WEBVTT - Quick bite: Can Rod Duke beat IKEA?

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<v Speaker 1>You're listening to a shares these podcast Who are you

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<v Speaker 1>looking at when you're competing with because I guess if

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<v Speaker 1>you're looking at where people shop now, it's all over

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<v Speaker 1>the place. People might jump on and jump on Timur

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<v Speaker 1>or something and get something extremely cheap and run through

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<v Speaker 1>and that kind of thing. Are you worried about them?

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<v Speaker 1>Are you worried about Ikea who are tuning up in

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<v Speaker 1>this country later on this year? Or was sports Direct?

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<v Speaker 2>I think the I think the Teamurs and the Shines

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<v Speaker 2>and those folks operate at a different end of the

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<v Speaker 2>market that I operate in. They do meet other competitors

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<v Speaker 2>in this country, but they don't meet me. But I'm

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<v Speaker 2>more focused on the the costcos and the Ikia's.

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<v Speaker 1>Normally, when a competitor turns up new entrant, they throw

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<v Speaker 1>a lot of money around to try and draw custom.

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<v Speaker 1>That's got to be something you have to chew on

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<v Speaker 1>and shore for sure.

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<v Speaker 2>But we've got people in their stores already. I know

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<v Speaker 2>how they operate, i know what they sell, I know

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<v Speaker 2>the propositions. I've got a lot of stores, and I've

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<v Speaker 2>got a lot of stores right next door the stores

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<v Speaker 2>where they think they're going to put foot jobs. It's fine,

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<v Speaker 2>I've got to lift my game. People will go to

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<v Speaker 2>these places and experiment with them. I want people to

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<v Speaker 2>go there and experiment a service level or quality of

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<v Speaker 2>service that is lower than mine, to have a look

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<v Speaker 2>at a range of product it's not even nearest significant

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<v Speaker 2>as mine, to go into an environment that's not as

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<v Speaker 2>comfortable as my environments. So does that mean I have

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<v Speaker 2>to lift my game in some centers and in some brands. Yeah,

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<v Speaker 2>it's okay, I'll do it.

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<v Speaker 1>You've still got a lot of energy. And I guess

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<v Speaker 1>that comes back to the question that one of our

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<v Speaker 1>listeners that in viewers that asked there what keeps you going.

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<v Speaker 2>I've been in the retail business since I was sixteen.

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<v Speaker 2>I just happened to love the concept of buying something,

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<v Speaker 2>selling something, buying plenty, selling plenty, having plenty of stores,

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<v Speaker 2>having plenty of customers. It's a lot of fun building

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<v Speaker 2>something from pretty much nothing into an organization that's really, really,

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<v Speaker 2>really well respected and successful. And it's hard to give

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<v Speaker 2>away something or move away from something if you gave

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<v Speaker 2>birth to it. I have to tell you I'm in

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<v Speaker 2>a really, really, really fortunate position at the moment. I've

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<v Speaker 2>got about three or four really really key people who

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<v Speaker 2>have been here for a very long time, who are very,

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<v Speaker 2>very very clever. And I'll tell you now, I don't

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<v Speaker 2>get down in amongst the weeds as much as I

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<v Speaker 2>used to. Well, because it's not my job anymore. My

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<v Speaker 2>job is the mentor, who is to guide, to assist,

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<v Speaker 2>to encourage. I try to be a different sort of

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<v Speaker 2>manager these days than I was, because I'm past the

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<v Speaker 2>halfway mark. I'll concede you that, And so this is

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<v Speaker 2>my legacy. I don't want this business to fail just

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<v Speaker 2>because I go. That'd be a slight on me. You

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<v Speaker 2>didn't do a job particularly well. You didn't train these

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<v Speaker 2>people particularly well, you didn't encourage them enough, you didn't

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<v Speaker 2>set the platform for success for them. Well, that's not

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<v Speaker 2>what I want to do. Investing involves the risk you

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<v Speaker 2>might lose the money you start with. We recommend talking

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<v Speaker 2>to a licensed financial advisor.

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<v Speaker 1>We also recommend rereading product disclosure documents before deciding to invest.