Latest / Omni Talk Retail / Fast Five Shorts | How Will E.l.f.’s Dollar General Expansion Impact Beauty Retailing?

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Fast Five Shorts | How Will E.l.f.’s Dollar General Expansion Impact Beauty Retailing? · Omni Talk Retail

• 0:00
  In
• 0:00
  its
• 0:00
  earnings
• 0:00
  call
• 0:01
  last
• 0:01
  Wednesday,
• 0:02
  Elf
• 0:02
  Beauty's
• 0:02
  CEO
• 0:03
  announced
• 0:03
  plans
• 0:04
  to
• 0:04
  expand
• 0:04
  with
• 0:05
  Dollar
• 0:05
  General
• 0:05
  stores.
• 0:06
  Quote
• 0:07
  we're
• 0:07
  pleased
• 0:07
  to
• 0:07
  announce
• 0:08
  we'll
• 0:08
  be
• 0:08
  expanding,
• 0:09
  we'll
• 0:10
  be
• 0:10
  expanding
• 0:10
  Elf
• 0:11
  to
• 0:11
  a
• 0:11
  subset
• 0:11
  of
• 0:12
  Dollar
• 0:12
  General
• 0:12
  stores
• 0:13
  in
• 0:13
  November,
• 0:14
  E
• 0:14
  L
• 0:14
  F
• 0:14
  Beauty
• 0:14
  CEO
• 0:15
  Tarang
• 0:15
  P.
• 0:16
  Amin
• 0:16
  said
• 0:17
  during
• 0:17
  the
• 0:17
  brand's
• 0:18
  2025
• 0:18
  Q2
• 0:19
  earnings
• 0:19
  call
• 0:20
  on
• 0:20
  Wednesday.
• 0:21
  And
• 0:21
  as
• 0:21
  restated
• 0:22
  by
• 0:22
  Glossy
• 0:23
  Quote,
• 0:23
  Dollar
• 0:23
  General
• 0:24
  has
• 0:24
  a
• 0:24
  stated
• 0:25
  strategy
• 0:25
  of
• 0:25
  serving
• 0:26
  the
• 0:26
  underserved,
• 0:26
  with
• 0:27
  80%
• 0:27
  of
• 0:28
  its
• 0:28
  stores
• 0:28
  serving
• 0:29
  markets
• 0:29
  of
• 0:30
  20,000
• 0:30
  people
• 0:30
  or
• 0:30
  less.
• 0:31
  With
• 0:31
  this
• 0:32
  launch,
• 0:32
  we
• 0:32
  hold
• 0:32
  true
• 0:32
  to
• 0:32
  our
• 0:33
  mission
• 0:33
  to
• 0:33
  democratize
• 0:34
  access
• 0:35
  for
• 0:35
  consumers
• 0:36
  who
• 0:36
  otherwise
• 0:36
  wouldn't
• 0:37
  have
• 0:37
  the
• 0:37
  best
• 0:38
  of
• 0:38
  beauty,
• 0:38
  particularly
• 0:39
  in
• 0:39
  rural
• 0:40
  areas
• 0:40
  which
• 0:41
  have
• 0:41
  traditionally
• 0:42
  been
• 0:42
  served
• 0:43
  by
• 0:43
  only
• 0:43
  the
• 0:44
  major
• 0:44
  legacy
• 0:45
  brands.
• 0:45
  And
• 0:46
  yes,
• 0:46
  how
• 0:46
  will
• 0:47
  Elf
• 0:47
  Beauty's
• 0:47
  expansion
• 0:48
  into
• 0:48
  $
• 0:49
  General
• 0:49
  impact
• 0:50
  the
• 0:50
  beauty
• 0:50
  retail
• 0:51
  landscape?
• 0:52
  What
• 0:52
  is
• 0:52
  your
• 0:52
  take
• 0:52
  on
• 0:53
  this
• 0:53
  headline?
• 0:54
  This
• 0:54
  is
• 0:55
  a
• 0:55
  massive
• 0:55
  opportunity
• 0:56
  for
• 0:56
  E
• 0:56
  L
• 0:56
  F
• 0:56
  and
• 0:57
  I
• 0:57
  cannot
• 0:57
  wait
• 0:58
  to
• 0:58
  to
• 0:58
  see
• 0:59
  what
• 1:00
  this
• 1:00
  test
• 1:01
  proves
• 1:02
  out
• 1:02
  for
• 1:02
  them
• 1:03
  because
• 1:03
  I
• 1:03
  think
• 1:03
  that
• 1:04
  you
• 1:04
  traditionally
• 1:05
  look
• 1:05
  at
• 1:05
  the
• 1:05
  Dollar
• 1:06
  Store
• 1:06
  market
• 1:06
  and
• 1:07
  it's
• 1:07
  the
• 1:07
  legacy
• 1:08
  brands
• 1:08
  that
• 1:08
  are
• 1:08
  in
• 1:09
  there,
• 1:09
  the
• 1:09
  Maybellines,
• 1:10
  the
• 1:10
  COVID
• 1:11
  Girls,
• 1:11
  it's
• 1:12
  middle
• 1:12
  of
• 1:12
  the
• 1:12
  road
• 1:12
  product
• 1:13
  and
• 1:13
  for
• 1:13
  those
• 1:13
  who
• 1:14
  aren't
• 1:14
  familiar
• 1:14
  with
• 1:14
  E
• 1:14
  L
• 1:15
  F,
• 1:15
  it's
• 1:15
  really
• 1:16
  this
• 1:16
  elevated
• 1:17
  beauty
• 1:17
  product.
• 1:17
  If
• 1:18
  you
• 1:18
  look
• 1:18
  online,
• 1:19
  this
• 1:19
  product
• 1:20
  wins
• 1:20
  consistently
• 1:21
  time
• 1:22
  after
• 1:22
  time
• 1:22
  wins
• 1:22
  awards
• 1:23
  for
• 1:23
  being
• 1:24
  best
• 1:24
  in
• 1:24
  beauty
• 1:25
  and
• 1:25
  it
• 1:25
  really
• 1:26
  is
• 1:27
  that
• 1:28
  upper
• 1:29
  lower
• 1:30
  end
• 1:30
  tier,
• 1:30
  like
• 1:30
  the
• 1:31
  top
• 1:31
  of
• 1:31
  the
• 1:31
  lower
• 1:31
  end
• 1:32
  tier
• 1:32
  pricing.
• 1:33
  But
• 1:34
  you
• 1:34
  get
• 1:34
  really
• 1:35
  great
• 1:35
  higher
• 1:36
  quality
• 1:36
  products
• 1:36
  than
• 1:37
  you
• 1:37
  do
• 1:37
  with
• 1:37
  a
• 1:37
  lot
• 1:37
  of
• 1:37
  the
• 1:38
  legacy
• 1:38
  brands.
• 1:38
  And
• 1:38
  so
• 1:39
  I
• 1:39
  think,
• 1:39
  you
• 1:39
  know
• 1:40
  what
• 1:40
  really,
• 1:41
  what
• 1:41
  really
• 1:41
  was
• 1:41
  an
• 1:42
  eye
• 1:42
  opener
• 1:42
  for
• 1:42
  me
• 1:42
  when
• 1:42
  I
• 1:43
  heard
• 1:43
  this
• 1:43
  was
• 1:44
  an
• 1:45
  experience
• 1:45
  I
• 1:45
  had
• 1:45
  recently
• 1:46
  where
• 1:46
  my
• 1:46
  kids,
• 1:46
  they
• 1:47
  wanted
• 1:47
  to
• 1:47
  go
• 1:47
  to
• 1:48
  the
• 1:48
  five
• 1:48
  below
• 1:49
  dollar
• 1:49
  store
• 1:50
  and
• 1:51
  I
• 1:51
  was
• 1:51
  surprised
• 1:52
  when
• 1:52
  I
• 1:52
  was
• 1:52
  in
• 1:52
  there
• 1:52
  with
• 1:52
  them
• 1:53
  like
• 1:53
  they
• 1:53
  started
• 1:53
  carrying
• 1:54
  some
• 1:54
  of
• 1:54
  these
• 1:54
  products
• 1:55
  and
• 1:55
  I
• 1:55
  was
• 1:56
  surprised
• 1:56
  that
• 1:56
  you
• 1:57
  know,
• 1:57
  typically
• 1:57
  I
• 1:58
  would
• 1:58
  just
• 1:58
  let
• 1:58
  them
• 1:59
  run
• 1:59
  free
• 1:59
  and
• 2:00
  like
• 2:00
  they
• 2:00
  would
• 2:00
  pick
• 2:00
  out
• 2:00
  their
• 2:00
  stuff
• 2:01
  and
• 2:01
  we'd
• 2:01
  go
• 2:01
  check
• 2:02
  out.
• 2:02
  But
• 2:02
  I
• 2:02
  was
• 2:03
  actually
• 2:03
  surprised
• 2:03
  that
• 2:04
  I
• 2:04
  was,
• 2:04
  I
• 2:04
  was
• 2:05
  in
• 2:05
  the
• 2:05
  beauty
• 2:05
  section
• 2:06
  just
• 2:06
  checking
• 2:06
  it
• 2:06
  out
• 2:07
  and
• 2:07
  sure
• 2:07
  enough,
• 2:07
  you
• 2:08
  know,
• 2:08
  they
• 2:08
  have
• 2:08
  some
• 2:08
  of
• 2:08
  these
• 2:09
  products
• 2:09
  that
• 2:09
  ordinarily
• 2:10
  I'd
• 2:10
  have
• 2:10
  to
• 2:10
  go
• 2:10
  to
• 2:11
  a
• 2:11
  Walmart
• 2:11
  to
• 2:11
  get
• 2:12
  or
• 2:12
  I'd
• 2:12
  have
• 2:12
  to
• 2:12
  go
• 2:12
  to
• 2:12
  a
• 2:12
  Target
• 2:13
  to
• 2:13
  get
• 2:13
  and
• 2:14
  now
• 2:14
  I
• 2:14
  could
• 2:15
  get
• 2:15
  those
• 2:15
  products
• 2:15
  in
• 2:16
  that
• 2:16
  same
• 2:16
  place.
• 2:17
  So
• 2:17
  I
• 2:17
  think
• 2:17
  as
• 2:18
  Dollar
• 2:18
  General
• 2:18
  especially
• 2:19
  is
• 2:19
  continuing
• 2:20
  this
• 2:20
  massive
• 2:21
  expansion,
• 2:22
  to
• 2:22
  be
• 2:22
  able
• 2:22
  to
• 2:22
  have
• 2:23
  yet
• 2:23
  another
• 2:23
  product
• 2:24
  for
• 2:24
  me
• 2:24
  to
• 2:24
  pick
• 2:24
  up
• 2:25
  while
• 2:25
  I'm
• 2:26
  on
• 2:26
  that
• 2:26
  Dollar
• 2:27
  Store
• 2:27
  trip
• 2:28
  could
• 2:29
  prevent
• 2:29
  me
• 2:30
  potentially
• 2:30
  from
• 2:30
  having
• 2:31
  to
• 2:31
  make
• 2:31
  another
• 2:31
  trip
• 2:31
  to
• 2:31
  a
• 2:32
  Target
• 2:32
  or
• 2:32
  Walmart
• 2:32
  and
• 2:33
  could
• 2:33
  start
• 2:33
  to
• 2:33
  steal
• 2:34
  share
• 2:34
  from
• 2:34
  some
• 2:34
  of
• 2:34
  those
• 2:34
  stores.
• 2:35
  So
• 2:35
  I
• 2:35
  love
• 2:36
  this
• 2:36
  move.
• 2:36
  I
• 2:36
  think
• 2:37
  tons
• 2:37
  of
• 2:37
  opportunity,
• 2:38
  especially
• 2:39
  in
• 2:39
  some
• 2:39
  of
• 2:39
  these
• 2:39
  rural
• 2:40
  areas
• 2:40
  where
• 2:40
  again,
• 2:41
  like
• 2:41
  you
• 2:41
  said
• 2:41
  in
• 2:42
  the
• 2:42
  intro,
• 2:42
  there's
• 2:43
  not
• 2:43
  access
• 2:43
  to
• 2:44
  these
• 2:44
  high
• 2:44
  quality
• 2:44
  beauty
• 2:45
  products,
• 2:45
  especially
• 2:45
  at
• 2:46
  this
• 2:46
  price
• 2:46
  point.
• 2:46
  So
• 2:46
  I
• 2:47
  love
• 2:47
  it.
• 2:48
  Right,
• 2:48
  so,
• 2:48
  and
• 2:49
  let's
• 2:49
  play
• 2:49
  a
• 2:49
  game
• 2:49
  here.
• 2:49
  So
• 2:49
  let's
• 2:50
  say,
• 2:50
  let's
• 2:50
  say
• 2:50
  like
• 2:50
  10
• 2:51
  years
• 2:51
  from
• 2:51
  now,
• 2:52
  ELF
• 2:53
  has
• 2:53
  expanded
• 2:53
  across
• 2:54
  the
• 2:54
  country
• 2:54
  in
• 2:54
  Dollar
• 2:54
  General
• 2:55
  stores.
• 2:55
  They've
• 2:55
  expanded
• 2:56
  their
• 2:56
  beauty
• 2:56
  lines
• 2:57
  in
• 2:57
  general
• 2:57
  across
• 2:58
  Dollar
• 2:58
  General
• 2:58
  Stores.
• 2:59
  Who
• 2:59
  wins
• 2:59
  and
• 3:00
  who
• 3:00
  loses
• 3:01
  in
• 3:01
  that?
• 3:01
  I
• 3:01
  mean,
• 3:02
  I
• 3:02
  guess
• 3:02
  we
• 3:02
  know
• 3:02
  who
• 3:02
  wins,
• 3:03
  who
• 3:03
  loses
• 3:03
  in
• 3:04
  that.
• 3:04
  If
• 3:04
  in
• 3:05
  that
• 3:05
  eventuality,
• 3:06
  should
• 3:06
  that
• 3:06
  happen
• 3:06
  in
• 3:07
  your
• 3:07
  mind
• 3:07
  in
• 3:07
  the
• 3:07
  landscape?
• 3:08
  I
• 3:09
  mean,
• 3:09
  I
• 3:09
  think
• 3:09
  that
• 3:09
  you
• 3:10
  start
• 3:10
  to
• 3:10
  look
• 3:10
  at
• 3:11
  the
• 3:12
  product
• 3:12
  set,
• 3:13
  the
• 3:13
  exclusivity
• 3:14
  that
• 3:14
  some
• 3:15
  of
• 3:15
  these
• 3:15
  dollar
• 3:15
  stores
• 3:15
  are
• 3:15
  getting
• 3:16
  with
• 3:16
  some
• 3:16
  of
• 3:16
  these
• 3:16
  brands.
• 3:17
  And
• 3:17
  I
• 3:17
  think,
• 3:17
  like
• 3:17
  I
• 3:18
  said,
• 3:18
  I
• 3:18
  mean,
• 3:18
  I
• 3:18
  think
• 3:18
  you
• 3:19
  start
• 3:19
  to
• 3:19
  look
• 3:19
  at
• 3:19
  Walmart
• 3:20
  and
• 3:20
  Target,
• 3:20
  really,
• 3:21
  really
• 3:21
  starting
• 3:22
  to
• 3:22
  be
• 3:23
  Walmart.
• 3:24
  Even,
• 3:25
  even,
• 3:25
  you
• 3:26
  know,
• 3:26
  and
• 3:26
  potentially
• 3:27
  even
• 3:27
  Amazon
• 3:28
  for
• 3:28
  some
• 3:28
  of
• 3:28
  these
• 3:28
  same
• 3:28
  day
• 3:29
  purchases.
• 3:29
  Like,
• 3:29
  you
• 3:30
  know,
• 3:30
  beauty
• 3:30
  is
• 3:30
  still
• 3:31
  not
• 3:31
  a
• 3:31
  place
• 3:32
  where
• 3:32
  I
• 3:32
  think
• 3:32
  a
• 3:32
  lot
• 3:32
  of
• 3:32
  people
• 3:33
  are
• 3:34
  going
• 3:34
  to
• 3:34
  Amazon
• 3:35
  first
• 3:35
  for
• 3:35
  these
• 3:35
  products.
• 3:36
  But
• 3:37
  yeah,
• 3:37
  I
• 3:37
  mean
• 3:37
  you've
• 3:38
  got
• 3:38
  a
• 3:38
  great
• 3:38
  quality
• 3:39
  product
• 3:39
  here.
• 3:39
  You're
• 3:39
  saving
• 3:40
  yourself
• 3:40
  a
• 3:40
  trip.
• 3:41
  And
• 3:41
  I
• 3:41
  think,
• 3:42
  you
• 3:42
  know,
• 3:42
  we've,
• 3:43
  we're
• 3:43
  starting
• 3:43
  to
• 3:43
  see
• 3:43
  so
• 3:44
  many
• 3:44
  more
• 3:44
  categories
• 3:45
  and
• 3:45
  so
• 3:45
  many
• 3:45
  more
• 3:45
  reasons
• 3:46
  to
• 3:46
  shop
• 3:46
  the
• 3:46
  dollar
• 3:47
  concept
• 3:47
  both
• 3:48
  from
• 3:48
  a
• 3:49
  product
• 3:49
  availability
• 3:50
  perspective
• 3:50
  and
• 3:50
  from
• 3:51
  a
• 3:51
  price
• 3:51
  point
• 3:52
  that,
• 3:52
  that
• 3:52
  yeah,
• 3:53
  I
• 3:53
  think,
• 3:53
  I
• 3:53
  think
• 3:53
  we
• 3:54
  could
• 3:54
  start
• 3:54
  to
• 3:54
  see
• 3:55
  some
• 3:55
  share
• 3:55
  stolen
• 3:56
  from,
• 3:56
  from
• 3:56
  a
• 3:56
  Walmart.
• 3:58
  But
• 3:58
  what
• 3:58
  about
• 3:58
  you?
• 3:59
  That's.
• 4:00
  Yeah,
• 4:01
  no,
• 4:01
  I
• 4:01
  mean
• 4:01
  I,
• 4:02
  I
• 4:02
  don't
• 4:02
  disagree
• 4:02
  with
• 4:03
  you,
• 4:03
  but
• 4:03
  I
• 4:03
  think,
• 4:03
  I
• 4:03
  think,
• 4:03
  I
• 4:04
  think
• 4:04
  about
• 4:04
  it
• 4:04
  a
• 4:04
  little
• 4:04
  bit
• 4:04
  differently.
• 4:05
  I
• 4:05
  think
• 4:05
  if
• 4:05
  you're
• 4:05
  Walmart,
• 4:06
  I
• 4:06
  think
• 4:06
  you're
• 4:06
  okay
• 4:07
  because
• 4:07
  you
• 4:07
  are
• 4:07
  bolstered
• 4:08
  by
• 4:08
  the
• 4:08
  grocery
• 4:08
  trip.
• 4:09
  You
• 4:09
  might
• 4:09
  lose
• 4:09
  a
• 4:09
  little
• 4:10
  bit
• 4:10
  of
• 4:10
  your
• 4:10
  business
• 4:10
  in
• 4:10
  the
• 4:11
  category,
• 4:12
  but
• 4:12
  if
• 4:12
  you're
• 4:12
  the
• 4:13
  beneficiary
• 4:13
  of
• 4:13
  an
• 4:14
  auxiliary
• 4:15
  trip,
• 4:15
  like
• 4:15
  your
• 4:15
  point
• 4:15
  about
• 4:16
  the
• 4:16
  trip
• 4:16
  is
• 4:16
  really
• 4:16
  interesting.
• 4:17
  So
• 4:17
  by
• 4:17
  that
• 4:18
  I
• 4:18
  mean
• 4:18
  if
• 4:18
  you're
• 4:18
  a
• 4:18
  Target
• 4:19
  or
• 4:19
  an
• 4:19
  ulta,
• 4:20
  this
• 4:20
  move
• 4:21
  I
• 4:21
  think
• 4:21
  hurts
• 4:21
  you
• 4:22
  big
• 4:22
  time
• 4:22
  over
• 4:23
  time.
• 4:23
  And
• 4:24
  it
• 4:24
  all
• 4:24
  goes
• 4:24
  back
• 4:25
  to
• 4:25
  me
• 4:25
  to
• 4:25
  that
• 4:25
  age
• 4:26
  old
• 4:26
  action.
• 4:26
  We've
• 4:26
  discussed
• 4:27
  and
• 4:27
  debated
• 4:27
  on
• 4:27
  this
• 4:28
  show
• 4:28
  a
• 4:28
  lot
• 4:29
  and
• 4:29
  involves
• 4:29
  Clayton
• 4:30
  Christian's
• 4:30
  theory
• 4:30
  of
• 4:31
  low
• 4:31
  end
• 4:31
  disruptions.
• 4:32
  That
• 4:32
  customers
• 4:33
  who
• 4:33
  do
• 4:33
  not
• 4:33
  need
• 4:34
  the
• 4:34
  full
• 4:34
  performance
• 4:35
  valued
• 4:35
  by
• 4:36
  customers
• 4:36
  at
• 4:36
  the
• 4:36
  high
• 4:36
  end
• 4:37
  of
• 4:37
  the
• 4:37
  market
• 4:37
  will
• 4:38
  therefore
• 4:38
  always
• 4:39
  go
• 4:39
  where
• 4:39
  their
• 4:39
  needs
• 4:39
  are
• 4:40
  met
• 4:40
  at
• 4:40
  the
• 4:40
  lowest
• 4:40
  cost
• 4:41
  to
• 4:41
  them.
• 4:41
  And
• 4:41
  so
• 4:42
  Dollar
• 4:42
  General
• 4:42
  is
• 4:43
  serving
• 4:43
  that
• 4:43
  need
• 4:44
  in
• 4:44
  this
• 4:44
  case.
• 4:45
  And
• 4:45
  so
• 4:45
  that
• 4:45
  cost
• 4:46
  could
• 4:46
  be
• 4:46
  the
• 4:46
  low
• 4:46
  cost
• 4:47
  of
• 4:47
  the
• 4:47
  items
• 4:47
  at
• 4:48
  Dollar
• 4:48
  General
• 4:48
  or
• 4:49
  the
• 4:49
  fact
• 4:49
  that
• 4:49
  as
• 4:49
  you
• 4:49
  mentioned,
• 4:50
  that
• 4:50
  you
• 4:50
  no
• 4:51
  longer
• 4:51
  need
• 4:51
  to
• 4:51
  take
• 4:51
  that
• 4:52
  extra
• 4:52
  chip
• 4:52
  to
• 4:52
  a
• 4:52
  Target
• 4:52
  or
• 4:53
  Ulta.
• 4:53
  And
• 4:54
  the
• 4:54
  other
• 4:54
  part
• 4:54
  about
• 4:54
  this
• 4:54
  and
• 4:55
  I
• 4:55
  think
• 4:55
  is
• 4:55
  really
• 4:55
  interesting
• 4:56
  if
• 4:56
  we
• 4:56
  step
• 4:56
  back,
• 4:57
  Target
• 4:58
  particularly
• 4:59
  has
• 4:59
  a
• 4:59
  ton
• 4:59
  of
• 4:59
  risk
• 5:00
  here
• 5:00
  in
• 5:00
  the
• 5:00
  long
• 5:00
  run
• 5:01
  because
• 5:02
  you
• 5:02
  have
• 5:02
  a
• 5:03
  one
• 5:03
  stop
• 5:04
  mass
• 5:04
  merchant
• 5:05
  competitor
• 5:06
  that
• 5:06
  basically
• 5:07
  is
• 5:07
  Walmart
• 5:08
  so
• 5:08
  far
• 5:08
  to
• 5:08
  date.
• 5:09
  But
• 5:09
  with
• 5:09
  this
• 5:09
  elf
• 5:10
  beauty
• 5:10
  news,
• 5:11
  you've
• 5:11
  got
• 5:11
  dollar
• 5:12
  generals
• 5:12
  pushing
• 5:12
  to
• 5:13
  food
• 5:13
  as
• 5:13
  well.
• 5:13
  You've
• 5:14
  got
• 5:14
  their
• 5:14
  pop
• 5:15
  shelf
• 5:15
  concept
• 5:16
  expanding.
• 5:17
  That
• 5:17
  day
• 5:17
  could
• 5:17
  be
• 5:17
  coming
• 5:18
  soon
• 5:18
  when
• 5:18
  there's
• 5:18
  a
• 5:19
  dollar
• 5:19
  store
• 5:19
  one
• 5:20
  stop
• 5:20
  shop
• 5:20
  concept
• 5:21
  here
• 5:21
  in
• 5:21
  the
• 5:21
  next
• 5:22
  five
• 5:22
  to
• 5:22
  ten
• 5:22
  years
• 5:23
  and,
• 5:24
  and
• 5:24
  that
• 5:25
  when
• 5:25
  that
• 5:25
  happens,
• 5:26
  Target's
• 5:27
  not
• 5:27
  going
• 5:27
  to
• 5:27
  know
• 5:27
  what
• 5:27
  hit
• 5:27
  it,
• 5:28
  I
• 5:28
  think.
• 5:28
  And
• 5:28
  that's
• 5:28
  why
• 5:28
  this
• 5:29
  is
• 5:29
  a
• 5:29
  really
• 5:29
  interesting
• 5:30
  headline
• 5:30
  too.
• 5:31
  Yeah,
• 5:31
  I
• 5:31
  don't,
• 5:32
  I
• 5:32
  don't
• 5:32
  think
• 5:32
  you
• 5:32
  can
• 5:33
  just
• 5:33
  put
• 5:33
  Target
• 5:33
  in
• 5:33
  that
• 5:34
  category
• 5:34
  though,
• 5:34
  Chris.
• 5:35
  I
• 5:35
  still
• 5:35
  think
• 5:35
  Walmart's
• 5:36
  at
• 5:36
  risk
• 5:36
  too,
• 5:37
  especially
• 5:37
  when
• 5:37
  you
• 5:37
  look
• 5:37
  at
• 5:38
  the,
• 5:39
  because
• 5:39
  of
• 5:39
  the
• 5:40
  footprint
• 5:40
  like
• 5:41
  where
• 5:41
  people
• 5:41
  are
• 5:41
  going
• 5:41
  to
• 5:42
  get
• 5:42
  and
• 5:42
  especially
• 5:43
  if
• 5:43
  they
• 5:43
  do
• 5:43
  start
• 5:44
  to
• 5:44
  have
• 5:44
  groceries
• 5:44
  that
• 5:45
  are
• 5:45
  available.
• 5:45
  Like
• 5:46
  even
• 5:46
  the
• 5:46
  people
• 5:46
  that
• 5:47
  still
• 5:47
  have
• 5:47
  to
• 5:47
  drive
• 5:48
  25
• 5:48
  minutes
• 5:48
  to
• 5:49
  a
• 5:49
  Walmart,
• 5:49
  if
• 5:49
  they
• 5:49
  can
• 5:49
  go
• 5:50
  to
• 5:50
  their
• 5:50
  dollar
• 5:50
  store
• 5:51
  that's
• 5:51
  on
• 5:52
  their
• 5:52
  main
• 5:52
  street
• 5:52
  in
• 5:52
  town,
• 5:53
  that
• 5:53
  could
• 5:53
  start
• 5:53
  to
• 5:54
  steal
• 5:54
  share
• 5:54
  too
• 5:54
  I
• 5:55
  think.
• 5:56
  But
• 5:57
  I
• 5:57
  think
• 5:58
  your
• 5:58
  points
• 5:59
  are
• 5:59
  solid
• 5:59
  in
• 5:59
  that
• 6:00
  the
• 6:01
  Dollar
• 6:01
  store
• 6:01
  is
• 6:02
  coming
• 6:02
  for
• 6:02
  the
• 6:02
  mass
• 6:03
  merchant
• 6:03
  and
• 6:04
  our
• 6:04
  economy
• 6:05
  especially
• 6:05
  right
• 6:06
  now
• 6:06
  is
• 6:07
  absolutely
• 6:07
  ready
• 6:08
  for
• 6:08
  a
• 6:08
  lower
• 6:09
  price
• 6:09
  option.
• 6:10
  Yeah,
• 6:11
  the
• 6:11
  dollar
• 6:11
  store
• 6:11
  one
• 6:11
  stop
• 6:12
  shop
• 6:12
  is
• 6:12
  an
• 6:12
  untapped
• 6:13
  idea,
• 6:13
  you
• 6:13
  know,
• 6:14
  and
• 6:14
  what
• 6:15
  does
• 6:15
  that
• 6:15
  look
• 6:15
  like
• 6:15
  and
• 6:16
  how
• 6:16
  big
• 6:16
  is
• 6:16
  it
• 6:17
  and
• 6:17
  what
• 6:17
  products
• 6:17
  are
• 6:18
  in
• 6:18
  it?
• 6:18
  Like
• 6:18
  that's
• 6:19
  what's
• 6:19
  happening
• 6:19
  here
• 6:19
  in
• 6:20
  our
• 6:20
  minds,
• 6:20
  I
• 6:21
  think.
• 6:21
  Yeah,
• 6:21
  great
• 6:22
  discussion.