Latest / Omni Talk Retail / Placer.ai's Ethan Chernofsky Reveals 2024 Retail Superlative Awards & Surprising Insights | Ask An Expert

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Placer.ai's Ethan Chernofsky Reveals 2024 Retail Superlative Awards & Surprising Insights | Ask An Expert · Omni Talk Retail

• 0:08
  Welcome
• 0:08
  to
• 0:08
  the
• 0:09
  latest
• 0:09
  edition
• 0:09
  of
• 0:09
  the
• 0:09
  Omnitalk
• 0:10
  Retail
• 0:11
  Ask
• 0:11
  An
• 0:11
  Expert
• 0:12
  series.
• 0:12
  I'm
• 0:12
  your
• 0:12
  host,
• 0:12
  Chris
• 0:13
  Walton.
• 0:14
  And
• 0:14
  I'm
• 0:14
  Ann
• 0:14
  Mazinga.
• 0:15
  And
• 0:16
  we
• 0:16
  are
• 0:16
  the
• 0:16
  founders
• 0:16
  of
• 0:17
  omnitalk,
• 0:17
  the
• 0:17
  fast
• 0:17
  growing
• 0:18
  retail
• 0:18
  media
• 0:18
  outlet
• 0:19
  that
• 0:19
  is
• 0:19
  all
• 0:19
  about
• 0:19
  the
• 0:19
  companies,
• 0:20
  the
• 0:20
  people
• 0:20
  and
• 0:20
  the
• 0:21
  technologies
• 0:21
  that
• 0:21
  are
• 0:21
  coming
• 0:22
  together
• 0:22
  to
• 0:23
  shape
• 0:23
  the
• 0:23
  future
• 0:23
  of
• 0:23
  retail.
• 0:24
  Or
• 0:24
  as
• 0:24
  we
• 0:24
  like
• 0:24
  to
• 0:24
  say
• 0:25
  here
• 0:25
  at
• 0:25
  omnitalk,
• 0:26
  the
• 0:26
  media
• 0:26
  organization
• 0:27
  that
• 0:27
  focuses
• 0:28
  on
• 0:28
  tomorrow,
• 0:29
  today
• 0:30
  and
• 0:31
  our
• 0:31
  next
• 0:31
  guest.
• 0:32
  I
• 0:32
  don't,
• 0:32
  I
• 0:32
  don't
• 0:32
  think
• 0:33
  he
• 0:33
  needs
• 0:33
  an
• 0:33
  introduction
• 0:34
  in
• 0:34
  any
• 0:34
  way,
• 0:35
  shape
• 0:35
  or
• 0:35
  form.
• 0:36
  No,
• 0:36
  everybody
• 0:36
  knows
• 0:37
  him.
• 0:37
  Yes.
• 0:38
  Or
• 0:38
  should.
• 0:38
  If
• 0:39
  they
• 0:39
  don't,
• 0:39
  they
• 0:39
  should.
• 0:40
  They
• 0:40
  should.
• 0:41
  Anyone
• 0:41
  in
• 0:41
  our
• 0:41
  circles
• 0:42
  definitely
• 0:42
  knows
• 0:42
  this
• 0:42
  gentleman
• 0:43
  that
• 0:43
  I'm
• 0:43
  about
• 0:43
  to
• 0:43
  introduce.
• 0:44
  And
• 0:44
  I
• 0:44
  think
• 0:44
  we
• 0:44
  could
• 0:44
  say
• 0:45
  that
• 0:45
  he
• 0:45
  has
• 0:45
  now
• 0:45
  been
• 0:46
  on
• 0:46
  our
• 0:46
  show
• 0:47
  more
• 0:47
  than
• 0:47
  anyone.
• 0:48
  I
• 0:48
  haven't
• 0:48
  verified
• 0:49
  that,
• 0:49
  but
• 0:49
  I'm
• 0:49
  pretty
• 0:49
  sure
• 0:50
  that's
• 0:50
  true
• 0:51
  because
• 0:51
  our
• 0:51
  relationship
• 0:52
  goes
• 0:52
  back
• 0:52
  now,
• 0:52
  I
• 0:53
  believe
• 0:53
  it
• 0:53
  or
• 0:53
  not,
• 0:53
  I
• 0:53
  think
• 0:54
  six,
• 0:54
  five
• 0:54
  or
• 0:54
  six
• 0:55
  years
• 0:55
  at
• 0:55
  least.
• 0:56
  So
• 0:56
  I
• 0:56
  am
• 0:56
  pleased
• 0:56
  to
• 0:57
  introduce
• 0:57
  Placer
• 0:58
  AI's
• 0:58
  SVP
• 0:59
  of
• 0:59
  Marketing,
• 1:00
  Ethan
• 1:00
  Chernofsky.
• 1:02
  Ethan,
• 1:03
  welcome
• 1:03
  to
• 1:04
  Omnitalk.
• 1:05
  Thanks
• 1:05
  for.
• 1:06
  Thanks
• 1:06
  for
• 1:06
  having
• 1:06
  me.
• 1:07
  I've
• 1:07
  decided
• 1:07
  that
• 1:08
  next
• 1:08
  time
• 1:08
  I'm
• 1:08
  just
• 1:08
  going
• 1:09
  to
• 1:09
  interrupt
• 1:09
  when
• 1:10
  you
• 1:10
  guys
• 1:10
  introduce
• 1:10
  yourself.
• 1:11
  So
• 1:11
  it'll
• 1:11
  be
• 1:11
  like,
• 1:11
  I'm
• 1:12
  Chris.
• 1:12
  I'm
• 1:12
  Ann.
• 1:13
  I'm
• 1:13
  just
• 1:13
  going
• 1:13
  to
• 1:13
  jump
• 1:13
  right
• 1:13
  in
• 1:14
  and
• 1:14
  be
• 1:14
  like.
• 1:14
  And
• 1:14
  it's
• 1:14
  Ethan.
• 1:14
  I'm
• 1:14
  Ethan.
• 1:15
  And
• 1:15
  I'm
• 1:15
  Ethan.
• 1:16
  Yes,
• 1:17
  it's
• 1:17
  me,
• 1:18
  Ethan.
• 1:18
  Yeah,
• 1:19
  yeah.
• 1:19
  It's
• 1:20
  a
• 1:20
  Mia.
• 1:20
  Ethan.
• 1:21
  Yeah.
• 1:21
  So,
• 1:22
  so,
• 1:22
  so,
• 1:23
  Ethan.
• 1:24
  So
• 1:24
  for
• 1:25
  those
• 1:25
  of
• 1:25
  you
• 1:25
  that
• 1:25
  have
• 1:25
  seen
• 1:26
  Ethan
• 1:26
  on
• 1:26
  our
• 1:27
  asking
• 1:27
  expert
• 1:27
  in
• 1:28
  the
• 1:28
  past,
• 1:29
  you'll
• 1:29
  know
• 1:30
  that
• 1:30
  we
• 1:30
  actually
• 1:31
  have
• 1:31
  no
• 1:31
  idea
• 1:31
  what
• 1:32
  Ethan
• 1:32
  is
• 1:32
  going
• 1:32
  to
• 1:32
  prepare
• 1:33
  for
• 1:33
  us.
• 1:34
  We,
• 1:34
  Ann
• 1:34
  and
• 1:34
  I,
• 1:35
  see
• 1:35
  what
• 1:35
  Ethan
• 1:36
  brings
• 1:36
  to
• 1:36
  the
• 1:36
  table
• 1:37
  and
• 1:37
  we
• 1:37
  are
• 1:37
  reacting
• 1:38
  to
• 1:38
  it
• 1:38
  in
• 1:39
  live
• 1:39
  time,
• 1:40
  as
• 1:40
  are
• 1:40
  you,
• 1:40
  as
• 1:41
  you're
• 1:41
  seeing
• 1:41
  the
• 1:41
  content
• 1:42
  that
• 1:42
  he's
• 1:42
  prepared
• 1:42
  for
• 1:42
  us.
• 1:43
  And
• 1:43
  today
• 1:43
  he
• 1:44
  asked
• 1:44
  us
• 1:44
  to
• 1:44
  do
• 1:45
  something
• 1:46
  very
• 1:46
  special
• 1:46
  and
• 1:46
  very
• 1:47
  unique.
• 1:47
  Ethan
• 1:48
  wants
• 1:48
  to
• 1:48
  hand
• 1:48
  out
• 1:49
  Placer
• 1:49
  AI's
• 1:50
  2024
• 1:51
  Retail
• 1:52
  Superlative
• 1:53
  Awards.
• 1:53
  And
• 1:53
  like
• 1:53
  we
• 1:54
  said,
• 1:54
  I
• 1:54
  have
• 1:54
  no
• 1:54
  idea
• 1:55
  what
• 1:55
  direction
• 1:55
  this
• 1:55
  is
• 1:55
  going
• 1:56
  to
• 1:56
  take.
• 1:56
  I
• 1:56
  have
• 1:56
  no
• 1:56
  idea
• 1:57
  what
• 1:57
  awards
• 1:57
  he's
• 1:57
  going
• 1:57
  to
• 1:57
  hand
• 1:58
  out.
• 1:58
  This
• 1:58
  could
• 1:58
  get
• 1:58
  ugly.
• 1:59
  It
• 1:59
  could
• 1:59
  get
• 1:59
  fun.
• 2:00
  It
• 2:00
  could
• 2:00
  get
• 2:00
  great.
• 2:00
  I'm
• 2:01
  really
• 2:01
  looking
• 2:01
  forward
• 2:01
  to
• 2:02
  it.
• 2:02
  Hopefully
• 2:02
  it's
• 2:02
  going
• 2:02
  to
• 2:02
  be
• 2:03
  great
• 2:03
  entertainment
• 2:03
  for
• 2:04
  everyone
• 2:04
  and
• 2:04
  very
• 2:05
  thought
• 2:05
  provoking
• 2:05
  as
• 2:06
  well.
• 2:07
  Before
• 2:07
  we
• 2:07
  get
• 2:08
  into
• 2:08
  the
• 2:08
  discussion
• 2:08
  with
• 2:09
  Ethan,
• 2:09
  though,
• 2:09
  I
• 2:09
  will
• 2:10
  just
• 2:10
  remind
• 2:10
  all
• 2:11
  of
• 2:11
  you
• 2:11
  who
• 2:11
  are
• 2:11
  joining
• 2:11
  us
• 2:12
  today
• 2:12
  for
• 2:13
  this
• 2:13
  crazy
• 2:13
  ride
• 2:14
  with
• 2:14
  Ethan.
• 2:15
  You
• 2:15
  can
• 2:15
  ask
• 2:16
  Ethan
• 2:16
  and
• 2:17
  the
• 2:17
  team
• 2:17
  at
• 2:17
  Placer
• 2:17
  any
• 2:18
  questions
• 2:18
  that
• 2:18
  you
• 2:18
  Might
• 2:19
  have
• 2:19
  in
• 2:19
  the
• 2:19
  chat
• 2:19
  session
• 2:20
  window
• 2:20
  to
• 2:20
  the
• 2:20
  right
• 2:20
  of
• 2:20
  your
• 2:21
  screen.
• 2:22
  Plop
• 2:22
  those
• 2:22
  in
• 2:22
  there,
• 2:23
  and
• 2:23
  we'll
• 2:23
  try
• 2:23
  to
• 2:23
  get
• 2:23
  to
• 2:23
  all
• 2:24
  of
• 2:24
  them
• 2:24
  throughout
• 2:25
  our
• 2:25
  discussion.
• 2:27
  Okay,
• 2:27
  Ethan,
• 2:28
  before
• 2:28
  we
• 2:29
  get
• 2:29
  started,
• 2:29
  you've
• 2:30
  joked
• 2:30
  about
• 2:30
  this
• 2:30
  in
• 2:30
  the
• 2:30
  past.
• 2:31
  Chris
• 2:31
  and
• 2:31
  I
• 2:31
  might
• 2:31
  be
• 2:32
  able
• 2:32
  to
• 2:32
  give
• 2:32
  this
• 2:33
  overview.
• 2:33
  But
• 2:33
  for
• 2:34
  those
• 2:34
  who
• 2:34
  are
• 2:34
  joining
• 2:34
  us
• 2:35
  for
• 2:35
  the
• 2:35
  first
• 2:35
  time,
• 2:36
  what
• 2:37
  is
• 2:37
  Placer,
• 2:38
  and
• 2:38
  what
• 2:38
  is
• 2:38
  it
• 2:38
  about
• 2:38
  the
• 2:39
  data
• 2:39
  that
• 2:39
  you
• 2:39
  collect
• 2:39
  that
• 2:39
  makes
• 2:40
  it
• 2:40
  such
• 2:40
  a
• 2:40
  useful
• 2:41
  tool
• 2:41
  in
• 2:41
  providing
• 2:41
  insights
• 2:42
  into
• 2:42
  the
• 2:42
  topic
• 2:43
  at
• 2:43
  hand
• 2:43
  today?
• 2:44
  And
• 2:44
  I'm
• 2:44
  so
• 2:44
  happy
• 2:45
  you
• 2:45
  asked
• 2:45
  that
• 2:45
  question.
• 2:45
  I
• 2:46
  didn't
• 2:46
  really
• 2:46
  see
• 2:46
  it
• 2:46
  coming.
• 2:47
  But
• 2:47
  Placer
• 2:48
  is
• 2:48
  a
• 2:49
  location
• 2:49
  analytics
• 2:49
  company
• 2:50
  that
• 2:50
  means
• 2:51
  people
• 2:51
  vote
• 2:51
  with
• 2:51
  their
• 2:51
  feet.
• 2:51
  We
• 2:52
  show
• 2:52
  you
• 2:52
  how
• 2:52
  they
• 2:52
  vote
• 2:52
  across
• 2:52
  the
• 2:53
  United
• 2:53
  States
• 2:53
  every
• 2:53
  single
• 2:54
  day.
• 2:54
  We
• 2:54
  do
• 2:54
  that
• 2:54
  by
• 2:55
  analyzing
• 2:55
  a
• 2:55
  panel
• 2:56
  of
• 2:56
  tens
• 2:56
  of
• 2:56
  millions
• 2:57
  of
• 2:57
  mobile
• 2:58
  devices
• 2:58
  and
• 2:58
  utilizing
• 2:59
  machine
• 2:59
  learning
• 2:59
  and
• 2:59
  AI
• 2:59
  algorithms
• 3:00
  on
• 3:00
  top
• 3:01
  to
• 3:01
  make
• 3:01
  estimations
• 3:01
  of
• 3:02
  retail
• 3:02
  visits
• 3:02
  across
• 3:03
  the
• 3:03
  country.
• 3:03
  Very
• 3:03
  critically.
• 3:04
  This
• 3:04
  is
• 3:04
  all
• 3:05
  aggregate
• 3:05
  data
• 3:05
  that
• 3:05
  has
• 3:06
  been
• 3:06
  stripped
• 3:06
  of
• 3:06
  identifiers
• 3:07
  like
• 3:07
  maids.
• 3:07
  So
• 3:07
  we
• 3:07
  are
• 3:08
  GDPR
• 3:08
  and
• 3:08
  CCPA
• 3:09
  compliant.
• 3:10
  We
• 3:10
  then
• 3:10
  show
• 3:10
  that
• 3:11
  off
• 3:11
  in
• 3:11
  a
• 3:11
  wealth
• 3:11
  of
• 3:11
  different
• 3:11
  reports
• 3:12
  within
• 3:12
  our
• 3:12
  platform
• 3:12
  and
• 3:13
  everything
• 3:13
  from
• 3:13
  the
• 3:14
  visitor
• 3:14
  journey,
• 3:14
  true
• 3:15
  trade
• 3:15
  areas,
• 3:16
  visit
• 3:16
  trends,
• 3:17
  and
• 3:17
  a
• 3:17
  whole
• 3:18
  lot
• 3:18
  more.
• 3:20
  Ethan,
• 3:20
  I
• 3:20
  want
• 3:21
  you
• 3:21
  to
• 3:21
  do
• 3:21
  a
• 3:21
  CROCS
• 3:22
  collaboration
• 3:23
  that
• 3:23
  says
• 3:25
  people
• 3:25
  vote
• 3:25
  with
• 3:25
  their
• 3:26
  feet.
• 3:26
  Can
• 3:26
  we,
• 3:27
  like,
• 3:27
  figure
• 3:27
  out
• 3:27
  some
• 3:28
  way
• 3:28
  to
• 3:28
  get,
• 3:28
  like,
• 3:28
  Placer
• 3:29
  like,
• 3:29
  things?
• 3:30
  I
• 3:30
  don't
• 3:30
  know,
• 3:31
  some
• 3:31
  shoe
• 3:31
  collaboration?
• 3:32
  Maybe
• 3:32
  not
• 3:32
  Crocs,
• 3:33
  but
• 3:33
  I
• 3:34
  know
• 3:34
  that
• 3:34
  they're
• 3:34
  open
• 3:34
  to
• 3:35
  just
• 3:35
  about
• 3:35
  any
• 3:35
  collab,
• 3:36
  so
• 3:36
  I
• 3:36
  think
• 3:36
  that
• 3:37
  should
• 3:37
  be
• 3:37
  something
• 3:38
  that
• 3:38
  at
• 3:38
  nrf,
• 3:39
  we're
• 3:39
  getting
• 3:40
  Placer,
• 3:40
  something
• 3:41
  that
• 3:41
  says
• 3:42
  people
• 3:42
  vote
• 3:42
  with
• 3:42
  their
• 3:42
  feet.
• 3:43
  Because
• 3:43
  I
• 3:43
  love
• 3:43
  the
• 3:43
  bar
• 3:44
  has
• 3:44
  been
• 3:44
  set
• 3:44
  for
• 3:44
  next
• 3:44
  year.
• 3:45
  Okay.
• 3:46
  And
• 3:47
  that
• 3:47
  seemed
• 3:47
  like
• 3:47
  a
• 3:47
  slight
• 3:47
  dig
• 3:48
  to
• 3:48
  crocs.
• 3:48
  You're
• 3:48
  like,
• 3:49
  don't
• 3:49
  collab
• 3:49
  with
• 3:49
  anybody.
• 3:52
  Well,
• 3:53
  I
• 3:53
  don't.
• 3:53
  I
• 3:53
  don't
• 3:54
  mean
• 3:54
  that
• 3:54
  in
• 3:54
  a
• 3:54
  bad
• 3:55
  way.
• 3:55
  I'm
• 3:55
  just
• 3:56
  saying,
• 3:56
  like,
• 3:57
  you
• 3:57
  know,
• 3:57
  that
• 3:57
  they're
• 3:58
  open
• 3:58
  to
• 3:58
  partnerships,
• 3:59
  and
• 3:59
  they
• 3:59
  could
• 4:00
  probably
• 4:00
  come
• 4:00
  up
• 4:00
  with
• 4:00
  a
• 4:01
  really
• 4:01
  cool,
• 4:01
  like,
• 4:02
  product
• 4:03
  that
• 4:04
  a
• 4:04
  lot
• 4:04
  of
• 4:04
  the
• 4:04
  young
• 4:05
  INS
• 4:05
  would
• 4:06
  be
• 4:06
  into.
• 4:06
  I
• 4:07
  mean.
• 4:07
  Yes.
• 4:08
  This
• 4:08
  is
• 4:08
  why
• 4:09
  I'm
• 4:09
  not
• 4:09
  on
• 4:09
  your.
• 4:09
  Session
• 4:10
  on
• 4:10
  omnitalk
• 4:11
  called
• 4:12
  that's
• 4:12
  a
• 4:13
  Croc,
• 4:13
  where
• 4:13
  you
• 4:14
  talk
• 4:14
  about
• 4:14
  your
• 4:15
  least
• 4:15
  favorite
• 4:16
  thing
• 4:16
  that
• 4:17
  you're
• 4:17
  hearing
• 4:17
  that
• 4:17
  month.
• 4:18
  Sponsored
• 4:19
  by
• 4:19
  Crocs.
• 4:21
  I
• 4:21
  mean,
• 4:22
  I'm
• 4:22
  down.
• 4:23
  Yeah,
• 4:23
  you're
• 4:23
  here
• 4:23
  for
• 4:24
  this.
• 4:24
  Free
• 4:24
  consulting
• 4:24
  all
• 4:25
  day.
• 4:25
  All
• 4:25
  right,
• 4:25
  well,
• 4:26
  let's
• 4:26
  get.
• 4:26
  Let's
• 4:26
  get
• 4:26
  to
• 4:27
  the
• 4:27
  program.
• 4:27
  Let's
• 4:27
  get
• 4:27
  to
• 4:28
  why
• 4:28
  we're
• 4:28
  all
• 4:28
  here.
• 4:29
  Ethan,
• 4:30
  please
• 4:30
  hand
• 4:30
  out
• 4:31
  the
• 4:31
  first
• 4:31
  award
• 4:32
  of
• 4:32
  today
• 4:33
  so
• 4:33
  it
• 4:33
  looks
• 4:33
  like
• 4:33
  it's
• 4:34
  most
• 4:34
  likely
• 4:34
  to
• 4:35
  succeed.
• 4:36
  Parentheses
• 4:36
  Forever.
• 4:37
  Is
• 4:37
  that
• 4:37
  right?
• 4:38
  What
• 4:38
  the
• 4:38
  heck
• 4:38
  does
• 4:39
  that
• 4:39
  mean?
• 4:39
  Okay,
• 4:40
  so
• 4:40
  when
• 4:40
  we
• 4:40
  were
• 4:40
  thinking
• 4:40
  of
• 4:40
  superlatives,
• 4:41
  I
• 4:41
  went
• 4:42
  back
• 4:42
  to
• 4:42
  my
• 4:42
  yearbook
• 4:42
  and,
• 4:43
  like,
• 4:43
  tried
• 4:43
  to
• 4:43
  figure
• 4:44
  out
• 4:44
  which
• 4:44
  ones
• 4:44
  actually
• 4:45
  apply.
• 4:45
  And
• 4:45
  so
• 4:45
  one
• 4:45
  of
• 4:46
  them
• 4:46
  was
• 4:46
  most
• 4:46
  likely
• 4:47
  to
• 4:47
  succeed,
• 4:47
  which
• 4:47
  is
• 4:48
  a
• 4:48
  great
• 4:48
  yearbook
• 4:49
  superlative.
• 4:50
  And
• 4:50
  I
• 4:50
  think
• 4:51
  the.
• 4:51
  The
• 4:51
  winner
• 4:52
  for
• 4:52
  us,
• 4:52
  and
• 4:52
  we
• 4:53
  have
• 4:53
  to
• 4:53
  put
• 4:53
  it
• 4:53
  in
• 4:53
  that
• 4:54
  parentheses
• 4:54
  of
• 4:54
  forever
• 4:55
  for
• 4:55
  the
• 4:55
  reason
• 4:55
  I'm
• 4:56
  going
• 4:56
  to
• 4:56
  explain
• 4:56
  is
• 4:57
  Costco.
• 4:57
  Right.
• 4:58
  I
• 4:58
  think
• 4:58
  when
• 4:58
  you
• 4:58
  look
• 4:59
  back
• 4:59
  at
• 5:00
  2024,
• 5:01
  there
• 5:01
  was
• 5:03
  the
• 5:04
  solidification
• 5:04
  of
• 5:05
  a
• 5:05
  pattern
• 5:05
  that
• 5:05
  we
• 5:06
  were
• 5:06
  really
• 5:07
  impressed
• 5:07
  by
• 5:07
  and
• 5:08
  in
• 5:08
  some
• 5:08
  ways,
• 5:08
  kind
• 5:08
  of
• 5:08
  blown
• 5:09
  away
• 5:09
  by.
• 5:09
  And
• 5:09
  I
• 5:09
  think
• 5:10
  it's
• 5:10
  kind
• 5:10
  of
• 5:10
  like
• 5:10
  Hail
• 5:11
  to
• 5:11
  the
• 5:11
  King
• 5:12
  moment
• 5:12
  for
• 5:12
  us.
• 5:13
  When
• 5:13
  you
• 5:13
  think
• 5:13
  about
• 5:13
  Costco,
• 5:14
  not
• 5:14
  only
• 5:15
  do
• 5:15
  they
• 5:15
  have
• 5:15
  consistent
• 5:16
  visit
• 5:16
  growth,
• 5:17
  not
• 5:17
  only
• 5:17
  do
• 5:17
  they
• 5:18
  see
• 5:18
  that
• 5:18
  over
• 5:18
  time,
• 5:19
  we
• 5:19
  know
• 5:19
  that
• 5:19
  they're
• 5:19
  able
• 5:19
  to
• 5:19
  drive
• 5:20
  kind
• 5:20
  of
• 5:20
  large
• 5:20
  baskets.
• 5:21
  We
• 5:21
  know
• 5:21
  that
• 5:21
  they've
• 5:21
  been.
• 5:21
  They've
• 5:22
  proven
• 5:22
  capable
• 5:22
  of
• 5:23
  adapting
• 5:23
  kind
• 5:23
  of
• 5:23
  no
• 5:23
  matter
• 5:24
  what
• 5:24
  the
• 5:24
  situation
• 5:24
  is.
• 5:25
  So
• 5:25
  people
• 5:25
  are
• 5:25
  making
• 5:25
  more
• 5:25
  visits,
• 5:26
  fewer
• 5:26
  visits,
• 5:27
  fewer
• 5:28
  visits
• 5:28
  per
• 5:29
  individual,
• 5:30
  more
• 5:31
  people
• 5:31
  coming.
• 5:32
  They
• 5:32
  kind
• 5:32
  of
• 5:32
  succeed
• 5:33
  no
• 5:33
  matter
• 5:33
  what.
• 5:34
  But
• 5:34
  I
• 5:34
  think
• 5:34
  the
• 5:34
  big
• 5:35
  thing
• 5:35
  that
• 5:35
  we
• 5:35
  saw
• 5:35
  this
• 5:35
  year
• 5:35
  that
• 5:36
  kind
• 5:36
  of
• 5:36
  put
• 5:36
  it
• 5:36
  over
• 5:36
  the
• 5:37
  top
• 5:37
  is
• 5:37
  like,
• 5:37
  hey,
• 5:37
  this
• 5:37
  is
• 5:38
  the
• 5:38
  retailer
• 5:38
  that
• 5:38
  we
• 5:39
  were
• 5:39
  kind
• 5:39
  of
• 5:39
  most
• 5:40
  impressed
• 5:40
  by
• 5:41
  is
• 5:41
  this
• 5:42
  shift
• 5:42
  of
• 5:43
  millennials
• 5:43
  and
• 5:44
  younger
• 5:44
  audiences
• 5:44
  coming
• 5:45
  into
• 5:45
  the
• 5:45
  Costco
• 5:45
  mix.
• 5:46
  So
• 5:47
  we
• 5:47
  think
• 5:47
  about,
• 5:47
  like,
• 5:47
  migration
• 5:48
  patterns,
• 5:48
  people
• 5:48
  moving
• 5:49
  into
• 5:49
  the
• 5:49
  suburbs,
• 5:50
  that
• 5:50
  clearly
• 5:51
  that
• 5:51
  audience
• 5:51
  shift
• 5:52
  created
• 5:52
  an
• 5:52
  opportunity.
• 5:53
  But
• 5:53
  what
• 5:53
  was
• 5:53
  fascinating
• 5:54
  is
• 5:54
  in
• 5:54
  a
• 5:54
  lot
• 5:54
  of
• 5:54
  cases,
• 5:55
  we
• 5:55
  saw
• 5:55
  retailers
• 5:56
  move
• 5:56
  along
• 5:57
  with
• 5:57
  their
• 5:57
  audiences
• 5:58
  or
• 5:58
  retail
• 5:58
  or
• 5:59
  audiences
• 5:59
  move
• 6:00
  and
• 6:00
  then
• 6:00
  kind
• 6:00
  of
• 6:00
  seek
• 6:00
  out
• 6:01
  the
• 6:01
  closest
• 6:01
  comp
• 6:02
  to
• 6:02
  the.
• 6:02
  To
• 6:02
  the
• 6:02
  retailers
• 6:03
  they
• 6:03
  had
• 6:03
  been
• 6:03
  going
• 6:03
  to
• 6:03
  in
• 6:04
  more
• 6:04
  urban
• 6:04
  environments.
• 6:05
  But
• 6:06
  with
• 6:06
  Costco,
• 6:07
  everyone
• 6:07
  just
• 6:08
  flocks
• 6:08
  there,
• 6:09
  because
• 6:09
  if
• 6:09
  you
• 6:09
  have
• 6:09
  space
• 6:10
  in
• 6:10
  your
• 6:10
  house,
• 6:11
  if
• 6:11
  you
• 6:11
  are
• 6:11
  pursuing
• 6:12
  value,
• 6:12
  if
• 6:12
  you're
• 6:13
  pursuing
• 6:13
  product
• 6:13
  quality,
• 6:14
  if
• 6:14
  you're
• 6:14
  pursuing
• 6:15
  experience,
• 6:15
  like,
• 6:16
  Costco
• 6:16
  seems
• 6:16
  to
• 6:17
  check
• 6:17
  every
• 6:17
  box
• 6:17
  for
• 6:18
  every
• 6:18
  consumer
• 6:18
  group.
• 6:19
  And
• 6:19
  that's
• 6:19
  why
• 6:19
  this
• 6:20
  kind
• 6:20
  of
• 6:20
  succeed
• 6:20
  forever
• 6:21
  piece
• 6:21
  is
• 6:21
  so
• 6:21
  critical,
• 6:22
  because
• 6:22
  they've
• 6:22
  essentially
• 6:23
  proven
• 6:23
  that
• 6:23
  they
• 6:24
  are
• 6:24
  not
• 6:24
  tied
• 6:25
  to
• 6:25
  a
• 6:25
  specific
• 6:25
  audience.
• 6:26
  They
• 6:26
  are
• 6:26
  going
• 6:27
  to
• 6:27
  continue
• 6:27
  to
• 6:27
  evolve,
• 6:28
  and
• 6:28
  audiences
• 6:28
  are
• 6:29
  going
• 6:29
  to
• 6:29
  find
• 6:29
  them
• 6:29
  because
• 6:30
  what
• 6:30
  they
• 6:30
  bring
• 6:30
  to
• 6:30
  the
• 6:30
  table
• 6:31
  is
• 6:31
  so
• 6:32
  unique
• 6:32
  and
• 6:32
  powerful.
• 6:33
  So,
• 6:34
  Ethan,
• 6:34
  I
• 6:34
  got
• 6:34
  to
• 6:34
  ask
• 6:34
  you
• 6:35
  because.
• 6:35
  And
• 6:36
  you
• 6:36
  know,
• 6:37
  like
• 6:37
  we
• 6:37
  said,
• 6:37
  we're
• 6:37
  doing
• 6:37
  this
• 6:37
  on
• 6:38
  the
• 6:38
  spot.
• 6:38
  So
• 6:38
  I
• 6:38
  don't
• 6:38
  know
• 6:38
  what
• 6:39
  data
• 6:39
  you
• 6:39
  have
• 6:39
  at
• 6:39
  your
• 6:40
  fingertips
• 6:40
  or
• 6:40
  what
• 6:41
  data
• 6:41
  you've
• 6:41
  looked
• 6:41
  at
• 6:41
  in
• 6:42
  preparation
• 6:42
  for
• 6:42
  this,
• 6:42
  but
• 6:43
  are
• 6:43
  these
• 6:44
  patterns
• 6:45
  something
• 6:45
  you're
• 6:45
  seeing
• 6:45
  across
• 6:46
  the
• 6:46
  warehouse
• 6:46
  club
• 6:47
  industry?
• 6:47
  Like,
• 6:48
  is
• 6:48
  BJ
• 6:49
  Sam,
• 6:49
  Are
• 6:49
  they
• 6:50
  seeing
• 6:50
  similar
• 6:50
  type
• 6:51
  movements
• 6:51
  across
• 6:51
  the
• 6:52
  generations?
• 6:52
  That's
• 6:53
  question
• 6:53
  Number
• 6:53
  one,
• 6:54
  and
• 6:54
  then
• 6:54
  two,
• 6:55
  how
• 6:55
  does
• 6:55
  Sam's
• 6:55
  Club
• 6:56
  fit
• 6:56
  into
• 6:56
  this?
• 6:56
  Because
• 6:57
  I
• 6:57
  think
• 6:57
  the
• 6:57
  forever
• 6:58
  question
• 6:58
  or
• 6:58
  the
• 6:58
  forever
• 6:59
  parentheses
• 6:59
  is
• 7:00
  the
• 7:00
  one
• 7:00
  that
• 7:01
  I
• 7:01
  don't
• 7:01
  want
• 7:01
  to
• 7:01
  speak
• 7:01
  for.
• 7:01
  And,
• 7:02
  but
• 7:02
  I
• 7:02
  might
• 7:02
  take
• 7:02
  umbrage
• 7:03
  with
• 7:03
  here
• 7:03
  because
• 7:03
  I
• 7:03
  think
• 7:04
  Sam's
• 7:04
  Club
• 7:04
  is
• 7:05
  kind
• 7:05
  of
• 7:05
  lurking
• 7:05
  in
• 7:05
  the
• 7:06
  shadows
• 7:06
  here,
• 7:07
  ready
• 7:07
  to
• 7:07
  pounce
• 7:07
  on
• 7:08
  Costco's
• 7:08
  opportunity
• 7:09
  or
• 7:10
  there,
• 7:10
  or
• 7:11
  to
• 7:11
  take
• 7:11
  or
• 7:11
  to
• 7:11
  kick
• 7:12
  Costco
• 7:12
  off
• 7:12
  the
• 7:13
  pedestal,
• 7:13
  so
• 7:13
  to
• 7:13
  speak.
• 7:13
  So
• 7:14
  those
• 7:14
  are
• 7:14
  my
• 7:14
  two
• 7:14
  questions.
• 7:15
  Okay,
• 7:15
  so
• 7:16
  the
• 7:16
  answer
• 7:16
  is,
• 7:17
  is
• 7:17
  one,
• 7:17
  yes,
• 7:18
  all
• 7:18
  of
• 7:18
  the
• 7:18
  warehouse
• 7:19
  players
• 7:19
  are
• 7:19
  kind
• 7:19
  of
• 7:19
  that
• 7:19
  those
• 7:20
  membership
• 7:20
  clubs
• 7:20
  are
• 7:20
  seeing
• 7:21
  similar
• 7:22
  versions
• 7:22
  of
• 7:22
  success.
• 7:23
  But
• 7:23
  I
• 7:23
  don't
• 7:24
  think
• 7:24
  you
• 7:24
  can
• 7:24
  strip
• 7:25
  away
• 7:25
  the
• 7:26
  kind
• 7:26
  of
• 7:26
  longevity
• 7:27
  from
• 7:27
  the
• 7:27
  Costco
• 7:27
  piece.
• 7:28
  So
• 7:28
  Sam's
• 7:28
  Club
• 7:28
  had
• 7:28
  some
• 7:29
  ups
• 7:29
  and
• 7:29
  downs,
• 7:29
  obviously
• 7:29
  doing
• 7:30
  tremendously
• 7:30
  well.
• 7:31
  BJ's
• 7:31
  was
• 7:32
  not
• 7:32
  doing
• 7:32
  as
• 7:32
  well
• 7:32
  pre
• 7:33
  pandemic
• 7:33
  saw
• 7:33
  this
• 7:33
  big
• 7:33
  surge
• 7:34
  because
• 7:34
  of
• 7:34
  the
• 7:34
  pandemic
• 7:35
  and
• 7:35
  kind
• 7:35
  of
• 7:35
  has
• 7:35
  ridden
• 7:35
  that
• 7:36
  wave.
• 7:36
  I
• 7:36
  think
• 7:37
  just
• 7:37
  the
• 7:37
  longevity
• 7:38
  of
• 7:38
  Costco
• 7:39
  bears
• 7:39
  kind
• 7:39
  of
• 7:40
  note
• 7:40
  also.
• 7:41
  There's
• 7:41
  an
• 7:41
  element
• 7:41
  to
• 7:42
  Costco
• 7:42
  about
• 7:42
  the
• 7:43
  way
• 7:43
  they
• 7:43
  spread
• 7:43
  into
• 7:44
  new
• 7:44
  kind
• 7:45
  of
• 7:45
  verticals,
• 7:46
  new
• 7:46
  offerings
• 7:46
  that
• 7:47
  is
• 7:47
  super
• 7:47
  noteworthy.
• 7:48
  Like
• 7:48
  the
• 7:48
  idea
• 7:49
  that
• 7:49
  Costco
• 7:50
  has
• 7:50
  like
• 7:50
  a.
• 7:50
  You
• 7:50
  rent
• 7:51
  cars
• 7:51
  through
• 7:51
  them,
• 7:52
  you
• 7:52
  book
• 7:52
  travel,
• 7:53
  you
• 7:53
  get
• 7:53
  your
• 7:54
  kind
• 7:54
  of
• 7:54
  hearing
• 7:54
  aid
• 7:55
  checked.
• 7:55
  Like,
• 7:55
  that
• 7:56
  is
• 7:56
  a
• 7:56
  level
• 7:56
  of
• 7:57
  trust
• 7:57
  in
• 7:57
  a
• 7:57
  brand
• 7:58
  that
• 7:58
  doesn't
• 7:59
  really
• 7:59
  make
• 7:59
  sense
• 8:00
  in
• 8:00
  the
• 8:00
  retail
• 8:00
  environment.
• 8:01
  And
• 8:01
  they're
• 8:01
  so
• 8:02
  good
• 8:02
  that
• 8:02
  it
• 8:03
  kind
• 8:03
  of
• 8:03
  sets
• 8:04
  them
• 8:04
  apart.
• 8:04
  For
• 8:04
  me,
• 8:05
  though,
• 8:05
  certainly
• 8:05
  those
• 8:05
  other.
• 8:06
  Those
• 8:06
  other
• 8:06
  players
• 8:06
  are
• 8:06
  great.
• 8:07
  I
• 8:07
  will
• 8:07
  say
• 8:07
  that
• 8:08
  there
• 8:08
  was.
• 8:08
  There
• 8:09
  were
• 8:09
  some
• 8:09
  other
• 8:10
  brands
• 8:10
  we
• 8:10
  were
• 8:10
  throwing
• 8:11
  around.
• 8:11
  We
• 8:11
  were
• 8:11
  having
• 8:11
  this
• 8:12
  conversation.
• 8:12
  So
• 8:12
  one
• 8:13
  was
• 8:13
  like
• 8:13
  Trader
• 8:14
  Joe's,
• 8:14
  I
• 8:14
  think,
• 8:14
  has
• 8:15
  done
• 8:15
  this
• 8:15
  brilliant
• 8:15
  job.
• 8:16
  And
• 8:16
  we
• 8:16
  see
• 8:17
  fascinating
• 8:17
  metrics
• 8:18
  about
• 8:18
  Trader
• 8:18
  Joe's,
• 8:18
  including
• 8:19
  the
• 8:19
  willingness
• 8:19
  to
• 8:20
  drive
• 8:20
  farther,
• 8:21
  to
• 8:21
  spend,
• 8:22
  to
• 8:22
  literally,
• 8:23
  like
• 8:23
  go
• 8:23
  out
• 8:23
  of
• 8:24
  your
• 8:24
  way
• 8:24
  to
• 8:24
  make
• 8:24
  them
• 8:25
  a
• 8:25
  part
• 8:25
  of
• 8:25
  your
• 8:25
  grocery
• 8:26
  mix.
• 8:27
  Really
• 8:27
  impressed
• 8:27
  with
• 8:28
  Dollar
• 8:28
  General
• 8:28
  this
• 8:28
  year.
• 8:29
  I
• 8:29
  think
• 8:29
  when
• 8:29
  we've
• 8:29
  seen
• 8:30
  challenges
• 8:30
  in
• 8:31
  the
• 8:31
  value
• 8:31
  lane,
• 8:32
  Dollar
• 8:32
  General
• 8:32
  has
• 8:33
  been
• 8:33
  amongst
• 8:33
  the
• 8:34
  more
• 8:34
  resilient
• 8:35
  players
• 8:35
  within
• 8:35
  it.
• 8:36
  The
• 8:36
  kind
• 8:36
  of
• 8:37
  heavier
• 8:37
  investment
• 8:37
  in
• 8:38
  pop
• 8:38
  shelf
• 8:38
  has
• 8:38
  been
• 8:38
  super
• 8:39
  impressive
• 8:39
  for
• 8:39
  US
• 8:40
  brands
• 8:40
  like
• 8:41
  HomeGoods
• 8:41
  and
• 8:41
  like
• 8:42
  Lifetime
• 8:42
  on
• 8:42
  the
• 8:42
  fitness
• 8:43
  side,
• 8:43
  also
• 8:43
  super
• 8:43
  impressive.
• 8:44
  But
• 8:44
  for
• 8:44
  us
• 8:45
  right
• 8:45
  now,
• 8:46
  we
• 8:46
  did
• 8:46
  a
• 8:46
  post
• 8:47
  earlier
• 8:47
  this
• 8:47
  year,
• 8:47
  we
• 8:47
  said
• 8:48
  if
• 8:48
  we
• 8:48
  had
• 8:48
  to
• 8:48
  do
• 8:48
  NFL
• 8:49
  comparisons
• 8:50
  for,
• 8:50
  for
• 8:51
  retailers,
• 8:52
  the
• 8:52
  Costco
• 8:52
  is
• 8:52
  the
• 8:53
  Chiefs,
• 8:53
  like,
• 8:53
  they
• 8:53
  have
• 8:53
  won
• 8:54
  a
• 8:54
  bunch
• 8:54
  of
• 8:54
  Super
• 8:54
  Bowls.
• 8:55
  They're
• 8:55
  the
• 8:55
  power
• 8:55
  ranking.
• 8:56
  They're
• 8:56
  number
• 8:56
  one.
• 8:57
  Number
• 8:57
  one
• 8:57
  on
• 8:57
  the
• 8:57
  power
• 8:58
  ranking
• 8:58
  right
• 8:58
  now.
• 8:58
  All
• 8:59
  right,
• 9:00
  all
• 9:00
  right.
• 9:00
  What
• 9:00
  do
• 9:01
  you
• 9:01
  have
• 9:01
  next,
• 9:01
  Ethan?
• 9:03
  Segment
• 9:03
  of
• 9:04
  the
• 9:04
  year.
• 9:05
  Oh,
• 9:06
  now.
• 9:06
  Now
• 9:06
  we're
• 9:06
  in
• 9:07
  award
• 9:07
  territory,
• 9:08
  but
• 9:11
  segment
• 9:11
  of
• 9:11
  the
• 9:12
  year
• 9:12
  is
• 9:12
  Fitness.
• 9:13
  And
• 9:13
  I
• 9:13
  think,
• 9:14
  I
• 9:14
  think
• 9:14
  there's
• 9:15
  a
• 9:15
  few
• 9:15
  reasons
• 9:15
  why
• 9:17
  I
• 9:18
  can't
• 9:18
  shake
• 9:18
  the
• 9:19
  decline
• 9:19
  narrative
• 9:20
  that
• 9:20
  was
• 9:20
  so
• 9:20
  prominent
• 9:21
  a
• 9:21
  few
• 9:21
  years
• 9:21
  ago
• 9:22
  where
• 9:22
  we're
• 9:22
  like,
• 9:22
  oh,
• 9:22
  that's
• 9:22
  it,
• 9:23
  we're
• 9:23
  never
• 9:23
  going
• 9:23
  to
• 9:23
  gyms
• 9:23
  again.
• 9:24
  Right.
• 9:25
  Also
• 9:27
  we
• 9:27
  have
• 9:28
  to
• 9:28
  remember
• 9:28
  that
• 9:28
  even
• 9:29
  when
• 9:29
  the
• 9:29
  sector
• 9:29
  bounced
• 9:30
  back,
• 9:30
  everyone's
• 9:30
  like,
• 9:30
  well,
• 9:31
  oh,
• 9:31
  that's
• 9:31
  because
• 9:32
  Planet
• 9:33
  Fitness
• 9:33
  and
• 9:33
  these
• 9:33
  value
• 9:33
  oriented
• 9:34
  chains
• 9:34
  are
• 9:34
  really
• 9:35
  cheap
• 9:35
  and
• 9:36
  so
• 9:36
  they're
• 9:36
  kind
• 9:36
  of
• 9:36
  tapping
• 9:37
  into
• 9:37
  that
• 9:37
  potential.
• 9:38
  Totally
• 9:39
  true.
• 9:39
  But
• 9:40
  this
• 9:40
  year
• 9:40
  we've
• 9:40
  seen
• 9:40
  a
• 9:41
  massive
• 9:41
  recovery
• 9:41
  even
• 9:42
  in
• 9:42
  the
• 9:42
  kind
• 9:42
  of
• 9:42
  more
• 9:43
  high
• 9:43
  end
• 9:44
  chains,
• 9:44
  more
• 9:45
  visits
• 9:45
  per
• 9:45
  venue,
• 9:46
  significant
• 9:46
  growth.
• 9:47
  So
• 9:47
  the
• 9:47
  fact
• 9:47
  that
• 9:47
  it's
• 9:48
  across
• 9:48
  the
• 9:49
  board
• 9:49
  is
• 9:49
  super
• 9:50
  significant.
• 9:50
  So
• 9:51
  it's
• 9:51
  this,
• 9:51
  it's
• 9:52
  the
• 9:52
  lasting
• 9:52
  ness
• 9:53
  of
• 9:53
  it.
• 9:53
  Like
• 9:53
  there's
• 9:54
  a
• 9:54
  stability
• 9:55
  to
• 9:55
  this
• 9:55
  trend
• 9:55
  of
• 9:55
  growth
• 9:56
  on
• 9:56
  growth.
• 9:57
  It's
• 9:57
  widespread.
• 9:58
  So
• 9:58
  it's
• 9:58
  happening
• 9:58
  kind
• 9:59
  of
• 9:59
  across
• 9:59
  these
• 10:00
  different,
• 10:00
  these
• 10:00
  different
• 10:01
  subsegments
• 10:02
  within
• 10:02
  fitness.
• 10:03
  And
• 10:03
  I
• 10:04
  think
• 10:04
  that
• 10:04
  speaks
• 10:05
  to
• 10:06
  the
• 10:07
  power
• 10:07
  of
• 10:07
  it
• 10:07
  and
• 10:08
  the
• 10:08
  ability
• 10:08
  to
• 10:10
  succeed
• 10:10
  no
• 10:11
  matter
• 10:11
  what
• 10:11
  the
• 10:11
  customer
• 10:11
  is
• 10:12
  looking
• 10:12
  for.
• 10:12
  So
• 10:12
  for
• 10:12
  customers
• 10:13
  that
• 10:13
  are
• 10:13
  like,
• 10:13
  hey,
• 10:14
  I
• 10:14
  want
• 10:14
  a
• 10:14
  peloton
• 10:15
  in
• 10:15
  my
• 10:15
  house,
• 10:15
  I
• 10:15
  want
• 10:15
  to
• 10:15
  do
• 10:16
  Soul
• 10:16
  Cycle
• 10:16
  a
• 10:16
  couple
• 10:16
  of
• 10:16
  times
• 10:17
  a
• 10:17
  week
• 10:17
  and
• 10:17
  I
• 10:17
  want
• 10:17
  Planet
• 10:18
  Fitness
• 10:18
  amazing.
• 10:19
  I
• 10:19
  want
• 10:19
  to
• 10:20
  spend
• 10:20
  more
• 10:20
  on
• 10:20
  the
• 10:20
  gym.
• 10:20
  I'm
• 10:20
  going
• 10:20
  to
• 10:21
  go
• 10:21
  to
• 10:21
  Lifetime,
• 10:21
  I'm
• 10:21
  going
• 10:21
  to
• 10:22
  go
• 10:22
  there
• 10:22
  every
• 10:23
  day
• 10:23
  because
• 10:24
  I'm
• 10:24
  not
• 10:24
  going
• 10:24
  to
• 10:24
  spend
• 10:24
  on
• 10:25
  other
• 10:25
  things.
• 10:25
  Great.
• 10:26
  They're
• 10:26
  taken
• 10:26
  care
• 10:27
  of.
• 10:27
  So
• 10:27
  I
• 10:27
  think
• 10:27
  this
• 10:28
  segment
• 10:28
  has
• 10:28
  really
• 10:28
  grown
• 10:29
  into
• 10:29
  its
• 10:29
  own
• 10:30
  and
• 10:30
  driven
• 10:30
  this
• 10:31
  increased
• 10:31
  wave
• 10:32
  that
• 10:32
  is
• 10:32
  lasting
• 10:33
  several
• 10:33
  years
• 10:34
  after
• 10:34
  that
• 10:34
  initial
• 10:34
  peak.
• 10:35
  Yeah,
• 10:36
  Ethan,
• 10:36
  I'd
• 10:36
  be
• 10:36
  really
• 10:37
  curious
• 10:37
  to
• 10:37
  get
• 10:38
  even
• 10:38
  more
• 10:38
  into
• 10:39
  the
• 10:39
  data,
• 10:39
  like
• 10:40
  looking
• 10:40
  at
• 10:40
  things
• 10:40
  like,
• 10:41
  like
• 10:41
  Lifetime
• 10:42
  really
• 10:42
  moving
• 10:43
  towards
• 10:43
  this,
• 10:44
  like
• 10:44
  not
• 10:44
  just
• 10:44
  a
• 10:44
  fitness
• 10:45
  concept
• 10:45
  but
• 10:45
  a
• 10:45
  place
• 10:46
  that's
• 10:46
  got
• 10:46
  a,
• 10:47
  you
• 10:47
  know,
• 10:47
  a
• 10:47
  work
• 10:48
  component,
• 10:48
  they've
• 10:48
  got
• 10:49
  childcare,
• 10:49
  they're
• 10:50
  really
• 10:50
  kind
• 10:50
  of
• 10:50
  designed.
• 10:51
  Their
• 10:51
  whole
• 10:51
  theme
• 10:52
  was
• 10:52
  like
• 10:52
  we
• 10:53
  want
• 10:53
  to
• 10:53
  be
• 10:53
  the
• 10:53
  like
• 10:54
  country
• 10:54
  club
• 10:55
  experience,
• 10:56
  not
• 10:56
  just
• 10:56
  so
• 10:57
  you're
• 10:57
  spending
• 10:57
  more
• 10:57
  time
• 10:58
  there
• 10:58
  than
• 10:58
  just
• 10:58
  for
• 10:59
  fitness.
• 10:59
  So
• 10:59
  I'd
• 11:00
  be
• 11:00
  curious
• 11:00
  either
• 11:01
  this
• 11:01
  time
• 11:01
  if
• 11:01
  you
• 11:01
  have
• 11:01
  that
• 11:02
  data
• 11:02
  to
• 11:02
  support
• 11:02
  like
• 11:02
  which
• 11:03
  brands
• 11:03
  are
• 11:04
  really
• 11:04
  strongest
• 11:05
  here
• 11:06
  or
• 11:06
  you
• 11:06
  know,
• 11:07
  if
• 11:07
  impacted
• 11:08
  things
• 11:08
  or
• 11:08
  if
• 11:09
  there's
• 11:09
  been
• 11:09
  things
• 11:09
  that
• 11:09
  have
• 11:09
  impacted
• 11:10
  it.
• 11:10
  Like
• 11:10
  a
• 11:11
  lifetime
• 11:11
  that's
• 11:11
  opened,
• 11:12
  say
• 11:12
  at
• 11:12
  a
• 11:13
  shopping
• 11:13
  mall
• 11:13
  destination
• 11:14
  or
• 11:14
  something
• 11:14
  like
• 11:14
  that,
• 11:15
  like
• 11:15
  if
• 11:15
  some
• 11:15
  of
• 11:16
  these
• 11:16
  things
• 11:16
  have
• 11:16
  changed,
• 11:17
  you
• 11:18
  know,
• 11:18
  the
• 11:18
  growth
• 11:18
  in
• 11:19
  this
• 11:19
  area
• 11:19
  or
• 11:19
  impacted
• 11:20
  the
• 11:20
  growth
• 11:20
  in
• 11:20
  this
• 11:21
  segment.
• 11:21
  Yeah,
• 11:21
  I
• 11:21
  mean
• 11:21
  broad
• 11:22
  strokes,
• 11:22
  it's,
• 11:23
  it's
• 11:23
  what
• 11:23
  you're
• 11:23
  talking
• 11:23
  about.
• 11:24
  It's
• 11:25
  the
• 11:26
  players
• 11:26
  that
• 11:26
  are
• 11:26
  on
• 11:26
  that
• 11:26
  higher
• 11:27
  end
• 11:27
  of
• 11:27
  the
• 11:28
  spectrum
• 11:28
  are
• 11:28
  winning
• 11:29
  based
• 11:29
  off
• 11:29
  of
• 11:30
  repeat
• 11:31
  consumer
• 11:31
  visitation.
• 11:32
  So
• 11:32
  More
• 11:32
  visits
• 11:33
  per
• 11:33
  venue.
• 11:34
  Whereas
• 11:35
  the
• 11:35
  value
• 11:35
  chain
• 11:36
  is
• 11:36
  benefiting
• 11:37
  off
• 11:37
  the
• 11:37
  idea
• 11:37
  that,
• 11:37
  hey,
• 11:38
  I
• 11:38
  can
• 11:38
  be
• 11:38
  part
• 11:38
  of
• 11:38
  the
• 11:39
  mix
• 11:39
  and
• 11:39
  still
• 11:39
  succeed.
• 11:40
  And
• 11:41
  for
• 11:41
  us,
• 11:41
  that
• 11:41
  also
• 11:41
  shows
• 11:42
  a
• 11:42
  real
• 11:43
  rationality
• 11:43
  to
• 11:43
  the
• 11:44
  decision
• 11:44
  making,
• 11:44
  like
• 11:44
  it
• 11:45
  makes
• 11:45
  sense.
• 11:45
  So
• 11:45
  you
• 11:46
  think
• 11:46
  it's
• 11:46
  more
• 11:46
  lasting
• 11:47
  because
• 11:47
  the
• 11:47
  consumer
• 11:47
  is
• 11:47
  making
• 11:48
  a
• 11:48
  very
• 11:48
  clear
• 11:48
  choice
• 11:49
  of,
• 11:49
  hey,
• 11:49
  I'm
• 11:50
  going
• 11:50
  to
• 11:50
  do
• 11:50
  a
• 11:50
  value
• 11:50
  gym
• 11:51
  because
• 11:51
  I
• 11:51
  want
• 11:51
  to
• 11:52
  make
• 11:52
  it
• 11:52
  part
• 11:52
  of
• 11:52
  a
• 11:52
  wider
• 11:52
  mix.
• 11:53
  I'm
• 11:53
  going
• 11:53
  to
• 11:53
  choose
• 11:54
  a
• 11:54
  more
• 11:55
  expensive
• 11:55
  gym
• 11:55
  and
• 11:56
  I'm
• 11:56
  going
• 11:56
  to
• 11:56
  make
• 11:56
  that
• 11:56
  my
• 11:56
  core
• 11:57
  place.
• 11:57
  And
• 11:58
  I
• 11:58
  think
• 11:59
  chains
• 12:00
  in
• 12:00
  general,
• 12:01
  across
• 12:01
  the
• 12:01
  board
• 12:01
  that
• 12:02
  really
• 12:02
  know
• 12:02
  who
• 12:02
  they
• 12:03
  are
• 12:03
  and
• 12:03
  what
• 12:03
  they
• 12:03
  bring
• 12:03
  to
• 12:03
  their
• 12:04
  audience
• 12:04
  are
• 12:04
  those
• 12:04
  that
• 12:05
  succeed
• 12:05
  most.
• 12:06
  And
• 12:06
  this
• 12:06
  is
• 12:06
  a
• 12:06
  sign
• 12:07
  for
• 12:07
  us
• 12:07
  that
• 12:07
  these
• 12:08
  players
• 12:08
  really
• 12:08
  have
• 12:08
  a
• 12:09
  sense
• 12:09
  of
• 12:09
  who
• 12:09
  they
• 12:09
  are
• 12:09
  and
• 12:09
  what
• 12:09
  they
• 12:09
  bring
• 12:10
  to
• 12:10
  the
• 12:10
  table.
• 12:11
  So.
• 12:12
  So,
• 12:12
  Ethan,
• 12:12
  going
• 12:12
  back
• 12:13
  to
• 12:13
  the,
• 12:13
  to
• 12:13
  the
• 12:13
  first
• 12:14
  award,
• 12:14
  based
• 12:14
  on
• 12:14
  some
• 12:14
  of
• 12:14
  the
• 12:15
  data
• 12:15
  you
• 12:15
  shared,
• 12:15
  I'm
• 12:15
  curious
• 12:16
  because
• 12:16
  this,
• 12:16
  this,
• 12:17
  this
• 12:17
  segment
• 12:17
  of
• 12:17
  the
• 12:17
  year,
• 12:18
  it
• 12:18
  kind
• 12:18
  of
• 12:18
  flies
• 12:19
  in
• 12:19
  the
• 12:19
  face
• 12:19
  of
• 12:19
  the
• 12:19
  macroeconomic,
• 12:21
  you
• 12:21
  know,
• 12:22
  conditions,
• 12:22
  right?
• 12:23
  You
• 12:23
  know,
• 12:23
  high
• 12:23
  inflation,
• 12:24
  people
• 12:24
  cutting
• 12:24
  back
• 12:25
  on
• 12:25
  their
• 12:25
  spend
• 12:26
  on
• 12:26
  certain
• 12:26
  things.
• 12:27
  But
• 12:27
  yet
• 12:27
  here
• 12:28
  the
• 12:28
  fitness
• 12:28
  industry
• 12:29
  is,
• 12:30
  you
• 12:30
  know,
• 12:30
  for
• 12:30
  all
• 12:30
  intents
• 12:31
  and
• 12:31
  purposes
• 12:31
  is
• 12:32
  still
• 12:32
  getting
• 12:32
  that
• 12:32
  spend.
• 12:33
  So
• 12:33
  are
• 12:33
  you
• 12:33
  seeing
• 12:33
  that
• 12:34
  spend
• 12:35
  from
• 12:35
  all
• 12:36
  demographics,
• 12:36
  from
• 12:37
  all
• 12:37
  age
• 12:37
  demographics,
• 12:38
  all
• 12:38
  income
• 12:39
  demographics,
• 12:39
  or
• 12:40
  is
• 12:40
  it
• 12:40
  weighted
• 12:40
  one
• 12:41
  direction
• 12:41
  over
• 12:41
  another?
• 12:42
  I
• 12:43
  think
• 12:43
  thus
• 12:44
  far,
• 12:44
  when
• 12:44
  we've
• 12:44
  done
• 12:45
  these
• 12:45
  analyses
• 12:45
  and
• 12:45
  these
• 12:46
  comparisons
• 12:46
  now,
• 12:46
  granted
• 12:47
  to
• 12:47
  do
• 12:47
  it
• 12:47
  really
• 12:48
  well,
• 12:48
  you
• 12:48
  do
• 12:48
  need
• 12:48
  to
• 12:48
  look
• 12:48
  in
• 12:49
  each
• 12:49
  region
• 12:49
  and
• 12:49
  understand
• 12:49
  the
• 12:50
  differences
• 12:50
  in
• 12:50
  each
• 12:50
  space.
• 12:51
  But
• 12:51
  overall,
• 12:52
  again,
• 12:52
  broad
• 12:52
  strokes,
• 12:53
  it's
• 12:53
  fairly
• 12:54
  across
• 12:54
  the
• 12:54
  board.
• 12:54
  And
• 12:54
  I
• 12:55
  think
• 12:55
  that's
• 12:55
  the
• 12:55
  interesting.
• 12:56
  What's
• 12:56
  so
• 12:56
  effective
• 12:56
  about
• 12:57
  the
• 12:57
  sector
• 12:57
  is
• 12:58
  these
• 12:58
  brands
• 12:58
  are
• 12:58
  puzzle
• 12:59
  pieces
• 12:59
  and
• 12:59
  they're
• 13:00
  fitting
• 13:00
  within
• 13:00
  each
• 13:00
  individual's
• 13:01
  ideal
• 13:02
  fitness
• 13:02
  mix.
• 13:03
  And
• 13:03
  so
• 13:04
  the
• 13:04
  idea
• 13:04
  that
• 13:05
  I
• 13:05
  can
• 13:05
  be
• 13:05
  more
• 13:06
  value
• 13:06
  oriented
• 13:07
  via
• 13:07
  certain
• 13:08
  chains,
• 13:08
  I
• 13:08
  can
• 13:09
  look
• 13:09
  for
• 13:09
  this
• 13:09
  more
• 13:09
  holistic
• 13:10
  country
• 13:10
  club
• 13:10
  experience
• 13:11
  via
• 13:11
  other
• 13:11
  chains.
• 13:12
  It's
• 13:12
  creating
• 13:12
  homes
• 13:13
  for
• 13:13
  lots
• 13:13
  of
• 13:13
  different
• 13:14
  segments.
• 13:14
  I
• 13:15
  think
• 13:15
  so
• 13:15
  long
• 13:15
  as
• 13:16
  expansions
• 13:17
  and
• 13:17
  growth
• 13:18
  is
• 13:18
  handled
• 13:18
  intelligently
• 13:19
  and
• 13:19
  not,
• 13:20
  we
• 13:20
  don't
• 13:20
  see
• 13:20
  it
• 13:21
  overdone.
• 13:21
  So
• 13:21
  if
• 13:21
  we
• 13:21
  had
• 13:22
  to
• 13:22
  put
• 13:22
  a
• 13:23
  flip
• 13:23
  side
• 13:23
  of
• 13:23
  this,
• 13:23
  we
• 13:23
  had
• 13:23
  a
• 13:24
  skew
• 13:24
  negative.
• 13:24
  I
• 13:25
  would
• 13:25
  say
• 13:25
  that
• 13:26
  the
• 13:26
  dollar
• 13:26
  store
• 13:26
  segment
• 13:27
  was
• 13:27
  probably
• 13:28
  would
• 13:28
  be
• 13:28
  our
• 13:29
  flip
• 13:29
  side
• 13:29
  of
• 13:30
  segment
• 13:30
  of
• 13:30
  the
• 13:30
  year.
• 13:30
  Just
• 13:30
  because
• 13:31
  they
• 13:31
  were
• 13:31
  riding
• 13:31
  this
• 13:32
  wave
• 13:32
  and
• 13:32
  then
• 13:33
  seeing
• 13:33
  this
• 13:33
  kind
• 13:33
  of
• 13:34
  come
• 13:34
  down.
• 13:34
  And
• 13:35
  a
• 13:35
  lot
• 13:35
  of
• 13:35
  that
• 13:35
  is
• 13:35
  just
• 13:35
  because
• 13:36
  too
• 13:36
  rapid
• 13:36
  expansion,
• 13:37
  not
• 13:37
  a
• 13:37
  clear
• 13:38
  sense
• 13:38
  of
• 13:38
  like
• 13:38
  where
• 13:38
  are
• 13:38
  we
• 13:39
  going
• 13:40
  and
• 13:40
  why
• 13:40
  are
• 13:40
  we
• 13:40
  going
• 13:41
  to
• 13:41
  those
• 13:41
  places.
• 13:41
  And
• 13:41
  I
• 13:42
  think
• 13:42
  so
• 13:42
  as
• 13:42
  long
• 13:42
  as
• 13:42
  this
• 13:43
  space
• 13:43
  avoids
• 13:43
  that,
• 13:44
  they're
• 13:44
  going
• 13:44
  to
• 13:44
  see
• 13:44
  this
• 13:44
  continued
• 13:45
  success.
• 13:46
  Right?
• 13:46
  So
• 13:46
  it's
• 13:46
  Interesting.
• 13:47
  So
• 13:47
  it's
• 13:47
  kind
• 13:47
  of
• 13:47
  similar
• 13:47
  to
• 13:47
  what
• 13:48
  we've
• 13:48
  heard
• 13:48
  around
• 13:48
  the
• 13:48
  travel,
• 13:49
  that
• 13:49
  travel
• 13:50
  and
• 13:50
  fitness
• 13:50
  are
• 13:50
  becoming
• 13:51
  kind
• 13:51
  of
• 13:51
  necessities
• 13:52
  for
• 13:52
  people
• 13:52
  and
• 13:52
  things
• 13:53
  that
• 13:53
  people
• 13:53
  still
• 13:53
  want
• 13:54
  to
• 13:54
  spend
• 13:54
  money
• 13:54
  on
• 13:55
  and
• 13:55
  they
• 13:55
  want
• 13:55
  to
• 13:55
  find
• 13:56
  their,
• 13:56
  their
• 13:56
  cutback
• 13:57
  lanes
• 13:57
  through
• 13:58
  other.
• 13:58
  Other
• 13:58
  means
• 13:59
  or
• 13:59
  other
• 13:59
  vehicles.
• 13:59
  That's.
• 14:00
  That's
• 14:00
  really
• 14:00
  interesting.
• 14:01
  All
• 14:01
  right,
• 14:01
  what's
• 14:01
  number
• 14:02
  three?
• 14:02
  What's
• 14:02
  the
• 14:02
  third
• 14:02
  award
• 14:03
  you're
• 14:03
  handing
• 14:03
  out?
• 14:04
  This
• 14:04
  is
• 14:04
  the
• 14:05
  favorite
• 14:06
  data
• 14:06
  point
• 14:06
  of
• 14:06
  the
• 14:07
  year.
• 14:07
  Oh,
• 14:08
  my
• 14:08
  God.
• 14:09
  It's
• 14:09
  a
• 14:09
  tie.
• 14:10
  You're
• 14:11
  the
• 14:11
  only
• 14:11
  one
• 14:11
  giving
• 14:11
  this
• 14:12
  award.
• 14:12
  You're
• 14:13
  the
• 14:13
  only
• 14:13
  one
• 14:13
  giving
• 14:13
  this
• 14:13
  award.
• 14:13
  Data
• 14:14
  point
• 14:14
  of
• 14:14
  the
• 14:14
  year.
• 14:15
  This
• 14:15
  is,
• 14:17
  this
• 14:18
  is.
• 14:18
  I'm
• 14:19
  kind
• 14:19
  of
• 14:19
  giving
• 14:19
  this
• 14:19
  award
• 14:19
  to.
• 14:20
  To
• 14:20
  the
• 14:20
  data
• 14:21
  itself
• 14:21
  and
• 14:21
  because
• 14:22
  I
• 14:22
  don't
• 14:22
  think
• 14:22
  the
• 14:22
  data
• 14:23
  itself
• 14:23
  ever
• 14:23
  gets
• 14:23
  to
• 14:23
  win
• 14:24
  the
• 14:24
  award.
• 14:25
  And
• 14:25
  there's
• 14:26
  two,
• 14:26
  but
• 14:26
  for
• 14:26
  two
• 14:26
  different
• 14:27
  reasons.
• 14:27
  The
• 14:27
  one.
• 14:27
  Okay,
• 14:29
  the
• 14:29
  one
• 14:29
  with
• 14:29
  the
• 14:30
  map
• 14:30
  is
• 14:31
  visits
• 14:32
  alongside
• 14:33
  the
• 14:33
  full
• 14:34
  solar
• 14:34
  eclipse
• 14:35
  that
• 14:35
  took
• 14:35
  place
• 14:35
  in
• 14:36
  April.
• 14:36
  And
• 14:37
  the
• 14:37
  reason
• 14:37
  we
• 14:38
  love
• 14:38
  this
• 14:38
  data
• 14:38
  point
• 14:39
  so
• 14:39
  much
• 14:39
  is
• 14:39
  look
• 14:40
  how
• 14:40
  beautifully
• 14:40
  you
• 14:40
  see
• 14:41
  that
• 14:41
  rise
• 14:41
  in
• 14:41
  visits
• 14:42
  compared
• 14:42
  to
• 14:43
  exactly
• 14:43
  where
• 14:43
  the
• 14:44
  path
• 14:44
  of
• 14:44
  the
• 14:44
  eclipse
• 14:45
  was.
• 14:45
  It's
• 14:45
  just
• 14:46
  like
• 14:46
  a
• 14:46
  stunning
• 14:47
  example
• 14:47
  of
• 14:48
  data
• 14:48
  visualization.
• 14:49
  But
• 14:50
  also
• 14:50
  when
• 14:50
  we
• 14:50
  kind
• 14:51
  of
• 14:51
  look
• 14:51
  at
• 14:51
  retailers
• 14:52
  or
• 14:52
  restaurant
• 14:52
  groups
• 14:52
  within
• 14:53
  the
• 14:53
  space
• 14:54
  to
• 14:54
  see
• 14:54
  how
• 14:54
  some
• 14:54
  of
• 14:55
  those
• 14:55
  really
• 14:55
  leaned
• 14:55
  into
• 14:56
  the
• 14:56
  success,
• 14:56
  like
• 14:56
  Warby
• 14:57
  Parker,
• 14:57
  you
• 14:58
  know,
• 14:58
  offering
• 14:58
  those
• 14:58
  free.
• 14:59
  See
• 14:59
  the
• 15:00
  eclipse
• 15:00
  glasses,
• 15:01
  Krispy
• 15:01
  Kreme,
• 15:02
  a
• 15:02
  specific
• 15:02
  kind
• 15:02
  of
• 15:02
  donut,
• 15:03
  and
• 15:03
  the
• 15:03
  lift
• 15:03
  and
• 15:03
  visits
• 15:04
  that
• 15:04
  came
• 15:04
  from
• 15:04
  it.
• 15:04
  Something
• 15:05
  that
• 15:05
  we
• 15:05
  really
• 15:05
  love.
• 15:06
  The
• 15:06
  second,
• 15:07
  and
• 15:07
  this
• 15:07
  is
• 15:07
  this,
• 15:08
  this
• 15:08
  is
• 15:08
  where
• 15:08
  if
• 15:09
  I
• 15:09
  had
• 15:09
  to
• 15:09
  like
• 15:10
  leave
• 15:10
  someone
• 15:10
  off
• 15:10
  the
• 15:10
  stage,
• 15:11
  I
• 15:11
  would
• 15:11
  still
• 15:11
  err
• 15:12
  that
• 15:12
  this
• 15:12
  is
• 15:12
  my
• 15:12
  favorite
• 15:13
  is
• 15:13
  the
• 15:14
  return
• 15:14
  in
• 15:15
  visits
• 15:15
  for
• 15:16
  home
• 15:16
  furnishings
• 15:16
  and
• 15:17
  consumer
• 15:17
  electronics.
• 15:18
  And
• 15:18
  here
• 15:19
  is
• 15:19
  why.
• 15:20
  If
• 15:20
  you
• 15:20
  look
• 15:20
  at
• 15:22
  conference
• 15:23
  board
• 15:23
  consumer
• 15:24
  confidence
• 15:24
  index
• 15:25
  that
• 15:25
  was
• 15:25
  re.
• 15:26
  That
• 15:26
  was
• 15:26
  put
• 15:26
  out
• 15:26
  just
• 15:26
  recently,
• 15:27
  they
• 15:28
  saw
• 15:28
  the
• 15:28
  biggest
• 15:28
  month
• 15:29
  over
• 15:29
  month
• 15:29
  jump
• 15:30
  since
• 15:30
  March
• 15:30
  of
• 15:30
  2021
• 15:31
  and
• 15:31
  the
• 15:32
  best
• 15:32
  situation
• 15:32
  of
• 15:32
  consumer
• 15:33
  confidence
• 15:33
  since
• 15:34
  January
• 15:34
  of
• 15:34
  this
• 15:34
  year.
• 15:36
  Why
• 15:36
  is
• 15:36
  this
• 15:36
  interesting?
• 15:37
  Because
• 15:37
  we
• 15:38
  have
• 15:38
  been
• 15:38
  looking
• 15:38
  at
• 15:38
  consumer
• 15:39
  electronics
• 15:39
  and
• 15:39
  home
• 15:40
  furnishings
• 15:40
  as
• 15:40
  an
• 15:40
  early
• 15:41
  indicator
• 15:41
  for
• 15:42
  consumer
• 15:42
  certainty
• 15:43
  is
• 15:43
  what
• 15:43
  we
• 15:43
  call
• 15:43
  it.
• 15:43
  We
• 15:43
  don't
• 15:43
  call
• 15:43
  it
• 15:44
  consumer
• 15:44
  confidence
• 15:45
  returning.
• 15:45
  And
• 15:45
  what
• 15:46
  we've
• 15:46
  said
• 15:46
  is
• 15:46
  these
• 15:47
  are
• 15:47
  big
• 15:47
  purchases
• 15:48
  and
• 15:48
  they're
• 15:48
  purchases
• 15:48
  that
• 15:48
  can
• 15:49
  very
• 15:49
  often
• 15:49
  be
• 15:49
  delayed.
• 15:50
  And
• 15:50
  as
• 15:50
  a
• 15:51
  result,
• 15:51
  if
• 15:51
  we
• 15:51
  see
• 15:51
  the
• 15:52
  visits
• 15:52
  returning
• 15:52
  there,
• 15:52
  we're
• 15:53
  getting
• 15:53
  a
• 15:53
  sense
• 15:53
  the
• 15:53
  consumer
• 15:54
  is
• 15:54
  getting
• 15:54
  more
• 15:54
  comfortable
• 15:55
  with
• 15:55
  larger
• 15:55
  purchases.
• 15:56
  And
• 15:56
  so
• 15:57
  that
• 15:57
  as
• 15:58
  an
• 15:58
  early
• 15:58
  indicator
• 15:58
  and
• 15:59
  then
• 15:59
  seeing
• 15:59
  consumer
• 15:59
  confidence
• 16:00
  come
• 16:00
  back
• 16:00
  shortly
• 16:01
  thereafter
• 16:01
  for
• 16:01
  us
• 16:02
  made
• 16:02
  this
• 16:02
  one
• 16:02
  of
• 16:02
  our
• 16:02
  favorites
• 16:03
  because
• 16:03
  we
• 16:03
  do
• 16:03
  think
• 16:04
  some
• 16:04
  of
• 16:04
  these
• 16:05
  behavioral
• 16:05
  patterns
• 16:06
  do
• 16:06
  give
• 16:06
  us
• 16:07
  an
• 16:07
  insight
• 16:07
  into
• 16:07
  the
• 16:07
  where
• 16:08
  the
• 16:08
  consumer
• 16:08
  is
• 16:08
  at.
• 16:09
  Even
• 16:09
  A
• 16:10
  little
• 16:10
  bit
• 16:10
  before
• 16:10
  the
• 16:10
  consumer
• 16:11
  recognizes
• 16:12
  that
• 16:12
  they're
• 16:12
  there.
• 16:14
  Interesting.
• 16:14
  And
• 16:14
  which
• 16:14
  one?
• 16:15
  Which
• 16:15
  one?
• 16:15
  If
• 16:15
  you
• 16:15
  had
• 16:15
  to
• 16:16
  pick,
• 16:16
  which
• 16:16
  one
• 16:16
  of
• 16:16
  these
• 16:16
  two
• 16:16
  would
• 16:16
  you
• 16:17
  pick?
• 16:17
  I'm
• 16:17
  going
• 16:17
  with
• 16:17
  the
• 16:17
  map
• 16:18
  because
• 16:18
  the
• 16:18
  map.
• 16:18
  The
• 16:19
  map
• 16:19
  to
• 16:19
  Ethan's
• 16:20
  point
• 16:20
  is
• 16:20
  so
• 16:20
  stunning.
• 16:21
  I
• 16:21
  think
• 16:21
  that's
• 16:22
  the
• 16:22
  way
• 16:22
  I'm
• 16:22
  going
• 16:22
  with.
• 16:23
  Yeah,
• 16:24
  that's
• 16:24
  surprising.
• 16:25
  I
• 16:25
  didn't
• 16:25
  realize
• 16:25
  so
• 16:26
  many
• 16:26
  people
• 16:26
  cared
• 16:26
  about
• 16:27
  the
• 16:27
  eclipse,
• 16:27
  but
• 16:27
  clearly
• 16:28
  the
• 16:28
  data
• 16:28
  has
• 16:29
  proven
• 16:29
  us
• 16:29
  wrong.
• 16:29
  But
• 16:30
  I'm
• 16:30
  curious
• 16:31
  about
• 16:31
  this
• 16:31
  spike
• 16:32
  in
• 16:32
  August
• 16:32
  of
• 16:33
  2024
• 16:33
  with
• 16:33
  home
• 16:34
  furnishings.
• 16:34
  Like,
• 16:34
  what
• 16:35
  drove
• 16:35
  that?
• 16:35
  Quite
• 16:35
  a
• 16:36
  spike.
• 16:36
  Yeah,
• 16:37
  it
• 16:37
  was.
• 16:37
  It
• 16:37
  was.
• 16:37
  I
• 16:37
  mean,
• 16:38
  well,
• 16:38
  it's.
• 16:38
  It's.
• 16:38
  To
• 16:38
  be
• 16:39
  clear,
• 16:39
  it's
• 16:39
  like
• 16:39
  about
• 16:39
  6
• 16:40
  or
• 16:40
  7%.
• 16:40
  Like,
• 16:40
  it's.
• 16:40
  It's
• 16:41
  not
• 16:41
  as
• 16:41
  massive
• 16:41
  it
• 16:41
  looks
• 16:42
  just
• 16:42
  compared
• 16:42
  to
• 16:42
  the.
• 16:42
  To
• 16:42
  the
• 16:43
  decline.
• 16:43
  But
• 16:43
  I
• 16:43
  think
• 16:43
  a
• 16:43
  lot
• 16:43
  of
• 16:44
  it
• 16:44
  was
• 16:44
  time
• 16:45
  available.
• 16:45
  So
• 16:45
  it's
• 16:46
  August,
• 16:46
  so
• 16:46
  we
• 16:46
  can
• 16:46
  go
• 16:46
  look
• 16:47
  and,
• 16:47
  you
• 16:47
  know,
• 16:47
  a
• 16:47
  trip
• 16:48
  to.
• 16:48
  To
• 16:48
  kind
• 16:48
  of
• 16:49
  a
• 16:49
  home
• 16:49
  goods,
• 16:50
  et
• 16:50
  cetera.
• 16:50
  It's.
• 16:50
  It's
• 16:51
  a
• 16:51
  little
• 16:51
  bit
• 16:51
  more
• 16:51
  lengthy.
• 16:52
  It's
• 16:52
  a
• 16:52
  little
• 16:52
  bit
• 16:52
  harder
• 16:52
  to
• 16:52
  do.
• 16:53
  So
• 16:53
  that.
• 16:53
  That
• 16:53
  was
• 16:53
  part
• 16:53
  of
• 16:54
  it.
• 16:54
  But
• 16:54
  I
• 16:54
  do
• 16:54
  think
• 16:55
  a
• 16:55
  big
• 16:55
  piece
• 16:55
  of
• 16:55
  this
• 16:55
  is
• 16:56
  just,
• 16:56
  hey,
• 16:57
  this
• 16:57
  is
• 16:57
  a
• 16:57
  purchase
• 16:57
  that
• 16:57
  we're
• 16:58
  back
• 16:58
  to
• 16:58
  considering.
• 16:59
  Right.
• 16:59
  It's.
• 16:59
  It's
• 17:00
  not,
• 17:00
  oh,
• 17:00
  we're
• 17:01
  maybe
• 17:01
  next
• 17:01
  year
• 17:01
  because
• 17:02
  we're
• 17:02
  so
• 17:02
  worried
• 17:02
  about
• 17:02
  what
• 17:02
  the
• 17:03
  economic
• 17:03
  situation
• 17:03
  is.
• 17:04
  It's
• 17:04
  something
• 17:04
  that
• 17:04
  we're
• 17:04
  back
• 17:05
  to
• 17:05
  thinking
• 17:05
  about
• 17:05
  significantly
• 17:06
  again.
• 17:06
  Like,
• 17:07
  we
• 17:07
  don't
• 17:07
  normally
• 17:08
  go
• 17:08
  to
• 17:08
  furniture
• 17:09
  stores
• 17:09
  for
• 17:10
  fun,
• 17:10
  like
• 17:10
  some
• 17:10
  people
• 17:11
  do,
• 17:11
  but
• 17:12
  I
• 17:12
  don't
• 17:12
  think
• 17:12
  most
• 17:12
  people
• 17:12
  do.
• 17:13
  And
• 17:13
  so
• 17:14
  I
• 17:14
  think
• 17:14
  that
• 17:14
  visit
• 17:14
  is
• 17:15
  a
• 17:15
  super
• 17:15
  significant
• 17:16
  sign
• 17:16
  of
• 17:16
  intent.
• 17:17
  And
• 17:18
  I
• 17:18
  have
• 17:18
  had
• 17:18
  that
• 17:18
  argument
• 17:19
  a
• 17:19
  lot.
• 17:19
  I
• 17:19
  think
• 17:19
  she's
• 17:19
  coming
• 17:20
  around.
• 17:20
  I
• 17:21
  think
• 17:21
  she
• 17:21
  agrees
• 17:21
  with
• 17:21
  us
• 17:21
  now
• 17:22
  that
• 17:22
  no
• 17:22
  one
• 17:22
  actually
• 17:23
  wants
• 17:23
  to
• 17:23
  go
• 17:23
  furniture
• 17:24
  shopping
• 17:24
  that
• 17:24
  often.
• 17:25
  But.
• 17:26
  But,
• 17:26
  yeah,
• 17:26
  but
• 17:26
  it's
• 17:27
  interesting
• 17:27
  that
• 17:27
  it's
• 17:28
  interesting
• 17:28
  that
• 17:28
  it's
• 17:28
  definitely
• 17:28
  reversing
• 17:29
  the
• 17:29
  trend.
• 17:30
  All
• 17:30
  right,
• 17:30
  Ethan,
• 17:31
  what's
• 17:31
  next
• 17:32
  on
• 17:32
  the
• 17:32
  list?
• 17:33
  Next
• 17:33
  is
• 17:34
  most
• 17:34
  important
• 17:35
  takeaway
• 17:36
  of
• 17:36
  the
• 17:36
  year.
• 17:37
  Okay.
• 17:37
  Okay.
• 17:38
  This
• 17:38
  is.
• 17:38
  This
• 17:39
  is
• 17:39
  a
• 17:39
  significant
• 17:39
  one.
• 17:40
  So
• 17:41
  cross
• 17:42
  shopping
• 17:43
  is
• 17:43
  up,
• 17:44
  right?
• 17:44
  Cross
• 17:44
  visitation
• 17:45
  with
• 17:45
  brands
• 17:45
  is
• 17:45
  up.
• 17:46
  We
• 17:46
  talked
• 17:47
  about
• 17:47
  this
• 17:47
  before.
• 17:48
  For
• 17:48
  brands,
• 17:49
  especially
• 17:49
  specialty
• 17:50
  grocery
• 17:50
  or
• 17:50
  brands
• 17:50
  like
• 17:51
  Trader
• 17:51
  Joe's,
• 17:52
  the
• 17:52
  share
• 17:53
  of
• 17:53
  visits
• 17:54
  that
• 17:54
  are
• 17:54
  coming
• 17:54
  from
• 17:55
  longer
• 17:55
  distances
• 17:56
  is
• 17:56
  increasing
• 17:57
  significantly.
• 17:58
  Yep.
• 18:00
  Visit
• 18:00
  duration
• 18:01
  in
• 18:02
  a
• 18:02
  lot
• 18:02
  of
• 18:02
  segments
• 18:03
  is
• 18:03
  down.
• 18:03
  Groceries,
• 18:04
  superstores,
• 18:04
  et
• 18:04
  cetera.
• 18:05
  So
• 18:05
  we
• 18:05
  have
• 18:05
  more
• 18:05
  visitation.
• 18:06
  We
• 18:06
  have
• 18:06
  more
• 18:06
  cross
• 18:07
  visitation,
• 18:07
  people
• 18:08
  willing
• 18:08
  to
• 18:08
  go
• 18:08
  further
• 18:09
  and
• 18:09
  spending
• 18:09
  less
• 18:09
  time
• 18:09
  in
• 18:10
  a
• 18:10
  specific
• 18:11
  store,
• 18:11
  even
• 18:12
  when
• 18:12
  you
• 18:13
  have
• 18:13
  the
• 18:13
  capacity
• 18:13
  to
• 18:13
  do
• 18:14
  a
• 18:14
  lot
• 18:14
  of
• 18:14
  things
• 18:14
  in
• 18:14
  that
• 18:14
  one
• 18:15
  store.
• 18:15
  And
• 18:16
  that
• 18:16
  tells
• 18:16
  us
• 18:17
  about
• 18:17
  our
• 18:18
  favorite
• 18:18
  Takeaway
• 18:19
  that
• 18:20
  convenience
• 18:21
  is
• 18:21
  massively
• 18:22
  overrated.
• 18:23
  I
• 18:24
  didn't
• 18:24
  say
• 18:24
  it's
• 18:24
  not
• 18:24
  important,
• 18:25
  but
• 18:25
  it's
• 18:25
  massively
• 18:26
  overrated.
• 18:27
  And
• 18:27
  I
• 18:27
  think
• 18:27
  it
• 18:28
  tells
• 18:28
  us
• 18:28
  a
• 18:28
  lot
• 18:29
  about
• 18:29
  where
• 18:30
  retail
• 18:30
  is
• 18:30
  going
• 18:31
  and
• 18:31
  where
• 18:31
  we
• 18:31
  need
• 18:31
  to
• 18:32
  look
• 18:32
  at
• 18:32
  for
• 18:32
  significant
• 18:33
  retail
• 18:33
  innovation.
• 18:34
  So
• 18:34
  if,
• 18:34
  and
• 18:35
  again,
• 18:35
  if
• 18:35
  this
• 18:35
  is
• 18:35
  in
• 18:36
  Forbes
• 18:36
  immediately
• 18:37
  after
• 18:37
  the
• 18:37
  post
• 18:38
  pandemic
• 18:38
  retail
• 18:38
  environment,
• 18:39
  confidence
• 18:40
  is
• 18:40
  king.
• 18:41
  But
• 18:41
  no,
• 18:41
  it's
• 18:42
  not.
• 18:42
  At
• 18:42
  best,
• 18:43
  if
• 18:43
  we
• 18:43
  use
• 18:43
  like
• 18:43
  a
• 18:43
  deck
• 18:44
  of
• 18:44
  cards,
• 18:44
  it's
• 18:44
  a
• 18:44
  10
• 18:45
  or
• 18:45
  a
• 18:45
  jack,
• 18:45
  but
• 18:46
  it
• 18:46
  is
• 18:46
  not
• 18:46
  king
• 18:46
  and
• 18:46
  it's
• 18:47
  certainly
• 18:47
  not
• 18:47
  an
• 18:47
  ace.
• 18:48
  Confidence
• 18:48
  or
• 18:49
  convenience,
• 18:49
  Ethan?
• 18:50
  Convenience.
• 18:51
  Excuse
• 18:51
  me,
• 18:51
  you
• 18:51
  meant
• 18:51
  convenience.
• 18:52
  Okay.
• 18:52
  Convenience
• 18:52
  is
• 18:53
  king.
• 18:53
  Okay.
• 18:53
  I
• 18:53
  think
• 18:53
  confidence
• 18:54
  is
• 18:54
  great.
• 18:54
  Confidence
• 18:55
  is
• 18:55
  great.
• 18:55
  Yeah.
• 18:55
  Don't
• 18:55
  get
• 18:56
  me
• 18:56
  wrong.
• 18:56
  I
• 18:56
  love
• 18:57
  confidence,
• 18:57
  but
• 18:57
  you
• 18:57
  match
• 18:57
  convenience.
• 18:58
  Okay?
• 18:58
  Confidence
• 18:58
  is
• 18:58
  getting
• 18:58
  the
• 18:59
  next
• 18:59
  award.
• 19:00
  All
• 19:00
  right.
• 19:01
  But
• 19:02
  I
• 19:02
  think
• 19:03
  loyalty
• 19:03
  is
• 19:04
  and
• 19:04
  share
• 19:05
  of
• 19:06
  kind
• 19:06
  of
• 19:07
  shopper
• 19:07
  list.
• 19:08
  Those
• 19:08
  are
• 19:08
  the
• 19:08
  battlegrounds.
• 19:09
  So,
• 19:10
  right,
• 19:10
  if
• 19:10
  we
• 19:10
  sat
• 19:10
  in
• 19:11
  a
• 19:11
  pandemic
• 19:11
  environment
• 19:12
  where,
• 19:12
  all
• 19:13
  right,
• 19:13
  visits
• 19:13
  were
• 19:13
  going
• 19:13
  to
• 19:13
  be
• 19:13
  harder
• 19:14
  to
• 19:14
  come
• 19:14
  by,
• 19:15
  but
• 19:15
  once
• 19:15
  I
• 19:15
  had
• 19:15
  them
• 19:15
  in
• 19:16
  my
• 19:16
  four
• 19:16
  walls,
• 19:16
  I
• 19:16
  was
• 19:17
  going
• 19:17
  to
• 19:17
  drive
• 19:17
  a
• 19:17
  significant
• 19:18
  basket,
• 19:18
  right?
• 19:19
  That's
• 19:19
  changed
• 19:19
  and
• 19:19
  it's
• 19:20
  changed
• 19:20
  fairly
• 19:20
  dramatically.
• 19:21
  And
• 19:21
  it
• 19:21
  forces
• 19:22
  innovation
• 19:22
  to
• 19:23
  address
• 19:23
  this
• 19:24
  new
• 19:24
  reality
• 19:24
  where
• 19:25
  the
• 19:26
  visit
• 19:26
  isn't
• 19:27
  as
• 19:27
  hard
• 19:27
  to
• 19:27
  get,
• 19:28
  but
• 19:29
  the
• 19:29
  significance
• 19:29
  of
• 19:30
  the
• 19:30
  visit
• 19:30
  is
• 19:30
  slightly
• 19:31
  less.
• 19:31
  So
• 19:31
  I
• 19:31
  need
• 19:31
  to
• 19:31
  take
• 19:32
  significant
• 19:32
  steps
• 19:33
  in
• 19:33
  order
• 19:33
  to
• 19:34
  drive
• 19:34
  a
• 19:34
  larger
• 19:35
  basket
• 19:35
  size
• 19:36
  and
• 19:36
  get
• 19:36
  the
• 19:37
  consumer
• 19:37
  to
• 19:37
  spend
• 19:37
  more
• 19:38
  within
• 19:38
  my
• 19:38
  four
• 19:38
  walls.
• 19:39
  Drive
• 19:39
  that
• 19:39
  loyalty,
• 19:40
  drive
• 19:40
  that
• 19:40
  kind
• 19:40
  of
• 19:40
  wallet
• 19:41
  share,
• 19:41
  et
• 19:41
  cetera.
• 19:42
  I,
• 19:42
  the,
• 19:43
  the
• 19:43
  one
• 19:43
  thing
• 19:43
  I
• 19:43
  would
• 19:43
  call
• 19:44
  it
• 19:44
  on
• 19:44
  this
• 19:44
  slide,
• 19:44
  too,
• 19:45
  and
• 19:45
  I
• 19:45
  actually
• 19:45
  wrote
• 19:45
  it,
• 19:46
  I
• 19:46
  put
• 19:46
  a
• 19:46
  post
• 19:46
  out
• 19:46
  on
• 19:47
  LinkedIn
• 19:47
  last
• 19:47
  week
• 19:48
  about
• 19:48
  this
• 19:48
  was
• 19:48
  the,
• 19:49
  the
• 19:49
  call
• 19:49
  out
• 19:49
  of
• 19:49
  Sprouts
• 19:50
  is
• 19:50
  really
• 19:50
  interesting
• 19:51
  to
• 19:51
  me
• 19:51
  and
• 19:51
  because,
• 19:51
  remember,
• 19:52
  we
• 19:52
  were
• 19:52
  out
• 19:52
  with
• 19:52
  Sprouts
• 19:53
  in
• 19:53
  Phoenix
• 19:53
  touring
• 19:53
  some
• 19:54
  of
• 19:54
  their
• 19:54
  new
• 19:54
  stores,
• 19:55
  and
• 19:55
  they
• 19:55
  talked
• 19:56
  about
• 19:56
  this
• 19:56
  phenomenon
• 19:56
  that
• 19:57
  Ethan's
• 19:57
  bringing
• 19:57
  up
• 19:58
  very
• 19:58
  deliberately.
• 19:58
  They
• 19:59
  said,
• 19:59
  look,
• 19:59
  we
• 20:00
  know
• 20:00
  we're
• 20:00
  going
• 20:00
  to
• 20:00
  need
• 20:01
  to
• 20:01
  get
• 20:01
  that
• 20:01
  extra
• 20:01
  trip.
• 20:02
  You
• 20:02
  know,
• 20:02
  we
• 20:02
  know
• 20:03
  that.
• 20:03
  We
• 20:03
  know
• 20:03
  that
• 20:03
  no
• 20:04
  one's
• 20:04
  going
• 20:04
  to
• 20:04
  do
• 20:04
  all
• 20:04
  their
• 20:05
  shopping
• 20:05
  with
• 20:05
  us.
• 20:05
  So
• 20:05
  how
• 20:05
  do
• 20:06
  we
• 20:06
  think
• 20:06
  about
• 20:06
  our
• 20:06
  real
• 20:06
  estate
• 20:07
  strategy
• 20:07
  in
• 20:07
  a
• 20:07
  way
• 20:08
  that
• 20:08
  complements
• 20:09
  that,
• 20:09
  that
• 20:09
  still
• 20:10
  makes
• 20:10
  it
• 20:10
  convenient.
• 20:11
  So
• 20:11
  convenience
• 20:11
  is
• 20:11
  still
• 20:12
  a
• 20:12
  part
• 20:12
  of
• 20:12
  it
• 20:12
  for
• 20:13
  the
• 20:13
  shopper.
• 20:13
  Right.
• 20:14
  Where
• 20:14
  these
• 20:14
  stores
• 20:15
  are
• 20:15
  located
• 20:15
  still
• 20:16
  matters
• 20:16
  because
• 20:17
  you
• 20:17
  don't
• 20:17
  want
• 20:17
  to
• 20:17
  make
• 20:17
  them
• 20:17
  drive
• 20:18
  too
• 20:18
  far.
• 20:18
  But
• 20:18
  that
• 20:19
  was
• 20:19
  a
• 20:19
  deliberate
• 20:19
  part
• 20:20
  of
• 20:20
  how
• 20:20
  Sprouts
• 20:21
  is
• 20:21
  thinking
• 20:21
  about
• 20:21
  this
• 20:22
  and,
• 20:22
  and
• 20:23
  the
• 20:23
  way
• 20:23
  they're
• 20:23
  doing
• 20:23
  their
• 20:23
  stores,
• 20:24
  you
• 20:24
  know,
• 20:24
  to
• 20:24
  your
• 20:24
  question
• 20:25
  and
• 20:25
  like,
• 20:25
  what
• 20:25
  are
• 20:25
  they
• 20:25
  doing
• 20:25
  here?
• 20:26
  They've
• 20:26
  been
• 20:26
  doing
• 20:26
  a
• 20:27
  great
• 20:27
  job
• 20:27
  with
• 20:27
  that
• 20:27
  and
• 20:27
  they're
• 20:27
  kind
• 20:28
  of
• 20:28
  My
• 20:28
  sleeper
• 20:28
  for
• 20:29
  what
• 20:30
  I
• 20:30
  wrote
• 20:30
  in
• 20:30
  the
• 20:31
  LinkedIn
• 20:31
  post
• 20:31
  is
• 20:31
  they're
• 20:31
  kind
• 20:31
  of
• 20:31
  my
• 20:32
  sleeper
• 20:32
  for
• 20:32
  retailer
• 20:32
  of
• 20:33
  the
• 20:33
  year
• 20:33
  right
• 20:33
  now
• 20:33
  because
• 20:34
  they
• 20:34
  have,
• 20:34
  they
• 20:35
  have
• 20:35
  been
• 20:35
  killing
• 20:35
  it.
• 20:35
  And
• 20:36
  I
• 20:36
  see,
• 20:36
  you
• 20:36
  know,
• 20:36
  given
• 20:36
  what's
• 20:37
  been
• 20:37
  happening
• 20:37
  with
• 20:37
  Whole
• 20:37
  Foods,
• 20:38
  I
• 20:38
  see
• 20:38
  there's
• 20:39
  a
• 20:39
  lot
• 20:39
  of
• 20:39
  on
• 20:39
  ramp
• 20:39
  here
• 20:40
  for
• 20:40
  them
• 20:40
  to
• 20:40
  continue
• 20:40
  to
• 20:41
  do
• 20:41
  really
• 20:41
  well,
• 20:41
  particularly
• 20:42
  when
• 20:42
  you're
• 20:42
  looking
• 20:42
  at
• 20:42
  this
• 20:43
  data
• 20:43
  that
• 20:43
  Ethan
• 20:43
  shared.
• 20:43
  I
• 20:44
  don't
• 20:44
  know.
• 20:44
  Ethan,
• 20:44
  any
• 20:44
  thoughts
• 20:44
  on
• 20:45
  that?
• 20:45
  No,
• 20:46
  I
• 20:46
  totally
• 20:46
  agree
• 20:46
  with
• 20:46
  you.
• 20:47
  I
• 20:47
  think
• 20:47
  there
• 20:47
  is.
• 20:47
  There
• 20:48
  is
• 20:48
  a
• 20:49
  new
• 20:49
  scenario
• 20:50
  evolving
• 20:50
  and
• 20:50
  I
• 20:50
  think
• 20:51
  it's
• 20:52
  very
• 20:52
  different
• 20:52
  from
• 20:53
  what
• 20:53
  we've
• 20:53
  experienced
• 20:53
  the
• 20:53
  last
• 20:54
  few
• 20:54
  years
• 20:54
  where
• 20:54
  there
• 20:54
  were
• 20:54
  certain
• 20:55
  things
• 20:55
  we
• 20:55
  had
• 20:55
  grown
• 20:55
  accustomed
• 20:56
  to.
• 20:56
  And
• 20:56
  I
• 20:56
  think
• 20:57
  retailers
• 20:58
  like
• 20:58
  Sprouts
• 20:58
  are
• 20:58
  certainly
• 20:59
  getting
• 20:59
  ahead
• 20:59
  of
• 20:59
  it.
• 21:00
  Well,
• 21:00
  and
• 21:01
  I
• 21:01
  think,
• 21:01
  Chris,
• 21:01
  you
• 21:01
  call
• 21:01
  out
• 21:02
  an
• 21:02
  important
• 21:02
  point
• 21:02
  here
• 21:02
  about
• 21:03
  what
• 21:03
  Sprouts
• 21:03
  is
• 21:03
  doing
• 21:03
  that
• 21:04
  was
• 21:04
  kind
• 21:04
  of
• 21:04
  getting
• 21:04
  to
• 21:04
  my
• 21:04
  earlier
• 21:05
  question
• 21:05
  to
• 21:05
  Ethan
• 21:05
  is
• 21:06
  like,
• 21:06
  what
• 21:06
  are
• 21:06
  they
• 21:06
  doing
• 21:07
  to
• 21:07
  capture
• 21:07
  more
• 21:08
  of
• 21:08
  the
• 21:08
  basket
• 21:09
  once
• 21:09
  you
• 21:09
  do
• 21:10
  get
• 21:10
  them
• 21:10
  to
• 21:10
  that
• 21:10
  trip?
• 21:11
  And
• 21:11
  we
• 21:11
  know
• 21:11
  Sprouts
• 21:12
  is
• 21:12
  really
• 21:12
  heavily
• 21:13
  invested
• 21:13
  in
• 21:14
  like
• 21:14
  featuring
• 21:15
  new
• 21:15
  products
• 21:15
  and
• 21:16
  a
• 21:16
  constantly
• 21:17
  rotating
• 21:17
  array
• 21:17
  of,
• 21:18
  you
• 21:18
  know,
• 21:19
  products
• 21:19
  that
• 21:19
  are
• 21:19
  especially
• 21:20
  going
• 21:20
  to
• 21:20
  get
• 21:20
  that
• 21:20
  next
• 21:20
  generation
• 21:21
  of
• 21:21
  consumer
• 21:22
  in.
• 21:22
  So
• 21:22
  I'm
• 21:23
  curious
• 21:23
  if
• 21:23
  we'll
• 21:23
  start
• 21:24
  to
• 21:24
  see
• 21:24
  more
• 21:24
  of
• 21:24
  that
• 21:25
  even
• 21:25
  from
• 21:25
  like
• 21:25
  Trader
• 21:26
  Joe's
• 21:26
  for
• 21:26
  example,
• 21:27
  which
• 21:27
  we
• 21:27
  know
• 21:27
  is
• 21:27
  a
• 21:27
  beloved
• 21:28
  brand,
• 21:28
  but,
• 21:29
  um,
• 21:29
  but
• 21:30
  we
• 21:30
  don't
• 21:30
  see
• 21:30
  the
• 21:31
  innovation
• 21:31
  like
• 21:31
  Chris
• 21:32
  is
• 21:32
  talking
• 21:32
  about
• 21:32
  with
• 21:33
  the,
• 21:33
  the
• 21:34
  change
• 21:34
  to
• 21:34
  stores
• 21:34
  at
• 21:34
  least.
• 21:35
  I
• 21:35
  feel
• 21:35
  like
• 21:35
  we
• 21:35
  haven't
• 21:36
  seen
• 21:36
  that
• 21:36
  to
• 21:36
  the
• 21:36
  level
• 21:36
  that
• 21:36
  Sprouts
• 21:37
  has
• 21:37
  done
• 21:37
  it
• 21:37
  so
• 21:37
  far.
• 21:38
  All
• 21:38
  right,
• 21:38
  Ethan,
• 21:39
  let's
• 21:39
  keep
• 21:39
  rolling.
• 21:39
  What's
• 21:40
  next?
• 21:41
  I
• 21:41
  couldn't
• 21:41
  not.
• 21:43
  Fuzziest
• 21:43
  topic.
• 21:44
  I
• 21:44
  love
• 21:44
  this
• 21:44
  one.
• 21:45
  Fuzziest
• 21:45
  topic.
• 21:46
  I
• 21:46
  think
• 21:46
  the
• 21:46
  winner
• 21:47
  is
• 21:47
  retail
• 21:47
  media.
• 21:48
  We
• 21:48
  were,
• 21:49
  we
• 21:49
  were
• 21:49
  collectively,
• 21:50
  the
• 21:50
  three
• 21:50
  of
• 21:50
  us
• 21:51
  had
• 21:51
  the
• 21:51
  joy
• 21:51
  of
• 21:51
  going
• 21:51
  to
• 21:51
  grocery
• 21:52
  shop
• 21:52
  together
• 21:53
  and
• 21:53
  if
• 21:53
  you
• 21:53
  walk
• 21:53
  the
• 21:53
  exhibition
• 21:54
  floor.
• 21:55
  But
• 21:55
  50%
• 21:56
  of
• 21:56
  it
• 21:56
  was
• 21:56
  dedicated
• 21:57
  to
• 21:57
  brands
• 21:57
  that
• 21:57
  were.
• 21:58
  Or
• 21:58
  technology
• 21:59
  providers
• 21:59
  that
• 21:59
  were
• 21:59
  focused
• 22:00
  on
• 22:00
  retail
• 22:00
  media.
• 22:01
  The
• 22:02
  buzz
• 22:02
  around
• 22:02
  this
• 22:02
  topic
• 22:03
  is
• 22:03
  very
• 22:03
  legitimate
• 22:04
  and
• 22:04
  very
• 22:04
  real.
• 22:04
  And
• 22:05
  the
• 22:05
  reasons
• 22:05
  are
• 22:06
  because
• 22:06
  there's
• 22:06
  huge
• 22:06
  upside,
• 22:06
  right?
• 22:07
  People
• 22:07
  are
• 22:07
  in
• 22:07
  discovery
• 22:08
  mode.
• 22:08
  You
• 22:08
  can
• 22:08
  guide
• 22:09
  the
• 22:09
  journey.
• 22:09
  There's
• 22:10
  high
• 22:10
  margin
• 22:10
  revenue.
• 22:11
  It
• 22:12
  doesn't
• 22:12
  feel
• 22:13
  super
• 22:14
  complex
• 22:14
  to
• 22:14
  get
• 22:15
  from
• 22:15
  point
• 22:15
  A
• 22:15
  to
• 22:15
  point
• 22:16
  B.
• 22:16
  Like
• 22:16
  it's
• 22:16
  not
• 22:17
  like
• 22:17
  a
• 22:17
  gigantic
• 22:18
  technological
• 22:18
  leap.
• 22:19
  Like
• 22:19
  most
• 22:19
  of
• 22:19
  the
• 22:19
  things
• 22:19
  we
• 22:19
  need
• 22:20
  exist
• 22:21
  today.
• 22:22
  And
• 22:22
  so
• 22:22
  there
• 22:22
  is
• 22:22
  a
• 22:23
  ton
• 22:23
  of
• 22:23
  excitement.
• 22:24
  With
• 22:24
  that
• 22:24
  said,
• 22:25
  it's
• 22:25
  not
• 22:25
  our
• 22:26
  favorite
• 22:26
  topic
• 22:27
  or
• 22:27
  I
• 22:27
  wouldn't
• 22:27
  call
• 22:27
  it
• 22:28
  trend
• 22:28
  of
• 22:28
  the
• 22:28
  year
• 22:29
  because
• 22:29
  there
• 22:30
  are
• 22:30
  risks.
• 22:30
  And
• 22:30
  I
• 22:30
  don't
• 22:31
  think
• 22:31
  we're
• 22:31
  properly
• 22:32
  acknowledging
• 22:32
  the
• 22:33
  risk.
• 22:33
  And
• 22:33
  this
• 22:33
  has
• 22:33
  Become
• 22:34
  kind
• 22:34
  of
• 22:34
  the
• 22:35
  very
• 22:36
  significant
• 22:37
  footnote
• 22:37
  that
• 22:37
  we
• 22:37
  try
• 22:38
  to
• 22:38
  add.
• 22:39
  We
• 22:39
  are
• 22:39
  at
• 22:40
  least
• 22:40
  I
• 22:40
  personally,
• 22:41
  massive
• 22:42
  believer
• 22:42
  in
• 22:42
  this
• 22:43
  trend
• 22:43
  and
• 22:43
  why
• 22:44
  it's
• 22:44
  so
• 22:44
  exciting.
• 22:45
  And
• 22:45
  again,
• 22:45
  the
• 22:45
  overhyped
• 22:46
  trends
• 22:46
  are
• 22:46
  coming
• 22:46
  in
• 22:46
  just
• 22:47
  a
• 22:47
  second,
• 22:48
  just
• 22:48
  to
• 22:48
  tease
• 22:48
  that
• 22:48
  one
• 22:49
  more
• 22:49
  time.
• 22:49
  But
• 22:50
  there
• 22:50
  are.
• 22:50
  So
• 22:50
  this
• 22:50
  is
• 22:50
  just
• 22:51
  buzzy.
• 22:51
  It's
• 22:51
  not
• 22:51
  overhyped.
• 22:52
  Hold
• 22:52
  on.
• 22:52
  I
• 22:53
  want
• 22:53
  to
• 22:53
  make
• 22:53
  sure
• 22:53
  I
• 22:53
  understand
• 22:53
  that.
• 22:54
  Okay.
• 22:54
  Okay.
• 22:55
  I'm
• 22:55
  not.
• 22:55
  It's
• 22:55
  close
• 22:55
  to
• 22:56
  being
• 22:56
  overhyped,
• 22:56
  but
• 22:57
  not
• 22:57
  quite
• 22:57
  overhyped.
• 22:58
  Okay.
• 22:58
  That's
• 22:59
  a
• 22:59
  contender
• 22:59
  for
• 23:00
  overhyped
• 23:00
  in
• 23:00
  2025.
• 23:01
  But
• 23:02
  I'm
• 23:02
  not.
• 23:02
  I'm
• 23:02
  not
• 23:02
  there
• 23:03
  yet.
• 23:03
  I'm
• 23:03
  not.
• 23:03
  This
• 23:04
  is
• 23:04
  the
• 23:04
  B
• 23:04
  in
• 23:04
  the
• 23:04
  animal
• 23:05
  kingdom
• 23:05
  of
• 23:05
  headlines.
• 23:06
  That's
• 23:06
  what
• 23:06
  you're
• 23:07
  of
• 23:07
  superlative
• 23:08
  awards.
• 23:08
  Okay.
• 23:09
  Because
• 23:09
  it's.
• 23:10
  The
• 23:10
  problem
• 23:10
  is
• 23:11
  it
• 23:11
  still
• 23:11
  is
• 23:11
  so
• 23:11
  exciting
• 23:13
  and
• 23:13
  it.
• 23:13
  There
• 23:13
  are
• 23:14
  important
• 23:14
  steps
• 23:14
  being
• 23:14
  taken
• 23:15
  and
• 23:15
  it
• 23:16
  does
• 23:16
  have
• 23:16
  significant
• 23:17
  potential.
• 23:17
  And
• 23:18
  I
• 23:18
  just
• 23:18
  think
• 23:18
  that
• 23:19
  we
• 23:19
  need
• 23:19
  to
• 23:19
  like
• 23:19
  acknowledge
• 23:20
  real
• 23:20
  risk.
• 23:20
  Right.
• 23:20
  And
• 23:21
  the
• 23:21
  real
• 23:21
  risks
• 23:21
  are.
• 23:22
  I
• 23:22
  think
• 23:23
  there's
• 23:23
  a
• 23:23
  good.
• 23:24
  One
• 23:24
  of
• 23:24
  the
• 23:24
  risks
• 23:24
  is
• 23:25
  less
• 23:25
  concerning.
• 23:25
  To
• 23:25
  me,
• 23:25
  two
• 23:25
  of
• 23:25
  the
• 23:26
  risks
• 23:26
  are
• 23:26
  very
• 23:26
  concerning.
• 23:27
  The
• 23:27
  risk
• 23:27
  that
• 23:27
  is
• 23:28
  less
• 23:28
  concerning
• 23:28
  is
• 23:28
  the
• 23:28
  idea
• 23:29
  that
• 23:29
  it's
• 23:29
  going
• 23:29
  to
• 23:29
  be
• 23:29
  annoying.
• 23:30
  I
• 23:30
  think
• 23:30
  what
• 23:30
  we've
• 23:30
  seen,
• 23:31
  there's
• 23:31
  a
• 23:31
  lot
• 23:31
  of
• 23:31
  polling
• 23:32
  around
• 23:32
  this
• 23:32
  is
• 23:32
  it
• 23:32
  actually
• 23:33
  contributes
• 23:33
  to
• 23:34
  the
• 23:34
  discovery
• 23:34
  journey.
• 23:35
  It's
• 23:35
  not
• 23:35
  super
• 23:35
  annoying.
• 23:35
  Like
• 23:36
  we're
• 23:36
  learning
• 23:36
  that
• 23:36
  lesson
• 23:37
  from
• 23:37
  that
• 23:37
  and
• 23:37
  those
• 23:37
  initial
• 23:38
  iterations
• 23:39
  of
• 23:39
  retail
• 23:39
  media
• 23:39
  in
• 23:40
  the
• 23:40
  digital
• 23:40
  environment.
• 23:41
  But
• 23:41
  I
• 23:41
  think
• 23:42
  there
• 23:42
  are
• 23:42
  two
• 23:43
  things
• 23:43
  that
• 23:43
  do
• 23:43
  concern
• 23:43
  me.
• 23:44
  One
• 23:44
  is
• 23:44
  the
• 23:44
  idea
• 23:45
  of
• 23:45
  accessibility.
• 23:46
  Like
• 23:46
  it
• 23:47
  can't
• 23:47
  be
• 23:47
  85
• 23:48
  different
• 23:48
  networks.
• 23:49
  There
• 23:49
  needs
• 23:49
  to
• 23:49
  be
• 23:49
  a
• 23:50
  single
• 23:50
  point
• 23:50
  to
• 23:50
  then
• 23:51
  enter
• 23:51
  a
• 23:51
  lot
• 23:51
  of
• 23:51
  them.
• 23:52
  Otherwise
• 23:52
  everyone's
• 23:53
  going
• 23:53
  to
• 23:53
  focus
• 23:53
  on
• 23:53
  Walmart,
• 23:54
  the
• 23:54
  huge
• 23:54
  ones,
• 23:55
  you
• 23:55
  know,
• 23:55
  the
• 23:55
  Albertsons
• 23:55
  Kroger
• 23:56
  combo.
• 23:57
  But
• 23:57
  you're
• 23:57
  not
• 23:57
  going
• 23:57
  to
• 23:57
  get
• 23:58
  to
• 23:58
  all
• 23:58
  of
• 23:58
  this
• 23:58
  kind
• 23:59
  of
• 23:59
  long
• 23:59
  tail
• 23:59
  that
• 23:59
  exists.
• 24:00
  And
• 24:01
  then
• 24:01
  the
• 24:01
  last
• 24:01
  bit,
• 24:02
  and
• 24:02
  this
• 24:02
  concerns
• 24:03
  me
• 24:03
  even
• 24:04
  more
• 24:04
  after
• 24:04
  seeing
• 24:04
  some
• 24:04
  of
• 24:04
  these
• 24:04
  providers,
• 24:05
  is
• 24:06
  the
• 24:06
  solution
• 24:06
  can't
• 24:06
  be
• 24:06
  too
• 24:07
  digital.
• 24:07
  Like,
• 24:07
  we
• 24:08
  need
• 24:08
  to
• 24:08
  understand
• 24:09
  the
• 24:09
  difference
• 24:09
  between
• 24:10
  the
• 24:10
  physical
• 24:11
  environment
• 24:11
  and
• 24:11
  the
• 24:12
  digital
• 24:12
  environment
• 24:12
  and
• 24:13
  embrace
• 24:13
  the
• 24:13
  fact
• 24:13
  that
• 24:14
  physical
• 24:14
  stores
• 24:15
  bring
• 24:15
  very
• 24:16
  significant
• 24:16
  value.
• 24:17
  They
• 24:17
  don't
• 24:17
  do
• 24:17
  what
• 24:18
  digital
• 24:18
  does
• 24:18
  well.
• 24:18
  Digital
• 24:19
  does
• 24:19
  incredible
• 24:19
  things,
• 24:20
  but
• 24:20
  it
• 24:20
  doesn't
• 24:20
  do
• 24:20
  what
• 24:20
  physical
• 24:21
  does
• 24:21
  well.
• 24:21
  And
• 24:22
  the
• 24:22
  more
• 24:22
  we
• 24:22
  try
• 24:22
  to
• 24:23
  turn
• 24:23
  the
• 24:24
  store
• 24:24
  into
• 24:24
  a
• 24:24
  digital
• 24:25
  environment
• 24:25
  or
• 24:25
  a
• 24:25
  digital
• 24:25
  environment
• 24:26
  into
• 24:26
  the
• 24:26
  store,
• 24:27
  eg,
• 24:27
  the
• 24:28
  Metaverse,
• 24:28
  it
• 24:29
  doesn't
• 24:29
  actually
• 24:30
  work
• 24:30
  Right.
• 24:30
  And
• 24:31
  that's
• 24:31
  because
• 24:31
  of
• 24:31
  technological
• 24:32
  gaps.
• 24:32
  It's
• 24:32
  because
• 24:32
  what
• 24:32
  the
• 24:33
  consumer
• 24:33
  is
• 24:33
  expecting
• 24:33
  and
• 24:34
  looking
• 24:34
  for.
• 24:34
  And
• 24:35
  so
• 24:35
  we
• 24:35
  really
• 24:35
  need
• 24:35
  to
• 24:36
  kind
• 24:36
  of
• 24:36
  lean
• 24:36
  in.
• 24:37
  Like,
• 24:37
  I'm
• 24:38
  not
• 24:38
  a
• 24:38
  huge
• 24:39
  fan
• 24:39
  of
• 24:39
  like
• 24:40
  everything
• 24:40
  being
• 24:40
  a
• 24:40
  QR
• 24:41
  code,
• 24:41
  are
• 24:41
  there
• 24:42
  certain
• 24:42
  things
• 24:42
  that
• 24:42
  are
• 24:42
  great
• 24:42
  for
• 24:42
  it?
• 24:43
  Yeah,
• 24:43
  but
• 24:43
  yeah,
• 24:44
  keep
• 24:44
  me
• 24:44
  in
• 24:45
  the
• 24:45
  physical
• 24:45
  environment,
• 24:46
  give
• 24:46
  me
• 24:46
  the
• 24:47
  support
• 24:47
  that
• 24:48
  enhance
• 24:48
  it,
• 24:49
  but
• 24:49
  don't
• 24:49
  take
• 24:49
  me
• 24:49
  out
• 24:49
  of
• 24:50
  what
• 24:50
  makes
• 24:50
  that
• 24:51
  environment
• 24:51
  unique
• 24:51
  and
• 24:52
  special.
• 24:52
  Why
• 24:52
  is
• 24:53
  Sam's
• 24:53
  Club
• 24:53
  picked
• 24:53
  out
• 24:54
  on
• 24:54
  this
• 24:54
  in
• 24:54
  this,
• 24:54
  in
• 24:55
  this
• 24:56
  graphic
• 24:56
  particularly?
• 24:57
  Just
• 24:57
  out
• 24:57
  of
• 24:57
  curiosity.
• 24:57
  I
• 24:58
  mean
• 24:58
  we
• 24:58
  could
• 24:58
  have
• 24:58
  done
• 24:58
  anything
• 24:59
  but
• 24:59
  we
• 24:59
  wanted
• 24:59
  to
• 24:59
  show
• 24:59
  here.
• 24:59
  It's
• 25:00
  like
• 25:00
  one
• 25:00
  of
• 25:00
  the
• 25:00
  things
• 25:00
  I
• 25:00
  love
• 25:00
  most
• 25:01
  about
• 25:01
  retail
• 25:01
  media
• 25:02
  is
• 25:02
  the
• 25:02
  idea
• 25:02
  of
• 25:03
  new
• 25:03
  forms
• 25:03
  of
• 25:03
  segmentation.
• 25:04
  So
• 25:04
  we
• 25:05
  work
• 25:05
  with
• 25:05
  a
• 25:05
  lot
• 25:06
  of,
• 25:06
  we
• 25:06
  work
• 25:06
  with
• 25:06
  advertising
• 25:07
  companies,
• 25:07
  we
• 25:07
  work
• 25:07
  with
• 25:08
  brands,
• 25:08
  we
• 25:08
  work
• 25:08
  with
• 25:08
  retailers.
• 25:09
  And
• 25:09
  one
• 25:09
  of
• 25:09
  the
• 25:09
  interesting
• 25:10
  things
• 25:10
  is
• 25:11
  how
• 25:11
  often
• 25:11
  they
• 25:12
  look
• 25:12
  at
• 25:13
  cuts
• 25:14
  of
• 25:14
  retail
• 25:15
  from
• 25:15
  a
• 25:15
  very
• 25:15
  simplistic
• 25:16
  form
• 25:16
  of
• 25:16
  like,
• 25:17
  hey,
• 25:17
  stores
• 25:18
  that
• 25:18
  are
• 25:18
  in
• 25:18
  the
• 25:18
  Northeast,
• 25:19
  stores
• 25:19
  that
• 25:19
  are
• 25:19
  in
• 25:19
  the
• 25:20
  Southeast,
• 25:20
  and
• 25:20
  stores
• 25:20
  that
• 25:20
  are
• 25:20
  in
• 25:20
  the
• 25:21
  Southeast
• 25:21
  operate
• 25:21
  this
• 25:22
  way.
• 25:22
  And
• 25:22
  it's
• 25:22
  like,
• 25:22
  well,
• 25:23
  that's
• 25:23
  actually
• 25:24
  not
• 25:24
  the
• 25:24
  ideal
• 25:24
  way
• 25:24
  to
• 25:24
  think
• 25:24
  about
• 25:25
  inventory,
• 25:25
  especially
• 25:25
  from
• 25:26
  an
• 25:26
  advertising
• 25:26
  perspective.
• 25:27
  So
• 25:27
  this
• 25:27
  is
• 25:27
  Sam's
• 25:28
  Clubs,
• 25:28
  locations
• 25:28
  that
• 25:28
  are
• 25:28
  over
• 25:29
  indexed
• 25:29
  for
• 25:29
  wealthy
• 25:29
  suburban
• 25:30
  families.
• 25:30
  Right.
• 25:31
  If
• 25:31
  I
• 25:31
  know
• 25:31
  that
• 25:32
  those
• 25:32
  are
• 25:32
  the
• 25:32
  Sam
• 25:32
  Clubs,
• 25:32
  I
• 25:33
  want
• 25:33
  to
• 25:33
  do
• 25:33
  my
• 25:33
  retail
• 25:33
  media
• 25:34
  through
• 25:34
  and
• 25:34
  I
• 25:34
  want
• 25:34
  to
• 25:34
  have
• 25:34
  certain
• 25:35
  product
• 25:35
  mixes
• 25:35
  within.
• 25:36
  And
• 25:36
  so
• 25:36
  I
• 25:36
  think
• 25:36
  that
• 25:37
  kind
• 25:37
  of,
• 25:37
  that
• 25:37
  is
• 25:38
  the
• 25:38
  perspective
• 25:38
  we're
• 25:38
  bringing
• 25:39
  to
• 25:39
  the
• 25:39
  table
• 25:39
  here.
• 25:40
  Yeah,
• 25:40
  interesting.
• 25:40
  So,
• 25:41
  yeah,
• 25:41
  you
• 25:41
  know,
• 25:41
  my
• 25:41
  takeaway
• 25:42
  from
• 25:42
  this
• 25:42
  too
• 25:42
  is
• 25:42
  like
• 25:42
  as
• 25:43
  and
• 25:43
  like
• 25:43
  we
• 25:43
  talked
• 25:43
  about
• 25:43
  on
• 25:44
  our
• 25:44
  show
• 25:44
  recently
• 25:44
  too,
• 25:44
  particularly
• 25:45
  because
• 25:45
  this
• 25:45
  has
• 25:45
  been
• 25:46
  in
• 25:46
  the
• 25:46
  news
• 25:46
  a
• 25:46
  lot
• 25:46
  like
• 25:46
  the
• 25:47
  manifestation
• 25:47
  of
• 25:48
  retail
• 25:48
  media
• 25:48
  in
• 25:48
  the
• 25:48
  store.
• 25:49
  You've
• 25:49
  got
• 25:49
  Sam's
• 25:50
  Club
• 25:50
  trying
• 25:50
  to,
• 25:51
  you
• 25:51
  know,
• 25:51
  force
• 25:52
  scan
• 25:52
  and
• 25:52
  go
• 25:53
  usage
• 25:53
  in
• 25:53
  its
• 25:53
  Grapevine
• 25:54
  Texas
• 25:54
  store,
• 25:54
  putting
• 25:55
  items
• 25:55
  on
• 25:56
  display
• 25:56
  that
• 25:56
  you
• 25:56
  can't
• 25:57
  buy
• 25:57
  in
• 25:57
  the
• 25:57
  store,
• 25:57
  you
• 25:58
  can
• 25:58
  only
• 25:58
  buy
• 25:58
  through
• 25:58
  your
• 25:59
  smartphone
• 25:59
  and
• 25:59
  have
• 25:59
  them
• 25:59
  delivered
• 26:00
  to
• 26:00
  your
• 26:00
  house.
• 26:00
  You
• 26:00
  got
• 26:01
  Amazon
• 26:01
  thinking
• 26:01
  people
• 26:02
  are
• 26:02
  going
• 26:02
  to
• 26:02
  walk
• 26:02
  Whole
• 26:02
  Foods
• 26:03
  and
• 26:03
  buy
• 26:04
  Pepsi
• 26:04
  while
• 26:05
  they're
• 26:05
  shopping
• 26:05
  the
• 26:05
  aisles
• 26:06
  on
• 26:06
  their
• 26:06
  phone.
• 26:07
  So
• 26:07
  Ethan,
• 26:07
  my
• 26:08
  take
• 26:08
  is
• 26:08
  that
• 26:08
  you're
• 26:08
  not
• 26:09
  as
• 26:09
  big,
• 26:09
  you're
• 26:09
  like
• 26:09
  us,
• 26:10
  you're
• 26:10
  not
• 26:10
  as
• 26:10
  big
• 26:10
  on
• 26:11
  that
• 26:11
  type
• 26:11
  of
• 26:11
  thing.
• 26:12
  Particularly
• 26:12
  the
• 26:12
  latter
• 26:13
  as
• 26:14
  probably
• 26:14
  Amazon
• 26:15
  would
• 26:15
  be
• 26:15
  as
• 26:15
  an
• 26:16
  example.
• 26:17
  No,
• 26:17
  I
• 26:17
  think,
• 26:19
  I
• 26:19
  don't
• 26:19
  think
• 26:21
  we
• 26:22
  do
• 26:22
  enough.
• 26:22
  We
• 26:22
  take
• 26:22
  enough
• 26:23
  time
• 26:23
  to
• 26:23
  say,
• 26:23
  hey,
• 26:24
  what
• 26:24
  does
• 26:24
  the
• 26:24
  consumer
• 26:25
  actually
• 26:25
  want?
• 26:26
  What's
• 26:26
  going
• 26:26
  to
• 26:26
  make
• 26:26
  their
• 26:27
  life
• 26:27
  better?
• 26:28
  And
• 26:29
  I
• 26:29
  don't
• 26:29
  know.
• 26:30
  Again,
• 26:30
  I've
• 26:31
  gone
• 26:31
  into
• 26:31
  a
• 26:31
  Target
• 26:32
  and
• 26:32
  bought
• 26:33
  a
• 26:33
  Starbucks
• 26:33
  and
• 26:33
  been
• 26:34
  super
• 26:34
  thrilled
• 26:34
  with
• 26:34
  that
• 26:35
  and
• 26:35
  walked
• 26:35
  a
• 26:35
  store
• 26:36
  with
• 26:36
  my
• 26:37
  coffee
• 26:37
  and
• 26:37
  loved
• 26:37
  it.
• 26:38
  But
• 26:38
  I
• 26:38
  don't
• 26:38
  know
• 26:39
  that
• 26:39
  when
• 26:39
  I
• 26:39
  go
• 26:39
  to
• 26:39
  the
• 26:39
  supermarket
• 26:40
  I'm
• 26:40
  like,
• 26:40
  I
• 26:41
  really
• 26:41
  need
• 26:41
  a,
• 26:41
  need
• 26:41
  a,
• 26:42
  need
• 26:42
  a
• 26:42
  Pepsi
• 26:42
  right
• 26:42
  now.
• 26:43
  Especially
• 26:43
  since
• 26:43
  There
• 26:44
  is
• 26:44
  Pepsi
• 26:44
  in
• 26:44
  the
• 26:44
  store
• 26:45
  and
• 26:45
  if
• 26:45
  I
• 26:45
  really
• 26:45
  want
• 26:45
  to,
• 26:45
  I
• 26:46
  can
• 26:46
  just
• 26:46
  grab
• 26:46
  it
• 26:46
  and
• 26:46
  I'm
• 26:47
  like,
• 26:47
  you
• 26:47
  know,
• 26:47
  check
• 26:47
  it
• 26:48
  out
• 26:48
  and
• 26:48
  pay.
• 26:48
  Like
• 26:49
  I
• 26:49
  don't
• 26:49
  know
• 26:49
  that.
• 26:49
  It's
• 26:50
  solving
• 26:50
  a
• 26:50
  huge
• 26:50
  need.
• 26:51
  Which
• 26:51
  goes
• 26:52
  back
• 26:52
  to
• 26:52
  the
• 26:52
  routine
• 26:52
  trips
• 26:53
  of
• 26:53
  the
• 26:53
  previous
• 26:53
  slide.
• 26:54
  Right.
• 26:54
  Like
• 26:54
  people
• 26:55
  are
• 26:55
  going
• 26:55
  to
• 26:55
  have
• 26:55
  the
• 26:55
  routines
• 26:55
  of
• 26:56
  which
• 26:56
  stores
• 26:56
  they're
• 26:57
  going
• 26:57
  to
• 26:57
  shop
• 26:57
  at.
• 26:57
  And
• 26:58
  breaking
• 26:58
  through,
• 26:58
  that's
• 26:58
  going
• 26:58
  to
• 26:59
  be
• 26:59
  really
• 26:59
  challenging.
• 26:59
  That's
• 27:00
  interesting,
• 27:00
  Ethan.
• 27:01
  Let's
• 27:01
  go
• 27:01
  on
• 27:01
  to
• 27:01
  the
• 27:01
  next
• 27:01
  one.
• 27:02
  Most
• 27:03
  overrated
• 27:04
  innovation.
• 27:04
  Now,
• 27:04
  it
• 27:04
  doesn't
• 27:05
  have
• 27:05
  to
• 27:05
  do
• 27:05
  with
• 27:05
  album
• 27:05
  specifically,
• 27:06
  but
• 27:07
  it
• 27:07
  doesn't
• 27:07
  have
• 27:07
  to
• 27:07
  do
• 27:07
  with
• 27:08
  just
• 27:09
  walk
• 27:09
  out
• 27:09
  technology.
• 27:09
  Yeah.
• 27:11
  All
• 27:11
  right.
• 27:12
  I
• 27:12
  like
• 27:13
  there
• 27:13
  was,
• 27:13
  look.
• 27:16
  Please
• 27:17
  don't
• 27:17
  tell
• 27:17
  anybody,
• 27:18
  even
• 27:18
  though
• 27:18
  there's
• 27:18
  an
• 27:18
  audience.
• 27:19
  I
• 27:19
  worked
• 27:19
  in
• 27:19
  Blockchain.
• 27:20
  I
• 27:20
  remember
• 27:20
  when
• 27:21
  everyone
• 27:21
  was
• 27:21
  excited
• 27:21
  about
• 27:21
  that
• 27:22
  and
• 27:22
  I
• 27:22
  was
• 27:22
  like,
• 27:22
  did
• 27:23
  people
• 27:23
  not
• 27:23
  see
• 27:23
  how
• 27:24
  unevolved
• 27:26
  the
• 27:26
  technology
• 27:26
  is
• 27:26
  yet?
• 27:27
  I
• 27:27
  saw
• 27:27
  the
• 27:28
  metaverse
• 27:28
  up
• 27:28
  close,
• 27:28
  never
• 27:29
  really
• 27:29
  believed
• 27:29
  in
• 27:29
  it.
• 27:30
  Now
• 27:31
  just
• 27:31
  walk
• 27:31
  out
• 27:32
  though,
• 27:32
  takes
• 27:32
  the
• 27:32
  cake
• 27:32
  for
• 27:33
  me.
• 27:33
  And
• 27:33
  the
• 27:34
  reason
• 27:34
  it
• 27:34
  takes
• 27:34
  the
• 27:34
  cake
• 27:35
  is
• 27:35
  because
• 27:38
  there's
• 27:38
  a
• 27:38
  way
• 27:39
  where
• 27:39
  just
• 27:39
  walk
• 27:39
  out
• 27:40
  fuels
• 27:40
  something
• 27:41
  super
• 27:41
  exciting.
• 27:42
  But
• 27:42
  I
• 27:42
  think
• 27:43
  we
• 27:43
  were
• 27:43
  convinced
• 27:43
  that
• 27:44
  like
• 27:44
  the
• 27:44
  most
• 27:44
  important
• 27:45
  thing
• 27:45
  is
• 27:45
  people
• 27:46
  don't
• 27:46
  want
• 27:46
  to
• 27:46
  waste
• 27:47
  time
• 27:47
  going
• 27:47
  to
• 27:47
  the
• 27:47
  cashier.
• 27:48
  Like
• 27:48
  that
• 27:48
  is
• 27:49
  this
• 27:49
  significant
• 27:50
  friction.
• 27:51
  Right.
• 27:51
  But
• 27:52
  I
• 27:52
  don't
• 27:52
  think
• 27:52
  it
• 27:52
  really
• 27:53
  was.
• 27:53
  If
• 27:54
  we
• 27:54
  had
• 27:54
  been
• 27:54
  told
• 27:54
  that,
• 27:55
  look,
• 27:55
  we
• 27:55
  want
• 27:56
  to
• 27:56
  get
• 27:56
  more
• 27:56
  data
• 27:56
  about
• 27:56
  the
• 27:57
  store,
• 27:57
  we
• 27:57
  want
• 27:57
  to
• 27:57
  understand
• 27:57
  what's
• 27:58
  going
• 27:58
  on.
• 27:58
  Just
• 27:59
  walk
• 27:59
  out
• 27:59
  is
• 27:59
  something
• 27:59
  that
• 28:00
  facilitates
• 28:00
  that
• 28:01
  that's
• 28:01
  what
• 28:02
  we're
• 28:02
  going
• 28:02
  to.
• 28:02
  That's
• 28:02
  where
• 28:02
  it's
• 28:03
  going
• 28:03
  to
• 28:03
  drive
• 28:03
  the
• 28:03
  revenue
• 28:03
  that's
• 28:04
  going
• 28:04
  to
• 28:04
  fund
• 28:04
  this
• 28:04
  project.
• 28:05
  And
• 28:05
  it's
• 28:05
  going
• 28:05
  to
• 28:06
  work
• 28:06
  for
• 28:06
  the
• 28:06
  people
• 28:06
  it
• 28:06
  works
• 28:06
  for
• 28:07
  and
• 28:07
  we're
• 28:07
  still
• 28:07
  going
• 28:07
  to
• 28:07
  have
• 28:07
  cashiers.
• 28:08
  I'm
• 28:09
  all
• 28:09
  in.
• 28:09
  I
• 28:09
  think
• 28:09
  it's
• 28:09
  great.
• 28:10
  But
• 28:10
  this
• 28:10
  idea
• 28:11
  that
• 28:11
  like
• 28:12
  what's
• 28:13
  really
• 28:13
  bothering
• 28:13
  me
• 28:13
  as
• 28:13
  a
• 28:14
  consumer
• 28:14
  is
• 28:14
  the
• 28:15
  cashier
• 28:16
  I
• 28:16
  think
• 28:16
  has
• 28:16
  been
• 28:16
  proven
• 28:17
  to
• 28:17
  be
• 28:18
  not
• 28:19
  true.
• 28:20
  Right.
• 28:21
  The
• 28:22
  question
• 28:22
  now
• 28:22
  that
• 28:23
  is
• 28:23
  kind
• 28:23
  of
• 28:23
  set
• 28:23
  up
• 28:24
  for
• 28:24
  us
• 28:24
  is
• 28:25
  do
• 28:25
  we
• 28:25
  see
• 28:26
  this
• 28:26
  kind
• 28:26
  of
• 28:27
  segment
• 28:27
  abandoned
• 28:28
  and
• 28:28
  I
• 28:28
  hope
• 28:28
  we
• 28:28
  don't,
• 28:29
  or
• 28:29
  do
• 28:29
  we
• 28:29
  see
• 28:30
  it
• 28:30
  done
• 28:30
  more
• 28:30
  intelligently?
• 28:31
  So
• 28:31
  like,
• 28:32
  I
• 28:32
  think
• 28:33
  small,
• 28:34
  like
• 28:34
  bodega
• 28:35
  esque
• 28:35
  retail
• 28:36
  experiences,
• 28:37
  like
• 28:37
  what
• 28:37
  you
• 28:37
  see
• 28:37
  in
• 28:37
  like
• 28:37
  the
• 28:38
  Amazons
• 28:38
  within
• 28:38
  the
• 28:39
  airport,
• 28:39
  that's
• 28:40
  super
• 28:40
  cool.
• 28:40
  I
• 28:40
  think
• 28:41
  that
• 28:41
  makes
• 28:41
  a
• 28:41
  lot
• 28:41
  of
• 28:41
  sense
• 28:42
  in
• 28:42
  major
• 28:43
  cities.
• 28:43
  Super
• 28:43
  cool
• 28:44
  makes
• 28:44
  a
• 28:44
  lot
• 28:44
  of
• 28:44
  sense.
• 28:45
  But
• 28:45
  if
• 28:45
  it's
• 28:46
  going
• 28:46
  to
• 28:46
  come
• 28:46
  to
• 28:46
  these
• 28:47
  larger
• 28:47
  format
• 28:48
  grocery
• 28:48
  stores,
• 28:48
  it
• 28:49
  needs
• 28:49
  to
• 28:49
  be
• 28:49
  done
• 28:49
  within
• 28:49
  a
• 28:50
  wider
• 28:50
  perspective.
• 28:51
  And
• 28:52
  I
• 28:52
  think,
• 28:52
  you
• 28:53
  know,
• 28:53
  at
• 28:53
  this
• 28:53
  stage
• 28:54
  we
• 28:54
  have
• 28:54
  to
• 28:54
  call
• 28:54
  it
• 28:54
  for
• 28:54
  what
• 28:54
  it
• 28:55
  Is
• 28:55
  the
• 28:55
  just
• 28:55
  walk
• 28:56
  out
• 28:56
  trend
• 28:56
  just
• 28:56
  didn't
• 28:57
  live
• 28:57
  up
• 28:57
  to
• 28:57
  the
• 28:57
  potential.
• 28:58
  Yeah.
• 28:59
  Ethan,
• 28:59
  I
• 28:59
  think
• 28:59
  you
• 28:59
  do
• 28:59
  a
• 29:00
  really
• 29:00
  good
• 29:00
  job
• 29:00
  of
• 29:00
  calling
• 29:00
  this
• 29:00
  out
• 29:01
  because
• 29:01
  I
• 29:01
  think
• 29:01
  that
• 29:01
  the
• 29:01
  issue,
• 29:02
  one
• 29:02
  of
• 29:02
  the
• 29:03
  issues
• 29:03
  here
• 29:03
  was
• 29:03
  that
• 29:04
  I
• 29:04
  think
• 29:05
  we
• 29:05
  assumed
• 29:06
  that
• 29:06
  the
• 29:06
  convenience
• 29:07
  like
• 29:07
  you
• 29:07
  talked
• 29:07
  about
• 29:08
  earlier,
• 29:08
  that
• 29:08
  convenience
• 29:09
  was
• 29:09
  really
• 29:09
  what
• 29:09
  was
• 29:10
  going
• 29:10
  to
• 29:10
  drive
• 29:10
  these
• 29:10
  trips.
• 29:11
  And
• 29:11
  what
• 29:11
  we're
• 29:11
  finding
• 29:12
  out
• 29:12
  is
• 29:12
  that
• 29:12
  for
• 29:13
  this,
• 29:13
  the
• 29:13
  staying
• 29:14
  power
• 29:14
  here,
• 29:14
  it
• 29:15
  that
• 29:15
  you
• 29:15
  know,
• 29:16
  you
• 29:16
  have
• 29:16
  to
• 29:16
  have
• 29:16
  the
• 29:16
  right
• 29:17
  assortment,
• 29:17
  you
• 29:17
  still
• 29:18
  have
• 29:18
  to
• 29:18
  have
• 29:18
  the
• 29:18
  right
• 29:18
  products,
• 29:19
  which
• 29:19
  is
• 29:19
  challenging
• 29:20
  in
• 29:20
  an
• 29:20
  environment
• 29:21
  that
• 29:21
  has
• 29:21
  just
• 29:22
  walk
• 29:22
  out
• 29:22
  technology.
• 29:23
  So
• 29:23
  I
• 29:23
  think
• 29:24
  you're
• 29:24
  100%
• 29:25
  right.
• 29:25
  When
• 29:25
  we're
• 29:25
  talking
• 29:25
  about
• 29:25
  the
• 29:26
  bodegas,
• 29:26
  the
• 29:27
  smaller,
• 29:28
  you
• 29:28
  know,
• 29:28
  airport
• 29:29
  convenience
• 29:29
  stores,
• 29:30
  this
• 29:30
  does
• 29:30
  still
• 29:31
  make
• 29:31
  sense
• 29:31
  because
• 29:32
  convenience
• 29:32
  is
• 29:33
  key
• 29:33
  here
• 29:33
  versus
• 29:34
  these
• 29:35
  bigger
• 29:35
  shopping
• 29:35
  trips
• 29:36
  where
• 29:36
  you,
• 29:37
  you
• 29:37
  really
• 29:37
  want
• 29:37
  to
• 29:38
  have
• 29:38
  the
• 29:38
  quality
• 29:38
  of
• 29:39
  product
• 29:39
  first
• 29:40
  and
• 29:40
  then
• 29:40
  the
• 29:40
  convenience
• 29:41
  is
• 29:41
  a
• 29:41
  secondary
• 29:42
  aspect
• 29:42
  almost.
• 29:43
  Yeah,
• 29:44
  absolutely.
• 29:44
  Especially
• 29:45
  since
• 29:45
  like,
• 29:46
  I
• 29:46
  mean
• 29:46
  what's
• 29:46
  the
• 29:46
  amount
• 29:47
  of
• 29:47
  time
• 29:47
  you
• 29:47
  need
• 29:47
  to
• 29:48
  save
• 29:48
  for
• 29:48
  it
• 29:48
  to
• 29:48
  move
• 29:48
  the
• 29:48
  needle?
• 29:49
  And
• 29:49
  we
• 29:49
  talked
• 29:49
  about
• 29:49
  this
• 29:49
  with
• 29:50
  conveniences
• 29:50
  camping.
• 29:51
  But
• 29:51
  I
• 29:51
  do
• 29:51
  think
• 29:51
  that
• 29:51
  like
• 29:52
  measure
• 29:52
  of
• 29:52
  like,
• 29:52
  I
• 29:53
  think
• 29:53
  convenience
• 29:53
  is
• 29:53
  binary.
• 29:54
  Like
• 29:54
  if
• 29:55
  I'm
• 29:55
  going
• 29:55
  to,
• 29:56
  and
• 29:56
  it's
• 29:56
  depending
• 29:57
  on
• 29:57
  what
• 29:57
  I'm,
• 29:57
  what
• 29:57
  I'm
• 29:57
  looking
• 29:58
  to
• 29:58
  buy.
• 29:58
  But
• 29:58
  if
• 29:59
  I'm
• 29:59
  going
• 29:59
  to
• 29:59
  the
• 29:59
  grocery
• 30:00
  store,
• 30:00
  I'm
• 30:00
  willing
• 30:00
  to
• 30:01
  go
• 30:01
  X
• 30:01
  number
• 30:01
  of
• 30:01
  minutes
• 30:02
  for
• 30:02
  a
• 30:02
  product,
• 30:03
  a
• 30:03
  certain
• 30:03
  type
• 30:04
  of
• 30:04
  product
• 30:04
  and
• 30:04
  I'm
• 30:05
  not
• 30:05
  willing
• 30:05
  to
• 30:05
  go
• 30:05
  past
• 30:05
  that.
• 30:06
  But
• 30:06
  anything
• 30:06
  within
• 30:06
  that
• 30:07
  catchment
• 30:07
  area
• 30:07
  is
• 30:07
  where
• 30:08
  I'm
• 30:08
  willing
• 30:08
  to
• 30:08
  go.
• 30:09
  It's
• 30:09
  not
• 30:09
  as
• 30:09
  simple
• 30:10
  as
• 30:10
  like,
• 30:10
  oh,
• 30:10
  I'll
• 30:10
  go
• 30:10
  to
• 30:10
  the
• 30:11
  place
• 30:11
  that's
• 30:11
  the
• 30:11
  most
• 30:11
  convenient.
• 30:12
  And
• 30:13
  so
• 30:13
  I
• 30:13
  think
• 30:13
  once
• 30:13
  we
• 30:14
  kind
• 30:14
  of
• 30:14
  ask
• 30:14
  ourselves
• 30:15
  that
• 30:15
  question,
• 30:15
  like
• 30:15
  what
• 30:16
  is
• 30:16
  that?
• 30:16
  That
• 30:17
  threshold,
• 30:17
  that's
• 30:17
  where
• 30:18
  we
• 30:18
  get
• 30:18
  to
• 30:18
  a
• 30:18
  much
• 30:18
  more
• 30:20
  effective
• 30:21
  understanding
• 30:21
  of
• 30:21
  what
• 30:22
  convenience
• 30:22
  needs
• 30:22
  to
• 30:23
  mean
• 30:23
  and
• 30:23
  we
• 30:23
  don't
• 30:23
  overvalue
• 30:24
  it.
• 30:25
  Yeah,
• 30:26
  I
• 30:26
  mean
• 30:26
  I've
• 30:26
  never
• 30:26
  thought
• 30:26
  about
• 30:26
  this
• 30:27
  before,
• 30:27
  but
• 30:28
  this
• 30:28
  kind
• 30:28
  of
• 30:28
  swy.
• 30:28
  I
• 30:28
  love
• 30:28
  doing
• 30:29
  this
• 30:29
  show
• 30:29
  too
• 30:29
  because
• 30:29
  you
• 30:29
  get
• 30:29
  these
• 30:30
  epiphanies
• 30:30
  in
• 30:30
  the
• 30:30
  moment.
• 30:31
  But
• 30:31
  you
• 30:31
  know,
• 30:31
  at
• 30:32
  the
• 30:32
  end
• 30:32
  of
• 30:32
  the
• 30:32
  day
• 30:32
  the
• 30:33
  beauty
• 30:33
  of,
• 30:33
  the
• 30:34
  beauty
• 30:34
  of
• 30:34
  the
• 30:34
  just
• 30:34
  walk
• 30:35
  out
• 30:35
  technology
• 30:35
  is
• 30:36
  actually
• 30:36
  the
• 30:36
  computer
• 30:36
  vision
• 30:37
  cameras
• 30:37
  that
• 30:37
  are
• 30:38
  understanding
• 30:38
  everything
• 30:39
  that's
• 30:39
  happening
• 30:39
  in
• 30:39
  the
• 30:40
  store
• 30:40
  so
• 30:40
  you
• 30:40
  can
• 30:40
  process
• 30:41
  the
• 30:41
  data
• 30:41
  and
• 30:42
  better
• 30:42
  personalize
• 30:42
  the
• 30:43
  experience
• 30:43
  to
• 30:43
  your
• 30:43
  customer.
• 30:44
  The
• 30:44
  just
• 30:45
  walk
• 30:45
  out
• 30:45
  aspect
• 30:46
  of
• 30:46
  it
• 30:46
  is
• 30:47
  almost
• 30:47
  marginal.
• 30:48
  Right.
• 30:48
  It's,
• 30:48
  it's,
• 30:48
  it's
• 30:49
  almost,
• 30:49
  it's,
• 30:49
  it's,
• 30:49
  it's
• 30:50
  in
• 30:50
  comparison
• 30:51
  to
• 30:51
  like
• 30:51
  self
• 30:51
  checkout,
• 30:52
  there's
• 30:52
  not
• 30:52
  that
• 30:52
  big
• 30:53
  of
• 30:53
  an
• 30:53
  upgrade
• 30:53
  on
• 30:53
  that.
• 30:54
  So.
• 30:54
  So
• 30:54
  in
• 30:54
  a
• 30:54
  lot
• 30:55
  of
• 30:55
  ways
• 30:55
  when
• 30:55
  I
• 30:55
  step
• 30:55
  back
• 30:56
  from
• 30:56
  this
• 30:56
  conversation.
• 30:56
  I
• 30:57
  think
• 30:57
  the
• 30:57
  biggest
• 30:58
  disservice
• 30:58
  Amazon
• 30:59
  might
• 30:59
  have
• 30:59
  done
• 30:59
  was
• 30:59
  calling
• 31:00
  it
• 31:00
  the
• 31:00
  just
• 31:00
  walk
• 31:01
  out
• 31:01
  technology.
• 31:01
  Had
• 31:02
  they
• 31:02
  named
• 31:02
  it
• 31:02
  like
• 31:03
  the
• 31:03
  smart
• 31:03
  store
• 31:04
  technology
• 31:04
  of
• 31:04
  the
• 31:04
  future
• 31:05
  or
• 31:05
  some
• 31:05
  stupid
• 31:06
  thing
• 31:06
  like
• 31:06
  that
• 31:06
  that
• 31:06
  I'm
• 31:07
  coming
• 31:07
  up
• 31:07
  with
• 31:07
  off
• 31:07
  the
• 31:07
  top
• 31:07
  of
• 31:07
  my
• 31:07
  head,
• 31:08
  would
• 31:08
  we
• 31:08
  have
• 31:09
  seen
• 31:09
  more
• 31:09
  traction
• 31:09
  with
• 31:10
  it
• 31:10
  versus
• 31:10
  this
• 31:10
  gimmicky
• 31:11
  just
• 31:12
  walk
• 31:12
  out
• 31:12
  idea,
• 31:13
  which
• 31:13
  to
• 31:13
  your
• 31:13
  point,
• 31:13
  and
• 31:14
  I
• 31:14
  think
• 31:14
  still
• 31:14
  is
• 31:14
  applicable
• 31:15
  in
• 31:15
  event
• 31:15
  spaces
• 31:16
  and
• 31:17
  possibly
• 31:17
  at
• 31:17
  airports.
• 31:18
  Although
• 31:18
  I
• 31:18
  think
• 31:18
  the
• 31:18
  question
• 31:19
  is
• 31:19
  still
• 31:19
  there
• 31:19
  because
• 31:19
  it's
• 31:20
  hard
• 31:20
  for
• 31:20
  people
• 31:20
  to
• 31:20
  acclimate
• 31:21
  towards
• 31:21
  it,
• 31:22
  especially
• 31:22
  with
• 31:22
  self
• 31:23
  checkout,
• 31:23
  even
• 31:23
  at
• 31:23
  airports.
• 31:24
  So.
• 31:24
  So,
• 31:24
  yeah,
• 31:25
  I
• 31:25
  don't,
• 31:25
  I
• 31:25
  don't
• 31:25
  know
• 31:25
  what
• 31:25
  you
• 31:25
  guys
• 31:25
  think
• 31:26
  about
• 31:26
  that,
• 31:26
  but
• 31:26
  I
• 31:26
  never
• 31:26
  thought
• 31:27
  about
• 31:27
  that.
• 31:27
  Like,
• 31:27
  did
• 31:27
  they
• 31:27
  just
• 31:28
  market
• 31:28
  this
• 31:28
  wrong?
• 31:29
  You
• 31:29
  know,
• 31:29
  is
• 31:29
  that,
• 31:29
  Is
• 31:30
  that
• 31:30
  what
• 31:30
  we're
• 31:30
  seeing
• 31:30
  here?
• 31:31
  I
• 31:31
  don't
• 31:31
  know.
• 31:32
  That's
• 31:32
  what
• 31:32
  I
• 31:32
  thought
• 31:32
  at
• 31:33
  one
• 31:33
  point.
• 31:33
  I
• 31:33
  was
• 31:34
  like,
• 31:34
  pretty
• 31:34
  anti.
• 31:35
  Just
• 31:35
  walk
• 31:35
  out
• 31:35
  for
• 31:36
  a
• 31:36
  while.
• 31:36
  And
• 31:37
  then.
• 31:37
  And
• 31:38
  I.
• 31:38
  And
• 31:38
  then
• 31:39
  I
• 31:39
  was
• 31:39
  having
• 31:39
  a
• 31:39
  conversation
• 31:40
  with
• 31:40
  a
• 31:40
  major
• 31:41
  brand
• 31:41
  that
• 31:41
  was
• 31:41
  talking
• 31:41
  about
• 31:42
  their
• 31:42
  inability
• 31:43
  to
• 31:43
  really
• 31:43
  have
• 31:43
  a
• 31:43
  deep
• 31:44
  understanding
• 31:44
  of
• 31:44
  what's
• 31:44
  happening
• 31:45
  in
• 31:45
  the
• 31:45
  four
• 31:45
  walls
• 31:45
  of
• 31:45
  the
• 31:46
  store.
• 31:46
  And
• 31:47
  I
• 31:47
  had
• 31:47
  kind
• 31:48
  of
• 31:48
  the
• 31:48
  epiphany
• 31:49
  you
• 31:49
  did,
• 31:49
  Chris.
• 31:49
  But
• 31:49
  I
• 31:49
  just
• 31:50
  thought
• 31:50
  I
• 31:50
  was
• 31:50
  missing
• 31:50
  the
• 31:50
  point.
• 31:51
  I
• 31:51
  was
• 31:51
  like,
• 31:51
  oh,
• 31:52
  that's
• 31:53
  what
• 31:53
  they're.
• 31:53
  That's
• 31:53
  what
• 31:53
  they're
• 31:54
  building,
• 31:54
  clearly.
• 31:55
  And
• 31:55
  I
• 31:55
  was
• 31:55
  like,
• 31:55
  this
• 31:56
  is
• 31:56
  genius.
• 31:57
  Hats
• 31:57
  off.
• 31:57
  But
• 31:58
  I
• 31:58
  think
• 31:58
  it
• 31:58
  was.
• 31:59
  I
• 31:59
  think
• 31:59
  in
• 31:59
  some
• 31:59
  cases,
• 32:00
  maybe
• 32:00
  that
• 32:00
  was
• 32:00
  what
• 32:00
  they
• 32:00
  were
• 32:01
  going.
• 32:01
  It's.
• 32:01
  It's
• 32:01
  possible.
• 32:02
  And
• 32:02
  we'll
• 32:02
  see
• 32:02
  kind
• 32:02
  of
• 32:02
  new
• 32:03
  iterations
• 32:03
  of
• 32:03
  it.
• 32:04
  But
• 32:04
  I
• 32:04
  think
• 32:05
  there
• 32:05
  is
• 32:05
  a
• 32:06
  massive
• 32:06
  opportunity
• 32:07
  in
• 32:07
  terms
• 32:07
  of
• 32:07
  understanding
• 32:08
  what's
• 32:08
  happening
• 32:08
  in
• 32:08
  the
• 32:09
  store.
• 32:09
  How
• 32:09
  are
• 32:09
  people
• 32:09
  moving?
• 32:10
  What
• 32:10
  are
• 32:10
  all
• 32:10
  the
• 32:10
  things
• 32:11
  I
• 32:11
  can
• 32:11
  glean
• 32:11
  from
• 32:11
  that
• 32:11
  journey?
• 32:13
  I
• 32:13
  think
• 32:13
  it's
• 32:13
  a
• 32:13
  huge
• 32:14
  play,
• 32:14
  but
• 32:14
  yeah,
• 32:15
  I
• 32:15
  don't
• 32:15
  think
• 32:15
  it's
• 32:15
  about.
• 32:16
  Yeah.
• 32:17
  And
• 32:17
  there's.
• 32:17
  And
• 32:17
  there's
• 32:18
  much
• 32:18
  more
• 32:18
  efficient
• 32:18
  and
• 32:19
  less
• 32:19
  capitally
• 32:19
  intensive
• 32:20
  ways
• 32:20
  to
• 32:20
  get
• 32:20
  that
• 32:21
  same
• 32:21
  data
• 32:21
  via
• 32:22
  computer
• 32:22
  vision
• 32:22
  that
• 32:22
  is
• 32:23
  robots,
• 32:23
  as
• 32:23
  an
• 32:23
  example.
• 32:24
  All
• 32:24
  right,
• 32:24
  let's
• 32:24
  keep
• 32:24
  rolling.
• 32:25
  What's
• 32:25
  next?
• 32:26
  Last
• 32:27
  one.
• 32:28
  Biggest
• 32:29
  surprise
• 32:29
  from
• 32:30
  2024.
• 32:32
  Okay.
• 32:33
  I
• 32:36
  call
• 32:36
  out
• 32:37
  at
• 32:37
  the
• 32:37
  beginning
• 32:37
  of
• 32:37
  every
• 32:37
  year.
• 32:37
  Oh,
• 32:39
  by
• 32:39
  the
• 32:39
  way,
• 32:39
  it's
• 32:39
  a
• 32:40
  lie.
• 32:40
  There's
• 32:40
  two
• 32:40
  more
• 32:40
  left.
• 32:41
  There's
• 32:41
  this
• 32:41
  one
• 32:41
  and
• 32:41
  one
• 32:41
  more.
• 32:42
  Okay.
• 32:43
  We
• 32:43
  call
• 32:43
  out
• 32:43
  at
• 32:43
  the
• 32:43
  beginning
• 32:43
  of
• 32:44
  every
• 32:44
  year
• 32:44
  what
• 32:44
  we
• 32:44
  think
• 32:44
  is
• 32:45
  going
• 32:45
  to
• 32:45
  succeed,
• 32:46
  but
• 32:46
  we
• 32:46
  also
• 32:46
  call
• 32:46
  that.
• 32:47
  And
• 32:47
  we
• 32:47
  did
• 32:47
  it
• 32:47
  together.
• 32:48
  The
• 32:48
  three
• 32:48
  of
• 32:48
  us
• 32:49
  call
• 32:49
  out
• 32:49
  what
• 32:49
  we
• 32:49
  think
• 32:50
  is
• 32:50
  in
• 32:50
  is
• 32:51
  going
• 32:51
  to
• 32:51
  face
• 32:51
  trouble
• 32:51
  in
• 32:52
  the
• 32:52
  year
• 32:52
  to
• 32:52
  come.
• 32:52
  And
• 32:53
  I
• 32:53
  had
• 32:53
  theaters
• 32:54
  as
• 32:54
  a
• 32:55
  segment
• 32:55
  that
• 32:55
  was
• 32:56
  going
• 32:56
  to
• 32:56
  have
• 32:56
  a
• 32:56
  Very
• 32:57
  rough
• 32:57
  year.
• 32:58
  That's
• 32:58
  right.
• 32:58
  We
• 32:58
  did.
• 32:59
  Yeah.
• 32:59
  I
• 32:59
  thought
• 32:59
  the
• 33:00
  stars
• 33:00
  were
• 33:00
  aligned
• 33:01
  against
• 33:01
  them.
• 33:01
  Right.
• 33:02
  It
• 33:02
  was
• 33:02
  headwinds,
• 33:03
  it
• 33:03
  was
• 33:03
  the
• 33:04
  writers
• 33:04
  strike.
• 33:05
  And
• 33:05
  the
• 33:06
  standard
• 33:06
  set
• 33:06
  in
• 33:07
  2023
• 33:08
  was
• 33:08
  going
• 33:08
  to
• 33:08
  be
• 33:08
  too
• 33:09
  high.
• 33:09
  And
• 33:09
  Barbenheimer
• 33:10
  and
• 33:10
  Taylor
• 33:11
  Swift
• 33:11
  and
• 33:11
  Beyonce.
• 33:12
  What
• 33:12
  could
• 33:13
  this
• 33:13
  year
• 33:13
  possibly
• 33:13
  bring
• 33:14
  to
• 33:14
  the
• 33:14
  table
• 33:14
  that
• 33:14
  would
• 33:14
  match
• 33:15
  it?
• 33:15
  And
• 33:15
  in
• 33:15
  the
• 33:15
  beginning
• 33:16
  of
• 33:16
  the
• 33:16
  year,
• 33:16
  I
• 33:16
  felt
• 33:16
  really
• 33:16
  good
• 33:16
  about
• 33:17
  myself.
• 33:17
  I
• 33:17
  was
• 33:17
  like,
• 33:18
  ethan,
• 33:18
  good
• 33:19
  call.
• 33:19
  But
• 33:19
  then
• 33:20
  the
• 33:20
  summer
• 33:21
  hit
• 33:21
  Inside
• 33:22
  out
• 33:22
  too,
• 33:22
  and
• 33:23
  Deadpool
• 33:23
  and
• 33:24
  Wolverine
• 33:24
  and
• 33:25
  Twisters
• 33:26
  and
• 33:26
  all
• 33:27
  these
• 33:27
  other
• 33:27
  kind
• 33:28
  of
• 33:28
  remakes
• 33:29
  just
• 33:30
  crushed.
• 33:30
  And
• 33:30
  they
• 33:30
  brought
• 33:31
  significant
• 33:31
  visits.
• 33:32
  And
• 33:33
  one,
• 33:33
  I
• 33:33
  think
• 33:34
  it's
• 33:35
  worth
• 33:35
  calling
• 33:35
  out
• 33:36
  just
• 33:36
  how
• 33:36
  impactful
• 33:37
  this
• 33:37
  segment
• 33:38
  has
• 33:38
  been
• 33:38
  when
• 33:38
  again,
• 33:38
  we
• 33:39
  all
• 33:39
  called
• 33:39
  it
• 33:39
  for
• 33:39
  dead,
• 33:40
  or
• 33:40
  not
• 33:40
  all
• 33:40
  of
• 33:40
  us,
• 33:40
  but
• 33:41
  many
• 33:41
  called
• 33:41
  it
• 33:41
  for
• 33:41
  dead
• 33:42
  just
• 33:42
  a
• 33:42
  few
• 33:42
  years
• 33:42
  ago.
• 33:43
  And
• 33:43
  I
• 33:43
  think
• 33:44
  it
• 33:44
  speaks
• 33:44
  to
• 33:44
  this
• 33:46
  still
• 33:47
  risk
• 33:47
  because
• 33:48
  obviously
• 33:49
  the
• 33:49
  experience
• 33:49
  needs
• 33:50
  to
• 33:50
  continue
• 33:50
  to
• 33:50
  evolve.
• 33:51
  A
• 33:51
  movie
• 33:51
  theater
• 33:52
  is
• 33:52
  not
• 33:52
  what
• 33:52
  it
• 33:53
  was
• 33:53
  10
• 33:53
  years
• 33:53
  ago.
• 33:53
  And
• 33:54
  it
• 33:54
  must
• 33:54
  continue
• 33:54
  to
• 33:55
  embrace
• 33:55
  this
• 33:55
  idea
• 33:55
  of
• 33:56
  it's
• 33:56
  like
• 33:56
  a
• 33:56
  day
• 33:57
  out.
• 33:57
  There's
• 33:57
  something
• 33:57
  exciting
• 33:58
  about
• 33:58
  it.
• 33:58
  It's
• 33:58
  got
• 33:58
  to
• 33:59
  be
• 33:59
  a,
• 33:59
  you
• 34:00
  know,
• 34:00
  more
• 34:00
  interesting,
• 34:01
  better
• 34:01
  seating,
• 34:01
  more
• 34:02
  food
• 34:02
  options.
• 34:02
  It's
• 34:03
  got
• 34:03
  to
• 34:03
  be
• 34:03
  a
• 34:03
  reason
• 34:03
  to
• 34:04
  go.
• 34:05
  But
• 34:05
  there
• 34:06
  is
• 34:06
  life
• 34:06
  there
• 34:06
  that
• 34:07
  I
• 34:07
  don't
• 34:07
  think
• 34:07
  we
• 34:07
  gave
• 34:07
  credit
• 34:08
  for.
• 34:08
  And
• 34:08
  certainly
• 34:09
  I
• 34:09
  even.
• 34:09
  I
• 34:09
  was
• 34:10
  super
• 34:10
  excited
• 34:10
  about
• 34:10
  the
• 34:10
  segment,
• 34:11
  and
• 34:11
  I
• 34:11
  think
• 34:11
  I
• 34:11
  underestimated
• 34:12
  it
• 34:12
  quite
• 34:12
  a
• 34:12
  bit.
• 34:13
  But.
• 34:14
  But
• 34:14
  hold
• 34:14
  on
• 34:14
  a
• 34:14
  sec.
• 34:15
  Net.
• 34:15
  Net.
• 34:15
  When
• 34:15
  I'm
• 34:16
  looking
• 34:16
  at
• 34:16
  this
• 34:16
  graphic,
• 34:16
  were
• 34:16
  you
• 34:17
  wrong?
• 34:17
  I
• 34:17
  mean,
• 34:17
  they
• 34:18
  had
• 34:18
  a
• 34:18
  couple
• 34:18
  months
• 34:19
  where
• 34:19
  they
• 34:19
  were
• 34:19
  doing
• 34:20
  better
• 34:20
  than
• 34:20
  the
• 34:20
  year
• 34:20
  before,
• 34:21
  but,
• 34:21
  like,
• 34:21
  overall,
• 34:22
  I
• 34:22
  mean,
• 34:22
  this
• 34:22
  is
• 34:22
  not
• 34:23
  a
• 34:23
  pretty
• 34:23
  picture
• 34:23
  on
• 34:23
  this
• 34:24
  page.
• 34:24
  Right.
• 34:24
  I
• 34:24
  mean,
• 34:25
  that
• 34:25
  return
• 34:25
  to,
• 34:26
  like,
• 34:26
  prominence,
• 34:27
  I
• 34:27
  think,
• 34:27
  with
• 34:28
  all
• 34:28
  of
• 34:28
  the
• 34:28
  negatives.
• 34:28
  Like,
• 34:29
  I'm
• 34:29
  a
• 34:29
  big
• 34:30
  believer
• 34:30
  in,
• 34:30
  like,
• 34:30
  hey,
• 34:30
  we
• 34:31
  got
• 34:31
  to
• 34:31
  judge
• 34:31
  things
• 34:31
  within
• 34:32
  context.
• 34:32
  And
• 34:32
  so,
• 34:32
  like,
• 34:33
  sometimes
• 34:33
  things
• 34:33
  decline.
• 34:34
  Right.
• 34:34
  You
• 34:34
  have,
• 34:35
  like,
• 34:35
  unique
• 34:35
  performance.
• 34:36
  So
• 34:36
  you're
• 34:36
  saying
• 34:36
  they
• 34:36
  can
• 34:37
  buck
• 34:37
  the
• 34:37
  trend.
• 34:38
  Okay,
• 34:38
  I
• 34:38
  got
• 34:38
  you.
• 34:39
  I
• 34:39
  think
• 34:39
  they
• 34:39
  were.
• 34:39
  The
• 34:40
  fact
• 34:40
  that
• 34:40
  they
• 34:40
  were
• 34:40
  able
• 34:40
  to
• 34:41
  in
• 34:41
  August
• 34:41
  when
• 34:41
  we're
• 34:42
  comping
• 34:42
  it
• 34:42
  to,
• 34:43
  like,
• 34:43
  Barbie.
• 34:44
  Yeah,
• 34:45
  right.
• 34:45
  Taylor
• 34:46
  Swift,
• 34:46
  Beyonce.
• 34:47
  That's
• 34:48
  a
• 34:48
  pretty
• 34:48
  significant
• 34:49
  achievement.
• 34:50
  It's
• 34:50
  not
• 34:50
  necessarily
• 34:51
  an
• 34:51
  industry
• 34:51
  in
• 34:52
  decline.
• 34:52
  Okay.
• 34:53
  Yes,
• 34:53
  exactly.
• 34:54
  Gotcha.
• 34:54
  Gotcha.
• 34:55
  Okay.
• 34:55
  All
• 34:56
  right,
• 34:56
  all
• 34:56
  right.
• 34:56
  Ethan,
• 34:56
  you
• 34:57
  said
• 34:57
  you
• 34:57
  have
• 34:57
  one
• 34:57
  more
• 34:58
  for
• 34:58
  us.
• 34:58
  It's
• 34:59
  the
• 34:59
  biggest
• 34:59
  sneaky
• 35:00
  upside
• 35:00
  retailer
• 35:01
  to
• 35:01
  watch
• 35:01
  out
• 35:02
  for.
• 35:02
  This
• 35:02
  is
• 35:02
  the
• 35:03
  long
• 35:03
  story.
• 35:03
  Upside
• 35:03
  retailer.
• 35:04
  Yeah,
• 35:05
  this
• 35:06
  is.
• 35:06
  This
• 35:06
  is
• 35:06
  what
• 35:07
  the
• 35:07
  Oscars
• 35:07
  get
• 35:07
  wrong.
• 35:08
  It's
• 35:08
  all
• 35:08
  their
• 35:08
  awards
• 35:09
  are
• 35:09
  too
• 35:09
  shortly
• 35:10
  named.
• 35:11
  Yes,
• 35:11
  clearly
• 35:12
  not.
• 35:12
  Here.
• 35:13
  We
• 35:13
  don't
• 35:13
  mess
• 35:14
  up.
• 35:14
  We
• 35:15
  know
• 35:16
  as
• 35:16
  long
• 35:16
  of
• 35:16
  a
• 35:16
  name
• 35:16
  as
• 35:17
  it
• 35:17
  demands,
• 35:17
  we
• 35:18
  bring
• 35:18
  in
• 35:18
  more.
• 35:18
  Words
• 35:19
  at
• 35:19
  Omnitalk
• 35:20
  Retail.
• 35:20
  Yes,
• 35:21
  yes.
• 35:21
  And
• 35:22
  my
• 35:22
  sneaky
• 35:22
  upside
• 35:23
  retailer
• 35:23
  to
• 35:23
  watch
• 35:23
  out
• 35:24
  for
• 35:25
  is
• 35:25
  Macy's.
• 35:26
  But
• 35:26
  also
• 35:26
  I'm
• 35:27
  going
• 35:27
  to
• 35:27
  widen
• 35:27
  it,
• 35:28
  the
• 35:28
  department
• 35:28
  store
• 35:29
  sector.
• 35:29
  And
• 35:29
  there's
• 35:29
  a
• 35:30
  few
• 35:30
  reasons
• 35:30
  and
• 35:30
  I
• 35:30
  know.
• 35:31
  Oh,
• 35:31
  my
• 35:31
  God.
• 35:32
  Okay.
• 35:32
  Oh,
• 35:33
  my
• 35:33
  God.
• 35:33
  Yeah,
• 35:33
  you
• 35:33
  are.
• 35:34
  We
• 35:34
  need
• 35:34
  to
• 35:34
  go
• 35:34
  bold,
• 35:35
  right?
• 35:35
  So
• 35:36
  one,
• 35:37
  I
• 35:37
  think
• 35:38
  we're
• 35:38
  seeing
• 35:39
  again,
• 35:39
  when
• 35:39
  we
• 35:40
  talked
• 35:40
  about
• 35:40
  this
• 35:40
  on
• 35:40
  this,
• 35:40
  on,
• 35:41
  on
• 35:41
  this
• 35:41
  program
• 35:41
  of
• 35:42
  the
• 35:42
  bifurcation
• 35:43
  of
• 35:43
  retail.
• 35:43
  If
• 35:43
  that's
• 35:44
  true
• 35:44
  and
• 35:44
  then
• 35:44
  we're
• 35:44
  seeing
• 35:44
  some
• 35:44
  of
• 35:45
  the
• 35:45
  challenges
• 35:45
  there
• 35:45
  and
• 35:45
  the
• 35:46
  moves
• 35:46
  to
• 35:46
  luxury
• 35:46
  and
• 35:46
  value,
• 35:47
  then
• 35:47
  there's
• 35:47
  the
• 35:47
  opportunity
• 35:48
  exists
• 35:48
  in
• 35:48
  the
• 35:48
  middle.
• 35:49
  I
• 35:49
  think
• 35:50
  that
• 35:50
  is
• 35:50
  a
• 35:50
  piece.
• 35:51
  I
• 35:51
  think
• 35:52
  a
• 35:52
  greater
• 35:52
  focus
• 35:52
  on
• 35:53
  curation.
• 35:53
  Like,
• 35:53
  you
• 35:53
  see
• 35:54
  Macy's
• 35:54
  really
• 35:54
  talk
• 35:55
  up
• 35:55
  this
• 35:55
  idea
• 35:55
  that
• 35:55
  they're
• 35:56
  trying
• 35:56
  to
• 35:56
  improve
• 35:56
  their
• 35:56
  mix.
• 35:57
  What
• 35:57
  they
• 35:57
  have
• 35:57
  there,
• 35:58
  how
• 35:58
  they
• 35:58
  draw
• 35:58
  people
• 35:58
  to
• 35:58
  the
• 35:58
  stores.
• 35:59
  Focusing
• 35:59
  on
• 35:59
  kind
• 36:00
  of
• 36:00
  upgrading
• 36:00
  the
• 36:00
  locations
• 36:01
  that
• 36:01
  they
• 36:01
  have,
• 36:01
  I
• 36:02
  think
• 36:02
  is
• 36:02
  a
• 36:02
  big
• 36:02
  part
• 36:02
  of
• 36:02
  it.
• 36:03
  And
• 36:03
  I
• 36:03
  think
• 36:03
  the
• 36:04
  right
• 36:04
  sizing
• 36:04
  efforts
• 36:05
  are
• 36:05
  going
• 36:05
  to
• 36:05
  start
• 36:05
  to
• 36:06
  stabilize
• 36:06
  where
• 36:07
  the
• 36:07
  right
• 36:07
  locations
• 36:07
  are
• 36:08
  kept.
• 36:08
  And
• 36:08
  what
• 36:08
  we've
• 36:08
  seen
• 36:09
  when
• 36:09
  we
• 36:09
  look
• 36:09
  into
• 36:09
  the
• 36:09
  data,
• 36:10
  a
• 36:10
  lot
• 36:10
  of
• 36:10
  these
• 36:10
  right
• 36:11
  sizing
• 36:11
  efforts
• 36:11
  made
• 36:12
  a
• 36:12
  ton
• 36:12
  of
• 36:12
  sense.
• 36:12
  Like
• 36:12
  they
• 36:12
  weren't.
• 36:13
  It's
• 36:13
  not
• 36:13
  about
• 36:13
  closing
• 36:13
  a
• 36:14
  location.
• 36:14
  It's
• 36:15
  about
• 36:15
  figuring
• 36:16
  out
• 36:16
  how
• 36:16
  many
• 36:16
  locations
• 36:17
  do
• 36:17
  you
• 36:17
  need
• 36:17
  in
• 36:17
  a
• 36:17
  specific
• 36:17
  area.
• 36:18
  And
• 36:18
  we've
• 36:18
  seen
• 36:18
  a
• 36:19
  lot
• 36:19
  of
• 36:19
  that
• 36:19
  work.
• 36:19
  So
• 36:19
  a
• 36:19
  lot
• 36:19
  of
• 36:19
  the
• 36:20
  areas,
• 36:20
  stores
• 36:20
  that
• 36:20
  are
• 36:20
  getting
• 36:21
  closed,
• 36:21
  there
• 36:22
  was
• 36:22
  a
• 36:22
  lot
• 36:22
  of
• 36:22
  cannibalization
• 36:23
  with
• 36:23
  other
• 36:23
  locations
• 36:24
  of
• 36:24
  the
• 36:25
  same
• 36:25
  chain.
• 36:25
  So
• 36:26
  I
• 36:26
  think
• 36:26
  those
• 36:26
  efforts
• 36:26
  altogether
• 36:27
  speak
• 36:27
  to
• 36:28
  this
• 36:28
  sneaky
• 36:29
  upside.
• 36:30
  I
• 36:31
  would,
• 36:31
  I
• 36:31
  would
• 36:31
  be
• 36:32
  clear
• 36:32
  that
• 36:32
  this
• 36:32
  is
• 36:32
  the
• 36:33
  biggest
• 36:33
  sneaky
• 36:33
  upside
• 36:33
  retailer
• 36:34
  to
• 36:34
  watch
• 36:34
  out
• 36:34
  for.
• 36:34
  This
• 36:35
  is
• 36:35
  not
• 36:35
  the.
• 36:35
  Oh,
• 36:36
  this
• 36:36
  version
• 36:36
  is
• 36:36
  going
• 36:36
  to
• 36:36
  be
• 36:36
  the
• 36:36
  best
• 36:36
  retailer
• 36:37
  next
• 36:37
  year.
• 36:37
  But
• 36:38
  I
• 36:38
  do
• 36:38
  think
• 36:39
  there
• 36:39
  is
• 36:39
  a
• 36:39
  rebound
• 36:40
  on
• 36:40
  its
• 36:40
  way.
• 36:41
  And
• 36:41
  I
• 36:42
  hope
• 36:42
  this
• 36:42
  is
• 36:42
  not
• 36:42
  like
• 36:42
  my
• 36:43
  Bed,
• 36:43
  Bath
• 36:43
  and
• 36:43
  Beyond.
• 36:44
  Yeah.
• 36:45
  Or
• 36:45
  Staples.
• 36:47
  I
• 36:47
  wanted
• 36:47
  to
• 36:47
  use
• 36:48
  staples
• 36:48
  too,
• 36:49
  but.
• 36:49
  I
• 36:49
  know
• 36:50
  I
• 36:50
  have
• 36:51
  no
• 36:51
  doubt
• 36:51
  double
• 36:51
  down
• 36:52
  on
• 36:52
  staples.
• 36:52
  Oh,
• 36:53
  my
• 36:53
  God.
• 36:53
  Giving
• 36:53
  up
• 36:53
  on
• 36:54
  staples.
• 36:57
  Okay.
• 36:58
  Well,
• 36:59
  Ethan,
• 37:00
  sneaky
• 37:00
  upside.
• 37:01
  I
• 37:01
  mean,
• 37:01
  I
• 37:01
  feel
• 37:01
  like
• 37:01
  we
• 37:01
  need
• 37:01
  a
• 37:02
  whole
• 37:02
  podcast
• 37:02
  to
• 37:02
  just,
• 37:03
  just
• 37:03
  to
• 37:03
  like
• 37:04
  define
• 37:04
  what
• 37:04
  sneaky
• 37:05
  upside
• 37:05
  means.
• 37:06
  Exactly.
• 37:06
  But
• 37:06
  I
• 37:06
  think
• 37:07
  you
• 37:07
  do
• 37:07
  make
• 37:08
  some
• 37:08
  good
• 37:08
  points.
• 37:08
  Like,
• 37:09
  Macy's
• 37:09
  is
• 37:09
  really
• 37:10
  focused
• 37:10
  right
• 37:11
  now.
• 37:11
  Like,
• 37:11
  we
• 37:11
  just
• 37:11
  met
• 37:12
  with
• 37:12
  their
• 37:12
  head
• 37:12
  of
• 37:12
  pr,
• 37:13
  Private
• 37:13
  brands.
• 37:13
  They're
• 37:14
  really
• 37:14
  focused
• 37:14
  on
• 37:15
  bringing
• 37:15
  these
• 37:15
  new
• 37:15
  brands
• 37:16
  to
• 37:16
  get
• 37:16
  people
• 37:16
  in
• 37:17
  to
• 37:17
  really
• 37:17
  define
• 37:18
  who
• 37:19
  Macy's
• 37:19
  is
• 37:20
  as
• 37:20
  a
• 37:20
  retailer.
• 37:20
  So
• 37:21
  I'll
• 37:22
  be
• 37:22
  watching
• 37:23
  it.
• 37:23
  I'll
• 37:23
  be.
• 37:24
  I
• 37:24
  can
• 37:24
  see
• 37:24
  there
• 37:25
  might
• 37:25
  be
• 37:25
  a
• 37:25
  sneaky,
• 37:26
  sneaky
• 37:27
  comeback
• 37:27
  here.
• 37:28
  But
• 37:28
  Chris
• 37:29
  doesn't
• 37:29
  look
• 37:29
  like
• 37:30
  he's.
• 37:30
  That
• 37:30
  is
• 37:30
  that
• 37:31
  is
• 37:31
  as
• 37:31
  much
• 37:31
  support
• 37:32
  as
• 37:32
  I
• 37:32
  could
• 37:33
  have
• 37:33
  possibly
• 37:33
  hoped
• 37:34
  for.
• 37:34
  Yeah,
• 37:34
  right.
• 37:34
  That's
• 37:35
  about
• 37:35
  all
• 37:35
  you're
• 37:35
  gonna
• 37:35
  get.
• 37:36
  Yeah,
• 37:36
  no,
• 37:36
  I'm
• 37:36
  putting.
• 37:37
  I'm
• 37:37
  putting
• 37:37
  Ethan's
• 37:37
  feet
• 37:38
  to
• 37:38
  the
• 37:38
  fire
• 37:38
  on
• 37:38
  this
• 37:38
  one.
• 37:39
  So,
• 37:39
  Ethan.
• 37:39
  So.
• 37:40
  So
• 37:40
  I
• 37:40
  want
• 37:40
  to
• 37:40
  make
• 37:40
  sure.
• 37:40
  So
• 37:41
  what
• 37:41
  Data
• 37:41
  Point
• 37:41
  is
• 37:42
  telling
• 37:42
  you
• 37:42
  that
• 37:42
  they're
• 37:42
  the
• 37:43
  sneakiest
• 37:43
  retailer
• 37:44
  to
• 37:44
  watch
• 37:45
  in
• 37:45
  next
• 37:45
  year?
• 37:45
  What
• 37:46
  is.
• 37:46
  What
• 37:46
  Data
• 37:46
  Point
• 37:46
  is
• 37:47
  it.
• 37:47
  It's
• 37:47
  super
• 37:48
  sneaky.
• 37:48
  Like,
• 37:48
  you
• 37:49
  didn't
• 37:49
  see
• 37:49
  this
• 37:49
  one
• 37:49
  coming,
• 37:50
  so.
• 37:51
  I
• 37:51
  definitely
• 37:51
  did
• 37:52
  not.
• 37:52
  Yes.
• 37:53
  So
• 37:53
  it's
• 37:54
  sneaky,
• 37:55
  but
• 37:56
  okay,
• 37:57
  I.
• 37:58
  I
• 37:58
  feel
• 37:58
  like
• 37:58
  for
• 37:58
  it
• 37:59
  to
• 37:59
  really
• 37:59
  be
• 37:59
  a
• 37:59
  biggest
• 38:00
  sneaky
• 38:00
  upside
• 38:00
  retailer
• 38:01
  to
• 38:01
  watch
• 38:01
  out
• 38:01
  for
• 38:02
  when
• 38:03
  it
• 38:03
  has
• 38:03
  to
• 38:03
  really
• 38:04
  embrace,
• 38:05
  you
• 38:05
  know,
• 38:05
  the.
• 38:06
  The
• 38:06
  category,
• 38:07
  and
• 38:07
  this
• 38:07
  is
• 38:07
  again,
• 38:08
  one
• 38:08
  of
• 38:08
  the
• 38:08
  classic
• 38:08
  retail
• 38:09
  award
• 38:09
  categories.
• 38:10
  It's
• 38:10
  given
• 38:10
  out
• 38:10
  and
• 38:11
  so
• 38:12
  to
• 38:12
  embrace
• 38:13
  that
• 38:13
  in
• 38:13
  full.
• 38:14
  Okay,
• 38:14
  got
• 38:14
  it,
• 38:14
  got
• 38:15
  it.
• 38:15
  Just
• 38:15
  going
• 38:15
  out
• 38:15
  on
• 38:15
  a
• 38:16
  limb.
• 38:16
  You're
• 38:16
  just
• 38:16
  going
• 38:16
  out
• 38:17
  on
• 38:17
  a
• 38:17
  limb.
• 38:17
  Look,
• 38:18
  one
• 38:18
  day
• 38:18
  and
• 38:19
  in
• 38:19
  the
• 38:19
  not
• 38:19
  so
• 38:19
  distant
• 38:19
  future,
• 38:20
  this
• 38:20
  is
• 38:20
  going
• 38:20
  to
• 38:20
  be
• 38:20
  a
• 38:21
  full
• 38:21
  on
• 38:21
  award
• 38:21
  show
• 38:21
  and
• 38:21
  people
• 38:22
  are
• 38:22
  going
• 38:22
  to
• 38:22
  show
• 38:22
  up
• 38:22
  in
• 38:22
  their
• 38:22
  tuxedos
• 38:23
  and
• 38:24
  this
• 38:24
  is
• 38:24
  going
• 38:24
  to
• 38:24
  be
• 38:24
  one
• 38:24
  of
• 38:24
  the
• 38:25
  awards
• 38:25
  we
• 38:25
  hand
• 38:25
  out.
• 38:26
  I
• 38:26
  don't
• 38:26
  know
• 38:26
  what
• 38:26
  the
• 38:27
  symbol
• 38:27
  is
• 38:27
  going
• 38:27
  to
• 38:27
  be
• 38:27
  yet.
• 38:28
  Oh,
• 38:28
  for
• 38:28
  sure.
• 38:28
  It's
• 38:28
  going
• 38:29
  to
• 38:29
  be
• 38:29
  great.
• 38:30
  For
• 38:30
  sure.
• 38:30
  All
• 38:30
  right.
• 38:32
  Yes.
• 38:32
  But
• 38:33
  you
• 38:33
  heard
• 38:33
  it
• 38:33
  here
• 38:33
  first
• 38:34
  that
• 38:34
  Ethan
• 38:34
  thinks
• 38:35
  Macy's
• 38:35
  is
• 38:36
  the
• 38:36
  sneakiest
• 38:36
  retailer
• 38:37
  to
• 38:37
  watch
• 38:37
  out
• 38:37
  for
• 38:38
  in
• 38:38
  2024.
• 38:38
  I
• 38:39
  want
• 38:39
  that
• 38:39
  on
• 38:40
  record.
• 38:40
  And
• 38:40
  we
• 38:40
  got
• 38:41
  to
• 38:41
  keep
• 38:41
  that
• 38:41
  on
• 38:41
  record.
• 38:42
  And
• 38:42
  we
• 38:42
  are
• 38:42
  going
• 38:42
  to
• 38:42
  revisit
• 38:42
  that
• 38:43
  each
• 38:43
  time
• 38:44
  next
• 38:44
  year
• 38:44
  when
• 38:44
  we
• 38:44
  bring
• 38:45
  Ethan
• 38:45
  on
• 38:45
  our
• 38:45
  show.
• 38:46
  So
• 38:46
  awesome.
• 38:47
  Short
• 38:47
  term
• 38:48
  memory
• 38:48
  loss.
• 38:48
  So,
• 38:48
  like,
• 38:48
  I
• 38:49
  will
• 38:49
  remember
• 38:49
  this
• 38:49
  in
• 38:49
  a
• 38:50
  few
• 38:50
  months,
• 38:50
  but
• 38:50
  it'll
• 38:50
  be
• 38:50
  great.
• 38:51
  Yes,
• 38:51
  I'm
• 38:52
  feeling
• 38:52
  good
• 38:52
  about
• 38:52
  it.
• 38:53
  Predictions
• 38:53
  are
• 38:53
  the
• 38:54
  basis
• 38:54
  form
• 38:54
  of
• 38:54
  journalism.
• 38:55
  Absolutely.
• 38:55
  100%.
• 38:57
  Well,
• 38:57
  Ethan,
• 38:58
  if
• 38:58
  people
• 38:59
  have
• 38:59
  any
• 38:59
  questions
• 39:00
  about
• 39:00
  this
• 39:00
  or
• 39:00
  they'd
• 39:00
  like
• 39:00
  to
• 39:01
  further
• 39:01
  dig
• 39:02
  into
• 39:02
  what
• 39:02
  sneaky
• 39:03
  upside
• 39:03
  means,
• 39:05
  what
• 39:05
  is
• 39:05
  the
• 39:05
  best
• 39:05
  way
• 39:06
  for
• 39:06
  them
• 39:06
  to
• 39:06
  get
• 39:06
  in
• 39:07
  touch
• 39:07
  with
• 39:07
  you,
• 39:07
  to
• 39:07
  get
• 39:08
  in
• 39:08
  touch
• 39:08
  with
• 39:08
  Placers,
• 39:09
  to
• 39:10
  dive
• 39:10
  into
• 39:10
  this
• 39:11
  type
• 39:11
  of
• 39:11
  research.
• 39:12
  So
• 39:12
  if
• 39:12
  you
• 39:13
  want
• 39:13
  to
• 39:13
  get
• 39:13
  in
• 39:13
  touch
• 39:13
  with
• 39:13
  me,
• 39:13
  I'm
• 39:14
  at
• 39:14
  Ethan
• 39:14
  Lacer
• 39:15
  AI.
• 39:15
  You
• 39:15
  can
• 39:15
  also
• 39:16
  find
• 39:16
  me
• 39:16
  on
• 39:16
  LinkedIn.
• 39:17
  I
• 39:17
  love
• 39:17
  getting
• 39:18
  questions.
• 39:18
  I
• 39:18
  love
• 39:18
  having
• 39:18
  conversations.
• 39:19
  We've
• 39:19
  seen
• 39:20
  so
• 39:20
  many
• 39:20
  of
• 39:20
  them
• 39:20
  come
• 39:20
  from
• 39:20
  this
• 39:21
  channel.
• 39:21
  So
• 39:21
  always,
• 39:21
  always
• 39:22
  happy
• 39:22
  to
• 39:22
  have
• 39:22
  that
• 39:23
  conversation
• 39:23
  there.
• 39:24
  If
• 39:24
  you're
• 39:24
  interested
• 39:25
  in
• 39:25
  learning
• 39:25
  more
• 39:25
  about
• 39:25
  Placer,
• 39:26
  come
• 39:26
  to
• 39:26
  Placer
• 39:27
  AI.
• 39:27
  We
• 39:27
  have
• 39:27
  a
• 39:27
  free
• 39:28
  version
• 39:28
  of
• 39:28
  our
• 39:28
  product.
• 39:29
  It's
• 39:29
  super
• 39:30
  cool
• 39:30
  free
• 39:30
  tools
• 39:30
  available
• 39:31
  in
• 39:31
  a
• 39:31
  section
• 39:31
  aptly
• 39:32
  named
• 39:32
  Free
• 39:32
  Tools.
• 39:32
  So
• 39:33
  you
• 39:33
  can
• 39:33
  go
• 39:33
  check
• 39:33
  that
• 39:34
  out
• 39:34
  and
• 39:34
  get
• 39:34
  a
• 39:34
  real
• 39:34
  taste
• 39:35
  for
• 39:35
  what
• 39:35
  is
• 39:35
  the
• 39:36
  data
• 39:36
  that
• 39:36
  kind
• 39:36
  of
• 39:36
  informs
• 39:36
  some
• 39:37
  of
• 39:37
  these
• 39:37
  decisions
• 39:37
  and
• 39:38
  see
• 39:38
  what
• 39:38
  conclusions
• 39:39
  you
• 39:39
  might
• 39:39
  come
• 39:39
  up
• 39:39
  for
• 39:40
  for
• 39:40
  biggest
• 39:41
  sneaky
• 39:41
  outside
• 39:41
  retailer
• 39:42
  to
• 39:42
  watch
• 39:42
  out
• 39:42
  for.
• 39:43
  All
• 39:44
  right.
• 39:44
  Well,
• 39:44
  that
• 39:44
  wraps
• 39:45
  up
• 39:45
  our
• 39:45
  show
• 39:45
  today.
• 39:46
  Thank
• 39:46
  you
• 39:47
  so
• 39:47
  much,
• 39:47
  Ethan
• 39:47
  Chernofsky
• 39:48
  of
• 39:49
  Placer
• 39:49
  AI
• 39:49
  for
• 39:50
  sitting
• 39:50
  down
• 39:50
  with
• 39:50
  us.
• 39:51
  And
• 39:51
  to
• 39:51
  all
• 39:51
  of
• 39:51
  you
• 39:51
  who
• 39:52
  joined
• 39:52
  us
• 39:52
  live
• 39:52
  on
• 39:53
  LinkedIn.
• 39:53
  And
• 39:54
  as
• 39:54
  always,
• 39:54
  on
• 39:54
  behalf
• 39:55
  of
• 39:55
  all
• 39:55
  of
• 39:55
  us
• 39:55
  here
• 39:55
  at
• 39:55
  omnitalk,
• 39:56
  be
• 39:56
  careful
• 39:57
  out.