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American Morning
Minding Your Business: Kmart Sports Thalia
Aired December 03, 2002 - 09:50 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DARYN KAGAN, CNN ANCHOR: Let's go ahead and check on Wall Street. Markets have been open for about 20 minutes. Andy Serwer is here "Minding your Business."
ANDY SERWER, EDITOR AT LARGE, "FORTUNE": Good morning, Daryn. Stocks are down, unfortunately, this morning. On Wall Street, the Dow is down 75 points, Nasdaq slipping a little lower as well. There you go. Now it's down 60 points. Getting ahead of me here. AOL's dragging the markets down a little bit. Got to tell you it is down a buck 42...
KAGAN: Our fault.
SERWER: ... to 15.15, yes, because it's saying that business not so strong going forward next year. Not a surprise to me. I don't know why people on Wall Street are surprised by that, but they are.
KAGAN: Let's talk about a surprise. Teenagers.
SERWER: Yes.
KAGAN: Back in the day, when I was a teenager in Los Angeles, we went to the beach.
SERWER: About five years ago.
KAGAN: Yes. Thank you. Apparently, that is so out.
SERWER: Yes. Who cares? Teenagers increasingly are going to spas, we've discovered. Spas are spending big, big bucks...
KAGAN: What do they do there?
SERWER: They're doing all kinds of stuff. They're getting facials -- look at some of this stuff. You get the microderm abrasion for -- maybe that is good if you have got acne or something. I don't know what -- photography that would be good for the senior prom picture, and what 15-year-old girl could do without highlights and nail extensions. This is big bucks, though, Daryn.
KAGAN: Where do they get the money, though?
SERWER: Walking dogs, mowing lawns, or getting it from their parents.
KAGAN: A lot of dogs to walk for all that. SERWER: It is. One teenager in Illinois, I would like to -- she said, it's something we do to de-stress ourselves from homework, boys, things like that. There is a lot going on in the world. Yes.
KAGAN: There is "like." Like, a lot going on.
SERWER: So, you know, just big bucks there, a lot of disposable income. Actually interesting, another group with big disposable income as well, Hispanics have the fastest amount of disposable income. It's a fast-growing demographic group, but apparently they have a large amount of disposable income growing as well, maybe that is why Kmart has gone out and hired international pop star Thalia.
KAGAN: For people who don't know -- there are some people out there who don't know Thalia.
SERWER: Hang on.
KAGAN: Andy's having a moment.
SERWER: Wait a minute. They're going to have her at Kmart, and they've also got Martha Stewart? I know what section I'm going to, OK?
KAGAN: Martha.
SERWER: I think Martha better watch out here, because Thalia is coming into the house. She is going to have a whole line of clothing, accessories, and obviously appealing to the Hispanic market, but also appealing to other people, as well, I think -- Bill.
KAGAN: I think there is room for Thalia and Martha.
SERWER: She's married to Tommy Mottola who used to be married to Mariah Carey.
KAGAN: Yes, making big stars.
SERWER: Yes, absolutely.
KAGAN: Well, thank you. We'll see you at Kmart.
SERWER: Yes, see you at the 'Mart.
BILL HEMMER, CNN ANCHOR: I'll follow you to Thalia's department.
SERWER: Let's go.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired December 3, 2002 - 09:50 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DARYN KAGAN, CNN ANCHOR: Let's go ahead and check on Wall Street. Markets have been open for about 20 minutes. Andy Serwer is here "Minding your Business."
ANDY SERWER, EDITOR AT LARGE, "FORTUNE": Good morning, Daryn. Stocks are down, unfortunately, this morning. On Wall Street, the Dow is down 75 points, Nasdaq slipping a little lower as well. There you go. Now it's down 60 points. Getting ahead of me here. AOL's dragging the markets down a little bit. Got to tell you it is down a buck 42...
KAGAN: Our fault.
SERWER: ... to 15.15, yes, because it's saying that business not so strong going forward next year. Not a surprise to me. I don't know why people on Wall Street are surprised by that, but they are.
KAGAN: Let's talk about a surprise. Teenagers.
SERWER: Yes.
KAGAN: Back in the day, when I was a teenager in Los Angeles, we went to the beach.
SERWER: About five years ago.
KAGAN: Yes. Thank you. Apparently, that is so out.
SERWER: Yes. Who cares? Teenagers increasingly are going to spas, we've discovered. Spas are spending big, big bucks...
KAGAN: What do they do there?
SERWER: They're doing all kinds of stuff. They're getting facials -- look at some of this stuff. You get the microderm abrasion for -- maybe that is good if you have got acne or something. I don't know what -- photography that would be good for the senior prom picture, and what 15-year-old girl could do without highlights and nail extensions. This is big bucks, though, Daryn.
KAGAN: Where do they get the money, though?
SERWER: Walking dogs, mowing lawns, or getting it from their parents.
KAGAN: A lot of dogs to walk for all that. SERWER: It is. One teenager in Illinois, I would like to -- she said, it's something we do to de-stress ourselves from homework, boys, things like that. There is a lot going on in the world. Yes.
KAGAN: There is "like." Like, a lot going on.
SERWER: So, you know, just big bucks there, a lot of disposable income. Actually interesting, another group with big disposable income as well, Hispanics have the fastest amount of disposable income. It's a fast-growing demographic group, but apparently they have a large amount of disposable income growing as well, maybe that is why Kmart has gone out and hired international pop star Thalia.
KAGAN: For people who don't know -- there are some people out there who don't know Thalia.
SERWER: Hang on.
KAGAN: Andy's having a moment.
SERWER: Wait a minute. They're going to have her at Kmart, and they've also got Martha Stewart? I know what section I'm going to, OK?
KAGAN: Martha.
SERWER: I think Martha better watch out here, because Thalia is coming into the house. She is going to have a whole line of clothing, accessories, and obviously appealing to the Hispanic market, but also appealing to other people, as well, I think -- Bill.
KAGAN: I think there is room for Thalia and Martha.
SERWER: She's married to Tommy Mottola who used to be married to Mariah Carey.
KAGAN: Yes, making big stars.
SERWER: Yes, absolutely.
KAGAN: Well, thank you. We'll see you at Kmart.
SERWER: Yes, see you at the 'Mart.
BILL HEMMER, CNN ANCHOR: I'll follow you to Thalia's department.
SERWER: Let's go.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
