digital sales, digital customer service, digital marketing.he number one digital platform for the new way of work is slack. our strategy is how do we package up slack to help our customers navigate this new normal? we think by focusing on customers, we don't need to worry about competition and we can continue to grow. caroline: globally, how are you looking at growth and expansion? bret: international expansion has been a huge part of the salesforce growth story. we have focused on all the major markets, this is no different. the one interesting thing about this pandemic is how it has impacted different parts of the world unequally. recognizing that every one of our major customer hub is in a different stage of reopening. we have to remain agile as a company to match that. i will say this digital imperative to be a truly global phenomenon is impacting every industry and every segment in every single geography of the world. caroline: it is interesting what you say to help make worklife simple, more pleasant, more productive. talk to us about ma

>> we noticed there are many places to find digital content in the digital space.t we are doing is specific premium content that was being made for the digital platform. it was nowhere specific for people to find if that kind of content. as a result, we saw there was a void in the markets. we decided to build a platform where we could have our content on and invite other companies who have premium, digital content they are trying to showcase in a particular environment. we announce the scene which will launch this summer. in addition to the brands and channels, we will have launch partners. we announced abc news will be one of our launch partners as well as a variety, buzz feed, weather channel, and major league soccer and a comedy channel. >> what are the biggest challenges when it comes to digital video and driving viewership? how do you convince advertisers to put their money there? >> it is really interesting. this year, advertisers will spend close to $6 billion into this space. by 2018, they're expected to double that. advertisers are interested in being in t

to digital but even in-store has gotten more digital.re seeing blurring between online and off-line. obviously, more and more people are shopping online but not even when they are going into the store, they don't want to touch cash anymore. they want to use cards or qr codes. the other thing you are seeing is that 40% to 70% of consumers don't want to touch cash anymore so you're really seeing a decline in the usage of cash which is why you are seeing a version and digital payments. emily: could this lead to the disappearance of cash, would you say? dan: i think a lot of people predicted the demise of cash and have been wrong over the years but there is no question that the use of cash and the prevalence of cash in transactions is dropping somewhat precipitously and whatever that trend rate was, it is now much more accelerated. emily: what are you expecting to see then as we head into the holiday season? dan: yeah, well, i think there are a couple of different things we are going to see. first of all, you've got over 50% of the populatio

a digital economy.does that actually mean? this is bloomberg. ♪ rishaad: we are back. let's take a look at what's going on with indian targets. -- markets. a record-setting wednesday. are we building on the record levels? reporter: that's right. we have been perched at record high levels for the frontline indices. this thursday morning, we are seeing a bit of cool off. no major losses. the centex down almost 30 points. the nifty down about 38 point. we could be in for a bit of volatility. be a bit of volatility for broader markets as well. the nifty 500 index is also open with cuts. , globaleing supporting liquidity is one reason. in india, the volatility is trading almost at four-month flows. fresh buying can be attractive. juliette: you are also looking at the companies. what is behind the move in those stocks today? all eyes are on the tartar group companies. when the order came in from national company tribunal, we saw the stocks reacting negatively. it appears arrest some correction for all the com

it has been a single digit world. 9% return. seems like we were too cautious over the last 10 years. should we maintain that caution or can we begin to lift our single-digit expectations? abby: i find myself to be more cautious than i was and it is strictly driven by valuation. the worst part of the great recession, what was price then at those p.e.'s of eight times earnings was the assumption the prophet recession would last another three to five years. what is priced in now at p.e. of 18 times earnings is the assumption there will not be recession, that profit growth will continue, so on. there is no margin for error. that is what i am most looking at. could there be surprises? will the surprises be positive or negative? i believe that we have a chance of more negative surprises than positive, including things that happen outside the united states. tom: i've got more questions on the markets. i will squeeze in them on the discussion on the fed. abby joseph cohen went of goldman sachs. a really special section on her current re

digital is a part of their lives.about it business context, it can't be a little step in. it might be through a web channel or mobile application, but to truly embrace digital means it has to be holistic for the enterprise come of way you engage with suppliers, with partners come with customers, with employees. when you do that, you truly become a digital enterprise and can adapt and embrace the digital economy, which is growing very rapidly around the world, even more so in southeast asia. can you give me an example of one of your clients for instance who had this halfway approach and how it transformed their is this? their business -- their business? >> on a global scale, we have a great customer and partner with under armour. they have done over the past four years is transform their business to interact with their customers through digital technology, interact with under armour about their products and to combine that online, but they're supplying sure to logistics, making they have the right product in the right

digital trade.dent trump: it will be the most advanced trade deal with provisions on the digital economy, patents, very important. david: ok. digital trade may not have been people's radar screens but importance with u.s. digital economy growing. meone is martin schroeter, i.b.m. head of sales. martin, thank you for being here. what do you mean by digital trade? it's not a phrase we hear that often. martin: when we think of digital trade, maybe it's easiest to talk about the componentry. think of the infrastructure it takes for computers and networks and software to interact and then put on top of that just the transactional value of things that are going across borders when you're ordering things digitally and add to that again all of the ontent that might be traveling digitally. they are a subtangs driver of economic growth. david: does it include the hardware and software? martin: and the content. and the content. the infrastructure, the transactional value and the content. in the case of media,

we do it now through digital. indonesia i think is one of the most advancing and amusing technology in the digital. we can integrate the economy through connectivity. are looking at the payment system, to increase the financial inclusiveness. this is a lot of positives to --o haslinda: to understand indonesia, you have to understand its remoteness. it spans the distance from new york to alaska. the country plans to spend $350 billion over the next five years building roads, bridges, and power plants to link some of its 17,000 islands. the president has already made significant progress. a similar spend during his first five-year term, so highways pop-up across the country. transit system, now operational, is a signal of that endeavor. but capital also has a new airport and budget airlines linking the major cities. only trillion dollar economy has been growing at about 5% a year. >> it is not just about the physical connectivity, obviously, but there was a whole range of issues there about data flows, payments, tax

every ceo talks to me about the digital proposition. the digital revolution.amount of changes going on a global banking. deutsche bahn. what is digital, where does it fit in in this new landscape. >> industry gives the incumbents a chance to transform their business models. something much more efficient. taking out costs. customerg the overall orientation. a lot of these countries will use that chance to change their business model. minas: i speak to a couple of ceos every day. there was fascinates me because the next generation is a digital generation. 70% of the customers will only ever operated the online banking. that is the challenge is that? >> absolutely. one of the restrictions that we see on this is that a lot of managers are part of that generation that can really think wast how the new generation acting with digital tools. none of our kids will step into a branch. when it comes the real complex problems. mortgages and investment plans, retirement savings. that is probably also the future that our kids will go into branches for that. from the bank an

it is the idea of being in a digital world and interacting digitally.of metaverse is a connected web of different metaverses or digital worlds. for us in the nft space, metaverse presents a new commerce opportunity. because right now we have brick-and-mortar and e-commerce. in the future we have metaverse, an entirely new channel, especially for the ip that we are working with, to create something and sell it in the digital space. there may be many digital spaces. emily: how do you think about in the future the relationship between the physical and the digital like, zach what will be more valuable in the future? an nft or an actual painting? zach: in the future, they will link together. we will start to see a tie in between the metaverse and the traditional real-world. . the world is becoming more digital. we are spending more time online. even now we are on is him interview. i work out on a peloton in a gym class online. we are starting to bridge the gap between the metaverse and the online digital world. as the years go on and as technology progresses

joe: let's talk about the idea of a digital u.s.lar, the idea that someone could hold a digital dollar in an online wallet or wallet on their phone in some way. lots of talk about it. still unclear to me of if something like that were to be implemented, what the goal would be. what do you think about the idea of a central bank digital currency, and what do you think the purpose would be if the u.s. were to have that? sen. warren: that is one of the things that came up in this hearing multiple times today, is that i understand how a digital currency would work instead of the united states government printing dollar bills or minting coins, it would, for example, pay a social security check by just putting digital money in your wallet. but the question was what is the problem is trying to solve. because as we all know, most of what happens today is digital in the sense that my bank does not hold those dollars physically. it has a number in the ledger. and when i transfer money to pay off my credit card, they make a transfer that happen

tell me, can you describe what digital radio is and what the differences between fm and digital?asically uses the frequency spectrum's differently than analog radio. it allows you to put multiple channels on a narrower bandwidth to get more broadcast opportunities and more content in a smaller bandwidth and that is why part of the reason they are switching over. people in this country that use sirius xm radio is a broadcasting of that. norway will eliminate fm radio. they were the first country in europe to experiment with digital broadcasting. it has been around for 20 years. in a gallup survey this year they said about 50% of the population in norway have these radios. there are still more than 8 million units not able to receive digital audio signals. what that means is that as they make a decision to turn off fm radio, many people will be left with devices that cannot receive the digital audio and they will have no access to radio. cory: the way i think of it is an analog radio sort of blasts signals and you hope you are close enough for reception that you can pick it up and

hayden: so many items have not been digitized and might not ever be digitized. when you think about the diaries of theodore roosevelt, the library of congress has the papers of 23 presidents from george washington to coolidge. there are still analog materials that could be digitized but will be in analog form. and books, even though you can get things in digital form, there are still people and still will be an appetite for a physical item. but the future is definitely digital so migraines like the lively of congress, british library, all libraries, or making sure they have the infrastructure to be able to get materials that are born digital. we have quite a bit of materials coming in. they never are in analog form, they are coming straight in digital form and we are able to circulate them. david: as we talk now, what do you think you've done in your eight years or so to open up the library to the average citizen more than before. specifically with respect to children, what have you done? dr. hayden: to be a cardmember, to use the 18 reading rooms -- it is a car

some digitalization of the regulation.he things that my executive verynow thinks about, firmly around how do you digitize the banks. how do you take it from bricks and mortar to the digital space. which is no different to a lot of other ceos. in the travel industry, will be in the bricks and mortar retailers space. these you can make that transition into a business model under a major threat. >> are we over bank. there seems to be branches, you know, like 25 high street in general, are we going to see a number of reduction of some of these spaces? >> you are seeing it. we have taken a lot of criticism from our reduction. we started with a branch network. anywhere from the size of our customer base, we have moved, i think, quite fairly this year to say we need a smaller footprint. our customers are more and more using the fund to do all the banking. you have seen the transactions now coming through the mobile phone and online. even in our business customers in bank nine, today, we launched on the apple, apps site, our first

it is the idea of being in a digital world and interacting digitally.uture of the meta-verse is a connected web of different meta-versus or digital worlds. for us, it presents a new commerce edit -- opportunity. we have brick-and-mortar and e-commerce. in the future, we have the meta-verse. it is a new channel, especially with the ip we are working with to create something and sell it in a digital place. there may be many digital places. emily: how do you think about the relationship between the physical and digital? what will be more valuable in the future, an nft or actual painting? >> i think in the future the, they will link together. we'll start seeing a tie-in and the traditional real world. the world is becoming more and more digital. we are spending our time online. this would not have happened years ago. i work out on a pallet on and have a gym class online. we are starting to bridge the gap between this meta-verse and online and digital world and the physical world. i think as the years go on and technology progresses, these experiences will b

this is a digital country now. we are a democracy with a digital rain implant.s been plucked -- brain implant. we have to have some kind of thatratic governance so brain implant doesn't drive us all crazy, which is what it does. emily: what are your biggest fears right now? you point out it's not just about the president. he has plenty of followers who are still on these platforms and they are angry. what are you most afraid of at this moment of the social dilemma? afraid of'm simply this driving even more polarization. people in this country, it looks like a digital act of war has happened. i worry about what response that will generate if it is not immediately pull back into a democratic conversation. what is the way to govern the digital world that we are all participating in? works atelect who twitter or facebook. we need to have some kind of democratic process. then you get into conversations about the global process. what would be democratically elected to govern the u.s. sphere is different from other countries. this is really just a need for accelerating

money is digital. activity is digital.that together for our customers and teammates is huge. what will happen between improvements in voice recognition and artificial intelligence, data storage and retrieval and wi-fi networks, being able to transmit on a wi-fi basis, tons of data without having a battery go down in 10 seconds, all of that is important. having all of the data in the world unless the person is going to act on it, which requires storage, or chievo, -- retrieval , analytics, and distribution, the last part you hit a note. the question is you have to have it all come together. the advances are tremendous. when we think about a voice or text added -- activated ,rtificial intelligence agent we think it will be about -- be a much better experience for customers who want to get the answer quickly. it takes high-tech. we have a million people come into our branches every day. we have to do a great job there. we have to do a great job with the 24 million mobile customers. and a great job with erica in that old build

especially with the digital economy and finance.here is one story, for example, with sme selling a product in the streets, but through e-commerce, they are now already exporting. >> the future is the technological revolution. it means we will be called the fifth freedom. the four freedoms are already in the communities with free trading groups and investment in people. the fifth freedom is data flows. if asean is to become a meaningful economic integration region, then we have to address data flows. the whole rationale of asean's is a training ground for us to connect with each other with neighbors as a practice before we open up more globally. i still think that rationale is very important. haslinda: and also very important to asean by the indonesian unicorns. >> i think we are only scraping the surface of how big it could be because our mission, our addressable market is the entire middle-class of southeast asia. haslinda: next, companies connecting asean: the next generation. ♪ haslinda: southeast asian unicorns, three companies,

lot of the digital content is premium.f people who produce television are getting into the digital business. there is not as much of a digitalce between content being produced professionally as there is tv content being produced professionally. it's a little shorter many times. other than that, a lot of producers who are in television and film and documentaries are getting into this space. >> we know conde nast as "vogue. " where does conde nast entertainment fit in? we dofit in because entertainment, film, television, and we started a digital video network using all of the different conde nast brands. brandsat means is the the published every month, or in the case of "the new yorker," every week -- we have over 80,000 articles in the archive. we are able to go back and find fascinating stories. movies like "broke back they all come from the pages of conde nast magazines. the company has never participated in making television with the content that they ultimately released through the magazine. that's why we started our gr

focus on digital, the insurance is in thelobally stone age when it comes to digital.nk i would've invented fire, the wheel, we have a lot of tools and we need to see what we can build. francine: how do we choose our insurance? online, is it generally a male customer that goes online and does it for a household? do i pick the cheapest, a name that i recognize? essentially, over the last -- either you are a car insurer, house insurer, i believe the next decade is all all of thosecall things together. the digital world, what customers are saying they want is simplicity, they wanted digital, be rewarded for loyalty and we can do it cheaper, we are more capital efficient the way it works. thing a large come being insurer base,h a large company several advantages to that. data, weve all the know the length of your driveway, we know the pipes in your house, we have all of that data available to us and can use them as models. it is also about the brand, the capital efficient. -- much more capital efficient and i think the next decade is about insurers globally. there is one k

morean they be able to do in the digital economy?first, the tech and digital sector is leading the recovery in the u.k.. jobs are coming from that sector in london. it is a very encouraging sign. we have 83,000 or jobs that come about in the last three years in the tech sector. 600,000 people employed in the capital and technology alone, which is fantastic. it is diversified away from financial services. to prepare this next generation and give them the skills they need. we need to demystify technology and make sure that along with our stem curriculum, the science and technology curriculum, the people start to understand that -- that code is how things work in this world. it is happening as we speak. we are trying to get as many ofng people to learn an hour code so that they understand it is not that difficult. they will get interested in it, so that in september when the new curriculum comes in place in the u.k., they will be excited about it and embrace it much more so. i am out 24-year-old, of university, i don't have much in term

what is the digital and is digital industrial term referred to? boff: emily, it is all about creating a layer of data and analytics. so that we can not just have the providing ourso customers, our really customers, our energy customers, our hospitals with insight so they can run more efficiently, trains cooperate more efficiently. we can save companies money and predict outcomes. we have built a whole software division and launched ge digital, a division focused on how to enable our machines with the digital knowledge. we have built an industrial ourd, a platform that customers and everybody in the industry can use. it is a big part of the transition. youy: is interesting mention the ads are gearing toward future employees. it is since i it since i is geared to work consumers. oil companiesto and airlines, why create an ad campaign that reaches consumers? linda boff: ge is a brand that has been around for 1 years. 30 a brand, the sixth most valuable in the world. audiences,ot of investors, consumers, customers. it is very important to get the mess

so we are going to see digital growing.will probably see new channels emerging like specialty stores, our own stores. we are very big, also a growing segment is travel retail, you know, the stores in the airports, because more and more people are traveling, so i think there will be new channels. in terms of the regions, the emerging markets are still growing. and our categories are growing too. makeup has been booming for 2-3 years. i think it will keep booming. skincare is growing too, so honestly i am very optimistic about the short-term, medium-term, long-term possibilities of this industry. francine: what do you think you spend most of your innovation on? is it, for example, making lipstick that lasts longer? is it kind of changing at a little bit? i know you have so many products. jean paul: and a few secrets. francine: but you can tell us. we are amongst friends. ♪ francine: we were talking about what the next four years will bring, and it is a lot more e-commerce. how do i choose my makeup online? it must be difficul

so we are going to see digital growing.will probably see new channels emerging like specialty stores, our own stores. we are very big, also a growing segment is travel retail, you know, the stores in the airports, because more and more people are traveling, so i think there will be new channels. in terms of the regions, the emerging markets are still growing. and our categories are growing too. makeup has been booming for 2-3 years. i think it will keep booming. skincare is growing too, so honestly i am very optimistic about the short-term, middle-term, long-term possibilities of this industry. francine: what do you think you spend most of your innovation on? is it, for example, making lipstick that lasts longer? is it kind of changing at a little bit? i know you have so many products. jean paul: and a few secrets. francine: but you can tell us. we are amongst friends. francine: we were talking about what the next four years will bring, and it is a lot more e-commerce. how do i choose my makeup online? it must be difficult

the humorous part ofmorou digital. >> securing a digital world.s replace human soldiers echo security and conflict coming up next. ♪ >> good morning, everyone. futures at -21. tomorrow on bloomberg surveillance, it is always a good time to talk to richard claret about what is going on in ukraine and russia and europe. with his true expertise on germany and their geopolitics. he is at pimco. i'm tom keene. scarlet fu is off today. our guest host, jared cohen, director of google ideas. the author of the new digital age. out in paperback. your beach read the summer. at&t cutting rates under pressure from t-mobile. at&t is introducing cheaper rates for national calls and text messaging after t-mobile introduced free international text messaging as well. at&t also cutting the price of calls to mobile phones in mexico, canada and the caribbean's. softbank wants to expand into mobile messaging. a mobile messaging service control by south korean company -- a south korean company. .e have 143 million users ibm has pledged to keep more than 3000 jobs in its

order on digital assets. a stock split, what it means, later this hour. buying the dip, stocks rally despite lowering -- growing fears. president -- the president of ukraine is open to discussing neutrality as long as it comes with a cease-fire. walk us through the day. >> a big bounce back for u.s. equities offer the back of the biggest rebound going back to juno 2020 technology leading the charge here. many are requesting -- questioning at this will be at a dead cat bounce. they bought a market could suggest the latter, yields have been rising over the past four days, they sit on the 10 year. closer to the highs we have seen this year, the story is in the commodities, coming off of the highs. energy stocks moving lower, terminal chart of the day, comparing the weekly percent changes of energy stocks in the s&p 500 to the technology counterparts. there is a string of energy stocks are performing technology. it is the speed of the move and how energy has risen so fast, we have a note saying the average energy

digital is moving to the center.re thinking about how to make it part of the culture. >> cuccia's number one, burberry number two? >> a lot of the great wings that gucci is doing carry across the enterprise. there is enterprise value. we are finding similar scores across the enterprise. that is when a multi--- what a multi-enterprise brand wants. >> they better show it. the margins are crazy. >> they want to show that there's a reason that you have more than one brand. there are a lot of guys out there. >> when you talk about these subjective qualities about the digital experience, how important is design or storytelling? >> super important. i would say that a lot of brand air on the side of the creative. there is a journey to nowhere. is, wealth ise another channel of distribution. it is about saving time. give me the product and the right information. the web is about saving time. social media is about wasting time. i say that in the best way. >> it is true. >> you want to learn about that. follow the design on ins

coming up, emerging trends in digital advertising.e will do that with the founder and ceo of marketing and influencer agency black girl digital. she will explain how it is done. this is bloomberg. ♪ caroline: tech companies report earnings up this week, a theme we have been focusing on our changes in advertising trends. you have been looking at how much time consumers are spending on social media. is it terrifying? taylor: depends on how you look at it. i spend all my time on cat videos. i feel great. i am one hour per day on cats. let's take a look. herein lies the problem. with facebook, we talked about this, the traditional blue app, this is in minutes per day per average user, only about 46 minutes. the numbers at a little better if you are watching cat videos on instagram, about 50 minutes. that is an hour of your day that is gone. caroline: look at tiktok. sonali: this is you. caroline is on tiktok all day long. taylor: 83 minutes per day. when you think about where you're putting your ad dollars, you want to go to tiktok. sonal

triple digit growth for those companies. what those companies do is they reflect the sectors that have been driving some of the gains. fuel-cell reflecting green energy, u.s. oil, and retail. , thank youa chandra as always for enjoying us. -- for joining us. companies taking advantage of new innovation, especially digital outset. joining us is the ceo of self my. reading through the white paper on digital security is a read at 8:00 a.m. what is fascinating is you are starting to see the benefits of some of the digital security tokens. what you see is the benefit? kenneth: there is no question things like digitization will add speed to processing, greater efficiencies, faster clearing and settlement, all of which can be tremendously beneficial -- both to issuers and investors. what we try to lay out in the white paper we did with our colleagues at price waterhouse cooper, how do you apply 100 years worth of security regulation, project way when we think about customer protection, to a true digital security. taylor: how do you

galaxy digital. the day banks to coinbase, you bring this interview with michael, so we really appreciate your recording, sonali basak. coming up, we will ask if regional banks are just as optimistic about the economy is wall street. this is bloomberg. ♪ amanda: this is bloomberg markets. i am amanda lang with matt miller fulton we are taking -- keeping our eyes on citizens financial today as it beat analyst estimates for we have the chair and ceo with us. bruce, thank you for being with us. today we see softness and the stocks. give us your flavor on the quarter. what do you see by way of -- on the commercial banking side come are you seeing a real kind of rebound at this stage? bruce: i characterize the quarter as led by strong results in our people businesses, particularly capital markets, so we had a good quarter in emma day and underwriting, -- in m&a and underwriting, which is great to see. our mortgage business is starting to suffer a little bit in decline and on sale margins. still overall st

we are the largest digital payments platform, maybe in the world.utral, it allows us to partner with retailers and others that maybe we couldn't have, were we a part of ebay. being truly neutral and focused on customers is a huge advantage. emily: let's talk about that. you work with apple and google, yet you also compete against apple and google. apple is doing apple pay. google has got android pay. what is the biggest value add for paypal in mobile that these guys don't have? dan: one of the things we have that no other players have is we are truly an agnostic platform. in other words, we integrate for merchants any payment type for them. not just the paypal digital wallet, which has 169 million customers across the world, but we will also integrate apple pay into that or other forms of payment as well. we really want to be a full-services payments partner for merchants, and being technology agnostic, operating system agnostic, gives us a tremendous competitive advantage. emily: apple pay, though, has so many credit cards, so many users, already s

brokerage and digital banking. think it is a fair question, companybillion for a that is the stock market sensitive? this interest-rate sensitive at a time when you have peak retail investor engagement and high stock prices? we are not saying this is the bottom. acquisition, this a 10 pe company paying 15 times earnings for another company just for starters is not ideal. guy: i've heard a lot about the corporate stock prime business and the fact this is a fantastic business and undervalued at e*trade. does that argument not stack up? in the whole idea of revenue synergies. if a brokerage firm can get customers through a variety of ways, digital delivery, or through the workplace and to the extent morgan stanley has a broader suite of products, if you are an e*trade customer, you should say this is fantastic. i would love to be in e*trade customers even more right now ofause you have so much more morgan stanley's research and really have ways to that experience. having said that, if you are a morgan stanley sharehol

>> the way we look at the digital ecosystem is you have digital property.hat is like owning a block of cyber manhattan. one bitcoin is a block in cyber manhattan. then you have a digital currency. there is not much upside. they will be regulated like money market funds in cyberspace. then you have digital applications. they are trying to dematerialize insurance companies, exchanges, and banks. they are the buildings on top of the granite city block, or the business in the building. it is a different thing. if i went to vegas, i would just want to buy the land. someone else might want to build a hotel. it is not for us, it is a complicated business, more competitive. we are waiting for more regulatory clarity. if you will be an insurance company in cyberspace, there are probably insurance issues or trading issues. we have adopted a simple strategy. buy 105,000 blocks of bitcoin in cyber manhattan. we think it will be good for hundreds of years, and billions will want to live there. >> but why not then? this is a question coming in from a terminal user. other

, -- the up enemy of digital -- the epitome of digital, amazon.urns, it is free for the customer. emily: so you say you have almost 1200 stores, and i wonder, longer-term, do you see those stores surviving, fewer stores or more stores? you and i grew up going to jcpenney and sears, but that is not necessarily going to be the case for our children. michelle: yes, emily, i think people are underestimating the power, and there are a lot of stories that have had to close, not only with the pandemic but just with the general destruction of the industry, accelerating during the pandemic. our stores are healthy, and i think this will benefit us. as i said, we are thinking about our stores differently. i talked about the power of the amazon partnership. i was exciting coming on to talk about this. we just announced a partnership with sephora, which is taking full advantage of our capability. beauty is a great example where, yes, you can transact online, but there is something really special about going in and touching a product, having advisors help you i