
  make
• 7:07
  that
• 7:07
  quicker.
• 7:08
  You
• 7:08
  know,
• 7:09
  it
• 7:09
  feels
• 7:09
  like
• 7:09
  with
• 7:10
  the
• 7:10
  technological
• 7:10
  advances,
• 7:11
  with
• 7:12
  AI,
• 7:13
  that
• 7:13
  seems
• 7:13
  an
• 7:13
  awful
• 7:14
  long
• 7:14
  time
• 7:15
  to
• 7:15
  roll
• 7:15
  this
• 7:16
  out.
• 7:16
  Okay,
• 7:16
  10,000
• 7:17
  gross
• 7:17
  is
• 7:17
  a
• 7:17
  huge
• 7:18
  change,
• 7:18
  but
• 7:18
  it'd
• 7:18
  be
• 7:18
  interesting
• 7:19
  to
• 7:19
  know,
• 7:20
  is
• 7:20
  Walmart
• 7:20
  doing
• 7:21
  anything
• 7:21
  different
• 7:21
  in
• 7:21
  the
• 7:22
  process
• 7:22
  to
• 7:22
  be
• 7:22
  able
• 7:22
  to
• 7:23
  improve
• 7:23
  this?
• 7:23
  Yeah,
• 7:24
  well,
• 7:24
  and
• 7:24
  then
• 7:24
  there's
• 7:24
  also
• 7:24
  the
• 7:25
  correlating
• 7:25
  things
• 7:25
  that
• 7:25
  are
• 7:26
  changing
• 7:26
  in
• 7:26
  terms
• 7:26
  of
• 7:26
  packaging
• 7:27
  design
• 7:28
  and
• 7:28
  requirements
• 7:29
  in
• 7:29
  the
• 7:29
  industry
• 7:29
  as
• 7:29
  well,
• 7:30
  and
• 7:30
  how
• 7:30
  they're
• 7:30
  syncing
• 7:31
  all
• 7:31
  those
• 7:31
  up.
• 7:31
  So
• 7:31
  this
• 7:31
  is
• 7:32
  not
• 7:32
  an
• 7:32
  easy
• 7:32
  undertaking
• 7:33
  by
• 7:33
  any
• 7:33
  means,
• 7:34
  in
• 7:34
  any
• 7:34
  way,
• 7:34
  shape
• 7:34
  or
• 7:35
  form.