Unlocking Omnichannel Success: Insights From Ahold Delhaize CEO Frans Muller

Chris Walton: 00:00:00

Hello, everyone.

Chris Walton: 00:00:01

This is omni talk retail.

Chris Walton: 00:00:02

I'm Chris Walton.

Ann Mazingo: 00:00:03

And I'm Ann Mazingo.

Chris Walton: 00:00:04

And we are coming to you once again from the fusion group's booth at grocery shop.

Chris Walton: 00:00:08

Booth a two 10.

Chris Walton: 00:00:10

I got that right.

Ann Mazingo: 00:00:11

Anne.

Ann Mazingo: 00:00:11

A 210.

Chris Walton: 00:00:12

A 210.

Chris Walton: 00:00:12

That's a good way to say it.

Chris Walton: 00:00:13

Ann.

Ann Mazingo: 00:00:13

Yes.

Chris Walton: 00:00:14

And it is with great pleasure that I introduce the man standing between us.

Ann Mazingo: 00:00:18

Anne.

Chris Walton: 00:00:18

Yes, and that is mister.

Chris Walton: 00:00:19

Franz Miller.

Chris Walton: 00:00:21

Miller, the president and CEO of Ajo Delays.

Chris Walton: 00:00:25

Franz, welcome to Amitalk.

Chris Walton: 00:00:26

It's great to have you here.

Franz Miller: 00:00:27

It's unbelievable.

Franz Miller: 00:00:28

Nice to be here at: 8210

Ann Mazingo: 00:00:33

Well, France, please share with our audience, who may not be familiar about Ajo del Hayes, a little bit about the business and kind of where you are, what countries you're in, that kind of thing.

Franz Miller: 00:00:45

Au the less is a little difficult name to pronounce to start with, and a lot of folks in the US don't know that name as a retailer name.

Franz Miller: 00:00:54

But we operate five brands in the US, 60% of our total businesses here.

Franz Miller: 00:00:58

So that's about $16 billion here on the east coast.

Franz Miller: 00:01:02

So we operate from the north in Maine to the Carolinas, and the rest of the business is in Europe and Indonesia.

Franz Miller: 00:01:09

So we are a little mix of us and Europe retailers.

Franz Miller: 00:01:15

We operate supermarkets.

Franz Miller: 00:01:17

We have 98% of our sales is in food.

Franz Miller: 00:01:21

We also operate a very nice platform in a marketplace in the Benelux countries, which is very successful, a market leader there.

Franz Miller: 00:01:29

It's called Bol Bol.

Franz Miller: 00:01:31

So if you're a readership or you're a listenership, you have to google that.

Franz Miller: 00:01:34

It's pretty cool company also.

Franz Miller: 00:01:36

And that's our company.

Franz Miller: 00:01:38

We have number one in two positions along the whole east coast, and we have in total 16 brands in our company.

Franz Miller: 00:01:45

So a little bit different than a few competitors with one brand on the facade.

Franz Miller: 00:01:49

We believe in local, we believe in closer to communities.

Franz Miller: 00:01:52

And most of our brands are more than decades young.

Franz Miller: 00:01:56

And the oldest one is 155 years old.

Ann Mazingo: 00:01:59

And how long have you been in this role?

Franz Miller: 00:02:02

In this role?

Franz Miller: 00:02:03

It's about eight years now.

Ann Mazingo: 00:02:04

Okay.

Ann Mazingo: 00:02:05

And you see, you oversee all of that?

Franz Miller: 00:02:08

I'm supposed to.

Franz Miller: 00:02:11

That's my job description at least, right?

Chris Walton: 00:02:12

I think so, yeah.

Franz Miller: 00:02:13

Yeah, yeah.

Ann Mazingo: 00:02:14

I mean, you just listed off a few minutes all of the properties that you oversee.

Chris Walton: 00:02:20

It's quite a job responsibility.

Chris Walton: 00:02:21

Yes, it is.

Franz Miller: 00:02:22

We also have 400,000 team members.

Chris Walton: 00:02:25

400,000.

Chris Walton: 00:02:26

Wow.

Franz Miller: 00:02:26

Who are helping and who supporting and who do a terrific job for us.

Chris Walton: 00:02:30

And what are some of those banners in the states?

Chris Walton: 00:02:33

What are they called?

Franz Miller: 00:02:33

Yeah.

Franz Miller: 00:02:34

So in the north, we have Hanaford.

Chris Walton: 00:02:36

Yep.

Franz Miller: 00:02:37

Main, Vermont, Mass.

Franz Miller: 00:02:39

Then we have stop and shop in Massachusetts, New England and New York.

Franz Miller: 00:02:45

Then we have the giant company in Pennsylvania.

Franz Miller: 00:02:48

Then we have the giant food company in Washington, Baltimore, and we have food lion in the Carolinas.

Franz Miller: 00:02:54

But they are in total ten states in the south.

Franz Miller: 00:02:56

And all brands have number one or two positions in their dmas, their market areas.

Franz Miller: 00:03:02

And, yeah, we have pretty good business overall.

Franz Miller: 00:03:06

Yeah.

Chris Walton: 00:03:07

Right.

Chris Walton: 00:03:07

Okay.

Chris Walton: 00:03:08

So you came a long way to speak on stage today.

Chris Walton: 00:03:11

I'm curious, what did you talk about?

Franz Miller: 00:03:14

I got some very good questions from Melissa Repko from CNBC, and she wanted to know a little bit more about the company.

Franz Miller: 00:03:19

So, a little bit.

Franz Miller: 00:03:20

The question you asked me.

Ann Mazingo: 00:03:22

Oh, I steal all my questions from Melissa rep.

Ann Mazingo: 00:03:24

No, no, no.

Franz Miller: 00:03:26

There's no pluggy out here.

Franz Miller: 00:03:27

I don't believe that.

Franz Miller: 00:03:28

So, no.

Franz Miller: 00:03:30

So we talk a little bit about who we are.

Franz Miller: 00:03:32

We talk a little bit about our four years strategy growing together.

Franz Miller: 00:03:36

We talked about a few elements on how do we like to grow, how did consumers change in the last couple of years, and what do you think going forward?

Franz Miller: 00:03:45

Of course, we talked at the grocery shop about e commerce, digital media, and these kind of things, as you can imagine.

Franz Miller: 00:03:52

Yes, yes, as you can imagine.

Franz Miller: 00:03:54

And we talked also a little bit more about private label, which is, of course, an important driver for growth and differentiation.

Ann Mazingo: 00:04:01

Well, I heard from a few people who heard your session that one of the key things that you were focused on in that conversation was talking about retail media.

Ann Mazingo: 00:04:11

But of all the things you just mentioned, retail media, ecom growth, digitization of the stores, is there one thing that kind of takes priority in your mind over the other?

Ann Mazingo: 00:04:22

All of those initiatives, like, is something, does something rise to the top?

Franz Miller: 00:04:27

The one thing which is, of course, rising to the top is how can we, as an omnichannel company in bricks and mortar and online, can bring the best customer value proposition to the table?

Franz Miller: 00:04:40

And how can we excite and satisfy our customer base?

Franz Miller: 00:04:44

We have roughly 63 million customers a week.

Franz Miller: 00:04:47

So it's a few folks to make happy.

Franz Miller: 00:04:50

That's a lot.

Franz Miller: 00:04:51

And I think that is the top of mind.

Franz Miller: 00:04:53

And all the other elements are more or less support factors to make that happen.

Ann Mazingo: 00:04:58

Okay.

Ann Mazingo: 00:04:58

So it's focused on the customer.

Ann Mazingo: 00:05:00

And of those, is there a technology or an area of investment that you feel like is most important right now for retail investors?

Franz Miller: 00:05:08

The most foundational for us is proper and clean data.

Ann Mazingo: 00:05:13

Okay.

Chris Walton: 00:05:13

Okay.

Franz Miller: 00:05:14

Interesting to make sure that you have the right data.

Franz Miller: 00:05:18

So you have fact based, which is okay.

Franz Miller: 00:05:21

uy through loyalty systems in: 2028

Franz Miller: 00:05:25

That is now roughly 65%.

Franz Miller: 00:05:27

So we are rich in data, in knowledge and insights, I must say.

Franz Miller: 00:05:33

And that we can use to make your expectation even more satisfied by giving you a better product or a better customer experience or a more seamless journey, or an experience where you can combine a to go store with retail online with the full shop.

Franz Miller: 00:05:56

And that is what we try to do.

Franz Miller: 00:05:58

And we are already a long time in omnichannel.

Franz Miller: 00:06:01

I mean, you heard the stories, and years ago, the people said there will be no stores anymore.

Chris Walton: 00:06:06

Right?

Franz Miller: 00:06:07

You might have heard about it.

Chris Walton: 00:06:08

Yeah.

Franz Miller: 00:06:09

And we always said, no, no, online will grow and will grow with a faster pace than bricks and mortar, which it did.

Franz Miller: 00:06:18

But stores will be super important.

Franz Miller: 00:06:19

And omnichannel is, for us, the name of the game.

Chris Walton: 00:06:22

Yeah, well, omnichannel is really not anything new, too.

Chris Walton: 00:06:24

I mean, we've been doing omnichannel things as grocers for a long time.

Chris Walton: 00:06:27

We've had places where you could drive up and get your groceries put in your car and that kind of thing, too.

Chris Walton: 00:06:31

But I want to single you out for a second because.

Chris Walton: 00:06:33

And Fraz might be a needle in a stack of needles because he's a retail CEO that just said he's focused on data.

Ann Mazingo: 00:06:39

Yes.

Chris Walton: 00:06:39

Which is something that we've never heard in our history of doing.

Ann Mazingo: 00:06:43

He said the customer first, and then he said data.

Ann Mazingo: 00:06:46

So you check the right boxes in the right order.

Ann Mazingo: 00:06:49

But, yes, data is.

Chris Walton: 00:06:50

But that has never been said by a retail CEO on our history of our show.

Chris Walton: 00:06:53

So kudos to you because we're always talking about kudos.

Franz Miller: 00:06:56

Needle sounds quite sharp, by the way.

Franz Miller: 00:07:01

I think good data.

Chris Walton: 00:07:02

Sharp's the right word, though.

Franz Miller: 00:07:03

Good data is the right word.

Chris Walton: 00:07:05

Yeah.

Franz Miller: 00:07:05

Good data to understand you better.

Franz Miller: 00:07:07

Good data to build a category, good data to do the forecasting into supply chain.

Franz Miller: 00:07:12

And we talked a little bit of AI and gen AI at the fair here as well, at the grocery shop as well.

Franz Miller: 00:07:19

And I think good data combined with revised tooling technology can do a lot of things good and to save money, better efficiencies, to save food waste, all these kind of things.

Franz Miller: 00:07:30

So, yeah, I'm quite excited about data.

Chris Walton: 00:07:33

That's great to hear that that's a priority for you.

Chris Walton: 00:07:35

Thank you.

Franz Miller: 00:07:35

I love it.

Chris Walton: 00:07:36

We love that.

Chris Walton: 00:07:36

We love hearing that.

Chris Walton: 00:07:37

So I want to ask you on a similar thread.

Chris Walton: 00:07:40

So retail media, it's been the talk of the town now for a few years.

Chris Walton: 00:07:44

How do you, in your role as CEO, define retail media?

Chris Walton: 00:07:49

And how do you think, is it more than advertising?

Chris Walton: 00:07:51

Like, how do you think about that whole concept?

Franz Miller: 00:07:55

Retail media in itself, I would say, is more providing better insights, which you make available to the parties in your supply chain.

Franz Miller: 00:08:08

Okay, so if we have more knowledge about categories or cross selling or upselling or conversions, and we make debt available in a proper way, then these kind of things are worth something, because you can make a big benefit with this.

Franz Miller: 00:08:24

And that's why retail media is an opportunity.

Franz Miller: 00:08:27

Starts, by the way, with data.

Franz Miller: 00:08:31

Starts with data.

Franz Miller: 00:08:32

And if we do this in the right way, and we have still quite some work to do, we have a target out there for complementary revenues.

Franz Miller: 00:08:41

How we call that shopping data, retro media data and loyalty data.

Franz Miller: 00:08:48

3 billion complementary revenue to reinvest in our business.

Franz Miller: 00:08:53

But that starts with data.

Franz Miller: 00:08:56

And so.

Franz Miller: 00:08:56

But insights, how can we know you better?

Franz Miller: 00:09:00

How can we say to our CPG partners, those customers make that cross sell, those partners have this type of profile.

Franz Miller: 00:09:07

This is how we can grow the category, this is how we can grow the basket.

Franz Miller: 00:09:10

But in the end, we would like to go further.

Franz Miller: 00:09:13

We would like to grow you as a customer.

Franz Miller: 00:09:15

And we see that omnichannel customers, well treated and well taken care of, can be one and a half to three times bigger than only online or only bricks and mortar.

Franz Miller: 00:09:26

And that's, of course, in size of the price to fight for.

Chris Walton: 00:09:28

Yeah, so I want to capture what you said, though.

Chris Walton: 00:09:31

So the way I interpret what you said is you kind of look at retail media as a way for one plus one to equal three with all the constituents that you work with, particularly the CPGs.

Chris Walton: 00:09:40

Like if you guys invest in it mutually, it'll just grow to the benefit.

Chris Walton: 00:09:43

It'll help both parties grow going forward into the future.

Chris Walton: 00:09:47

Is that the right way to sum it up or what am I missing there?

Franz Miller: 00:09:50

101 is three.

Franz Miller: 00:09:51

And I don't know how you calculate it.

Ann Mazingo: 00:09:53

Oh, that's called us math.

Ann Mazingo: 00:09:55

That's how we do things.

Franz Miller: 00:09:56

It's a little bit creative calculation here.

Ann Mazingo: 00:09:58

But he went to Stanford, don't worry.

Franz Miller: 00:10:00

No, no.

Franz Miller: 00:10:01

It must be right then.

Ann Mazingo: 00:10:02

So, highest educated person seven is pretty good school.

Franz Miller: 00:10:06

So, no, I think what is important here for us is that we make those insights available in a way which is efficient also for our partners in advertising, the CPG guys, which is giving the proper insights, but also based on our market positions in the markets where we operate.

Chris Walton: 00:10:26

What you uniquely offer, for the moment.

Franz Miller: 00:10:28

Where we talk about the US with number one and two positions, close to the community, very trusted brands that also, they enjoy the conversion because in the end, they also say, okay, I invest this in media and advertising.

Franz Miller: 00:10:42

What do I get back for this?

Franz Miller: 00:10:43

And conversion has to do with return on the investment.

Franz Miller: 00:10:47

So the ROIs must, in the end, be the driver for this.

Franz Miller: 00:10:51

And we make this available.

Franz Miller: 00:10:52

We have cockpits and these kind of things where they can see the rois and conversions.

Franz Miller: 00:10:56

So this is what we still have some opportunity for.

Ann Mazingo: 00:11:00

that your loyalty members, by: 2028

Ann Mazingo: 00:11:10

How does that play into your kind of measurement or roi when it comes to retail media investment, too?

Ann Mazingo: 00:11:16

Because I feel like you're getting to know the person better.

Ann Mazingo: 00:11:19

You're giving me better offers.

Ann Mazingo: 00:11:20

You're kind of creating a flywheel.

Ann Mazingo: 00:11:22

Then how do you think about investment in retail media and the increase in loyalty members as another result?

Franz Miller: 00:11:29

Loyalty, as the word almost says, you have to earn.

Ann Mazingo: 00:11:32

Yeah.

Franz Miller: 00:11:33

And I only get your loyalty or your willingness to buy through a loyalty card so that you will get more insights if we do something for you as well.

Franz Miller: 00:11:43

Yeah, this is a great retailer.

Ann Mazingo: 00:11:44

Yeah.

Franz Miller: 00:11:45

So that is things like.

Franz Miller: 00:11:47

I think they're the personalized comment comes in.

Ann Mazingo: 00:11:52

Yeah.

Franz Miller: 00:11:53

If we understand you and we give you offers or prices or whatsoever, hey, this is really what I want.

Franz Miller: 00:11:59

This is spot on.

Franz Miller: 00:12:01

Or we make your journey, your shopping journey, more seamless.

Franz Miller: 00:12:07

Or when you say, well, what's for dinner tonight?

Franz Miller: 00:12:09

And then you don't notice, and we give you some ideas on the spot or based on what is in your fridge.

Ann Mazingo: 00:12:14

Yeah.

Franz Miller: 00:12:14

Or the recipes you like and these kind of things.

Franz Miller: 00:12:17

If we have these kind of things and we do this across all the channels to go online, the big store, I think those things make us then for you, a good partner.

Franz Miller: 00:12:32

And then you think, well, then I'm prepared to enter your loyalty scheme.

Franz Miller: 00:12:37

I'm prepared to take my own loyalty rebates based on my own buying behaviors.

Franz Miller: 00:12:44

And then you get customers who start to love us.

Ann Mazingo: 00:12:47

Yeah.

Ann Mazingo: 00:12:47

Well, yeah.

Ann Mazingo: 00:12:48

They have a reason.

Ann Mazingo: 00:12:48

You're saving them money.

Ann Mazingo: 00:12:49

And time.

Franz Miller: 00:12:50

And time, yeah.

Ann Mazingo: 00:12:52

Okay, I have another question for you.

Ann Mazingo: 00:12:53

So you've been in this role for almost eight years.

Ann Mazingo: 00:12:56

You said six.

Franz Miller: 00:12:57

Yeah.

Franz Miller: 00:12:58

So, no, in: 2016

Ann Mazingo: 00:13:01

Yeah.

Franz Miller: 00:13:02

And in: 2018

Franz Miller: 00:13:05

So you're 100% correct.

Franz Miller: 00:13:07

Six years.

Ann Mazingo: 00:13:07

Six years.

Ann Mazingo: 00:13:08

Okay.

Franz Miller: 00:13:08

In: 2013

Ann Mazingo: 00:13:13

Okay.

Franz Miller: 00:13:14

That's how it all came.

Ann Mazingo: 00:13:15

Yeah.

Franz Miller: 00:13:15

So in this type of role, a good.

Franz Miller: 00:13:18

1011 years.

Ann Mazingo: 00:13:19

Okay, thank you for that correct math.

Ann Mazingo: 00:13:21

Yeah, I am wondering, I'm just Rotterdam.

Franz Miller: 00:13:24

University, it's not as smart as crazy.

Chris Walton: 00:13:28

No new math.

Ann Mazingo: 00:13:31

Okay.

Ann Mazingo: 00:13:31

I want to know what have you learned about being a retailer in those last eight years?

Ann Mazingo: 00:13:37

Will say the eight to ten years that you didn't know before you started.

Franz Miller: 00:13:43

Which I didn't know about retail or didn't know about myself.

Ann Mazingo: 00:13:46

You could both.

Franz Miller: 00:13:47

Both, yes.

Franz Miller: 00:13:48

I think if you look at the last couple of years and we still have in mind the pandemic, unfortunately, we still have in our minds the ukrainian war.

Franz Miller: 00:14:00

We have a crisis in Europe on commodities energy prices.

Franz Miller: 00:14:04

We saw a lot of people during COVID going through a lot of pain and problems and things to overcome that makes you as a human being or as a leader of a company, super humble, that's one thing.

Franz Miller: 00:14:17

And extremely appreciative for your people.

Franz Miller: 00:14:19

What they all did in those seven half thousand stores, distribution centers and offices.

Franz Miller: 00:14:25

So that's one thing.

Franz Miller: 00:14:26

The other thing is what I also learned from the business in itself, that of course, you know that retail is so local, but it got even more local because people trust the element.

Franz Miller: 00:14:39

Trust became even more important.

Chris Walton: 00:14:40

Yeah, right.

Franz Miller: 00:14:41

Because you go to your grocer who handles your product properly, who keeps you safe, who has well stocked shelves so, and who has a proposition which is affordable, healthy and sustainably sourced so that we all can feed our families, or if we cannot feed our families, that we can get support from them in our communities.

Franz Miller: 00:15:04

We one of the biggest contributors worldwide with food banks.

Franz Miller: 00:15:08

The global food bank network is a network we sponsor.

Franz Miller: 00:15:13

And in all our brands, all the 16, we are a strong contributor to the food banks with pride, by the way, and with humility.

Franz Miller: 00:15:21

So those are the things which are for me, important.

Franz Miller: 00:15:25

And I think, yeah, for us, a mission for our company and what drives our people.

Franz Miller: 00:15:30

In our company, the passion of our people is how to make sure that groceries are affordable, healthy and sustainably sourced.

Franz Miller: 00:15:38

And that is a big opportunity and it's not everywhere.

Franz Miller: 00:15:42

An effluent neighborhood.

Ann Mazingo: 00:15:45

Correct.

Chris Walton: 00:15:46

Right.

Franz Miller: 00:15:48

And I personally believe, but then we get a little bit philosophical.

Ann Mazingo: 00:15:52

That's okay.

Ann Mazingo: 00:15:53

I mean, we got time for this.

Chris Walton: 00:15:54

We like philosophy.

Franz Miller: 00:15:55

I personally believe that people who have access to healthy and affordable foods, plus have access to proper education, that then you at least set people in the opportunity to be successful or to be happy.

Franz Miller: 00:16:09

And that's where I'm super fortunate to work for Aja del S and that I can hopefully bring a contribution here to promote that, to make sure that that element is at least taken care of.

Ann Mazingo: 00:16:21

Well said.

Chris Walton: 00:16:21

I love what you said about the pandemic, too, because, I mean, I know, Ann, when we.

Chris Walton: 00:16:25

I remember when we were in the pandemic thinking that, you know, the grocery store is just that center point in people's lives, like it still existed in a way that I don't think any of us really understood or recognized at the time until it happened.

Chris Walton: 00:16:36

So.

Chris Walton: 00:16:36

All right, well, let's get you out of here on this last question.

Chris Walton: 00:16:39

You've got a lot of executives that work for you.

Chris Walton: 00:16:41

You've got a lot of experience in the grocery industry.

Chris Walton: 00:16:44

You know, people are still trying to understand what omnichannel grocery retailing is all about.

Chris Walton: 00:16:48

Is there one trait in an executive that you value or would encourage people to get better at day in and day out as they're doing their jobs?

Franz Miller: 00:17:03

I don't know if there's one trade, but maybe three trades.

Chris Walton: 00:17:06

Okay.

Ann Mazingo: 00:17:07

Yes, good.

Franz Miller: 00:17:07

Okay, good.

Ann Mazingo: 00:17:08

Why have one when three?

Chris Walton: 00:17:11

Raising the bar here.

Franz Miller: 00:17:12

One thing for me is that leaders and colleagues I work with go that extra mile.

Chris Walton: 00:17:20

Okay.

Franz Miller: 00:17:21

That's an important element of, I think, of an attitude.

Franz Miller: 00:17:27

The second thing is that people have a very good view for people.

Franz Miller: 00:17:31

If you, in retail, if you do not love people, you will not be successful.

Franz Miller: 00:17:37

And the third thing is, I would appreciate a lot of people where they, whatever their age is that they stay curious.

Chris Walton: 00:17:45

Yes.

Franz Miller: 00:17:45

That curiosity is there to think about innovation, think what can go better.

Franz Miller: 00:17:50

And in retail, it's a little bit, sometimes a little bit tough.

Franz Miller: 00:17:54

If your year is ended by the 31 December, our business year ends by that date.

Franz Miller: 00:18:00

Then the 1 January, the meters on zero, you start again.

Franz Miller: 00:18:03

So it's also sometimes.

Franz Miller: 00:18:05

Yeah.

Franz Miller: 00:18:05

Keeps you also bit of feet on the ground, which is nice industry to work for.

Chris Walton: 00:18:11

Yeah, yeah, right.

Chris Walton: 00:18:11

I love that.

Chris Walton: 00:18:12

Love that.

Chris Walton: 00:18:12

That's great.

Chris Walton: 00:18:13

Thanks for the three, too.

Chris Walton: 00:18:14

That was great.

Chris Walton: 00:18:15

Especially the last one.

Chris Walton: 00:18:16

I love the last one.

Ann Mazingo: 00:18:17

the first day of grocery shop: 2024

Ann Mazingo: 00:18:22

Thank you so much to the views and group for helping us bring you all of the coverage from the show recaps from the main stage with all of the guests that we've had today.

Ann Mazingo: 00:18:33

We will be.

Franz Miller: 00:18:34

How many guests did you have?

Chris Walton: 00:18:35

Four today.

Franz Miller: 00:18:36

Just you, a dozen of guests.

Ann Mazingo: 00:18:40

No, no, no.

Chris Walton: 00:18:41

Save the best for last.

Ann Mazingo: 00:18:42

Save the best for last.

Chris Walton: 00:18:43

But no, we had four today.

Chris Walton: 00:18:44

We've got five tomorrow as well.

Chris Walton: 00:18:45

So you're the anchor leg for today, though.

Chris Walton: 00:18:48

So you close us out for today.

Ann Mazingo: 00:18:49

Yeah.

Chris Walton: 00:18:50

So thank you.

Ann Mazingo: 00:18:50

Tomorrow morning, we'll be back with David McIntosh from Instacart.

Ann Mazingo: 00:18:54

And thanks again, Franz Miller from Ahold Del Hayes.

Ann Mazingo: 00:18:58

And thanks to all of you for following along.

Ann Mazingo: 00:19:01

We'll be back tomorrow.

Ann Mazingo: 00:19:01

Until then.

Chris Walton: 00:19:02

Yep.

Chris Walton: 00:19:02

Be careful out there.