YouSaid · the spoken record

Ron Johnson

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164
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2017-03-06
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2017-03-06
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  1. “Steve would still be running Apple. He loved Apple so much. I mean, that was his life was his family who he loved and Apple.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  2. “Fix it. And that's true business decisions, that's true with career decisions, you're going to make mistakes, learn Move, but keep moving.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  3. “Know, admit it, acknowledge it, clean up, move on. So I think the key here when you make a mistake, and we all make good decisions, we all make bad decisions, you know, fit issues.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  4. “It also became my best learning experience. So, the key is when you make a mistake, get out. Move. Go to the next thing. That's true. I think when you're young in a relationship. You know, it's true in life. If you make a mistake, like some people have been doing at work lately, doing something they shouldn't do with an employee?”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  5. “I think their biggest mistake is if they don't really take care of all of their stakeholders. I think they care deeply about their customers, and I think they care deeply about themselves. I'm not sure how much they value their manufacturing partners. And the art of business is treating all stakeholders well. I think the great companies, the reward of great service is a profit. And you've got to serve your customers, you've got to serve your employees, you got to serve your partners. And if you do all those well, you're probably going to have a great business. So I think Amazon's biggest risk is they become greedy.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  6. “And none of the value. And none of the value. And so bigness tends to be dangerous. And so you never want to get too much.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  7. “You try to get out of Walmart. I mean, if I were a manufacturer, I would say, do I really want to be there? But I'm not going to let it get above a certain share. Because the history is filled when people get big, they tend to get greedy, they tend to get powerful. Stevie is to say the reason we're going to beat the PC, we're going to beat the PC industry is their pigs, right?”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  8. “So there'll be a hundred sixty billion dollar commerce player in the US in three years $80 billion the size of the entire U.S. department store industry.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  9. “Imagine you're an old retailer, 22 years old, you're $80 billion and you comp 26%. Never been done. 26% in three years is... Over 80, it's a double”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  10. “And so target's number one issue is not merchandise and food in Canada, it's how do they recapture the young mom, which is their core customer base. Walmart always had the value seeker and still does, and Walmart's competing well. I think Target's losing the young mom.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  11. “No, the big issue for Target to me. That hasn't been talked a lot about is they used to own the young mom. Every young person wanted to shop at Target.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  12. “That was a product. A product, but you know, Coke buys these people up and PNG will buy them all up. I think there will be a lot of acquisition of people who want to build these young brands. Because remember, you're targeting a segment.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  13. “It's hard to get to the next level, but there are a lot of big consumer packaged goods brands that want a new thing to grow. And that's what I think honest tea is it.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  14. “I would just have breakfast with Michael Dubin from Dollar Shave Club. He sold. So did Jett. They sold honest. It's not clear what's happening to them. How do you look at those? Because a lot of them are...”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  15. “They just got over their skis on price points, they got their price points too high for their customer. And there isn't a lot of room for error on that. And that was the biggest issue for NastyGal. But there are a lot of people doing well.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  16. “So, a lot of the special category niche online retailers, I think, are doing a beautiful job. I think they will. Well, the problem is scale.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  17. “Things they're trying to I mean, if you walk into a Walmart or Target, all the people, those red shirts at the register, how many people do you see in the floor?”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  18. “Yeah, well, I think what you want to do is get rid of people, eliminate the transactional things like the people at checkout and redeploy them on the floor so they can just Amazon.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  19. “And the stores have to improve the logistics. The goods show right to the floor and they shouldn't have too many and they've got to speed their turns. And there's a lot you have to do.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  20. “And literally, they got Coolots wrong one year. And that was the end of it. It was so fashion-oriented for teens that it just, they missed three or four trends, and that was the end of that. And then they weren't cool, and then it was done.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  21. “You know what? They're not too fashioned content. They are fashion content, but not too much. It's not too much. I remember one year ago in Washington that I wrote about, and it was a hot, hot, hot storm. I'm blanking on the name of it, but it was hot, hot, hot, and it was a big stock market, huge stock market valuation.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  22. “Special They have, but the reality, they're kind of meaty. The product isn't that special, you know? But no, it's also true that the new specialty stores are doing great. Such as H&M, Zara, Masmoditi. You know, the hard thing is people are always looking for the next thing. So young kids, they don't want to wear what their parents were. So it's really hard for especially store to last generation to generation. Absolutely.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  23. “Get the content in the store to be really unique. It's got to be special. You got to carry things that are different than you find elsewhere. And then you've got to create and engage. Well, it's like”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  24. “Well, you got to get rid of all checkout You know, that should be easy to do with technology today. So your phone, we know what you walked out with. So you got to eliminate checkup. Then you've got to find a way to”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  25. “Just to allow it and have its need and have a need and have a need. So if there's a need and there's economics, you got a chance.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  26. “I think it's a really, I think we're all learning it's a really tough business. It's hard to make money because if you have to Get a product and get it somewhere and it's low price there's not a lot of margin to be made. And I don't think people are going to pay a lot of money for that. At some point, they'll just say, I'll go to the store, and eventually the stores will get convenient. They'll fix the checkout thing. They'll do the click and collect where it's easy to pick up. So you're not ever going to get a premium to deliver. The only way delivery will work really is if it's free. And that's why we're doing Enjoy. You know, we're free and we're fast and we're helpful. So we, like a good specialty store, work with a group of products that have enough economic margin.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  27. “That's not going to happen in rural America because you can't afford to deliver. Remember, delivery is primarily a thing for cities and suburbs. It doesn't extend beyond certain trade areas for all these things. So you're going to need big stores, you need small stores, and you're going to need great stores. And they have to all be integrated. And they're a part of your life. And you'll have stores where you work. Walmart should have stores near where you work. They should have stores near where you live. They should have stores near where you play.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  28. “On Absolutely because the world's world doing it's gone to cities. Everyone's going to live in cities. They're getting dense. They're getting more interesting. The transportation is changing. So Walmart needs a store for different environments. Right. So they should have a kid apart stores. They still need some big stores, sure.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  29. “Hundred thousand, 200,000 square foot stores. Maybe we need a 10,000 square foot store, which I thought was, people didn't really pay attention, but I was having covered retail. I was blown away by the repercussions of that idea. Walmart does not have to be this massive warehouse experience, that it was much smaller. And I was thinking the repercussions on work, on real estate, on trucking, on ding, ding, ding, ding. You just like the whole industry changes really drastically in that case. Do you see that? Absolutely because”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  30. “I want a little glass of wine. I want a stand in innovation. I know, exactly, depending on that. But what about the idea of stores being bigger or smaller? We had the Walmart Doug McMillan on stage at Code two years ago, and he came because he was really confused about what was going on and wanted to meet all the digital people. And one of the things he said, I thought was really striking on stage is maybe we don't need...”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  31. “But I agree with you. I think you should be able to opt in that I want when I walk in the Apple store, I want the people to know I'm here.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  32. “And people bought one or two items, so you didn't need a big cash wrap. You could just walk up anywhere. So we had reasons why we could do that. But everyone should have mobile checkout.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  33. “All stores should do that. Well, they might be working on that. See, Apple can do things others can't. Like in 2005, we introduced what we called easy pay checkout. You didn't have a register. Right.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  34. “But not just at Kara's here. Karen's bought through our companies. I was just thinking, I was sitting in there the other day and I bought at least $100,000 worth of equipment. It's got to be. Like if you add it all up over the years and years and years. And through my business and personally, like a lot of money spent in Apple. And then there's this kid like sexting over to the right and something I want to look at. I'm like, why does he get to do that and get the same amount of attention? He can go do that if he wants. Or someone's doing their email or someone's, and I like that experience for people, but why aren't I getting extra special attention? It should ping them the minute.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  35. “I've worked with Matt when I had my Mac repaired. I worked with Mary when I bought my iPod, and I can walk in and I know if Mary's working or Matt's working, and I want Matt and Mary to know, Kara's”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  36. “And yeah, they just have great scale. And they're a great company. Amazon's so innovative. What they've done with the cloud, what they're doing with this walkout walking store. They're a really great. And I think they're going to deliver.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  37. “Well, here's why I don't think they understand. I said this last week to someone. Too many people are looking internally at the Instead of externally. They've been focused on I've got to become omnichannel. I've got to figure out how to get more people to my website. Well, that's like the Warriors going to play Cleveland and the NBA Finals and not caring about LeBron James, but saying let's improve our zone defense. At some point, you've got to say LeBron's the challenge. We got to defend LeBron, right? People have to look at Amazon's the poster child. We got to beat Amazon. Right. Merchandising. speed. I got stores. I got all these tools. How do I do that to create a better experience for customers on Amazon? They don't copy.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  38. “Well, if they earn $15 billion a year, Amazon earns three. Right. They got more cash. They've got the physical footprint, which is like a warehouse network, right? They've got a large customer base. They have access to all the merchandise. They can price lower than Amazon if they want to. Because they got a lower cost structure, right? And so Walmart could compete really hard. So it's interesting to contemplate to me, Amazon has this program called Prime. That locks people in and they have a lot of benefits $99. And they add services all the time. And that gets you such incredible loyalty, you always buy from them. Imagine if Walmart had its equivalent Walmart Prime. But it offered benefits online and in store. Every time you come to the store, you get... Free food You get a discount on your purchases, you develop all these benefits.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  39. “They're in the mall, too. Yeah, they are. That's true. But I think the big thing here's what I'd think if I were running Walmart, I think it's going to give Amazon a run for its money.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  40. “So talk about the things they have to do. So they put soul cycle things where you have to physically be, although there's Peloton, and you don't have to go anywhere. You just have to leave your house.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  41. “Amazon's the world's largest convenience store. They make it really easy to buy something you need with Alexa, it's easier all the time. But that's a part of what we buy. There are a lot of things for which the purchase matters, right? And that's where the stores can win. So if you go to Stanford shopping center now, you can't even park. Right. You know, everything's reinvented. A mall has become a place where you go for your life. You go to your soul cycle class. You eat at all these fancy new restaurants. The stores are interesting. It's kind of an experience. You'll drive further. So retail's got to reinvent that experience. So talk about the things they...”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  42. “There's not great merchandising online. That's what I used to always talk to Jeff Bezos about. I'm like, you can't merchandise online. You can offer you suggestions and they can say, if you bought this, I've never done that. Right, but where's that?”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  43. “They bring it to the register and you transact. That's much more profitable than having to do all that work for them, right? And so the problem is so many of these retailers said, oh, to compete with Amazon, I got to figure out how to get online. So they invest money online. Well, that's nice to do, but the more you sell online, the less people come to your store. When people buy online, they only buy what they need today. When they go to store, you buy what you need, but you pick up something else”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  44. “Because the online business is a bad business. You can't make money. You think about you price it at the same as you price in the store, but now you've got to do all the logistics. In the store, the customer does it the logistics. They drive to the store, they do the last mile. They look around. They do the picking”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  45. “She's never going to change again. Detail over, well, no, because retail is still the majority of places we buy. 90% plus is bought in stores. But retail's got to wake up and figure out how to get people back in the stores.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  46. “Remember the last time I've been in a store. I do everything via Amazon. That's pretty much it. You're not alone. And sometimes every now and then I'm in a store because I'm interested in looking at things. But talk about that concept of what's happening. You're doing something that's going to taking what's already a trend, which is everybody likes things delivered in their home and you're adding a special thing to it, which is lacking, is that the box drops on your front porch And as long as someone doesn't steal it, you just get it, you open it up, you collect boxes, essentially. Talk about where it's going to be never going to change again. Well, here's detail over.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  47. “To find people who know how to use drones, it's our favorite product. So when you have a drone visit, we take you to your neighbor park.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  48. “We'll do all the install for the product you need. Now we stay away from heavy install. We try to stay away from the wires so we're not doing TVs yet. But most of our products are mobile. It's like a smartphone.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  49. “That's pretty good. Yeah. Yeah. Yeah. Amazing. Imagine you can buy a product, have it delivered anywhere you want, your home, your office, Phil's coffee. Today, by a really smart trained person for free.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT

  50. “No, nobody does. But we're going through doors. And so we set up Sonos and we tuned their room and we introduced them to digital music and show subscriptions and they do multi-room and it changes their lives and it's really.”

    2017-03-06 · Decoder with Nilay Patel · Recode Decode: Ron Johnson, CEO, Enjoy · IDENTIFIED FROM THE TRANSCRIPT