Latest / Omni Talk Retail / Marks & Spencer Chairman Archie Norman on Truth Turnarounds and Leading Change | RTS 2026

Transcript

Marks & Spencer Chairman Archie Norman on Truth Turnarounds and Leading Change | RTS 2026 · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  everyone,
• 0:00
  this
• 0:01
  is
• 0:01
  Omnitalk
• 0:01
  Retail.
• 0:02
  I'm
• 0:02
  Chris
• 0:02
  Walton
• 0:02
  and
• 0:03
  I'm
• 0:03
  coming
• 0:03
  to
• 0:03
  you
• 0:03
  live
• 0:04
  from
• 0:04
  the
• 0:04
  Retail
• 0:04
  Technology
• 0:05
  show
• 0:05
  in
• 0:06
  London
• 0:06
  from
• 0:06
  the
• 0:06
  Vuzion
• 0:07
  podcast
• 0:08
  studio.
• 0:08
  And
• 0:09
  I
• 0:09
  am
• 0:09
  very
• 0:09
  honored
• 0:10
  and
• 0:10
  privileged
• 0:10
  to
• 0:11
  introduce
• 0:11
  my
• 0:11
  next
• 0:12
  guest.
• 0:12
  My
• 0:13
  next
• 0:13
  guest
• 0:13
  is
• 0:13
  Archie
• 0:14
  Norman,
• 0:14
  the
• 0:14
  chairman
• 0:15
  of
• 0:16
  Marks
• 0:16
  and
• 0:16
  Spencer.
• 0:17
  Archie,
• 0:18
  welcome
• 0:19
  to
• 0:19
  omnitalk.
• 0:19
  It's
• 0:20
  great
• 0:20
  to
• 0:20
  have
• 0:20
  you.
• 0:20
  Thank
• 0:20
  you.
• 0:21
  Great
• 0:21
  to
• 0:21
  be
• 0:21
  here.
• 0:21
  You
• 0:22
  just
• 0:22
  got
• 0:22
  off
• 0:22
  stage,
• 0:23
  like
• 0:23
  literally
• 0:23
  you
• 0:23
  just
• 0:23
  came
• 0:24
  off
• 0:24
  stage.
• 0:24
  Right?
• 0:25
  Yeah.
• 0:26
  And
• 0:26
  what
• 0:27
  you
• 0:27
  and
• 0:27
  I
• 0:27
  were
• 0:28
  joking
• 0:28
  beforehand.
• 0:28
  What
• 0:29
  was
• 0:29
  the
• 0:29
  main,
• 0:29
  what
• 0:29
  was
• 0:30
  the
• 0:30
  main
• 0:30
  information
• 0:31
  that
• 0:31
  you
• 0:31
  shared
• 0:31
  with
• 0:31
  the
• 0:31
  audience
• 0:32
  here
• 0:32
  at
• 0:32
  Retail
• 0:32
  Technology
• 0:33
  Show?
• 0:33
  What
• 0:33
  was
• 0:33
  the
• 0:33
  main
• 0:33
  gist
• 0:34
  of
• 0:34
  what
• 0:34
  you
• 0:34
  discussed?
• 0:36
  Well,
• 0:36
  we
• 0:36
  had
• 0:36
  a
• 0:37
  wide
• 0:37
  ranging
• 0:38
  discussion.
• 0:39
  People
• 0:40
  in
• 0:40
  the
• 0:40
  uk,
• 0:41
  they're
• 0:41
  always
• 0:41
  so
• 0:42
  interested
• 0:42
  in
• 0:42
  M
• 0:42
  and
• 0:43
  S.
• 0:43
  You
• 0:43
  know,
• 0:43
  we're
• 0:44
  such
• 0:44
  a
• 0:44
  public
• 0:45
  company,
• 0:45
  we
• 0:46
  almost
• 0:46
  like
• 0:47
  everybody
• 0:47
  thinks
• 0:47
  they
• 0:48
  own
• 0:48
  us
• 0:48
  and
• 0:49
  that
• 0:49
  makes
• 0:49
  them
• 0:49
  also
• 0:50
  our
• 0:50
  most
• 0:50
  critical
• 0:51
  friends
• 0:52
  as
• 0:52
  well.
• 0:52
  Right.
• 0:53
  So
• 0:54
  they're
• 0:54
  so
• 0:54
  interested
• 0:55
  in
• 0:55
  product
• 0:56
  in
• 0:56
  our
• 0:57
  stores
• 0:57
  where
• 0:57
  we
• 0:58
  opening.
• 0:58
  Why
• 0:58
  are
• 0:59
  we
• 0:59
  closing
• 0:59
  stores?
• 1:01
  Our
• 1:01
  technology.
• 1:02
  Last
• 1:03
  year
• 1:03
  we
• 1:03
  had
• 1:03
  this
• 1:04
  incident
• 1:04
  which
• 1:05
  we
• 1:05
  like
• 1:05
  not
• 1:05
  talk
• 1:05
  about.
• 1:06
  Now.
• 1:06
  Everybody
• 1:07
  does
• 1:07
  want
• 1:07
  to
• 1:07
  talk.
• 1:08
  I'll
• 1:08
  probably
• 1:08
  have
• 1:08
  to
• 1:08
  ask
• 1:08
  you
• 1:09
  about.
• 1:09
  It
• 1:09
  too,
• 1:09
  but
• 1:09
  yeah,
• 1:10
  we
• 1:10
  have
• 1:10
  to,
• 1:10
  you
• 1:10
  know,
• 1:11
  how
• 1:11
  did
• 1:11
  you
• 1:11
  get
• 1:12
  through
• 1:12
  it?
• 1:12
  How
• 1:12
  did
• 1:13
  you
• 1:13
  manage
• 1:14
  and
• 1:16
  you
• 1:17
  know,
• 1:17
  what
• 1:17
  you
• 1:17
  do,
• 1:17
  the
• 1:17
  team,
• 1:17
  how
• 1:18
  things
• 1:18
  change,
• 1:18
  the
• 1:18
  results.
• 1:19
  So
• 1:19
  we
• 1:19
  talked
• 1:19
  about
• 1:19
  that.
• 1:20
  We
• 1:20
  talked
• 1:20
  about
• 1:21
  retail
• 1:21
  theft.
• 1:23
  Did
• 1:23
  you?
• 1:23
  There
• 1:24
  comes
• 1:24
  and
• 1:24
  goes.
• 1:24
  At
• 1:24
  the
• 1:25
  moment,
• 1:25
  it's
• 1:25
  very
• 1:25
  topical.
• 1:27
  We
• 1:27
  talked
• 1:27
  a
• 1:27
  bit
• 1:27
  about
• 1:28
  that
• 1:28
  and
• 1:29
  then
• 1:29
  we
• 1:29
  talked
• 1:29
  about
• 1:29
  AI
• 1:30
  and
• 1:30
  technology
• 1:31
  and
• 1:31
  like
• 1:32
  that's
• 1:32
  affecting
• 1:33
  all
• 1:33
  our
• 1:33
  lives,
• 1:33
  isn't
• 1:34
  it?
• 1:34
  Yeah.
• 1:34
  Right.
• 1:34
  Yeah.
• 1:35
  Anything,
• 1:35
  Anything
• 1:35
  that
• 1:35
  you
• 1:36
  wish
• 1:36
  you
• 1:36
  had
• 1:36
  said
• 1:36
  that
• 1:37
  you
• 1:37
  didn't
• 1:37
  get
• 1:37
  to
• 1:37
  in
• 1:37
  the
• 1:37
  conversation?
• 1:39
  Probably
• 1:39
  a
• 1:39
  few
• 1:39
  things
• 1:39
  I
• 1:39
  wish
• 1:40
  I
• 1:40
  hadn't
• 1:40
  said.
• 1:40
  You
• 1:40
  wish
• 1:40
  you
• 1:41
  hadn't
• 1:41
  said
• 1:41
  yes,
• 1:41
  right,
• 1:42
  yeah.
• 1:42
  You
• 1:42
  had
• 1:42
  the
• 1:43
  editing
• 1:43
  button
• 1:43
  more
• 1:44
  ready
• 1:44
  to
• 1:44
  go.
• 1:45
  All
• 1:45
  right,
• 1:45
  so
• 1:45
  I'm
• 1:45
  interested
• 1:46
  to
• 1:46
  talk
• 1:46
  to
• 1:46
  you
• 1:46
  because,
• 1:46
  you
• 1:47
  know,
• 1:47
  you've
• 1:47
  had
• 1:47
  a,
• 1:48
  you've
• 1:48
  had
• 1:48
  a
• 1:48
  very
• 1:48
  long
• 1:48
  and
• 1:49
  distinguished
• 1:49
  career.
• 1:49
  You've
• 1:50
  engineered
• 1:50
  a
• 1:50
  number
• 1:51
  of
• 1:51
  turnarounds
• 1:51
  in
• 1:52
  your
• 1:52
  career.
• 1:52
  I'm
• 1:53
  curious,
• 1:53
  is
• 1:53
  there
• 1:53
  any
• 1:53
  consistent
• 1:54
  pattern
• 1:55
  you
• 1:55
  see
• 1:55
  in
• 1:55
  the
• 1:55
  troubled
• 1:56
  businesses
• 1:56
  that
• 1:57
  you've
• 1:57
  helped
• 1:57
  turn
• 1:57
  around,
• 1:59
  or
• 1:59
  is
• 1:59
  every
• 1:59
  turnaround
• 2:00
  really
• 2:00
  a
• 2:00
  different
• 2:00
  disease?
• 2:01
  At
• 2:01
  the
• 2:01
  end
• 2:01
  of
• 2:01
  the
• 2:01
  day,
• 2:03
  the.
• 2:03
  Answer
• 2:04
  is
• 2:04
  yes
• 2:04
  and
• 2:04
  no.
• 2:04
  Okay.
• 2:05
  Expect
• 2:05
  so.
• 2:06
  Yeah.
• 2:06
  I,
• 2:06
  as
• 2:07
  you
• 2:07
  say,
• 2:07
  really,
• 2:08
  I've
• 2:08
  ended
• 2:09
  up
• 2:09
  spending
• 2:09
  a
• 2:09
  lot
• 2:09
  of
• 2:09
  my
• 2:10
  career
• 2:10
  in
• 2:10
  retail,
• 2:10
  but
• 2:10
  not
• 2:10
  all.
• 2:10
  I've
• 2:11
  been
• 2:11
  in
• 2:11
  broadcast,
• 2:11
  I've
• 2:12
  been
• 2:12
  in
• 2:12
  public
• 2:12
  life.
• 2:13
  Right.
• 2:13
  I've
• 2:14
  been
• 2:14
  in
• 2:14
  telecoms.
• 2:15
  I
• 2:16
  also
• 2:16
  chair
• 2:16
  an
• 2:16
  infrastructure
• 2:17
  company
• 2:17
  called
• 2:17
  the
• 2:18
  M
• 2:18
  Group
• 2:18
  that
• 2:19
  supports
• 2:20
  critical
• 2:20
  infrastructure
• 2:20
  in
• 2:21
  the
• 2:21
  uk.
• 2:21
  So,
• 2:21
  but
• 2:22
  the
• 2:22
  common
• 2:22
  thing
• 2:23
  in
• 2:23
  a
• 2:23
  turnaround
• 2:24
  is
• 2:24
  that
• 2:24
  failing
• 2:25
  organizations
• 2:26
  develop
• 2:26
  their
• 2:26
  own
• 2:26
  narrative
• 2:27
  that
• 2:28
  explain
• 2:28
  nobody
• 2:29
  wants
• 2:29
  to
• 2:29
  be
• 2:29
  a
• 2:29
  failure.
• 2:30
  That's
• 2:31
  interesting,
• 2:31
  right?
• 2:32
  Rationalize
• 2:33
  it.
• 2:33
  And
• 2:33
  typically
• 2:35
  when
• 2:35
  things
• 2:36
  are
• 2:36
  struggling,
• 2:36
  it
• 2:36
  becomes
• 2:37
  more
• 2:37
  hierarchical,
• 2:38
  more
• 2:38
  centralized,
• 2:40
  slower,
• 2:40
  more
• 2:40
  bureaucratic.
• 2:42
  When
• 2:42
  you
• 2:42
  come
• 2:42
  into
• 2:43
  a
• 2:43
  failing
• 2:43
  company,
• 2:44
  you've
• 2:44
  got
• 2:44
  to
• 2:44
  give
• 2:44
  it
• 2:44
  a
• 2:44
  chance
• 2:45
  to
• 2:45
  succeed.
• 2:46
  That
• 2:46
  means
• 2:46
  you've
• 2:46
  got
• 2:46
  to
• 2:47
  fracture
• 2:47
  the
• 2:47
  old
• 2:47
  culture.
• 2:48
  You
• 2:49
  have
• 2:49
  to
• 2:49
  change
• 2:49
  a
• 2:49
  lot
• 2:49
  of
• 2:50
  people
• 2:50
  and
• 2:50
  you
• 2:51
  have
• 2:51
  to
• 2:51
  tell
• 2:51
  people
• 2:51
  their
• 2:52
  unvarnished
• 2:52
  truth
• 2:53
  by
• 2:53
  unvarnished
• 2:54
  truth.
• 2:54
  I
• 2:54
  think
• 2:55
  the
• 2:55
  reasons
• 2:55
  why
• 2:56
  if
• 2:56
  we
• 2:56
  don't
• 2:56
  change,
• 2:57
  we
• 2:57
  may
• 2:57
  not
• 2:57
  be
• 2:58
  around
• 2:58
  because
• 2:59
  everybody
• 2:59
  in
• 3:00
  you
• 3:00
  take
• 3:00
  an
• 3:00
  M
• 3:00
  and
• 3:01
  S,
• 3:01
  everybody
• 3:01
  on
• 3:01
  the
• 3:01
  front
• 3:02
  line,
• 3:02
  they
• 3:02
  know
• 3:03
  what
• 3:03
  is
• 3:03
  really
• 3:03
  like
• 3:04
  and
• 3:04
  they
• 3:05
  don't,
• 3:05
  they
• 3:05
  don't
• 3:06
  believe
• 3:06
  what
• 3:06
  the
• 3:07
  top
• 3:07
  management
• 3:07
  says
• 3:08
  anymore.
• 3:08
  You've
• 3:08
  got
• 3:08
  to
• 3:09
  restore
• 3:09
  credibility
• 3:10
  and
• 3:10
  then
• 3:11
  rebuild
• 3:11
  from
• 3:11
  the
• 3:11
  bottom
• 3:12
  up.
• 3:12
  And
• 3:13
  you
• 3:13
  know,
• 3:14
  you've
• 3:14
  got
• 3:14
  to
• 3:14
  recognize
• 3:15
  it's
• 3:15
  going
• 3:15
  to
• 3:15
  take
• 3:15
  time.
• 3:16
  That
• 3:16
  doesn't
• 3:16
  mean
• 3:17
  you
• 3:17
  don't
• 3:17
  have
• 3:17
  urgency
• 3:18
  and
• 3:18
  doesn't
• 3:19
  mean
• 3:19
  you
• 3:19
  don't
• 3:19
  act
• 3:19
  fast.
• 3:20
  But
• 3:20
  changing
• 3:21
  culture
• 3:21
  and
• 3:22
  people
• 3:22
  takes
• 3:23
  time.
• 3:23
  It
• 3:23
  does
• 3:23
  take
• 3:23
  time
• 3:24
  at
• 3:24
  M
• 3:24
  and.
• 3:24
  S.
• 3:24
  You
• 3:25
  know,
• 3:25
  now
• 3:25
  we're
• 3:25
  in
• 3:25
  our
• 3:25
  probably
• 3:26
  seventh
• 3:26
  year
• 3:27
  and
• 3:28
  I
• 3:28
  think
• 3:29
  we're
• 3:30
  40%
• 3:31
  of
• 3:31
  the
• 3:31
  way
• 3:31
  through
• 3:31
  what
• 3:31
  we're
• 3:32
  going
• 3:32
  to
• 3:32
  achieve.
• 3:32
  Yeah,
• 3:33
  no,
• 3:33
  we've
• 3:33
  done
• 3:34
  some
• 3:34
  great
• 3:34
  things,
• 3:34
  but
• 3:34
  we're
• 3:35
  only.
• 3:35
  Wow,
• 3:36
  that's,
• 3:36
  that's
• 3:36
  pretty
• 3:36
  impressive.
• 3:37
  That's,
• 3:37
  that's,
• 3:37
  that's
• 3:37
  saying
• 3:38
  a
• 3:38
  lot
• 3:38
  given
• 3:38
  what
• 3:38
  you've
• 3:38
  already
• 3:39
  accomplished.
• 3:39
  So
• 3:40
  if,
• 3:40
  if
• 3:40
  so
• 3:41
  might
• 3:41
  have
• 3:41
  take
• 3:41
  from
• 3:41
  that
• 3:42
  too,
• 3:42
  that
• 3:42
  as
• 3:42
  you
• 3:42
  come
• 3:42
  in
• 3:42
  and
• 3:43
  you
• 3:43
  engineer
• 3:43
  a
• 3:43
  turnaround
• 3:43
  that
• 3:44
  is
• 3:44
  really
• 3:44
  important
• 3:44
  to
• 3:45
  get
• 3:45
  your,
• 3:45
  your
• 3:46
  ear
• 3:46
  to
• 3:46
  the
• 3:46
  ground
• 3:47
  in
• 3:47
  terms
• 3:47
  of
• 3:47
  what
• 3:47
  the
• 3:48
  lower
• 3:48
  level
• 3:48
  employees
• 3:49
  are
• 3:49
  saying,
• 3:49
  the
• 3:50
  people
• 3:50
  that
• 3:50
  are
• 3:50
  closest
• 3:50
  to
• 3:50
  the
• 3:51
  customer
• 3:51
  are
• 3:51
  saying.
• 3:51
  And
• 3:51
  how
• 3:52
  do
• 3:52
  you
• 3:52
  do
• 3:52
  that?
• 3:52
  First
• 3:52
  thing,
• 3:53
  the
• 3:53
  new
• 3:53
  leader,
• 3:54
  all
• 3:54
  new
• 3:54
  leaders
• 3:54
  have
• 3:55
  to
• 3:55
  arrive
• 3:55
  with
• 3:55
  a
• 3:55
  thunderclap.
• 3:56
  Okay,
• 3:56
  my
• 3:57
  view,
• 3:57
  interesting,
• 3:58
  you
• 3:59
  say
• 3:59
  you,
• 3:59
  you,
• 3:59
  you
• 4:00
  can't,
• 4:02
  your
• 4:02
  opportunity
• 4:03
  to
• 4:03
  impact
• 4:04
  is
• 4:04
  in
• 4:04
  your
• 4:04
  first
• 4:05
  hundred
• 4:05
  days.
• 4:06
  So
• 4:06
  you've
• 4:06
  got
• 4:06
  to
• 4:07
  set
• 4:07
  direction.
• 4:08
  But
• 4:08
  having
• 4:08
  set
• 4:09
  direction,
• 4:10
  then
• 4:10
  you
• 4:10
  go
• 4:10
  and
• 4:11
  listen
• 4:11
  to
• 4:11
  the
• 4:11
  front
• 4:11
  line
• 4:12
  because
• 4:12
  the
• 4:13
  truth
• 4:13
  is
• 4:13
  on
• 4:13
  the
• 4:14
  front
• 4:14
  line.
• 4:14
  The
• 4:14
  truth
• 4:15
  is
• 4:15
  in
• 4:15
  the
• 4:15
  stores,
• 4:15
  the
• 4:16
  truth
• 4:16
  is
• 4:16
  with
• 4:16
  the
• 4:16
  store
• 4:17
  managers.
• 4:18
  And
• 4:18
  then
• 4:18
  you
• 4:19
  have
• 4:19
  to
• 4:19
  bottle
• 4:20
  that
• 4:20
  truth
• 4:21
  and
• 4:21
  then
• 4:22
  tell
• 4:22
  the
• 4:23
  whole
• 4:23
  company
• 4:23
  and
• 4:24
  its
• 4:24
  stakeholders
• 4:25
  and
• 4:25
  the
• 4:25
  people
• 4:25
  who
• 4:26
  work
• 4:26
  there,
• 4:27
  this
• 4:27
  is
• 4:28
  where
• 4:28
  we
• 4:28
  really
• 4:28
  are.
• 4:29
  And
• 4:30
  facing
• 4:30
  into
• 4:31
  the
• 4:31
  unvarnished
• 4:31
  truth
• 4:32
  releases
• 4:32
  the
• 4:33
  energy
• 4:33
  for
• 4:33
  change.
• 4:34
  Because
• 4:34
  people
• 4:34
  then
• 4:35
  say,
• 4:35
  ah,
• 4:36
  it's
• 4:36
  okay
• 4:37
  to
• 4:37
  say
• 4:37
  this
• 4:37
  isn't
• 4:38
  working
• 4:38
  right.
• 4:38
  It's
• 4:39
  okay
• 4:39
  to
• 4:39
  say
• 4:39
  this
• 4:39
  product
• 4:40
  isn't
• 4:40
  good
• 4:40
  enough.
• 4:41
  It's
• 4:41
  okay
• 4:41
  to
• 4:41
  say
• 4:42
  Our
• 4:42
  prices
• 4:42
  are
• 4:42
  too
• 4:43
  high.
• 4:43
  As
• 4:44
  opposed
• 4:44
  to
• 4:45
  the
• 4:45
  previous
• 4:45
  psychology,
• 4:46
  which
• 4:46
  is
• 4:47
  you've
• 4:47
  got
• 4:48
  to
• 4:48
  defend
• 4:48
  everything.
• 4:49
  And
• 4:49
  once
• 4:49
  you've
• 4:50
  done
• 4:50
  that,
• 4:50
  you'll
• 4:50
  unleash
• 4:51
  energy.
• 4:52
  And
• 4:52
  then,
• 4:52
  of
• 4:52
  course,
• 4:52
  you've
• 4:53
  got
• 4:53
  to
• 4:53
  bring
• 4:53
  in.
• 4:54
  You've
• 4:54
  got
• 4:54
  to
• 4:55
  bring
• 4:55
  in
• 4:55
  new
• 4:55
  people.
• 4:56
  Typically,
• 4:56
  there's
• 4:57
  sometimes
• 4:57
  new
• 4:57
  people
• 4:57
  in
• 4:58
  your
• 4:58
  company.
• 4:59
  There's
• 4:59
  some.
• 4:59
  No,
• 5:00
  there's
• 5:00
  some
• 5:00
  people
• 5:01
  still
• 5:01
  fighting.
• 5:02
  You
• 5:02
  bring
• 5:03
  them
• 5:03
  up,
• 5:03
  but
• 5:03
  then
• 5:04
  time,
• 5:04
  you
• 5:04
  bring
• 5:04
  from
• 5:05
  outside.
• 5:05
  Yeah.
• 5:05
  And
• 5:06
  retail
• 5:06
  change,
• 5:07
  because
• 5:07
  it's
• 5:07
  such,
• 5:10
  in
• 5:10
  our
• 5:10
  case,
• 5:10
  120,000
• 5:11
  different
• 5:12
  products,
• 5:12
  50,000
• 5:13
  colleagues.
• 5:14
  It's
• 5:15
  not
• 5:16
  like
• 5:16
  you
• 5:16
  can't
• 5:17
  do
• 5:17
  that
• 5:17
  from
• 5:17
  the
• 5:17
  boardroom.
• 5:18
  It
• 5:18
  requires
• 5:19
  leadership,
• 5:20
  almost
• 5:21
  irrational
• 5:22
  energy
• 5:22
  from
• 5:23
  the
• 5:23
  leader
• 5:24
  to
• 5:24
  nail
• 5:24
  things
• 5:25
  and
• 5:25
  drive
• 5:25
  things
• 5:25
  through.
• 5:26
  Yeah.
• 5:26
  I
• 5:26
  can
• 5:26
  see
• 5:26
  why.
• 5:27
  I
• 5:27
  can
• 5:27
  see
• 5:27
  why
• 5:27
  you're
• 5:28
  successful.
• 5:28
  I'm
• 5:28
  curious,
• 5:29
  like,
• 5:29
  as
• 5:30
  you've
• 5:30
  done
• 5:30
  that,
• 5:31
  do
• 5:31
  you,
• 5:32
  as
• 5:32
  the
• 5:32
  leader,
• 5:32
  do
• 5:33
  you
• 5:33
  feel
• 5:33
  the
• 5:33
  sense
• 5:34
  of
• 5:34
  relief
• 5:34
  that
• 5:34
  the
• 5:34
  organization
• 5:35
  gets
• 5:35
  from
• 5:36
  being
• 5:36
  freed,
• 5:37
  you
• 5:37
  know,
• 5:37
  in
• 5:37
  that
• 5:37
  situation,
• 5:38
  from
• 5:38
  the
• 5:39
  straight
• 5:39
  plain
• 5:40
  talk
• 5:40
  that
• 5:40
  you're
• 5:40
  giving
• 5:41
  them?
• 5:41
  Yeah,
• 5:41
  but
• 5:42
  I
• 5:42
  mean,
• 5:42
  to
• 5:42
  be
• 5:42
  fair,
• 5:44
  my
• 5:45
  role
• 5:45
  is
• 5:45
  now
• 5:45
  to
• 5:45
  be
• 5:45
  the
• 5:45
  chairman.
• 5:46
  Yeah,
• 5:46
  right.
• 5:46
  On
• 5:47
  the
• 5:47
  team
• 5:47
  coming.
• 5:47
  Yeah.
• 5:48
  Now
• 5:48
  you're
• 5:48
  the
• 5:48
  coach.
• 5:48
  Yeah.
• 5:49
  Right.
• 5:49
  And
• 5:50
  I've
• 5:50
  got
• 5:50
  a
• 5:51
  brilliant
• 5:51
  team
• 5:52
  led
• 5:52
  by
• 5:52
  Stuart
• 5:53
  Machin.
• 5:53
  Yeah.
• 5:54
  Who
• 5:54
  are
• 5:55
  so
• 5:55
  hard
• 5:55
  driving.
• 5:56
  They
• 5:56
  work
• 5:56
  so
• 5:57
  hard
• 5:57
  for
• 5:57
  the
• 5:57
  business
• 5:57
  and
• 5:58
  care
• 5:58
  so
• 5:58
  much
• 5:58
  about
• 5:58
  it.
• 5:59
  Yeah.
• 5:59
  So
• 5:59
  my
• 6:00
  job
• 6:00
  is
• 6:00
  to
• 6:00
  support
• 6:01
  them
• 6:01
  and
• 6:02
  to
• 6:02
  advise
• 6:03
  them
• 6:03
  and
• 6:03
  sometimes
• 6:04
  to
• 6:04
  say,
• 6:04
  guys,
• 6:04
  I
• 6:04
  think
• 6:05
  we're
• 6:05
  going
• 6:05
  off
• 6:05
  piste
• 6:05
  here,
• 6:07
  but
• 6:07
  you,
• 6:08
  you
• 6:08
  do
• 6:08
  need
• 6:08
  that.
• 6:08
  And
• 6:09
  Stuart
• 6:09
  has
• 6:09
  this
• 6:10
  phrase
• 6:10
  which
• 6:11
  he's
• 6:11
  coined,
• 6:11
  called
• 6:12
  positively
• 6:12
  dissatisfied.
• 6:13
  So
• 6:13
  he's
• 6:13
  saying,
• 6:13
  look,
• 6:13
  our
• 6:14
  job
• 6:14
  is
• 6:14
  to
• 6:14
  be
• 6:15
  positively.
• 6:17
  We're
• 6:17
  not
• 6:18
  negative,
• 6:18
  but
• 6:18
  we're
• 6:18
  positive
• 6:19
  about
• 6:19
  the
• 6:19
  business.
• 6:20
  But
• 6:20
  we're
• 6:20
  dissatisfied.
• 6:21
  And
• 6:22
  we
• 6:22
  need
• 6:22
  to
• 6:22
  be
• 6:23
  always
• 6:23
  dissatisfied
• 6:24
  because,
• 6:25
  you
• 6:26
  know,
• 6:26
  we're
• 6:26
  only
• 6:26
  as
• 6:26
  good
• 6:26
  as
• 6:27
  the
• 6:27
  change.
• 6:27
  We
• 6:27
  interliven
• 6:28
  the
• 6:28
  arrowhead.
• 6:28
  Right.
• 6:29
  And
• 6:29
  that
• 6:29
  means
• 6:29
  that
• 6:30
  in
• 6:30
  our
• 6:30
  meetings,
• 6:31
  you
• 6:31
  won't
• 6:31
  be
• 6:31
  able
• 6:31
  to
• 6:32
  come
• 6:32
  and
• 6:32
  say,
• 6:33
  we're
• 6:33
  getting.
• 6:33
  Not
• 6:34
  to
• 6:34
  say
• 6:34
  how
• 6:34
  well
• 6:34
  we're
• 6:35
  doing.
• 6:35
  Yep.
• 6:36
  Well,
• 6:36
  you
• 6:36
  couldn't
• 6:36
  say
• 6:36
  that
• 6:36
  if
• 6:37
  you
• 6:37
  like.
• 6:37
  Yeah.
• 6:37
  Right.
• 6:38
  Get
• 6:38
  onto.
• 6:40
  But
• 6:40
  keep
• 6:40
  them
• 6:40
  inspired,
• 6:41
  too.
• 6:41
  That's
• 6:41
  what
• 6:41
  I
• 6:41
  take
• 6:42
  from
• 6:42
  that.
• 6:42
  Never
• 6:42
  satisfied.
• 6:43
  But
• 6:43
  keep
• 6:43
  them
• 6:43
  inspired.
• 6:44
  Everybody
• 6:45
  in
• 6:45
  the
• 6:45
  company,
• 6:46
  you
• 6:46
  see,
• 6:47
  you
• 6:47
  want.
• 6:48
  Every
• 6:48
  colleague
• 6:49
  in
• 6:49
  the
• 6:49
  company
• 6:49
  has
• 6:49
  to
• 6:50
  believe
• 6:50
  that
• 6:51
  they
• 6:51
  can
• 6:51
  play
• 6:51
  a
• 6:51
  role
• 6:52
  in
• 6:52
  improving
• 6:52
  our
• 6:52
  business.
• 6:54
  They
• 6:54
  can
• 6:54
  have
• 6:54
  a
• 6:54
  shout,
• 6:55
  because
• 6:55
  then
• 6:56
  you
• 6:56
  get
• 6:56
  a
• 6:56
  business
• 6:56
  where
• 6:57
  everybody
• 6:57
  is
• 6:57
  striving
• 6:58
  for
• 6:58
  continuous
• 6:58
  improvement.
• 6:59
  You
• 6:59
  get
• 6:59
  this
• 6:59
  noise
• 7:00
  all
• 7:00
  the
• 7:00
  time.
• 7:01
  You
• 7:01
  send
• 7:01
  people
• 7:02
  the
• 7:02
  wrong
• 7:02
  product,
• 7:02
  they
• 7:02
  all
• 7:03
  tell
• 7:03
  you,
• 7:04
  and
• 7:04
  that's
• 7:04
  what
• 7:04
  creates
• 7:05
  the
• 7:05
  energy
• 7:06
  and
• 7:06
  the
• 7:06
  continuous
• 7:07
  process.
• 7:09
  And
• 7:09
  hence
• 7:09
  why
• 7:09
  there's
• 7:09
  so
• 7:09
  much
• 7:10
  Pride
• 7:10
  for
• 7:10
  M
• 7:10
  and
• 7:10
  S
• 7:11
  in
• 7:11
  general.
• 7:12
  All
• 7:12
  right,
• 7:12
  so
• 7:12
  that
• 7:12
  was
• 7:13
  kind
• 7:13
  of
• 7:13
  the
• 7:13
  turnaround
• 7:14
  topic.
• 7:14
  I
• 7:15
  started
• 7:15
  with
• 7:15
  the
• 7:15
  turnaround
• 7:15
  topic.
• 7:16
  Now
• 7:16
  I
• 7:16
  want
• 7:16
  to
• 7:16
  talk
• 7:17
  about
• 7:17
  the
• 7:17
  day
• 7:17
  to
• 7:17
  day
• 7:17
  because
• 7:18
  you
• 7:18
  mentioned
• 7:18
  it.
• 7:18
  You
• 7:18
  had
• 7:19
  the
• 7:19
  cyber
• 7:19
  attack.
• 7:19
  The
• 7:19
  day
• 7:19
  to
• 7:20
  day,
• 7:20
  there's
• 7:20
  AI.
• 7:21
  Cyber's
• 7:21
  not
• 7:21
  day
• 7:22
  to
• 7:22
  day,
• 7:22
  right?
• 7:22
  No.
• 7:22
  Right,
• 7:22
  yeah.
• 7:23
  But
• 7:24
  yeah,
• 7:24
  it
• 7:24
  was
• 7:24
  the
• 7:25
  black
• 7:25
  swan
• 7:25
  event,
• 7:25
  Right.
• 7:26
  Almost
• 7:26
  in
• 7:26
  a
• 7:26
  lot
• 7:26
  of
• 7:26
  ways.
• 7:27
  And
• 7:27
  you've
• 7:28
  got
• 7:28
  AI
• 7:28
  coming.
• 7:28
  That's
• 7:29
  challenging
• 7:30
  new
• 7:30
  ways
• 7:30
  of
• 7:30
  thinking
• 7:30
  all
• 7:31
  the
• 7:31
  time.
• 7:32
  What
• 7:32
  is
• 7:32
  your
• 7:32
  advice
• 7:33
  in
• 7:33
  terms,
• 7:33
  especially
• 7:34
  as
• 7:34
  chairman
• 7:35
  for
• 7:35
  governance,
• 7:36
  like
• 7:36
  what
• 7:36
  advice
• 7:37
  you
• 7:37
  have
• 7:37
  for
• 7:37
  other
• 7:37
  CEOs,
• 7:38
  other
• 7:38
  executives
• 7:39
  out
• 7:39
  there
• 7:39
  in
• 7:39
  terms
• 7:40
  of
• 7:40
  governance,
• 7:40
  having
• 7:40
  gone
• 7:41
  through
• 7:41
  that
• 7:42
  both
• 7:42
  on
• 7:42
  the
• 7:42
  cyber
• 7:42
  attack
• 7:43
  side
• 7:43
  and
• 7:43
  as
• 7:43
  you're
• 7:44
  starting
• 7:44
  to
• 7:44
  come
• 7:44
  across
• 7:45
  the
• 7:45
  different
• 7:45
  challenges
• 7:46
  that
• 7:46
  arise
• 7:46
  with
• 7:46
  the
• 7:47
  advent
• 7:47
  of
• 7:47
  AI
• 7:47
  too.
• 7:48
  Yeah,
• 7:48
  we
• 7:49
  should
• 7:49
  talk
• 7:49
  about
• 7:49
  AI
• 7:49
  a
• 7:50
  bit.
• 7:51
  Obviously,
• 7:52
  when
• 7:52
  you
• 7:52
  get
• 7:53
  great
• 7:53
  corporate,
• 7:54
  I
• 7:54
  say
• 7:54
  great,
• 7:54
  but
• 7:56
  life
• 7:56
  threatening
• 7:56
  corporate
• 7:57
  events,
• 7:58
  whether
• 7:58
  it's
• 7:58
  a
• 7:58
  cyber
• 7:59
  or
• 7:59
  a
• 8:00
  hostile
• 8:00
  takeover
• 8:01
  or
• 8:02
  whatever
• 8:03
  it
• 8:03
  might
• 8:03
  be,
• 8:03
  right.
• 8:04
  Then
• 8:04
  that's
• 8:05
  when
• 8:05
  the
• 8:05
  board
• 8:06
  and
• 8:06
  the
• 8:06
  executive
• 8:07
  need
• 8:07
  to
• 8:07
  come
• 8:07
  together.
• 8:08
  Okay.
• 8:08
  And
• 8:09
  a
• 8:09
  good
• 8:09
  board
• 8:09
  is
• 8:10
  one
• 8:10
  which
• 8:10
  is
• 8:10
  close
• 8:11
  to
• 8:11
  what's
• 8:11
  really
• 8:11
  happening.
• 8:12
  So
• 8:13
  it's
• 8:13
  informed.
• 8:14
  It's
• 8:14
  not
• 8:14
  standing
• 8:14
  back
• 8:15
  judging
• 8:16
  because
• 8:16
  you
• 8:16
  can't
• 8:17
  come
• 8:17
  together
• 8:17
  if
• 8:18
  one
• 8:18
  side
• 8:18
  is
• 8:18
  judging
• 8:19
  the
• 8:19
  other.
• 8:21
  The
• 8:21
  board
• 8:22
  does
• 8:22
  have
• 8:22
  to
• 8:23
  sit
• 8:23
  in
• 8:23
  judgment
• 8:23
  and
• 8:24
  that's
• 8:24
  a
• 8:24
  small
• 8:24
  part
• 8:24
  of
• 8:24
  what
• 8:25
  you
• 8:25
  do.
• 8:26
  In
• 8:26
  the
• 8:26
  end,
• 8:27
  they
• 8:27
  may
• 8:27
  come
• 8:28
  to
• 8:28
  the
• 8:28
  conclusion
• 8:29
  that
• 8:29
  management
• 8:30
  needs
• 8:30
  to
• 8:30
  change,
• 8:30
  they
• 8:31
  need
• 8:31
  to
• 8:31
  do
• 8:31
  that.
• 8:32
  But
• 8:32
  day
• 8:32
  to
• 8:32
  day,
• 8:33
  if
• 8:33
  you
• 8:33
  want
• 8:33
  to
• 8:33
  get
• 8:33
  through
• 8:33
  a
• 8:34
  crisis,
• 8:34
  you've
• 8:35
  got
• 8:35
  to
• 8:35
  stand
• 8:35
  shoulder
• 8:35
  to
• 8:35
  shoulder
• 8:36
  and
• 8:37
  give
• 8:37
  the
• 8:38
  executive
• 8:38
  the
• 8:39
  space
• 8:39
  to
• 8:40
  handle
• 8:40
  what
• 8:41
  is
• 8:41
  an
• 8:41
  incredibly
• 8:42
  intense
• 8:43
  event.
• 8:44
  But
• 8:44
  at
• 8:44
  the
• 8:44
  same
• 8:44
  time,
• 8:45
  be
• 8:45
  there
• 8:45
  for
• 8:45
  them.
• 8:46
  Provide
• 8:47
  the
• 8:47
  guiding
• 8:47
  hand,
• 8:49
  be
• 8:49
  there
• 8:49
  for
• 8:49
  advice.
• 8:50
  Sometimes
• 8:50
  be
• 8:50
  there
• 8:51
  for
• 8:51
  therapy
• 8:53
  and
• 8:53
  sometimes
• 8:54
  to
• 8:54
  say
• 8:55
  no.
• 8:55
  Just
• 8:55
  be
• 8:56
  careful.
• 8:56
  Let's
• 8:56
  have
• 8:56
  a
• 8:56
  discussion
• 8:57
  about
• 8:57
  it.
• 8:58
  How
• 8:58
  do
• 8:59
  you,
• 8:59
  as
• 8:59
  chairman
• 9:00
  lead
• 9:00
  the
• 9:01
  board
• 9:01
  to
• 9:02
  create
• 9:02
  that
• 9:02
  atmosphere
• 9:03
  or
• 9:03
  that
• 9:03
  relationship
• 9:04
  with
• 9:04
  the
• 9:04
  actual
• 9:05
  retail
• 9:05
  executives?
• 9:06
  So
• 9:07
  my
• 9:08
  view,
• 9:08
  and
• 9:08
  this
• 9:09
  is
• 9:09
  not
• 9:09
  for
• 9:09
  everybody,
• 9:10
  I
• 9:10
  run
• 9:10
  an
• 9:10
  engaged
• 9:11
  board.
• 9:12
  So
• 9:12
  we
• 9:12
  have
• 9:12
  11
• 9:13
  meetings
• 9:13
  a
• 9:13
  year.
• 9:14
  Oh,
• 9:14
  wow.
• 9:15
  We
• 9:15
  have.
• 9:15
  Each
• 9:15
  one
• 9:16
  is
• 9:16
  half
• 9:16
  a
• 9:16
  day.
• 9:16
  I
• 9:16
  don't
• 9:17
  like
• 9:17
  long
• 9:17
  meetings.
• 9:18
  Some
• 9:18
  people
• 9:19
  think
• 9:19
  they
• 9:19
  are
• 9:19
  too
• 9:19
  long.
• 9:20
  Right.
• 9:20
  Yeah.
• 9:20
  Okay.
• 9:22
  That's
• 9:22
  on
• 9:22
  your
• 9:23
  perspective.
• 9:23
  Four
• 9:23
  dinners
• 9:24
  here,
• 9:24
  four
• 9:24
  breakfasts
• 9:25
  year
• 9:25
  a
• 9:25
  board
• 9:25
  engagement.
• 9:26
  Wow.
• 9:26
  All
• 9:27
  my
• 9:27
  board
• 9:27
  members
• 9:27
  are
• 9:28
  invited
• 9:28
  to
• 9:28
  go
• 9:29
  to
• 9:29
  executive
• 9:29
  events
• 9:30
  during
• 9:30
  the
• 9:30
  year.
• 9:31
  It
• 9:31
  might
• 9:31
  be
• 9:31
  a
• 9:31
  range
• 9:32
  review,
• 9:33
  it
• 9:33
  might
• 9:33
  be
• 9:34
  a
• 9:34
  new
• 9:34
  store
• 9:34
  opening.
• 9:35
  Really.
• 9:35
  So
• 9:35
  go
• 9:36
  along
• 9:36
  and
• 9:36
  feel
• 9:37
  it.
• 9:37
  So
• 9:37
  you
• 9:38
  can
• 9:38
  smell
• 9:38
  our
• 9:38
  business
• 9:39
  relate
• 9:39
  to.
• 9:40
  Because
• 9:40
  then
• 9:40
  people
• 9:40
  tell
• 9:41
  you
• 9:41
  things
• 9:41
  that
• 9:42
  inform.
• 9:42
  You
• 9:42
  know,
• 9:42
  you
• 9:42
  didn't
• 9:42
  hear
• 9:43
  that
• 9:43
  in
• 9:43
  the
• 9:43
  boardroom.
• 9:44
  And
• 9:45
  also
• 9:45
  that's
• 9:46
  the
• 9:46
  fun
• 9:46
  of
• 9:46
  being.
• 9:46
  Who
• 9:47
  wants
• 9:47
  to
• 9:47
  be
• 9:47
  a
• 9:47
  non
• 9:47
  executive
• 9:47
  director,
• 9:48
  sitting
• 9:48
  with
• 9:49
  their
• 9:49
  feet
• 9:49
  on
• 9:49
  the
• 9:49
  table.
• 9:50
  What's
• 9:50
  fun
• 9:51
  is
• 9:51
  our
• 9:51
  business.
• 9:51
  We
• 9:52
  do
• 9:52
  have
• 9:52
  a
• 9:52
  great
• 9:52
  business.
• 9:53
  We
• 9:53
  want
• 9:53
  people
• 9:53
  to
• 9:53
  feel
• 9:54
  it
• 9:54
  and
• 9:54
  feel
• 9:55
  they're
• 9:55
  part
• 9:55
  of
• 9:55
  it.
• 9:56
  And
• 9:56
  then
• 9:56
  when
• 9:57
  they
• 9:57
  have
• 9:57
  an
• 9:57
  engagement
• 9:58
  with
• 9:58
  the
• 9:58
  executive,
• 10:00
  they
• 10:00
  can
• 10:00
  relate,
• 10:01
  they
• 10:01
  can
• 10:01
  talk
• 10:01
  about
• 10:01
  the
• 10:02
  business
• 10:02
  in
• 10:02
  a
• 10:02
  useful
• 10:03
  way
• 10:05
  and
• 10:05
  that's
• 10:06
  what
• 10:06
  creates
• 10:06
  a
• 10:06
  good
• 10:07
  board.
• 10:07
  I
• 10:07
  think
• 10:08
  at
• 10:08
  a
• 10:08
  good
• 10:08
  board
• 10:08
  meeting,
• 10:09
  as
• 10:09
  an
• 10:09
  outsider,
• 10:10
  you
• 10:10
  should
• 10:10
  be
• 10:10
  able
• 10:10
  to
• 10:11
  watch
• 10:11
  that
• 10:11
  board
• 10:12
  and
• 10:12
  you
• 10:12
  can't
• 10:13
  quite
• 10:13
  tell
• 10:14
  who's
• 10:14
  an
• 10:14
  executive
• 10:15
  and
• 10:15
  who's
• 10:15
  a
• 10:15
  non
• 10:15
  executive
• 10:16
  because
• 10:16
  they're
• 10:16
  all
• 10:16
  talking
• 10:17
  about
• 10:17
  how
• 10:17
  we
• 10:18
  improve
• 10:18
  our
• 10:18
  business,
• 10:19
  how
• 10:19
  we
• 10:19
  address
• 10:19
  this
• 10:20
  problem.
• 10:21
  Now,
• 10:21
  of
• 10:21
  course,
• 10:22
  in
• 10:22
  fact,
• 10:22
  you
• 10:22
  can,
• 10:23
  not
• 10:23
  least
• 10:24
  because
• 10:24
  my
• 10:24
  chief
• 10:24
  executive
• 10:25
  is
• 10:26
  so
• 10:26
  obvious.
• 10:27
  Right,
• 10:27
  right,
• 10:27
  right,
• 10:27
  right.
• 10:28
  But
• 10:29
  you
• 10:29
  can.
• 10:29
  But
• 10:29
  it's
• 10:29
  got
• 10:30
  the
• 10:30
  spirit
• 10:30
  of.
• 10:30
  It
• 10:30
  has
• 10:31
  got
• 10:31
  to
• 10:31
  be
• 10:31
  total
• 10:31
  transparency.
• 10:32
  Right.
• 10:33
  And
• 10:33
  I
• 10:33
  imagine
• 10:33
  that
• 10:33
  expectation
• 10:34
  of
• 10:34
  those,
• 10:34
  that
• 10:35
  meeting
• 10:35
  schedule
• 10:36
  and
• 10:36
  how
• 10:36
  you're
• 10:36
  going
• 10:36
  to
• 10:36
  do
• 10:36
  that
• 10:36
  is
• 10:36
  set
• 10:37
  right
• 10:37
  from
• 10:37
  the
• 10:37
  get
• 10:37
  go
• 10:38
  with
• 10:38
  you.
• 10:38
  Right.
• 10:38
  As
• 10:39
  well.
• 10:39
  The
• 10:39
  big
• 10:39
  issue
• 10:39
  with
• 10:40
  boards
• 10:40
  is
• 10:41
  get
• 10:41
  people
• 10:41
  engaged.
• 10:42
  When
• 10:42
  you
• 10:42
  look
• 10:42
  at
• 10:42
  boards
• 10:43
  that
• 10:43
  have
• 10:43
  failed
• 10:44
  or
• 10:44
  big
• 10:44
  corporate
• 10:45
  catastrophes,
• 10:46
  it's
• 10:47
  not
• 10:47
  because
• 10:47
  they
• 10:47
  didn't
• 10:47
  have
• 10:48
  eminent
• 10:48
  people
• 10:48
  on
• 10:48
  the
• 10:49
  board.
• 10:50
  Sometimes
• 10:50
  it
• 10:50
  probably,
• 10:50
  but
• 10:51
  mostly
• 10:51
  it's
• 10:51
  not.
• 10:52
  You
• 10:52
  look
• 10:52
  at
• 10:52
  those
• 10:53
  boards,
• 10:53
  they're
• 10:53
  eminent,
• 10:54
  smart
• 10:54
  people,
• 10:55
  is
• 10:55
  that
• 10:55
  they
• 10:56
  didn't
• 10:56
  understand
• 10:56
  what
• 10:56
  was
• 10:57
  really
• 10:57
  happening
• 10:58
  on
• 10:58
  the
• 10:58
  board,
• 10:58
  the
• 10:58
  ground.
• 10:59
  So
• 10:59
  the
• 10:59
  good
• 11:00
  board
• 11:00
  is
• 11:00
  the
• 11:00
  knowing
• 11:01
  board.
• 11:01
  And
• 11:02
  so
• 11:02
  that's,
• 11:02
  that's
• 11:03
  what
• 11:03
  we,
• 11:03
  we
• 11:04
  try
• 11:04
  to
• 11:04
  achieve.
• 11:05
  And
• 11:06
  look
• 11:06
  with
• 11:06
  that,
• 11:08
  we
• 11:08
  want
• 11:08
  people
• 11:08
  to
• 11:08
  have
• 11:09
  fun
• 11:09
  too.
• 11:09
  We
• 11:09
  want
• 11:09
  to
• 11:10
  have
• 11:10
  the
• 11:10
  laughter.
• 11:10
  Right.
• 11:11
  Anger
• 11:11
  and
• 11:11
  you
• 11:12
  know,
• 11:12
  it's
• 11:12
  got
• 11:12
  to.
• 11:12
  Be
• 11:13
  enjoy
• 11:13
  the
• 11:14
  brand.
• 11:14
  Enjoy
• 11:14
  the
• 11:14
  pride
• 11:14
  in
• 11:15
  the
• 11:15
  brand
• 11:15
  too.
• 11:15
  Right.
• 11:15
  Yeah.
• 11:16
  Wow.
• 11:16
  This
• 11:16
  is,
• 11:16
  this
• 11:16
  has
• 11:17
  been,
• 11:17
  this
• 11:17
  is
• 11:17
  why
• 11:17
  I
• 11:17
  love
• 11:17
  doing
• 11:17
  my
• 11:18
  job.
• 11:18
  I
• 11:18
  had
• 11:18
  no
• 11:18
  idea
• 11:18
  we
• 11:18
  were
• 11:18
  going
• 11:19
  to
• 11:19
  have
• 11:19
  this
• 11:19
  conversation
• 11:19
  this
• 11:20
  morning.
• 11:20
  All
• 11:20
  right.
• 11:21
  You
• 11:21
  mentioned
• 11:21
  AI.
• 11:21
  Let's
• 11:22
  talk
• 11:22
  AI
• 11:22
  for
• 11:22
  a
• 11:23
  little
• 11:23
  bit.
• 11:23
  What
• 11:23
  is
• 11:24
  your,
• 11:24
  what
• 11:24
  is
• 11:24
  your,
• 11:24
  what
• 11:25
  is
• 11:25
  your
• 11:25
  take
• 11:25
  on
• 11:25
  the
• 11:25
  AI
• 11:27
  opportunity
• 11:27
  in
• 11:27
  retail
• 11:28
  right
• 11:28
  now?
• 11:28
  How,
• 11:29
  how
• 11:29
  are
• 11:29
  you
• 11:29
  viewing
• 11:30
  it?
• 11:31
  What
• 11:31
  do
• 11:31
  you
• 11:31
  think
• 11:31
  the
• 11:32
  retail
• 11:32
  industry.
• 11:32
  How
• 11:33
  do
• 11:33
  you
• 11:33
  think
• 11:33
  the
• 11:33
  retail
• 11:33
  industry
• 11:34
  should
• 11:34
  be
• 11:34
  viewing
• 11:34
  it?
• 11:34
  What
• 11:35
  are
• 11:35
  your
• 11:35
  thoughts
• 11:35
  there?
• 11:36
  So
• 11:36
  it's
• 11:37
  obvious
• 11:37
  that.
• 11:38
  Is
• 11:38
  it
• 11:39
  going
• 11:39
  to
• 11:39
  change
• 11:39
  our
• 11:39
  lives?
• 11:39
  Yes.
• 11:40
  Is
• 11:41
  it
• 11:41
  going
• 11:41
  to
• 11:41
  change
• 11:41
  so
• 11:42
  many
• 11:42
  of
• 11:42
  our
• 11:42
  processes?
• 11:43
  Yes,
• 11:43
  it
• 11:43
  is.
• 11:44
  But
• 11:46
  I
• 11:46
  just,
• 11:46
  just
• 11:46
  important,
• 11:47
  remember.
• 11:48
  Yeah.
• 11:48
  At
• 11:48
  the
• 11:48
  moment,
• 11:50
  although
• 11:50
  every
• 11:51
  chairman
• 11:51
  and
• 11:51
  chief
• 11:52
  executive
• 11:52
  will
• 11:52
  tell
• 11:52
  you
• 11:53
  how
• 11:53
  brilliantly
• 11:53
  they're
• 11:53
  doing
• 11:54
  an
• 11:54
  AI,
• 11:54
  there's
• 11:55
  hardly
• 11:55
  one
• 11:56
  that's
• 11:56
  able
• 11:56
  to
• 11:56
  say
• 11:57
  my
• 11:57
  profits
• 11:57
  are
• 11:57
  5%
• 11:58
  higher
• 11:58
  because
• 11:58
  of
• 11:59
  AI.
• 11:59
  Great
• 11:59
  point.
• 12:00
  So
• 12:01
  at
• 12:01
  the
• 12:01
  moment
• 12:02
  it
• 12:03
  hasn't
• 12:03
  really
• 12:04
  happened.
• 12:04
  We're
• 12:04
  on
• 12:05
  the
• 12:05
  lip
• 12:05
  of
• 12:05
  this
• 12:05
  and
• 12:06
  you
• 12:06
  know,
• 12:06
  you
• 12:06
  hear
• 12:06
  people
• 12:07
  talking
• 12:07
  about
• 12:07
  the
• 12:08
  great
• 12:09
  slaughter
• 12:09
  of
• 12:10
  the
• 12:10
  clerical
• 12:10
  classes.
• 12:11
  You
• 12:12
  know,
• 12:12
  how
• 12:12
  white
• 12:13
  collar
• 12:13
  jobs
• 12:13
  are
• 12:14
  going
• 12:14
  to
• 12:14
  be
• 12:14
  decimated.
• 12:16
  That
• 12:16
  hasn't
• 12:17
  happened
• 12:17
  yet.
• 12:18
  That
• 12:18
  could
• 12:19
  be
• 12:19
  happening.
• 12:19
  And
• 12:19
  you
• 12:20
  can
• 12:20
  see
• 12:20
  it
• 12:20
  a
• 12:20
  bit
• 12:20
  in
• 12:20
  recruitment.
• 12:21
  Okay.
• 12:22
  But
• 12:22
  in
• 12:22
  truth,
• 12:22
  we
• 12:23
  employ
• 12:24
  at
• 12:24
  M&S
• 12:26
  in
• 12:26
  the
• 12:26
  support
• 12:27
  center,
• 12:27
  we
• 12:27
  employ
• 12:27
  a
• 12:27
  hundred
• 12:28
  fewer
• 12:28
  people
• 12:29
  than
• 12:29
  we
• 12:29
  did
• 12:29
  a
• 12:29
  year
• 12:29
  ago.
• 12:29
  And
• 12:29
  that's
• 12:30
  not
• 12:30
  because
• 12:30
  of
• 12:30
  AI.
• 12:30
  No,
• 12:31
  it's
• 12:31
  because
• 12:31
  we
• 12:31
  got
• 12:31
  more
• 12:31
  efficient.
• 12:32
  Right.
• 12:32
  So
• 12:33
  this
• 12:33
  hasn't
• 12:33
  happened
• 12:34
  yet
• 12:34
  and
• 12:34
  we
• 12:35
  don't
• 12:35
  quite
• 12:35
  know
• 12:35
  how
• 12:36
  it's
• 12:36
  going
• 12:36
  to
• 12:36
  happen
• 12:36
  and
• 12:37
  the
• 12:37
  extent
• 12:37
  of
• 12:37
  it,
• 12:38
  but
• 12:38
  we
• 12:38
  are
• 12:39
  seeing
• 12:39
  is
• 12:39
  everybody
• 12:40
  just
• 12:40
  picking
• 12:41
  up
• 12:41
  on
• 12:41
  it.
• 12:42
  So
• 12:42
  in
• 12:43
  our
• 12:43
  organization
• 12:44
  and
• 12:44
  we've
• 12:44
  given
• 12:45
  co
• 12:45
  pilot
• 12:46
  is
• 12:46
  now
• 12:46
  we've
• 12:47
  given
• 12:47
  it
• 12:47
  to
• 12:47
  a
• 12:48
  thousand
• 12:48
  people.
• 12:48
  Every
• 12:49
  store
• 12:49
  manager
• 12:49
  is
• 12:49
  co
• 12:49
  pilot.
• 12:50
  Okay.
• 12:51
  It's
• 12:51
  integrated
• 12:52
  with
• 12:52
  our
• 12:52
  systems.
• 12:53
  So
• 12:53
  they
• 12:53
  can
• 12:54
  use
• 12:54
  copilot
• 12:54
  or
• 12:54
  other
• 12:56
  AI
• 12:56
  devices
• 12:57
  to
• 12:57
  say,
• 12:58
  could
• 12:58
  you
• 12:58
  please
• 12:59
  analyze
• 12:59
  my
• 12:59
  results
• 13:00
  last
• 13:00
  week
• 13:00
  and
• 13:00
  tell
• 13:00
  me
• 13:01
  what's
• 13:01
  right
• 13:01
  or
• 13:01
  wrong.
• 13:02
  So
• 13:02
  what
• 13:02
  you
• 13:03
  are
• 13:03
  seeing
• 13:03
  at
• 13:03
  the
• 13:04
  moment,
• 13:04
  that
• 13:04
  looks,
• 13:04
  there's
• 13:05
  lots
• 13:05
  of
• 13:05
  applications
• 13:05
  of
• 13:05
  AI,
• 13:06
  right?
• 13:06
  I
• 13:06
  mean,
• 13:07
  quite
• 13:07
  a
• 13:07
  few
• 13:07
  things
• 13:07
  that
• 13:08
  probably
• 13:09
  four
• 13:09
  years
• 13:09
  ago
• 13:10
  we
• 13:10
  wouldn't
• 13:10
  call
• 13:10
  it
• 13:10
  AI.
• 13:11
  Now
• 13:11
  we
• 13:11
  call
• 13:11
  it
• 13:11
  AI
• 13:12
  to
• 13:12
  make
• 13:12
  us
• 13:12
  look
• 13:12
  cool.
• 13:12
  But
• 13:13
  the,
• 13:13
  you
• 13:13
  know,
• 13:14
  very
• 13:14
  plugged
• 13:15
  in.
• 13:15
  Yeah.
• 13:15
  Our
• 13:15
  dairy
• 13:15
  herds
• 13:16
  are
• 13:16
  monitored
• 13:16
  by
• 13:16
  AI.
• 13:17
  So
• 13:18
  we.
• 13:18
  We
• 13:18
  monitor
• 13:19
  the
• 13:19
  health
• 13:19
  of
• 13:19
  all
• 13:20
  our
• 13:20
  dairy
• 13:21
  cattle
• 13:22
  by
• 13:22
  AI
• 13:23
  driven
• 13:23
  cameras.
• 13:24
  So
• 13:24
  there's
• 13:25
  an
• 13:25
  example.
• 13:25
  Right.
• 13:26
  Very
• 13:26
  exciting.
• 13:27
  20,000
• 13:27
  cows.
• 13:28
  Right.
• 13:29
  Life
• 13:29
  is
• 13:29
  better
• 13:30
  for
• 13:30
  cows.
• 13:31
  But
• 13:31
  it.
• 13:31
  What.
• 13:32
  So
• 13:33
  in
• 13:33
  my
• 13:34
  life,
• 13:34
  in
• 13:34
  the
• 13:35
  daylight,
• 13:35
  what
• 13:36
  is
• 13:36
  really
• 13:36
  changing?
• 13:36
  His
• 13:37
  knowledge.
• 13:37
  The
• 13:38
  knowledge.
• 13:38
  Okay.
• 13:39
  Yeah.
• 13:39
  Because
• 13:39
  the
• 13:40
  chief
• 13:40
  executive
• 13:41
  now
• 13:42
  does
• 13:43
  not
• 13:43
  have
• 13:43
  to
• 13:43
  get
• 13:43
  into
• 13:44
  the
• 13:44
  office
• 13:45
  early
• 13:45
  on
• 13:46
  Monday
• 13:46
  morning
• 13:46
  to
• 13:46
  go
• 13:47
  through
• 13:47
  pages
• 13:48
  and
• 13:48
  pages
• 13:48
  of
• 13:48
  reports.
• 13:49
  He
• 13:50
  jumps
• 13:50
  in
• 13:50
  the
• 13:50
  taxi,
• 13:51
  he
• 13:51
  gets
• 13:51
  his
• 13:52
  phone
• 13:52
  and
• 13:53
  he
• 13:53
  says
• 13:53
  to
• 13:53
  co
• 13:54
  pilot
• 13:54
  or
• 13:54
  whoever,
• 13:55
  he
• 13:56
  says,
• 13:56
  could
• 13:56
  you
• 13:56
  just
• 13:57
  go
• 13:57
  through
• 13:57
  all
• 13:57
  the
• 13:58
  trading
• 13:58
  results
• 13:58
  for
• 13:58
  food
• 13:59
  last
• 13:59
  week,
• 14:00
  tell
• 14:00
  me
• 14:00
  what
• 14:00
  went
• 14:01
  well,
• 14:01
  what
• 14:02
  less
• 14:02
  well,
• 14:02
  which
• 14:02
  stores
• 14:03
  outperformed
• 14:04
  and
• 14:04
  why
• 14:05
  the
• 14:05
  margin
• 14:05
  was
• 14:05
  down.
• 14:06
  Yeah,
• 14:07
  it
• 14:08
  all
• 14:08
  comes
• 14:08
  up.
• 14:09
  And
• 14:09
  now
• 14:09
  there's
• 14:10
  danger
• 14:10
  in
• 14:10
  that
• 14:11
  because
• 14:11
  you've
• 14:11
  got
• 14:11
  to
• 14:11
  get
• 14:12
  into
• 14:12
  the
• 14:12
  detail
• 14:12
  too.
• 14:13
  But
• 14:13
  it
• 14:13
  does
• 14:13
  mean
• 14:14
  everywhere
• 14:14
  you
• 14:14
  see
• 14:15
  people.
• 14:15
  Now,
• 14:15
  before,
• 14:16
  I
• 14:17
  just
• 14:17
  came
• 14:17
  to
• 14:17
  be
• 14:17
  interviewed
• 14:18
  by
• 14:18
  Kate
• 14:18
  Hardcastle.
• 14:19
  So
• 14:20
  on
• 14:20
  the
• 14:20
  taxi
• 14:20
  on
• 14:20
  the
• 14:21
  way,
• 14:21
  I'm
• 14:21
  saying,
• 14:21
  please
• 14:21
  give
• 14:22
  me
• 14:22
  some
• 14:22
  tips.
• 14:27
  I'm
• 14:27
  being
• 14:29
  humorous
• 14:30
  about
• 14:30
  cheeky.
• 14:31
  You're
• 14:31
  seeing
• 14:31
  that
• 14:31
  everywhere.
• 14:32
  So
• 14:34
  this
• 14:35
  is
• 14:35
  going
• 14:35
  to
• 14:35
  change
• 14:35
  more
• 14:36
  than
• 14:36
  we
• 14:36
  think
• 14:36
  it
• 14:36
  is
• 14:37
  because
• 14:37
  the
• 14:37
  knowledge
• 14:38
  that
• 14:38
  senior
• 14:39
  leaders
• 14:39
  have
• 14:40
  about
• 14:40
  their
• 14:41
  organizations
• 14:41
  is
• 14:41
  going
• 14:42
  to
• 14:42
  dramatically
• 14:42
  change.
• 14:44
  Now
• 14:44
  your
• 14:45
  ability
• 14:45
  to
• 14:46
  have
• 14:46
  teams
• 14:46
  of
• 14:47
  people
• 14:47
  preparing
• 14:47
  reports
• 14:48
  for
• 14:48
  you
• 14:48
  that's
• 14:49
  not
• 14:49
  going
• 14:49
  to
• 14:49
  be
• 14:49
  that
• 14:49
  important
• 14:50
  anymore.
• 14:50
  No,
• 14:51
  you
• 14:51
  can
• 14:51
  do
• 14:51
  that.
• 14:52
  And
• 14:52
  this
• 14:52
  is
• 14:52
  going
• 14:53
  to
• 14:53
  change
• 14:53
  the
• 14:53
  culture
• 14:53
  of
• 14:54
  companies.
• 14:55
  So
• 14:55
  for
• 14:55
  instance,
• 14:56
  in
• 14:57
  theory
• 14:58
  I
• 14:58
  can
• 14:58
  tell
• 14:59
  what
• 14:59
  the
• 15:00
  mood
• 15:00
  was
• 15:00
  in
• 15:00
  M
• 15:00
  and
• 15:01
  S
• 15:01
  last
• 15:01
  week
• 15:02
  by
• 15:02
  asking
• 15:03
  Copilot
• 15:04
  to
• 15:04
  go
• 15:04
  through
• 15:05
  all
• 15:05
  the
• 15:05
  emails
• 15:06
  I
• 15:06
  don't
• 15:06
  actually
• 15:06
  have.
• 15:07
  Right,
• 15:07
  right.
• 15:08
  But
• 15:08
  you.
• 15:08
  In
• 15:08
  theory,
• 15:08
  yeah,
• 15:09
  in
• 15:09
  theory
• 15:09
  I'd
• 15:10
  say
• 15:10
  go
• 15:10
  through
• 15:10
  all
• 15:10
  the
• 15:10
  emails,
• 15:12
  all
• 15:12
  the
• 15:12
  teams
• 15:12
  sent
• 15:12
  it
• 15:13
  M
• 15:13
  and
• 15:13
  S
• 15:14
  and
• 15:15
  tell
• 15:15
  me
• 15:16
  about
• 15:17
  the
• 15:17
  mood.
• 15:18
  Was
• 15:18
  it
• 15:18
  happy,
• 15:19
  was
• 15:19
  it
• 15:19
  sad?
• 15:20
  And
• 15:20
  bring
• 15:20
  up
• 15:20
  the
• 15:21
  10
• 15:21
  instances
• 15:22
  where
• 15:22
  anger
• 15:22
  was
• 15:23
  shown.
• 15:23
  Right
• 15:24
  now
• 15:24
  I'm
• 15:24
  just
• 15:24
  saying
• 15:24
  that,
• 15:25
  for
• 15:25
  example,
• 15:25
  you
• 15:25
  don't
• 15:25
  do
• 15:26
  that,
• 15:26
  but
• 15:27
  you
• 15:27
  could
• 15:27
  do
• 15:27
  that.
• 15:28
  So
• 15:29
  I
• 15:30
  think
• 15:30
  one
• 15:30
  of
• 15:30
  the
• 15:30
  things
• 15:31
  we
• 15:31
  don't
• 15:31
  understand
• 15:31
  is
• 15:31
  how
• 15:32
  this
• 15:32
  is
• 15:32
  going
• 15:32
  to
• 15:32
  create
• 15:32
  the
• 15:33
  transparent
• 15:33
  organization.
• 15:35
  That's
• 15:35
  exactly
• 15:35
  what
• 15:36
  I
• 15:36
  was
• 15:36
  going
• 15:36
  to
• 15:36
  ask
• 15:36
  you.
• 15:36
  I
• 15:36
  was
• 15:36
  going
• 15:37
  to
• 15:37
  ask
• 15:37
  you
• 15:37
  because
• 15:37
  that
• 15:37
  from
• 15:37
  a
• 15:38
  leadership
• 15:38
  perspective,
• 15:39
  what
• 15:39
  I'm
• 15:39
  taking
• 15:40
  from
• 15:40
  what
• 15:40
  you
• 15:40
  said
• 15:40
  is
• 15:41
  it's
• 15:41
  going
• 15:42
  to
• 15:42
  make
• 15:43
  the
• 15:43
  data
• 15:44
  exchange
• 15:44
  or
• 15:44
  the
• 15:45
  data
• 15:45
  sharing
• 15:45
  on
• 15:45
  say
• 15:45
  a
• 15:46
  Monday
• 15:46
  morning
• 15:46
  when
• 15:46
  you
• 15:46
  come
• 15:46
  into
• 15:47
  work
• 15:47
  much
• 15:47
  more
• 15:47
  objective
• 15:48
  and
• 15:49
  transparent,
• 15:49
  which
• 15:49
  goes
• 15:51
  and
• 15:51
  runs
• 15:51
  through
• 15:51
  the
• 15:51
  themes
• 15:51
  that
• 15:52
  we've
• 15:52
  actually
• 15:52
  already
• 15:52
  been
• 15:52
  talking
• 15:53
  about
• 15:53
  as
• 15:53
  well.
• 15:53
  You
• 15:54
  get
• 15:54
  this
• 15:54
  thing
• 15:54
  that
• 15:55
  middle
• 15:55
  management
• 15:55
  never
• 15:56
  tells
• 15:56
  the
• 15:56
  truth,
• 15:57
  they
• 15:57
  manage
• 15:57
  the
• 15:57
  truth
• 15:58
  for
• 15:58
  you.
• 15:59
  With
• 15:59
  AI,
• 15:59
  that's
• 16:00
  not
• 16:00
  going
• 16:00
  to
• 16:00
  happen.
• 16:00
  Yeah.
• 16:01
  When
• 16:01
  you
• 16:01
  have
• 16:01
  the
• 16:02
  meeting,
• 16:02
  you
• 16:02
  already
• 16:02
  know
• 16:03
  the
• 16:03
  facts.
• 16:03
  Now
• 16:03
  we're
• 16:04
  going
• 16:04
  to
• 16:04
  talk
• 16:04
  about
• 16:04
  what
• 16:04
  to
• 16:04
  do
• 16:04
  about
• 16:05
  it.
• 16:05
  Right.
• 16:06
  So
• 16:07
  the
• 16:07
  cultural
• 16:07
  impact
• 16:08
  of
• 16:08
  this
• 16:08
  in
• 16:09
  business
• 16:09
  organizations
• 16:10
  and
• 16:10
  probably
• 16:11
  in
• 16:11
  government
• 16:11
  too.
• 16:11
  Right.
• 16:12
  I
• 16:12
  don't
• 16:12
  know
• 16:12
  another
• 16:13
  subject.
• 16:13
  Right,
• 16:13
  right.
• 16:14
  Not
• 16:15
  my
• 16:15
  specialty.
• 16:15
  It's
• 16:16
  really
• 16:16
  going
• 16:16
  to
• 16:16
  be
• 16:16
  dramatic.
• 16:17
  The
• 16:17
  economic
• 16:18
  impact
• 16:18
  I'm
• 16:19
  not
• 16:19
  so
• 16:19
  sure
• 16:19
  about.
• 16:20
  Now
• 16:20
  remember,
• 16:21
  AI
• 16:22
  is
• 16:22
  going
• 16:22
  to
• 16:22
  be
• 16:22
  a
• 16:22
  great
• 16:23
  leveler.
• 16:24
  So
• 16:24
  there's
• 16:24
  really
• 16:24
  nothing.
• 16:26
  I
• 16:26
  mean,
• 16:26
  everybody
• 16:26
  will
• 16:27
  say
• 16:27
  we're
• 16:28
  doing
• 16:28
  market
• 16:29
  leading
• 16:29
  things
• 16:29
  on
• 16:30
  AI,
• 16:30
  but
• 16:30
  in
• 16:31
  truth,
• 16:32
  if
• 16:32
  our
• 16:32
  competitors
• 16:33
  are,
• 16:33
  we
• 16:33
  can
• 16:33
  too.
• 16:34
  We're
• 16:34
  all
• 16:35
  pursuing
• 16:35
  the
• 16:35
  same
• 16:35
  thing.
• 16:36
  It's
• 16:36
  like
• 16:37
  online
• 16:38
  or
• 16:38
  anything
• 16:38
  else.
• 16:38
  In
• 16:39
  the
• 16:39
  end
• 16:39
  it's
• 16:39
  accessible
• 16:40
  to
• 16:40
  everybody.
• 16:41
  So
• 16:41
  I,
• 16:41
  I'm
• 16:42
  not
• 16:42
  convinced
• 16:43
  that
• 16:43
  there'll
• 16:43
  be
• 16:43
  huge
• 16:44
  winners
• 16:44
  and
• 16:44
  losers,
• 16:45
  obviously
• 16:45
  the
• 16:46
  big
• 16:46
  changes,
• 16:47
  but
• 16:47
  I
• 16:47
  think
• 16:47
  you
• 16:48
  have
• 16:48
  to
• 16:48
  be
• 16:48
  up
• 16:48
  with
• 16:48
  races.
• 16:50
  You've
• 16:50
  got
• 16:50
  to
• 16:50
  be
• 16:50
  in
• 16:51
  it.
• 16:51
  And
• 16:51
  your
• 16:51
  space
• 16:52
  of
• 16:52
  adoption
• 16:52
  is
• 16:53
  as
• 16:53
  much
• 16:53
  to
• 16:53
  do
• 16:53
  with
• 16:54
  your
• 16:54
  culture
• 16:55
  and
• 16:55
  your
• 16:56
  appetite
• 16:56
  for
• 16:56
  it
• 16:56
  and
• 16:57
  your
• 16:57
  confidence
• 16:57
  around
• 16:57
  it
• 16:58
  as
• 16:58
  it
• 16:58
  is
• 16:58
  with
• 16:59
  your
• 16:59
  firepower
• 16:59
  and
• 16:59
  technology.
• 17:00
  Well,
• 17:01
  that's
• 17:01
  maybe
• 17:01
  the
• 17:01
  question
• 17:02
  I
• 17:02
  want
• 17:02
  to
• 17:02
  end
• 17:02
  on
• 17:02
  too,
• 17:03
  because
• 17:03
  I
• 17:03
  think
• 17:04
  the
• 17:04
  how
• 17:04
  you
• 17:05
  do
• 17:05
  this
• 17:05
  is
• 17:05
  also
• 17:05
  important.
• 17:06
  And
• 17:06
  you
• 17:06
  look
• 17:06
  at
• 17:06
  the
• 17:06
  technology
• 17:07
  investment
• 17:07
  and
• 17:08
  how
• 17:08
  you
• 17:08
  structure
• 17:09
  the
• 17:09
  technology
• 17:09
  side
• 17:10
  of
• 17:10
  the
• 17:10
  organization.
• 17:10
  And
• 17:11
  in
• 17:11
  doing
• 17:11
  my
• 17:11
  research,
• 17:11
  I
• 17:12
  found
• 17:12
  that
• 17:13
  you
• 17:13
  were
• 17:13
  very
• 17:13
  overt
• 17:15
  or
• 17:15
  have
• 17:16
  been
• 17:17
  in
• 17:17
  your
• 17:17
  time
• 17:17
  at
• 17:17
  M
• 17:18
  and
• 17:18
  S
• 17:18
  to
• 17:18
  say
• 17:19
  there
• 17:19
  was
• 17:19
  some
• 17:20
  vanity
• 17:20
  in
• 17:20
  the
• 17:20
  technology
• 17:21
  culture
• 17:21
  in
• 17:21
  terms
• 17:22
  of
• 17:24
  the
• 17:24
  belief
• 17:25
  that
• 17:25
  we
• 17:25
  need
• 17:25
  to
• 17:25
  build
• 17:26
  everything
• 17:26
  ourselves
• 17:26
  versus
• 17:27
  buy.
• 17:27
  Yeah.
• 17:29
  And
• 17:29
  AI,
• 17:30
  depending
• 17:30
  on
• 17:30
  how
• 17:30
  you
• 17:30
  look
• 17:30
  at
• 17:31
  it,
• 17:31
  could
• 17:31
  actually
• 17:31
  make
• 17:31
  that
• 17:32
  more
• 17:32
  likely,
• 17:32
  less
• 17:33
  likely.
• 17:35
  How
• 17:35
  do
• 17:35
  you
• 17:35
  think
• 17:35
  about
• 17:35
  that?
• 17:37
  What
• 17:37
  is
• 17:37
  your
• 17:37
  overall
• 17:38
  advice
• 17:38
  for
• 17:38
  everyone
• 17:38
  listening
• 17:39
  in
• 17:39
  terms
• 17:39
  of
• 17:40
  that
• 17:40
  conversation,
• 17:40
  particularly
• 17:41
  now
• 17:41
  given
• 17:41
  what
• 17:41
  you
• 17:41
  just
• 17:42
  said?
• 17:42
  The
• 17:42
  point
• 17:42
  you're
• 17:42
  raising
• 17:43
  is
• 17:44
  you
• 17:45
  had,
• 17:45
  I
• 17:45
  think
• 17:45
  in
• 17:46
  the
• 17:46
  old
• 17:46
  ms,
• 17:46
  not
• 17:46
  being
• 17:47
  unkind
• 17:47
  to
• 17:48
  slight
• 17:48
  attitude
• 17:48
  as
• 17:49
  we're
• 17:49
  the
• 17:49
  great
• 17:49
  M
• 17:49
  and
• 17:49
  S.
• 17:50
  Yeah.
• 17:50
  So
• 17:50
  we
• 17:51
  don't
• 17:51
  buy
• 17:51
  anything
• 17:51
  that
• 17:52
  anybody
• 17:52
  else
• 17:52
  buys.
• 17:52
  Everything
• 17:53
  has
• 17:53
  to
• 17:53
  be
• 17:53
  custom
• 17:53
  for
• 17:54
  us.
• 17:54
  We
• 17:54
  do
• 17:54
  things
• 17:54
  differently,
• 17:55
  we
• 17:55
  do
• 17:55
  it
• 17:55
  our
• 17:55
  way.
• 17:56
  Result
• 17:56
  is
• 17:56
  you
• 17:57
  get
• 17:57
  highly
• 17:57
  tailored
• 17:58
  customized
• 17:58
  systems
• 17:59
  that
• 17:59
  are
• 18:00
  very
• 18:00
  hard
• 18:00
  to
• 18:00
  change,
• 18:02
  often
• 18:02
  don't
• 18:02
  work
• 18:03
  as
• 18:03
  they
• 18:03
  were
• 18:03
  intended
• 18:03
  to
• 18:04
  work.
• 18:04
  And
• 18:05
  we
• 18:05
  have
• 18:05
  to
• 18:05
  have
• 18:05
  the
• 18:05
  humility
• 18:06
  to
• 18:06
  say
• 18:06
  no.
• 18:07
  There's
• 18:07
  great
• 18:08
  technology
• 18:08
  companies
• 18:08
  around
• 18:09
  the
• 18:09
  world,
• 18:09
  we're
• 18:10
  not
• 18:10
  a
• 18:10
  technology
• 18:11
  company,
• 18:11
  but
• 18:11
  we
• 18:11
  need
• 18:11
  the
• 18:12
  best
• 18:12
  of
• 18:12
  their
• 18:12
  technology
• 18:12
  to
• 18:13
  power
• 18:13
  us.
• 18:14
  And
• 18:15
  so.
• 18:17
  But
• 18:17
  the
• 18:17
  other
• 18:19
  related
• 18:19
  to
• 18:19
  that,
• 18:21
  the
• 18:21
  point
• 18:21
  was,
• 18:22
  you
• 18:22
  know,
• 18:22
  in
• 18:22
  the
• 18:22
  spiritual,
• 18:23
  unvarnished
• 18:23
  troop.
• 18:24
  Yeah.
• 18:25
  All
• 18:25
  companies
• 18:26
  like
• 18:26
  ours
• 18:27
  still
• 18:27
  have
• 18:28
  a
• 18:28
  lot
• 18:28
  of
• 18:29
  legacy.
• 18:30
  So
• 18:31
  an
• 18:31
  old
• 18:31
  version
• 18:31
  of
• 18:32
  SAP.
• 18:33
  And
• 18:34
  we
• 18:34
  all
• 18:34
  know
• 18:34
  upgrading
• 18:35
  SAP
• 18:36
  is
• 18:36
  like
• 18:36
  a
• 18:38
  life
• 18:38
  threatening
• 18:38
  experience.
• 18:39
  It's
• 18:39
  like
• 18:39
  a
• 18:39
  root
• 18:39
  canal.
• 18:40
  You
• 18:40
  have
• 18:41
  to
• 18:41
  do
• 18:41
  that.
• 18:41
  So
• 18:42
  we've
• 18:42
  still
• 18:42
  got
• 18:42
  that.
• 18:43
  Now
• 18:43
  if
• 18:43
  you
• 18:43
  just,
• 18:44
  if
• 18:44
  you
• 18:44
  build
• 18:45
  your
• 18:45
  company
• 18:45
  in
• 18:45
  the
• 18:45
  last
• 18:46
  five
• 18:46
  years,
• 18:46
  you
• 18:46
  don't
• 18:46
  have
• 18:47
  that
• 18:47
  problem.
• 18:47
  We
• 18:48
  do
• 18:48
  have
• 18:48
  that
• 18:48
  problem.
• 18:49
  We've
• 18:49
  got
• 18:50
  to
• 18:50
  spend
• 18:50
  a
• 18:50
  lot
• 18:50
  of
• 18:50
  money
• 18:50
  to
• 18:50
  do
• 18:51
  that.
• 18:51
  And
• 18:51
  getting
• 18:52
  that
• 18:52
  base
• 18:53
  systems
• 18:53
  architecture
• 18:54
  and
• 18:54
  your
• 18:55
  data
• 18:56
  in
• 18:56
  a
• 18:56
  form
• 18:57
  that
• 18:57
  AI
• 18:57
  can
• 18:57
  use
• 18:58
  is
• 18:58
  critical
• 18:59
  to
• 18:59
  your
• 18:59
  success.
• 19:00
  So
• 19:01
  people
• 19:01
  don't
• 19:02
  realize
• 19:02
  this
• 19:02
  because
• 19:03
  they
• 19:03
  think
• 19:03
  AI
• 19:03
  can
• 19:04
  read
• 19:04
  anything.
• 19:05
  Most
• 19:06
  AI
• 19:06
  we're
• 19:06
  talking
• 19:07
  about
• 19:07
  is
• 19:07
  some
• 19:07
  form
• 19:07
  of
• 19:08
  large
• 19:08
  language
• 19:08
  model
• 19:08
  or
• 19:09
  quantitative
• 19:10
  version
• 19:10
  of
• 19:11
  them.
• 19:12
  And
• 19:12
  so
• 19:12
  they
• 19:13
  have
• 19:13
  to
• 19:13
  read
• 19:13
  the
• 19:13
  language.
• 19:14
  If
• 19:14
  the
• 19:14
  language
• 19:15
  is
• 19:15
  gobbledygook,
• 19:16
  they
• 19:16
  can't
• 19:16
  read
• 19:16
  it.
• 19:17
  And
• 19:17
  so
• 19:18
  part
• 19:18
  of
• 19:18
  our
• 19:19
  thing
• 19:20
  critical
• 19:20
  for
• 19:20
  us
• 19:21
  because
• 19:21
  we
• 19:21
  want
• 19:21
  to
• 19:22
  be
• 19:22
  very
• 19:22
  personalized
• 19:23
  in
• 19:23
  our
• 19:23
  approach
• 19:23
  to
• 19:23
  customers
• 19:24
  is
• 19:25
  we've
• 19:25
  got
• 19:26
  24
• 19:26
  months
• 19:27
  to
• 19:27
  spend
• 19:27
  just
• 19:28
  cleaning,
• 19:28
  ordering,
• 19:29
  sorting
• 19:29
  data
• 19:30
  so
• 19:30
  the
• 19:30
  system
• 19:31
  can
• 19:31
  read
• 19:31
  it.
• 19:32
  So
• 19:33
  there
• 19:33
  is
• 19:33
  some
• 19:34
  what
• 19:34
  my
• 19:34
  point
• 19:34
  is
• 19:35
  that
• 19:36
  underneath
• 19:36
  the
• 19:37
  foundations,
• 19:38
  the
• 19:38
  foundations
• 19:38
  for
• 19:39
  good
• 19:39
  AI
• 19:40
  is
• 19:40
  good
• 19:40
  data
• 19:41
  and
• 19:41
  good
• 19:42
  basis
• 19:42
  systems
• 19:42
  architecture
• 19:43
  and
• 19:44
  we
• 19:44
  got
• 19:45
  work
• 19:45
  to
• 19:45
  do.
• 19:45
  Yeah,
• 19:46
  and
• 19:46
  that's
• 19:46
  a
• 19:46
  great,
• 19:46
  that's
• 19:47
  a
• 19:47
  great
• 19:47
  point
• 19:47
  to
• 19:47
  close
• 19:47
  on
• 19:48
  too
• 19:48
  because
• 19:48
  you
• 19:48
  can
• 19:48
  tell
• 19:48
  that
• 19:49
  retail
• 19:49
  industry
• 19:49
  is
• 19:50
  changing
• 19:50
  when
• 19:50
  you
• 19:50
  have
• 19:51
  the
• 19:51
  chairman
• 19:51
  of
• 19:51
  M
• 19:52
  and
• 19:52
  S
• 19:52
  long
• 19:52
  and
• 19:52
  storied
• 19:53
  career
• 19:53
  talking
• 19:54
  overtly
• 19:55
  about
• 19:55
  data
• 19:55
  and
• 19:55
  its
• 19:56
  importance
• 19:56
  in
• 19:56
  the
• 19:56
  future
• 19:56
  of
• 19:57
  retail.
• 19:57
  So,
• 19:57
  Archie,
• 19:58
  thanks
• 19:58
  for
• 19:58
  your
• 19:58
  time
• 19:58
  today.
• 19:59
  It
• 19:59
  was
• 19:59
  really
• 19:59
  great.
• 20:00
  This
• 20:00
  was
• 20:00
  a
• 20:00
  graduate
• 20:01
  class
• 20:01
  for
• 20:01
  me
• 20:01
  in
• 20:02
  retail
• 20:02
  and
• 20:02
  how
• 20:02
  to
• 20:02
  think
• 20:02
  about
• 20:03
  things
• 20:03
  as
• 20:03
  an
• 20:03
  executive,
• 20:03
  so
• 20:04
  I
• 20:04
  appreciate
• 20:04
  it.
• 20:05
  Thanks
• 20:05
  to
• 20:05
  Vuzion.
• 20:06
  Thanks
• 20:06
  to
• 20:06
  the
• 20:06
  Retail
• 20:06
  Technology
• 20:07
  show
• 20:08
  for
• 20:08
  sponsoring
• 20:08
  our
• 20:08
  content
• 20:09
  here
• 20:09
  all
• 20:09
  week
• 20:09
  long.
• 20:10
  And
• 20:10
  as
• 20:10
  always,
• 20:11
  on
• 20:11
  behalf
• 20:11
  of
• 20:11
  all
• 20:11
  of
• 20:11
  us
• 20:11
  here
• 20:12
  at
• 20:12
  Omnitok,
• 20:12
  be
• 20:13
  careful
• 20:13
  out
• 20:13
  there.