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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside

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Speaker 1: my co host Matt Miller. Every business day we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. What are we looking

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Speaker 1: at here? Is dick cat bounce? Is the bottom? Is it?

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Speaker 1: You know we're setting in some kind of support here,

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Speaker 1: Dan Jenter, he's a CEO, ce IO and chairman, so

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Speaker 1: I guess he kind of runs the whole place. R

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Speaker 1: and C Genter Capital Management. Uh, Dan, thanks so much

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Speaker 1: for joining us here. When you see it, you know,

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Speaker 1: a couple of past days like we've seen, you know

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Speaker 1: where you actually has some green on the screen in

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Speaker 1: the midst of double digit declines in the ESMP and NASDAC.

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Speaker 1: How are you looking at this equity market here? Well, look,

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Speaker 1: I think what we're saying is a market that's generally

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Speaker 1: trying to find its bottom. Frankly, Uh, you know, even

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Speaker 1: though we can make a you can make a good,

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Speaker 1: good case that if you're really wanted to have a capitulation.

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Speaker 1: Certainly we could go off another five, maybe ten percent,

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Speaker 1: but I don't see it at this point. I think

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Speaker 1: we'll hold probably a down five if we don't hold somewhere.

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Speaker 1: And this as a basing battern, and I think it's

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Speaker 1: a pretty normal transition, frankly, of which you typically see

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Speaker 1: when you know they when the FED and other indicators

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Speaker 1: keep telling you what's going to happen. It's always amazing

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Speaker 1: to me that people are still surprised when it does,

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Speaker 1: but then when they finally digest it and realize that

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Speaker 1: multiples are going to have to adjust. You if you're

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Speaker 1: in a situation where you have rising inflation, you have

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Speaker 1: rising interest rates, it's gonna have pushed down GDP, it's

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Speaker 1: gonna push down earnings, and multiples need to adjust. It's

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Speaker 1: pretty well stock valuation one oh one. And and now

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Speaker 1: we've seen that adjustment. I mean, we're at much fairer

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Speaker 1: p s right now based on this economic condition. I

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Speaker 1: think we're in a basing pattern where people should be

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Speaker 1: buying into this um. I like buying into the big

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Speaker 1: days of weakness, especially when there's weakness for no reason

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Speaker 1: you I find that to be an effective deployment of assets,

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Speaker 1: and so I think people should you know, they may

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Speaker 1: not want to jump ahead first, but putting some toes

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Speaker 1: in the water here is a good thing to do.

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Speaker 1: Looking at the next certainly two to three years of

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Speaker 1: not frankly the next year, I guess the concern is valuations,

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Speaker 1: or the concern was valuations. Are you um are you

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Speaker 1: happy that we've gotten down to um a level that

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Speaker 1: is more consistent with history of still pretty strong on

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Speaker 1: the s and P five hundred frankly pe of twenty

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Speaker 1: and change, and especially looking at a FED that's going

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Speaker 1: to raise what another hundred hundred fifty basis points. Well, look,

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Speaker 1: I think that you're right from the standpoint that I

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Speaker 1: truly do believe in the old adage that you can't

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Speaker 1: fight the FED. I mean you, we have definitely transitioned

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Speaker 1: from where we had a tailwind to a cross wind.

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Speaker 1: So you're look, maybe it's not a direct hurricane force

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Speaker 1: head wind, but you're definitely fighting you know, a strong

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Speaker 1: cross when if you will, that is making people DVD

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Speaker 1: off course and it's harder to stay on course. But

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Speaker 1: the but I think the valuations now are are at

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Speaker 1: points that you can get you can get back into

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Speaker 1: the game, if not as a short term trader, but

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Speaker 1: if you're indeed looking at I normally say two to

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Speaker 1: three years, I like to look at the three year

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Speaker 1: time rising now I think it's much stronger, and even

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Speaker 1: looking at one year, because if you look at where

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Speaker 1: the valuations are, I agree, from an SMP standpoint, you

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Speaker 1: could say at twenty, you know, based upon you know

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Speaker 1: somewhere at two thirty on the SMP and two fifty

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Speaker 1: next year in the SMP, you know you're above the

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Speaker 1: fifteen five long term average. But but bear in mind

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Speaker 1: interest rates were still a lot higher when you're looking

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Speaker 1: at that long term average over the last fifteen twenty years.

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Speaker 1: And when you look at where we are, I mean,

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Speaker 1: look at the Russell one thousand value is right now

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Speaker 1: down to a right and it's down from sixteen too,

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Speaker 1: that's normally about fifteen five. Even the Russell growth, which

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Speaker 1: was stratospheric, is at seven and that's down from from

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Speaker 1: thirty point six, and it's averages one. So value stocks

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Speaker 1: are still undervalued, road stocks are now fairly valued, and

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Speaker 1: you know, I don't think you're gonna time the last

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Speaker 1: five of this. He then many of our listeners that

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Speaker 1: they look at their portfolio, probably a big, big chunk

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Speaker 1: of it is made up of some of those big

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Speaker 1: cap technology names. And if I think look at Amazon

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Speaker 1: down thirty year to date, Microsoft Apple fifteen down year

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Speaker 1: to date, do I get back into those names? Do

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Speaker 1: I add to my positions there? How do you think

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Speaker 1: about some of those you know, big big cap tech

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Speaker 1: names have been so good for so long, Well, for

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Speaker 1: those names, I would have a standard position, and so

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Speaker 1: that that to me is somewhere two and a half

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Speaker 1: or three percent position. You're even though they pulled back dramatically,

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Speaker 1: you're still dealing at at very high peas And the

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Speaker 1: fact of the matter is you're just looking at slower

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Speaker 1: growth and and those dynamics you just can't overcome. I mean,

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Speaker 1: if the if the economy is going to grow slower,

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Speaker 1: if GDP is going to be slower, and financing costs

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Speaker 1: and capitalization rates are higher, then earnings come down. You know,

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Speaker 1: it's very straightforward. And if you're in that situation, I mean,

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Speaker 1: you can't can you cannot support a PEG ratio in

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Speaker 1: pe ratios that are at those stratospheric levels. Now, I

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Speaker 1: would not abandon those because I believe that Frankly, there's

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Speaker 1: just so much popularity, there's so much momentum. People aren't

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Speaker 1: going to abandon those names, and they'll probably always sell

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Speaker 1: at a premium pe. But I don't want to be

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Speaker 1: over I don't. It's not a bargain basement. You know,

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Speaker 1: there's not a garage sale going on here, so I

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Speaker 1: wouldn't be overweighting the position. But but having you know,

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Speaker 1: somewhere at three percent average position, I think, is that's

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Speaker 1: where we are with those names. Just quickly, you've been

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Speaker 1: around r n C genders. What's the origin story? If

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Speaker 1: you can wrap it up for us in thirty seconds? Sure,

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Speaker 1: I mean, we we really started in you know, really

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Speaker 1: back before the Pension Reform Act and before investment advisors

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Speaker 1: really were popular, just really in a frankly a pretty

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Speaker 1: fundamental position that we felt it was better to provide

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Speaker 1: investment advice for fees versus commissions. And so we started

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Speaker 1: on a pretty simple premise that you know, we felt

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Speaker 1: if we were charging fees based on assets, which is

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Speaker 1: now popular, that everybody benefited as the portfolios went up,

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Speaker 1: versus charging transaction fees. And we were kind of one

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Speaker 1: of the first to do that, certainly first in l A.

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Speaker 1: And it's worked out well for us. Yeah, at the

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Speaker 1: avant garde, because that's then swept across the industry back

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Speaker 1: when I started working on the street in the nineties.

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Speaker 1: All right, Dan, great stuff, Dan Genter, CEO of RNC

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Speaker 1: Genter Capital Management. When I look at oil, I guess

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Speaker 1: I've got kind of a fixed supply. I've got a

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Speaker 1: reopening global economy, So I guess that means demand is

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Speaker 1: going up, and like any commodity, that should push price

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Speaker 1: of oil higher. That being said, I'm still surprised, maybe

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Speaker 1: shocked to see w A crew did a hundred and

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Speaker 1: fifteen dollars an ounce. So let's bring in an expert

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Speaker 1: maybe explain it to us a little bit better than

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Speaker 1: my simple analysis. Fernando Valley, senior analysts for Bloomberg Intelligence.

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Speaker 1: Fernando again, w t AC crudit hundred fifteen dollars. I'm shocked,

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Speaker 1: slash surprised. Should I be? Well, if you if you

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Speaker 1: wondered if there was any risk from the Chinese lockdowns

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Speaker 1: priced into under a two hundred dollar oil, Uh, you've

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Speaker 1: now found out that there was significant pressure. So as

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Speaker 1: we as soon as we hear there is an easing

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Speaker 1: of lockdowns in Shanghai, both Brent and that we take

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Speaker 1: off and uh, you know, we talked about how Russian

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Speaker 1: supply was going to fall because of sanctions, and we're

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Speaker 1: starting to see that even though Europe and Asia are

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Speaker 1: still purchasing Russian energy, just the lack of of capital

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Speaker 1: and equipment and services from the Western providers has already

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Speaker 1: led to a drop off. We also talked about how

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Speaker 1: production in the US is we want to struggle to

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Speaker 1: catch up because we don't have the people, we don't

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Speaker 1: have the equipment, We don't even have to say to

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Speaker 1: really get to the levels of the that we would

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Speaker 1: need to balance the current demand. Well, and it seems

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Speaker 1: like the industry just isn't willing to get um to

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Speaker 1: put as much capex as would be necessary in to

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Speaker 1: ramp up production, only to have their legs cut off

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Speaker 1: as soon as this thing gets the equilibrium again. Exactly,

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Speaker 1: it's it's difficult to make a five to seven year

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Speaker 1: decision on on building new facilities and making the necessary

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Speaker 1: growth in your company if you don't think that that

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Speaker 1: scenario is going to continue for for such a long

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Speaker 1: period of time. And you have to remember shale didn't

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Speaker 1: really make a lot of free cash flow for the

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Speaker 1: past fifteen years. This is the first they're they're expected

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Speaker 1: to make as much free cash flow in two as

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Speaker 1: they've done for the past fifteen years combined out. Uh.

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Speaker 1: And so when you put that into perspective, they're really

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Speaker 1: paying back their initial investments and what brought us to

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Speaker 1: being close to being energy independent, although we're not technically

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Speaker 1: energy and dependent as of today. So, Fernando, how about

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Speaker 1: OPEQUE plus UM talked to us about production? If OPEC

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Speaker 1: plus say, hey, we wanted to increase production by ten

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Speaker 1: or does it have the capability to do that? Uh?

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Speaker 1: It does, and but they don't really have the will.

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Speaker 1: And the question is for how long can they increase

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Speaker 1: productions for that by that amount? H Saudi Aramco has

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Speaker 1: talked about increasing production to twelve to thirteen million barrels

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Speaker 1: a day by six. It does take time, especially to

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Speaker 1: grow at that magnitude. They're currently producing closest nine million

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Speaker 1: barrels a day of crude oil UM. They could probably

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Speaker 1: go as high as ten to ten and a half. Uh.

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Speaker 1: And they are the largest one on that growth. And

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Speaker 1: then the other ones have political issues. UH. Your Irax,

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Speaker 1: your Irans that they could raise production significantly on an

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Speaker 1: absolute level, but they have have their own issues guaranteeing

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Speaker 1: the security or sanctions the kids to be wrong. You know,

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Speaker 1: we've heard a number of people Paul, you and Tom

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Speaker 1: were talking yesterday, I think to Bill Smead Yep down

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Speaker 1: in Phoenix, and he was saying he loves oil producers

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Speaker 1: right now because they're priced at seventy dollars a barrel,

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Speaker 1: and obviously we're trading far up above that, at least

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Speaker 1: in t I terms, I think one fifteen right now.

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Speaker 1: I also saw Marco Kolanovitch JP Morgan, who was voted

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Speaker 1: the number one Equity Links strategist in II last years.

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Speaker 1: That's a good bump for his bonus, right. He recommended

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Speaker 1: using recent weakness and oil and energy aims to add

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Speaker 1: exposure there as well. Are you starting to see that

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Speaker 1: as a consensus, Fernando, Yeah, it seems like, well, the

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Speaker 1: there's a return to oil, and especially against some of

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Speaker 1: the earlier bell weathers in the sector tech and retail,

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Speaker 1: especially as that sectors that weaken, Oil has come back

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Speaker 1: into preference. And when you can are the free cash

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Speaker 1: that they are generating, and that most of those uh

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Speaker 1: that free cash was being reverted to shareholders. It is

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Speaker 1: a compelling UH distribution yield that dwarfs what the SMP

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Speaker 1: is currently offering. So where do you think oil gets

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Speaker 1: too and over what time frame? Or do we still

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Speaker 1: have more to move higher with the crewed I think

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Speaker 1: in the current conjecture, yes, it remains a question of

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Speaker 1: what the U S does with rates and how demand reacts.

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Speaker 1: I think ultimately we are major concern is that higher

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Speaker 1: a combination of higher rates and inflation will have a

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Speaker 1: significant impact on emerging market demand and we're starting to

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Speaker 1: see some of those cracks in the horizon. That's probably

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Speaker 1: still in the second half of the year UH, but

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Speaker 1: we think there's room to run through the summer, especially

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Speaker 1: as the northern hemisphere gets into its high demand season,

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Speaker 1: and that could be north of one UH for for

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Speaker 1: the w T. I what happens if China UH let's

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Speaker 1: up on the lockdowns. We're seeing I think fewer infections

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Speaker 1: intra community and there's a lot of talk anyway about

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Speaker 1: the fact that the party needs to to let up

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Speaker 1: a little bit. Is that gonna spur the demand side

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Speaker 1: big time? Yes? Again, if we all return to the

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Speaker 1: to the to the our usual situations. Yes, the big

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Speaker 1: question there is supply chains because regardless of UH returning

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Speaker 1: to to normal tomorrow, we still had a massive destruction

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Speaker 1: and a lot of ships that are parked outside of

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Speaker 1: ports in China. UH, and that will lead to that

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Speaker 1: cost inflation that we talked about. So again, in the

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Speaker 1: short term, yes, we think that that that could be.

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Speaker 1: That could mean higher demand as China reopens and experiences

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Speaker 1: something similar slightly less aggressive as we saw in the

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Speaker 1: US in Europe and we reopened UM. But our biggest

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Speaker 1: concern is that the real push from inflation will come

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Speaker 1: in the second half, and especially from emerging markets that

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Speaker 1: are already on the brink. I mean, you can see

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Speaker 1: the situations in Sri Lanka, in Brazil, UH, in Mexico

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Speaker 1: the fiscal situations are worse, and UH the protests are

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Speaker 1: are increasing over the concerns over food and fuel. So

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Speaker 1: I see, just you know, I guess it shouldn't surprise

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Speaker 1: that Saudi a Ramco is said to weigh an I

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Speaker 1: p O of its trading unit amid oil Boom. This

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Speaker 1: seems like a big deal, could be a big I pill,

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Speaker 1: like thirty billion dollars. What do you make of that

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Speaker 1: just a good opportunities to play there Fern end of Yeah, yeah,

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Speaker 1: I agree, but I think it's a it's an opportunity

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Speaker 1: to play. Clearly, sorry, doesn't need the capital right now,

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Speaker 1: but they are trying to increase, uh, the diversification of

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Speaker 1: their economy, and they're trying to get more capital into

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Speaker 1: the kingdom. Uh. You know, the only concerned with trading

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Speaker 1: having a separate trading arm from your integrated oil company

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Speaker 1: is that they ultimately play hand in hand. You're trying

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Speaker 1: to sell your cargoes and sometimes maximize the overall profit

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Speaker 1: by putting that profit in the integrated signs and sometimes

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Speaker 1: at the trading. So they'll have to make it very

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Speaker 1: clear as to how they'll uh what kind of Chinese

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Speaker 1: wall there will be between the two the two entities

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Speaker 1: in order to make this a viable offering to third

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Speaker 1: party investors. All right, interesting stuff again. W T a

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Speaker 1: cood Oil pushing one fifteen a barrel go figure. Fernando Valley,

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Speaker 1: senior analyst for Bloomberg Intelligence covering all things uh energy.

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Speaker 1: All right, let's dig into these Walmart numbers. Stocks down

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Speaker 1: nine percent here. Inflation a big issue for the costs

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Speaker 1: there are in Sunda Rama. He's a senior equity research

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Speaker 1: analysts at cf are A. Joins us Auran. Thanks so

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Speaker 1: much for taking a time here. What's your takeaway from

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Speaker 1: these Walmart numbers? Yeah, yeah, thanks for having me. Yeah,

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Speaker 1: it was it was a rare miss by Walmart. You know,

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Speaker 1: historically they've done Walmart has done a great job managing expectations,

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Speaker 1: so rarely do they miss on earnings. So when they

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Speaker 1: do miss like this, especially about this kind of magnets,

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Speaker 1: you know, you tend to see a pretty big hit

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Speaker 1: to the to the stock price. But you know, the

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Speaker 1: big takeaway that from from from Learning's called today with

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Speaker 1: what I took away is that, you know a lot

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Speaker 1: of the issues that they pointed to was really on

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Speaker 1: the bottom line, and a lot of that can be

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Speaker 1: isolated to the specific quarter, and maybe some of that

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Speaker 1: will flow into Q two. So you know, and argue,

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Speaker 1: you know, don't expect Walmart to continue missing like this

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Speaker 1: because like I said, they rarely do miss on the

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Speaker 1: bottom line, and and you know, historically during periods of

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Speaker 1: tough economic times, challenging times, Walmart his historically outperformed competition.

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Speaker 1: So you know that for for those reasons, we kept

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Speaker 1: our by rating today. We did drop our pull montagrat

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Speaker 1: price to one six two from but we kept our

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Speaker 1: bierrating on the stuff on the shares. The thing is,

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Speaker 1: if I look at you know, if I compare to

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Speaker 1: what happened at Home depot Um, which you know, the

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Speaker 1: beat was all driven by higher prices, they actually had

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Speaker 1: lower unit sales. It looks tough for Walmart since they

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Speaker 1: can't raise prices like that, or at least that's the narrative.

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Speaker 1: I don't know if it's true, but that's this is

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Speaker 1: what I hear. They can't raise prices until they absolutely

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Speaker 1: have have to. Um. Is that actually the case? Yes,

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Speaker 1: So the their average ticket prices in the US was

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Speaker 1: only up three percent. And you know, if you if

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Speaker 1: you assume that their costs cost instlation is probably of

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Speaker 1: double digits for them. So they only increased prices by

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Speaker 1: three percent. So there was a mismatch there. But they

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Speaker 1: know that mismatch on on the call today, and a

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Speaker 1: lot of that was due to fuel costs, because the

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Speaker 1: fuel really started the surge at the end of February,

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Speaker 1: and it was really tough for really a lot of

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Speaker 1: these retailers to manage that that those costs, and I

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Speaker 1: think now they're doing a little bit better job kind

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Speaker 1: of matching pricing and costs. We do expect more pricing

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Speaker 1: to flow into Walmart's income statements over the next few quarters,

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Speaker 1: because because outside the fuel the fuel aspect for you know,

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Speaker 1: things like food and other consumables and even general merchandise items,

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Speaker 1: Walmart is they're noting that they are passing those costs

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Speaker 1: through at least the cost increase. They're not offsetting the

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Speaker 1: margin impact, but the costs are being passed over to

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Speaker 1: the to the consumer, and it seems are in that well,

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Speaker 1: if I'm Walmart, if I can't pass costs increases through,

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Speaker 1: who can Because I mean, where are my customers generally

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Speaker 1: gonna go? I'm so big and have you know, just

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Speaker 1: so many items? Yeah, I mean, And I think that

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Speaker 1: kind of goes to show the state of the overall

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Speaker 1: consumer right now. You know, Walmart is probably over index

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Speaker 1: to the to the lower income consumer, and I think

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Speaker 1: we're starting to see some cracks among the lower income consumer.

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Speaker 1: You know. Walmart noted that some some consumers are trading

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Speaker 1: down some branded products to private label because that tends

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Speaker 1: to be a little bit cheaper. They haven't really seen

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Speaker 1: that among the middle income consumer the upper income consumer.

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Speaker 1: But you know, the longer inflation stays at this elevated level. Uh,

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Speaker 1: you know, it's it's it's it's most most likely we're

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Speaker 1: going to see as more consumers changed their shopping habits

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Speaker 1: trade down from branded to private label shop and more

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Speaker 1: value aren't oriented stores like a Walmart or or a

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Speaker 1: Costco or somewhere somewhere like that. Um, what do you

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Speaker 1: if you if you look across the retail spectrum, are

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Speaker 1: there companies that you think are going to be winners

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Speaker 1: and losers here? I mean, are there some that you

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Speaker 1: feel really strongly about? Yeah, I mean certainly all the

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Speaker 1: We really like the big box diversified retailers, So that

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Speaker 1: includes Walmart, Costco, Target as well. You know, not only

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Speaker 1: do we like them because they're a large big box

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Speaker 1: diversified retailer you know that also prides themselves on value,

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Speaker 1: but they also have these alternative business dreams that are

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Speaker 1: starting to pop up into their business. And it's things

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Speaker 1: like advertising, things like uh, first party and third party marketplaces,

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Speaker 1: fulfillment services, healthcare, financial services, all these things we're kind

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Speaker 1: of non existing for a lot of these companies. Five

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Speaker 1: ten years ago, and these are very uh passet light,

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Speaker 1: high margin businesses, and as these business continue to grow,

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Speaker 1: I think these retailers can continue to invest in the

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Speaker 1: core retail bus in an area like wages and so forth,

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Speaker 1: and continue to grow the bottom line. All right, good

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Speaker 1: stuff are in sunder. I'm senior equity research analyst at

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Speaker 1: cfre A breaking down the Walmart numbers. We had some

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Speaker 1: retail sales numbers come out this morning. Pretty darn solid

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Speaker 1: for the consumer there. Let's break it down, Angie Solanki,

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Speaker 1: National director of Retail Services for the United States for Colliers.

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Speaker 1: Angie again, you know, we kind of had the retail

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Speaker 1: sales numbers. They look pretty good to me. What is

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Speaker 1: your takeaway? I completely agree with you. Um, there's a

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Speaker 1: lot of resiliency that we're seeing, and so as you stated,

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Speaker 1: sales are up, we saw an increase by seven percent

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Speaker 1: year over year, so that's incredible. I think what we're

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Speaker 1: really seeing right now is people are coming back to

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Speaker 1: work and there's been a nice healthy increase in the

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Speaker 1: apparel side, UM, where people are saying, hey, it's time

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Speaker 1: to kind of get back into some new clothes and

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Speaker 1: head on back into the office. Here. Even though it's

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Speaker 1: a shorter week, people still want to look good. Do

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Speaker 1: we not have to be concerned about savings rates? They've

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Speaker 1: dropped back below pre pandemic levels right now we're looking

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Speaker 1: at six point two percent and um. Goldman Sachs, chief

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Speaker 1: economist on hopsis today said that consumers are reaching for

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Speaker 1: leverage again. Um. Are we getting to that kind of

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Speaker 1: good old American place where we spend more than we make?

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Speaker 1: We are? Um? I think there's still a balance between

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Speaker 1: that because I think people are still you know, looking

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Speaker 1: at inflation, what's going on from more macroeconomics. But nonetheless,

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Speaker 1: you know, they've been saving for quite a while now,

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Speaker 1: and so a little spend, not percent, but even just

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Speaker 1: more and spend from their perspective is not a bad thing.

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Speaker 1: I think we need to really look at how we're

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Speaker 1: taking the spend and where we're seeing some of those

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Speaker 1: increases that we look at, For example, the increase in

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Speaker 1: just spending restaurants, it's a nice healthy growth of two.

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Speaker 1: So andre we kind of had a mixed bag in

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Speaker 1: terms of the retail earnings today. Home Depot pretty good

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Speaker 1: to be able to pass along price increases, Walmart not

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Speaker 1: so much, and the stocks down about So as you

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Speaker 1: look at those two big, big retailers, how did you

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Speaker 1: think about that at vs. To be the consumer? You know,

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Speaker 1: I think it's just um, if you really take a

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Speaker 1: look at the consumer and their spends between Home Depot

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Speaker 1: and Walmart, Walmart definitely did see a little bit of

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Speaker 1: a softening. I just I think, in my opinion, what

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Speaker 1: we're seeing here is just a slight shift. I think

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Speaker 1: we're going to see that come back, you know, to spend.

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Speaker 1: You know, the shock of gas prices going up, you

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Speaker 1: know several weeks ago to uh, you know, the lack

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Speaker 1: of certain products. A lot of that takes into account

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Speaker 1: how we're spending or how consumers are spending. I think

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Speaker 1: it's just a a you know, a softening, but not

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Speaker 1: a trend that we're going to continue to see with Walmart.

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Speaker 1: What do you think which which retailers are going to

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Speaker 1: do the best with American consumers this year? I mean, Walmart,

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Speaker 1: call us Co, target, those those retailers that offer consumers discounts,

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Speaker 1: Are they going to be the strongest most? Definitely, grocery

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Speaker 1: is going to still be strong. Our mass merchandisers, the

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Speaker 1: names you just mentioned are going to be continue to

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Speaker 1: be strong. The dollar General and family Dollar brands are

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Speaker 1: going to continue to be quite strong as well. So

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Speaker 1: although we're seeing this um movement towards going back to

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Speaker 1: mass merchandising, buying in bulk, et cetera, that's where you'll

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Speaker 1: see the winners, but we're also continuing to see you know,

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Speaker 1: retail overall still gained momentum. I think this was a

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Speaker 1: really uh, you know, something important to for us to

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Speaker 1: take a look at. You know, NRF just mentioned that

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Speaker 1: US retailers announced nearly seven times as many store openings

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Speaker 1: as closing first quarter of this year. Interesting. So you know,

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Speaker 1: how about the grocery business there, Boy, when you talk

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Speaker 1: about inflation, a lot of the stories we see and

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Speaker 1: here are just extraordinary increases in food prices. How do

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Speaker 1: the grocers kind of deal with that? You know, if

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Speaker 1: you if we think about the grocery segment, their margins

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Speaker 1: are you know, quite tight in terms of pre pandemic.

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Speaker 1: I mean this is going back in my career almost

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Speaker 1: twenty five years ago. That was the talk about, you know,

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Speaker 1: how tight margins are in that sector. And so it's

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Speaker 1: really about volume, loyalty, consumer loyalty, etcetera. I think that's

430
00:23:33,160 --> 00:23:37,320
Speaker 1: just compounded where we are today mostly due to cost

431
00:23:37,520 --> 00:23:42,480
Speaker 1: in you know, the supply chain, in labor, cost um

432
00:23:42,560 --> 00:23:45,399
Speaker 1: and just doing business in general. So you know, in

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00:23:45,560 --> 00:23:50,240
Speaker 1: order for grocers to continue to be UM successful and

434
00:23:50,320 --> 00:23:54,480
Speaker 1: albeit I'm not speaking of costco uh and in the

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00:23:54,560 --> 00:23:57,440
Speaker 1: larger brands um in the math margins because they've seen

436
00:23:57,880 --> 00:24:02,359
Speaker 1: increases year over year around twelve UM. You know, these

437
00:24:02,440 --> 00:24:05,760
Speaker 1: grocers are still you know, looking out. Okay, how do

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00:24:05,800 --> 00:24:09,199
Speaker 1: we differentiate, how do we get in front of the

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00:24:09,200 --> 00:24:13,000
Speaker 1: consumer on a consistent basis, And that's why you're seeing

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00:24:13,119 --> 00:24:16,720
Speaker 1: more and more you know, online shopping. UM, you know,

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00:24:16,840 --> 00:24:21,800
Speaker 1: demand delivery, shortening that demand window from instead of same

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00:24:21,920 --> 00:24:25,360
Speaker 1: day too in the next two hours. So we'll continue

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00:24:25,400 --> 00:24:29,480
Speaker 1: to see that to just grab that loyalty share from

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00:24:29,560 --> 00:24:32,040
Speaker 1: some of these consumers. All right, Angie, thank you so

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00:24:32,160 --> 00:24:35,520
Speaker 1: much for that overview. We have a lot of retail

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00:24:35,520 --> 00:24:37,439
Speaker 1: sales dated, a lot of consumer a lot of retail

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00:24:37,600 --> 00:24:39,879
Speaker 1: numbers coming out of Walmart and home depot. Going to

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00:24:40,119 --> 00:24:42,240
Speaker 1: part it all out and break it down, Angie Shalanki,

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Speaker 1: National director of Retail Services for the United States for Colliers.

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00:24:46,720 --> 00:24:50,119
Speaker 1: That's a NASTAC traded UH company c I g I

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00:24:50,400 --> 00:24:55,520
Speaker 1: is the ticker here. Thanks for listening to the Bloomberg

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Speaker 1: Markets podcast. You can subscribe and listen to interviews with

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Speaker 1: Matt Miller. I'm on Twitter at Matt Miller y three

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Speaker 1: and on Fall Sweeney I'm on Twitter at pt Sweeney.

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