AND 1/2% JAPAN TRADED UP ABOUT
ONE HALF OF 1%, STIMULUS IS IN
FOCUS, LAWMAKERS GEARING UP
FOR A HOUSE VOTE ON THE
PROPOSED 1.9 TRILLION-DOLLAR
STIMULUS BILL, THIS FRIDAY.
THIS COME AS BIDEN
ADMINISTRATION ANNOUNCED
PLAVENS TO CHANGE TO PPLOANS
TO AASSIST SMALL BUSINESS
FOCUSING ON MINORITY OWNED
BUSINESSES AS WELL AS THOSE
DIFFICULTY GETTING FOR HE
GIVABLE LOANS THE FORMER CEO
WALMART USA WSS VENTURE
HOLDINGS PRESIDENT BILL SIMON
THANK YOU VERY MUCH FOR BEING
HERE YOUR REACTION, TO THIS
BILL IN WASHINGTON.
HOW ARE YOU EXPECTING THIS
EXCLUSIVE TO AFFECT THE RETAIL
INDUSTRY?
>> WELL I THINK SOME OF THE
STIMULUS WILL GET THROUGH, YOU
KNOW, WHAT FORM OR FASHION
ENDS UP COMING THROUGH I STILL
THINK REMAINS TO BE SEEN.
WE DO NEED A BRIDGE TO GET TO
THE OTHER SIDE I THINK GETTING
CLOSE TO THE OTHER END OF THIS
THING, BUT THE CONSUMER AND
MANY, MANY SMALL INDEPENDENT
RETAILERS NEED HELP TO BRIDGE
THEIR WAY OTHERWISE WE ARE IN
A COMPLETELY DIFFERENT PLACE.
SO I AM HAPPY THAT IT IS
PROGRESS, I DO AGREE A LOT OF
STUFF IN THERE PROBABLY NEEDS
TO GET A GOOD LOOK AT IF NOT
COVID RELATED MAYBE THEY OUGHT
TO WAIT ON THAT.
>> 5 TRILLION DOLLARS IN
ECONOMY HITTING A ECONOMY
ABOUT A YEAR.
AT SOME POINT YOU’VE GOT TO
SAY WOW!
IF IT WASN’T WORKED HAD A
SIGNIFICANT MOVE YET WE NEED
TO OPEN THE ECONOMY SEE IF
ACTUAL WILL MOVE WITH
NORMALIZED THE "THE WALL
STREET JOURNAL" WITH A PIECE
ON EMPLOYMENT IN BLUE-COLLAR
SECTORS CONSTRUCTIONING
WAREHOUSING REACHING
PRE-PANDEMIC LEVELS, OVERALL
ROUGHLY 5% LOWER E-COMMERCE A
BIG TAKE YOUR TAKE ON BLUE
COLLAR WORKFORCE BEGINNING TO
BENEFIT FROM -- FROM A HE
STRENGTHENING JOBS MARKET IT
SEEMS.
>>.
>> I THINK THAT IS EXCITING
FOR COUNTRY AND THE ECONOMY.
YOU KNOW, WE’VE WENT THROUGH A
REALLY LONG PERIOD WHERE I
KNOW THE ONLY JOBS THAT WERE
AVAILABLE WERE SERVICE JOBS
RESTAURANTS AND RETAIL AND
THEY ARE GREAT JOBS, BUT THEY
DON’T HAVE THE CAREER
PROGRESSION YOU MIGHT LIKE TO
SEE FOR MANUFACTURING,
INDUSTRIAL, BLUE COLLAR
COMMERCIAL WAREHOUSING AND
INSTRUCTION SO THE COMBINATION
OF THE HOUSING BOOM THAT IS UNDERWAY I THINK, AND THANK
UNDERWAY I THINK, AND THANK
YOU KNOW, AWAREHOUSING TO WORK
WITH DRIVERS WILL DRY WAGES UP
BEST WAY TO MOVE UP A LOT OF
DISCUSSION ABOUT STARTING WAGE
MINIMUM WAGE WAGE THE
IMPORTANT NUMBER IS PROGRESS
IN A PERSON’S ABILITY TO MOVE
THROUGH WAGE CYCLE NOBODY
WANTS TO BE MINIMUM WAGE
WHETHER 12 DOLLARS OR 8 AS
THERE ARE OR 15 DOLLARS THEY
WANT TO SEE THEMSELVES
PROGRESS THROUGH WAGE SCALES I
THINK THIS IS FANTASTIC AN
IMPORTANT POINT I WANT TO
DRILL DOWN ON IT 15 DOLLAR
MINIMUM WAGE REPORTEDLY WILL
CAUSE JOB CUTS, BECAUSE THERE
ARE CERTAIN SMALL BUSINESSES
WHO WILL NOT BE ABLE TO MAKE
IT, IF THEY HAVE TO PAY 15
DOLLARS AN HOUR WHAT ARE YOUR
THOUGHTS ON THE IMPLEMENTATION
OF 15 DOLLAR AN HOUR, AND WHAT
THAT IS GOING TO MEAN FOR
RETAIL?
I KNOWN IT IS BIFURCATED WHO
GETS HURT MOST REAL IMPACT?
I THINK FIRST YOU HAVE TO
ACKNOWLEDGE THERE IS A NOBLE
CAUSE BEHIND 15 DOLLAR MINIMUM
WAGE I THINK EVERYBODY WANTS
TO SEE PEOPLE PROGRESS, BUT
MARKETS -- REALLY DRIVE WAGE
WE WERE PRIOR TO COVID WE WERE
AT PLACE WHERE IT WAS VERY
DIFFICULT TO HIRE WORKERS AND
WAGES WERE PROGRESSIVE, TODAY
FEDERAL MINIMUM WAGE 7.85
SOMETHING LIKE THAT NOBODY IS
PAYING 7. 5 TRY TO HIRE
SOMEBODY AT THAT YOU CAN’T GET
THEM EVEN WALMART PAYING 11,
TARGET 12, 13 ON THE WAY TO 15
BECAUSE MARKET DRIVEN, WHEN
THE ECONOMY IS GOOD YOU CAN
MOVE YOU CAN SEE WAGES MOVE UP
BUT IN RECESSION TO HAVE A 15
DOLLAR MINIMUM WAGE OR EVEN
WHEN YOU HAVE UNDER EMPLOYMENT
YOU ARE GOING TO END UP NEVER
ORDERING AGAIN AT A FAST-FOOD
RESTAURANT FROM A PERSON IT IS
GOING TO BE KIOSK THERE IS A
HUGE STRUCTURAL CHANGE THE WAY
WE OPERATE GOING TO HURT SMALL
BUSINESS LARGE CHAINS RETAIL
CHAINS HAVE WHEREWITHAL TO USE
TECHNOLOGY TO AVOID THAT HAVE
ROOM IN PRICING BUT SMALL
INDEPENDENTS RESTAURANTS AND
RETAIL WILL STRUGGLING WITH
THIS, AND LIKELY WILL SEE
CHALLENGES, HOW THEY GO
FORWARD HOW MANY PEOPLE THEY
CAN HIRE WHETHER EVEN STAY IN
BUSINESS.
>> MEANWHILE, BIG STORY AROUND
KOHL’S "THE WALL STREET
JOURNAL" BREAKS THE NEWS THAT
A GROUP OF ACTIVISTS INVESTORS
BIG STAKE IN KOHL’S WANT TO
TAKE CONTROL OF THE DEPARTMENT
STORE’S BOARD, THEY THIS IS
ACCORDING TO PEOPLE FAMILIAR
WITH THE MATTER GROUP INCLUDES
ACTIVIST INVESTORS, WHERE DO
YOU THINK THIS IS GOING, AND
GIVE YOUR TAKE, ON KOHL’S AS
A COMPETITOR TO WALMART WHASHT
YOU ARE EXPECTING
CONSOLIDATION IN THE SECTOR.
>> I AM ALWAYS IMPRESSED WITH
KIEL’S GREAT OPERATOR HAVE
BEEN GREAT STRUGGLED THROUGH
COVID LIKE MANY RETAILER
LARGELY BECAUSE THEY -- THEY
HAVE THE LARGE PERCENTAGE OF
BUSINESS, IN PERIL NOBODY HAS
BEEN BUYING CLOTHES.
BUT TOWARDS END OF THIS YEAR
WE ARE ALL GOING TO REALIZE
THAT CLOTHES THAT WE HAVE ARE
OLD AND NOT IN FASHION, AND WE
ARE GOING TO HAVE TO GO OUT
AGAIN, GOD WILLING.
AND THOSE RETAILERS I REALLY
LIKE KOHL’S FOR THE BACK HALF
OF THIS YEAR THEY ARE ONE OF
THE PEOPLE I HAVE BEEN LOOKING
AT ONE OF THE COMPANIES
LOOKING AT, THINK OF DONE A
WONDERFUL JOB THROUGH PANDEMIC
REVAMPING ONLINE DIGITAL
BUSINESS, REALLY, REALLY
STRONG, AND NOW I THINK THEY
HAVE IMPROVED, THEIR OMNI
CHANNEL CAPABILITY AS
CUSTOMERS COME BACK I THINK
WELL POSITIONED TO SEE A
REBOUND, THE ACTIVISTS, YOU
KNOW, I THINK WE HAVE TO
RESPECT ACTIVISTS WHEN THEY
GET INVOLVED IN THE BUSINESS
SHAREHOLDERS WANT THE BEST
SOMETHING BOARD CAN LEARN FROM
ACTIVIST I AM GLAD THEY ARE
ENGAMINGING WITH ACTIVISTS I
THICK KOHL’S BACK HALF OF THE
YEAR A GOOD PLAY.
>> YOU HAVE INVESTMENTS
THROUGHOUT RETAIL HOW IS
BUSINESS GOING RIGHT NOW BILL?
YOU’VE GOT A BIRTHDAYS WEEK
AHEAD MACY’S HOME DEPOT BEST
BUY ALL REPORTING, THEIR ARE
QUARTERLY EARNINGS THIS WEEK
AFTER WALMART POSTED MIXED
RESULTS LAST WEEK WHAT IS YOUR
TAKE ON BUSINESS TODAY?
>> WELL, I THINK YOU ARE
SEEING MIXED RESULTS YOU ARE
SEEING SOME REAL, REAL
STRENGTH IN CATEGORIES THAT
ARE YOU KNOW -- HAD KNOW COVID
TAILWINDS, AND, JUST THE
OPPOSITE, IN COMPANIES THAT
HAVE YOU KNOW COVID HEADWINDS,
BUT LIKE I SAID WE ALL EXPECT
THAT SOMETIME DURING THIS
YEAR, HOPEFULLY SOONER RATHER
THAN LATER THOSE WINDS SWITCH
AND I HAD THINK THE ONES THAT
HAVE DONE WELL, THROUGH COVID
WITH THE TAIL WIND THEY ARE
GOING TO HAVE ANNIVERSARY OR
CYCLE BIG NUMBERS PUTTING UP
THE ONES IN HEADWIND WILL
SUDDENLY FIND THEM IN TAILWIND
AND STOCK VALUES HAVE BEEN
BEAT DOWN I THINK THERE IS
SOME OPPORTUNITY THERE.
>> SO, IS IT STILL VERY MUCH A
BIFURCATED MARKET E-COMMERCE
OBVIOUSLY, WINNING WHAT WHAT
ELSE IS DOING WELL WHAT IS
YOUR TAKE FOR THE YEAR, GOING
FORWARD, IN TERMS OF WHERE THE
STRENGTH IS WHERE IS THE
GROWTH IN RETAIL RIGHT NOW
BILL?
>> WELL, I THINK OBVIOUSLY,
SEEING GROWTH IN HOME
IMPROVEMENT, BOTH LOWE’S AND
DEPO HAVE DONE WELL A STRENGTH
IN LEISURE YOU KNOW SUPPORTING
GOODS DICK’S ACADEMY CONFIDE
DOING WELL A LOT OF TIME ON
HANDS LOCKED DOWN LITTLE BIT
THINGS TO DO, SO, ALL THOSE
AREAS HAVE DONE WELL, I THINK
SOME OF THEM WILL CONTINUE TO
DO WELL, I THINK ABBOTS
CHANGED IN SOME CASES LIKELY
THAT LEISURE BUSINESS CONTINUE
THROUGH THE YEAR, ON THE OTHER
HAND, I KNOW, WALMART, AND --
AND -- TARGET TO A CERTAIN
EXTENT AMAZON HAD BASICALLY
MARCH AND APRIL AND MAY TO
THEMSELVES LAST YEAR
EVERYTHING ELSE WAS CLOSED, IF
YOU WANTED YOU HAD TO GO INTO
WALMART, TARGET OR ORDER ON
LINE SHIPPED TO YOU.
THAT IS NOT THE CASE THIS YEAR
THEY ARE GOING TO HAVE A
DIFFICULT TIME CYCLE NUMBERS I
THINK YOU SAW WALMART’S
ANNOUNCEMENT ONE HAD REALLY
STRUGGLED, CLOSED WILL SEE
LARGE GROWTH BECAUSE YOU KNOW
CYCLING ZERO WHEN CLOSED IS
GOING TO PUT UP A BIG NUMBER.
>> GREAT POINT ONE OF THE
REASONS WE ARE LOOKING AT A
BEAUTIFUL CHART OF WALMART,
ACTUALLY OVER THE LAST YEAR
BILL GOOD TO SEE YOU THIS
MORNING THANKS VERY MUCH.