WEBVTT - Great Clips CEO on Coronavirus Impact on Retail

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Jason

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<v Speaker 1>Kelly on Bloomberg Radio. All right, so I have been

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<v Speaker 1>the beneficiary of this company's good work. There. Look, we're

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<v Speaker 1>talking about Great Clips. The CEO is here, Steve Hackett

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<v Speaker 1>is his name. He's based out in Minnesota in the

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<v Speaker 1>Twin Cities area. He's here with us in New York

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<v Speaker 1>City today. Steve. Great to have you with us. Thank you,

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<v Speaker 1>It's great to be here. How crazy is it for you?

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<v Speaker 1>For I'm just gonna ask you how crazy is it

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<v Speaker 1>for you guys? Right now? It's really crazy. I say

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<v Speaker 1>your team in our our green room, and they're like,

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<v Speaker 1>we've been NonStop. Yes we have. We have, and we've

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<v Speaker 1>got across the U. S And Canada. The franchise is

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<v Speaker 1>they employed forty thousand stylus. We do over two million

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<v Speaker 1>haircuts a week. So there's a out of moving parts

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<v Speaker 1>that we've got to manage as we represent the Great

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<v Speaker 1>Clips brand. Are you down? Not yet? What we want

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<v Speaker 1>to do? The reason I'm here in New York we're

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<v Speaker 1>headquartered in Minneapolis is we preach balance and calm, and

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<v Speaker 1>we also want to be smart and forward thinking and

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<v Speaker 1>we want to be nimble, um, and I wanted to

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<v Speaker 1>come out of rather than saying, hey, I'm gonna avoid

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<v Speaker 1>New York City, because that's what we talked to Our

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<v Speaker 1>franchise is about. We we want to do the right thing,

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<v Speaker 1>but we want to have what I call an agile

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<v Speaker 1>mindset to what a good decision today maybe a different

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<v Speaker 1>decision tomorrow. And the decision I'm making for tomorrow may

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<v Speaker 1>have to change by tomorrow night. And that that agile

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<v Speaker 1>approach is key as we're a retail business and people

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<v Speaker 1>have to put their hand in our door handle to

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<v Speaker 1>come in. But at the same time, we are going

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<v Speaker 1>to be careful and we're gonna be our customers. We

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<v Speaker 1>want to protect our stylus. We we have that care

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<v Speaker 1>as an element of who we are. And so it's

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<v Speaker 1>a balance that right, Well, and let's take it a

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<v Speaker 1>step further. In addition to you know, people putting their

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<v Speaker 1>hand on your door handle, you know, getting a haircut

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<v Speaker 1>is a pretty intimate act, you know, darn. You know,

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<v Speaker 1>like there's a lot of like human to human contact

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<v Speaker 1>and something you know, in the age of social distance

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<v Speaker 1>that we're worrying about. You also have a franchise system.

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<v Speaker 1>How do you sort of ensure that everybody is doing

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<v Speaker 1>the right thing well on the first point, on the

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<v Speaker 1>social distance, it is interesting to hear people talk about

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<v Speaker 1>stay six ft apart, three ft apart. Well, a haircut

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<v Speaker 1>your zero right. So we cleanliness, sanitizing. I mean, that

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<v Speaker 1>is a big part of what we have done since

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<v Speaker 1>our start. It's what all hair salons do. I mean,

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<v Speaker 1>our stylists are very skilled at the cleanliness and sanitization

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<v Speaker 1>because we do that every day. We are ramping it up.

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<v Speaker 1>How do we do more? How do we have more diligence?

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<v Speaker 1>Do more of that now? But that's a key thing,

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<v Speaker 1>So Jason, as we work with our franchise e s,

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<v Speaker 1>we we we we explain that, but we give them tools.

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<v Speaker 1>And we have a big community Asian going out literally

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<v Speaker 1>in the next forty minutes to our franchisees and and

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<v Speaker 1>uh and so how do we communicate with them and

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<v Speaker 1>give them tools so they can deal with their staff

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<v Speaker 1>and and be pillars in their community, but yet be

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<v Speaker 1>smart about this whole situation. Hey, I gotta ask, is Steve.

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<v Speaker 1>One of the conversations we've been having here in the

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<v Speaker 1>newsroom is Okay, so what do you do you know

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<v Speaker 1>some of us work for companies where if we stay home,

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<v Speaker 1>we're gonna get paid and there's no problem about that.

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<v Speaker 1>We can make the mortgage, we can pay our bills,

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<v Speaker 1>no matter kind of how long this goes on. For

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<v Speaker 1>a lot of workers are hourly workers that if they

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<v Speaker 1>don't show up, they don't get paid. So I'm curious.

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<v Speaker 1>Tell me about your policy that you want a sick

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<v Speaker 1>worker to stay home, but they might not because they

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<v Speaker 1>need They know they need to come to work because

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<v Speaker 1>they can't afford not. So what are you doing to

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<v Speaker 1>ensure that workers who maybe should stay home due Um,

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<v Speaker 1>I'm just curious. Yeah, And it's it's what we're faced with.

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<v Speaker 1>We have great jobs and great clips, salons and and uh,

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<v Speaker 1>as I said, we have forty stylists, but they are

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<v Speaker 1>hourly wage workers. That's just the great jobs. But there

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<v Speaker 1>are early wages, so that is that balancing act. I'm

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<v Speaker 1>talking about where they want to work because that's they

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<v Speaker 1>don't want disruption. But yet there is disruption, and there's

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<v Speaker 1>epicenters around the country, and and we work with franchise

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<v Speaker 1>e s. How do they how do they move staff

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<v Speaker 1>between their salons if they can, how do they kind

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<v Speaker 1>of handle reducing hours possibly rather than just laying off people,

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<v Speaker 1>how do they uh manage and work? Because when this passes,

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<v Speaker 1>they want to ramp back up. So the goal here

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<v Speaker 1>isn't for franchise e's. They're not just saying I'm going

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<v Speaker 1>to get rid of employees. They're struggling with it because

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<v Speaker 1>they want to keep employees. They know that their livelihood

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<v Speaker 1>is based on being paid. But tips are down, and

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<v Speaker 1>so how do you don't have a policy to say, listen,

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<v Speaker 1>you're sick, you can stay for you. Well, the franchise

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<v Speaker 1>see again that that we have the layer where the

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<v Speaker 1>employees aren't Greek clips and employees and a franchise system

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<v Speaker 1>of the employees of the franchise. So we work with

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<v Speaker 1>the franchise's to say, hey, if your employees are sick,

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<v Speaker 1>suggests they stay home. They have to do that, that's

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<v Speaker 1>the smart thing to do. But the employees have to admit, hey,

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<v Speaker 1>I'm not feeling well. I mean, we don't have we're

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<v Speaker 1>not franchisees aren't taking temperature. So will the franchisees pay

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<v Speaker 1>them if they stay home? Some of them will, and

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<v Speaker 1>I know some of them are doing that, and that

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<v Speaker 1>they're saying, how do we I want this employee to

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<v Speaker 1>be a great employee and this is unfortunate that they

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<v Speaker 1>don't feel well in this situation, So how do I

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<v Speaker 1>keep them? And some will absolutely pay their employees in

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<v Speaker 1>a self quarantine or stay home because frankly, we have

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<v Speaker 1>more customers coming into our salons and the first ten

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<v Speaker 1>months of this year have been awesome, best best first

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<v Speaker 1>ten weeks, excuse me, not months, ten weeks, then the

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<v Speaker 1>last four or five years, and now this coronavirus is

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<v Speaker 1>going to take the edge of but we know when

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<v Speaker 1>this passes, if it does sixty days, ninety days, five months,

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<v Speaker 1>customers are going to come roaring back. Because we're we're

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<v Speaker 1>normously don't know that yet through last Friday, uh and

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<v Speaker 1>the Great Clips Business weekends on Friday, we've had a

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<v Speaker 1>great start to the year. Do I expect that the

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<v Speaker 1>slowdown when you've heard all the cancelations today? I mean

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<v Speaker 1>Ohio even closed their schools this afternoon and right, and

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<v Speaker 1>so that's going to have an impact, and we do

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<v Speaker 1>not have our heads in the sand. You are listening

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<v Speaker 1>to Bloomberg Business Week still with a Steve Howckett, CEO

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<v Speaker 1>of Great Clips, and Steve, I'm guessing you thought, wow,

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<v Speaker 1>we've got these great partnerships lined up. NHL, people love hockey.

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<v Speaker 1>You had a really cool like hashtag hockey hair uh

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<v Speaker 1>thing going on promotion that leverages social media, March Madness,

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<v Speaker 1>best time of the year. Well here we are, no

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<v Speaker 1>March Madness, NHL suspending its season. How do you react

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<v Speaker 1>to something like that. It's really interesting. It's moving so

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<v Speaker 1>fast because yesterday the n C Double A was doing

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<v Speaker 1>no fans and stands and and when we started, yeah,

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<v Speaker 1>but we could work with that and uh and in

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<v Speaker 1>the NHL had still there, hadn't suspended their season, and

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<v Speaker 1>then you know, by a little bit ago with the

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<v Speaker 1>n C Double A canceling March Madness, Yeah, we're done.

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<v Speaker 1>We love both of those those uh entities, those groups,

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<v Speaker 1>the n C Double A, the National Hockey League, what

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<v Speaker 1>they represented to our our customers, because our customers are

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<v Speaker 1>their fans and their fans are our customers across the U.

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<v Speaker 1>S And Canada for both. We're excited to launch this

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<v Speaker 1>n C Double A March Madness partnership and it's really

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<v Speaker 1>a multi year relationship with all in n C Double

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<v Speaker 1>A Sports starting now. Yeah, we're it's a bit disappointing,

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<v Speaker 1>but we understand because the the the health of the fans,

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<v Speaker 1>the health of all the athletes in both sports is

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<v Speaker 1>really key. Well, it's a reminder that you know, we

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<v Speaker 1>tried to figure out the costs of the virus, and

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<v Speaker 1>we understand when events don't happen or you don't take

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<v Speaker 1>a trip or so and so forth. But right this

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<v Speaker 1>is kind of antillarya in terms of revenue generating, right

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<v Speaker 1>for you guys, But it's going to impact it sure

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<v Speaker 1>because you do these partnerships and sponsorships because you want

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<v Speaker 1>you want to grow your business. Right well, yes, exactly,

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<v Speaker 1>and you want to grow your business. So the fact

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<v Speaker 1>that there the n C Double A canceled, March Madness

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<v Speaker 1>is gone. We're gonna still work with the n C

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<v Speaker 1>Double A, and we hope next year with Martin Magin

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<v Speaker 1>March Madness, we come out. All of us are going, hey,

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<v Speaker 1>I'm my bracket. I can't wait. Um. But the NHL

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<v Speaker 1>depends on how this coronavirus plays out over next couple

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<v Speaker 1>of months. They may have some of their playoffs, they

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<v Speaker 1>may have a way to do that, and we're working

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<v Speaker 1>with them and and if they do that, we will

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<v Speaker 1>be a part of that, and we're we would be

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<v Speaker 1>excited to to continue to leverage that relationship. So what

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<v Speaker 1>would you say is that the thing that is most

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<v Speaker 1>misunderstood about your business at this point? I mean haircuts.

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<v Speaker 1>You can't take them online, so you don't need to

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<v Speaker 1>worry about Amazon necessarily getting into your business. Uh, hope,

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<v Speaker 1>hope um. And to leave me as someone who is

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<v Speaker 1>a great Clips, longtime great Clips customer. I've tried it

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<v Speaker 1>at home even with my complete or almost total lack

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<v Speaker 1>of hair, I still look better if I have a

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<v Speaker 1>professional do it. But what's a challenge that, Well, you

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<v Speaker 1>get your hair cut like every week or two weeks. Yeah,

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<v Speaker 1>what's at a number two or three all over? Let's

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<v Speaker 1>say it's a one one and a half. Okay, I'm

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<v Speaker 1>not a stylust now close. Yeah it's a little long clippard.

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<v Speaker 1>We're talking about clipper guard carols. Like, what are these

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<v Speaker 1>numbers make? I have no idea what you're talking about. So, yeah,

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<v Speaker 1>our our business is uh, it's an awesome business because

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<v Speaker 1>we deal with every day. But you started as as

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<v Speaker 1>a franchise, started as a franchise as twenty seven years

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<v Speaker 1>old in low number hundred and fifty and now we

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<v Speaker 1>have over so I've seen Great Clips grow and expand

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<v Speaker 1>and I've been there, not at the start, but when

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<v Speaker 1>we already going kind of the frontier days and now

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<v Speaker 1>we're very well established. UH and so it is it's

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<v Speaker 1>a we Last year we did hundred and twelve million haircuts.

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<v Speaker 1>This year a hundred hundred and twenty million haircuts. We

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<v Speaker 1>touched people insuing stat um last year we had thirties

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<v Speaker 1>six million unique customers come in, so out of the

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<v Speaker 1>US and Canada, that's almost ten percent of the population

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<v Speaker 1>was a unique customer to Great Clips. And we're just

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<v Speaker 1>the small little franchise system out of the heartland that's

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<v Speaker 1>the biggest hair care chain and uh in North America

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<v Speaker 1>but basically the world. Two quick questions, husticky is it

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<v Speaker 1>once you get a cut customer, how long do they

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<v Speaker 1>stay with you? And how much you know does it

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<v Speaker 1>then extend to the broader family and that kind of

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<v Speaker 1>thing and your app? How does that help in driving business?

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<v Speaker 1>Because digital is so so the first part Um. We

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<v Speaker 1>we we track our customers. Every customer comes in, we

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<v Speaker 1>know when they come in, we know when they come back,

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<v Speaker 1>We track if they come back within a set period

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<v Speaker 1>of time. We know that that's important to growth. We

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<v Speaker 1>know when people come in and then don't come back

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<v Speaker 1>on their cycle, which means they probably to a competitor,

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<v Speaker 1>So how do we market to them. We know a

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<v Speaker 1>customer comes in seven or more times a year, we

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<v Speaker 1>call him a great customer. Is awesome. They're probably coming

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<v Speaker 1>to us for every one of their haircuts, thank you,

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<v Speaker 1>Jason um And and so we track all that because

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<v Speaker 1>we have the data and that that is very important

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<v Speaker 1>to us. Again, we're a haircut, but we're we innovate

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<v Speaker 1>around that haircut with technology and we know our customers

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<v Speaker 1>and so the app can totally change our business. We

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<v Speaker 1>have twelve and a half million downloads of the app

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<v Speaker 1>right now. We do about two and a half three

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<v Speaker 1>million downloads a year. But it's really that you can

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<v Speaker 1>check your weight times and then you can get on

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<v Speaker 1>the wait list, so you on your time, you burn

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<v Speaker 1>up your any weight that you have versus citing in ours.

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<v Speaker 1>That was the brilliant that that's the brilliance of it

0:11:44.160 --> 0:11:46.400
<v Speaker 1>is is the weight time. Yeah, And the key for

0:11:46.520 --> 0:11:50.280
<v Speaker 1>us and CURL to your point is seconds. The algorithm works.

0:11:50.520 --> 0:11:52.440
<v Speaker 1>That's the key to online checking all right, you're gonna

0:11:52.480 --> 0:11:53.760
<v Speaker 1>have to come back and see us. We've got a

0:11:53.760 --> 0:11:57.079
<v Speaker 1>lot more questions for you. Really appreciate the visit. Steve Hockett,

0:11:57.120 --> 0:11:59.880
<v Speaker 1>CEO of Great Clips, and good luck through everything because

0:11:59.880 --> 0:12:01.840
<v Speaker 1>I know it's a tough time for everybody.