WEBVTT 1 00:00:00.520 --> 00:00:04.839 It's Night Side with Dan Ray on w Bazy, Coston's 2 00:00:04.879 --> 00:00:06.080 Me Radio. 3 00:00:06.599 --> 00:00:09.240 Dan, thank you very much, my friends. Okay, now we're 4 00:00:09.240 --> 00:00:13.039 going to talk about the future of in person shopping. 5 00:00:13.080 --> 00:00:15.640 And I had an experience the other day. I was 6 00:00:15.679 --> 00:00:18.199 with my wife and my thirteen year old daughter going 7 00:00:18.199 --> 00:00:20.760 on eighteen, and they needed to go to a mall. 8 00:00:21.160 --> 00:00:24.039 We went into the Prudential Mall here in Boston and 9 00:00:24.079 --> 00:00:26.760 I actually enjoyed it, and that's why I wanted to 10 00:00:26.800 --> 00:00:29.239 talk about this. So I said, who's an expert in this? 11 00:00:29.519 --> 00:00:34.039 Cousin Todd. Cousin Todd is an expert. Yes, full disclosure, 12 00:00:34.039 --> 00:00:35.840 that's what we do on the show. I like to 13 00:00:35.880 --> 00:00:38.759 have friends and relatives on this show as much as possible. 14 00:00:39.200 --> 00:00:43.359 And my cousin Todd is Todd Fernard, CEO of Fernard Properties, 15 00:00:43.799 --> 00:00:46.960 and this has been his family's business for three generations. 16 00:00:47.560 --> 00:00:54.640 So let's just where are we right now as far 17 00:00:54.799 --> 00:00:59.960 as the situation with in person shopping versus online shop 18 00:01:00.280 --> 00:01:05.319 Because based on my experience, I still think people will 19 00:01:05.359 --> 00:01:09.079 want to go into stores, but it's just going to 20 00:01:09.120 --> 00:01:09.799 be different. 21 00:01:10.680 --> 00:01:16.439 Your thoughts, well, I'll start off by saying this, of 22 00:01:16.480 --> 00:01:19.079 course they want to go to stores. We're social, we're 23 00:01:19.120 --> 00:01:22.159 social creatures. We want to be around other people. We 24 00:01:22.239 --> 00:01:25.280 want to I mean, food courts may have died a 25 00:01:25.280 --> 00:01:27.439 long time ago, but the whole idea of a place 26 00:01:27.439 --> 00:01:31.840 where teenagers, senior citizens everyone in between want to go 27 00:01:31.879 --> 00:01:34.760 and kind of uh, you know, be in a control, 28 00:01:34.799 --> 00:01:38.400 a climate, controlled environment with other people. I think in general, 29 00:01:38.480 --> 00:01:43.200 that's kind of a a concept that isn't dead. But 30 00:01:43.400 --> 00:01:48.319 my goodness, you're you're asking a wildly complicated question and. 31 00:01:48.400 --> 00:01:50.959 You got an hour, We got plenty of time. 32 00:01:50.959 --> 00:01:53.079 Oh my god. Yeah, yeah, all right, well then let's go. 33 00:01:53.439 --> 00:01:57.000 I mean, look, if you look at every different area 34 00:01:57.719 --> 00:01:59.840 within sort of the world of real estate, whether that 35 00:02:01.280 --> 00:02:04.439 a mall that you visited, whether it's an office building, 36 00:02:04.439 --> 00:02:07.400 whether it's a shopping center, a hotel, every part of 37 00:02:07.439 --> 00:02:10.479 our sort of world of real estate is under some 38 00:02:10.560 --> 00:02:16.360 sort of attack. Retail is, you know, arguably a sort 39 00:02:16.400 --> 00:02:20.560 of the online concept. And how will that compete offices? 40 00:02:20.759 --> 00:02:22.560 I mean, who wants to go to an office? What 41 00:02:23.560 --> 00:02:24.919 is an office building all about? 42 00:02:24.919 --> 00:02:25.280 Today? 43 00:02:26.319 --> 00:02:28.080 I mean, hotels. 44 00:02:27.599 --> 00:02:31.120 Are they kind of roared back after COVID, but Airbnb 45 00:02:31.240 --> 00:02:35.680 and vrbo are kind of, you know, attacking from each side. 46 00:02:35.680 --> 00:02:36.759 On hotels. 47 00:02:36.759 --> 00:02:40.560 So the funny thing about real estate in general today 48 00:02:40.680 --> 00:02:44.000 is it's all kind of in flux, and so I'm 49 00:02:44.039 --> 00:02:46.080 not shocked at all that you went to the mall 50 00:02:46.120 --> 00:02:49.080 and had a great time. They are folks at Boston 51 00:02:49.120 --> 00:02:51.759 Properties and some of the other bigger, better sort of 52 00:02:51.800 --> 00:02:54.719 mall owners in the country are doing everything they can 53 00:02:54.759 --> 00:02:59.919 possibly do to make this entertaining and make it interesting 54 00:03:00.120 --> 00:03:02.479 and make it compelling enough for you to get up 55 00:03:02.639 --> 00:03:05.599 off the couch where you can just shop on your phone. 56 00:03:05.759 --> 00:03:07.759 You mentioned a good point about it being a place 57 00:03:07.800 --> 00:03:11.639 to gather, because I'm not quite in the mall walking 58 00:03:11.719 --> 00:03:16.639 mode yet. Okay enough, but I do yes, yeah, thanks pal, 59 00:03:17.000 --> 00:03:20.400 But I do have a thirteen year old daughter that 60 00:03:20.479 --> 00:03:22.919 wants to be dropped at them all of course. 61 00:03:23.120 --> 00:03:31.159 Yeah, now that that's I mean, the retail is a 62 00:03:31.199 --> 00:03:35.599 pretty inventive, imaginative place, the sort of the landscape of retail, 63 00:03:35.639 --> 00:03:40.919 and so we within the business of filling retail space 64 00:03:41.039 --> 00:03:45.639 are looking to all kinds of different sort of entertainment 65 00:03:45.840 --> 00:03:48.639 ish uses. And that could be pickleball, it could be 66 00:03:49.280 --> 00:03:51.599 you know, ping pong. There's a ping pong place right 67 00:03:51.639 --> 00:03:53.879 near the garden. The other night, it's just wild looking. 68 00:03:54.599 --> 00:03:57.199 It could be music, it could be whiskey bars with 69 00:03:57.199 --> 00:03:59.680 with you know, live music. It could be a karaoke bar. 70 00:03:59.759 --> 00:04:03.400 But they're doing whatever they can do to find uses 71 00:04:03.560 --> 00:04:05.680 that are you know, entertaining. 72 00:04:05.840 --> 00:04:06.039 Well. 73 00:04:06.080 --> 00:04:09.639 I think specialty stores are are very important. For example, 74 00:04:09.960 --> 00:04:14.240 one of my kids, i mean van sneakerhead, and so 75 00:04:14.840 --> 00:04:17.879 the types of sneakers that kids want to buy now 76 00:04:17.920 --> 00:04:22.600 you cannot you you can't buy on Yeah, I mean 77 00:04:22.639 --> 00:04:24.000 you can go. I mean if you if you need 78 00:04:24.000 --> 00:04:25.879 a pair of running shoes or whatever you're gonna and 79 00:04:25.920 --> 00:04:28.439 you know the kids size, but I mean I'm talking 80 00:04:28.480 --> 00:04:31.519 about the sneakers that they don't take out of the box. 81 00:04:32.120 --> 00:04:33.519 Right right, right, right right. 82 00:04:33.560 --> 00:04:36.600 I mean I mean there's the you know, the hidden 83 00:04:36.639 --> 00:04:40.879 bodega in Boston is famous, uh for the you know 84 00:04:41.040 --> 00:04:42.120 the back room, which. 85 00:04:43.959 --> 00:04:47.199 I'm sure, yeah, I've been dragged there too, but you know, 86 00:04:47.879 --> 00:04:51.240 to me, it's those type of specialty stores todd where 87 00:04:51.560 --> 00:04:54.759 you don't get the same feeling when you're online, you know, 88 00:04:54.839 --> 00:04:57.199 you know, like like my wife the other day, she 89 00:04:57.199 --> 00:04:59.920 wanted to try on a pair of sneakers, but h 90 00:05:00.279 --> 00:05:02.240 they weren't the type of sneakers. Of course, as you 91 00:05:02.240 --> 00:05:04.519 would know that you would get a DIX. I won't 92 00:05:04.600 --> 00:05:08.519 mention the brand, but Golden was in the name. Yeah, 93 00:05:08.720 --> 00:05:11.240 so you can't buy those on them. I mean you can, 94 00:05:11.879 --> 00:05:14.959 but that's that's not part of the experience. You want 95 00:05:14.959 --> 00:05:16.920 to go and you want to have somebody with I mean, 96 00:05:16.959 --> 00:05:20.800 customer service is more important than ever and staffing is 97 00:05:20.839 --> 00:05:22.600 a problem, right, I mean. 98 00:05:22.519 --> 00:05:26.279 That's listen, Yeah, that's that's a whole other category of issue. 99 00:05:26.319 --> 00:05:31.519 But you know the thing of it is, we spent years, 100 00:05:31.720 --> 00:05:36.439 decades trying to fill our shopping centers with the highest 101 00:05:36.480 --> 00:05:38.680 grade tenant we could get our hands on, the highest 102 00:05:38.680 --> 00:05:40.839 grade credit tenant we could get our hands on, and 103 00:05:40.879 --> 00:05:44.319 then the bigger national brand, the better because your lender 104 00:05:44.319 --> 00:05:46.680 would look at you and say, well, that's a valuable tenant. 105 00:05:46.680 --> 00:05:48.720 They're going to pay their rent. And you know, if 106 00:05:48.720 --> 00:05:50.439 you want to have a credible mall, then you got 107 00:05:50.439 --> 00:05:52.319 to have a radio shack or that went away, and 108 00:05:52.360 --> 00:05:53.759 then you got to have a gap, and then that 109 00:05:53.800 --> 00:05:55.319 went away, and then you got to have I mean, 110 00:05:55.639 --> 00:05:58.600 that's just been what it's been. But today and you 111 00:05:58.959 --> 00:06:01.399 were this is where I thought you were going. The 112 00:06:01.519 --> 00:06:04.680 one of a kind, the unique. You can only get 113 00:06:04.680 --> 00:06:09.399 that here. That's like that's gold today, and so it's 114 00:06:09.759 --> 00:06:12.120 in some ways it's it's kind of poetic because it's 115 00:06:12.160 --> 00:06:15.920 gone back to being a local business with with you know, 116 00:06:15.959 --> 00:06:18.680 if they if that butcher does it better, well, I'd 117 00:06:18.759 --> 00:06:22.199 much rather go there than you know, with all due 118 00:06:22.199 --> 00:06:24.680 respect to the you know, the the butcher counter at 119 00:06:24.720 --> 00:06:25.959 Roach Brothers or something like that. 120 00:06:26.480 --> 00:06:29.759 So do you think that the space or do you 121 00:06:29.800 --> 00:06:33.560 think that malls will decrease but rent will decrease, rent 122 00:06:33.600 --> 00:06:37.959 will increase, so there will be fewer malls. However, the 123 00:06:38.000 --> 00:06:41.920 malls that are still in operation will hire have a 124 00:06:42.000 --> 00:06:44.879 higher level of service or a more specialized service. 125 00:06:46.800 --> 00:06:50.680 It depends, as the answer I mean to say, the 126 00:06:50.759 --> 00:06:55.240 mall is you know, the the the the experience that 127 00:06:55.279 --> 00:06:57.720 you'd have at the Prudential Mall or the experience you'd 128 00:06:57.759 --> 00:07:01.000 have at the Natick Mall is wildly different than the 129 00:07:01.040 --> 00:07:03.600 experience that you might have at the Solomon Pond Mall 130 00:07:04.680 --> 00:07:07.680 or the Greendale Mall in Worcester was a mall that 131 00:07:07.920 --> 00:07:12.120 its best days were behind it. Our company purchased that 132 00:07:12.240 --> 00:07:16.000 mall and we ended up constructing something very different there. 133 00:07:16.040 --> 00:07:18.439 But you know, there are malls that have died or 134 00:07:19.120 --> 00:07:20.879 or are on their way to dying, and then there 135 00:07:20.920 --> 00:07:24.399 are malls that are you know, in some ways the 136 00:07:24.560 --> 00:07:28.079 ownership group has had the capital or the or the 137 00:07:28.160 --> 00:07:31.839 connectedness or the or the leasing prowess to turn some 138 00:07:31.959 --> 00:07:36.040 of the spaces and evolve them as fast as they 139 00:07:36.360 --> 00:07:39.839 possibly can evolve them. So, I mean the prew is 140 00:07:39.879 --> 00:07:42.800 a great example. It was it was it's a new 141 00:07:42.920 --> 00:07:47.519 enough ish product, but they've been filling that with innovative 142 00:07:47.639 --> 00:07:50.120 uses sort of, you know, as quick as they can 143 00:07:50.160 --> 00:07:50.600 find them. 144 00:07:51.480 --> 00:07:54.079 You mentioned the Greendale Mall in Worcester, maam man. That 145 00:07:54.160 --> 00:07:56.839 is a flashback for me. I think there's a leech 146 00:07:56.920 --> 00:08:00.759 Mere there at one point when I was starting in Worcester. 147 00:08:02.079 --> 00:08:03.560 I don't want to put you on a spot. What 148 00:08:03.879 --> 00:08:06.079 did you end up doing though, Did you end up 149 00:08:06.360 --> 00:08:08.959 constructing another type of building or did you kind of 150 00:08:09.000 --> 00:08:12.079 reinvent it. 151 00:08:12.120 --> 00:08:15.480 Admittedly, we had thought about reinventing it, and the plan 152 00:08:15.519 --> 00:08:18.759 that we had put together in twenty nineteen was wildly 153 00:08:18.759 --> 00:08:23.560 disrupted by COVID, by COVID, by COVID. But it's a 154 00:08:23.639 --> 00:08:26.720 valuable site. It's a great piece of land, and the 155 00:08:26.759 --> 00:08:29.560 folks at Amazon determined that it was a great place 156 00:08:29.600 --> 00:08:32.399 to put a last mileth distribution facility, and so we 157 00:08:32.480 --> 00:08:33.240 built that for them. 158 00:08:33.919 --> 00:08:38.039 So here's another thing when you talk about for example, 159 00:08:38.080 --> 00:08:40.120 I had I had to go to a couple of 160 00:08:40.159 --> 00:08:45.159 stores today and I was looking. Sometimes, especially when it 161 00:08:45.200 --> 00:08:48.879 comes to technology, right, I don't want to buy something online. 162 00:08:50.600 --> 00:08:52.440 I get it, you know, I need to have somebody 163 00:08:52.720 --> 00:08:53.080 tell me. 164 00:08:54.039 --> 00:08:56.759 There are a lot I mean for everybody individually. I 165 00:08:56.799 --> 00:08:59.960 think there are a lot of purchases that sort of 166 00:09:00.080 --> 00:09:04.120 categorically you'd say in that area, I want to touch it, 167 00:09:04.240 --> 00:09:06.039 or I want someone to explain it to me or 168 00:09:06.519 --> 00:09:10.320 or I mean, we were talking one time about trying 169 00:09:10.360 --> 00:09:13.799 to sort of find all of the unamazonable uses that 170 00:09:13.799 --> 00:09:17.240 that we feel like are sort of Amazon proof, you know, 171 00:09:17.440 --> 00:09:20.480 and try to fill your shopping center with Amazon proof concepts. 172 00:09:20.559 --> 00:09:23.759 But but yeah, I mean electronics. It's funny for you, 173 00:09:23.879 --> 00:09:26.320 it may be electronics for someone else. I mean, I've 174 00:09:26.360 --> 00:09:28.799 seen people buy electronics out of vending machines now. 175 00:09:29.039 --> 00:09:31.679 Oh I know. Yeah, it's crazy. Like I was just 176 00:09:31.679 --> 00:09:34.919 looking for printer cartridges, you know, and I don't want 177 00:09:34.960 --> 00:09:37.000 to buy I don't. Well maybe I'm not. I'm not 178 00:09:37.000 --> 00:09:37.480 the vest. 179 00:09:37.320 --> 00:09:39.200 Exist No, it's not I'm not laughing at you. I'm 180 00:09:39.240 --> 00:09:41.320 just laughing at the fact that that's like the biggest 181 00:09:41.399 --> 00:09:44.559 racket on the face of the earth. That's another another minute. 182 00:09:44.559 --> 00:09:46.200 Wait, a printed cartridge. 183 00:09:47.320 --> 00:09:51.159 Yeah, so he's a printer for seventy five bucks, but 184 00:09:51.200 --> 00:09:53.080 then it's like fifty bucks every time you want to 185 00:09:53.159 --> 00:09:54.000 change in the incame you pro. 186 00:09:54.080 --> 00:09:56.399 Oh yeah, well that's true. And I found that out 187 00:09:56.399 --> 00:09:58.679 today is I had to go to two locations because 188 00:09:58.679 --> 00:10:00.759 one of the problems because they expect people to buy 189 00:10:00.759 --> 00:10:02.759 it online, they don't have the inventory in. 190 00:10:02.720 --> 00:10:05.919 The store, right right right. 191 00:10:06.000 --> 00:10:07.840 That happens all the time. So I don't feel so 192 00:10:07.919 --> 00:10:10.639 for some of these retailers. And I'm talking about just that, 193 00:10:10.720 --> 00:10:14.480 you know, the the office retail store where you can 194 00:10:14.519 --> 00:10:16.480 buy things online. I'll go in because I want to 195 00:10:16.480 --> 00:10:18.440 see it, feel to touch it. They don't have it, 196 00:10:18.759 --> 00:10:20.320 but I can buy it online. It's just going to 197 00:10:20.360 --> 00:10:22.639 take me three days to get it. So there must 198 00:10:22.720 --> 00:10:25.519 be a whole You may not have the answer to 199 00:10:25.559 --> 00:10:29.240 this one, but like, there must be a whole formula 200 00:10:29.639 --> 00:10:32.559 for companies to decide how much they keep in the 201 00:10:32.600 --> 00:10:36.000 store in inventory, and how does that work. 202 00:10:37.240 --> 00:10:39.600 I mean, you're you're now in an area where you are. 203 00:10:39.519 --> 00:10:44.960 Into logistics and computer it's not computer science, but it's 204 00:10:44.759 --> 00:10:48.440 the science of logistics that you're talking about. Is way 205 00:10:48.720 --> 00:10:51.720 way above my pay grade. And I'm sure there's a 206 00:10:51.759 --> 00:10:54.279 professor at one of us fabulous schools in our. 207 00:10:54.480 --> 00:10:56.399 City that would that know all about it. 208 00:10:56.440 --> 00:10:58.399 But like, but it's a thing. It's a thing. 209 00:10:58.879 --> 00:11:00.480 Yeah, it's a thing. It's a science. 210 00:11:00.559 --> 00:11:01.799 I am certain of it. 211 00:11:02.000 --> 00:11:04.120 All right, Tody, can you hang around? Cousin Todd's gonna 212 00:11:04.120 --> 00:11:07.320 hang around. I have more questions. I also want to get, yes, 213 00:11:07.879 --> 00:11:11.960 get into the vacation side of things too, the leisure 214 00:11:12.039 --> 00:11:14.919 side of things, and how sometimes I like a hotel 215 00:11:14.960 --> 00:11:18.159 better than an Airbnb. That's coming up next on wbz's Nightside. 216 00:11:18.559 --> 00:11:21.759 Now back to Dan Ray live from the Window World 217 00:11:21.840 --> 00:11:25.000 night Side Studios on WBZ News Radio. 218 00:11:25.759 --> 00:11:27.919 Welcome back Gerry Tank Weave for dance and I we're 219 00:11:27.919 --> 00:11:31.279 talking about the future of shopping and I like to 220 00:11:31.279 --> 00:11:33.440 get out of the house. I do. I like to 221 00:11:33.440 --> 00:11:35.399 get out of the house. Cousin Todd is joining me here. 222 00:11:36.240 --> 00:11:39.639 He is the CEO of in our properties. Their generation 223 00:11:39.720 --> 00:11:41.600 family has been doing it forever. They know what they're 224 00:11:41.639 --> 00:11:47.279 talking about. What about stores just using their their storefront 225 00:11:47.320 --> 00:11:50.600 as a billboard. This guy's obviously in the news a lot. 226 00:11:51.519 --> 00:11:53.360 I don't know what the hell he's doing there the 227 00:11:53.879 --> 00:11:57.120 you know, managing. But like you see a Tesla store, 228 00:11:57.240 --> 00:11:58.840 you see a Tesla in the middle of the mall, 229 00:11:59.080 --> 00:12:00.600 and I think he was ahead of that, you know, 230 00:12:00.679 --> 00:12:01.879 like you would go on the mall and you just 231 00:12:01.879 --> 00:12:05.879 see like three Teslas in a mall space. Does that work? 232 00:12:05.879 --> 00:12:10.720 I mean, in the beginning, I will not comment on 233 00:12:10.919 --> 00:12:15.279 anything Eli Musk related time. I will say this though, no, no. 234 00:12:14.799 --> 00:12:15.000 No, no no. 235 00:12:15.240 --> 00:12:19.679 But the in the beginning, they were really pioneering. They 236 00:12:19.679 --> 00:12:22.639 were taking kind of like, you know, a storefront that 237 00:12:23.080 --> 00:12:25.159 didn't have, you know, a vacant storefront, and they would 238 00:12:25.200 --> 00:12:26.639 kind of go in and fill it in and it 239 00:12:26.679 --> 00:12:30.279 was sort of a It wasn't right away that they 240 00:12:30.519 --> 00:12:35.279 made it a centerpiece type you know, billboard, as you say, 241 00:12:35.600 --> 00:12:39.879 But I think there are plenty of companies that have 242 00:12:41.080 --> 00:12:44.960 many of evolved out of the retail kind of footprint 243 00:12:45.120 --> 00:12:48.799 to then take on bricks and mortar storefronts, you know, 244 00:12:48.960 --> 00:12:53.240 and the ones that have been most successful, and you know, 245 00:12:53.559 --> 00:12:57.200 whether that's like a viewery type kind of lifestyle kind 246 00:12:57.240 --> 00:13:00.799 of clothing company or in some case, is it's cars 247 00:13:01.039 --> 00:13:04.320 where you know Rivian is now setting up at its 248 00:13:04.360 --> 00:13:07.519 bricks and mortar presence, uh in the Samuels development lyric 249 00:13:07.639 --> 00:13:10.480 right over the mass Pike. I mean that's kind of 250 00:13:10.639 --> 00:13:12.480 you know, you're you're going to see more and more 251 00:13:12.519 --> 00:13:14.679 of the you know, do you buy it online or 252 00:13:14.720 --> 00:13:16.919 do you visit in the showroom and then buy it online? 253 00:13:16.960 --> 00:13:20.720 I mean that's anyway, that's that's the whole thing. 254 00:13:21.399 --> 00:13:23.840 Could you ever buy a car without driving it? 255 00:13:28.799 --> 00:13:32.240 It feels so weird to think like about that. I 256 00:13:32.399 --> 00:13:36.399 just in in twenty years, Yeah, I would. I would 257 00:13:36.440 --> 00:13:38.639 guess that you're gonna that that may be a thing 258 00:13:38.679 --> 00:13:39.080 one day. 259 00:13:39.159 --> 00:13:40.600 Well, I mean, can't you do it now? I mean 260 00:13:40.639 --> 00:13:45.120 you can have built for Carvana or one of them, 261 00:13:45.240 --> 00:13:47.000 or I can't keep track of all of it. 262 00:13:47.080 --> 00:13:48.399 But that's a weird. It's a weird. 263 00:13:48.440 --> 00:13:50.679 That's a weird concept where they're you know, they stack 264 00:13:50.799 --> 00:13:53.440 these cars and it's like a vending machine, right, and 265 00:13:53.480 --> 00:13:56.240 it's kind of entertainment but also kind of weird. I 266 00:13:56.279 --> 00:13:57.679 don't I don't know, I don't know how to look 267 00:13:57.679 --> 00:14:03.960 at that or how sort of understand that. But but 268 00:14:03.960 --> 00:14:08.200 but I do think though that like in a few years. 269 00:14:08.320 --> 00:14:12.759 Whatever that means, you're you know, you're you're the way 270 00:14:12.840 --> 00:14:15.879 you think about cars or owning it or buying it 271 00:14:16.039 --> 00:14:19.399 or uh, servicing it is. I think it's going to 272 00:14:19.679 --> 00:14:22.039 be wildly different than it is today. 273 00:14:22.200 --> 00:14:25.879 Well, I think it's going to be tough to change brands. Example, like, 274 00:14:25.919 --> 00:14:28.000 if you're a Chevy person, you know, you got the Chevy, 275 00:14:28.159 --> 00:14:29.919 you want the Chabby, you know the type of car. 276 00:14:30.080 --> 00:14:32.879 It's easy to just simply reorder it. But if you 277 00:14:32.960 --> 00:14:37.039 want to change it up, you. 278 00:14:37.000 --> 00:14:39.559 Know, yeah, although couldn't You could imagine a situation where 279 00:14:39.600 --> 00:14:43.240 like six brands get together and you buy into a 280 00:14:43.320 --> 00:14:45.559 service where you get a car and you can switch 281 00:14:45.600 --> 00:14:48.519 the cars throughout the course of the year and they've 282 00:14:48.519 --> 00:14:51.600 got you for life. But at the same time, sort 283 00:14:51.600 --> 00:14:54.200 of subscription service, you get a car, but it's not 284 00:14:54.240 --> 00:14:56.120 always the same car, and sometimes you want a big one. 285 00:14:56.120 --> 00:14:58.320 Sometimes I could see that happening. 286 00:14:59.600 --> 00:15:03.879 That's a an idea, that's a that's a very good idea. 287 00:15:03.919 --> 00:15:06.480 That's why you have more money, all right, Anyways, listen, 288 00:15:07.440 --> 00:15:10.360 I want I find banks fascinating because at one point 289 00:15:10.360 --> 00:15:13.120 in time in my life I used to sell velvet ropes. Yes, 290 00:15:13.279 --> 00:15:15.200 It's true, folks. I did. When I was doing the 291 00:15:15.279 --> 00:15:17.840 radio thing, you know, figuring it out, I did sell 292 00:15:17.840 --> 00:15:22.720 the velvet ropes, Naga hide tweed. Would you like a 293 00:15:22.720 --> 00:15:25.360 brass hook? Would you like a stilling silver hook? And 294 00:15:25.480 --> 00:15:30.440 believe me, the markup on that stuff was unbelievable. But 295 00:15:31.000 --> 00:15:33.759 I see that, oh yeah yeah, yeah yeah. And as 296 00:15:33.799 --> 00:15:36.720 a matter of fact, this is inside baseball. But who 297 00:15:36.759 --> 00:15:41.480 cares the family that owned the company that we bought 298 00:15:41.480 --> 00:15:44.080 the ropes from. I went to camp. So there you go, 299 00:15:44.200 --> 00:15:45.919 Laurence Stancheons. There's another story for. 300 00:15:45.919 --> 00:15:46.480 An other time. 301 00:15:46.759 --> 00:15:48.960 Okay, everybody's like loosening to the radio, like what the 302 00:15:48.960 --> 00:15:50.360 hell are they talking about? You know, and you know 303 00:15:50.440 --> 00:15:53.960 something I don't really care. But the bank thing fascinates 304 00:15:54.000 --> 00:15:57.759 me because I was in my early twenties when I 305 00:15:57.759 --> 00:16:00.000 was figuring it out. I was selling things to banks. 306 00:16:00.080 --> 00:16:03.240 I was selling rate boards and check desks and nameplates 307 00:16:03.279 --> 00:16:05.879 and all that stuff while working radio part time and 308 00:16:06.039 --> 00:16:09.039 trying to get going. But then all of a sudden, 309 00:16:09.039 --> 00:16:11.600 Internet banking hit, right. 310 00:16:12.039 --> 00:16:12.639 I mean I I. 311 00:16:15.200 --> 00:16:17.440 Sometimes I go onto the branch in Sudbury because I 312 00:16:17.480 --> 00:16:20.240 just like the people. You know, obviously, I have too 313 00:16:20.320 --> 00:16:22.000 much time on my hands, but. 314 00:16:22.679 --> 00:16:25.960 No, I mean keep them. 315 00:16:26.480 --> 00:16:28.559 No, I was just gonna say that going into a 316 00:16:28.559 --> 00:16:32.279 bank branch. There was another thing you mentioned earlier. I 317 00:16:32.320 --> 00:16:36.519 mean reading the paper like these are all indications of 318 00:16:36.759 --> 00:16:40.960 you know, yours and my age in a way where 319 00:16:41.080 --> 00:16:46.039 those are things that we did. But my goodness, banking 320 00:16:46.159 --> 00:16:51.080 the notion that banking uh is can be very easily 321 00:16:51.200 --> 00:16:57.279 made to be a completely online, pure utility, transaction, pure utility. 322 00:16:57.799 --> 00:16:59.600 Kind of put it in an app, put it on 323 00:16:59.639 --> 00:17:02.480 my desk, don't bother me with it. It's just all 324 00:17:02.519 --> 00:17:05.839 going to be handled seamlessly this way. To me, that 325 00:17:05.880 --> 00:17:07.279 one makes all the sense in the world. 326 00:17:07.400 --> 00:17:09.599 Well it does, there's no doubt about it. And I 327 00:17:09.640 --> 00:17:11.279 can't even get to the point now where if I 328 00:17:11.279 --> 00:17:14.480 get a check, I just cash it on my phone. 329 00:17:14.559 --> 00:17:17.000 My kids do it, you know, they just but I 330 00:17:17.079 --> 00:17:19.440 still go to the attainment deposit it. And I don't 331 00:17:19.480 --> 00:17:21.680 know why I do it. I don't know if I 332 00:17:21.720 --> 00:17:23.680 feel like if I get a SAG check from a 333 00:17:23.720 --> 00:17:25.759 movie I did one hundred years ago, and it's two 334 00:17:25.799 --> 00:17:28.240 dollars and thirty two cents, and after taxes it's now 335 00:17:28.480 --> 00:17:31.200 one dollar and one cent, I still go and deposit it. 336 00:17:31.920 --> 00:17:36.599 I don't know why I don't. I guess so. But 337 00:17:36.759 --> 00:17:38.200 the point that I'm trying to get to is, like, 338 00:17:38.240 --> 00:17:40.519 I see TD banks right, and I was reading an 339 00:17:40.559 --> 00:17:46.279 article where their philosophy is we want big bright banks 340 00:17:46.440 --> 00:17:50.759 on corners with high traffic. So it's the philosophy kind 341 00:17:50.799 --> 00:17:55.079 of like Tesla if you or Carvana or whoever, of 342 00:17:55.240 --> 00:17:58.599 putting a bank and using that as a billboard. My 343 00:17:58.759 --> 00:18:02.839 bank branch cost me five million dollars or whatever, but 344 00:18:02.960 --> 00:18:05.839 it's a billboard because I want people to see it. 345 00:18:06.200 --> 00:18:10.000 I want people to go online and then use the 346 00:18:10.039 --> 00:18:12.440 bank online after they see the branch. 347 00:18:12.839 --> 00:18:15.640 Thoughts on that, sure, sure, Well my thoughts are that 348 00:18:15.720 --> 00:18:20.079 people are comfortable, uh with the concept of their money 349 00:18:20.079 --> 00:18:22.160 being close to them, whatever that might mean. And so 350 00:18:22.720 --> 00:18:25.799 if you feel as though that's your neighborhood branch and 351 00:18:26.000 --> 00:18:29.640 that's just a familiar color and that's where you maybe 352 00:18:29.640 --> 00:18:31.640 it's where you pay your home mortgage to, or maybe 353 00:18:31.640 --> 00:18:35.119 it's where your deposits sit, there is something comforting about 354 00:18:35.119 --> 00:18:39.319 that being kind of around the corner. I'm that is 355 00:18:39.359 --> 00:18:40.640 a bit of a guess. 356 00:18:40.319 --> 00:18:44.240 But we'll think about it. And I'm talking, I'm completely 357 00:18:44.279 --> 00:18:48.480 talking out of my butt, but if I if I 358 00:18:48.519 --> 00:18:50.559 have a branch, if I have a building that costs 359 00:18:50.680 --> 00:18:52.440 I mean, I'm picking numbers. I don't know if it's 360 00:18:52.559 --> 00:18:57.160 five million, three million, whatever. In my advertising budgets are 361 00:18:57.200 --> 00:19:00.720 the same, and I know that the track fit pattern. 362 00:19:01.039 --> 00:19:03.519 I know, so many eyeballs are going to see my 363 00:19:03.759 --> 00:19:08.440 logo between the hours of blank and blank, as opposed 364 00:19:08.440 --> 00:19:11.440 to spending it on social media, or as opposed to 365 00:19:11.480 --> 00:19:14.279 certainly spending it on you know, more traditional media, which 366 00:19:14.319 --> 00:19:16.160 people are doing less and less. But of course they 367 00:19:16.200 --> 00:19:18.240 spend money on the iHeartRadio app. As we all know. 368 00:19:19.880 --> 00:19:22.319 It kind of makes sense, you know what I mean. 369 00:19:22.359 --> 00:19:24.359 I mean, there's a lot of eyeballs in those high 370 00:19:24.400 --> 00:19:27.519 traffic areas. Take a look at the McDonald's m I mean, 371 00:19:27.640 --> 00:19:33.200 logos still matter. It's brand, it's brand advertising, it. 372 00:19:33.279 --> 00:19:36.599 Is brand awareness, it is sort of the reinforcing, it's 373 00:19:36.640 --> 00:19:39.880 the it's the eye catching color, it's it's all of 374 00:19:39.920 --> 00:19:44.480 those things. I would it would be wild to know 375 00:19:45.200 --> 00:19:48.640 where that branch is sort of allocation of marketing dollars. 376 00:19:48.960 --> 00:19:52.039 How much more of their dollars are online driven and 377 00:19:52.079 --> 00:19:54.640 they're running you know, ads on the top band of 378 00:19:54.759 --> 00:20:00.960 WZ Radio's website or are they, you know, running inserts 379 00:20:01.000 --> 00:20:06.920 in the local paper. Still maybe I again an area 380 00:20:06.920 --> 00:20:08.599 that I'm not smart enough to a Pine on. But 381 00:20:09.480 --> 00:20:11.960 the notion that's sort of the way we shop, the 382 00:20:12.000 --> 00:20:17.720 way we consume advertisement is kind of some of it's 383 00:20:17.759 --> 00:20:19.799 on our phones and some of it's live and in person, 384 00:20:19.880 --> 00:20:23.440 and so you know that's the that's the balancing act. 385 00:20:23.240 --> 00:20:26.240 Today, Oh Pine Away, are you kidding me? I have 386 00:20:26.359 --> 00:20:29.400 Fox News in MSNBC and CNN on here in the studio. 387 00:20:29.839 --> 00:20:31.799 Nobody on those three networks know what the hell they're 388 00:20:31.799 --> 00:20:34.319 talking about. Either. I need you for one more segment 389 00:20:34.359 --> 00:20:37.799 because I want to talk about food. Let's do it, okay, right, 390 00:20:37.839 --> 00:20:40.960 Todd with as CEO for our properties, as we talk 391 00:20:41.039 --> 00:20:44.359 about how we shop and how we shop for food 392 00:20:44.720 --> 00:20:45.759 is next. WBZ. 393 00:20:47.440 --> 00:20:51.720 You're on Night Side with Dan Ray on WBZ Boston's 394 00:20:51.759 --> 00:20:52.359 news Radio. 395 00:20:52.960 --> 00:20:55.440 Welcome back, Garien for Danton, and I'm talking to Todd Fernard. 396 00:20:55.920 --> 00:20:58.039 He is the CEO for our property. So and just 397 00:20:58.079 --> 00:21:01.440 about the way we shop, the way we consume, and 398 00:21:01.519 --> 00:21:03.400 what lies ahead for us. Todd, I want to get 399 00:21:03.400 --> 00:21:09.079 the food next, because I remember when some very smart 400 00:21:09.119 --> 00:21:14.680 people got together and they said, you know what food 401 00:21:14.680 --> 00:21:15.880