Off-price

value or perceived value that can mean many different things.

But to see Off Price show up on the beauty survey with TJ and Ross pretty much for the first time ever in the top 10, I think that does tell you how this team customer is allocating his or her spend.

We have been seeing that overall quality matters.

So consumer actually is trading up to some of the brands perceived as higher priced.

I'm seeing that in my house as well.

So that kind of goes with the message of that perceived value.

What's interesting, if you look at the off price channel, I mentioned that showed up for the beauty type of a consumer, but not for the brands.

In fact, that penetration of off price came down slightly.

Yeah.

I think that working an off price from what I've been told, because I've never worked in regular retail before, is that there is a big level of entrepreneurship.

You have kind of guardrails, but you never know which direction something's going to go.

So you always have to think very quickly.

You have to move with speed.

And I think that you know, having the guardrails but not having the specific path gave me more of an entrepreneurial background than people that are just focused on following direction, focusing on strategy and not veering from it and being very directive.

And having that in my background in the past 30 years, because I've been an off price, it kind of felt, wow, it's great having the guardrails, but it's also great being able to pivot when a strategy isn't going your way or something's not moving in the right direction.

to think quickly on your feet and to change direction.