Steve and Michael kick off the episode with a dynamic review of a blockbuster week in retail—Walmart’s continued dominance, Target’s seemingly endless struggles, the flight to value in apparel, and rate-locked consumers impacting home-improvement demand. They then revisit an encore interview with Artemis Patrick, President & CEO of Sephora North America, whose personal story, leadership approach, and insight into Sephora’s innovation, commitment to diversity, and new store investments provide great insight and inspiration.
Steve and Michael open this week’s episode with a deep dive into the retail news of the week, marked by sharp contrasts in performance across the retail landscape. Walmart continues to separate itself from the pack, delivering another standout quarter, as omni-channel rival Target delivers another challenging quarter.
The news segment analyses strong results from the off-price sector as TJX and Ross Stores both post impressive sales gains. The turnaround at Gap Inc. shows encouraging signs under CEO Richard Dickson despite continued weakness at Athleta. In home improvement, both Home Depot and Lowe’s see essentially flat comps as rate-locked consumers and affordability issues continue to weigh on spending. Furniture and home categories face rising tariff exposure, with Williams-Sonoma projecting its blended tariff rate jumping from 6% to 35%—a margin headwind that underscores industry-wide challenges. All told, the week’s earnings reveal a retail landscape where the biggest players capture more share while many others struggle to keep pace.
Steve and Michael revisit their encore interview with Artemis Patrick, President & CEO of Sephora North America—one of the most inspiring and resonant conversations in the show’s archive. Artemis shares her extraordinary personal journey from immigrating from Iran and growing up in foster care to becoming one of the most influential leaders in global beauty.
She details Sephora’s global reach (34 markets, 3,000 stores), 700+ North American freestanding locations, a huge presence at Kohl's, and 40M+ Beauty Insider members, while unpacking the brand’s unique power in incubating indie brands, championing diverse founders, and uniting physical and digital experiences long before Omni became a buzzword. Artemis also previews two transformational initiatives: a next-generation e-commerce platform enabling deeper personalization and a five-year renovation of every Sephora store—the largest capital project in the brand’s history.
After the interview the hosts each share their choice for buzziest story of the week before concluding with what's on their radar screens for the weeks ahead.