David Rosenthal: uncertainty

Transcript context

…The bear case list is unfortunately long. We've hit a lot of it already. One of which is just competition everywhere and good competition everywhere at this point. Costco wins on lower margins and lower prices. Amazon wins on convenience in most cases and is far more competent at ecommerce and technology. Kroger, Safeway, and Albertsons are extremely compelling businesses in the grocery segment. Old, but very stiff competition. Then you have this other movement happening, which is the gigantic proliferation of Family Dollar and Dollar General where there's a different customer base that especially in the sort of food desert type locations, those businesses have done tremendously well. It's not that they're pushing Walmarts out, but there are lots of scenarios where someone would opt to choose to shop at a Family Dollar versus going to the bigger Walmart experience. I don't know that I 100% have the full history on the dollar store industry, but I learned a little bit of it through Walmart research. I believe that dollar stores, as we know them today, grew out of the remnants of the old variety stores like the Ben Franklins. Really?…

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