Latest / Omni Talk Retail / Falabella Chairman Enrique Ostalé on AI, Leadership, and Latin American Retail | Live from WRC

Transcript

Falabella Chairman Enrique Ostalé on AI, Leadership, and Latin American Retail | Live from WRC · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  everyone,
• 0:00
  this
• 0:00
  is
• 0:00
  Omnitalk
• 0:01
  Retail.
• 0:01
  I'm
• 0:01
  Chris
• 0:02
  Walton
• 0:02
  and
• 0:02
  I'm
• 0:02
  an
• 0:02
  Mazinga.
• 0:03
  And
• 0:03
  we
• 0:03
  are
• 0:03
  coming
• 0:04
  to
• 0:04
  you
• 0:04
  live
• 0:04
  from
• 0:05
  the
• 0:05
  World
• 0:05
  Retail
• 0:06
  Congress
• 0:06
  in
• 0:07
  London
• 0:07
  from
• 0:07
  the
• 0:08
  Fusion
• 0:08
  Group's
• 0:09
  podcast
• 0:09
  studio.
• 0:10
  And
• 0:11
  we've
• 0:11
  got
• 0:11
  the
• 0:11
  heck.
• 0:12
  We've
• 0:12
  got
• 0:12
  a
• 0:12
  heck
• 0:12
  of
• 0:12
  a
• 0:12
  lineup
• 0:13
  today.
• 0:13
  We
• 0:13
  do.
• 0:14
  We've
• 0:14
  had
• 0:14
  some
• 0:14
  pretty
• 0:15
  banger
• 0:15
  interviews
• 0:15
  so
• 0:15
  far.
• 0:16
  I
• 0:16
  know,
• 0:16
  I
• 0:16
  know.
• 0:17
  We're
• 0:17
  not
• 0:17
  stopping
• 0:17
  now,
• 0:18
  Gavin.
• 0:18
  We're
• 0:18
  not
• 0:18
  stopping
• 0:19
  because
• 0:19
  right
• 0:19
  next
• 0:19
  to
• 0:20
  us
• 0:20
  I
• 0:20
  want
• 0:20
  to
• 0:20
  introduce
• 0:21
  Enrique
• 0:22
  Asele,
• 0:23
  the
• 0:23
  chairman
• 0:23
  of
• 0:23
  the
• 0:23
  board
• 0:24
  at
• 0:24
  Falabella.
• 0:25
  And
• 0:26
  Enrique,
• 0:26
  welcome
• 0:27
  to
• 0:27
  omnitalk.
• 0:27
  It's
• 0:28
  great
• 0:28
  to
• 0:28
  have
• 0:28
  you.
• 0:28
  Thank
• 0:29
  you.
• 0:29
  Thank
• 0:29
  you
• 0:29
  for
• 0:29
  the
• 0:29
  invitation.
• 0:30
  Enrique,
• 0:31
  why
• 0:31
  don't
• 0:31
  you
• 0:31
  give
• 0:31
  us
• 0:32
  a
• 0:32
  little
• 0:32
  bit
• 0:32
  of
• 0:33
  your
• 0:33
  background
• 0:34
  and
• 0:34
  a
• 0:35
  little
• 0:35
  bit
• 0:35
  about
• 0:36
  Falabella,
• 0:37
  please?
• 0:39
  Yes,
• 0:40
  I'm
• 0:40
  from
• 0:41
  Chile.
• 0:41
  I
• 0:41
  have
• 0:41
  been
• 0:42
  in
• 0:42
  retailing,
• 0:43
  mainly
• 0:43
  food
• 0:43
  retailing.
• 0:44
  Almost
• 0:45
  most
• 0:45
  of
• 0:45
  my
• 0:45
  professional
• 0:46
  life
• 0:47
  I
• 0:47
  spend
• 0:48
  in
• 0:49
  the
• 0:49
  last
• 0:50
  20
• 0:50
  years.
• 0:50
  I
• 0:50
  spent
• 0:51
  15
• 0:51
  years
• 0:51
  with
• 0:51
  Walmart
• 0:53
  starting
• 0:53
  in
• 0:53
  Chile
• 0:54
  and
• 0:54
  then
• 0:54
  moving
• 0:54
  to
• 0:55
  Mexico
• 0:55
  and
• 0:56
  the
• 0:56
  U.S.
• 0:56
  okay.
• 0:58
  And
• 0:58
  lately
• 0:59
  I'm
• 0:59
  with
• 0:59
  Falabella
• 1:00
  as
• 1:00
  a
• 1:00
  chairman
• 1:01
  in
• 1:01
  the
• 1:01
  last
• 1:01
  two
• 1:01
  years.
• 1:01
  And
• 1:02
  tell
• 1:02
  audience
• 1:03
  members
• 1:03
  who
• 1:03
  might
• 1:03
  not
• 1:03
  be
• 1:04
  familiar
• 1:04
  with
• 1:04
  Falabella
• 1:05
  what
• 1:05
  that
• 1:05
  includes.
• 1:06
  Yeah,
• 1:06
  Falabela
• 1:07
  is
• 1:07
  a
• 1:07
  Latin
• 1:08
  American
• 1:08
  retailer.
• 1:09
  It's
• 1:09
  one
• 1:09
  of
• 1:09
  the
• 1:10
  most
• 1:10
  important
• 1:11
  retailer
• 1:11
  in
• 1:11
  Latam.
• 1:12
  We
• 1:12
  operate
• 1:13
  in
• 1:13
  seven
• 1:13
  countries.
• 1:15
  Our
• 1:15
  origin
• 1:16
  is
• 1:17
  Chile,
• 1:17
  but
• 1:17
  we
• 1:18
  also
• 1:18
  have
• 1:18
  a
• 1:19
  strong
• 1:20
  present
• 1:20
  in
• 1:21
  Peru
• 1:21
  and
• 1:21
  Colombia.
• 1:22
  And
• 1:22
  also
• 1:22
  we
• 1:22
  have
• 1:22
  business
• 1:23
  in
• 1:23
  Mexico,
• 1:24
  Brazil,
• 1:24
  Argentina,
• 1:25
  Uruguay.
• 1:26
  Perfect.
• 1:26
  Excellent.
• 1:27
  And
• 1:27
  what
• 1:27
  brings
• 1:27
  you
• 1:28
  to
• 1:28
  wrc?
• 1:28
  What
• 1:29
  brought
• 1:29
  you
• 1:29
  here?
• 1:30
  Have
• 1:30
  you
• 1:30
  been
• 1:30
  here
• 1:31
  before?
• 1:31
  Nope.
• 1:32
  No.
• 1:33
  This
• 1:33
  is
• 1:33
  my
• 1:33
  first
• 1:34
  year
• 1:34
  to
• 1:34
  wrc.
• 1:35
  I
• 1:35
  was
• 1:35
  invited
• 1:36
  to
• 1:36
  speak.
• 1:37
  I
• 1:37
  spoke
• 1:37
  yesterday.
• 1:38
  I
• 1:38
  participated
• 1:38
  in
• 1:39
  a
• 1:39
  panel
• 1:39
  talking
• 1:40
  about
• 1:40
  AI.
• 1:41
  Important
• 1:42
  topic.
• 1:42
  Important
• 1:43
  topic
• 1:43
  for
• 1:43
  all
• 1:44
  of
• 1:44
  us.
• 1:44
  Yes.
• 1:45
  So
• 1:46
  that's
• 1:46
  what.
• 1:47
  And
• 1:48
  I
• 1:48
  did
• 1:48
  wanted
• 1:49
  to
• 1:49
  attend
• 1:49
  the
• 1:50
  conference.
• 1:50
  Yeah,
• 1:50
  yeah,
• 1:51
  yeah,
• 1:51
  yeah.
• 1:51
  It
• 1:51
  seems
• 1:52
  like
• 1:52
  there's
• 1:52
  a
• 1:52
  whole
• 1:52
  contingent
• 1:53
  of
• 1:53
  former
• 1:53
  Walmart
• 1:54
  International
• 1:54
  folks
• 1:55
  here
• 1:55
  too.
• 1:55
  Like,
• 1:55
  it's
• 1:56
  like
• 1:56
  a
• 1:56
  little
• 1:56
  mini
• 1:56
  reunion
• 1:57
  for
• 1:57
  you
• 1:57
  all.
• 1:58
  Yes,
• 1:59
  that
• 1:59
  was
• 1:59
  a
• 1:59
  good
• 1:59
  coincidence
• 2:00
  also.
• 2:01
  It
• 2:01
  was
• 2:01
  a
• 2:01
  good.
• 2:03
  So
• 2:03
  we
• 2:04
  were
• 2:04
  able
• 2:04
  to
• 2:04
  get
• 2:04
  together
• 2:05
  and
• 2:05
  we
• 2:05
  haven't
• 2:06
  seen
• 2:06
  for
• 2:06
  a
• 2:06
  while,
• 2:06
  some
• 2:07
  of
• 2:07
  us.
• 2:07
  Yeah,
• 2:08
  it
• 2:08
  was
• 2:08
  nice.
• 2:09
  It
• 2:09
  was
• 2:09
  nice
• 2:09
  to
• 2:09
  connect.
• 2:10
  So
• 2:10
  I
• 2:10
  want
• 2:10
  to
• 2:10
  press
• 2:10
  you
• 2:11
  on
• 2:11
  AI.
• 2:11
  So
• 2:11
  what
• 2:12
  did
• 2:12
  you
• 2:12
  talk
• 2:12
  about
• 2:12
  in
• 2:13
  regards
• 2:13
  to
• 2:13
  AI
• 2:13
  on
• 2:14
  stage
• 2:14
  or
• 2:14
  what
• 2:14
  were
• 2:14
  some
• 2:14
  of
• 2:15
  the
• 2:15
  key
• 2:15
  messages
• 2:15
  you
• 2:15
  wanted
• 2:16
  to
• 2:16
  talk
• 2:16
  deliver
• 2:16
  to
• 2:16
  the
• 2:16
  audience?
• 2:17
  Well,
• 2:19
  I'm
• 2:19
  the
• 2:19
  chairman
• 2:19
  of
• 2:20
  the
• 2:20
  board,
• 2:20
  so
• 2:20
  I'm
• 2:20
  not
• 2:20
  a,
• 2:21
  you
• 2:21
  know,
• 2:21
  I'm
• 2:22
  not
• 2:22
  an
• 2:22
  IT
• 2:22
  guy.
• 2:23
  So
• 2:24
  it's
• 2:24
  more
• 2:24
  about
• 2:25
  in
• 2:25
  terms
• 2:25
  of
• 2:25
  how
• 2:25
  you
• 2:25
  lead
• 2:26
  in
• 2:26
  this
• 2:27
  world
• 2:27
  with
• 2:28
  all
• 2:28
  the
• 2:28
  changes.
• 2:29
  And
• 2:29
  I
• 2:30
  had
• 2:30
  experience
• 2:30
  living
• 2:31
  through
• 2:31
  the
• 2:31
  Digital
• 2:31
  disruption
• 2:32
  in
• 2:32
  the
• 2:33
  retail
• 2:34
  arena
• 2:35
  and
• 2:35
  now
• 2:35
  with
• 2:36
  AI.
• 2:37
  So
• 2:37
  it's
• 2:37
  how
• 2:38
  you
• 2:38
  are
• 2:38
  effective
• 2:39
  in
• 2:39
  addressing
• 2:40
  the
• 2:40
  challenge
• 2:40
  that
• 2:40
  AI
• 2:41
  or
• 2:41
  the
• 2:41
  opportunities
• 2:42
  that
• 2:42
  AI
• 2:42
  brings.
• 2:43
  And
• 2:43
  so
• 2:43
  that's
• 2:43
  what
• 2:43
  we're
• 2:44
  talking
• 2:44
  about.
• 2:44
  Got
• 2:45
  it.
• 2:45
  I'm
• 2:45
  curious,
• 2:45
  you
• 2:45
  know,
• 2:46
  one
• 2:46
  of
• 2:46
  the
• 2:46
  questions
• 2:46
  I
• 2:46
  was
• 2:46
  planning
• 2:46
  to
• 2:47
  ask
• 2:47
  you
• 2:47
  maybe
• 2:47
  later
• 2:47
  was,
• 2:48
  but
• 2:48
  I'll
• 2:49
  ask
• 2:49
  you
• 2:49
  now,
• 2:49
  is
• 2:50
  what
• 2:50
  is
• 2:50
  your
• 2:50
  perspective
• 2:51
  on
• 2:51
  AI
• 2:51
  in
• 2:51
  the
• 2:51
  retail
• 2:52
  industry?
• 2:52
  Like
• 2:52
  we
• 2:52
  had
• 2:53
  Scott
• 2:53
  Price,
• 2:53
  one
• 2:54
  of
• 2:54
  your
• 2:54
  former
• 2:55
  Walmart
• 2:55
  colleagues
• 2:56
  with
• 2:56
  us
• 2:56
  yesterday
• 2:56
  and
• 2:56
  he
• 2:57
  made
• 2:57
  this
• 2:57
  statement
• 2:57
  on
• 2:57
  stage
• 2:58
  that
• 2:58
  he
• 2:58
  said,
• 2:58
  you
• 2:59
  know,
• 2:59
  he
• 2:59
  thinks
• 3:00
  AI
• 3:00
  is
• 3:00
  going
• 3:00
  to
• 3:00
  be
• 3:00
  a
• 3:00
  separator
• 3:01
  for
• 3:01
  the
• 3:01
  haves
• 3:02
  and
• 3:02
  the
• 3:02
  have
• 3:02
  nots
• 3:02
  in
• 3:03
  retail
• 3:04
  and
• 3:04
  then
• 3:04
  if
• 3:04
  you're
• 3:04
  not
• 3:04
  investing
• 3:05
  in
• 3:05
  it
• 3:05
  now,
• 3:05
  you're
• 3:05
  going
• 3:06
  to
• 3:06
  be
• 3:06
  behind.
• 3:06
  Do
• 3:06
  you
• 3:06
  share
• 3:07
  that
• 3:07
  same
• 3:07
  sentiment?
• 3:08
  Do
• 3:08
  you
• 3:08
  take
• 3:08
  a
• 3:08
  more.
• 3:09
  How
• 3:10
  do
• 3:10
  you
• 3:10
  think
• 3:10
  about
• 3:10
  it?
• 3:11
  One
• 3:11
  of
• 3:11
  the
• 3:11
  lessons
• 3:12
  I
• 3:12
  think
• 3:12
  I
• 3:13
  got
• 3:13
  from
• 3:13
  the
• 3:14
  digital
• 3:15
  disruption
• 3:15
  experience
• 3:16
  is
• 3:16
  that
• 3:17
  you
• 3:17
  have
• 3:17
  to
• 3:17
  be
• 3:17
  careful
• 3:18
  to
• 3:18
  jump
• 3:18
  into
• 3:18
  conclusion
• 3:19
  too
• 3:19
  quickly.
• 3:19
  I
• 3:20
  observe
• 3:21
  how
• 3:21
  the
• 3:21
  answer
• 3:22
  to
• 3:22
  the
• 3:22
  same
• 3:22
  question
• 3:23
  has
• 3:23
  changed
• 3:23
  over
• 3:24
  the
• 3:24
  time.
• 3:26
  So
• 3:26
  my
• 3:27
  advice
• 3:27
  in
• 3:27
  this
• 3:29
  be
• 3:29
  careful.
• 3:29
  I
• 3:30
  think
• 3:30
  you
• 3:30
  have
• 3:30
  to
• 3:30
  be
• 3:30
  thoughtful
• 3:31
  in
• 3:31
  where
• 3:31
  you
• 3:32
  wanted
• 3:32
  to
• 3:32
  be
• 3:32
  ahead
• 3:32
  of
• 3:33
  where
• 3:33
  you
• 3:34
  just
• 3:34
  riding
• 3:35
  the
• 3:35
  wave
• 3:35
  and
• 3:36
  where
• 3:36
  you
• 3:36
  wanted
• 3:36
  to
• 3:36
  be
• 3:36
  behind
• 3:37
  and
• 3:37
  maybe
• 3:37
  a
• 3:37
  laggard.
• 3:39
  So
• 3:40
  I
• 3:40
  think
• 3:40
  it
• 3:40
  will
• 3:40
  be
• 3:40
  a
• 3:41
  little
• 3:41
  bit
• 3:41
  of
• 3:41
  each
• 3:41
  one.
• 3:42
  Okay,
• 3:42
  got
• 3:43
  it.
• 3:43
  And
• 3:44
  Enrique,
• 3:45
  as
• 3:45
  the
• 3:46
  chairman
• 3:46
  of
• 3:46
  the
• 3:46
  board,
• 3:47
  especially
• 3:48
  when
• 3:48
  it
• 3:48
  comes
• 3:48
  to
• 3:49
  things
• 3:49
  like
• 3:49
  AI
• 3:50
  and
• 3:50
  how
• 3:50
  you're
• 3:50
  going
• 3:50
  to
• 3:51
  bring
• 3:51
  that
• 3:51
  into
• 3:51
  the
• 3:51
  business
• 3:52
  at
• 3:52
  Vallabella,
• 3:53
  how
• 3:53
  do
• 3:53
  you.
• 3:54
  What
• 3:54
  are
• 3:54
  your
• 3:54
  expectations
• 3:55
  of
• 3:56
  the
• 3:56
  team
• 3:56
  as
• 3:56
  we
• 3:57
  head
• 3:57
  into
• 3:57
  this
• 3:57
  year?
• 3:58
  Yeah,
• 3:58
  that's
• 3:59
  an
• 3:59
  interesting
• 3:59
  question
• 3:59
  because
• 4:00
  this
• 4:01
  is
• 4:01
  all
• 4:01
  about
• 4:02
  effectiveness.
• 4:02
  So
• 4:03
  how
• 4:03
  we
• 4:03
  are
• 4:03
  as
• 4:04
  an
• 4:04
  organization,
• 4:04
  we're
• 4:05
  effectively
• 4:05
  addressing
• 4:06
  the
• 4:06
  opportunities,
• 4:07
  not
• 4:07
  only
• 4:07
  the
• 4:08
  threats,
• 4:08
  but
• 4:08
  mainly
• 4:09
  the
• 4:09
  opportunity
• 4:09
  that
• 4:10
  AI
• 4:10
  may
• 4:10
  bring.
• 4:11
  And
• 4:11
  in
• 4:12
  another
• 4:12
  lesson
• 4:13
  that
• 4:13
  I
• 4:13
  think
• 4:13
  I
• 4:14
  got
• 4:14
  from
• 4:15
  the
• 4:15
  digital,
• 4:15
  you
• 4:16
  know,
• 4:16
  experience
• 4:16
  is
• 4:17
  that
• 4:18
  it's
• 4:19
  hard
• 4:19
  to
• 4:19
  have
• 4:20
  a
• 4:20
  central
• 4:20
  agenda
• 4:21
  or
• 4:21
  have
• 4:22
  a
• 4:22
  total
• 4:22
  control
• 4:23
  of
• 4:23
  the
• 4:23
  agenda
• 4:24
  when
• 4:24
  you're
• 4:25
  talking
• 4:25
  about
• 4:25
  innovation.
• 4:26
  And
• 4:26
  so
• 4:27
  my
• 4:27
  recommendation
• 4:28
  and
• 4:28
  the
• 4:29
  recommendation
• 4:29
  and
• 4:29
  the
• 4:30
  approach
• 4:30
  that
• 4:30
  we
• 4:30
  take
• 4:30
  in
• 4:31
  Falavela
• 4:31
  is
• 4:32
  just
• 4:33
  set
• 4:33
  up
• 4:33
  some
• 4:33
  clarity
• 4:34
  in
• 4:34
  terms
• 4:34
  of
• 4:35
  where
• 4:35
  you
• 4:35
  wanted
• 4:35
  to
• 4:35
  focus.
• 4:36
  In
• 4:36
  our
• 4:36
  case,
• 4:36
  we
• 4:37
  focus
• 4:37
  on
• 4:37
  two
• 4:37
  main
• 4:38
  things,
• 4:38
  customer
• 4:39
  experience,
• 4:39
  how
• 4:39
  we
• 4:39
  improve
• 4:40
  customer
• 4:40
  experience
• 4:41
  and
• 4:41
  increase
• 4:41
  profitability.
• 4:43
  So
• 4:43
  Those
• 4:43
  are
• 4:43
  the
• 4:43
  10
• 4:43
  main
• 4:44
  focus.
• 4:45
  Set
• 4:45
  up
• 4:45
  some
• 4:45
  guardrails,
• 4:46
  mainly
• 4:46
  in
• 4:46
  cybersecurity,
• 4:47
  so
• 4:48
  just
• 4:48
  general
• 4:48
  guardrails
• 4:49
  and
• 4:50
  then
• 4:50
  just
• 4:50
  leave
• 4:50
  the
• 4:50
  organizations.
• 4:52
  We
• 4:52
  are
• 4:52
  quite
• 4:52
  a
• 4:53
  diversified
• 4:53
  organization.
• 4:54
  Leave
• 4:54
  the
• 4:54
  organization
• 4:56
  just
• 4:56
  to
• 4:56
  prove
• 4:57
  a
• 4:57
  lot
• 4:57
  of
• 4:58
  things
• 4:58
  that
• 4:58
  we
• 4:58
  have
• 4:58
  a
• 4:58
  lot
• 4:58
  of
• 4:59
  projects,
• 4:59
  a
• 4:59
  lot
• 4:59
  of
• 4:59
  proof
• 5:00
  of
• 5:00
  concept,
• 5:01
  looking
• 5:01
  for
• 5:01
  greenshots,
• 5:02
  but
• 5:03
  in
• 5:03
  a
• 5:03
  very
• 5:03
  decentralized
• 5:04
  way.
• 5:04
  Yeah,
• 5:05
  we
• 5:05
  don't,
• 5:06
  we
• 5:06
  don't
• 5:07
  aim
• 5:07
  to
• 5:07
  control
• 5:08
  everything
• 5:09
  in
• 5:09
  this.
• 5:10
  On
• 5:10
  the
• 5:10
  contrary,
• 5:11
  we
• 5:11
  put
• 5:12
  incentives
• 5:12
  so
• 5:13
  they
• 5:13
  can
• 5:13
  go
• 5:14
  and
• 5:14
  see
• 5:14
  what
• 5:14
  they
• 5:15
  make
• 5:15
  sense
• 5:15
  for.
• 5:15
  And
• 5:16
  there's
• 5:16
  a,
• 5:16
  there's
• 5:16
  a
• 5:16
  lot
• 5:16
  happening
• 5:17
  outside
• 5:17
  of
• 5:17
  everyone's
• 5:18
  control
• 5:18
  right
• 5:18
  now
• 5:19
  in
• 5:19
  the
• 5:19
  retail
• 5:19
  industry.
• 5:19
  That
• 5:20
  seems
• 5:20
  to
• 5:20
  be
• 5:20
  a
• 5:20
  key
• 5:21
  theme
• 5:21
  here
• 5:22
  at
• 5:23
  wrc.
• 5:24
  But
• 5:24
  how
• 5:24
  are
• 5:25
  you,
• 5:27
  what
• 5:27
  is
• 5:27
  your
• 5:27
  expectation
• 5:28
  for
• 5:28
  your
• 5:28
  team
• 5:29
  to
• 5:30
  focus
• 5:30
  on
• 5:31
  when
• 5:31
  there's
• 5:31
  a
• 5:32
  lot
• 5:32
  of
• 5:32
  uncertainty
• 5:32
  out
• 5:32
  there?
• 5:33
  What
• 5:33
  are
• 5:33
  the
• 5:33
  fundamentals
• 5:34
  that
• 5:34
  you're
• 5:34
  looking
• 5:34
  for
• 5:35
  them
• 5:35
  to
• 5:35
  kind
• 5:35
  of
• 5:35
  focus
• 5:35
  on
• 5:36
  the
• 5:36
  rest?
• 5:36
  Well,
• 5:37
  they
• 5:37
  are
• 5:37
  close
• 5:38
  to
• 5:38
  their
• 5:38
  customers
• 5:38
  and
• 5:39
  to
• 5:39
  their
• 5:40
  business
• 5:40
  and
• 5:41
  their
• 5:41
  own
• 5:42
  market
• 5:42
  dynamics,
• 5:43
  so
• 5:43
  they
• 5:44
  know
• 5:44
  better
• 5:44
  that.
• 5:45
  So
• 5:46
  what
• 5:46
  we
• 5:46
  try
• 5:47
  is
• 5:47
  just
• 5:47
  to
• 5:48
  empower
• 5:48
  them
• 5:49
  to
• 5:49
  have
• 5:49
  the
• 5:49
  right
• 5:49
  level
• 5:50
  of
• 5:50
  accountability
• 5:50
  so
• 5:51
  they
• 5:51
  have
• 5:51
  the
• 5:51
  tools,
• 5:52
  they
• 5:52
  have
• 5:52
  the,
• 5:53
  the
• 5:54
  authority
• 5:54
  to
• 5:55
  take
• 5:55
  actions.
• 5:57
  Don't
• 5:57
  wait
• 5:57
  for
• 5:58
  somebody
• 5:58
  come
• 5:58
  and
• 5:59
  tell
• 5:59
  them
• 5:59
  what
• 5:59
  they
• 5:59
  need
• 5:59
  to
• 6:00
  do.
• 6:00
  Yeah.
• 6:01
  And
• 6:02
  that
• 6:02
  has
• 6:02
  proven
• 6:02
  to
• 6:02
  be
• 6:03
  quite
• 6:03
  effective
• 6:03
  in
• 6:03
  terms
• 6:03
  of
• 6:04
  driving
• 6:04
  organization
• 6:05
  not
• 6:05
  affecting
• 6:05
  us.
• 6:06
  Right.
• 6:06
  That's
• 6:06
  good
• 6:06
  advice.
• 6:06
  Autonomy
• 6:07
  is
• 6:07
  always
• 6:07
  important.
• 6:08
  Okay,
• 6:08
  so
• 6:09
  let's
• 6:09
  get
• 6:09
  you
• 6:09
  out
• 6:09
  of
• 6:09
  here
• 6:09
  on
• 6:09
  this.
• 6:10
  So
• 6:10
  year
• 6:10
  two
• 6:11
  and
• 6:11
  your
• 6:11
  role
• 6:11
  as
• 6:11
  chairman,
• 6:12
  there's
• 6:12
  been
• 6:13
  a
• 6:13
  lot
• 6:13
  of
• 6:13
  changes
• 6:13
  macroeconomically,
• 6:14
  without
• 6:15
  a
• 6:15
  doubt.
• 6:15
  I'm
• 6:16
  curious,
• 6:16
  how
• 6:16
  has
• 6:16
  year
• 6:17
  two
• 6:17
  been
• 6:17
  different
• 6:17
  than
• 6:18
  year
• 6:18
  one?
• 6:18
  And,
• 6:19
  and
• 6:19
  how
• 6:19
  are
• 6:20
  you
• 6:20
  approaching
• 6:20
  it?
• 6:21
  Yeah.
• 6:21
  And
• 6:22
  in
• 6:22
  our
• 6:22
  case
• 6:23
  in
• 6:24
  Latin
• 6:24
  America
• 6:25
  in
• 6:25
  general,
• 6:25
  coming
• 6:26
  out
• 6:27
  well
• 6:27
  during
• 6:27
  the
• 6:27
  pandemic
• 6:28
  and
• 6:28
  coming
• 6:28
  out
• 6:28
  of
• 6:28
  the
• 6:28
  pandemia
• 6:29
  with
• 6:29
  the
• 6:29
  aftershocks,
• 6:30
  you
• 6:30
  know,
• 6:30
  inflation's
• 6:31
  going
• 6:31
  up,
• 6:31
  interest
• 6:32
  rate
• 6:32
  going
• 6:32
  up.
• 6:33
  In
• 6:33
  our
• 6:33
  business,
• 6:34
  which
• 6:34
  is
• 6:34
  mainly
• 6:35
  non
• 6:35
  discretionary,
• 6:37
  we
• 6:37
  have
• 6:37
  a
• 6:37
  big
• 6:37
  hit
• 6:38
  and
• 6:38
  so
• 6:38
  we
• 6:38
  have
• 6:39
  a
• 6:39
  rough
• 6:39
  time.
• 6:40
  So
• 6:40
  what
• 6:41
  we
• 6:41
  have
• 6:41
  seen
• 6:41
  in
• 6:42
  the
• 6:42
  last
• 6:42
  few
• 6:42
  years
• 6:42
  is
• 6:43
  an
• 6:43
  improvement.
• 6:43
  We
• 6:44
  continue
• 6:45
  to
• 6:45
  continue
• 6:45
  to
• 6:46
  see
• 6:46
  that
• 6:46
  trend
• 6:46
  even
• 6:46
  though
• 6:47
  that
• 6:47
  the,
• 6:48
  the
• 6:49
  countries
• 6:50
  are
• 6:50
  not
• 6:50
  growing
• 6:52
  very
• 6:52
  much.
• 6:52
  But
• 6:52
  it's,
• 6:53
  but
• 6:54
  at
• 6:54
  least
• 6:54
  we
• 6:54
  are
• 6:54
  not
• 6:54
  facing.
• 6:56
  We're
• 6:57
  seeing
• 6:57
  more,
• 6:58
  you
• 6:59
  know,
• 6:59
  better,
• 7:00
  better
• 7:00
  numbers.
• 7:01
  And
• 7:01
  so
• 7:02
  we
• 7:02
  are
• 7:02
  happy
• 7:03
  to
• 7:03
  see
• 7:03
  the
• 7:03
  improvements
• 7:04
  and
• 7:05
  confident
• 7:05
  that
• 7:06
  it
• 7:06
  continue
• 7:06
  to
• 7:07
  be
• 7:07
  so.
• 7:07
  Got
• 7:07
  it.
• 7:08
  Done.
• 7:08
  All
• 7:08
  right,
• 7:08
  well,
• 7:09
  thank
• 7:09
  you
• 7:09
  so
• 7:10
  much.
• 7:10
  Thank
• 7:10
  you
• 7:10
  so
• 7:11
  much
• 7:11
  for
• 7:11
  making
• 7:11
  time.
• 7:12
  We
• 7:12
  hit
• 7:12
  each
• 7:13
  other
• 7:13
  up
• 7:13
  on
• 7:13
  WhatsApp
• 7:13
  prior
• 7:14
  to
• 7:14
  this
• 7:14
  conference.
• 7:14
  We
• 7:15
  got
• 7:15
  this
• 7:15
  scheduled
• 7:15
  and
• 7:16
  really
• 7:16
  appreciate
• 7:17
  you
• 7:17
  taking
• 7:17
  the
• 7:17
  time
• 7:17
  spending
• 7:18
  with
• 7:18
  us.
• 7:18
  So
• 7:19
  that
• 7:19
  concludes
• 7:19
  our
• 7:20
  interview
• 7:20
  with
• 7:20
  Enrique
• 7:20
  and
• 7:21
  we'll
• 7:21
  be
• 7:21
  back
• 7:21
  here
• 7:21
  soon.
• 7:22
  Anne's
• 7:22
  gonna
• 7:22
  go
• 7:22
  on
• 7:22
  stage
• 7:23
  here
• 7:23
  for
• 7:23
  the
• 7:23
  next
• 7:23
  hour,
• 7:24
  so
• 7:24
  she's
• 7:25
  gonna
• 7:25
  take
• 7:25
  a
• 7:25
  break,
• 7:25
  gonna
• 7:26
  go
• 7:26
  regale
• 7:27
  the
• 7:27
  WRC
• 7:27
  crowd
• 7:28
  with.
• 7:28
  We're
• 7:28
  gonna
• 7:28
  try
• 7:29
  everything
• 7:30
  in
• 7:30
  terms
• 7:30
  of
• 7:30
  the
• 7:30
  future
• 7:30
  of
• 7:31
  retail.
• 7:31
  And
• 7:31
  until
• 7:32
  next
• 7:32
  time,
• 7:32
  Ann,
• 7:33
  be
• 7:33
  careful.