Latest / Omni Talk Retail / Walmart Signals Price Increases, Dicks Buys Foot Locker & Target Bets On Rural Growth? | Fast Five

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Walmart Signals Price Increases, Dicks Buys Foot Locker & Target Bets On Rural Growth? | Fast Five · Omni Talk Retail

0:00
The
0:00
Omnich
0:01
Fast
0:01
5
0:01
is
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brought
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to
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you
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by
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the
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A
0:02
and
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M
0:03
Consumer
0:03
and
0:03
Retail
0:04
Group.
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The
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A
0:05
and
0:05
M
0:05
Consumer
0:05
and
0:05
Retail
0:06
Group
0:06
is
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a
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management
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consulting
0:07
firm
0:07
that
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tackles
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the
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most
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complex
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and
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advances
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its
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clients,
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people
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and
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communities
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toward
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their
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maximum
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potential.
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CRG
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brings
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the
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experience,
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tools
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and
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operator
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like
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pragmatism
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to
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help
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retailers
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and
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consumer
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products
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companies
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be
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on
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the
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right
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side
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of
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disruption
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and
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Miracle,
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the
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catalyst
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of
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Commerce.
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Over
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450
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retailers
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are
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now
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opening
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new
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revenue
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streams
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with
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marketplaces,
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dropship
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and
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retail
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media
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and
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succeed.
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Leading
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with
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Miracle,
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you
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can
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more
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more
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partners
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and
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more
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profits
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without
0:36
the
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heavy
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lifting.
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What's
0:38
holding
0:38
you
0:38
back?
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Visit
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Miracle.com
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to
0:41
learn
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more.
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That's
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M
0:42
I
0:42
R
0:42
A
0:43
K
0:43
L.com
0:44
and
0:44
Simbi
0:45
Simbi
0:46
powers
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the
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most
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retail
0:47
banners
0:47
in
0:48
the
0:48
world
0:48
with
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today's
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only
0:50
multimodal
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platform
0:51
for
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in
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store
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intelligence.
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See
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how
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Albertsons,
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BJ's
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Spartan
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Nash
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and
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Wakefern
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win
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with
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AI
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and
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Automation
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at
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Circumstances,
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Simbrobotics.com
1:00
and
1:00
Infios.
1:01
@
1:01
Infios,
1:02
they
1:02
unite
1:02
warehousing,
1:03
transportation
1:03
and
1:04
order
1:04
management
1:04
into
1:05
a
1:05
seamless,
1:05
adaptable
1:06
network.
1:07
Infios
1:07
helps
1:08
you
1:08
stay
1:08
ahead
1:09
from
1:09
promise
1:10
to
1:10
delivery
1:10
and
1:11
every
1:11
step
1:11
in
1:12
between.
1:12
To
1:12
learn
1:13
more,
1:13
visit
1:13
infios.com
1:15
and
1:15
Clear
1:15
Demand
1:16
pricing
1:17
shouldn't
1:17
be
1:17
guesswork
1:18
Clear
1:18
Demand's
1:19
AI
1:19
powered
1:19
pricing
1:20
data
1:20
and
1:20
optimization
1:21
solutions
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help
1:22
retailers
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stay
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competitive
1:23
while
1:23
protecting
1:24
margins,
1:25
Smarter
1:25
pricing,
1:26
stronger
1:26
profits.
1:27
Clear
1:28
Demand
1:28
makes
1:28
it
1:29
happen
1:30
more@cleardemand.com
1:32
omnitalk
1:33
and
1:33
finally,
1:34
Ocampo
1:34
Capital.
1:34
Ocampo
1:35
Capital
1:35
is
1:36
a
1:36
venture
1:36
capital
1:36
firm
1:37
founded
1:37
by
1:37
retail
1:38
executives
1:38
with
1:38
an
1:39
aim
1:39
of
1:39
helping
1:39
early
1:40
stage
1:40
consumer
1:40
businesses
1:41
succeed
1:41
through
1:42
investment
1:42
and
1:42
operational
1:43
support.
1:44
Learn
1:44
more@ocampocapital.com
1:47
hello,
1:47
you
1:47
are
1:48
listening
1:48
to
1:48
Omnitalks
1:49
Retail
1:50
Fast
1:50
5
1:50
ranked
1:50
in
1:51
the
1:51
top
1:51
10%
1:51
of
1:51
all
1:52
podcasts
1:52
globally
1:53
and
1:53
currently
1:53
the
1:53
only
1:54
retail
1:54
podcast
1:54
ranked
1:55
in
1:55
the
1:55
top
1:55
100
1:56
of
1:56
all
1:57
business
1:57
podcasts
1:57
on
1:58
Apple
1:58
Podcasts.
1:58
The
1:59
Retail
1:59
Fast
1:59
Five
1:59
is
2:00
the
2:00
podcast
2:00
that
2:00
we
2:00
hope
2:01
makes
2:01
you
2:01
feel
2:01
a
2:01
little
2:02
little
2:02
smarter,
2:02
but
2:02
most
2:02
importantly,
2:03
a
2:03
little
2:03
happier
2:04
each
2:04
week
2:04
too.
2:05
And
2:05
the
2:05
Fast
2:05
5
2:06
is
2:06
just
2:06
one
2:06
of
2:06
the
2:06
many
2:06
great
2:07
podcasts
2:07
you
2:07
can
2:07
find
2:08
from
2:08
the
2:08
Omnitalk
2:08
Retail
2:09
Podcast
2:09
Network
2:09
alongside
2:10
our
2:10
Retail
2:10
Daily
2:11
Minute,
2:11
which
2:11
brings
2:11
you
2:12
a
2:12
curated
2:12
selection
2:13
of
2:13
the
2:13
most
2:13
important
2:14
retail
2:14
headlines
2:15
every
2:15
morning
2:16
and
2:16
our
2:16
Retail
2:17
Technology
2:17
Spotlight
2:17
series,
2:18
which
2:18
goes
2:18
deep
2:19
each
2:19
week
2:19
on
2:19
the
2:19
latest
2:20
retail
2:20
technology
2:21
Trends.
2:22
Today
2:22
is
2:22
May
2:23
21,
2:24
2025.
2:24
I'm
2:25
one
2:25
of
2:25
your
2:25
hosts,
2:25
Anne
2:26
Mazinga.
2:27
And
2:27
I
2:27
think
2:27
I'm
2:28
still
2:28
one
2:28
of
2:28
your
2:28
other
2:28
hosts,
2:29
Chris
2:29
Walton,
2:29
and
2:30
we're.
2:30
Here
2:30
once
2:31
again
2:31
to
2:31
discuss
2:31
all
2:32
the
2:32
top
2:32
headlines
2:32
from
2:33
the
2:33
past
2:33
making
2:34
waves
2:34
in
2:34
the
2:34
world
2:34
of
2:35
omnichannel
2:35
retailing.
2:36
And
2:37
we
2:37
have
2:37
a
2:37
special
2:38
couple
2:38
of
2:39
guests
2:39
today.
2:39
Joining
2:40
us
2:40
for
2:40
their
2:40
regularly
2:41
scheduled
2:41
monthly
2:42
appearance.
2:42
It's
2:42
the
2:42
Alvarez
2:43
and
2:43
Marcel
2:44
consumer
2:44
and
2:44
retail
2:44
groups
2:45
Chris
2:46
Disa
2:46
and
2:46
Michael
2:47
Prendergast.
2:48
Welcome
2:48
back,
2:49
you
2:49
two.
2:49
Thanks
2:50
so
2:50
much
2:50
for
2:51
being
2:51
here.
2:51
Again,
2:52
I
2:53
want
2:53
to
2:53
kick
2:53
it
2:53
off
2:54
by
2:54
just
2:54
having
2:54
you
2:55
each
2:55
share
2:55
a
2:56
little
2:56
bit
2:56
about
2:56
each
2:56
of
2:57
your
2:57
backgrounds
2:58
and
2:58
the
2:58
color
2:58
you're
2:58
going
2:59
to
2:59
provide
2:59
to
2:59
today's
3:00
show.
3:01
So
3:01
let's
3:02
get
3:02
started
3:02
with
3:02
you
3:02
first,
3:03
Michael.
3:05
Thanks,
3:05
Dan.
3:06
So,
3:06
Michael
3:06
Prendergast,
3:07
I've
3:07
been
3:07
with
3:07
A
3:08
and
3:08
M
3:08
for
3:08
about
3:08
seven
3:09
years
3:09
and
3:10
prior
3:10
to
3:10
that
3:10
I
3:10
was
3:11
an
3:11
industry
3:12
retail
3:13
hardened
3:13
veteran.
3:14
I
3:14
operated
3:14
for
3:15
about
3:15
20
3:15
years
3:16
out
3:16
there,
3:16
so
3:17
I've
3:17
seen
3:17
it
3:17
all.
3:18
I've
3:18
seen
3:18
retail,
3:19
I've
3:19
seen
3:19
consulting.
3:20
I've
3:20
seen
3:21
mix
3:21
of
3:21
both.
3:22
So
3:22
great
3:22
to
3:22
be
3:23
here
3:23
today
3:23
and
3:23
super
3:24
excited
3:24
to
3:24
be
3:24
talking
3:24
about
3:25
the
3:25
subjects
3:25
we
3:25
have
3:26
at
3:26
hand.
3:26
Yeah,
3:27
you've
3:27
had
3:27
a
3:27
busy
3:28
last
3:29
couple
3:29
of
3:29
years,
3:29
Michael,
3:30
so
3:30
we
3:30
are
3:31
excited
3:31
to
3:31
have
3:31
you
3:31
back
3:32
on
3:32
the
3:32
podcast
3:33
because
3:33
it's
3:33
been.
3:33
It's
3:34
been
3:34
a
3:34
minute.
3:35
Um,
3:35
Chris,
3:36
let's
3:36
go
3:36
to
3:36
you
3:37
next.
3:37
Give
3:37
us
3:37
a
3:37
little
3:38
bit
3:38
of
3:38
your
3:38
background
3:38
too.
3:39
Thanks,
3:40
Ann
3:40
and
3:40
Chris,
3:40
great
3:41
to
3:41
be
3:41
here.
3:41
Looking
3:42
forward
3:42
to
3:42
discussing
3:42
the
3:43
five
3:43
topics
3:44
today.
3:44
Similar
3:45
to
3:45
Michael,
3:45
I've
3:45
been
3:46
here
3:46
for
3:46
seven
3:46
years
3:47
at
3:47
A
3:47
and
3:47
M's
3:48
consumer
3:48
and
3:48
retail
3:49
practice.
3:49
Prior
3:50
to
3:50
that,
3:50
I
3:50
spent
3:50
most
3:50
of
3:50
my
3:51
career
3:51
in
3:51
industry
3:52
across
3:53
various
3:53
leadership
3:53
roles
3:54
in
3:54
merchandising,
3:54
product
3:55
development
3:55
and
3:55
planning
3:56
and
3:56
allocation.
3:57
And
3:58
certainly
3:58
looking
3:59
forward
3:59
to
3:59
discussing
3:59
all
4:00
topics
4:00
retail
4:01
today.
4:03
Yeah,
4:03
we
4:03
are
4:03
super
4:04
excited
4:04
to
4:04
have
4:04
both
4:05
of
4:05
you
4:05
and,
4:05
and
4:06
Michael
4:06
for.
4:06
To.
4:07
To
4:07
give
4:07
the,
4:07
the,
4:08
the
4:08
listeners
4:08
a
4:08
little
4:09
bit
4:09
into
4:09
why
4:10
Anne
4:10
mentioned
4:11
that
4:11
you've
4:11
been
4:11
a
4:11
busy
4:11
guy
4:11
and
4:11
we
4:12
haven't
4:12
seen
4:12
you
4:12
of
4:12
late
4:12
is
4:13
because
4:13
you
4:13
were
4:13
recently
4:13
the
4:14
interim
4:14
CEO
4:15
at
4:15
joann
4:15
Fabrics.
4:16
So
4:16
yes,
4:17
folks,
4:17
we've
4:17
got
4:17
a
4:18
big
4:18
time
4:18
guest
4:18
on
4:19
the
4:19
show
4:19
today
4:19
along
4:20
with
4:20
Chris,
4:20
and
4:21
both
4:21
of
4:21
them
4:21
bring
4:21
a
4:21
ton
4:22
of
4:22
operating
4:22
knowledge,
4:22
which
4:23
is
4:23
why
4:23
we
4:24
like
4:24
partnering
4:24
with
4:24
them
4:24
and
4:25
why
4:25
we
4:25
like
4:25
having
4:25
them
4:26
on
4:26
the
4:26
show
4:26
each
4:27
and
4:27
every
4:27
month.
4:27
So,
4:27
Ange,
4:28
should
4:28
we
4:28
get
4:28
the
4:28
show
4:28
started?
4:29
I'm
4:29
excited.
4:29
We
4:29
got
4:30
some
4:30
great
4:31
topics
4:31
today.
4:32
Yes,
4:32
yes,
4:32
we
4:33
should
4:33
absolutely
4:33
get
4:34
started.
4:35
So
4:35
much
4:35
to
4:35
cover,
4:35
Chris.
4:36
So
4:37
much
4:37
to
4:37
cover.
4:37
Can't
4:37
wait
4:38
to
4:38
pick
4:38
these
4:38
two's
4:38
brains.
4:39
All
4:39
right,
4:39
today's
4:39
headlines
4:40
are
4:40
brought
4:40
to
4:40
you
4:40
by
4:41
Commerce
4:41
Next.
4:42
Don't
4:42
miss
4:42
your
4:42
chance
4:43
to
4:43
attend
4:43
Commerce
4:44
Next
4:44
with
4:44
us.
4:44
Taking
4:45
place
4:45
June
4:45
24
4:46
to
4:46
June
4:47
26
4:47
at
4:47
the
4:48
New
4:48
York
4:48
Hilton
4:48
Midtown
4:49
with
4:49
over
4:50
2700
4:51
industry
4:51
leaders,
4:51
75
4:52
plus
4:52
sessions
4:53
packed
4:53
with
4:53
insights
4:54
and
4:54
unmatched
4:55
networking
4:55
opportunities,
4:56
this
4:56
is
4:56
the
4:57
can't
4:57
miss
4:57
event
4:57
of
4:58
the
4:58
summer.
4:58
And
4:59
do
4:59
we
4:59
mention
4:59
the
5:00
Yacht
5:00
Rock?
5:01
Yacht
5:01
party?
5:02
Yeah.
5:02
To
5:03
kick
5:03
things
5:03
off
5:03
and
5:04
can't.
5:05
I
5:05
know,
5:06
right,
5:07
Michael?
5:07
A
5:07
yacht
5:07
rock
5:08
party.
5:08
Yeah.
5:08
I
5:08
mean,
5:09
can't
5:09
go
5:09
wrong
5:09
with
5:09
yacht
5:10
rock,
5:10
especially
5:10
this
5:11
time
5:11
of
5:11
year,
5:11
throughout
5:12
the
5:12
summer.
5:12
I
5:12
mean,
5:12
come
5:13
on.
5:13
Oh,
5:14
on
5:14
my
5:15
plane
5:15
back
5:15
from
5:15
London,
5:16
the
5:16
guy
5:16
was
5:16
watching
5:16
the
5:16
yacht
5:17
rock
5:17
documentary
5:18
and
5:18
Christopher
5:19
Cross
5:19
is
5:19
playing
5:19
next
5:20
to
5:20
me.
5:20
I
5:20
was
5:20
loving
5:20
it.
5:21
All
5:21
right.
5:21
I
5:21
couldn't
5:21
hear
5:21
it.
5:22
Memorial
5:22
Day
5:22
is
5:23
like
5:23
the
5:23
official
5:23
kickoff
5:24
for
5:24
yacht,
5:24
right?
5:24
I
5:25
think.
5:25
Yeah,
5:25
right.
5:25
Yeah,
5:26
it
5:26
is.
5:27
It
5:27
is.
5:27
So
5:27
if
5:27
you're
5:28
as
5:28
excited
5:28
about
5:28
Yacht
5:29
Rock
5:29
as
5:29
all
5:29
of
5:29
us
5:30
are,
5:30
secure
5:31
your
5:31
spot
5:31
now
5:31
at
5:31
Commerce
5:32
Next
5:33
and
5:33
use
5:33
code
5:33
omnitalk,
5:34
all
5:34
one
5:34
word
5:35
for
5:35
10%
5:35
off
5:36
general
5:36
admission.
5:37
And
5:37
if
5:37
you're
5:37
from
5:38
a
5:38
retail
5:38
or
5:38
brand,
5:39
you
5:39
may
5:39
qualify
5:40
for
5:40
a
5:40
free
5:40
ticket.
5:41
But
5:41
act
5:41
fast,
5:41
availability
5:42
is
5:42
limited.
5:43
And
5:43
hopefully
5:44
we'll
5:44
see
5:44
you
5:44
in
5:45
New
5:45
York
5:45
and
5:45
we
5:46
all
5:46
can
5:46
go
5:46
sailing
5:47
together.
5:47
All
5:47
right.
5:48
In
5:48
this
5:48
week's
5:48
Fast5,
5:49
we've
5:50
got
5:50
news
5:50
on
5:51
target.
5:52
Circle360
5:53
members
5:53
receiving
5:54
free
5:54
same
5:54
day
5:55
delivery
5:55
from
5:55
100
5:56
plus
5:56
other
5:56
retailers
5:57
via
5:57
Shipt
5:58
Dick's
5:59
Sporting
5:59
Goods
5:59
acquiring
6:00
Foot
6:00
Locker,
6:01
the
6:01
cyber
6:03
the
6:03
cyber
6:04
crime
6:04
wave
6:05
that
6:05
has
6:05
hit
6:06
European
6:06
retailers
6:07
very
6:07
hard
6:07
of
6:08
late
6:08
and
6:08
whether
6:08
the
6:09
US
6:09
Is
6:09
prepared
6:10
for
6:10
something
6:10
similar.
6:11
Can't
6:11
wait
6:11
to
6:11
talk
6:11
about
6:11
that.
6:12
Target's
6:13
new
6:13
small
6:13
town
6:13
store
6:14
expansion
6:15
strategy.
6:15
Yes,
6:15
folks,
6:16
we
6:16
have
6:16
two
6:17
Target
6:17
headlines
6:18
this
6:18
week,
6:18
not
6:19
even
6:19
factoring
6:19
in
6:19
their
6:20
earnings
6:20
call,
6:20
which
6:20
will
6:20
probably
6:21
hit
6:21
next
6:21
week.
6:22
And
6:22
Radar's
6:23
Spencer
6:23
Hewitt
6:24
stops
6:24
by
6:25
to
6:25
check
6:25
me
6:26
on
6:26
what
6:26
I
6:26
got
6:26
right
6:27
and
6:27
what
6:27
I
6:27
got
6:27
wrong
6:28
about
6:28
my
6:28
comments
6:29
surrounding
6:29
the
6:29
company's
6:30
Old
6:30
Navy
6:30
rollout
6:31
in
6:31
one
6:31
of
6:31
last
6:32
month's
6:32
Fast
6:33
Five
6:33
episodes.
6:34
You're
6:34
definitely
6:35
going
6:35
to
6:35
want
6:35
to
6:36
stick
6:36
around
6:36
and
6:37
hear
6:37
what
6:37
he
6:37
has
6:38
to
6:38
say.
6:38
But
6:38
we
6:38
begin
6:39
today
6:39
with
6:40
big
6:40
news
6:40
on
6:41
the
6:41
retail
6:41
pricing
6:42
landscape.
6:42
And
6:43
do
6:43
the
6:43
honors.
6:44
Headline
6:44
number
6:44
one,
6:45
Walmart
6:45
CFO
6:46
said
6:46
last
6:46
week
6:46
that
6:47
price
6:47
hikes
6:47
could
6:47
start
6:48
later
6:48
this
6:49
month.
6:49
In
6:49
an
6:49
interview
6:50
with
6:50
cnbc,
6:50
Walmart's
6:51
chief
6:51
financial
6:52
officer
6:52
John
6:52
David
6:53
Rainey
6:53
said
6:53
import
6:54
duties
6:54
are
6:54
still
6:55
too
6:55
high,
6:56
even
6:56
with
6:56
the
6:57
recently
6:57
announced
6:57
agreement
6:58
to
6:58
lower
6:58
them
6:59
on
6:59
imports
6:59
from
6:59
China
7:00
to
7:00
30%
7:01
for
7:01
90
7:01
days.
7:02
John
7:02
David
7:03
Rainey
7:03
said,
7:03
quote,
7:04
we're
7:04
wired
7:04
for
7:04
everyday
7:05
low
7:05
prices.
7:05
It's
7:06
more
7:06
than
7:06
any
7:06
supplier
7:07
can
7:07
absorb.
7:08
And
7:08
I'm,
7:09
and
7:09
so
7:09
I'm
7:10
concerned
7:10
that
7:10
the
7:10
consumer
7:11
is
7:11
going
7:11
to
7:11
start
7:12
seeing
7:12
higher
7:12
prices.
7:13
You'll
7:14
begin
7:14
to
7:14
see
7:14
that
7:15
likely
7:15
towards
7:15
the
7:16
tail
7:16
end
7:17
of
7:17
this
7:17
month
7:17
and
7:18
then
7:18
certainly
7:18
much
7:19
more
7:19
in
7:19
June,
7:20
end
7:20
quote.
7:21
Michael,
7:22
we're
7:22
gonna
7:22
go
7:22
to
7:23
you
7:23
first.
7:23
This
7:23
is
7:24
a
7:24
pretty
7:24
heavy
7:25
statement
7:25
from
7:26
the
7:26
U
7:26
S's
7:27
one
7:27
of
7:27
the
7:27
US's
7:28
largest
7:28
retailers.
7:29
How
7:29
do
7:29
you
7:29
expect
7:30
other
7:30
retailers
7:30
to
7:31
react
7:31
to
7:31
Walmart's
7:32
signal
7:32
of
7:33
price
7:33
increases?
7:35
I
7:35
think
7:35
it's
7:36
you,
7:36
I
7:36
think
7:36
it's
7:36
a
7:37
huge
7:37
statement
7:37
and
7:38
this
7:38
is
7:38
a
7:38
topic
7:38
I
7:39
love
7:39
talking
7:39
about
7:40
right
7:40
now.
7:40
Yeah,
7:42
you
7:42
know
7:42
it's,
7:44
it
7:44
is
7:44
huge
7:45
and
7:45
I
7:45
think
7:46
if
7:47
I
7:47
had
7:47
a
7:47
crystal
7:48
ball
7:48
right
7:48
now
7:48
it
7:49
would
7:49
be
7:49
fabulous.
7:49
I
7:50
think
7:50
we'd
7:50
all
7:50
be
7:50
billionaires.
7:51
Right.
7:52
And
7:52
from
7:53
what
7:53
we're
7:53
hearing
7:54
from
7:54
all
7:54
the
7:54
retailers
7:55
and
7:55
vendors
7:56
that
7:56
we're
7:56
talking
7:57
to.
7:57
Yeah.
7:58
Is
7:58
that
7:58
it's
7:58
an
7:59
absolute
7:59
free
7:59
for
8:00
all
8:00
what
8:00
people
8:00
are
8:01
doing
8:01
with
8:01
pricing.
8:02
So
8:02
I
8:02
think
8:02
it
8:03
was
8:03
pretty
8:03
ambitious
8:04
that
8:04
Walmart
8:05
came
8:05
out
8:05
and
8:05
kind
8:06
of
8:06
planted
8:06
the
8:06
flag
8:06
and
8:07
said
8:07
we
8:07
are
8:07
absolutely
8:08
raising
8:08
prices.
8:10
And
8:10
I
8:10
think
8:10
other
8:11
retailers
8:11
are
8:12
either
8:12
going
8:12
to
8:13
say
8:14
hey
8:14
we're
8:14
going
8:15
to
8:15
use
8:15
this
8:15
as
8:15
an
8:15
opportunity
8:16
to
8:16
take
8:16
market
8:17
share
8:17
and
8:17
sacrifice
8:18
a
8:18
little
8:18
margin
8:19
or
8:20
and
8:20
keep
8:21
prices
8:21
where
8:21
they
8:22
are
8:22
or
8:23
other
8:23
retailers
8:24
are
8:24
going
8:24
to
8:24
say
8:25
well
8:25
if
8:25
Walmart's
8:26
doing
8:26
it,
8:26
we
8:27
have
8:27
a
8:27
license
8:27
to
8:28
do
8:28
it.
8:28
And
8:28
then
8:28
I
8:29
actually
8:29
think
8:29
you'll
8:29
see
8:30
a
8:30
little
8:30
bit
8:30
of
8:30
both
8:31
of
8:31
those
8:31
activities.
8:32
So
8:32
it's
8:32
going
8:33
to
8:33
be
8:33
very,
8:33
very
8:34
interesting
8:34
to
8:34
see
8:34
how
8:35
other
8:35
retailers
8:35
react.
8:36
The
8:37
other
8:37
interesting
8:37
thing
8:38
that
8:38
no
8:38
one's
8:38
really
8:39
talking
8:39
about
8:40
and
8:40
you
8:40
hear
8:40
this
8:40
a
8:41
little
8:41
bit
8:41
is
8:42
it's
8:42
30%
8:43
increase
8:44
on
8:44
top
8:44
of
8:45
the
8:45
301
8:45
tariffs
8:46
that
8:46
on
8:46
average
8:47
were
8:47
21%
8:48
increase.
8:49
So
8:49
over
8:49
a
8:50
three
8:50
year
8:50
basis
8:51
it's
8:51
over
8:51
a
8:52
50%
8:52
increase
8:53
if
8:53
you,
8:54
if
8:54
you
8:54
do
8:54
it
8:54
on
8:55
a
8:55
relative
8:55
basis.
8:56
So
8:56
it's
8:56
not
8:57
for
8:57
the
8:57
faint
8:58
of
8:58
heart
8:58
to
8:58
take
8:58
prices
8:59
up.
8:59
So
9:00
very,
9:00
very
9:00
interesting
9:01
for
9:01
Walmart
9:02
and
9:02
it'll
9:02
be
9:02
very,
9:02
very
9:03
interesting
9:03
to
9:03
see
9:04
what
9:04
other
9:04
retailers
9:05
do
9:05
with
9:05
that.
9:06
Yeah,
9:07
absolutely.
9:07
I
9:08
mean
9:08
and
9:08
I
9:08
think
9:08
you
9:08
have
9:08
to
9:09
think
9:09
about
9:09
Walmart's
9:10
unique
9:10
position
9:10
too
9:11
being
9:11
a
9:11
mass
9:11
retailer
9:12
and
9:13
for
9:13
things
9:13
like
9:13
food
9:14
and
9:14
other
9:14
things
9:15
that
9:15
just
9:15
don't
9:16
have
9:16
the
9:16
margins
9:17
like
9:17
you're
9:17
really,
9:17
they're
9:18
really
9:18
going
9:18
to,
9:18
there's
9:19
no
9:19
way
9:19
around
9:20
it,
9:20
it
9:20
sounds
9:20
like,
9:21
but
9:22
yes,
9:22
definitely
9:23
opening
9:23
the
9:23
doors
9:23
for
9:24
some
9:24
other
9:24
retailers
9:25
to
9:25
make,
9:26
make
9:26
some
9:26
concessions
9:27
to.
9:28
Chris
9:28
Disa,
9:29
what
9:29
are
9:29
your
9:29
thoughts
9:29
here?
9:30
Yeah,
9:31
I
9:31
think,
9:31
you
9:31
know,
9:31
I
9:31
agree
9:31
with
9:32
Michael,
9:32
I
9:32
do
9:32
think
9:32
that
9:33
a
9:33
lot
9:33
of
9:33
retailers,
9:34
you
9:34
know,
9:34
for
9:34
a
9:34
lot
9:34
of
9:34
retailers
9:35
this
9:35
is
9:35
going
9:35
to
9:35
bolster
9:36
their
9:36
confidence
9:36
in
9:37
raising
9:37
prices.
9:38
But
9:38
I
9:38
think
9:38
the
9:38
watch
9:39
out
9:39
for
9:39
Walmart
9:39
and
9:40
other
9:40
retailers
9:40
that
9:40
it
9:41
has
9:41
to
9:41
be
9:41
done
9:41
surgically.
9:42
There
9:42
are
9:42
some
9:43
categories
9:43
and
9:44
items
9:44
that
9:44
are
9:44
inelastic
9:45
based
9:45
on
9:46
utility
9:46
value
9:47
or
9:47
necessity
9:47
while
9:48
others
9:48
are
9:48
not.
9:49
And
9:49
I
9:49
think
9:49
the
9:49
cautionary
9:50
tale
9:50
for
9:50
other
9:51
retailers,
9:51
specifically
9:53
apparel
9:53
or
9:53
non
9:54
essential
9:54
merchandise
9:55
retailers,
9:55
that
9:55
if
9:56
you
9:56
raise
9:56
prices
9:57
and
9:57
then
9:57
you
9:57
have
9:58
to
9:58
increase
9:58
your
9:58
discount
9:59
rates
9:59
to
9:59
move
10:00
product
10:00
in
10:00
the
10:00
future,
10:01
then
10:01
you're
10:01
really
10:01
training
10:02
your
10:02
customer
10:02
to
10:03
expect
10:03
a
10:03
higher
10:03
promotional
10:04
value
10:05
or
10:05
activity
10:05
which
10:06
can
10:06
have
10:06
long
10:07
lasting,
10:08
long
10:08
term
10:08
effects.
10:09
So
10:09
definitely
10:10
something
10:10
to
10:10
watch
10:10
out
10:10
for.
10:11
There's
10:11
a
10:11
ying
10:11
and
10:11
a
10:11
yang
10:12
to
10:12
all
10:12
of
10:12
this.
10:13
Yeah,
10:13
without
10:13
a
10:14
doubt.
10:14
Chris
10:15
Walton,
10:15
jump
10:16
in
10:16
here.
10:16
What
10:16
are
10:16
your
10:16
thoughts?
10:18
I
10:18
mean
10:18
my
10:18
question
10:18
for,
10:19
for
10:19
Michael
10:19
since
10:20
he
10:20
started
10:20
out
10:20
would
10:20
be
10:21
do
10:21
you
10:21
think
10:21
the
10:21
entire
10:21
retail
10:22
industry
10:22
breathed
10:22
a
10:22
collective
10:23
sigh
10:23
of
10:23
relief
10:23
this
10:24
week
10:24
with
10:24
this
10:24
announcement
10:25
saying
10:25
oh
10:25
thank
10:26
God
10:26
Walmart
10:26
did
10:26
this
10:27
because
10:27
now
10:27
it
10:27
gives
10:27
us
10:27
some
10:28
room
10:28
to
10:28
move.
10:28
What
10:29
do
10:29
you
10:29
think
10:29
about
10:29
that?
10:31
It's
10:31
an
10:32
interesting
10:32
question.
10:34
I
10:34
don't
10:34
think
10:34
so.
10:35
I
10:35
think
10:35
people
10:36
are
10:36
afraid
10:36
to
10:37
raise
10:37
price
10:38
because
10:39
there
10:39
a
10:40
lot
10:40
of
10:40
retailers
10:41
with
10:41
the
10:41
section
10:42
301
10:42
tariffs
10:43
and
10:44
the
10:44
inflationary
10:45
environment
10:45
of
10:46
COVID
10:46
raised
10:47
price
10:48
and
10:48
they
10:49
saw
10:49
a
10:49
linear
10:50
reduction
10:50
of
10:51
units
10:51
purchased
10:52
and
10:53
they
10:53
also
10:53
saw
10:53
a
10:53
red
10:54
line
10:54
in
10:54
the
10:54
sand
10:55
of
10:56
being
10:56
able
10:56
to
10:56
raise
10:56
price
10:57
to
10:57
a
10:57
certain
10:57
level.
10:58
And
10:58
then
10:58
when
10:58
they
10:58
got
10:59
over
10:59
that,
10:59
their
11:00
customers
11:00
balked
11:01
at
11:01
it
11:01
and
11:01
said
11:01
we're
11:01
not
11:02
purchasing.
11:02
So
11:03
I
11:03
think
11:03
it's
11:04
sort
11:04
of
11:04
an
11:04
interest.
11:05
My
11:05
point
11:05
of
11:06
view
11:06
is
11:06
it's
11:06
an
11:06
interesting
11:07
thing
11:07
that
11:07
Walmart
11:08
did
11:08
and
11:08
if
11:08
I
11:08
was
11:08
a
11:08
retailer
11:09
I'd
11:10
be
11:10
saying
11:10
okay,
11:10
well
11:11
glad
11:11
they're
11:12
doing
11:12
it,
11:13
we
11:13
can
11:14
potentially
11:14
do
11:14
it,
11:15
but
11:15
we're
11:15
also
11:16
nervous
11:16
about
11:17
doing
11:17
it.
11:17
So
11:17
I
11:18
don't
11:18
think
11:18
it's
11:19
giving
11:19
everyone
11:20
full
11:20
license
11:21
to
11:21
go
11:21
out
11:21
and
11:21
do
11:22
it.
11:22
Yeah,
11:23
that's
11:23
an
11:23
interesting
11:23
point.
11:23
Yeah,
11:24
I
11:24
think
11:24
initially
11:24
I
11:24
thought
11:24
yes,
11:25
but
11:25
now
11:25
as
11:26
I'm
11:26
talking
11:26
to
11:27
you
11:27
and
11:27
thinking
11:27
out
11:28
loud,
11:28
I'm
11:28
thinking
11:29
maybe
11:29
not.
11:29
It
11:29
kind
11:30
of
11:30
depends
11:30
on
11:30
what
11:30
happens
11:31
from
11:31
here.
11:31
Does
11:31
Walmart
11:32
follow
11:32
through
11:32
on
11:33
this
11:33
or
11:33
not
11:33
given
11:34
the
11:34
kerfuffle
11:35
that
11:35
started
11:35
there.
11:36
But
11:36
I
11:36
mean
11:36
the
11:36
other
11:37
point
11:37
I'd
11:37
make
11:37
too
11:38
is
11:38
the,
11:38
the
11:39
gate,
11:39
it
11:39
just
11:39
gives,
11:40
it
11:40
gives
11:40
license
11:40
for
11:41
the
11:41
game
11:41
theory
11:41
to
11:41
start
11:42
around
11:42
this
11:42
across
11:43
the
11:43
industry.
11:44
Right.
11:44
And
11:45
you
11:45
saw
11:45
Home
11:45
Depot
11:46
come
11:46
out
11:46
yesterday
11:46
and
11:46
be
11:47
like
11:47
we're
11:47
not
11:47
taking
11:47
prices
11:48
up
11:48
because
11:48
they're
11:49
playing
11:49
on
11:49
the
11:49
opposite
11:50
trend
11:50
in
11:51
the
11:51
media
11:51
and
11:51
the
11:52
perception
11:52
that
11:52
they
11:52
have
11:53
there.
11:53
So
11:53
you
11:53
know,
11:54
but
11:54
at
11:54
the
11:54
end
11:54
of
11:54
the
11:54
day
11:54
like
11:55
Walmart
11:56
sets
11:56
the
11:56
prices
11:57
and
11:57
the
11:57
rest
11:57
of
11:57
the
11:58
industry
11:58
follows.
11:58
So
11:58
if
11:59
Walmart
11:59
brings
11:59
the
11:59
prices
12:00
up
12:01
then
12:01
I
12:01
think
12:01
that
12:01
gives
12:02
then
12:02
the
12:02
Sigh
12:02
of
12:02
relief
12:03
I
12:03
think
12:03
comes.
12:04
But
12:04
the
12:04
trick
12:04
is
12:05
I
12:05
agree
12:05
with
12:05
what
12:05
Chris
12:06
said
12:06
too.
12:07
You
12:07
got
12:07
to
12:07
be
12:07
really
12:07
smart
12:08
about
12:08
how
12:08
you
12:08
do
12:08
this.
12:09
You
12:09
don't
12:09
want
12:09
to
12:09
tell
12:09
people,
12:10
I
12:10
think
12:10
either.
12:10
You
12:11
just
12:11
want
12:11
to
12:11
let
12:11
the
12:11
prices
12:12
speak
12:12
for
12:12
themselves
12:13
at
12:13
shelf.
12:14
I
12:14
think
12:14
that's
12:15
my
12:15
big
12:15
lesson
12:15
here
12:16
for
12:16
all
12:16
retailers
12:16
they're
12:16
going
12:17
to
12:17
take
12:17
away
12:17
from
12:17
this
12:17
past
12:17
week
12:17
is
12:18
like
12:18
you're
12:18
not
12:18
talking
12:19
about
12:19
this
12:19
as
12:19
much
12:19
as
12:19
you
12:19
can,
12:20
you
12:20
know,
12:20
give,
12:21
you
12:21
know,
12:21
depending
12:21
on
12:21
what
12:22
your
12:22
legal
12:22
ramifications
12:23
are
12:23
in
12:23
terms
12:23
of
12:23
what
12:23
you
12:23
got
12:23
to
12:23
report
12:24
to
12:24
the
12:24
financial
12:24
community.
12:24
But.
12:25
And
12:25
curious
12:26
if
12:26
you
12:26
guys
12:26
have
12:26
thoughts
12:27
on
12:27
that
12:27
too.
12:27
But
12:27
you
12:28
know,
12:28
for
12:28
the
12:28
most
12:28
part
12:28
you're
12:29
just
12:29
going
12:29
to
12:29
want
12:29
to
12:29
let
12:29
this
12:29
sit
12:30
and
12:30
let
12:30
the
12:30
customers
12:31
adjust
12:31
it
12:31
over
12:31
time,
12:32
I
12:32
would
12:32
think.
12:32
Right.
12:33
But
12:33
the
12:33
other
12:33
interesting
12:34
thing
12:34
is
12:34
Walmart
12:35
is
12:35
clearly
12:36
the
12:36
gorilla
12:36
in
12:36
the
12:37
marketplace,
12:37
Right?
12:37
And
12:38
the
12:39
hidden
12:39
thing
12:40
in
12:40
this
12:40
is
12:41
Walmart
12:42
can
12:42
do
12:42
whatever
12:42
they,
12:43
whatever
12:43
they
12:43
really
12:44
choose
12:44
to
12:45
do.
12:45
So
12:45
if
12:45
they
12:46
raise
12:46
their
12:46
prices
12:47
and
12:47
it
12:47
doesn't
12:47
work,
12:48
they
12:48
will
12:49
shift
12:49
and
12:50
pivot
12:50
it
12:51
so
12:51
quickly
12:51
it'll
12:52
make
12:52
your
12:52
head
12:52
spin.
12:53
They've
12:53
got
12:54
the
12:54
margin
12:54
then
12:55
to
12:55
cover
12:56
the
12:56
markdowns
12:57
and
12:57
they'll
12:58
kind
12:58
of
12:58
make
12:58
the
12:59
we
12:59
raised
13:00
our
13:00
price
13:00
mistake
13:01
go
13:01
away
13:02
lightning
13:03
fast.
13:04
Not
13:04
everybody
13:05
else
13:05
can
13:05
do
13:05
that
13:06
and
13:06
not
13:06
everybody
13:06
else
13:07
has
13:07
that
13:07
latitude.
13:08
So
13:08
that's
13:08
where
13:08
it's
13:08
a
13:08
little
13:08
scary
13:09
too.
13:09
And
13:09
I
13:10
look,
13:10
I
13:10
think
13:10
it's
13:10
amazing.
13:11
I
13:11
applaud
13:11
them
13:11
for
13:12
doing
13:12
it,
13:12
but
13:12
at
13:12
the
13:12
same
13:13
point
13:13
like
13:14
they've
13:14
got
13:14
a
13:15
really
13:15
easy
13:16
get
13:16
out
13:16
of
13:16
jail
13:16
free
13:17
card
13:17
and
13:17
their
13:17
customer
13:18
is
13:18
very
13:18
reactionary
13:19
too
13:20
based
13:20
on
13:21
the
13:21
everyday
13:21
low
13:22
value
13:23
pricing
13:24
scheme.
13:24
If
13:25
you
13:25
start
13:25
promoting
13:26
on
13:26
top
13:26
of
13:26
that,
13:27
it
13:27
will
13:27
clear
13:27
goods
13:28
immediately
13:28
for
13:28
them
13:29
and
13:29
then
13:30
so
13:30
they
13:31
kind
13:31
of
13:31
have
13:31
a
13:32
very
13:33
easy
13:33
safety
13:34
backup
13:34
plan.
13:35
So
13:35
raise
13:36
prices.
13:36
Great
13:37
point.
13:38
Doesn't
13:38
work.
13:39
Pull
13:40
the
13:40
trigger,
13:40
bring
13:40
it
13:41
down
13:41
a
13:41
little
13:41
bit
13:42
and
13:42
then
13:43
revenues
13:43
go
13:43
through
13:44
the
13:44
roof.
13:44
We
13:45
take
13:45
it
13:45
on
13:45
the
13:45
chin
13:46
from
13:46
a
13:46
margin
13:46
standpoint
13:47
a
13:47
little
13:47
bit.
13:47
But
13:48
in
13:48
the
13:48
quarterly
13:49
calls
13:49
we're
13:50
now
13:50
talking
13:50
about
13:51
a
13:51
revenue
13:52
increase
13:52
with
13:52
a
13:53
little
13:53
bit
13:53
of
13:53
margin
13:53
dilution.
13:54
And
13:54
the
13:54
street
13:55
is
13:55
going
13:55
to
13:55
say,
13:55
oh,
13:56
that's
13:56
awesome.
13:56
We're
13:56
super
13:57
psyched.
13:57
So
13:57
Walmart
13:58
is
13:58
kind
13:58
of
13:58
insulated,
13:59
in
13:59
my
13:59
opinion.
13:59
Yeah,
14:00
100%,
14:00
Michael.
14:01
I
14:01
mean
14:01
that's
14:01
what
14:01
I
14:01
was
14:01
just
14:02
going
14:02
to
14:02
jump
14:02
in
14:02
and
14:02
say
14:03
too.
14:03
Like
14:03
they're
14:04
also
14:04
building
14:04
a
14:04
moat
14:05
with
14:05
retail
14:05
media.
14:06
The
14:06
recurring
14:06
loyalty
14:07
revenue
14:07
that
14:07
they're
14:07
getting
14:08
from
14:08
Walmart,
14:08
plus
14:09
like
14:09
all
14:09
of
14:09
those
14:09
things
14:10
allow
14:10
them
14:10
over
14:11
many
14:11
of
14:12
the
14:12
other
14:12
retailers
14:13
that
14:13
are,
14:13
are
14:14
in
14:14
the
14:14
industries
14:15
and
14:15
in
14:15
the
14:15
Space,
14:15
including
14:16
Target,
14:17
you
14:17
know,
14:17
who
14:17
announced
14:17
earnings
14:18
this
14:18
morning.
14:18
Like
14:19
Walmart
14:19
is
14:19
in
14:19
a
14:19
much
14:20
better
14:20
position
14:20
to
14:21
be
14:21
able
14:21
to
14:21
weather
14:22
this
14:22
storm,
14:22
I
14:22
think
14:23
than
14:23
a
14:23
lot
14:23
of
14:23
the
14:23
other
14:24
retailers
14:24
out
14:24
there.
14:25
So
14:25
I
14:25
don't
14:25
think
14:25
it's
14:26
wrong
14:26
that
14:26
they're
14:26
being
14:27
transparent
14:27
with
14:28
their
14:28
customers.
14:28
Customers
14:29
saying,
14:29
look,
14:29
this
14:30
is
14:30
going
14:30
to
14:30
happen
14:30
and
14:32
customers
14:32
know
14:32
they're
14:33
always
14:33
going
14:33
to
14:33
be
14:33
able
14:34
to
14:34
go
14:34
to,
14:34
to
14:34
Walmart
14:35
for,
14:35
for
14:35
that
14:36
everyday
14:36
low
14:36
price
14:37
guarantee.
14:37
So
14:38
I
14:38
think
14:38
it's
14:38
just,
14:39
it's,
14:39
it's
14:39
taking
14:39
a
14:40
different
14:40
approach
14:40
that
14:40
we're
14:40
seeing
14:41
in
14:41
the
14:41
market.
14:42
I
14:42
also
14:42
think
14:42
that
14:42
it
14:43
depends
14:43
on,
14:44
you
14:44
know,
14:44
the
14:45
level
14:45
of
14:45
which
14:45
they're
14:46
taking
14:46
the
14:46
prices
14:46
up,
14:47
right?
14:47
5%,
14:48
10%,
14:48
20%.
14:49
You
14:49
know,
14:49
as
14:50
an
14:50
everyday
14:50
low
14:50
value
14:51
retailer,
14:51
taking
14:52
5,
14:52
10,
14:53
15%
14:53
up
14:53
on,
14:54
you
14:54
know,
14:54
certain
14:56
inelastic
14:57
goods
14:57
may
14:57
not
14:57
be
14:57
a
14:58
big
14:58
deal.
14:58
Where
14:59
other
14:59
retailers
15:00
who
15:00
have
15:00
a
15:00
higher
15:01
baseline,
15:01
you
15:02
know,
15:02
it's
15:02
much
15:02
more
15:03
impactful.
15:03
Yeah.
15:04
Yeah.
15:05
Wow.
15:05
Wow.
15:06
What
15:06
a
15:06
great
15:06
start
15:07
to
15:07
this
15:07
podcast.
15:08
Holy
15:08
cow,
15:08
this
15:09
is.
15:09
Buckle
15:09
up
15:09
on
15:10
this
15:10
one.
15:10
This,
15:10
the
15:11
story's
15:11
still
15:11
yet
15:12
to
15:12
be
15:12
written.
15:13
Oh
15:13
my
15:13
God.
15:13
Yes.
15:14
The
15:14
game
15:14
theory
15:15
starts
15:15
today.
15:15
All
15:16
right,
15:16
so
15:16
headline
15:17
number
15:17
two,
15:17
man,
15:18
and
15:18
there's
15:18
some,
15:18
we
15:19
got
15:19
some
15:19
more
15:19
meat
15:19
on
15:19
the
15:19
bones
15:20
and
15:20
a
15:20
lot
15:20
of
15:20
these
15:20
headlines
15:21
too.
15:21
Target
15:22
Circle
15:22
360
15:23
members
15:24
can
15:24
now
15:24
shop
15:25
same
15:25
day
15:25
delivery
15:26
with
15:26
100
15:26
plus
15:27
retailers
15:28
according
15:28
to
15:28
retail
15:29
dive.
15:29
Through
15:29
its
15:30
ship
15:30
service,
15:30
the
15:31
mass
15:31
retailer
15:32
will
15:32
give
15:32
subscribers
15:33
access
15:33
to
15:33
same
15:34
day
15:34
delivery
15:34
at
15:34
Petco,
15:35
PetSmart,
15:36
CVS
15:37
and
15:37
more,
15:37
all
15:38
without
15:38
price
15:38
markups.
15:40
Target
15:40
Circle360
15:41
has
15:41
a
15:41
membership
15:42
price
15:42
of
15:42
around
15:42
$99
15:43
annually
15:44
and
15:44
new
15:45
signups
15:45
for
15:45
Target
15:45
Circle360
15:47
can
15:47
get
15:47
$20
15:48
off
15:49
their
15:49
first
15:49
order
15:49
of
15:50
at
15:50
least
15:51
$75,
15:52
said
15:53
Kara
15:53
Sylvester,
15:54
executive
15:54
vice
15:54
president
15:55
and
15:55
chief
15:55
guest
15:56
experience
15:56
officer
15:56
at
15:57
Target.
15:57
Quote
15:57
We've
15:58
built
15:58
a
15:58
true
15:58
digital
15:59
shopping
15:59
center
16:00
experience
16:00
making
16:01
your
16:01
Saturday
16:01
errand
16:02
run
16:03
easier,
16:03
faster
16:04
and
16:04
more
16:04
affordable.
16:05
End
16:05
quote.
16:06
Chris
16:06
Disa
16:07
Are
16:07
you
16:07
buying
16:08
or
16:08
selling
16:08
the
16:08
new
16:09
same
16:09
day
16:09
delivery
16:10
perk
16:10
for
16:10
Target
16:10
Circle360
16:12
members?
16:13
I
16:13
am
16:13
absolutely
16:14
buying
16:14
this
16:14
as
16:15
a
16:15
consumer.
16:15
You
16:15
are?
16:16
I
16:16
am.
16:18
As
16:18
a
16:18
consumer,
16:20
you
16:20
know,
16:20
I
16:20
have
16:21
Walmart
16:21
plus
16:21
Amazon
16:22
and
16:22
Target360
16:23
and
16:24
I.
16:24
Would
16:24
say
16:24
most
16:24
of
16:24
you
16:24
already
16:25
have
16:25
it.
16:25
Okay.
16:25
You
16:25
already
16:26
have
16:26
it.
16:26
Okay.
16:27
Most
16:28
of
16:28
my
16:28
same
16:28
day
16:28
shopping
16:29
habit
16:29
is
16:30
not
16:30
solely
16:30
based
16:30
on
16:31
price
16:31
but
16:31
availability.
16:32
So
16:32
for
16:33
me,
16:33
Target360,
16:34
you
16:34
know,
16:34
in
16:34
the
16:34
event,
16:35
in
16:35
the
16:35
opportunity
16:36
to
16:36
now
16:36
provide
16:37
access
16:37
and
16:37
service
16:38
to
16:38
products
16:38
from
16:38
other
16:38
retailers
16:39
as
16:39
cvs,
16:40
Petsmart,
16:40
et
16:41
cetera,
16:41
I
16:41
think
16:41
it's
16:42
a
16:42
huge
16:42
win
16:42
and
16:42
I'm
16:42
all
16:43
in.
16:44
Wow.
16:44
Okay.
16:45
Starting
16:46
off
16:46
strong
16:47
and
16:47
I
16:47
think
16:48
you
16:48
like
16:48
this
16:48
too,
16:48
right?
16:49
Look,
16:50
I
16:50
love
16:50
the
16:50
idea
16:51
listening
16:52
to
16:52
that
16:52
Target
16:52
earnings
16:53
call
16:53
today.
16:53
That
16:54
is
16:54
they
16:54
are
16:54
pumping
16:55
this
16:55
hard
16:55
as
16:56
their
16:56
like
16:56
growth
16:57
engine
16:57
to,
16:58
to
16:58
continue
16:59
to
16:59
combat
17:00
the
17:00
earnings
17:00
that
17:00
were
17:01
announced.
17:02
I
17:02
just
17:03
don't
17:03
understand
17:03
how
17:03
you
17:04
make
17:04
money
17:04
off
17:04
of
17:05
this.
17:05
That's
17:05
my
17:05
biggest
17:06
question.
17:06
Like
17:06
with
17:07
zero
17:07
markups,
17:08
you
17:09
know,
17:09
you
17:09
still
17:09
have
17:09
to
17:10
make
17:10
sure
17:10
that
17:10
the
17:11
ship
17:11
drivers
17:11
are
17:11
doing
17:12
these
17:12
one
17:12
to
17:12
one,
17:13
you
17:13
know,
17:14
deliveries
17:14
to
17:15
homes.
17:15
Are,
17:16
you
17:16
know,
17:16
is
17:16
there
17:17
a
17:17
need
17:18
as
17:18
Target
17:18
for
17:19
you
17:19
to
17:19
really
17:19
like,
17:20
are
17:20
you
17:20
expanding
17:20
to
17:21
that
17:21
many
17:21
categories
17:21
that
17:22
Target
17:22
doesn't
17:22
already
17:23
cover?
17:23
Like
17:24
I
17:24
just,
17:24
I
17:24
think
17:24
it's,
17:25
I
17:25
think
17:25
it's
17:25
the
17:25
right
17:26
competitive
17:27
move
17:27
for
17:28
Target
17:28
to
17:28
make
17:29
in
17:29
the
17:29
play
17:29
against
17:30
Walmart
17:30
plus
17:30
and
17:31
DoorDash.
17:31
But
17:32
I
17:32
just
17:32
don't
17:32
know
17:32
if
17:33
it's
17:33
compelling
17:33
enough
17:34
to
17:34
get
17:34
new
17:34
subscribers
17:35
on
17:35
board
17:35
because
17:36
of
17:36
the
17:36
limited
17:37
assortment.
17:37
It's
17:38
not,
17:38
it's
17:38
not
17:38
giving
17:39
me
17:39
that
17:39
much
17:39
more
17:40
at
17:40
this
17:40
point
17:40
point
17:41
to,
17:41
to
17:41
drive
17:42
me
17:42
to
17:42
get
17:42
that,
17:43
that
17:43
Target
17:43
plus
17:44
membership.
17:44
I
17:44
don't
17:44
think
17:45
so.
17:45
I
17:45
have
17:45
to
17:45
sell
17:46
but
17:46
so
17:47
you're
17:47
selling
17:47
it.
17:47
All
17:47
told,
17:48
you're
17:48
selling
17:48
it.
17:49
I
17:49
have
17:49
to
17:49
sell.
17:50
I,
17:50
I,
17:51
I
17:51
like
17:51
the,
17:52
I,
17:52
I
17:52
think
17:52
it
17:53
was
17:53
a
17:53
strong,
17:53
it
17:54
was
17:54
a
17:54
strong
17:55
position.
17:55
I
17:56
just,
17:56
I
17:56
don't
17:56
understand
17:57
how
17:57
you
17:57
make
17:58
that
17:58
work
17:58
financially
18:00
in
18:00
the
18:00
long
18:00
term.
18:01
I,
18:01
I
18:01
think
18:02
it's
18:02
just
18:02
not,
18:02
there's
18:03
not
18:03
enough
18:03
there
18:03
for
18:03
me
18:04
or
18:04
if.
18:04
I
18:04
read
18:05
between
18:05
the
18:05
lines,
18:05
you
18:05
don't
18:05
think
18:06
it's
18:06
going
18:06
to
18:06
convert
18:06
people
18:06
to
18:07
target
18:07
360
18:07
either?
18:08
I
18:08
don't,
18:08
I
18:08
don't,
18:08
I
18:09
don't
18:09
think
18:09
there's
18:09
enough
18:12
like
18:12
you
18:13
know,
18:13
people
18:14
who
18:14
are
18:14
using
18:15
the
18:15
same
18:15
day
18:15
delivery
18:16
service
18:16
is
18:17
a
18:17
certain
18:17
demographic
18:18
of
18:18
customer
18:19
who
18:19
can
18:19
afford
18:19
the
18:20
price
18:20
increases
18:21
anyway.
18:21
I
18:21
don't
18:22
know
18:22
that
18:22
you're
18:22
going
18:22
to
18:22
get
18:23
people
18:23
to
18:23
jump
18:23
ship
18:24
from
18:25
a
18:25
doordash
18:26
or
18:26
from
18:26
an
18:26
Amazon
18:27
or
18:27
something
18:27
where,
18:28
or
18:28
Walmart
18:28
plus
18:28
even
18:29
for
18:29
that
18:29
matter.
18:30
Yeah,
18:30
well
18:30
you
18:31
got
18:31
Chris
18:31
D,
18:31
a
18:32
Super
18:32
Target
18:32
360
18:33
super
18:33
fan
18:33
over
18:34
here
18:34
so
18:34
we're
18:34
going
18:34
to
18:34
let
18:34
you
18:34
know
18:35
the
18:35
conversation
18:35
at
18:36
some
18:36
point
18:36
but
18:36
first
18:36
I
18:37
want
18:37
to
18:37
get
18:37
Michael's
18:38
opinion
18:38
on
18:38
this
18:38
because
18:39
Michael,
18:39
Michael
18:40
seems
18:40
a
18:40
little
18:40
skeptical
18:41
based
18:41
on
18:41
his
18:41
body
18:41
language
18:42
and
18:42
the
18:42
looks
18:42
he's
18:43
giving.
18:45
If
18:45
I
18:45
put
18:45
a
18:45
CEO
18:46
hat
18:46
on
18:46
for
18:47
a
18:47
second.
18:47
Love
18:48
the
18:48
concept,
18:49
hate
18:49
the
18:49
operational
18:50
details
18:51
of
18:51
this
18:52
and
18:52
I
18:52
can
18:52
actually
18:53
envision
18:54
in
18:54
that
18:54
crystal
18:55
ball
18:55
I
18:55
was
18:55
talking
18:55
about
18:56
from
18:56
Walmart
18:57
a
18:57
concept
18:58
meeting
18:58
saying
18:59
we
18:59
need
18:59
to
18:59
innovate.
19:00
How
19:00
do
19:00
we
19:00
innovate?
19:01
How
19:01
do
19:01
we
19:01
get
19:01
better?
19:02
How
19:02
do
19:02
we
19:02
not
19:03
let
19:03
our
19:03
competition
19:03
take
19:04
Share
19:04
from
19:04
us
19:05
and
19:05
someone
19:05
raising
19:06
their
19:06
hand
19:06
and
19:06
saying,
19:07
oh
19:07
my
19:07
gosh,
19:07
I
19:07
love
19:08
Amazon
19:08
prime
19:08
and
19:09
I
19:09
love
19:09
yeah,
19:09
same
19:10
day
19:10
delivery.
19:10
Why
19:11
don't
19:11
we
19:11
do
19:11
that?
19:12
And
19:13
this
19:13
is
19:13
a
19:13
concept,
19:14
in
19:14
my
19:14
opinion,
19:14
that
19:14
should
19:15
have
19:15
never
19:15
made
19:15
it
19:15
out
19:16
of
19:16
that
19:16
innovation
19:17
room
19:18
because
19:18
operationally
19:20
I
19:21
just
19:21
don't
19:21
get
19:21
it.
19:21
And
19:22
I
19:22
also
19:22
think,
19:23
and
19:23
I'm
19:24
not
19:24
talking
19:24
about
19:24
Target360,
19:25
I'm
19:26
talking
19:26
about
19:26
the
19:26
expansion
19:27
of
19:27
it
19:27
in
19:28
the
19:28
same
19:28
day
19:28
service.
19:29
The
19:29
other
19:29
thing,
19:30
I
19:30
also
19:31
think
19:31
of
19:31
it
19:31
as
19:32
sort
19:33
of
19:33
have
19:33
you
19:33
ever
19:33
been
19:34
to
19:34
a
19:34
retailer
19:34
and
19:34
you
19:35
go
19:35
up
19:35
to
19:35
the
19:35
counter
19:35
and
19:35
you
19:36
have
19:36
a
19:36
pile
19:36
of
19:36
10
19:36
things
19:37
you're
19:37
buying
19:37
and
19:38
you
19:38
haven't
19:38
shopped
19:39
with
19:39
a
19:39
coupon
19:39
or
19:39
you
19:39
haven't
19:40
shopped
19:40
with
19:40
the
19:41
same
19:41
sale
19:41
of
19:41
the
19:42
day
19:42
and
19:42
the
19:43
person
19:43
behind
19:43
the
19:44
register
19:44
goes,
19:44
oh,
19:45
here,
19:45
let
19:45
me
19:45
scan
19:45
the
19:46
coupons
19:46
for
19:46
you.
19:47
I
19:47
almost
19:47
feel
19:48
like
19:48
you
19:49
think
19:49
of
19:49
Petco.
19:50
I'm
19:50
going
19:50
to
19:50
buy
19:51
it
19:51
from
19:51
Petco
19:51
anyways.
19:52
And
19:52
then
19:53
I
19:53
get
19:53
in
19:53
there
19:53
and
19:53
it's
19:53
like
19:54
same
19:54
day
19:54
service.
19:54
Like,
19:55
sure,
19:55
why
19:55
not
19:55
get
19:56
it
19:56
same
19:56
day.
19:56
This
19:56
is
19:56
awesome.
19:57
I
19:58
just,
19:58
I
19:58
don't
19:58
get
19:58
it.
19:58
I
19:58
don't
19:59
understand
19:59
how
20:00
they're
20:00
going
20:00
to
20:00
make
20:00
margin
20:01
on
20:01
it
20:01
and
20:02
not
20:02
only
20:02
margin,
20:02
I
20:03
don't
20:03
understand
20:03
how
20:03
it's
20:03
not
20:04
going
20:04
to
20:04
be
20:04
dilutive
20:05
to
20:05
their,
20:06
to
20:06
their
20:06
overall
20:07
operational
20:08
standards
20:09
as
20:09
well
20:09
as
20:09
the,
20:10
the
20:10
cost
20:10
of
20:10
doing
20:11
business.
20:11
So
20:12
very
20:12
cool
20:12
concept
20:13
but
20:13
it
20:13
should
20:14
have
20:14
never
20:14
made
20:14
it
20:14
out
20:14
of
20:14
the
20:14
innovation
20:15
room.
20:16
Holly
20:17
freaking
20:17
Luya
20:18
that
20:18
I
20:18
100
20:19
agree.
20:20
100
20:20
agree.
20:21
Hallelujah.
20:21
I
20:21
mean
20:22
I,
20:22
I
20:22
would
20:22
actually
20:23
add
20:23
that
20:23
there's
20:23
more
20:23
points
20:24
to
20:24
what
20:24
my.
20:24
I
20:24
agree
20:25
with
20:25
everything
20:25
you
20:25
said,
20:25
Michael,
20:26
but
20:26
I
20:26
think
20:26
there
20:26
are
20:26
other
20:27
points
20:27
that
20:27
I
20:27
don't
20:27
like
20:28
about
20:28
it.
20:29
I
20:29
think
20:29
I
20:29
agree
20:29
with
20:30
Anne.
20:30
I
20:30
don't
20:30
think
20:30
it
20:30
compels
20:31
people
20:31
to,
20:31
to,
20:32
to
20:32
buy
20:32
a
20:32
Target360
20:33
membership
20:34
in
20:34
comparison
20:35
to
20:35
every
20:35
other
20:35
option
20:35
that's
20:36
already
20:36
out
20:36
there.
20:37
I
20:37
hate
20:37
that
20:37
it's
20:37
a
20:37
membership
20:38
program
20:38
that's
20:38
off
20:39
the
20:39
actual
20:39
target
20:40
platform
20:40
like
20:41
that
20:41
you
20:41
have
20:41
to
20:41
go
20:41
to
20:42
ship
20:42
to
20:42
that
20:42
there's
20:43
still
20:43
a
20:43
disconnect
20:43
in
20:43
the
20:43
customer's
20:44
minds
20:44
between
20:45
those
20:45
two
20:45
properties.
20:46
But
20:46
here's
20:47
the
20:47
thing
20:47
that
20:47
really
20:47
sticks
20:48
in
20:48
my
20:48
craw.
20:49
Resources,
20:50
as
20:50
we
20:50
all
20:51
know,
20:51
are
20:51
not
20:52
infinite.
20:54
Capital
20:55
is
20:55
finite.
20:55
And
20:56
so,
20:56
and
20:56
my
20:57
thing
20:57
is,
20:57
and
20:57
it
20:57
shows
20:58
just
20:58
how
20:58
lost
20:58
Target
20:59
is
20:59
strategically.
21:00
Like
21:00
if
21:00
you
21:00
want
21:00
to
21:01
be
21:01
a
21:01
marketplace,
21:02
why
21:02
wouldn't
21:03
you
21:03
instead
21:03
invest
21:04
in
21:04
your
21:05
actual
21:05
third
21:05
party
21:06
marketplace
21:06
and
21:07
making
21:07
it
21:07
much
21:08
stronger
21:08
and
21:09
more
21:09
compelling
21:09
so
21:10
you
21:10
can
21:10
get
21:10
the
21:10
benefits
21:10
of
21:10
things
21:11
like
21:11
Ann
21:11
talked
21:11
about
21:11
with
21:12
Walmart,
21:12
like
21:12
retail
21:13
Media
21:14
and
21:14
you
21:14
guys,
21:15
that
21:15
marketplace
21:15
has
21:16
been
21:16
growing
21:16
at
21:16
a
21:16
snail's
21:17
pace
21:17
and
21:17
that's
21:18
the
21:18
first
21:18
order
21:18
thing
21:19
that
21:19
you
21:19
do
21:19
here
21:20
because
21:20
you
21:20
can
21:21
get
21:21
the
21:21
benefits
21:21
of
21:21
in
21:21
store
21:22
returns,
21:23
you
21:23
can
21:23
keep
21:23
the
21:24
customers
21:24
loyal
21:24
to
21:25
Target
21:25
through
21:25
that.
21:26
Like
21:26
it
21:27
just
21:27
makes
21:27
so
21:27
much
21:27
more
21:27
sense
21:28
in
21:28
an
21:28
order
21:28
operations
21:29
standpoint.
21:29
So
21:29
it
21:29
shows
21:30
to
21:30
me
21:30
like
21:30
yeah,
21:30
Michael,
21:30
you're
21:31
dead
21:31
right.
21:31
Somebody
21:31
came
21:32
up
21:32
with
21:32
this
21:32
idea
21:32
in
21:32
a
21:32
meeting,
21:33
they
21:33
went
21:33
for
21:33
it.
21:34
It's,
21:34
it's
21:34
probably
21:34
not
21:35
going
21:35
to
21:35
move
21:35
the
21:35
needle
21:35
at
21:36
all
21:36
in
21:36
the
21:36
long
21:36
run.
21:36
And
21:37
there
21:37
are
21:37
much
21:37
simpler,
21:38
more
21:39
ROI
21:40
producing
21:40
initiatives
21:41
on
21:41
the
21:41
table
21:41
that
21:42
Target
21:42
has
21:42
just
21:42
been
21:43
missing
21:43
the
21:43
boat
21:44
on
21:44
for
21:44
so
21:44
long.
21:45
And
21:45
this
21:45
is
21:46
indicative
21:46
of
21:46
that
21:46
to
21:47
me.
21:47
So
21:47
I
21:47
100%
21:48
agree,
21:48
Chris.
21:49
I
21:49
don't
21:50
know
21:51
liking
21:51
this.
21:51
I'm
21:52
still
21:52
liking
21:52
this
21:52
because
21:53
I
21:53
think
21:53
you
21:53
have
21:53
to
21:53
think
21:53
about
21:54
who
21:54
is
21:54
your
21:54
customer
21:55
that's
21:55
actually
21:56
paying
21:57
for
21:57
this
21:57
membership.
21:58
And
21:58
if
21:58
any
21:58
of
21:59
you
21:59
have
21:59
actually
22:00
bought
22:01
anything
22:01
same
22:01
day,
22:02
you
22:02
may
22:02
have
22:02
noticed
22:03
either
22:03
through
22:03
Walmart
22:04
or
22:04
Amazon,
22:05
a
22:05
lot
22:05
of
22:05
products
22:05
are
22:06
not
22:06
offered
22:06
for
22:06
same
22:06
day
22:07
delivery.
22:07
So
22:08
to
22:08
widen
22:08
the
22:08
aperture
22:09
for
22:09
Target
22:09
to
22:10
actually
22:10
partner
22:10
with
22:11
other
22:11
retailers
22:11
to
22:12
expand
22:12
the
22:12
assortment
22:13
for
22:13
customers
22:13
that
22:14
want
22:14
same
22:15
day
22:15
delivery,
22:15
I
22:16
think
22:16
could
22:16
be
22:16
very
22:16
beneficial.
22:17
Do
22:17
I
22:17
think
22:18
it's
22:18
a
22:18
silver
22:19
bullet
22:19
and
22:20
going
22:20
to
22:20
help
22:20
them
22:20
from
22:21
a
22:21
growth
22:21
perspective?
22:21
Maybe,
22:22
maybe
22:22
not.
22:22
That
22:23
remains
22:23
to
22:23
be
22:23
seen.
22:24
But
22:24
I
22:24
do
22:25
think
22:25
that
22:26
the
22:26
concept
22:28
is
22:28
very
22:28
interesting.
22:29
And
22:29
again
22:29
from
22:29
a
22:30
consumer
22:30
lens,
22:31
what
22:31
I
22:31
really
22:32
appreciate
22:32
is
22:32
the
22:33
opportunity
22:33
to
22:34
be
22:34
able
22:34
to
22:34
kind
22:34
of
22:34
cross
22:35
shop
22:36
and
22:36
actually
22:36
have
22:36
products
22:37
delivered
22:37
same
22:38
day
22:38
that
22:38
I'm
22:38
looking
22:38
for.
22:39
Because
22:39
again,
22:39
you
22:40
know,
22:40
shopping
22:41
Walmart
22:42
and
22:42
Amazon,
22:43
a
22:43
lot
22:43
of
22:43
the
22:43
everyday
22:44
essentials
22:44
that
22:44
I'm
22:45
looking
22:45
for
22:45
are
22:45
not
22:46
readily
22:46
available.
22:46
So
22:47
I'm
22:47
hoping
22:47
that
22:48
this,
22:48
that
22:49
Target
22:49
would
22:49
provide
22:49
that.
22:50
The
22:51
other
22:51
point
22:51
that's
22:51
interesting
22:51
to
22:52
me
22:52
too
22:52
is
22:52
how
22:52
long
22:52
the
22:53
Petcos
22:53
and
22:53
everyone
22:54
that
22:54
was
22:54
mentioned
22:54
in
22:54
this
22:55
article
22:55
let
22:55
Target
22:56
continue
22:56
to
22:56
do
22:57
this
22:57
too
22:57
because
22:58
Target
22:58
is
22:58
essentially
22:58
getting
22:59
the
22:59
first
22:59
party
22:59
data
22:59
on
23:00
this
23:00
purchase,
23:00
relatively
23:01
speaking
23:01
too.
23:01
So
23:02
that's
23:02
a
23:02
fear
23:02
I
23:02
have
23:02
over
23:03
time
23:03
of
23:04
how
23:04
does
23:04
the
23:04
market
23:04
respond
23:05
to
23:05
Target
23:05
trying
23:06
to
23:06
do
23:06
this
23:06
for
23:06
their
23:06
loyalty
23:07
program,
23:07
which
23:07
is
23:07
something
23:08
the
23:08
article
23:08
didn't
23:08
talk
23:08
about.
23:09
And
23:09
did
23:09
you
23:09
have
23:09
a
23:09
thought
23:10
you
23:10
want
23:10
to
23:10
say?
23:10
I
23:11
was
23:11
just
23:11
gonna,
23:11
I
23:11
was
23:11
just
23:11
gonna
23:12
ask
23:12
Chris
23:12
Disa
23:13
quickly
23:13
like
23:14
the
23:14
only
23:14
counter
23:15
that
23:15
I'd
23:15
have
23:15
to
23:15
that
23:16
is
23:16
you
23:16
get
23:16
that
23:16
with
23:16
DoorDash
23:17
plus
23:17
you
23:17
get
23:18
same
23:18
day
23:18
restaurant
23:18
delivery.
23:19
So
23:19
do
23:19
you
23:19
think
23:20
that
23:20
Target
23:21
Circle360
23:22
needs
23:22
to
23:22
add
23:22
something
23:23
else
23:23
to
23:24
make
23:24
that
23:24
$10
23:25
a
23:25
month
23:25
or
23:25
whatever
23:26
it
23:26
ends
23:26
up
23:26
coming
23:27
out
23:27
to
23:27
be
23:28
that
23:28
could
23:29
get
23:29
me
23:29
doordash
23:29
same
23:30
day
23:30
delivery
23:30
plus
23:30
restaurant
23:31
delivery
23:31
plus,
23:32
you
23:32
know,
23:32
essentials
23:33
and
23:33
all
23:33
the
23:33
other
23:34
things
23:34
that
23:34
I
23:34
need.
23:35
I
23:35
mean,
23:35
I
23:36
typically,
23:36
you
23:36
know,
23:36
thinking
23:37
about
23:37
price,
23:37
I
23:37
typically
23:38
find
23:38
that
23:38
doordash
23:39
is
23:39
more
23:39
expensive
23:40
and
23:40
there's
23:41
a
23:41
surcharge.
23:41
So
23:41
to
23:42
me,
23:42
I
23:42
would
23:42
rather,
23:43
again,
23:44
personalizing
23:44
this,
23:45
I
23:45
would
23:45
rather
23:46
stick
23:46
with
23:46
Target360
23:48
versus
23:48
having
23:49
an
23:49
upcharge.
23:50
Sure.
23:51
You
23:51
know,
23:52
essentials
23:52
that
23:52
I
23:52
want.
23:53
Yeah,
23:53
that's
23:53
why
23:54
they
23:54
were
23:54
playing
23:54
that
23:54
up
23:54
in
23:54
the
23:54
media.
23:54
Michael,
23:55
sounds
23:55
like
23:55
you
23:55
want
23:56
to
23:56
say
23:56
one
23:56
more
23:56
thing.
23:56
Go
23:57
for
23:57
it.
23:57
In
23:58
going
23:59
back
23:59
to
23:59
the
23:59
operational
24:00
pitfalls
24:01
of
24:01
this,
24:01
there's
24:01
a
24:01
hidden.
24:02
There's
24:02
like
24:02
two
24:03
layers
24:03
hidden
24:03
in
24:04
here.
24:04
A
24:04
lot
24:05
of
24:05
the
24:05
feedback
24:05
that
24:05
we've
24:06
heard
24:06
from
24:06
the
24:07
streets
24:08
in
24:08
regards
24:09
to
24:09
doordash
24:10
specifically
24:11
is
24:11
that
24:11
it
24:12
doesn't
24:12
work
24:12
the
24:13
way
24:13
you
24:13
would
24:13
expect
24:14
it
24:14
to
24:14
work
24:14
as
24:14
a
24:15
retailer
24:16
in
24:16
that
24:16
the
24:17
burden
24:17
is
24:18
placed
24:18
on
24:19
all
24:19
of
24:19
your
24:19
own
24:20
store
24:20
line
24:20
employees.
24:21
So
24:22
the
24:22
doordasher
24:23
shows
24:23
up,
24:24
doordash
24:24
pitches
24:25
you.
24:25
Our
24:25
people
24:26
will
24:26
go
24:26
in,
24:26
find
24:27
the
24:27
product,
24:28
scan
24:28
it,
24:28
and
24:29
leave.
24:30
What
24:30
we
24:30
hear
24:31
unofficially
24:31
is
24:32
that
24:32
the
24:32
doordashers
24:33
go
24:33
to
24:33
the
24:33
person
24:34
at
24:34
the
24:34
front
24:34
register
24:35
or
24:35
manager
24:36
and
24:36
say,
24:36
hi,
24:36
I'm
24:37
Mr.
24:37
And
24:37
Mrs.
24:37
Doordash.
24:38
Can
24:38
you
24:39
find
24:39
this
24:39
product
24:39
for
24:40
me
24:40
and
24:40
get
24:40
it
24:40
for
24:40
me?
24:40
Because
24:41
I
24:41
need
24:41
to
24:41
take
24:41
it
24:41
out,
24:42
which
24:42
is
24:43
interesting.
24:44
The
24:44
customer
24:44
is
24:45
still
24:45
getting
24:46
what
24:46
they
24:46
want.
24:47
However,
24:48
for
24:48
the
24:48
house,
24:49
like
24:49
a
24:49
target
24:50
that
24:51
creates
24:51
store
24:52
labor
24:52
hour
24:53
issues,
24:53
it
24:53
actually
24:54
is
24:54
the
24:54
opposite
24:54
of
24:55
efficiency
24:55
that
24:55
you're
24:56
looking
24:56
for.
24:56
So
24:57
I
24:57
think
24:57
from
24:57
an
24:57
operational
24:58
standpoint,
24:58
there's
24:58
some
24:59
pitfalls
24:59
in
24:59
this
24:59
move
25:00
that
25:00
are
25:01
going
25:01
to
25:01
come
25:01
back
25:01
to
25:01
haunt
25:02
Target,
25:02
which
25:03
is
25:03
along
25:03
the
25:03
same
25:04
lines
25:04
of
25:04
what
25:04
Chris
25:04
Disa
25:05
said
25:05
is,
25:05
I
25:06
think
25:06
strategically,
25:07
they're
25:07
missing
25:07
the
25:07
mark.
25:08
They're
25:09
looking
25:09
at
25:09
a
25:09
bright,
25:09
shiny
25:10
object,
25:11
using
25:11
it
25:11
to
25:12
divert
25:12
away
25:12
from
25:13
some
25:13
challenging
25:13
earnings.
25:14
And
25:15
they
25:15
really
25:15
should
25:16
be
25:16
doing
25:16
different,
25:17
more
25:18
macro
25:19
strategic
25:20
targeting
25:20
of
25:21
some
25:21
of
25:21
the
25:21
opportunities
25:21
and
25:22
challenges
25:22
they
25:22
have
25:22
in
25:23
their
25:23
business.
25:25
Oh,
25:26
all
25:26
right,
25:26
let's
25:26
go
25:27
on
25:27
to
25:27
the
25:27
next
25:27
headline.
25:28
Guys,
25:28
this
25:28
has
25:29
been
25:29
amazing.
25:29
We're
25:30
starting
25:30
off
25:30
so
25:30
hot.
25:31
I
25:31
know.
25:31
Gotten
25:32
it
25:32
hot
25:32
today.
25:32
Everybody's
25:33
fully
25:33
caffeinated
25:34
today.
25:34
Yes.
25:34
Yeah,
25:35
yeah,
25:35
I'm
25:36
very
25:36
caffeinated.
25:37
Yes.
25:37
All
25:37
right.
25:38
Headline
25:38
number
25:38
three.
25:39
Dick's
25:39
Sporting
25:40
Goods
25:40
is
25:40
set
25:40
to
25:40
acquire
25:41
foot
25:41
locker
25:42
for
25:42
$2.4
25:43
billion.
25:44
According
25:44
to
25:44
CNBC,
25:45
Dick's
25:45
Sporting
25:45
Goods
25:46
said
25:46
Thursday
25:46
that
25:46
it
25:46
plans
25:47
to
25:47
acquire
25:47
acquire
25:48
rival
25:48
Footlocker
25:49
as
25:49
it
25:49
looks
25:49
to
25:50
expand
25:50
its
25:50
international
25:51
presence,
25:51
win
25:52
over
25:52
a
25:52
new
25:52
set
25:53
of
25:53
consumers
25:53
and
25:53
corner
25:54
the
25:54
Nike
25:54
sneaker
25:55
market.
25:55
Under
25:56
the
25:56
terms
25:56
of
25:56
the
25:56
agreement,
25:57
Dick's
25:57
will
25:57
use
25:57
a
25:57
combination
25:58
of
25:58
cash
25:58
on
25:59
hand
25:59
and
25:59
new
25:59
debt
26:00
to
26:00
acquire
26:00
foot
26:00
locker
26:01
for
26:01
$2.4
26:02
billion.
26:03
Footlocker
26:03
shares
26:04
soared
26:04
more
26:04
than
26:05
80%
26:05
after
26:06
the
26:06
deal
26:06
was
26:06
announced
26:06
Thursday.
26:07
However,
26:07
shares
26:08
of
26:08
Dick's
26:09
fell
26:09
slightly,
26:11
or
26:11
roughly
26:12
15%,
26:12
as
26:12
investors
26:13
worried
26:13
about
26:13
the
26:13
impact
26:14
the
26:14
merger
26:14
could
26:14
have
26:15
on
26:15
financial
26:15
results.
26:17
One
26:17
analyst
26:17
from
26:17
TD
26:18
Cowan
26:18
even
26:18
said
26:19
that
26:19
the
26:19
deal
26:20
was
26:20
a,
26:20
quote,
26:21
strategic
26:22
mistake
26:22
as
26:23
it
26:23
downgraded
26:23
shares
26:24
of
26:24
Dick's
26:24
to
26:24
hold
26:25
from
26:26
buy.
26:27
Michael,
26:28
I'm
26:28
gonna
26:28
go
26:29
to
26:29
you
26:29
first.
26:29
Are
26:29
you
26:30
pro
26:30
or
26:30
con
26:31
on
26:31
Dick's
26:31
acquisition
26:32
of
26:32
Foot
26:32
Locker?
26:33
So
26:34
funny.
26:34
My.
26:35
My
26:35
thoughts
26:36
on
26:36
this
26:36
evolve
26:37
almost
26:38
to
26:38
the
26:38
minute.
26:39
When
26:39
I
26:39
first
26:40
read
26:40
the
26:40
headline,
26:41
I
26:41
was
26:42
actually
26:42
very
26:42
surprised,
26:43
and
26:43
I
26:44
hated
26:44
it.
26:44
I.
26:45
I
26:45
really
26:45
thought,
26:45
why?
26:46
Why?
26:47
I
26:48
think
26:48
Foot
26:48
Locker
26:48
has
26:49
issues.
26:49
I
26:49
think
26:49
they're
26:50
very
26:50
fragmented.
26:51
They're
26:52
very
26:53
reliant
26:54
on
26:54
Nike.
26:55
And
26:55
you
26:55
want
26:55
to
26:55
talk
26:55
about
26:56
a
26:56
gorilla
26:56
in
26:56
the
26:56
marketplace.
26:57
I
26:57
mean,
26:57
Nike
26:58
can
26:59
seal
27:00
your
27:00
fate
27:01
within
27:02
minutes,
27:02
either
27:03
positive
27:03
or
27:03
negative.
27:05
And
27:05
I
27:05
also
27:06
think
27:07
that
27:07
the
27:07
sneaker
27:08
game
27:08
is
27:09
a
27:09
very
27:09
fickle
27:10
game
27:10
in
27:10
regards
27:10
to.
27:11
To
27:12
the
27:12
consumer
27:13
interaction.
27:14
And
27:14
although
27:14
there's
27:14
a
27:15
lot
27:15
of
27:15
spending
27:15
power
27:16
behind
27:16
it,
27:17
you
27:17
have
27:17
to
27:17
be
27:18
right
27:18
with
27:18
the
27:19
style,
27:19
skews
27:21
direction
27:21
that
27:21
you've
27:22
chosen.
27:22
And
27:23
I
27:23
think
27:23
Foot
27:23
Locker,
27:24
based
27:24
on
27:24
the
27:25
number
27:25
of
27:25
stores,
27:26
based
27:26
on
27:26
the
27:26
country
27:27
saturation,
27:28
I
27:29
think
27:29
it's
27:29
a
27:29
very,
27:29
very
27:30
difficult
27:30
business
27:30
to
27:31
monitor
27:31
and
27:32
to
27:32
manage
27:32
and
27:32
to
27:33
run
27:33
effectively.
27:34
Now,
27:34
they've
27:35
done
27:35
a
27:35
decent
27:36
job.
27:36
They've
27:36
had
27:37
good
27:37
times,
27:37
they've
27:37
had
27:38
bad
27:38
times.
27:39
But
27:39
it
27:39
is
27:39
a
27:39
very,
27:40
very
27:41
specific
27:42
type
27:43
of
27:43
business
27:43
to
27:44
run,
27:45
which
27:45
you
27:46
have
27:46
these
27:46
third
27:47
parties
27:48
that
27:48
it's
27:49
basically
27:49
out
27:49
of
27:50
your
27:50
control.
27:51
Your
27:51
destiny
27:52
may
27:52
be
27:52
out
27:52
of
27:53
your
27:53
control.
27:53
It's
27:54
been
27:54
highly
27:54
publicized
27:55
when
27:56
Nike
27:56
wanted
27:56
to
27:56
pull
27:57
out
27:57
of
27:57
the
27:57
market,
27:57
Foot
27:58
Locker's
27:58
business
27:59
had
27:59
a
27:59
precipitous
28:00
drop
28:00
almost
28:01
immediately.
28:02
When
28:02
Nike
28:02
wanted
28:03
to
28:03
expand
28:03
the
28:04
marketplace,
28:05
and
28:05
I'll
28:05
call
28:06
it
28:06
use
28:06
Foot
28:07
Locker
28:07
to
28:08
gain
28:08
market
28:08
share,
28:09
it
28:09
was
28:09
great.
28:10
But
28:10
the
28:10
minute
28:10
that
28:10
wasn't
28:11
great,
28:11
it
28:12
was
28:12
a
28:12
problem
28:12
for
28:13
Foot
28:13
Lockers.
28:13
So
28:13
I
28:13
think
28:14
there's
28:14
some
28:14
huge
28:15
inherent
28:16
risks
28:16
for
28:17
Dicks.
28:17
So
28:18
that's
28:18
number
28:18
one.
28:18
That's
28:19
why
28:19
I
28:19
hated
28:19
it.
28:20
Then
28:20
I
28:21
started
28:21
doing
28:21
a
28:21
little
28:21
bit
28:22
more,
28:22
and
28:23
I
28:23
flipped.
28:24
So
28:24
I
28:24
started
28:24
doing
28:25
a
28:25
little
28:25
bit
28:25
more
28:25
research
28:26
on
28:27
the
28:27
size
28:28
and
28:28
scale
28:28
of
28:29
Dicks.
28:30
And
28:30
I
28:30
was
28:30
a
28:30
little
28:31
mistaken
28:31
in
28:32
understanding
28:32
how
28:33
large
28:33
they
28:33
are.
28:34
But
28:34
a
28:34
pretty
28:35
big
28:35
entity.
28:36
I
28:36
think
28:36
they're
28:37
approaching
28:37
$20
28:38
billion.
28:38
Right.
28:39
So
28:39
at
28:39
that
28:40
size,
28:42
organic
28:43
growth
28:43
is
28:44
difficult.
28:44
Right.
28:45
One
28:45
up,
28:46
1%
28:46
comp.
28:47
Down
28:47
1%
28:47
comp.
28:48
You're
28:49
kind
28:49
of
28:49
happy
28:50
but
28:50
if
28:51
you're
28:51
down
28:51
5%
28:52
comp
28:52
in
28:53
a
28:53
tough
28:53
year,
28:54
that
28:54
is
28:54
a
28:54
massive
28:55
hit
28:55
to
28:55
your
28:55
revenue.
28:56
So
28:57
I
28:57
like
28:58
the
28:58
fact
28:58
that
28:58
they
28:59
actually
28:59
acquired
29:00
an
29:00
adjacent
29:01
business
29:02
that's
29:02
going
29:02
to
29:02
layer
29:03
in
29:03
a
29:03
multibillion
29:04
dollar
29:05
revenue
29:05
stream.
29:06
I
29:06
thought
29:07
that
29:07
was
29:07
a
29:07
very
29:07
easy
29:08
pickup.
29:08
And
29:09
in
29:10
rereading
29:10
the
29:10
releases,
29:11
either
29:11
the
29:11
CFO
29:12
or
29:12
the
29:12
CEO
29:13
said,
29:13
we
29:14
are
29:14
going
29:14
to
29:14
add
29:14
in,
29:15
I
29:15
think,
29:15
4.5%
29:16
comp
29:17
sales
29:18
in
29:18
the
29:18
first
29:18
year,
29:19
which
29:19
I
29:19
liked
29:20
a
29:20
lot.
29:21
So
29:21
it's
29:22
so
29:23
number
29:23
three.
29:23
My
29:24
conclusion
29:24
is
29:26
the
29:26
only
29:26
way
29:27
they
29:27
will
29:27
be
29:27
successful
29:28
with
29:28
this
29:29
is
29:29
not
29:30
integrating
29:30
it
29:31
into
29:31
the
29:31
Dick's
29:32
business.
29:32
It's
29:32
sort
29:32
of
29:33
like
29:33
a
29:33
standalone
29:34
Let
29:34
Foot
29:35
Locker
29:35
run.
29:36
If
29:36
there's
29:36
some
29:36
back
29:37
of
29:37
the
29:37
house
29:37
IT
29:38
or
29:38
supply
29:39
chain
29:39
efficiencies
29:40
you
29:40
could
29:40
create,
29:40
great.
29:41
If
29:42
you
29:42
start
29:42
to
29:43
sort
29:43
of
29:45
matrix
29:46
it
29:46
into
29:47
the
29:47
Dick's
29:48
organization,
29:49
I
29:49
think
29:49
that's
29:50
a
29:50
massive
29:50
disaster.
29:51
They
29:51
should
29:51
just
29:51
leave
29:52
it
29:52
as
29:52
its
29:52
own
29:52
entity,
29:53
let
29:53
it
29:53
run
29:54
on
29:54
its
29:54
own,
29:54
treat
29:55
it
29:55
as
29:55
its
29:55
own
29:56
thing.
29:56
Look
29:56
for
29:57
some
29:57
economies
29:57
as
29:57
well
29:58
scale,
29:58
but
29:59
almost
29:59
insulate
30:00
and.
30:00
And
30:01
have
30:01
it
30:02
do
30:02
that.
30:02
And
30:02
if
30:02
they
30:03
can
30:03
do
30:03
that,
30:03
it
30:04
may
30:04
be
30:04
very
30:04
successful
30:05
for
30:05
them.
30:06
Yeah,
30:06
that.
30:06
I
30:06
think
30:07
what
30:07
you're
30:07
saying
30:07
makes
30:07
a
30:08
lot
30:08
of
30:08
sense.
30:08
Michael
30:08
and
30:09
Chris
30:09
Walton,
30:09
I
30:09
would
30:09
go
30:10
to
30:10
you
30:10
too
30:10
and,
30:10
and.
30:11
And
30:11
ask,
30:11
like,
30:12
do
30:12
you
30:12
think
30:12
that
30:12
this
30:12
also
30:13
is
30:13
helping
30:13
Dick's
30:14
kind
30:14
of
30:14
eliminate
30:15
some
30:15
competition
30:16
in
30:16
the
30:16
field?
30:17
And
30:17
then
30:17
maybe
30:17
even
30:18
if
30:18
they're
30:18
a
30:18
separate
30:19
entity
30:19
or
30:20
they're,
30:20
you
30:20
know,
30:21
Dicks
30:21
is
30:21
just
30:22
able
30:22
to
30:23
kind
30:23
of
30:23
keep
30:23
the
30:24
business
30:24
separate,
30:24
but
30:24
maybe
30:25
take
30:25
some
30:25
of
30:25
that
30:25
Nike
30:26
relationship
30:26
into
30:27
Dick's
30:27
stores.
30:27
Like,
30:28
will
30:28
that
30:29
help
30:29
this
30:30
position
30:30
for
30:31
Dick's
30:31
Sporting
30:31
Goods?
30:32
Yeah,
30:32
I
30:32
mean,
30:33
that's,
30:33
that's.
30:33
We
30:34
were
30:34
joking
30:34
before
30:34
we
30:34
started
30:35
this
30:35
podcast
30:35
that
30:35
I
30:35
had
30:35
kind
30:36
of
30:36
a
30:37
potentially
30:37
hot
30:37
take,
30:38
although
30:38
I
30:38
don't
30:38
think
30:38
it's
30:38
that
30:38
hot
30:39
that
30:39
I
30:39
wanted
30:39
to
30:39
get
30:39
Michael
30:40
and
30:40
Chris's
30:40
opinion
30:40
to
30:40
see
30:40
if
30:41
they'd
30:41
laugh
30:41
me
30:41
out
30:41
of
30:41
the
30:41
room
30:41
on
30:42
this.
30:42
But
30:42
I
30:43
mean,
30:43
the
30:43
thing
30:43
I
30:43
like
30:43
about
30:44
this
30:44
deal
30:44
is
30:45
like,
30:45
if
30:45
I
30:45
just
30:45
go
30:45
with
30:46
the.
30:46
Go
30:46
into
30:46
the
30:46
realm
30:47
of
30:47
like,
30:47
what
30:47
if
30:48
Dick's
30:48
just
30:48
shut
30:49
these
30:49
stores
30:49
down?
30:50
Right.
30:50
And
30:51
the
30:51
$5
30:52
billion
30:52
in
30:53
revenue
30:53
that
30:53
Foot
30:53
Locker
30:54
generates,
30:54
a
30:54
portion
30:55
of
30:55
that
30:55
goes
30:55
to
30:56
Dick's
30:56
just
30:56
through
30:57
inertia.
30:58
Then
30:58
when
30:59
I
30:59
think
30:59
of
30:59
the
30:59
annuity
31:00
on
31:00
that
31:00
volume
31:01
year
31:01
over
31:01
year,
31:01
the
31:02
$2.4
31:02
billion
31:03
seems
31:03
like
31:04
they
31:04
got
31:04
a
31:04
steal.
31:05
Yeah.
31:05
So
31:05
I
31:05
think
31:05
minimally
31:06
you
31:06
approach
31:06
it,
31:06
like
31:07
Michael
31:07
said,
31:07
where
31:07
you
31:08
try
31:08
to
31:08
operate
31:08
them.
31:08
If
31:09
it
31:09
doesn't
31:09
work,
31:09
like,
31:10
I
31:10
feel
31:10
like
31:10
the
31:10
worst
31:11
Case
31:11
scenario
31:11
here
31:11
isn't
31:12
actually
31:12
that
31:12
bad
31:13
in
31:13
the
31:13
long
31:13
run.
31:14
So
31:14
for
31:14
that
31:14
reason,
31:15
I
31:15
like
31:15
this
31:16
move
31:16
a
31:16
lot.
31:17
But
31:17
I
31:17
don't
31:17
know,
31:17
I
31:17
might,
31:18
I
31:18
might
31:18
be
31:18
crazy
31:19
in
31:19
my
31:19
math
31:19
on
31:19
that.
31:20
But
31:20
I'm
31:20
curious
31:20
what
31:21
the
31:21
A
31:21
and
31:21
M
31:21
guys
31:21
thing.
31:22
It's
31:23
the
31:23
old
31:23
retail
31:25
holy
31:25
grail
31:26
of
31:27
does
31:27
1
31:28
+1
31:28
equal
31:29
2
31:29
or
31:30
3?
31:30
Everybody
31:31
always
31:31
tries
31:31
to
31:31
say
31:32
1
31:32
+1
31:32
equals
31:33
3,
31:33
but
31:34
generally
31:35
when
31:35
you
31:35
do
31:35
that,
31:36
you
31:36
don't
31:37
capture
31:37
even
31:38
1
31:38
of
31:39
the
31:39
sale.
31:40
So
31:40
that
31:40
2,
31:41
2
31:41
and
31:41
change
31:42
billion,
31:42
2.4
31:43
billion.
31:43
Whatever
31:44
their
31:44
actual
31:44
revenue
31:45
number
31:45
is,
31:46
if
31:46
Dicks
31:47
did
31:47
close
31:47
all
31:47
their
31:47
stores
31:48
could
31:48
end
31:48
up
31:49
being
31:50
a
31:50
billion
31:50
dollars
31:51
or
31:51
maybe
31:52
a
31:52
little
31:52
bit
31:52
even
31:52
below
31:53
a
31:53
billion
31:53
dollars.
31:54
Now
31:54
if
31:55
it's
31:55
profitable
31:56
and
31:56
the
31:56
margin
31:57
advantages,
31:58
you
31:58
get
31:59
work
32:00
then
32:00
sure,
32:01
it's
32:01
awesome,
32:02
but
32:02
I
32:02
think
32:02
it's
32:03
a
32:03
little
32:03
scary.
32:04
And
32:04
the
32:05
other
32:05
key
32:05
piece,
32:05
I
32:06
love
32:06
the
32:06
hot
32:06
take,
32:06
by
32:06
the
32:06
way.
32:07
I
32:07
think
32:07
it's
32:07
a
32:07
very
32:08
interesting
32:08
thing,
32:09
but
32:09
you
32:10
made
32:10
me
32:10
think
32:10
too.
32:14
Dicks
32:14
now
32:14
is
32:15
wildly
32:15
important
32:16
to
32:16
Nike.
32:17
But
32:17
now
32:18
Nike's
32:18
wildly
32:19
or
32:19
Dicks
32:20
is
32:20
now
32:20
wildly
32:20
important.
32:22
It's
32:22
like
32:22
the
32:23
symbiotic
32:23
relationship
32:24
flipped
32:24
a
32:25
little
32:25
bit
32:25
and
32:26
it's
32:26
sort
32:26
of
32:26
like
32:27
whoever
32:27
is
32:28
the
32:28
strongest
32:29
at
32:29
the
32:29
time
32:29
is
32:30
going
32:30
to
32:30
win.
32:31
And
32:31
if
32:31
you
32:31
read
32:32
the
32:32
tea
32:32
leaves,
32:32
Nike
32:33
seems
32:33
like
32:33
they're
32:34
going
32:34
through
32:34
one
32:34
of
32:34
their
32:35
sort
32:35
of
32:35
macro.
32:36
Not
32:36
as
32:37
strong
32:37
as
32:37
they
32:37
normally
32:38
are.
32:38
So
32:39
Dick
32:39
could
32:39
be
32:40
sort
32:40
of
32:40
pounding
32:40
their
32:40
chest
32:41
saying,
32:41
we
32:41
won
32:42
here.
32:42
Now
32:42
we're
32:42
going
32:43
to
32:43
turn
32:43
the
32:43
screws
32:43
on
32:43
Nike.
32:44
But
32:44
if
32:44
history
32:45
proves
32:45
anything,
32:45
nobody's
32:46
turning
32:46
any
32:46
screws
32:47
on
32:47
Nike
32:47
over
32:48
the
32:48
long
32:48
term.
32:49
So
32:49
I'd
32:49
be
32:49
a
32:50
little
32:50
bit
32:50
afraid
32:51
that
32:51
all
32:51
of
32:52
my
32:52
fortunes
32:52
as
32:53
Dicks
32:53
and
32:53
Foot
32:54
Locker
32:54
now
32:55
are
32:55
heavily
32:56
saturated
32:56
in
32:57
Nike.
32:57
And
32:58
oh,
32:58
by
32:58
the
32:58
way,
32:58
all
32:59
of
32:59
the
32:59
other
32:59
big
32:59
sneaker
33:00
makers
33:01
have
33:01
all
33:01
taken
33:02
a
33:02
page
33:02
out
33:02
of
33:02
Nike's
33:03
book.
33:03
Like
33:04
Adidas,
33:05
Huma,
33:06
all
33:06
of
33:06
these
33:06
people
33:06
are
33:07
doing
33:07
the
33:07
same
33:07
thing
33:07
that
33:08
Nike
33:08
used
33:08
to
33:08
do
33:09
and
33:09
it's
33:10
going
33:10
to
33:10
be
33:10
very
33:10
interesting.
33:11
So
33:11
I,
33:12
I
33:12
mean,
33:13
yeah,
33:13
I
33:13
think
33:13
that's
33:14
like
33:14
looking
33:14
at
33:14
the
33:15
edge
33:15
of
33:15
the
33:15
cliff
33:15
saying,
33:16
okay,
33:16
let's
33:16
shut
33:17
Foot
33:17
Locker
33:17
down
33:17
and
33:18
let's
33:18
jump.
33:19
Love
33:19
that.
33:20
It'll
33:20
be
33:20
interesting
33:21
to
33:21
see
33:21
if
33:21
that,
33:21
if
33:22
that
33:22
would,
33:22
if
33:22
that
33:22
would
33:23
work.
33:23
Well,
33:24
you
33:24
also
33:25
have
33:25
JD
33:25
Sports
33:26
knocking
33:26
down
33:26
the
33:26
door
33:27
too.
33:27
And
33:27
we
33:27
just.
33:28
Yeah,
33:29
the
33:29
CEO
33:29
Regis
33:30
Schultz
33:31
last
33:31
week
33:31
at
33:32
World
33:32
Retail
33:32
Congress
33:33
and
33:33
they're
33:34
taking
33:34
a
33:34
totally
33:34
different
33:35
approach
33:35
with
33:35
Nike.
33:35
Like
33:36
they're
33:36
going
33:36
the
33:36
storytelling
33:37
route.
33:37
They're
33:38
bringing
33:38
brands
33:38
in.
33:39
Dick's
33:39
is
33:40
just
33:40
going
33:40
for
33:40
like,
33:40
how
33:41
much
33:41
can
33:41
we.
33:42
How
33:42
much
33:42
Nike.
33:42
Can
33:42
we
33:43
pound
33:43
in
33:43
and
33:43
out
33:43
of
33:43
this
33:44
store
33:44
right
33:44
now?
33:44
And
33:44
how
33:45
do
33:45
we
33:45
get
33:45
that
33:45
to
33:45
expand
33:46
shoppers
33:47
into
33:47
other
33:47
categories
33:48
of
33:48
our
33:48
store?
33:49
And
33:49
I
33:49
think
33:49
JD
33:50
Sports
33:50
on
33:50
the
33:51
other
33:51
side
33:51
here,
33:51
they're,
33:52
they're
33:52
coming
33:52
in,
33:53
they're,
33:53
they
33:54
have
33:54
huge
33:54
US
33:54
expansion
33:55
plans.
33:56
Like
33:56
I
33:56
think
33:56
this,
33:57
this,
33:57
this
33:57
hopefully
33:58
will
33:58
help
33:58
solidify
33:59
Dicks
33:59
and,
34:00
and
34:00
Nike
34:00
together
34:01
in,
34:01
in
34:01
this
34:02
option
34:02
of
34:02
we're
34:03
ready
34:03
to
34:03
compete
34:04
with
34:04
you
34:04
JD
34:04
Sports.
34:05
But
34:05
Chris
34:06
Walton,
34:06
jump
34:06
in
34:07
here
34:07
quick
34:07
and
34:07
then
34:07
we'll
34:07
go
34:08
to
34:08
Chris
34:08
Disa
34:08
for
34:08
the
34:09
wrap.
34:09
I
34:10
was
34:10
just
34:10
going
34:10
to
34:10
say
34:10
like
34:10
I
34:11
think
34:11
the
34:11
one
34:11
point
34:11
that
34:12
I,
34:12
that
34:12
I've
34:12
been
34:12
thinking
34:12
about
34:12
when
34:13
Michael
34:13
said,
34:13
you
34:13
know,
34:13
does
34:13
one
34:14
plus
34:14
one
34:14
ever
34:14
actually
34:15
equal
34:15
three?
34:15
I
34:15
think
34:15
the
34:15
unique,
34:16
unique
34:16
thing
34:16
about
34:16
this
34:17
is
34:17
the
34:17
shopping
34:17
experience
34:19
for
34:19
at
34:19
Foot
34:20
Locker
34:20
is
34:20
very
34:20
different
34:21
than
34:21
the
34:21
shopping
34:21
experience
34:22
for
34:22
Dick.
34:22
Dick's
34:23
is
34:23
almost
34:23
a
34:23
standalone
34:24
experience
34:24
where,
34:24
whereas
34:25
Foot
34:25
Locker
34:25
is
34:25
that
34:25
mall
34:26
based
34:26
experience
34:27
and
34:27
so
34:27
in
34:27
theory,
34:28
where
34:28
does
34:28
the
34:29
volume
34:29
go
34:30
over
34:30
time
34:30
is.
34:32
I've
34:32
been
34:32
wrapped,
34:32
trying
34:33
to
34:33
wrap
34:33
my
34:33
head
34:33
around
34:33
that.
34:34
Yeah.
34:34
And
34:34
I
34:34
think
34:35
it
34:35
presents
34:36
different
34:36
dynamics
34:36
than
34:37
a,
34:37
than
34:37
say
34:38
if
34:38
the
34:38
acquirer
34:39
was
34:39
basically
34:40
competing
34:40
in
34:40
the
34:41
same
34:41
trip
34:41
and
34:42
they're
34:42
not
34:42
in
34:42
this
34:42
case.
34:43
But
34:43
yeah,
34:43
I
34:43
don't
34:43
know.
34:43
Yeah.
34:44
Okay.
34:44
Christ,
34:45
Issa.
34:46
The
34:46
floor
34:46
is
34:46
yours,
34:47
friend.
34:47
All,
34:48
all
34:48
very
34:48
interesting
34:48
points.
34:49
I
34:49
guess
34:49
a
34:49
few
34:50
things
34:50
to
34:50
add.
34:50
One
34:51
is
34:51
I
34:51
do
34:51
think,
34:52
I
34:52
do
34:52
agree
34:52
with
34:52
Michael
34:53
that
34:54
the
34:54
businesses
34:55
should
34:55
be
34:55
treated
34:55
separately.
34:57
But
34:57
I
34:57
think,
34:57
you
34:58
know
34:58
what
34:58
is
34:58
interesting
34:59
is
34:59
that
34:59
while
35:00
there
35:00
are
35:00
some
35:00
kind
35:00
of
35:00
back
35:01
of
35:01
the
35:01
house
35:01
synergies,
35:02
I
35:02
also
35:02
think
35:03
because
35:03
Dick's
35:04
and
35:04
Foot
35:04
Locker
35:05
have
35:05
two
35:05
very
35:06
different
35:07
customers,
35:07
there's
35:08
opportunity
35:08
to
35:08
learn
35:09
from
35:09
each
35:09
other
35:09
and
35:10
leverage
35:10
your
35:10
customer
35:11
data
35:11
and
35:11
customer
35:11
insights.
35:12
Also
35:13
what's
35:13
really
35:13
interesting
35:14
is
35:14
Foot
35:14
Locker
35:14
has
35:14
an
35:15
international
35:15
presence
35:16
which
35:16
Dick's
35:17
does
35:17
not.
35:18
So
35:18
that
35:18
could
35:19
be
35:19
an
35:19
opportunity
35:19
for
35:20
growth.
35:20
But
35:20
I
35:21
think
35:21
underpinning
35:22
all
35:22
of
35:22
this
35:22
is
35:22
Footlocker
35:23
saw
35:23
some
35:23
major
35:24
challenges.
35:24
If
35:24
you
35:25
recall,
35:26
they
35:26
set
35:26
up,
35:27
set
35:27
up
35:27
a,
35:29
or
35:29
set
35:29
upon
35:29
a
35:30
path
35:30
for
35:30
a
35:31
new
35:31
strategy
35:31
that
35:31
kicked
35:32
off
35:32
in
35:32
2023
35:33
called
35:33
Laces
35:33
Up.
35:34
And
35:34
two
35:34
big
35:35
pillars
35:35
of
35:36
that
35:36
strategy
35:36
were
35:37
around
35:38
supply
35:39
chain
35:39
improvement
35:40
and
35:40
inventory
35:40
accuracy
35:42
as
35:42
well
35:42
as
35:42
the
35:43
omnichannel
35:43
experience
35:44
for
35:44
the
35:44
customer.
35:45
Two
35:45
critical
35:46
pieces
35:46
into,
35:48
you
35:48
know,
35:48
kind
35:48
of
35:49
create
35:49
long
35:50
term
35:50
value.
35:51
So
35:51
the
35:51
punchline
35:52
here
35:52
is
35:52
that
35:53
just
35:53
because
35:53
they're
35:54
acquired,
35:54
there
35:55
can
35:55
be
35:55
a
35:55
lot
35:55
of
35:55
great
35:56
opportunity
35:56
for
35:56
both
35:57
organizations.
35:58
However,
35:59
they
35:59
still
36:00
have
36:00
to
36:00
the
36:00
leadership
36:01
team
36:01
still
36:01
has
36:01
to
36:02
fix
36:03
or
36:03
improve
36:04
upon
36:05
Footlocker's
36:06
core
36:06
business.
36:07
Right.
36:07
Right.
36:07
Michael,
36:08
you
36:08
want
36:08
to
36:08
say
36:08
something
36:09
else?
36:09
One
36:09
last
36:10
quick
36:10
thing
36:10
that
36:10
Chris
36:11
just
36:11
made
36:11
me
36:11
think
36:11
of.
36:12
The
36:12
question
36:13
is,
36:14
are
36:14
they
36:14
going
36:14
to
36:14
be
36:14
on
36:15
the
36:15
right
36:15
side
36:15
of
36:15
history?
36:16
When
36:16
you
36:17
look
36:17
back
36:17
with
36:18
the
36:18
massive
36:19
change
36:20
of
36:20
the
36:20
US
36:20
Department
36:21
store
36:21
and
36:22
mall
36:22
model,
36:23
the
36:23
answer
36:24
might
36:24
be
36:24
yes.
36:25
Right.
36:25
Because
36:26
department
36:26
stores
36:27
are
36:27
clear,
36:27
clearly
36:28
failing.
36:29
This
36:29
could
36:30
be
36:31
the
36:31
future
36:32
where
36:32
you
36:32
have
36:32
a
36:32
huge
36:33
base,
36:34
you
36:34
start
36:34
to
36:34
bring
36:34
in
36:35
complementary
36:36
plugins.
36:37
You
36:37
let
36:37
them
36:37
do
36:38
their
36:38
own
36:38
thing.
36:39
You
36:39
have
36:40
them
36:40
all
36:41
have
36:41
unique
36:41
innovation
36:42
as
36:43
well
36:43
as
36:43
setting
36:44
up
36:44
multiple
36:45
options,
36:45
opportunities
36:45
to
36:46
shop
36:46
for
36:46
the
36:46
customer.
36:47
It'll
36:47
be
36:48
very
36:48
interesting
36:48
to
36:48
see
36:48
how
36:49
this
36:49
one
36:49
really
36:49
works
36:49
out.
36:50
Yeah.
36:51
And
36:51
that's
36:51
why
36:51
I
36:51
made
36:51
the
36:51
point
36:51
of
36:52
Dicks
36:52
could
36:52
be
36:52
very
36:52
surgical
36:53
about
36:53
which
36:53
stores
36:54
they
36:54
decide
36:54
to
36:54
keep
36:54
open,
36:55
given
36:55
that
36:55
phenomenon,
36:56
so
36:56
that
36:56
the.
36:57
The
36:57
draft
36:57
from
36:57
the
36:58
sales
36:58
volume
36:58
goes
36:58
from
36:59
one
36:59
place
36:59
to
36:59
another.
36:59
Wow.
37:00
And,
37:00
Chris,
37:00
you
37:00
brought
37:00
up
37:00
good
37:01
points
37:01
too.
37:01
Like
37:01
the
37:01
retail
37:02
media
37:02
angle
37:02
here.
37:03
They
37:03
can.
37:03
That
37:03
expands,
37:04
you
37:04
know,
37:04
greatly
37:05
across
37:05
these
37:05
two
37:06
entities.
37:06
Dicks
37:06
is
37:07
a
37:07
great
37:07
omnichannel
37:07
retailer,
37:08
so
37:08
they
37:08
can
37:08
probably
37:08
bring
37:09
that
37:09
operational
37:09
knowledge
37:10
to
37:10
Foot
37:10
Locker
37:10
as
37:10
well,
37:11
so.
37:12
Wow.
37:12
And
37:12
I
37:12
think
37:12
it's
37:13
time
37:13
to
37:13
bring
37:13
Spencer
37:14
onto
37:14
the
37:14
show
37:15
to
37:15
put
37:15
me
37:16
in
37:16
my
37:16
place
37:16
on
37:16
what
37:16
I
37:17
had
37:17
to
37:17
say
37:17
about
37:17
him
37:17
and
37:17
Old
37:18
Navy
37:18
a
37:18
few
37:18
weeks
37:18
ago.
37:24
Joining
37:25
us
37:25
now
37:25
for
37:25
five
37:26
insightful
37:26
minutes
37:27
is
37:27
Spencer
37:27
Hewitt,
37:28
the
37:28
founder
37:28
and
37:28
CEO
37:29
of
37:29
Radar,
37:30
whose
37:30
recent
37:30
Old
37:30
Navy
37:31
partnership
37:31
we
37:32
featured
37:32
in
37:32
our
37:32
Fast
37:33
Five
37:33
podcast
37:34
last
37:34
month.
37:35
Spencer,
37:35
I
37:36
was
37:36
pretty
37:36
direct
37:36
in
37:37
my
37:37
assessment
37:37
of
37:37
the
37:38
likelihood
37:38
that
37:38
Radar's
37:39
RFID
37:39
platform.
37:40
Platform
37:40
will
37:40
ever
37:40
roll
37:40
out
37:41
to
37:41
all
37:41
1200
37:41
Old
37:42
Navy
37:42
stores.
37:43
So
37:43
tell
37:43
us
37:43
point
37:44
blank,
37:44
what
37:44
did
37:44
I
37:44
get
37:45
right
37:45
and
37:45
what
37:45
did
37:45
I
37:46
get
37:46
wrong
37:46
in
37:46
my
37:47
assessment?
37:48
Yeah,
37:48
I
37:48
think,
37:49
you
37:50
know,
37:51
I.
37:51
I
37:51
think
37:51
you're
37:52
right
37:52
in
37:52
the
37:52
sense
37:52
that
37:52
is
37:53
a.
37:53
Is
37:53
a
37:54
phased.
37:54
It's
37:54
a
37:54
phase
37:55
rollout.
37:56
I
37:56
think
37:57
that,
37:59
you
37:59
know,
38:02
Old
38:02
Navy's
38:02
a
38:03
gap.
38:03
Old
38:03
Navy,
38:04
they're.
38:04
They're
38:04
very
38:04
smart
38:04
retailer.
38:05
They're
38:06
pretty
38:06
careful
38:08
about
38:08
their
38:09
decisions.
38:10
They
38:10
have
38:11
a
38:11
great
38:11
vision,
38:11
I
38:11
would
38:12
say,
38:12
for.
38:12
For
38:12
where
38:12
they
38:12
think
38:13
physical
38:13
retail
38:13
can
38:14
go.
38:15
Yeah.
38:15
I
38:15
just
38:16
say,
38:16
like,
38:16
listen,
38:17
there's
38:17
a
38:17
reason
38:17
why,
38:17
like,
38:18
American
38:18
Eagle
38:18
rolled
38:19
it
38:19
out
38:19
to
38:19
almost
38:20
their
38:20
entire
38:20
fleet.
38:22
You
38:22
know,
38:23
I
38:23
think
38:23
you
38:24
guys
38:24
mentioned
38:24
some
38:24
kind
38:25
of
38:25
bet,
38:25
like,
38:25
about
38:25
putting
38:26
up
38:26
your
38:26
house
38:26
or
38:26
something.
38:27
I
38:27
was
38:27
wondering,
38:27
like,
38:27
what
38:27
you
38:28
might
38:28
want
38:28
to
38:28
bet
38:28
in
38:28
case
38:28
you
38:29
were
38:29
wrong.
38:31
Oh,
38:32
man,
38:32
I
38:32
don't
38:32
know.
38:32
Let's
38:33
talk
38:33
about.
38:33
We
38:33
should
38:34
talk
38:34
about
38:34
that.
38:35
The
38:35
end.
38:36
And
38:36
I
38:36
had
38:36
that
38:36
bet
38:36
going.
38:37
And.
38:37
Yeah.
38:37
I
38:37
don't
38:37
know
38:37
what
38:37
you're
38:38
not.
38:38
You.
38:38
You
38:39
and
38:39
I.
38:39
That
38:39
should
38:40
be.
38:40
But
38:40
I'll.
38:40
I'll
38:41
buy
38:41
you
38:41
a
38:41
beer
38:41
next
38:41
time
38:42
I
38:42
see
38:42
you.
38:42
Yeah,
38:43
I
38:43
think,
38:43
I
38:43
think,
38:44
I
38:44
think
38:45
worst
38:46
case,
38:46
like,
38:46
if
38:46
you're
38:46
right,
38:47
I'll
38:47
get
38:47
you
38:47
a
38:47
thousand
38:47
dollar
38:48
gift
38:48
card
38:48
to
38:48
Old
38:48
Navy
38:50
and
38:50
then
38:51
if,
38:52
if
38:52
I'm
38:52
right,
38:53
then,
38:53
you
38:53
know,
38:54
we
38:54
can
38:54
come
38:54
back
38:54
on
38:54
the
38:54
show
38:55
and
38:55
talk
38:55
about
38:55
it.
38:56
Yeah,
38:56
I
38:56
will
38:56
eat
38:57
crow
38:57
in
38:57
front
38:58
of
38:58
the
38:58
entire
38:58
audience.
38:59
100.
38:59
100.
39:00
And
39:00
like
39:00
I
39:01
said
39:01
at
39:01
the
39:01
end
39:01
of
39:01
that
39:01
podcast
39:01
too,
39:02
I
39:02
hope
39:02
you
39:02
are
39:02
right.
39:02
Actually,
39:03
I
39:03
hope
39:03
you
39:03
are
39:03
not.
39:04
I
39:04
wish
39:04
you
39:05
the
39:05
most
39:05
success
39:05
in,
39:06
in
39:06
what
39:06
you're
39:06
trying
39:06
to
39:06
do
39:07
too.
39:07
Well.
39:08
And
39:08
Spencer,
39:09
I,
39:09
I
39:09
had
39:10
a
39:10
different
39:10
opinion
39:11
than
39:11
Chris.
39:13
Slightly
39:13
different
39:13
here.
39:14
But
39:14
I
39:14
want
39:14
to
39:14
know
39:15
if
39:15
you
39:15
can
39:15
just
39:15
tell
39:16
our
39:16
audience
39:16
quickly,
39:16
like,
39:17
what
39:17
is
39:17
it
39:18
about
39:18
your
39:18
platform
39:19
specifically
39:20
and
39:21
the
39:21
unique
39:21
special
39:22
sauce
39:22
that
39:23
you
39:23
bring
39:23
to
39:23
rfid?
39:24
And
39:24
Wild
39:24
Navy
39:25
kind
39:25
of
39:25
chose
39:25
you
39:25
to
39:26
roll
39:26
this
39:26
out
39:27
in
39:27
a
39:27
phased
39:28
approach,
39:29
fleet
39:29
wide.
39:30
Yeah,
39:30
for
39:31
sure.
39:31
So,
39:32
you
39:32
know,
39:33
our
39:33
approach
39:33
to
39:34
RFID
39:34
actually
39:35
started
39:35
with
39:36
wanting
39:36
to
39:37
deliver
39:37
autonomous
39:38
checkout
39:39
as
39:39
a
39:39
use
39:39
case
39:39
for
39:40
the
39:40
industry.
39:41
And
39:41
like,
39:41
when
39:41
you
39:41
look
39:41
at
39:41
that
39:42
use
39:42
case,
39:42
it's
39:43
a
39:43
lot
39:43
more
39:43
stringent
39:44
in
39:44
terms
39:44
of
39:44
the
39:44
requirements
39:45
you
39:45
need
39:45
to
39:45
meet
39:45
for
39:45
it.
39:45
So
39:45
it's
39:46
like
39:46
your
39:46
location
39:46
actually
39:47
has
39:47
to
39:47
be
39:47
better.
39:47
Your
39:47
latency
39:48
and
39:48
speed
39:48
updates
39:48
have
39:49
to
39:49
be
39:49
much
39:49
faster.
39:50
Your
39:50
detect
39:51
rate
39:51
has
39:51
to
39:51
be
39:51
super
39:51
high.
39:53
So
39:53
we've
39:54
architected
39:54
our
39:54
system
39:55
to
39:55
have
39:55
the
39:55
capability
39:56
to
39:56
enable
39:56
autonomous
39:56
checkup
39:57
from
39:57
the
39:57
existing
39:57
infrastructure
39:58
that
39:58
we
39:58
deploy
39:58
to
39:58
retailers
39:59
from
39:59
today.
40:01
And
40:02
that
40:02
has
40:03
really
40:03
driven
40:04
core
40:04
technological
40:04
improvement.
40:05
And
40:05
one
40:06
of
40:06
the
40:06
things
40:06
that
40:06
we've
40:07
done
40:07
differently
40:07
is
40:08
there
40:08
were
40:08
some
40:09
companies
40:09
that
40:09
did
40:09
this
40:09
back
40:09
in
40:09
the
40:10
day.
40:10
Thingmagic
40:11
had
40:11
a
40:12
software
40:12
defined
40:12
radio
40:13
approach
40:13
where
40:13
they
40:14
could
40:14
basically
40:14
deploy
40:14
hardware,
40:15
they
40:15
could
40:15
update
40:15
the
40:15
signal
40:16
processing
40:16
remotely.
40:17
You
40:17
weren't
40:17
stuck
40:17
with
40:18
someone's
40:18
reader
40:18
chip.
40:19
That's
40:20
more
40:20
the
40:20
approach
40:20
that
40:21
we've
40:21
taken.
40:21
So
40:22
we
40:22
control
40:23
everything
40:23
from
40:23
the
40:23
ground
40:24
up,
40:24
not
40:24
just
40:25
the
40:25
hardware
40:26
and
40:26
the
40:26
signal
40:26
processing,
40:26
but
40:27
also
40:27
the
40:27
software
40:27
layer.
40:28
So
40:28
we
40:28
really
40:29
become,
40:29
you
40:29
know,
40:30
superior
40:30
core
40:30
technology.
40:31
That's
40:32
really
40:32
just
40:32
like
40:32
one
40:33
quote,
40:33
unquote,
40:33
like
40:33
throat
40:33
to
40:34
choke
40:34
for
40:34
the
40:34
retailer
40:34
where
40:34
they
40:35
don't
40:35
need
40:35
to
40:35
worry
40:35
about
40:36
integrating
40:36
and
40:36
cobbling
40:37
together
40:37
a
40:37
bunch
40:37
of
40:37
different
40:38
pieces
40:38
to
40:39
make
40:39
a
40:39
coherent
40:40
solution.
40:40
And
40:41
that
40:41
includes
40:41
deployment
40:42
and
40:42
rollout
40:42
management.
40:44
And
40:44
Spencer,
40:45
I'm
40:45
curious
40:45
too.
40:46
You
40:46
know
40:46
you
40:46
mentioned
40:47
autonomous
40:48
checkout.
40:48
Are
40:49
cameras
40:49
and
40:50
RFID
40:50
readers
40:51
a
40:51
part
40:51
of
40:52
the
40:52
solution
40:52
as
40:53
it's
40:53
currently
40:53
deployed,
40:54
or
40:54
how
40:54
should
40:55
the
40:55
audience
40:55
think
40:55
about
40:55
that?
40:56
Yeah,
40:56
so
40:57
we
40:57
are
40:57
only
40:58
deploying
40:59
RFID
41:01
and
41:02
other
41:02
wireless
41:02
technologies
41:04
within
41:05
these
41:05
sensors.
41:06
Got
41:06
it,
41:06
got
41:06
it.
41:07
And
41:07
how
41:07
robust
41:07
are
41:08
the
41:08
deployments
41:08
at
41:08
this
41:09
point?
41:09
So
41:09
as
41:09
much
41:10
as
41:10
you
41:10
can
41:10
Share
41:10
with
41:10
us
41:10
publicly,
41:11
of
41:11
course,
41:11
we
41:11
want
41:12
to
41:12
be
41:12
sensitive
41:12
to
41:12
that,
41:12
but
41:13
how
41:13
many
41:13
chains,
41:14
how
41:14
many
41:14
stores?
41:15
Whatever
41:16
you
41:16
can
41:16
tell
41:16
us.
41:17
Yeah,
41:17
you
41:17
guys
41:17
got
41:17
that
41:17
right.
41:18
So
41:18
we're
41:18
only
41:18
in
41:19
about
41:19
600
41:19
stores.
41:20
All
41:21
of
41:21
those
41:21
stores
41:21
really
41:22
started
41:22
rolling
41:22
out
41:22
in
41:23
July
41:23
of
41:23
last
41:24
year.
41:24
So
41:24
we
41:24
hit
41:25
about
41:25
100
41:25
stores
41:25
a
41:26
month
41:26
from
41:26
July
41:26
of
41:26
last
41:27
year.
41:29
And
41:29
we're
41:30
going
41:30
to
41:30
continue
41:30
and
41:30
accelerate
41:31
that
41:31
pace.
41:33
But
41:33
yeah,
41:33
you
41:33
got
41:34
it
41:34
about
41:34
right
41:34
in
41:34
the.
41:34
In
41:35
the
41:35
last.
41:35
Last
41:35
episode.
41:36
And
41:37
it's
41:37
currently
41:37
at
41:38
American
41:38
Eagle
41:38
and
41:39
Old
41:39
Navy.
41:39
That's
41:40
what
41:40
you
41:40
guys
41:40
have
41:40
shared
41:41
publicly,
41:41
right?
41:42
Correct?
41:42
Correct.
41:43
Yeah,
41:43
publicly.
41:43
That
41:44
is
41:44
the
41:44
only
41:45
two
41:45
that
41:45
are
41:45
out.
41:45
And
41:45
then
41:46
there
41:46
are
41:47
many
41:47
other
41:47
pilots
41:49
that
41:49
are
41:49
kicking
41:50
off
41:50
as
41:50
well
41:51
or
41:51
already
41:51
in
41:51
flight.
41:53
Spencer,
41:53
I
41:54
imagine
41:54
that,
41:54
you
41:55
know,
41:55
this
41:55
is.
41:55
We've
41:55
been
41:55
talk.
41:56
We
41:56
talked
41:56
to
41:56
you
41:56
a
41:56
long
41:57
time
41:57
ago
41:58
when
41:58
you
41:58
kind
41:58
of
41:59
started
41:59
rolling
41:59
out
42:00
with
42:00
American
42:00
Eagle.
42:00
But
42:01
why
42:01
have
42:02
retailers
42:02
been
42:03
so
42:03
slow
42:03
to
42:03
adopt
42:04
rfid,
42:05
do
42:05
you
42:05
think?
42:05
And.
42:05
And
42:06
how.
42:06
Kind
42:06
of
42:06
give
42:07
us
42:07
a
42:07
sense
42:07
of
42:07
how
42:07
you
42:08
see
42:08
the
42:08
future
42:08
landscape
42:09
playing
42:09
out.
42:09
Like,
42:10
will,
42:10
Will
42:11
more
42:11
retailers
42:12
start
42:12
using
42:12
handheld
42:13
scanners
42:13
and
42:14
then
42:14
move
42:14
to
42:14
systems
42:15
like
42:15
yours?
42:15
Like
42:16
what?
42:16
Where
42:16
are
42:17
you
42:17
placing
42:17
your
42:17
bets?
42:18
You
42:18
don't
42:18
have
42:18
to
42:18
give
42:18
any
42:19
specific
42:19
bet
42:20
that
42:20
you're
42:20
going
42:20
to
42:20
place
42:21
yet.
42:21
I
42:21
won't
42:21
put
42:21
that
42:22
on
42:22
you.
42:22
But.
42:22
But
42:22
where
42:23
are
42:23
you
42:23
placing
42:23
your
42:24
theoretical
42:24
bets?
42:25
Yeah,
42:26
I
42:26
mean,
42:26
I
42:26
think
42:26
handhelds
42:26
are
42:27
going
42:27
completely
42:27
away,
42:28
I
42:28
think.
42:28
How
42:29
come?
42:29
How?
42:30
Because
42:31
they're
42:32
a
42:32
technology
42:32
that
42:32
was
42:33
driven
42:33
by
42:33
technical
42:34
limitations
42:34
of
42:34
RFID
42:35
tags
42:35
themselves.
42:36
They're
42:36
no
42:36
longer
42:37
necessary.
42:38
So
42:38
it's
42:39
like,
42:39
you
42:39
know,
42:39
10
42:39
years
42:39
ago,
42:40
handhelds
42:40
were
42:40
really
42:41
needed
42:41
to
42:41
make
42:41
RFID
42:42
work
42:42
because
42:42
you
42:42
had
42:42
these
42:43
tags
42:43
where
42:44
transistors
42:45
were
42:45
larger.
42:46
You
42:46
needed
42:46
a
42:46
lot
42:47
more
42:47
energy
42:47
to
42:47
power
42:47
them
42:47
up.
42:48
It's
42:48
get
42:48
really
42:48
close
42:49
to
42:49
them
42:49
to
42:49
read
42:49
them.
42:50
Now
42:50
you
42:50
can
42:50
read
42:50
these
42:51
tags
42:51
from
42:51
so
42:51
far
42:51
away.
42:52
It's
42:52
really
42:52
about,
42:53
okay,
42:53
how
42:53
far
42:53
away
42:54
can
42:54
you
42:54
read
42:54
them
42:54
from?
42:55
How
42:55
few
42:55
sensors
42:56
do
42:56
you
42:56
need
42:56
on
42:56
the
42:56
ceiling
42:56
to
42:57
cover
42:57
the
42:57
store?
42:58
And
42:58
then
42:58
how
42:59
accurately
42:59
can
42:59
you
42:59
locate
43:00
now
43:00
that
43:00
you're
43:00
reading
43:00
them
43:00
from
43:00
really
43:01
far
43:01
away?
43:03
So
43:03
that's
43:03
kind
43:03
of
43:03
the
43:03
dynamic
43:04
that's
43:04
shifting.
43:04
And
43:05
I
43:05
really
43:05
think
43:06
handhelds
43:06
will
43:06
be
43:06
completely
43:07
a
43:07
thing
43:07
in
43:07
the
43:08
past
43:08
in
43:08
the
43:08
same
43:08
way,
43:09
like
43:09
barcodes
43:09
will
43:09
be
43:09
a
43:09
thing
43:10
in
43:10
the
43:10
past,
43:10
you
43:10
know,
43:10
in
43:10
the
43:11
next
43:11
five
43:11
to
43:11
10
43:11
years.
43:13
Wow.
43:13
So,
43:13
Spencer,
43:13
I
43:13
want
43:14
to
43:14
press
43:14
you
43:14
a
43:14
little
43:14
bit
43:14
on
43:14
that,
43:15
too.
43:15
So,
43:15
like,
43:15
one
43:15
of
43:15
the
43:15
things
43:15
we
43:16
always
43:16
hear
43:16
when
43:16
we
43:16
talk
43:16
to
43:16
people
43:17
about
43:17
RFID
43:17
is
43:18
the
43:18
accuracy.
43:19
And
43:20
one
43:20
of
43:20
the
43:20
good
43:20
things
43:20
about
43:20
the
43:21
overhead
43:21
readers
43:21
is
43:21
you
43:21
get
43:22
the
43:22
real
43:22
Time,
43:23
data
43:23
flow.
43:23
So
43:25
how
43:25
are
43:25
you
43:25
solving
43:25
the
43:25
accuracy
43:26
problem
43:26
comparative
43:27
to
43:27
others?
43:28
Yes,
43:28
I
43:28
mean,
43:28
we've
43:28
worked
43:29
really
43:29
hard
43:29
on
43:30
our
43:30
receiver.
43:31
So,
43:32
you
43:33
know,
43:33
I
43:33
can
43:33
say
43:34
that
43:34
in,
43:35
you
43:35
know,
43:36
stores
43:36
with,
43:36
you
43:36
know,
43:37
call
43:37
it
43:37
65
43:38
to
43:38
100,000
43:39
items,
43:40
we're
43:40
hitting
43:40
a
43:40
99.8%
43:41
detect
43:42
rate.
43:43
Better
43:43
than
43:43
you'll
43:44
ever
43:44
get
43:44
with
43:44
handhelds
43:44
because
43:45
handhelds
43:45
you
43:45
have
43:45
to
43:45
factor
43:46
in
43:46
human
43:46
error
43:47
because
43:47
people
43:47
don't
43:48
always
43:48
use
43:48
consistently
43:49
a
43:49
job
43:49
every
43:50
day,
43:50
day
43:51
in
43:51
and
43:51
day
43:51
out
43:51
as
43:52
a
43:52
system
43:52
that's
43:52
24,
43:53
seven
43:53
counting
43:54
things
43:54
like
43:54
I'll
43:54
tell
43:55
you
43:55
this
43:55
much,
43:55
right
43:55
now
43:55
we're
43:55
doing
43:55
13
43:56
billion
43:56
tag
43:56
reads
43:57
per
43:57
day
43:57
in
43:57
American
43:58
Eagle.
43:58
That's
43:59
how
43:59
frequently
43:59
we're
44:00
pinging
44:01
their
44:02
inventory.
44:03
Wow.
44:04
Wow.
44:04
Well,
44:05
man,
44:05
thanks
44:05
for
44:06
coming
44:06
on.
44:06
Thanks
44:06
for,
44:07
thanks
44:07
for
44:07
sharing
44:08
your
44:08
insight
44:08
with
44:08
us
44:09
and
44:09
it's
44:09
really
44:09
great
44:10
to
44:10
have
44:10
you
44:10
and
44:11
appreciate
44:11
you
44:12
taking
44:12
the
44:12
time
44:12
to
44:12
sit
44:12
down
44:13
with
44:13
us.
44:13
Yeah,
44:14
likewise.
44:14
This
44:14
is
44:14
fun
44:15
and
44:15
I
44:15
appreciate
44:16
it
44:16
and
44:16
looking
44:17
forward
44:17
to
44:17
circling
44:18
back
44:18
and
44:19
hopefully
44:19
the
44:19
near
44:20
future.
44:21
Thanks.
44:22
Thanks,
44:22
Spencer.
44:28
All
44:28
right,
44:28
headline
44:29
number
44:29
four,
44:29
Google
44:30
data
44:30
suggests
44:31
that
44:31
that
44:32
the
44:32
cyber
44:33
crime
44:33
spree
44:33
that
44:34
has
44:34
hobbled
44:34
British
44:35
retailers
44:36
is
44:36
now
44:37
aimed
44:37
at
44:37
the
44:37
U.S.
44:39
according
44:39
to
44:40
NBC
44:40
News,
44:40
this
44:41
time,
44:42
hackers
44:42
behind
44:43
a
44:43
series
44:43
of
44:43
destructive
44:44
financially
44:44
motivated
44:45
cyber
44:45
attacks
44:46
against
44:46
some
44:46
of
44:46
the
44:46
UK's
44:47
largest
44:47
retailers
44:48
are
44:48
now
44:48
going
44:49
after
44:49
big
44:49
American
44:50
brands.
44:51
Google
44:51
said
44:51
last
44:52
Wednesday,
44:52
quote,
44:53
major
44:53
American
44:53
retailers
44:54
have
44:54
already
44:54
been
44:55
targeted.
44:56
John
44:56
Holtquist,
44:57
the
44:57
chief
44:57
the
44:57
OF
44:57
analyst
44:58
for
44:58
Google's
44:58
Threat
44:59
Intelligence
44:59
Group,
45:00
told
45:00
NBC
45:00
News
45:01
at
45:01
least
45:02
three
45:02
top
45:02
British
45:02
retailers
45:03
have
45:03
experienced
45:04
cyber
45:04
attacks
45:04
in
45:05
recent
45:05
weeks.
45:05
Marks
45:06
and
45:06
Spencers
45:07
was
45:07
forced
45:07
to
45:07
pause
45:07
online
45:08
orders
45:08
for
45:08
weeks.
45:09
Hackers
45:10
who
45:10
contacted
45:11
the
45:11
BBC
45:11
provided
45:12
evidence
45:12
of,
45:12
quote,
45:12
huge
45:13
amounts
45:13
of
45:13
customer
45:14
and
45:14
employee
45:14
data
45:15
also
45:15
stolen
45:16
from
45:16
the
45:16
Co
45:16
Op
45:17
Group.
45:17
And
45:17
third
45:18
Harrods
45:18
restricted
45:19
some
45:19
Internet
45:20
access
45:20
at
45:20
store
45:21
locations,
45:22
though
45:22
a
45:22
spokesperson
45:23
told
45:23
NBC
45:23
News
45:24
that
45:24
it
45:24
is
45:24
not
45:25
seen
45:25
evidence
45:25
that
45:26
customer
45:26
data
45:26
was
45:27
stolen.
45:28
Michael,
45:28
I'm
45:29
curious
45:29
how
45:30
aware,
45:30
especially
45:31
given
45:31
your
45:31
recent
45:32
stint
45:32
as
45:32
the
45:32
interim
45:32
CEO
45:33
at
45:33
joann
45:33
Fabrics,
45:34
how
45:34
aware
45:34
are
45:35
US
45:35
retailers
45:35
of
45:36
the
45:36
cyber
45:36
attacks
45:37
going
45:37
on
45:37
overseas
45:38
and
45:38
are
45:39
they
45:39
prepared
45:39
or
45:39
are
45:40
they
45:40
too
45:40
distracted
45:41
by
45:41
everything
45:41
else
45:42
going
45:42
on
45:42
right
45:42
now
45:43
to
45:43
make
45:43
them
45:43
a
45:43
priority?
45:47
Aware,
45:49
not
45:49
prepared
45:50
enough
45:51
and
45:51
too
45:51
distracted
45:52
on
45:52
the
45:52
difficulties
45:53
in
45:53
the
45:53
market.
45:54
And
45:54
I'm
45:54
speaking
45:54
from
45:55
experience
45:56
at
45:56
joann
45:57
as
45:57
the
45:57
interim
45:58
CEO,
45:59
one
45:59
of
45:59
the
45:59
first
46:00
questions
46:00
I
46:00
asked
46:00
was
46:01
how
46:01
prepared
46:01
are
46:02
we
46:02
for
46:02
cybersecurity?
46:04
And
46:04
the
46:04
answer
46:04
was
46:05
lackluster.
46:06
Within
46:07
60
46:07
days,
46:08
we
46:08
were
46:09
set
46:09
up
46:10
like
46:10
a
46:10
Brinks
46:11
truck
46:12
picking
46:13
up
46:13
a
46:14
cash
46:14
delivery.
46:16
So
46:16
we
46:16
quickly
46:17
reacted
46:17
and
46:18
really
46:19
protected
46:19
ourselves.
46:20
But
46:21
it
46:21
is
46:21
not
46:23
if
46:23
you
46:23
polled
46:23
CEOs
46:24
they
46:24
would
46:24
say,
46:24
of
46:25
course
46:25
it's
46:25
a
46:25
high
46:25
priority.
46:26
If
46:27
you
46:27
poll
46:27
CIOs
46:29
in
46:29
the
46:29
US
46:30
it'd
46:30
be
46:30
very
46:31
interesting
46:31
to
46:31
see
46:32
what
46:32
percentage
46:33
would
46:33
say
46:34
we
46:34
feel
46:35
that
46:35
we
46:35
are
46:35
fully
46:36
prepared
46:36
and
46:37
fully
46:37
protected.
46:38
I
46:38
would
46:39
only
46:39
probably
46:39
gauge
46:40
it
46:40
at
46:40
a
46:40
20%
46:41
mark.
46:41
That's
46:42
fully
46:42
anecdotal.
46:43
I
46:43
don't
46:43
have
46:43
any
46:43
data
46:43
to
46:44
back
46:44
that
46:44
up,
46:44
but
46:45
I
46:45
think
46:45
it
46:46
is
46:46
a
46:46
major
46:46
concern.
46:48
It
46:48
is,
46:48
is
46:49
also
46:49
a
46:49
major
46:50
risk.
46:51
I
46:51
just
46:51
don't
46:51
think
46:52
retailers
46:53
are
46:54
as
46:54
prepared
46:55
as
46:55
they
46:56
need
46:56
to
46:56
be
46:56
and
46:57
protected
46:57
as
46:58
they
46:58
need
46:58
to
46:58
be
46:59
in
46:59
a
47:00
global
47:01
US
47:02
Format.
47:02
There
47:03
are
47:03
retailers
47:04
out
47:04
there
47:04
that
47:04
are
47:04
spectacular
47:05
at
47:05
this,
47:06
but
47:06
there
47:06
are
47:06
also
47:07
retailers
47:07
that
47:07
are
47:08
the
47:08
opposite
47:08
end
47:08
of
47:08
spectacular.
47:09
And
47:10
in
47:10
today's
47:10
environment,
47:11
being
47:11
anything
47:12
headed
47:13
towards
47:13
the
47:13
opposite
47:14
end
47:14
of
47:14
spectacular
47:15
is
47:15
a
47:15
very
47:15
scary
47:16
and
47:16
risky
47:17
proposition.
47:18
I
47:19
will
47:19
say
47:20
once
47:20
it
47:20
is
47:20
a
47:21
priority,
47:23
it
47:23
is
47:24
generally
47:26
there's
47:26
a
47:26
low
47:27
barrier
47:28
of
47:29
success
47:30
to
47:30
getting
47:30
yourself
47:31
protected
47:31
from
47:32
a
47:32
cybersecurity
47:32
standpoint.
47:34
Now,
47:34
depending
47:35
on
47:35
your
47:35
technology
47:36
stack
47:37
and
47:37
what
47:37
protections
47:38
you
47:38
have
47:38
in
47:38
place,
47:39
it
47:39
may
47:40
be
47:40
more
47:41
expensive
47:41
than
47:42
what
47:42
you
47:42
would
47:42
expect
47:43
it
47:43
to
47:43
be,
47:44
but
47:44
it's
47:44
definitely
47:44
money
47:45
well
47:45
spent.
47:45
And
47:45
I
47:46
think
47:46
every
47:46
single
47:47
major
47:47
retailer
47:48
and
47:48
every
47:49
single
47:49
major
47:51
hybrid
47:52
wholesale
47:53
retail
47:54
omnichannel,
47:55
provider
47:56
of
47:56
product
47:57
people
47:57
that
47:57
we
47:58
used
47:58
to
47:58
refer
47:58
to
47:58
as
47:59
vertical
47:59
entities,
48:01
they
48:01
all
48:01
need
48:01
to
48:02
have
48:02
this
48:02
as
48:02
a
48:02
top,
48:03
top
48:04
operational
48:05
priority,
48:05
not
48:06
just
48:06
a
48:06
top
48:07
strategic
48:07
priority
48:08
that
48:08
someone
48:08
reports
48:09
in
48:09
the
48:09
board
48:09
meetings
48:10
and
48:10
says,
48:10
here's.
48:11
It's
48:11
a
48:11
priority
48:12
for
48:12
us.
48:13
Here's
48:13
the
48:13
five
48:13
things
48:14
we've
48:14
done.
48:14
And
48:15
I
48:15
also
48:15
think
48:15
it
48:16
comes
48:16
down
48:16
to
48:16
the
48:16
boards
48:19
and
48:19
ownership
48:20
of
48:20
companies
48:21
to
48:22
be
48:23
hyper
48:23
villagent
48:24
and
48:24
provide
48:25
due
48:25
diligence
48:26
to
48:26
it.
48:26
Because
48:26
it
48:26
is
48:27
a
48:27
very
48:27
scary
48:28
thing
48:28
if,
48:28
when
48:29
you
48:29
really
48:29
get
48:29
under
48:29
the
48:30
covers
48:30
of
48:30
it
48:30
and
48:31
there
48:31
have
48:31
been
48:31
some
48:31
highly
48:32
publicized
48:32
challenges
48:33
in
48:33
the
48:33
US
48:33
over
48:33
the
48:34
past
48:34
few
48:34
years,
48:35
I
48:35
think
48:35
it's
48:35
a
48:35
tip
48:36
of
48:36
the
48:36
iceberg
48:36
and
48:36
I
48:37
think
48:37
everybody
48:37
needs
48:38
to
48:38
be
48:38
very,
48:38
very
48:38
aware
48:39
and
48:40
vigilant
48:40
in
48:41
protecting
48:41
themselves.
48:42
Yeah.
48:43
Wow,
48:43
that's.
48:43
That's
48:43
really
48:43
interesting
48:44
and,
48:44
and
48:44
really
48:45
harrowing
48:45
in
48:45
a
48:45
lot
48:45
of
48:46
ways.
48:46
And
48:46
it
48:46
actually
48:46
jives
48:47
very
48:47
nicely
48:48
with
48:48
what
48:48
we
48:48
heard
48:49
at
48:49
WRC
48:49
in
48:50
London.
48:50
And
48:50
I
48:50
mean,
48:50
like,
48:50
yeah,
48:51
you
48:51
know,
48:51
for
48:51
the,
48:51
for
48:51
the
48:52
most
48:52
part,
48:52
you
48:52
know,
48:52
the
48:53
crazy
48:53
thing
48:53
was
48:53
like,
48:53
people
48:54
could
48:54
not
48:54
get
48:54
groceries
48:55
from
48:55
these
48:55
stores.
48:56
You
48:56
know,
48:56
if
48:56
this
48:56
was
48:56
their
48:56
local
48:57
grocery
48:57
store,
48:57
they
48:57
couldn't
48:57
get
48:58
groceries.
48:58
And
48:59
what
48:59
I
48:59
was
48:59
hearing
48:59
from
48:59
sources
49:00
that
49:00
I
49:00
was
49:00
talking
49:00
to
49:01
about
49:01
this
49:01
is
49:01
they
49:02
told
49:02
me
49:02
that
49:02
this
49:02
hit
49:03
the
49:03
retailers
49:03
that
49:03
were
49:04
not
49:04
all
49:04
of
49:04
them,
49:05
but
49:05
some
49:05
of
49:05
them
49:05
were
49:05
very
49:06
hubristic
49:06
about
49:07
the
49:07
quality
49:07
of
49:07
their
49:08
tech
49:08
stack
49:08
and
49:08
their
49:08
cyber
49:09
security.
49:09
So
49:09
if
49:09
you're
49:10
in
49:10
that
49:10
position.
49:10
Yeah.
49:11
I
49:11
would
49:11
take
49:11
what
49:11
Michael
49:12
has
49:12
to
49:12
say
49:12
here
49:12
very
49:13
seriously.
49:13
Chris,
49:14
are
49:14
you
49:14
seeing
49:15
this
49:15
in
49:15
your
49:15
con?
49:16
Like,
49:16
do
49:16
you
49:16
conversations
49:17
in
49:17
the
49:17
boardrooms
49:17
hit
49:18
this
49:18
at
49:18
all?
49:18
Like
49:18
when
49:19
you're
49:19
talking
49:19
to
49:19
retailers,
49:19
what,
49:20
what,
49:20
what
49:20
is
49:20
your
49:20
take
49:21
here?
49:22
I
49:22
think,
49:22
you
49:23
know,
49:23
when
49:24
I
49:24
think
49:24
about
49:26
cyber
49:26
security,
49:27
I
49:27
think
49:28
two
49:28
things
49:28
are
49:28
kind
49:28
of
49:29
at
49:29
play.
49:29
Right.
49:29
It's
49:30
like
49:30
one
49:30
is
49:30
what
49:31
is
49:31
the
49:31
potential
49:32
interruption
49:32
to
49:32
your
49:33
business
49:33
and
49:33
that's
49:33
always
49:34
top
49:34
of
49:34
mind.
49:35
And
49:35
number
49:35
two
49:35
is
49:36
what
49:36
is
49:36
the
49:36
relationship
49:37
with
49:37
your
49:37
customer?
49:38
Right.
49:38
Because
49:39
go
49:39
back
49:39
and
49:39
think
49:39
about,
49:40
you
49:40
know,
49:40
the
49:41
security
49:41
breach
49:42
for
49:42
in
49:43
with
49:43
Target
49:43
in
49:44
2013
49:44
or
49:44
DoorDash
49:45
in
49:45
2019
49:46
or
49:46
even
49:46
the
49:46
Vegas
49:47
casinos,
49:47
if
49:47
you
49:48
recall
49:48
a
49:48
couple
49:48
years
49:49
back,
49:49
you
49:50
know,
49:50
some
49:50
of
49:50
the
49:50
Vegas
49:51
casinos
49:51
had
49:51
to
49:51
close
49:52
down
49:52
because
49:52
of
49:52
the
49:52
security
49:53
breach.
49:53
That
49:54
does
49:54
have
49:54
an
49:54
impact
49:55
on
49:55
your
49:55
relationship
49:55
with
49:55
your
49:56
customer
49:56
and
49:56
they
49:56
go
49:56
elsewhere.
49:57
So
49:57
I
49:57
think,
49:57
I
49:58
think
49:58
some
49:58
of
49:58
the
49:58
macro
49:59
themes
49:59
from
50:00
what
50:00
I'm
50:00
hearing,
50:00
are
50:00
always
50:01
top
50:01
of
50:01
mind.
50:02
Yeah.
50:03
And
50:03
anything
50:03
to
50:03
add
50:04
here?
50:04
I
50:05
think
50:05
my,
50:05
my
50:06
only
50:06
point
50:06
is
50:06
just
50:07
kind
50:07
of
50:07
reiterating
50:08
what
50:08
Chris
50:09
just
50:09
said.
50:09
Like,
50:09
I
50:09
think
50:10
that's
50:10
the
50:10
big,
50:10
biggest
50:11
challenge
50:11
that
50:11
we're
50:11
seeing
50:12
or
50:12
we
50:12
heard
50:12
from
50:13
the
50:13
retailers
50:13
in
50:14
the
50:14
UK
50:14
who
50:14
were
50:14
impacted
50:15
last
50:15
week
50:15
is,
50:15
you
50:16
know,
50:16
when
50:16
you
50:17
are
50:17
walking
50:17
stores
50:18
and
50:18
the
50:18
inventory
50:19
is
50:19
gone,
50:19
they're
50:20
going
50:20
to
50:20
start
50:20
going
50:20
somewhere
50:21
else.
50:21
And
50:21
now
50:22
when
50:22
you
50:22
look
50:22
at
50:23
how
50:23
highly
50:23
competitive
50:24
that
50:24
market
50:25
is,
50:25
especially
50:25
in
50:26
the
50:26
grocery
50:26
space,
50:26
like,
50:27
they
50:27
may
50:27
never
50:27
come
50:28
back.
50:28
And
50:28
I
50:28
think
50:28
that's
50:29
what
50:29
the
50:29
real
50:29
concern
50:30
is
50:30
from
50:30
the
50:31
retailers
50:31
that
50:31
we
50:31
talk
50:32
to
50:32
who
50:32
were
50:32
hit
50:32
by
50:32
this
50:33
is
50:33
like,
50:34
you
50:34
know,
50:34
they're,
50:35
they've
50:35
already
50:35
joined
50:36
another
50:36
loyalty
50:37
program
50:37
at
50:37
this
50:37
point.
50:37
And
50:38
they're,
50:38
they're,
50:39
there's
50:39
shoppers
50:40
that
50:40
you're
50:40
a
50:40
competitor
50:40
now.
50:41
And,
50:41
and
50:41
there's
50:41
really
50:42
not
50:42
a
50:42
way
50:42
to,
50:43
like
50:43
Michael
50:43
said,
50:43
you,
50:43
it's
50:44
a,
50:44
it's
50:44
an
50:44
investment
50:45
that
50:45
you
50:45
should
50:46
make.
50:46
That's
50:46
a
50:46
great
50:47
investment
50:47
because
50:48
it
50:48
protects
50:48
you
50:48
against
50:49
things
50:49
like
50:49
that
50:50
that
50:50
really
50:50
could
50:50
damage
50:51
your
50:51
business
50:51
long
50:51
term.
50:52
I
50:52
think
50:52
you're
50:53
both
50:53
making
50:53
a
50:53
really
50:54
good
50:54
point
50:54
about
50:54
the
50:54
customer.
50:55
At
50:56
joann,
50:56
we
50:57
had
50:57
an
50:57
immaterial
50:58
service
50:58
provider.
50:59
To
51:00
us,
51:00
it
51:00
was
51:00
a
51:00
very
51:01
small
51:01
service
51:02
they
51:02
provided
51:02
us.
51:05
They
51:05
were
51:05
hacked.
51:06
And
51:06
originally
51:07
they
51:08
thought
51:08
it
51:08
would
51:08
be
51:09
days.
51:10
It
51:10
was
51:11
multiple
51:12
weeks
51:12
that
51:13
they
51:13
were
51:13
completely
51:14
dark.
51:15
Completely
51:15
dark.
51:16
So
51:16
if
51:16
you
51:16
go
51:17
days,
51:18
the
51:19
demands
51:19
of
51:19
a
51:19
customer
51:20
today,
51:21
it's
51:21
going
51:21
to
51:22
shake
51:22
your,
51:22
your
51:23
confidence
51:23
as
51:23
a
51:23
customer
51:24
in
51:24
that
51:24
company.
51:25
If
51:25
you
51:25
go
51:26
weeks,
51:26
you're
51:27
definitely
51:27
going
51:27
to
51:27
lose
51:27
that
51:28
customer.
51:28
For
51:28
the
51:28
most
51:29
part.
51:29
And
51:29
you're
51:29
going
51:29
to
51:29
have
51:29
to
51:30
bring
51:30
them
51:30
back.
51:30
Maybe
51:30
they'll
51:31
come
51:31
back,
51:31
maybe
51:31
she
51:31
won't
51:32
come
51:32
back,
51:32
comeback.
51:32
But
51:33
I
51:33
think
51:33
that's
51:33
the
51:33
other
51:34
scary
51:34
thing
51:34
in
51:34
today's
51:35
cyber
51:35
attacks.
51:36
It's
51:36
sort
51:36
of
51:36
not
51:36
your
51:36
parents
51:37
cyber
51:37
attack
51:38
anymore.
51:39
When
51:39
you
51:39
go
51:39
down,
51:40
you're
51:40
going
51:41
down
51:41
and
51:42
it
51:42
is
51:42
long
51:43
term
51:43
and
51:44
it's
51:44
3,4,5x
51:46
as
51:46
expensive
51:46
just
51:47
to
51:47
get
51:47
back
51:47
to
51:48
baseline
51:48
and
51:49
even
51:49
getting
51:49
to
51:50
baseline
51:50
is
51:51
very,
51:51
very
51:51
challenging
51:52
and
51:52
complex.
51:53
So
51:53
I
51:53
think
51:53
this
51:53
is
51:54
definitely
51:55
one
51:55
where
51:55
you've
51:56
got
51:56
to
51:56
be
51:56
protected
51:56
ahead
51:57
of
51:57
time.
51:58
Let's
51:58
go
51:59
on
51:59
to
51:59
headline
52:00
number
52:00
five.
52:01
Wrap
52:02
this
52:02
show
52:02
up.
52:02
It's
52:03
already
52:03
been
52:03
so
52:03
great.
52:04
Target
52:04
has
52:05
unveiled
52:05
a
52:06
new
52:06
small
52:06
town
52:07
store
52:07
expansion
52:08
strategy.
52:09
According
52:09
to
52:09
Modern
52:09
Retail,
52:10
the
52:10
Minneapolis
52:11
based
52:11
company
52:11
is
52:11
increasingly
52:12
focusing
52:13
on
52:13
full
52:13
size
52:14
store
52:14
development
52:14
in
52:14
smaller
52:15
markets
52:15
and
52:15
rural
52:15
communities,
52:16
a
52:16
departure
52:17
from
52:17
its
52:17
previous
52:18
emphasis
52:18
on
52:19
small
52:19
format
52:20
urban
52:20
locations
52:21
that
52:22
dominated
52:22
its
52:22
expansion
52:23
narrative
52:23
from
52:24
2016
52:24
to
52:24
2021.
52:25
Almost
52:26
all
52:26
of
52:26
Target's
52:26
plan
52:27
stores
52:27
are
52:27
set
52:27
to
52:27
exceed
52:28
100,000
52:28
square
52:29
feet,
52:29
supporting
52:30
the
52:30
company's
52:31
quote
52:31
stores
52:32
as
52:32
hubs
52:32
quote
52:33
fulfillment
52:34
strategy
52:34
that
52:34
has
52:35
become
52:35
central
52:35
to
52:35
its
52:36
omnichannel
52:36
operations
52:37
since
52:37
2017.
52:38
Target's
52:39
growth
52:39
ambitions
52:39
remain
52:40
robust
52:40
with
52:40
plans
52:41
to
52:41
open
52:41
approximately
52:42
300
52:43
new
52:43
predominantly
52:44
full
52:44
size
52:45
stores
52:45
over
52:45
the
52:46
next
52:46
decade.
52:47
The
52:47
retailer
52:47
opened
52:48
23
52:48
locations
52:49
in
52:49
2024
52:50
and
52:50
has
52:50
has
52:50
scheduled
52:51
about
52:51
20
52:51
new
52:51
openings
52:52
for
52:52
2025,
52:53
according
52:53
to
52:53
its
52:54
most
52:54
recent
52:54
annual
52:55
report.
52:56
While
52:56
Target
52:56
already
52:57
reaches
52:57
roughly
52:57
75%
52:58
of
52:58
Americans
52:59
within
52:59
a
52:59
10
53:00
mile
53:00
radius,
53:00
as
53:01
CEO
53:01
Michael
53:02
Fidelke
53:02
noted
53:03
in
53:03
March,
53:03
this
53:03
still
53:04
trails
53:04
Walmart's
53:05
impressive
53:05
90%
53:06
proximity
53:07
metric.
53:07
Christ,
53:08
Issa,
53:08
we're
53:09
going
53:09
to
53:09
go
53:09
to
53:09
you
53:09
first
53:10
on
53:10
this.
53:10
Do
53:10
you
53:10
agree
53:11
that
53:11
Target
53:11
will
53:12
find
53:12
profitable
53:12
growth
53:13
by
53:13
expanding
53:13
into
53:13
rural
53:14
markets?
53:14
I
53:15
know
53:15
you
53:15
have
53:15
a
53:15
hot
53:15
take
53:15
on
53:16
this
53:16
one
53:16
yourself.
53:17
So
53:17
as
53:17
bullish
53:18
as
53:18
I
53:18
was
53:18
about
53:18
Target
53:19
360,
53:19
I
53:20
think
53:20
the
53:20
jury's
53:21
out
53:21
for
53:21
me
53:21
on
53:21
this
53:22
one.
53:22
I
53:22
think
53:22
a
53:22
couple
53:23
things
53:23
that
53:23
I've
53:23
been
53:23
thinking
53:24
about.
53:24
One
53:24
is,
53:25
you
53:25
know,
53:25
when
53:26
you
53:26
think
53:26
about,
53:27
you
53:28
know,
53:28
store
53:28
expansion,
53:29
you
53:29
know,
53:29
specifically
53:30
Target
53:31
in
53:31
rural
53:31
markets,
53:32
it
53:32
really
53:32
for
53:32
me
53:33
is
53:33
location
53:33
specific.
53:34
Does
53:34
a
53:35
Target
53:35
store
53:35
fill
53:36
the
53:36
need
53:36
for
53:37
a
53:37
consumer
53:37
in
53:37
that
53:37
market
53:38
or
53:38
is
53:38
it
53:38
another
53:38
choice
53:39
to
53:39
Walmart,
53:39
et
53:40
cetera.
53:40
Now
53:40
if
53:41
they're
53:41
looking
53:41
at
53:41
it
53:41
to
53:42
say,
53:42
okay,
53:42
this
53:42
is
53:42
going
53:43
to
53:43
be
53:43
a
53:43
superstore
53:44
and
53:44
we
53:44
can
53:44
put
53:44
pull
53:44
inventory
53:45
and
53:45
speed
53:45
up
53:45
our
53:46
fulfillment
53:47
in
53:47
some
53:47
of
53:48
these
53:48
markets
53:48
because
53:48
we
53:48
all
53:49
know
53:49
that
53:49
fulfillment
53:50
times
53:50
are
53:50
lower
53:52
or
53:52
they're
53:53
slower,
53:53
I
53:53
should
53:53
say
53:54
for
53:54
some
53:54
of
53:55
these
53:55
customers
53:55
then
53:55
that
53:56
could
53:56
be
53:56
a
53:56
really
53:56
good
53:56
thing.
53:57
But
53:57
again
53:57
it
53:57
really
53:58
comes
53:58
down
53:58
to
53:58
each
53:59
market,
54:00
each
54:00
specific
54:00
market
54:01
and
54:01
what
54:01
is
54:02
the
54:02
real
54:02
need.
54:02
You
54:03
know,
54:03
funny
54:03
story,
54:04
you
54:04
know
54:04
Kmart,
54:05
I
54:05
don't
54:05
know
54:05
if
54:05
you
54:05
guys
54:06
know
54:06
this.
54:06
One
54:06
of
54:06
the
54:06
last
54:07
stores
54:08
was
54:08
in
54:08
the
54:08
Hamptons,
54:09
you
54:09
know,
54:10
at
54:10
the
54:10
eastern
54:10
end
54:10
of
54:10
Long
54:10
Island.
54:11
And
54:12
now
54:12
Target
54:12
is
54:12
actually
54:13
filling
54:13
the
54:13
space.
54:14
So
54:14
while
54:14
affluent,
54:15
it
54:15
is
54:16
also,
54:16
also,
54:16
it
54:17
is
54:17
also
54:17
rural.
54:18
So
54:18
as
54:19
I
54:19
think
54:19
about,
54:19
you
54:19
know,
54:20
yacht
54:20
rock
54:20
and
54:21
white
54:21
pants
54:21
etc
54:22
going
54:22
into
54:22
Memorial
54:23
Day,
54:23
I
54:23
know
54:23
a
54:24
bunch
54:24
of
54:24
people
54:24
out
54:25
there
54:25
are
54:25
very,
54:26
I
54:27
know
54:27
a
54:27
bunch
54:27
of
54:28
folks
54:28
and
54:28
consumers
54:29
are
54:29
super
54:30
excited
54:30
that
54:30
Target
54:31
is
54:31
coming
54:31
to
54:31
fulfill
54:32
that
54:32
need.
54:32
But
54:33
again
54:33
that
54:33
is
54:33
a
54:34
market
54:34
specific
54:35
opportunity
54:36
that
54:36
may
54:36
not
54:36
translate
54:37
across
54:37
the
54:37
country.
54:38
Okay.
54:39
Michael,
54:40
what
54:40
about
54:40
you?
54:41
Yeah,
54:42
I
54:42
think
54:42
this
54:42
is
54:43
another
54:43
one
54:43
that,
54:43
that
54:44
it
54:44
probably
54:45
didn't
54:45
come
54:45
up
54:45
in
54:45
the
54:45
innovation
54:46
lab
54:47
Target,
54:47
but
54:48
it
54:48
probably
54:48
should
54:48
have
54:48
never
54:49
made
54:49
it
54:49
out
54:49
of
54:49
the
54:50
C
54:50
level
54:51
strategic
54:52
planning
54:52
meetings
54:53
and
54:53
or
54:54
approve
54:54
approval
54:55
for
54:55
the
54:55
spend
54:55
by
54:56
the
54:56
board.
54:57
Give
54:57
us
54:57
your
54:57
challenges.
54:58
Yeah,
54:58
the
54:58
challenge
54:59
I
54:59
have
54:59
with
54:59
this
54:59
is
55:01
I
55:01
like
55:01
Chris's
55:02
example
55:03
of
55:04
a
55:04
Target
55:05
going
55:05
in
55:05
near
55:05
the
55:06
Hamptons,
55:06
but
55:06
clearly
55:07
that's
55:07
not
55:07
very
55:08
rural.
55:09
The
55:09
rural
55:10
markets
55:10
are
55:11
a
55:11
challenge.
55:11
And
55:12
all
55:12
you
55:12
got
55:12
to
55:12
do
55:12
for
55:13
the
55:13
template
55:13
of
55:13
the
55:14
challenge
55:14
is
55:14
look
55:14
at
55:14
Dollar
55:15
Tree.
55:15
Right?
55:15
I
55:16
mean
55:16
the,
55:16
the,
55:17
that
55:18
story
55:18
has
55:18
been
55:18
written,
55:19
the
55:19
outcome
55:19
is
55:20
written
55:20
and
55:20
it's
55:20
not
55:21
successful.
55:22
I
55:22
also
55:22
think
55:23
Target
55:24
is
55:24
best
55:25
when
55:26
they
55:26
are
55:26
sort
55:27
of
55:27
the
55:27
antidote
55:28
to
55:28
Walmart.
55:29
Like
55:29
when
55:29
Target
55:30
is
55:30
Walmart,
55:31
you
55:31
don't
55:31
need
55:32
Target,
55:32
you
55:32
have
55:33
Walmart.
55:33
And
55:33
Walmart
55:34
is
55:34
fantastic
55:34
at
55:34
it.
55:35
Target
55:35
is,
55:35
has
55:35
always
55:35
been
55:36
a
55:36
step,
55:37
maybe
55:37
two,
55:38
maybe
55:38
three
55:38
above
55:39
Walmart.
55:40
It's
55:40
still
55:41
sort
55:41
of
55:41
similar
55:41
but
55:42
it's
55:42
always
55:42
been
55:43
going
55:43
back
55:44
to
55:44
the
55:44
ads
55:44
in
55:45
the,
55:45
the
55:45
early
55:45
2000s.
55:46
Target,
55:47
not
55:47
target.
55:48
So
55:49
it
55:49
was
55:49
a
55:49
great
55:49
access
55:50
point
55:50
but
55:51
it
55:51
provided
55:51
a
55:51
different
55:52
experience
55:52
in
55:52
my
55:53
opinion
55:53
than
55:53
Walmart.
55:54
So
55:54
if
55:54
they're
55:54
looking
55:55
to
55:55
expand
55:55
and
55:56
if
55:56
you
55:56
read
55:56
between
55:56
the
55:57
lines,
55:57
that's
55:57
basically
55:58
what
55:58
they're
55:58
saying
55:58
is
55:58
we
55:59
want
55:59
to
55:59
go
55:59
more
55:59
head
55:59
to
55:59
head
56:00
with
56:00
Walmart.
56:00
I
56:00
think
56:01
think
56:01
that's
56:01
a
56:01
strategic
56:02
error.
56:02
They
56:03
need
56:03
to
56:03
really
56:03
separate
56:04
themselves,
56:05
do
56:05
what
56:05
they
56:05
do
56:06
best
56:06
and
56:07
is
56:07
putting
56:07
a
56:08
Target
56:09
in
56:09
a
56:09
rural
56:10
market
56:10
and
56:10
I
56:10
think
56:11
of
56:11
a
56:11
place
56:11
where
56:12
we
56:12
go
56:12
on
56:12
vacation
56:13
sometimes
56:13
in
56:13
the
56:14
summer
56:14
up
56:14
in
56:14
rural
56:15
Maine.
56:15
There's
56:16
a
56:16
dollar
56:16
General.
56:17
Are
56:17
they
56:17
going
56:17
to
56:17
put
56:17
a
56:18
Target
56:18
near
56:18
there?
56:18
That's
56:19
never
56:19
going
56:19
to
56:19
work.
56:20
So
56:20
I
56:20
think
56:21
it's
56:21
really,
56:22
it's
56:23
interesting
56:24
but
56:24
without
56:25
a
56:26
well
56:26
thought
56:26
out
56:27
plan
56:28
and
56:28
to
56:28
Chris's
56:29
point,
56:29
very
56:30
strategic
56:32
placement
56:33
in
56:34
demographic
56:35
areas
56:35
that
56:35
can
56:36
support
56:36
it.
56:37
It's
56:37
not
56:37
going
56:37
to
56:37
work.
56:38
Yeah,
56:38
I
56:39
would
56:39
agree
56:39
with
56:39
you
56:39
Michael.
56:40
If
56:40
we
56:40
were
56:40
talking
56:41
old
56:41
Target,
56:42
I
56:42
think
56:42
now
56:43
you
56:43
have
56:43
to
56:43
look
56:43
at
56:44
current
56:44
Target
56:45
and
56:45
when
56:45
you
56:46
put
56:46
it
56:46
up
56:46
against
56:46
a
56:47
Walmart,
56:47
I
56:47
don't
56:48
think
56:48
it
56:48
provides
56:49
the
56:49
same
56:49
like
56:50
Walmart's
56:50
come
56:51
so
56:51
far
56:51
and
56:52
improved.
56:52
It's
56:53
especially
56:53
the
56:53
new
56:54
locations
56:54
of
56:54
Walmarts
56:55
that
56:55
they're
56:55
going
56:55
to
56:55
be
56:55
building
56:56
as
56:56
well
56:56
in
56:56
these
56:56
rural
56:57
communities.
56:57
Like,
56:58
like
56:58
their,
56:58
their
56:59
store
56:59
formats
57:00
I
57:00
think
57:00
are
57:01
comparable
57:01
and
57:01
if
57:02
not
57:02
better
57:02
than
57:03
Target.
57:03
Plus
57:04
I
57:04
think
57:04
you
57:04
hit
57:04
a
57:05
lower
57:05
price
57:05
point.
57:05
It
57:06
gets
57:06
back
57:06
to
57:06
what
57:06
we
57:06
talked
57:06
about
57:07
in
57:07
the
57:07
first
57:08
headline
57:08
of
57:09
you
57:09
know,
57:09
you're
57:09
going
57:10
to
57:10
get
57:10
the
57:10
everyday
57:10
low
57:11
price
57:11
at
57:11
Walmart
57:11
and,
57:12
and
57:12
there's
57:12
no
57:12
way
57:12
Target
57:13
can
57:13
beat
57:13
Walmart
57:14
on
57:14
price.
57:14
And
57:15
so
57:15
what,
57:15
what
57:16
are
57:16
you
57:16
left
57:16
with
57:16
for
57:17
the
57:17
shopping
57:17
experience?
57:18
And
57:18
I
57:18
tried
57:18
to
57:19
even
57:19
go
57:19
to
57:20
like
57:20
to
57:20
the
57:21
yes,
57:21
maybe
57:22
they
57:22
could
57:22
just
57:22
build
57:22
store
57:23
fulfillment
57:23
centers
57:24
or
57:24
something
57:24
in
57:24
these
57:24
areas
57:25
to
57:25
just
57:25
hit
57:25
on
57:26
faster
57:26
delivery.
57:27
But
57:27
you
57:27
have
57:27
Amazon
57:27
coming
57:28
in
57:28
and
57:28
doing
57:28
rural
57:28
delivery
57:29
too.
57:30
Everybody
57:30
knows
57:30
Amazon
57:31
already
57:31
too.
57:32
So
57:32
I
57:32
think,
57:32
I
57:33
think
57:33
Target's
57:33
in
57:33
a,
57:34
in
57:34
a
57:34
tough
57:34
space
57:35
here
57:36
and
57:36
I
57:37
also
57:37
wonder
57:37
if
57:37
this
57:37
isn't
57:38
a
57:38
bit
57:38
of
57:38
a
57:38
PR
57:39
play
57:39
as
57:39
well
57:40
like
57:40
if
57:40
they're
57:41
going
57:41
to
57:41
these
57:41
based
57:42
on
57:42
all
57:42
of
57:42
the,
57:43
the
57:43
footfall
57:44
drop
57:44
that
57:45
they
57:45
saw
57:45
from
57:46
a
57:46
lot
57:46
of
57:46
the
57:46
DEI
57:47
initiatives.
57:47
I
57:47
also
57:48
wonder
57:48
if
57:48
this
57:48
isn't
57:49
saying
57:49
okay,
57:50
we're
57:50
going
57:50
to
57:50
go
57:50
and
57:51
try
57:51
to
57:51
penetrate
57:52
a
57:52
new
57:52
market
57:52
here
57:53
but,
57:53
but
57:53
Chris,
57:54
Chris
57:55
Disa,
57:55
you
57:55
got
57:56
something
57:56
to
57:56
throw
57:56
in?
57:57
I
57:57
will
57:57
say
58:00
their
58:01
desire
58:01
is
58:01
to
58:02
add
58:02
300
58:02
stores
58:03
which
58:03
is
58:03
a
58:03
15%
58:04
increase.
58:05
If
58:05
we
58:05
were
58:05
talking
58:06
50
58:06
stores
58:07
in
58:07
select
58:07
locations
58:08
that
58:09
you
58:09
know,
58:09
services
58:09
in
58:10
need
58:10
all
58:11
four.
58:11
But
58:11
you
58:11
know,
58:12
300
58:12
stores
58:12
is
58:12
quite
58:13
bullish
58:13
in
58:13
my
58:13
opinion.
58:14
Totally
58:15
agree.
58:15
Chris
58:15
Walton,
58:16
close
58:16
us
58:16
up.
58:16
What's
58:17
the,
58:17
what's
58:17
your
58:17
thought
58:18
here?
58:18
Yeah,
58:19
I've
58:19
been
58:19
on
58:19
my
58:19
edge
58:19
of
58:19
my
58:19
seat
58:20
waiting
58:20
to,
58:20
to
58:20
chime
58:20
in
58:21
on
58:21
this.
58:21
I
58:21
think
58:22
I
58:22
actually
58:22
have,
58:22
I
58:22
think
58:23
I
58:23
actually
58:23
have
58:23
first
58:23
hand
58:23
experience
58:24
that's
58:24
pretty
58:24
applicable
58:25
for
58:25
sure
58:26
to
58:27
this
58:27
discussion.
58:27
You
58:28
know,
58:29
you
58:29
know
58:29
I,
58:30
and
58:30
the
58:30
reason
58:30
I
58:30
say
58:30
this,
58:31
I
58:31
ran,
58:31
I
58:32
actually
58:32
was
58:32
in
58:32
charge
58:33
of
58:33
the
58:33
stores
58:33
in
58:33
Scotts
58:34
Bluff,
58:34
Nebraska
58:35
and
58:35
Casper,
58:36
Wyoming
58:36
and
58:37
they
58:37
were
58:37
some
58:37
of
58:37
the
58:37
lowest
58:38
volume
58:38
stores
58:39
at
58:40
Target.
58:40
And
58:40
so
58:41
to
58:41
Chris's
58:41
point,
58:41
if
58:41
you're
58:41
going
58:41
to
58:42
build
58:42
300
58:42
of
58:43
these,
58:43
there
58:43
just
58:44
aren't
58:44
that
58:44
many
58:44
locations
58:45
that
58:45
are
58:45
going
58:45
to
58:45
pencil
58:45
and
58:46
I
58:46
can
58:46
tell
58:46
you
58:46
without
58:46
giving
58:47
anything
58:47
away,
58:47
the
58:47
volume
58:48
of
58:48
those
58:48
stores
58:48
is
58:48
like
58:49
50%
58:49
of
58:50
what
58:50
an
58:50
average
58:50
target,
58:51
at
58:51
least
58:51
50%
58:52
less
58:52
than
58:52
what
58:52
an
58:52
Average
58:53
Target
58:53
store
58:53
is
58:54
going
58:54
to
58:54
be.
58:54
And,
58:55
and
58:55
to
58:55
your
58:55
point,
58:56
I
58:56
think
58:56
everyone
58:56
nailed
58:57
this.
58:57
Like,
58:57
you
58:58
know,
58:58
Walmart's
58:59
already
58:59
there.
58:59
Walmart's
59:00
better
59:00
than
59:00
it's
59:00
ever
59:01
been.
59:01
Amazon
59:02
is
59:02
going
59:02
there
59:03
too.
59:03
And
59:03
so
59:03
for
59:03
delivery,
59:04
like
59:04
if
59:04
that's
59:05
why
59:05
you're
59:05
building
59:05
these,
59:05
why
59:06
would
59:06
you
59:06
build
59:06
stores
59:06
just
59:06
for
59:07
delivery
59:07
hubs?
59:07
Like
59:08
that
59:08
seems
59:08
like
59:08
a
59:08
really
59:08
expensive
59:09
proposition.
59:10
Target
59:11
tractor
59:11
supply
59:12
is
59:12
also
59:13
there.
59:13
So
59:14
how
59:15
does
59:15
Target
59:15
win
59:15
this?
59:16
How
59:17
does
59:17
Target
59:17
win
59:17
this
59:18
battle?
59:18
You
59:18
know,
59:19
that
59:19
will
59:19
return
59:19
the
59:20
capital
59:21
that
59:21
Wall
59:21
street
59:22
requires,
59:22
given
59:22
the
59:23
historical
59:24
performance
59:24
of
59:24
Target
59:25
at
59:25
a
59:25
time
59:25
when
59:25
the
59:25
cost
59:25
of
59:26
capital
59:26
is
59:26
also
59:26
more
59:27
expensive
59:27
than
59:27
it
59:27
has
59:27
been
59:28
in
59:28
years
59:28
past.
59:28
So
59:29
I
59:30
absolutely
59:30
don't
59:30
get
59:31
this.
59:31
It's,
59:31
it's
59:32
just
59:32
another
59:32
sign
59:33
of
59:33
just
59:33
how
59:34
lost
59:35
strategically
59:36
Target
59:36
is
59:37
right
59:37
now.
59:37
Which
59:37
Michael
59:38
said
59:38
right
59:38
at
59:38
the
59:38
outset,
59:39
like,
59:39
this
59:39
is
59:39
a
59:40
discussion.
59:41
This
59:41
is
59:41
just
59:41
a
59:41
pivot
59:42
that
59:42
should
59:42
never
59:43
have
59:43
gone
59:43
past
59:44
anyone.
59:44
Like.
59:44
And
59:45
yeah,
59:45
the
59:45
city
59:46
targets
59:46
didn't
59:46
work.
59:46
No,
59:47
no.
59:47
Crap.
59:47
We
59:48
all
59:48
knew
59:48
that
59:48
going
59:48
into.
59:49
Because
59:49
you
59:49
can't
59:50
build
59:50
enough
59:50
of
59:50
those
59:51
at
59:51
a,
59:51
at
59:51
a
59:51
rate
59:52
that's
59:52
going
59:52
to
59:52
have
59:52
meaningful
59:53
comp
59:53
growth
59:53
either.
59:53
There
59:54
just
59:54
aren't
59:54
that
59:54
many
59:54
locations
59:55
in
59:55
the
59:55
US
59:55
where
59:56
that's
59:56
going
59:56
to
59:56
play
59:56
out
59:57
either.
59:57
But
59:57
they
59:58
were
59:58
like
59:58
they
59:58
were
59:58
lined
59:58
up
59:59
on
59:59
that
59:59
strategy
59:59
for
59:59
five
1:00:00
or
1:00:00
six,
1:00:00
you
1:00:00
know,
1:00:00
10
1:00:01
years
1:00:01
almost.
1:00:01
Cornell's
1:00:02
been
1:00:02
there
1:00:02
since
1:00:02
2014.
1:00:03
So.
1:00:04
So
1:00:04
when
1:00:04
do
1:00:04
they
1:00:04
get
1:00:05
some
1:00:05
really
1:00:05
concrete
1:00:06
growth
1:00:06
strategies
1:00:07
here?
1:00:07
And
1:00:07
I
1:00:07
mean
1:00:07
I've
1:00:07
been
1:00:08
ran
1:00:08
on
1:00:08
this
1:00:08
for
1:00:08
the
1:00:09
hopefully
1:00:09
this
1:00:10
pulpit
1:00:10
forever.
1:00:11
Like,
1:00:12
come
1:00:12
on,
1:00:12
this
1:00:13
is
1:00:13
not
1:00:13
it.
1:00:14
Hopefully
1:00:15
the
1:00:15
acceleration
1:00:16
team,
1:00:16
that's
1:00:17
that
1:00:17
they
1:00:17
talked
1:00:17
about
1:00:18
in
1:00:18
the
1:00:18
earnings
1:00:18
call
1:00:18
this
1:00:18
morning.
1:00:19
It's
1:00:19
all
1:00:19
down
1:00:19
to
1:00:20
the
1:00:20
acceleration
1:00:20
team,
1:00:21
Chris.
1:00:21
Acceleration
1:00:22
move
1:00:22
forward.
1:00:24
Right.
1:00:24
Man,
1:00:25
I
1:00:25
feel,
1:00:25
and
1:00:25
I
1:00:26
feel,
1:00:26
I
1:00:26
feel
1:00:26
vindicated
1:00:27
by
1:00:27
that
1:00:27
too.
1:00:27
And
1:00:27
because
1:00:28
that
1:00:28
I've
1:00:28
been
1:00:28
saying
1:00:28
that
1:00:29
this
1:00:29
was
1:00:29
going
1:00:29
to
1:00:29
happen
1:00:30
for
1:00:30
a
1:00:30
year
1:00:30
and
1:00:30
a
1:00:31
half
1:00:31
now
1:00:31
when
1:00:31
we
1:00:31
had
1:00:31
the
1:00:31
annual
1:00:32
Review
1:00:32
show
1:00:33
in
1:00:33
2023
1:00:33
with
1:00:34
the
1:00:34
a
1:00:34
M
1:00:34
folks
1:00:34
and,
1:00:35
and
1:00:35
it
1:00:35
has
1:00:35
happened.
1:00:36
But
1:00:36
I
1:00:36
can
1:00:36
tell
1:00:36
you
1:00:36
like,
1:00:36
you
1:00:37
know,
1:00:37
before
1:00:37
you
1:00:37
announce
1:00:37
this,
1:00:38
go
1:00:38
into
1:00:38
the
1:00:39
store
1:00:39
in
1:00:39
Scott's
1:00:39
Bluff
1:00:40
and
1:00:40
see
1:00:40
if
1:00:40
you
1:00:40
want
1:00:41
to,
1:00:41
you
1:00:41
know,
1:00:41
absolutely
1:00:42
replicate
1:00:43
that
1:00:43
model
1:00:43
throughout
1:00:43
the
1:00:44
country.
1:00:44
Like
1:00:44
get
1:00:45
off,
1:00:45
get
1:00:45
out
1:00:45
of
1:00:45
the
1:00:46
corporate
1:00:46
boardroom
1:00:46
and
1:00:47
see
1:00:47
if
1:00:47
that's
1:00:47
the
1:00:47
model
1:00:48
that
1:00:48
you
1:00:48
think's
1:00:48
really
1:00:48
going
1:00:49
to
1:00:49
work.
1:00:49
I
1:00:49
don't
1:00:49
know.
1:00:49
But
1:00:50
yeah,
1:00:50
I
1:00:50
mean,
1:00:51
look,
1:00:51
retail
1:00:52
101
1:00:53
that
1:00:53
is
1:00:53
like
1:00:54
really,
1:00:54
really
1:00:55
proven
1:00:56
is
1:00:56
that
1:00:57
these
1:00:58
XO
1:00:59
Market
1:01:00
stores
1:01:00
or
1:01:01
smaller
1:01:01
stores
1:01:02
struggle.
1:01:03
So
1:01:03
every
1:01:03
major
1:01:04
retailer
1:01:04
expands
1:01:05
and
1:01:05
then
1:01:06
spends
1:01:06
years
1:01:07
trying
1:01:07
to
1:01:07
get
1:01:07
out
1:01:07
of
1:01:07
the
1:01:07
leases
1:01:08
to
1:01:08
shut
1:01:09
the
1:01:09
not
1:01:09
profitable
1:01:10
doors
1:01:10
they're
1:01:11
now
1:01:11
saying
1:01:11
we
1:01:11
want
1:01:12
to
1:01:12
open
1:01:12
300
1:01:12
of
1:01:13
these
1:01:13
types
1:01:13
of
1:01:13
stores.
1:01:14
So,
1:01:14
number
1:01:14
one,
1:01:14
that's,
1:01:15
that's
1:01:15
doa.
1:01:16
Number
1:01:16
two,
1:01:17
the
1:01:17
other
1:01:17
one
1:01:17
that
1:01:17
we
1:01:17
didn't
1:01:18
talk
1:01:18
about
1:01:19
is
1:01:19
Dollar
1:01:20
General.
1:01:20
Dollar
1:01:21
General
1:01:21
has
1:01:22
these
1:01:22
markets
1:01:23
figured
1:01:23
out
1:01:24
they
1:01:25
are
1:01:25
growing
1:01:25
their
1:01:26
grocery
1:01:26
business
1:01:26
as
1:01:27
well.
1:01:27
Now,
1:01:27
that's
1:01:27
much
1:01:28
to
1:01:28
the
1:01:29
not,
1:01:29
you
1:01:29
know,
1:01:30
whatever.
1:01:31
They're
1:01:31
just
1:01:31
growing
1:01:32
their
1:01:32
grocery
1:01:32
business.
1:01:32
So,
1:01:33
like,
1:01:33
what
1:01:33
do
1:01:33
these
1:01:34
markets
1:01:34
really
1:01:35
need
1:01:35
a
1:01:35
target
1:01:35
for?
1:01:36
And
1:01:36
I,
1:01:37
I
1:01:37
think
1:01:37
the
1:01:37
last
1:01:37
thing
1:01:38
that
1:01:38
Target
1:01:38
absolutely
1:01:39
needs
1:01:39
to
1:01:39
do,
1:01:39
and
1:01:40
if
1:01:40
we
1:01:40
were
1:01:40
working
1:01:40
with
1:01:41
them
1:01:41
or
1:01:41
if
1:01:42
I
1:01:42
was
1:01:42
the
1:01:42
CEO,
1:01:42
I
1:01:43
would
1:01:43
say
1:01:43
let's
1:01:44
focus
1:01:44
on
1:01:45
ourselves.
1:01:46
Let's
1:01:46
stop,
1:01:46
like,
1:01:47
these
1:01:47
bright,
1:01:47
shiny
1:01:48
object
1:01:48
things.
1:01:49
What
1:01:49
do
1:01:50
we
1:01:50
need
1:01:50
to
1:01:50
do
1:01:50
to
1:01:51
be
1:01:51
the
1:01:51
best
1:01:51
that
1:01:51
we
1:01:51
can
1:01:52
be
1:01:52
in
1:01:52
our
1:01:52
own
1:01:53
four
1:01:53
walls
1:01:53
with
1:01:53
what
1:01:54
we
1:01:54
have
1:01:54
today
1:01:54
and
1:01:55
what
1:01:55
we
1:01:55
can
1:01:55
control?
1:01:56
Because
1:01:56
it
1:01:57
doesn't
1:01:57
feel
1:01:57
like
1:01:57
they're
1:01:58
doing
1:01:58
that.
1:01:58
And
1:01:59
I
1:01:59
think
1:01:59
that's
1:01:59
a
1:01:59
huge
1:02:00
miss
1:02:00
on
1:02:00
their
1:02:01
part.
1:02:02
Oh,
1:02:02
you
1:02:02
guys.
1:02:03
You
1:02:03
would
1:02:03
get
1:02:03
my
1:02:03
vote,
1:02:04
Michael.
1:02:04
Yes.
1:02:04
Honestly,
1:02:05
you
1:02:05
can't
1:02:05
do.
1:02:05
No,
1:02:06
I
1:02:06
don't
1:02:06
think
1:02:06
anyone
1:02:06
can
1:02:07
do
1:02:07
a
1:02:07
worse
1:02:07
job,
1:02:07
quite
1:02:07
honestly,
1:02:08
but
1:02:08
you
1:02:08
would
1:02:08
get
1:02:08
my
1:02:09
vote.
1:02:10
All
1:02:10
right,
1:02:11
well,
1:02:11
let's
1:02:11
wrap
1:02:11
up
1:02:12
this
1:02:12
wonderful
1:02:12
show
1:02:13
with
1:02:13
the
1:02:13
lightning
1:02:13
round.
1:02:14
Michael,
1:02:15
we're
1:02:15
going
1:02:15
to.
1:02:15
You
1:02:16
first.
1:02:16
The
1:02:16
Golden
1:02:16
Globes
1:02:17
are
1:02:17
adding
1:02:17
a
1:02:17
new
1:02:17
category
1:02:18
recognizing
1:02:19
podcast
1:02:20
guests
1:02:20
this
1:02:20
year,
1:02:21
if
1:02:21
not
1:02:21
your
1:02:22
episode,
1:02:23
this
1:02:23
episode
1:02:24
of
1:02:24
the
1:02:24
Omnitok
1:02:25
Retail
1:02:25
Fast
1:02:25
Five.
1:02:25
Which
1:02:26
podcast
1:02:26
would
1:02:27
you
1:02:27
put
1:02:27
in
1:02:27
the
1:02:27
running?
1:02:29
Is
1:02:30
this
1:02:30
like
1:02:30
a
1:02:30
podcast
1:02:31
in
1:02:31
general
1:02:31
or
1:02:32
just
1:02:33
one
1:02:33
specific
1:02:34
podcast?
1:02:35
I
1:02:35
forgot
1:02:35
to
1:02:35
ask
1:02:35
that.
1:02:35
It's,
1:02:36
it's,
1:02:36
it's
1:02:37
any
1:02:37
podcast
1:02:37
from
1:02:38
what
1:02:38
I
1:02:38
understand.
1:02:39
So
1:02:39
it
1:02:39
could
1:02:39
be
1:02:40
call.
1:02:40
If
1:02:40
it's,
1:02:41
you
1:02:41
know,
1:02:41
call
1:02:42
her
1:02:42
daddy,
1:02:42
whatever
1:02:43
you
1:02:43
want.
1:02:43
It
1:02:43
could
1:02:43
be,
1:02:44
you
1:02:44
know,
1:02:44
the,
1:02:46
you.
1:02:46
Know,
1:02:46
Michael,
1:02:47
call
1:02:47
her
1:02:47
daddy
1:02:47
every
1:02:47
week.
1:02:48
Yeah,
1:02:48
yeah,
1:02:49
it's
1:02:49
interesting.
1:02:50
I
1:02:51
call
1:02:51
her
1:02:51
daddy.
1:02:52
I
1:02:52
have
1:02:52
listened
1:02:52
to
1:02:52
it
1:02:53
because
1:02:53
I
1:02:53
actually
1:02:53
think
1:02:54
her
1:02:54
business
1:02:54
story
1:02:55
is
1:02:56
absolutely
1:02:56
remarkable.
1:02:57
So
1:02:57
I'm
1:02:57
totally
1:02:58
intrigued
1:02:58
by
1:02:58
it.
1:02:59
Absolutely.
1:03:00
And
1:03:00
I
1:03:00
do
1:03:00
think
1:03:01
from
1:03:01
a,
1:03:01
from
1:03:02
a
1:03:02
target
1:03:03
audience
1:03:03
standpoint,
1:03:04
the
1:03:04
content
1:03:05
that
1:03:05
she
1:03:06
produces
1:03:07
is
1:03:07
dead
1:03:07
on.
1:03:08
That
1:03:08
podcast
1:03:09
is
1:03:09
not
1:03:09
for
1:03:09
me
1:03:09
in
1:03:09
any
1:03:10
way,
1:03:10
shape
1:03:10
or
1:03:10
form,
1:03:11
but
1:03:11
I
1:03:11
think
1:03:12
she's
1:03:12
a
1:03:12
genius
1:03:13
at
1:03:14
targeting
1:03:15
her.
1:03:16
Her,
1:03:16
basically
1:03:17
her
1:03:17
customer
1:03:18
base
1:03:18
or
1:03:18
her
1:03:18
demo.
1:03:19
And
1:03:19
I
1:03:20
saw
1:03:20
an
1:03:20
interview
1:03:20
with
1:03:20
her
1:03:21
and
1:03:21
Dave
1:03:21
Portnoy,
1:03:22
which
1:03:22
obviously
1:03:22
she
1:03:22
started
1:03:23
on
1:03:23
Barstool
1:03:24
and
1:03:24
him
1:03:25
being
1:03:25
the
1:03:26
normal
1:03:26
brash
1:03:26
person
1:03:27
that
1:03:27
he
1:03:27
said
1:03:28
that
1:03:28
he
1:03:28
is,
1:03:29
he
1:03:29
said
1:03:29
to
1:03:29
her,
1:03:29
to
1:03:29
Alex,
1:03:30
he
1:03:30
said,
1:03:30
well,
1:03:30
you're
1:03:31
just
1:03:31
Barstool
1:03:31
2.0.
1:03:33
But
1:03:33
it's,
1:03:33
it's
1:03:34
pretty
1:03:34
interesting
1:03:34
because
1:03:35
she
1:03:35
kind
1:03:35
of
1:03:35
poo
1:03:36
pooed
1:03:36
that
1:03:36
quickly,
1:03:37
but
1:03:37
if
1:03:37
you
1:03:37
step
1:03:38
back,
1:03:39
you
1:03:39
kind
1:03:39
of
1:03:39
go,
1:03:40
it's
1:03:40
interesting.
1:03:40
She
1:03:41
has
1:03:41
now
1:03:41
taken
1:03:42
over
1:03:43
the
1:03:43
microphone
1:03:44
in
1:03:44
sort
1:03:44
of
1:03:44
the
1:03:44
flag
1:03:45
of
1:03:46
that
1:03:46
generation,
1:03:47
which
1:03:47
there
1:03:48
are
1:03:48
massive
1:03:48
amounts
1:03:49
of
1:03:49
millennials
1:03:50
and
1:03:50
gen
1:03:50
zers
1:03:51
and
1:03:51
even
1:03:51
alpha
1:03:52
that
1:03:52
hopefully
1:03:53
they're
1:03:53
not
1:03:53
all
1:03:53
listening
1:03:54
to
1:03:55
that
1:03:55
podcast.
1:03:56
Based
1:03:56
on
1:03:56
the
1:03:57
vulgarity
1:03:57
of
1:03:58
some
1:03:58
of
1:03:58
it.
1:03:58
But
1:03:59
not
1:03:59
being
1:03:59
political,
1:04:00
my
1:04:00
choice
1:04:00
would
1:04:01
be
1:04:01
Tucker
1:04:01
Carlson.
1:04:02
I
1:04:02
find
1:04:02
him
1:04:03
very
1:04:04
interesting,
1:04:05
and
1:04:06
this
1:04:06
may
1:04:06
sound
1:04:07
crazy,
1:04:07
but
1:04:08
very.
1:04:13
I
1:04:13
don't
1:04:13
know
1:04:13
if
1:04:14
neutral
1:04:14
is
1:04:14
the
1:04:15
right
1:04:15
word,
1:04:15
but
1:04:15
inquisitive.
1:04:17
And
1:04:17
I
1:04:17
heard
1:04:17
a
1:04:18
podcast.
1:04:18
I
1:04:18
was
1:04:18
driving,
1:04:19
we
1:04:19
were
1:04:19
on
1:04:19
a
1:04:19
long
1:04:19
trip,
1:04:20
and
1:04:20
I
1:04:20
heard
1:04:21
a
1:04:21
podcast
1:04:21
that
1:04:21
he
1:04:22
did
1:04:22
about
1:04:22
COVID
1:04:23
and
1:04:23
the
1:04:24
COVID
1:04:24
virus
1:04:25
and
1:04:26
the
1:04:26
actual
1:04:27
components
1:04:28
from
1:04:28
a
1:04:28
biological
1:04:29
standpoint.
1:04:30
It
1:04:30
was
1:04:30
fascinating
1:04:31
and
1:04:32
it
1:04:32
was
1:04:32
very
1:04:32
educational
1:04:33
and
1:04:34
I've
1:04:34
done
1:04:35
research
1:04:35
to
1:04:36
see,
1:04:36
like,
1:04:36
if
1:04:36
what
1:04:37
he
1:04:37
was
1:04:37
saying
1:04:37
was
1:04:37
right
1:04:38
or
1:04:38
wrong.
1:04:38
And
1:04:38
he
1:04:38
was
1:04:39
completely
1:04:39
down
1:04:39
the
1:04:39
middle
1:04:40
of
1:04:40
the
1:04:40
road.
1:04:40
So
1:04:41
I,
1:04:41
I
1:04:41
find
1:04:42
him
1:04:42
very
1:04:42
interesting.
1:04:43
Wow.
1:04:43
All
1:04:43
right,
1:04:44
cool.
1:04:44
Like
1:04:44
to
1:04:45
stay
1:04:45
informed.
1:04:45
All
1:04:45
right,
1:04:46
the
1:04:46
Fall
1:04:46
of
1:04:46
Far
1:04:47
Back
1:04:47
to
1:04:47
you,
1:04:47
Michael,
1:04:47
again.
1:04:48
And
1:04:48
then
1:04:48
we'll
1:04:48
hit
1:04:48
Chris
1:04:49
with
1:04:49
the
1:04:49
final
1:04:49
two.
1:04:49
The
1:04:50
Fall
1:04:50
of
1:04:50
Farve.
1:04:51
The
1:04:51
latest
1:04:51
in
1:04:52
Netflix's
1:04:52
series
1:04:53
of
1:04:53
sports
1:04:53
documentaries
1:04:54
retraces
1:04:55
the
1:04:55
good
1:04:55
time
1:04:56
gunslinger's
1:04:56
arc.
1:04:57
From
1:04:57
humble
1:04:57
mystery
1:04:57
stories,
1:04:58
Mississippi
1:04:58
Beginnings
1:04:59
to
1:04:59
his
1:04:59
NFL
1:05:00
peak
1:05:00
to
1:05:00
the
1:05:01
texting
1:05:01
scandal
1:05:01
that
1:05:02
tarnished
1:05:02
his
1:05:02
reputation.
1:05:03
Where
1:05:03
does
1:05:03
Favre
1:05:04
rank
1:05:04
for
1:05:04
you
1:05:05
in
1:05:05
terms
1:05:05
of
1:05:05
all
1:05:06
time
1:05:06
quarterback
1:05:06
greats?
1:05:07
Top
1:05:07
10?
1:05:07
Top
1:05:08
20?
1:05:09
Doesn't
1:05:09
rank
1:05:09
at
1:05:10
all.
1:05:10
Where
1:05:10
do
1:05:10
you,
1:05:10
where
1:05:10
do
1:05:11
you
1:05:11
put
1:05:11
them?
1:05:12
So
1:05:12
weird.
1:05:12
You,
1:05:13
you
1:05:13
gotta,
1:05:13
you
1:05:14
gotta
1:05:15
judge
1:05:15
these
1:05:15
guys
1:05:16
because
1:05:16
they're
1:05:16
public
1:05:16
figures,
1:05:17
I
1:05:17
guess,
1:05:18
on
1:05:18
the
1:05:18
whole
1:05:18
body
1:05:19
of
1:05:19
work.
1:05:19
Right.
1:05:20
So
1:05:21
based
1:05:21
on
1:05:21
his
1:05:22
sports
1:05:23
stats,
1:05:24
he's
1:05:25
like
1:05:25
top
1:05:25
three
1:05:26
quarterbacks
1:05:27
from
1:05:27
his
1:05:28
stats
1:05:28
or
1:05:28
top
1:05:29
five,
1:05:29
I
1:05:29
can't
1:05:29
remember
1:05:29
what
1:05:30
it
1:05:30
was,
1:05:30
but
1:05:30
when
1:05:30
all
1:05:31
the
1:05:31
stuff
1:05:31
was
1:05:32
coming
1:05:32
from
1:05:33
Tom
1:05:33
Brady
1:05:35
and
1:05:36
when
1:05:36
he
1:05:37
ranks
1:05:37
in
1:05:38
all
1:05:38
of
1:05:38
the
1:05:38
stats,
1:05:39
whatever
1:05:39
they
1:05:39
are
1:05:39
very,
1:05:40
very
1:05:40
high.
1:05:41
And
1:05:41
his
1:05:42
age,
1:05:42
he
1:05:42
was
1:05:42
very
1:05:43
old
1:05:43
when
1:05:43
he
1:05:44
was
1:05:44
still
1:05:44
competing
1:05:44
at
1:05:45
a
1:05:45
very
1:05:45
high
1:05:45
level.
1:05:46
So
1:05:46
he's
1:05:46
from
1:05:47
a
1:05:47
physicality,
1:05:48
sports
1:05:49
deliverable
1:05:49
standpoint,
1:05:51
very
1:05:51
high.
1:05:52
From
1:05:52
off
1:05:53
the
1:05:53
field
1:05:53
behavior,
1:05:55
he's
1:05:55
like
1:05:55
top
1:05:55
100.
1:05:56
I
1:05:56
mean,
1:05:57
really,
1:05:57
like
1:05:58
tarnishing
1:05:59
his
1:05:59
reputation.
1:06:00
Yeah.
1:06:01
Right.
1:06:01
Yeah.
1:06:01
So
1:06:01
this
1:06:02
one,
1:06:02
I've
1:06:02
got
1:06:02
no
1:06:03
vote.
1:06:03
I.
1:06:03
I
1:06:03
can't
1:06:04
really,
1:06:04
I
1:06:04
can't
1:06:04
really
1:06:05
place
1:06:05
him
1:06:05
because
1:06:05
it's
1:06:05
too
1:06:06
tough
1:06:06
to
1:06:06
figure
1:06:06
out
1:06:07
where.
1:06:07
Where
1:06:08
do
1:06:08
you.
1:06:08
Wait,
1:06:08
which.
1:06:09
And
1:06:09
you
1:06:09
know,
1:06:09
how
1:06:09
do
1:06:10
you,
1:06:10
how
1:06:10
do
1:06:10
you
1:06:10
do
1:06:11
it?
1:06:11
But
1:06:11
he's
1:06:11
definitely
1:06:12
a
1:06:12
Tale
1:06:12
of
1:06:12
two
1:06:12
Cities,
1:06:13
so.
1:06:14
And
1:06:14
he
1:06:14
takes
1:06:14
your
1:06:14
approach.
1:06:15
He
1:06:15
abstains.
1:06:16
That's
1:06:16
right.
1:06:17
I
1:06:18
support
1:06:18
that.
1:06:18
I
1:06:19
support
1:06:19
that.
1:06:19
All
1:06:20
right,
1:06:20
Christy,
1:06:20
so
1:06:21
question
1:06:21
number
1:06:21
three.
1:06:22
Netflix
1:06:22
just
1:06:22
picked
1:06:23
up
1:06:23
Sesame
1:06:23
street
1:06:24
streaming
1:06:24
rights.
1:06:25
Who
1:06:26
is
1:06:26
your
1:06:26
Sesame
1:06:27
street
1:06:28
spirit
1:06:28
animal.
1:06:29
Or
1:06:29
I
1:06:29
guess
1:06:29
puppet
1:06:30
maybe
1:06:30
is
1:06:30
the
1:06:31
puppet.
1:06:32
Right?
1:06:32
Good
1:06:32
call.
1:06:33
Yeah.
1:06:33
Well,
1:06:34
I
1:06:34
guess
1:06:34
that's
1:06:34
pretty
1:06:35
easy
1:06:35
because
1:06:35
when
1:06:35
I
1:06:35
was
1:06:35
three
1:06:36
years
1:06:36
old,
1:06:36
I
1:06:36
dressed
1:06:37
up
1:06:37
as
1:06:37
Cookie
1:06:37
Monster
1:06:38
for
1:06:38
Halloween,
1:06:38
so
1:06:39
I'm
1:06:39
gonna
1:06:39
have
1:06:39
to.
1:06:40
Gonna
1:06:40
have
1:06:40
to
1:06:40
go
1:06:40
there.
1:06:42
Perfect.
1:06:42
That's
1:06:43
definitely
1:06:43
a
1:06:43
puppet.
1:06:44
I
1:06:44
don't.
1:06:44
I
1:06:44
don't
1:06:45
think
1:06:45
Cookie
1:06:45
Monster
1:06:46
is
1:06:46
an
1:06:46
animal.
1:06:47
That's
1:06:47
true.
1:06:47
Definitely
1:06:48
a
1:06:48
puppet.
1:06:48
I
1:06:48
like
1:06:48
Big
1:06:49
Bird.
1:06:49
All
1:06:49
right,
1:06:50
last
1:06:50
one.
1:06:50
Starbucks
1:06:51
availed
1:06:51
its
1:06:52
new
1:06:52
summer
1:06:52
product
1:06:52
lineup
1:06:53
yesterday,
1:06:54
including
1:06:54
a
1:06:54
new
1:06:54
iced
1:06:55
horchata,
1:06:55
oat
1:06:56
milk
1:06:56
shaken
1:06:56
espresso,
1:06:57
and
1:06:57
the
1:06:57
return
1:06:58
of
1:06:58
fan
1:06:58
favorite
1:06:58
summer
1:06:59
Berry
1:06:59
Starbucks
1:06:59
refreshers.
1:07:00
And
1:07:00
a
1:07:01
new
1:07:01
strawberries
1:07:02
and
1:07:02
cream
1:07:02
cake
1:07:02
Pop.
1:07:03
Which
1:07:03
of
1:07:03
these
1:07:03
items
1:07:04
do
1:07:04
you
1:07:04
most
1:07:05
want
1:07:05
to
1:07:05
imbibe
1:07:05
this
1:07:06
summer?
1:07:06
Christisa?
1:07:08
Probably
1:07:08
the
1:07:09
summer
1:07:09
Berry
1:07:09
Refresher.
1:07:10
Low
1:07:11
sugar.
1:07:12
The
1:07:12
least
1:07:12
amount
1:07:12
of
1:07:13
sugar
1:07:13
of
1:07:13
all
1:07:14
the
1:07:14
new
1:07:14
items.
1:07:15
Yeah.
1:07:16
Yeah.
1:07:16
That
1:07:16
orchard,
1:07:17
though,
1:07:17
sounds
1:07:17
tasty.
1:07:18
I
1:07:18
can't
1:07:18
wait
1:07:18
to
1:07:18
get
1:07:19
it.
1:07:19
It
1:07:19
does.
1:07:20
My
1:07:21
nephews
1:07:21
like
1:07:21
the
1:07:21
cake
1:07:21
pop,
1:07:22
so
1:07:22
I'm
1:07:22
sure
1:07:22
I'll
1:07:22
be
1:07:22
buying
1:07:23
both.
1:07:24
Yeah,
1:07:24
right?
1:07:25
Is
1:07:25
it
1:07:25
me?
1:07:26
Is
1:07:26
it
1:07:26
me?
1:07:27
Or
1:07:27
do
1:07:27
you
1:07:27
guys
1:07:27
feel
1:07:27
guilty
1:07:28
if
1:07:28
you
1:07:28
just
1:07:28
go
1:07:28
into
1:07:28
Starbucks
1:07:29
and
1:07:29
order
1:07:29
a
1:07:30
regular
1:07:30
coffee?
1:07:30
Like,
1:07:31
I
1:07:31
mean,
1:07:31
it's
1:07:31
amazing,
1:07:32
right?
1:07:32
The
1:07:32
lineup
1:07:32
they
1:07:32
have?
1:07:34
It
1:07:34
is.
1:07:34
Yeah,
1:07:35
it
1:07:35
is.
1:07:35
It
1:07:35
is
1:07:35
hard
1:07:35
not
1:07:36
to
1:07:36
get
1:07:36
swayed
1:07:36
by
1:07:37
something
1:07:37
a
1:07:37
little
1:07:37
bit
1:07:37
extra
1:07:38
and
1:07:38
a
1:07:38
little
1:07:38
bit
1:07:38
sweeter.
1:07:39
So.
1:07:39
All
1:07:39
right,
1:07:40
well,
1:07:40
that
1:07:40
was.
1:07:42
Sorry,
1:07:42
one
1:07:42
last
1:07:42
thing,
1:07:43
and
1:07:43
then
1:07:43
I'll
1:07:43
let
1:07:44
you
1:07:44
close
1:07:44
it
1:07:44
out.
1:07:44
Chris.
1:07:45
We.
1:07:45
We
1:07:45
were
1:07:45
on
1:07:45
a
1:07:46
project,
1:07:46
and
1:07:46
we
1:07:46
had
1:07:47
a
1:07:47
tried
1:07:47
and
1:07:47
true
1:07:48
Starbucks
1:07:48
lover,
1:07:49
and
1:07:49
he
1:07:50
would
1:07:51
do
1:07:52
whatever
1:07:52
crazy
1:07:53
drink
1:07:53
was
1:07:54
out
1:07:54
there.
1:07:54
And
1:07:54
somewhere
1:07:55
around
1:07:55
Easter,
1:07:56
there
1:07:56
was
1:07:56
a
1:07:56
green
1:07:57
matcha
1:07:57
with,
1:07:58
like,
1:07:58
purple
1:07:58
foam
1:07:58
on
1:07:59
the
1:07:59
top
1:07:59
hop
1:07:59
oat
1:07:59
milk
1:08:00
lavender
1:08:00
thing.
1:08:01
And
1:08:01
we
1:08:01
all
1:08:02
made
1:08:02
a
1:08:02
ton
1:08:02
of
1:08:02
fun
1:08:03
of
1:08:03
them,
1:08:03
but
1:08:04
my
1:08:04
wife
1:08:04
had
1:08:04
one
1:08:05
recently,
1:08:05
and
1:08:05
I
1:08:05
drank
1:08:05
it.
1:08:05
It
1:08:06
was
1:08:06
the
1:08:06
best
1:08:06
drink
1:08:06
I've
1:08:06
ever
1:08:07
had
1:08:07
in
1:08:07
my
1:08:07
life.
1:08:07
So
1:08:08
what
1:08:08
was
1:08:08
it
1:08:08
called?
1:08:08
Do
1:08:08
you
1:08:09
remember,
1:08:09
for
1:08:09
our
1:08:09
fans,
1:08:09
what
1:08:10
it
1:08:10
was
1:08:10
called?
1:08:11
It's
1:08:11
a
1:08:11
matcha
1:08:12
lavender
1:08:13
oat
1:08:13
milk
1:08:14
latte.
1:08:15
Okay.
1:08:16
Latte
1:08:17
ice
1:08:17
latte
1:08:18
Ice
1:08:19
latte.
1:08:19
Okay.
1:08:20
It's.
1:08:20
It's
1:08:21
fabulous.
1:08:21
It's
1:08:21
right
1:08:22
on
1:08:22
the
1:08:22
front
1:08:22
of
1:08:22
all
1:08:23
of
1:08:23
the.
1:08:23
Of
1:08:24
the
1:08:24
Starbucks
1:08:25
apps.
1:08:25
Now,
1:08:25
maybe
1:08:26
they're
1:08:26
targeting
1:08:26
me
1:08:26
now
1:08:26
because
1:08:27
I
1:08:27
did
1:08:27
that,
1:08:27
but
1:08:29
I'm
1:08:29
now
1:08:30
a
1:08:30
believer
1:08:30
in
1:08:30
any
1:08:31
in.
1:08:31
In
1:08:31
non
1:08:33
regular
1:08:33
coffee
1:08:33
drinks
1:08:34
at
1:08:34
Starbucks.
1:08:35
Yeah.
1:08:35
Wow.
1:08:36
Wow.
1:08:36
That's
1:08:37
awesome.
1:08:37
So,
1:08:37
fans,
1:08:38
listen
1:08:38
up.
1:08:38
Go
1:08:38
get
1:08:38
one
1:08:39
today.
1:08:39
All
1:08:39
right.
1:08:40
What
1:08:40
a
1:08:40
great
1:08:41
show.
1:08:41
And
1:08:41
this
1:08:41
was
1:08:42
fabulous,
1:08:42
man.
1:08:42
We
1:08:43
went
1:08:43
a
1:08:43
little
1:08:43
long,
1:08:43
but
1:08:43
I
1:08:44
think
1:08:44
it
1:08:44
was
1:08:44
worth
1:08:44
it,
1:08:44
given
1:08:45
the
1:08:45
topics
1:08:45
at
1:08:45
hand.
1:08:46
As
1:08:46
I
1:08:46
told
1:08:46
these
1:08:46
guys
1:08:47
before
1:08:47
we
1:08:47
started,
1:08:48
I
1:08:48
think
1:08:48
Michael
1:08:49
and
1:08:49
Chris
1:08:49
drew
1:08:49
the
1:08:50
headline
1:08:50
lottery
1:08:51
this
1:08:51
week
1:08:51
because
1:08:51
there
1:08:51
was,
1:08:51
like
1:08:52
we
1:08:52
said,
1:08:52
a
1:08:52
lot
1:08:52
of
1:08:52
meat
1:08:53
on
1:08:53
the
1:08:53
bones
1:08:53
with
1:08:53
all
1:08:53
these
1:08:53
topics.
1:08:54
All
1:08:54
right,
1:08:54
that
1:08:54
closes
1:08:55
us
1:08:55
up.
1:08:56
Happy
1:08:56
birthday
1:08:56
today
1:08:57
to
1:08:57
Sarah
1:08:57
Ramos,
1:08:58
Judge
1:08:58
Reinhold,
1:08:59
and
1:08:59
to
1:08:59
clubber
1:09:00
Klang
1:09:00
himself.
1:09:01
Mr.
1:09:02
T,
1:09:02
who
1:09:02
if
1:09:02
you
1:09:02
want
1:09:03
to
1:09:03
feel
1:09:03
old,
1:09:04
turns
1:09:04
73
1:09:06
today.
1:09:06
Mr.
1:09:07
T
1:09:07
is
1:09:07
73
1:09:08
years
1:09:08
old.
1:09:09
And
1:09:09
remember,
1:09:09
if
1:09:10
you
1:09:10
can
1:09:10
only
1:09:10
read
1:09:10
or
1:09:10
listen
1:09:11
to
1:09:11
one
1:09:11
retail
1:09:11
blog
1:09:12
in
1:09:12
the
1:09:12
business,
1:09:12
Make
1:09:12
It
1:09:12
Omnitok,
1:09:13
the
1:09:13
only
1:09:14
retail
1:09:14
media
1:09:14
outlet
1:09:15
run
1:09:15
by
1:09:15
two
1:09:15
former
1:09:15
executives
1:09:16
from
1:09:16
a
1:09:16
current
1:09:16
top
1:09:17
10
1:09:17
US
1:09:17
retailer.
1:09:18
Our
1:09:18
Fast
1:09:19
Five
1:09:19
podcast
1:09:19
is
1:09:19
the
1:09:19
quickest,
1:09:20
fastest
1:09:20
rundown
1:09:20
of
1:09:20
all
1:09:21
the
1:09:21
week's
1:09:21
top
1:09:21
news
1:09:21
and
1:09:22
our
1:09:22
daily
1:09:22
newsletter,
1:09:22
the
1:09:22
Retail
1:09:23
Daily
1:09:23
Minute,
1:09:23
tells
1:09:24
you
1:09:24
all
1:09:24
you
1:09:24
need
1:09:24
to
1:09:24
know
1:09:25
each
1:09:25
day
1:09:25
to
1:09:25
stay
1:09:25
on
1:09:25
top
1:09:26
of
1:09:26
your
1:09:26
game
1:09:26
as
1:09:26
a
1:09:26
retail
1:09:27
executive
1:09:27
and
1:09:28
also
1:09:28
regularly
1:09:28
features
1:09:29
special
1:09:29
content
1:09:29
that
1:09:29
is
1:09:30
exclusive
1:09:30
to
1:09:30
us
1:09:30
and
1:09:30
that
1:09:30
Anna
1:09:31
and
1:09:31
I
1:09:31
take
1:09:31
a
1:09:31
lot
1:09:31
of
1:09:31
pride
1:09:32
in
1:09:32
doing
1:09:32
just
1:09:32
for
1:09:32
you.
1:09:33
Thanks
1:09:33
as
1:09:33
always
1:09:34
for
1:09:34
listening
1:09:34
in.
1:09:34
Please
1:09:34
remember
1:09:35
to
1:09:35
like
1:09:35
and
1:09:35
leave
1:09:35
us
1:09:35
a
1:09:35
review
1:09:35
wherever
1:09:36
you
1:09:36
happen
1:09:36
to
1:09:36
listen
1:09:37
to
1:09:37
your
1:09:37
podcast
1:09:37
or
1:09:38
on
1:09:38
YouTube.
1:09:38
You
1:09:39
can
1:09:39
follow
1:09:39
us
1:09:39
today
1:09:39
by
1:09:39
simply
1:09:40
going
1:09:40
to
1:09:40
YouTube.com
1:09:41
omnitalkretail
1:09:43
Michael,
1:09:43
final
1:09:44
question
1:09:44
for
1:09:44
you.
1:09:44
If
1:09:45
people
1:09:45
want
1:09:45
to
1:09:45
get
1:09:45
in
1:09:46
touch
1:09:46
with
1:09:46
you,
1:09:47
pick
1:09:47
either
1:09:47
of
1:09:47
your
1:09:47
brains
1:09:48
at
1:09:48
the
1:09:48
A
1:09:48
and
1:09:48
M
1:09:48
Consumer
1:09:49
and
1:09:49
Retail
1:09:49
Group,
1:09:50
potentially
1:09:50
get
1:09:50
you
1:09:50
as
1:09:51
the
1:09:51
interim
1:09:51
CEO
1:09:51
for
1:09:52
Target.
1:09:52
What's
1:09:52
the
1:09:53
best
1:09:53
way
1:09:53
for
1:09:53
them
1:09:53
to
1:09:53
do
1:09:53
that?
1:09:55
Sneeziest
1:09:55
is
1:09:56
email
1:09:56
mprendargastalvarezamarcel.com
1:10:01
and
1:10:01
Chris,
1:10:01
same.
1:10:02
Question,
1:10:03
same
1:10:04
thing
1:10:04
CD
1:10:04
said
1:10:05
Alvarez
1:10:05
and
1:10:05
Marcel
1:10:06
or
1:10:06
LinkedIn.
1:10:07
Awesome.
1:10:08
Awesome.
1:10:08
You
1:10:08
can
1:10:08
also
1:10:08
go
1:10:08
to
1:10:09
the
1:10:10
Alvarez
1:10:10
and
1:10:11
Marcel
1:10:11
Consumer
1:10:11
and
1:10:11
Retail
1:10:12
Group's
1:10:12
website
1:10:13
and
1:10:13
check
1:10:13
them
1:10:13
out
1:10:14
there
1:10:14
too.
1:10:14
So
1:10:14
until
1:10:15
next
1:10:15
week,
1:10:16
thank
1:10:16
you
1:10:16
Michael
1:10:17
thank
1:10:17
you
1:10:17
Chris,
1:10:17
both
1:10:17
for
1:10:18
being
1:10:18
here
1:10:18
and
1:10:18
on
1:10:18
behalf
1:10:19
of
1:10:19
all
1:10:19
of
1:10:19
us
1:10:19
at
1:10:19
omnitalk
1:10:20
Retail.
1:10:20
As
1:10:21
always,
1:10:21
be
1:10:21
careful
1:10:22
out
1:10:22
there.