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Walmart’s GLP-1 Strategy Could Reshape Grocery | Fast Five Shorts · Omni Talk Retail

• 0:00
  Walmart
• 0:00
  is
• 0:00
  expanding
• 0:01
  its
• 0:01
  Better
• 0:01
  Care
• 0:01
  Services
• 0:02
  platform
• 0:02
  to
• 0:03
  include
• 0:03
  weight
• 0:03
  management
• 0:04
  support
• 0:04
  for
• 0:04
  customers
• 0:05
  on
• 0:05
  or
• 0:05
  exploring
• 0:06
  GLP1
• 0:07
  therapies,
• 0:08
  connecting
• 0:08
  its
• 0:08
  nearly
• 0:09
  4,600
• 0:10
  store
• 0:10
  pharmacy
• 0:11
  network
• 0:11
  with
• 0:11
  virtual
• 0:12
  care
• 0:12
  providers,
• 0:12
  nutrition
• 0:13
  support,
• 0:13
  same
• 0:13
  day
• 0:14
  medication
• 0:14
  delivery,
• 0:14
  all
• 0:15
  under
• 0:15
  one
• 0:15
  digital
• 0:16
  destination.
• 0:17
  According
• 0:17
  to
• 0:17
  Walmart's
• 0:18
  corporate
• 0:18
  website,
• 0:19
  the
• 0:19
  Better
• 0:19
  Care
• 0:19
  Services
• 0:20
  platform
• 0:20
  now
• 0:21
  features
• 0:21
  weight
• 0:21
  management
• 0:22
  support
• 0:22
  from
• 0:23
  five
• 0:23
  third
• 0:24
  party
• 0:24
  providers
• 0:24
  spanning
• 0:25
  personalized
• 0:25
  fitness
• 0:26
  programming,
• 0:26
  registered
• 0:27
  dietitian
• 0:27
  services,
• 0:28
  AI
• 0:28
  supported
• 0:28
  coaching
• 0:29
  and
• 0:29
  telehealth
• 0:30
  based
• 0:31
  medication
• 0:31
  management.
• 0:32
  The
• 0:32
  platform
• 0:32
  also
• 0:33
  includes
• 0:33
  access
• 0:33
  to
• 0:34
  a
• 0:34
  full
• 0:34
  range
• 0:34
  of
• 0:35
  GLP
• 0:35
  medications
• 0:36
  including
• 0:36
  the
• 0:37
  including
• 0:37
  the
• 0:38
  newly
• 0:38
  available
• 0:39
  oral
• 0:39
  option.
• 0:40
  Ben?
• 0:40
  Yes,
• 0:42
  the
• 0:42
  newly
• 0:43
  available
• 0:43
  oral
• 0:43
  option
• 0:44
  Foundeo
• 0:44
  or
• 0:45
  Fulgrapron
• 0:47
  for
• 0:47
  those
• 0:47
  that
• 0:47
  like
• 0:48
  what?
• 0:48
  I
• 0:48
  mispronounce
• 0:49
  generic
• 0:50
  drug
• 0:50
  names
• 0:50
  which
• 0:51
  I
• 0:51
  was
• 0:51
  waiting
• 0:51
  to
• 0:51
  do.
• 0:52
  All
• 0:52
  of
• 0:52
  which
• 0:52
  are
• 0:52
  available
• 0:53
  through
• 0:53
  insurance
• 0:53
  or
• 0:54
  transparent
• 0:55
  cash
• 0:55
  pay
• 0:55
  pricing.
• 0:57
  All
• 0:57
  right,
• 0:57
  Ben,
• 0:57
  here's
• 0:58
  my
• 0:58
  question
• 0:58
  for
• 0:58
  you.
• 0:59
  In
• 0:59
  your
• 0:59
  Shop
• 1:00
  Talk
• 1:00
  Zeitgeist,
• 1:01
  which
• 1:01
  you
• 1:01
  gave
• 1:01
  just
• 1:01
  back
• 1:02
  in
• 1:02
  March,
• 1:03
  So
• 1:03
  less
• 1:03
  than
• 1:03
  two
• 1:03
  months
• 1:04
  ago,
• 1:05
  you
• 1:05
  said
• 1:05
  that
• 1:05
  GLP1S
• 1:06
  was
• 1:06
  one
• 1:07
  of
• 1:07
  the
• 1:07
  top
• 1:07
  six
• 1:08
  or
• 1:08
  seven
• 1:08
  trends
• 1:09
  that
• 1:09
  would
• 1:10
  impact
• 1:10
  retail
• 1:10
  over
• 1:10
  the
• 1:11
  next
• 1:11
  decade.
• 1:11
  So
• 1:11
  I'm
• 1:11
  guessing
• 1:12
  you
• 1:12
  love
• 1:12
  this
• 1:12
  move
• 1:13
  from
• 1:13
  Walmart.
• 1:13
  My
• 1:14
  only
• 1:14
  question
• 1:14
  is
• 1:14
  how
• 1:15
  much?
• 1:16
  Yeah,
• 1:16
  you're
• 1:16
  absolutely
• 1:17
  right.
• 1:17
  You've
• 1:17
  guessed
• 1:17
  it.
• 1:18
  I
• 1:18
  love
• 1:18
  it
• 1:19
  and
• 1:19
  I
• 1:19
  love
• 1:19
  it
• 1:19
  a
• 1:20
  lot.
• 1:20
  So
• 1:21
  let's
• 1:21
  take
• 1:22
  back
• 1:22
  to
• 1:22
  some
• 1:22
  of
• 1:23
  the
• 1:23
  points
• 1:23
  that
• 1:23
  we
• 1:23
  made
• 1:24
  in
• 1:24
  the
• 1:24
  presentation
• 1:25
  back
• 1:25
  in
• 1:25
  March.
• 1:26
  Why
• 1:26
  do
• 1:26
  we
• 1:26
  think
• 1:27
  GLP1S
• 1:28
  is
• 1:29
  going
• 1:29
  to
• 1:29
  have
• 1:29
  such
• 1:29
  an
• 1:29
  impact
• 1:30
  on
• 1:30
  the
• 1:30
  retail
• 1:31
  market?
• 1:31
  I
• 1:31
  mean,
• 1:32
  firstly,
• 1:32
  look
• 1:32
  at
• 1:32
  the
• 1:32
  growth
• 1:33
  numbers.
• 1:33
  So
• 1:34
  Morgan
• 1:34
  Stanley
• 1:35
  currently
• 1:35
  predicts
• 1:37
  that
• 1:37
  the
• 1:37
  2
• 1:37
  to
• 1:38
  3%
• 1:39
  of
• 1:39
  the
• 1:39
  US
• 1:39
  population
• 1:40
  that
• 1:40
  are
• 1:40
  taking
• 1:41
  GLP1s
• 1:42
  over
• 1:42
  the
• 1:42
  next
• 1:42
  decade
• 1:43
  could
• 1:43
  grow
• 1:43
  to
• 1:43
  20%.
• 1:44
  Okay.
• 1:45
  Okay.
• 1:46
  At
• 1:46
  the
• 1:46
  moment
• 1:46
  it's
• 1:46
  about
• 1:47
  1%
• 1:47
  globally,
• 1:48
  that
• 1:48
  could
• 1:48
  grow
• 1:48
  to
• 1:48
  10%.
• 1:49
  So
• 1:50
  huge
• 1:50
  growth.
• 1:51
  Okay.
• 1:52
  Now
• 1:52
  what
• 1:53
  we
• 1:53
  do
• 1:53
  in
• 1:53
  the
• 1:53
  Zeitgeist
• 1:54
  is
• 1:54
  we
• 1:54
  look
• 1:54
  at,
• 1:55
  okay,
• 1:56
  what
• 1:56
  do
• 1:56
  we
• 1:56
  think
• 1:57
  are
• 1:57
  the
• 1:57
  big
• 1:57
  trends
• 1:57
  and
• 1:58
  what
• 1:58
  do
• 1:58
  we
• 1:58
  project
• 1:58
  them
• 1:59
  forward?
• 1:59
  And
• 1:59
  the
• 2:00
  point
• 2:00
  that
• 2:00
  I
• 2:00
  was
• 2:00
  trying
• 2:00
  to
• 2:01
  land
• 2:01
  in
• 2:01
  the
• 2:01
  Zeitgeist
• 2:02
  is
• 2:02
  that
• 2:02
  I
• 2:02
  think
• 2:03
  collectively
• 2:03
  as
• 2:03
  an
• 2:04
  industry,
• 2:04
  we
• 2:05
  still
• 2:05
  underestimate
• 2:07
  what
• 2:07
  the
• 2:08
  impact
• 2:08
  of
• 2:08
  GLP1
• 2:09
  is
• 2:09
  going
• 2:09
  to
• 2:09
  be
• 2:09
  on
• 2:09
  retail.
• 2:10
  So
• 2:10
  let
• 2:10
  me
• 2:10
  kind
• 2:10
  of
• 2:10
  unpack
• 2:11
  this.
• 2:11
  Yeah.
• 2:12
  Just
• 2:12
  this
• 2:12
  week
• 2:13
  McKinsey
• 2:14
  published
• 2:14
  some
• 2:15
  brand
• 2:15
  new
• 2:15
  research.
• 2:16
  They
• 2:17
  looked
• 2:17
  at
• 2:18
  21
• 2:18
  food
• 2:19
  and
• 2:19
  beverage
• 2:19
  categories
• 2:20
  to
• 2:20
  look
• 2:20
  at
• 2:20
  what
• 2:20
  the
• 2:21
  spend
• 2:21
  trend
• 2:21
  is.
• 2:22
  For
• 2:22
  people
• 2:22
  who've
• 2:23
  been
• 2:23
  on
• 2:23
  GLP1s
• 2:24
  for
• 2:24
  over
• 2:25
  six
• 2:25
  months,
• 2:26
  of
• 2:27
  the
• 2:27
  24
• 2:28
  categories,
• 2:30
  only
• 2:30
  four
• 2:31
  had
• 2:31
  seen
• 2:32
  an
• 2:32
  increase
• 2:32
  in
• 2:32
  spend.
• 2:33
  And
• 2:34
  of
• 2:34
  those,
• 2:34
  yoghurt
• 2:35
  had
• 2:35
  seen
• 2:36
  the
• 2:36
  biggest
• 2:36
  increase.
• 2:37
  But
• 2:37
  that
• 2:37
  increase
• 2:37
  was
• 2:38
  only
• 2:39
  2
• 2:39
  1/2
• 2:39
  percent.
• 2:40
  Okay,
• 2:40
  okay.
• 2:41
  On
• 2:41
  the
• 2:41
  other
• 2:41
  side
• 2:42
  it
• 2:42
  was
• 2:43
  negative
• 2:43
  11
• 2:44
  1/2%
• 2:45
  for
• 2:45
  crisps
• 2:46
  and
• 2:46
  snavery
• 2:46
  snacks.
• 2:47
  It
• 2:47
  was
• 2:47
  negative
• 2:48
  8
• 2:48
  1/2%
• 2:48
  for
• 2:49
  sweet
• 2:49
  bakery.
• 2:50
  So
• 2:51
  look,
• 2:52
  why
• 2:53
  do
• 2:53
  I
• 2:53
  love
• 2:53
  this
• 2:53
  headline?
• 2:54
  I
• 2:54
  love
• 2:54
  this
• 2:54
  headline
• 2:55
  because
• 2:55
  clearly
• 2:55
  Walmart
• 2:56
  doesn't
• 2:56
  underestimate
• 2:57
  its
• 2:57
  impact.
• 2:58
  Yet
• 2:58
  Walmart
• 2:59
  has
• 2:59
  recognized
• 3:00
  it
• 3:00
  and
• 3:01
  it's
• 3:01
  connecting
• 3:02
  its
• 3:02
  digital
• 3:02
  ecosystem
• 3:03
  in
• 3:03
  a
• 3:04
  way
• 3:04
  that
• 3:04
  it
• 3:04
  can
• 3:05
  because
• 3:06
  the
• 3:06
  properties
• 3:06
  that
• 3:06
  he's
• 3:06
  built
• 3:07
  to
• 3:07
  really
• 3:08
  help
• 3:08
  customers
• 3:09
  to
• 3:09
  understand
• 3:10
  and
• 3:10
  at
• 3:10
  the
• 3:10
  same
• 3:10
  time
• 3:11
  to
• 3:11
  learn
• 3:12
  more
• 3:12
  about
• 3:12
  what's
• 3:13
  going
• 3:13
  on.
• 3:13
  So
• 3:13
  Ben,
• 3:14
  I'm
• 3:14
  curious,
• 3:14
  does
• 3:14
  that
• 3:14
  mean
• 3:14
  that,
• 3:15
  does
• 3:15
  that
• 3:15
  mean
• 3:15
  that
• 3:15
  Walmart
• 3:16
  and
• 3:16
  others
• 3:17
  are
• 3:17
  also
• 3:17
  just
• 3:17
  at
• 3:18
  risk
• 3:18
  from
• 3:18
  GLP1
• 3:19
  in
• 3:19
  terms
• 3:19
  of
• 3:19
  declining
• 3:20
  revenue
• 3:20
  overall
• 3:21
  as
• 3:21
  people
• 3:21
  are
• 3:21
  just
• 3:21
  starting
• 3:22
  to
• 3:22
  eat
• 3:22
  less
• 3:23
  as
• 3:23
  well?
• 3:23
  Yeah.
• 3:24
  So
• 3:24
  one
• 3:24
  of
• 3:25
  the
• 3:25
  things
• 3:25
  we
• 3:25
  found
• 3:26
  people
• 3:26
  are
• 3:26
  eating
• 3:27
  less
• 3:28
  but
• 3:28
  what
• 3:28
  they
• 3:28
  are
• 3:29
  prioritizing
• 3:30
  is
• 3:30
  small
• 3:31
  portions
• 3:32
  on
• 3:32
  the
• 3:32
  go.
• 3:33
  Convenient
• 3:34
  solutions,
• 3:35
  products
• 3:36
  that
• 3:36
  help
• 3:36
  with
• 3:37
  digestive
• 3:40
  ease.
• 3:41
  Digestive
• 3:41
  solutions.
• 3:43
  So
• 3:43
  diets
• 3:44
  are
• 3:44
  changing
• 3:44
  that
• 3:45
  people
• 3:45
  are
• 3:45
  buying
• 3:45
  more
• 3:45
  often
• 3:46
  so
• 3:46
  it
• 3:46
  leads
• 3:46
  itself
• 3:47
  to
• 3:47
  more
• 3:47
  convenient
• 3:47
  products,
• 3:47
  more
• 3:48
  fresh
• 3:48
  which
• 3:48
  are
• 3:48
  higher
• 3:49
  margin.
• 3:49
  So
• 3:50
  there's
• 3:50
  a
• 3:50
  massive
• 3:51
  category
• 3:51
  shifts.
• 3:53
  If
• 3:53
  you
• 3:53
  follow
• 3:54
  those
• 3:54
  shifts
• 3:55
  and
• 3:55
  provide
• 3:55
  the
• 3:55
  solutions
• 3:56
  that
• 3:56
  people
• 3:56
  in
• 3:56
  need,
• 3:56
  there's
• 3:57
  actually
• 3:57
  margin
• 3:57
  gains
• 3:58
  to
• 3:58
  be
• 3:58
  made
• 3:58
  there.
• 3:59
  But
• 3:59
  it's
• 3:59
  about
• 3:59
  recognizing
• 4:00
  and
• 4:00
  not
• 4:00
  underestimating.
• 4:01
  That
• 4:01
  was
• 4:01
  the,
• 4:02
  the
• 4:02
  point
• 4:02
  I
• 4:02
  was
• 4:02
  trying
• 4:03
  to.
• 4:03
  Right,
• 4:03
  right.
• 4:03
  And
• 4:03
  the
• 4:03
  pharmacy,
• 4:04
  and
• 4:04
  the
• 4:04
  pharmacy
• 4:04
  keeps
• 4:05
  the
• 4:05
  foot
• 4:05
  traffic,
• 4:06
  foot
• 4:06
  traffic
• 4:07
  coming
• 4:07
  to
• 4:07
  the
• 4:07
  Walmart
• 4:07
  store
• 4:08
  too.
• 4:08
  Can
• 4:09
  I
• 4:09
  just
• 4:09
  say
• 4:09
  as
• 4:09
  a,
• 4:10
  as
• 4:10
  a,
• 4:10
  as
• 4:11
  a
• 4:11
  final
• 4:11
  point.
• 4:11
  Yeah.
• 4:12
  I
• 4:13
  really
• 4:13
  love
• 4:13
  to
• 4:13
  hear
• 4:13
  what
• 4:13
  you
• 4:14
  think
• 4:14
  of
• 4:14
  this,
• 4:15
  but
• 4:15
  I
• 4:15
  love
• 4:16
  anything
• 4:16
  that
• 4:16
  connects
• 4:17
  the
• 4:17
  pharmacy
• 4:18
  to
• 4:18
  the
• 4:18
  rest
• 4:18
  of
• 4:18
  the
• 4:18
  store.
• 4:19
  Look,
• 4:19
  running
• 4:20
  pharmacy,
• 4:20
  it's
• 4:20
  a
• 4:20
  hard
• 4:21
  business.
• 4:21
  It's
• 4:22
  hard
• 4:22
  people
• 4:23
  cost
• 4:24
  could
• 4:24
  be
• 4:24
  dangerous.
• 4:25
  Anything
• 4:26
  that
• 4:26
  provides
• 4:27
  a
• 4:28
  greater
• 4:28
  halo
• 4:28
  than
• 4:28
  just
• 4:29
  foot
• 4:29
  pharma,
• 4:29
  I
• 4:29
  think
• 4:30
  it's
• 4:30
  a
• 4:30
  real
• 4:30
  positive
• 4:30
  and
• 4:30
  I
• 4:30
  love
• 4:31
  the
• 4:31
  Walmart
• 4:31
  leading
• 4:31
  into
• 4:32
  that.
• 4:32
  Yeah,
• 4:32
  Yeah.
• 4:32
  I
• 4:32
  mean
• 4:33
  100%
• 4:33
  on
• 4:33
  the
• 4:33
  pharmacy
• 4:34
  side.
• 4:34
  I
• 4:34
  mean
• 4:34
  I
• 4:34
  don't,
• 4:35
  I
• 4:35
  don't
• 4:35
  have
• 4:35
  much
• 4:35
  to
• 4:35
  add.
• 4:35
  I
• 4:36
  mean
• 4:36
  that's
• 4:36
  why
• 4:36
  I
• 4:36
  wanted
• 4:36
  you
• 4:36
  to
• 4:36
  share
• 4:37
  the
• 4:38
  data
• 4:38
  that
• 4:38
  I
• 4:38
  know
• 4:38
  you
• 4:38
  always
• 4:38
  bring
• 4:39
  to
• 4:39
  the
• 4:39
  table
• 4:39
  on
• 4:39
  this
• 4:39
  because
• 4:40
  it
• 4:40
  is
• 4:40
  really
• 4:40
  interesting
• 4:40
  to
• 4:40
  think
• 4:41
  about,
• 4:41
  you
• 4:41
  know.
• 4:41
  And
• 4:42
  then
• 4:42
  there's
• 4:42
  also
• 4:42
  the
• 4:42
  question
• 4:42
  that
• 4:43
  I
• 4:43
  have
• 4:43
  too,
• 4:43
  which
• 4:43
  I
• 4:43
  didn't
• 4:44
  ask
• 4:44
  you
• 4:44
  about,
• 4:44
  which
• 4:44
  I'd
• 4:45
  love
• 4:45
  to
• 4:45
  get
• 4:45
  your
• 4:45
  thoughts
• 4:45
  on.
• 4:45
  Maybe
• 4:46
  at
• 4:46
  the
• 4:46
  end
• 4:46
  is
• 4:46
  like,
• 4:46
  you
• 4:47
  know,
• 4:47
  you
• 4:47
  get
• 4:48
  all
• 4:48
  these
• 4:48
  reports
• 4:48
  and
• 4:49
  some,
• 4:49
  in
• 4:50
  some
• 4:50
  ways
• 4:50
  all
• 4:50
  these
• 4:50
  reports
• 4:51
  happening
• 4:51
  at
• 4:51
  the
• 4:51
  same
• 4:51
  time
• 4:52
  get
• 4:52
  a
• 4:52
  little
• 4:52
  bit
• 4:52
  self
• 4:53
  enforcing
• 4:53
  in
• 4:53
  terms
• 4:53
  of
• 4:54
  the
• 4:54
  predictions
• 4:55
  that
• 4:55
  everyone's
• 4:55
  making
• 4:55
  around
• 4:56
  the
• 4:56
  severity
• 4:57
  or
• 4:57
  the
• 4:57
  impact
• 4:58
  and
• 4:58
  so
• 4:58
  you
• 4:58
  always
• 4:58
  have
• 4:58
  to
• 4:59
  take
• 4:59
  that
• 4:59
  with
• 4:59
  a
• 4:59
  grain
• 4:59
  of
• 4:59
  salt.
• 5:00
  But,
• 5:00
  but
• 5:00
  to
• 5:00
  your
• 5:00
  point,
• 5:00
  you're
• 5:01
  saying
• 5:01
  like
• 5:01
  there's,
• 5:01
  there's
• 5:02
  going
• 5:02
  to
• 5:02
  be
• 5:02
  a
• 5:02
  palpable
• 5:02
  impact
• 5:03
  here.
• 5:03
  So,
• 5:03
  so
• 5:04
  I
• 5:04
  like
• 5:04
  it
• 5:04
  because,
• 5:04
  you
• 5:05
  know,
• 5:05
  Walmart
• 5:06
  is
• 5:06
  basically
• 5:06
  attacking
• 5:07
  what
• 5:07
  is
• 5:07
  a
• 5:07
  sizable
• 5:08
  trend
• 5:08
  through
• 5:08
  their
• 5:08
  pharmacy
• 5:09
  which
• 5:09
  engenders
• 5:10
  loyalty
• 5:10
  in
• 5:11
  their
• 5:11
  customer.
• 5:11
  I
• 5:11
  think
• 5:11
  it's
• 5:12
  a
• 5:12
  pretty,
• 5:12
  it's
• 5:13
  pretty
• 5:13
  remarkable
• 5:14
  given
• 5:14
  the
• 5:15
  effort
• 5:15
  and
• 5:15
  some
• 5:16
  would
• 5:16
  say
• 5:16
  failed
• 5:16
  efforts
• 5:17
  they
• 5:17
  put
• 5:17
  into
• 5:17
  their
• 5:17
  clinics
• 5:18
  as
• 5:19
  well.
• 5:19
  And
• 5:19
  now
• 5:19
  they're
• 5:19
  doing
• 5:19
  this
• 5:20
  digitally.
• 5:20
  So
• 5:20
  I
• 5:21
  think
• 5:21
  that's
• 5:21
  important.
• 5:21
  You
• 5:22
  know,
• 5:22
  it's
• 5:22
  asset
• 5:22
  light
• 5:23
  approach
• 5:23
  to
• 5:23
  doing
• 5:23
  this,
• 5:24
  which
• 5:24
  is
• 5:24
  very
• 5:24
  different
• 5:25
  than
• 5:25
  where
• 5:25
  they
• 5:25
  were
• 5:25
  like
• 5:25
  two
• 5:25
  or
• 5:26
  three
• 5:26
  years
• 5:26
  ago.
• 5:26
  Yeah,
• 5:26
  I
• 5:27
  love
• 5:27
  that.
• 5:27
  And
• 5:27
  then
• 5:27
  the
• 5:28
  other
• 5:28
  point
• 5:28
  I'd
• 5:28
  make
• 5:28
  to,
• 5:29
  the
• 5:29
  second
• 5:29
  thing
• 5:29
  I
• 5:29
  make
• 5:29
  is
• 5:31
  they've
• 5:31
  learned
• 5:31
  Walmart
• 5:32
  has
• 5:32
  done
• 5:32
  a
• 5:32
  great
• 5:32
  job
• 5:32
  of
• 5:32
  learning
• 5:33
  how
• 5:33
  to
• 5:33
  speak
• 5:33
  to
• 5:33
  their
• 5:33
  customer
• 5:34
  digitally
• 5:34
  and
• 5:35
  specifically
• 5:35
  via
• 5:35
  the
• 5:35
  Walmart
• 5:36
  plus
• 5:36
  subscriber
• 5:37
  too.
• 5:37
  So
• 5:37
  I
• 5:37
  think
• 5:38
  this
• 5:38
  is
• 5:38
  a
• 5:38
  very,
• 5:39
  and
• 5:39
  this
• 5:39
  is
• 5:39
  very
• 5:40
  much
• 5:40
  who
• 5:40
  this
• 5:40
  is
• 5:40
  geared
• 5:41
  after.
• 5:41
  Even
• 5:42
  though
• 5:42
  you're
• 5:42
  saying
• 5:42
  in
• 5:42
  those
• 5:42
  numbers
• 5:43
  you're
• 5:43
  probably
• 5:43
  hitting
• 5:44
  the
• 5:44
  broad
• 5:44
  base
• 5:44
  of
• 5:45
  America
• 5:45
  too,
• 5:45
  and
• 5:45
  the
• 5:45
  broad
• 5:46
  base
• 5:46
  of
• 5:46
  consumers
• 5:47
  globally,
• 5:47
  but
• 5:48
  that
• 5:48
  is
• 5:48
  who
• 5:48
  you're
• 5:49
  gearing
• 5:49
  this
• 5:49
  towards.
• 5:50
  And
• 5:50
  Walmart
• 5:51
  plus
• 5:51
  it's
• 5:51
  going
• 5:51
  to
• 5:51
  come
• 5:52
  up
• 5:52
  again
• 5:52
  later
• 5:52
  too,
• 5:52
  as
• 5:53
  part
• 5:53
  of
• 5:53
  their
• 5:53
  strategy,
• 5:53
  but
• 5:53
  you
• 5:54
  can
• 5:54
  see
• 5:54
  how
• 5:54
  they're
• 5:54
  continuing
• 5:55
  to
• 5:55
  try
• 5:55
  to
• 5:55
  lean
• 5:56
  into
• 5:56
  that
• 5:56
  as
• 5:57
  kind
• 5:57
  of
• 5:57
  their
• 5:58
  competitive
• 5:58
  moat,
• 5:59
  so
• 5:59
  to
• 5:59
  speak,
• 5:59
  in
• 5:59
  the
• 5:59
  landscape.