WEBVTT - Scholars Corner: Foot Locker is Closing 400 Stores

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security, four

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<v Speaker 2>hundred foot locker locations have been closing.

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<v Speaker 3>By twenty twenty six. Inside the moles, so we gotta

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<v Speaker 3>be very secipid.

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<v Speaker 4>Yeah, foot locker, they they were done once. Nike stop. Right,

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<v Speaker 4>Nike doesn't have the shoes and full locker anymore.

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<v Speaker 5>They still have them. They were, they're pulling back, they're

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<v Speaker 5>pulling theervatory.

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<v Speaker 3>Yeah locker.

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<v Speaker 5>Yeah, that's tough because I mean they're just a retail

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<v Speaker 5>that just supplies provides other retail stores equipment. Right, So

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<v Speaker 5>like they don't have a shoe, they don't have their

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<v Speaker 5>own clothing.

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<v Speaker 3>They just stock bran shirts in there. Those those are

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<v Speaker 3>bad though.

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<v Speaker 5>Those are like lapping tappy, lapping tappy, you know what

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<v Speaker 5>I mean.

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<v Speaker 3>It was a good pre internet model.

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<v Speaker 5>The thing is that and again this is another pandemic issue, right,

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<v Speaker 5>Nike was one of it. I mean, how many retail

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<v Speaker 5>stores do they have, not many, but they make a

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<v Speaker 5>killing digitally, right, so that the Nike app I told

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<v Speaker 5>you every Saturday, any day that they put out release,

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<v Speaker 5>it's almost guaranteed that the item is going to sell out.

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<v Speaker 5>The merchandise get sold online. They don't really need a

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<v Speaker 5>brick and mortar store to be a successful business. And

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<v Speaker 5>so why pay another brand or another company to put

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<v Speaker 5>their merchandise inside of it when they get to sell

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<v Speaker 5>it online?

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<v Speaker 3>Right?

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<v Speaker 5>And you see Adida doing the same thing. They have

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<v Speaker 5>their own flagship stores. And so if you take all

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<v Speaker 5>these brands start saying, hey, we're just going to have

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<v Speaker 5>our own flagship stores, and you're the store that you

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<v Speaker 5>supply all of them at the same place, I mean,

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<v Speaker 5>you almost kind of become irrelevant. Right Like we saw

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<v Speaker 5>east Bay was one of the brands that was under them,

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<v Speaker 5>and east Bay doesn't exist anymore, right, So they have

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<v Speaker 5>a few other brands under them, Champs, and I'm not

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<v Speaker 5>chaming to finish one. These are brands that are underneath them,

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<v Speaker 5>and they're designed to sell different types of merchandise. It's

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<v Speaker 5>different demographics, like for young teens and for you know,

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<v Speaker 5>specifically for women. I know they had a store, but

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<v Speaker 5>if everybody's moving online, and if you have competitions from

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<v Speaker 5>stores like yeah, Lululemon as far as the apparel, I mean,

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<v Speaker 5>it's gonna be a tough proposition.

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<v Speaker 3>Another thing.

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<v Speaker 5>And I think it's smart that they look, we're not

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<v Speaker 5>going inside the malls. We we spoke about walls as

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<v Speaker 5>as far as commercial real estate, like it's a it's

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<v Speaker 5>it's a dead business. People are not going inside the

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<v Speaker 5>malls at the same rate. I don't see it happening

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<v Speaker 5>in the future. You shouldn't. Why have your store inside there.

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<v Speaker 5>You're paying the lease and you're not making money, So

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<v Speaker 5>what's the point.

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<v Speaker 3>Yeah, you're dead. We gottat. We're gonna put them on

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<v Speaker 3>the away.

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<v Speaker 4>Second, foot Locker is native apparel that they sells like.

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<v Speaker 4>It's the equivalent of shopping at Walmart. Nothing wrong with

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<v Speaker 4>shopping at Walmart.

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<v Speaker 3>Not nothing wrong with it's just the equivalent of it.

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<v Speaker 6>We know some dudes us, Yeah, Champion used to be

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<v Speaker 6>in Walmart.

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<v Speaker 4>No, I never shot, but respects to anybody that does.

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<v Speaker 3>To everybody, foot Locker is the equivalent of Walmart.

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<v Speaker 4>So I'm saying that to say that's not something that's

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<v Speaker 4>sustainable just using their own merchant nice. Yes, So you

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<v Speaker 4>know it's it's not a good business model to rely

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<v Speaker 4>heavily on other brands because in the case when Nike

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<v Speaker 4>decides to pull thirty percent of their merchandise from your stores,

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<v Speaker 4>your screw.

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<v Speaker 3>Yeah that's gonna be that' you're gonna take a hit.

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<v Speaker 4>Yeah, shout out to YouTube seven thousand people. Mission accomplished,

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<v Speaker 4>Mission accomplished, seven thousand. We gotta treat for you, guys.

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<v Speaker 4>So let's get this coming through. Let's get this bad

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<v Speaker 4>boy up to seventy five hundred.

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<v Speaker 3>I mean we didn't say it, but we could.

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<v Speaker 5>That's we mean we can put this under the easy effect, right, Kanye.

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<v Speaker 5>If you think about what people are buying it at

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<v Speaker 5>from Adida inside of these.

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<v Speaker 4>Stores, nobody buys from the store. Nobody buys from stores anyway.

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<v Speaker 3>People still line up outside and they sitting on a

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<v Speaker 3>lot of it was a specialty stores though.

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<v Speaker 4>Yeah, but those are like those sneakers, like the House

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<v Speaker 4>of Hoops and like those stores people.

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<v Speaker 6>Yeah, really quick, can we name the liabilities that foot

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<v Speaker 6>locker may have? Real quick to give like a fundamental analysis,

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<v Speaker 6>So like employee cost structures is locked in. They're probably

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<v Speaker 6>paying what twenty five thousand to fifty thousand per month

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<v Speaker 6>in rent?

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<v Speaker 3>Yeah, clothing line is a liability.

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<v Speaker 7>The employees a brick and mortar rent that you're paying

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<v Speaker 7>inventory influx, the inventory influx, the seasonal fluctuation.

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<v Speaker 4>Sure, you know, you go all earners.

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<v Speaker 3>What's up?

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<v Speaker 5>You ever walk into a small business and everything just works,

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<v Speaker 5>Like the checkout is fast, the seats are digital, tipping

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<v Speaker 5>is a breeze, and you're out the door before the

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<v Speaker 5>pushing your vision forward. This episode is brought to you

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<v Speaker 5>by P and C Bank. A lot of people think

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<v Speaker 5>P and C Bank National Association Member FDIC.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas. Man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and to port you

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<v Speaker 1>will never return. But if you register using our CBP

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<v Speaker 1>home app and leave now, you could be allowed to

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<v Speaker 1>return legally, do what's right. Leave now. Under President Trump,

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<v Speaker 1>America's laws, border and families will.

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<v Speaker 2>Be protected sponsored by the United States Department at Homeland

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<v Speaker 2>Security HAIZY during during the winter and then it cools

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<v Speaker 2>off for other months.

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<v Speaker 5>Or if you don't have like we just had a

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<v Speaker 5>winter where we didn't need certain inventorya like how many

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<v Speaker 5>pairs of boots were you wearing this winter?

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<v Speaker 3>How many coats were you win? I mean it was

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<v Speaker 3>a mild winter.

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<v Speaker 5>And so then again, now you have a massive inventory

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<v Speaker 5>that you didn't move.

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<v Speaker 6>Thirty two in New York is a my winter because

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<v Speaker 6>y'all kept saying that when I was there and I

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<v Speaker 6>was free, that we could live with thirty two as

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<v Speaker 6>long as it's like no, no snow, snowstorm.

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<v Speaker 4>And here's another thing in business. You either what I realized,

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<v Speaker 4>in business, this is a gym. You either want to

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<v Speaker 4>be low low end or high end high end. Yes,

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<v Speaker 4>the middle end gets screwed so low in like this

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<v Speaker 4>is Target, This is Walmar, aren't you general? You make

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<v Speaker 4>a lot of money on the low end. And this

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<v Speaker 4>is why like people, I think even Kim Kardashi at

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<v Speaker 4>one point point of closing, like Target one of these

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<v Speaker 4>low end. These these people make a lot of money.

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<v Speaker 4>And then the high end like Rolex and like Chanelle

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<v Speaker 4>Bags and Louis Vauton, they're a kind of recession proof

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<v Speaker 4>and they still make money in any type of economic

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<v Speaker 4>environment because the rich get richer when the poor get poor.

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<v Speaker 4>It's the middle section that has a bad business model.

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<v Speaker 4>This is why all of these middle brands go out

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<v Speaker 4>of business, like models like a.

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<v Speaker 3>Foot locker like.

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<v Speaker 4>Applebee's is struggling, like it's these middle brands that that

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<v Speaker 4>are struggling.

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<v Speaker 3>Like people don't even go to cheesecake anymore. Remember out Steakhouse?

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<v Speaker 3>Remember Outback Steakhouse.

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<v Speaker 4>I haven't seen them exactly, but McDonald's is still Here's

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<v Speaker 4>a fact, like you know what I'm saying, And McDonald's

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<v Speaker 4>still here. And so when you when you're thinking of

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<v Speaker 4>making your business, yeah, low end or high end, think

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<v Speaker 4>about that, and then also think about having a product

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<v Speaker 4>that's actually a necessity like that you really need, because

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<v Speaker 4>that's another way to kind of survive hard times where

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<v Speaker 4>you need something so you really can't go without it.

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<v Speaker 6>Or hypermodels good like McDonald's stay sell or low end products,

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<v Speaker 6>but the high end asset in the business is really

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<v Speaker 6>the real estate that they.

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<v Speaker 5>Own right right, right right, And that's again the reason

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<v Speaker 5>why you wouldn't be inside of them all.

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<v Speaker 3>Absolutely, there you go. It's tough.

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<v Speaker 6>We're going through a cataclysmic change in real time, and

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<v Speaker 6>it's really an extension. I mean, I want to go

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<v Speaker 6>look at the chart one day and maybe we can

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<v Speaker 6>do next week. But if we take our quantitative ease

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<v Speaker 6>in from two thousand and eight and kudos to Obama through, now,

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<v Speaker 6>did we lose two decades from two thousand to twenty twenty,

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<v Speaker 6>Like that's scary to think about. Like technically, without quantitative easing,

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<v Speaker 6>we would have been like flat or like slightly above

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<v Speaker 6>break even. But then they want to say, well, black

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<v Speaker 6>people run the market in the house, Oh, y'all.

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<v Speaker 3>Run the market. Black people didn't put them loans through.

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<v Speaker 3>Let people mind me your fourteen houses? Wow, wild West,

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<v Speaker 3>there's well, Matt did mls math just mols numbers? What

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<v Speaker 3>you're doing?

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<v Speaker 5>This is just jokes, Mater, I love you, shout out

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<v Speaker 5>the MG man. A lot was learned on those sounds,

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<v Speaker 5>you know what. Yeah, but you're right, it's a unique time.

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<v Speaker 5>But I think the most important thing is that awareness

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<v Speaker 5>is at a premium, right, and that's why people are here,

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<v Speaker 5>and that's why they they tune in the market. Mondays,

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<v Speaker 5>because you can't say that you didn't know, You can't

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<v Speaker 5>say that you weren't made away. What you choose to

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<v Speaker 5>do with the information now or how you choose to

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<v Speaker 5>execute or implement it will be up to you. But

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<v Speaker 5>the fact that it's like because some people might say

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<v Speaker 5>in two thousand and eight bad they knew what was happening,

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<v Speaker 5>but they didn't understand it. Yeah, I think every week

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<v Speaker 5>we're coming here, every time something happens, we're given a

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<v Speaker 5>pretty good explanation of what's happening, and so that you know,

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<v Speaker 5>we can make educated decisions.

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<v Speaker 8>Now, my graduates from my school being forced back drop drop,

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<v Speaker 8>Mike drop backdrop drop.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from El Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy Noman the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fine nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will be protected.

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<v Speaker 3>Sponsored by the United States Department of Homeland Security,