jan nissen, ceo of the retail consultant form jay rogers nissen worldwide, welcome, good to have you with us. my sense is we get an idea of where that money is going, they're spending on cars, on stuff at home depot, and spending on specious experience. but they're not going to jcpenney or macy's or nordstrom's. >> that's for sure, we're not seeing them turn out in the mainline stores. we're seeing continued growth in fast fashion, we're seeing continued growth in the off-price sector. we're seeing continued growth in online. let's read that as amazon. we are not seeing growth in the traditional brick and mortar full-price malbased retail space. >> you say you've seen this movie before how do you think the sequel, if we're living it right now, is going to turn out? >> well, these guys aren't going away, right? i mean, macy's is a big, health company, they're going to monetize the real estate. they'll get better at what they do, do more omni retail. my concern is not are they going to be here? even penny's is going to be here even given the tough time they went through. it's a questio