Inside The Off-Price Gold Rush

Yeah, very interesting.

And you can see a sea change.

in the way in which they're going about the discount business and serving the discount customer.

That discount customer, because of the K, and we all know Target was first introduced as Target.

There's both Jaguars and Japanese microcars in the parking lot of the discount stores.

So maybe you guys can speak to that.

what it is about the psychology and how you or discounters are appealing to both sides.

I'll let Coach Millard take that one.

I think what you find in the best discount retailers is number one, they're all about the closeouts.

Number two, what they've done is they've curated an experience that's a treasure hunt.

That is really what people are asking.

They're looking for the deal, but they're looking for that weird thing that they can't find anyplace else and that they know if they don't get it while they're there, they're never going to see it again.

So that's that fear of missing out, that incredible deal, and that weird thing from China that is maybe going to change my life.

I

don't know.

At least for a week.

In saying the same thing in a different way, it's a dopamine hit.

All that experience when you're gambling, right? And you win.

It's that feeling of, wow, is this really the right price? It looks, I had an invisible ink tagline.

Price is so low.

Bruce didn't want to run with this.

I think you would have, Bruce.

I think if price is so low, you'll think we're high.

Yeah.

But we did do a segment with the cannabis industry retail a few months ago, so that would perhaps fly there.

Yeah, very interesting.

And you can see a sea change.

in the way in which they're going about the discount business and serving the discount customer.

That discount customer, because of the K, and we all know Target was first introduced as Target.

There's both Jaguars and Japanese microcars in the parking lot of the discount stores.

So maybe you guys can speak to that.

what it is about the psychology and how you or discounters are appealing to both sides.

I'll let Coach Millard take that one.

I think what you find in the best discount retailers is number one, they're all about the closeouts.

Number two, what they've done is they've curated an experience that's a treasure hunt.

That is really what people are asking.

They're looking for the deal, but they're looking for that weird thing that they can't find anyplace else and that they know if they don't get it while they're there, they're never going to see it again.

So that's that fear of missing out, that incredible deal, and that weird thing from China that is maybe going to change my life.

I

don't know.

At least for a week.

In saying the same thing in a different way, it's a dopamine hit.

All that experience when you're gambling, right? And you win.

It's that feeling of, wow, is this really the right price? It looks, I had an invisible ink tagline.

Price is so low.

Bruce didn't want to run with this.

I think you would have, Bruce.

I think if price is so low, you'll think we're high.

Yeah.

But we did do a segment with the cannabis industry retail a few months ago, so that would perhaps fly there.