1. Favorable Macro Backdrop
2. Overview: Optimistic About Holiday 2016
3. E-Commerce Driving Holiday Growth
4. A Very Mobile Holiday Season
5. E-Commerce: What Do Consumers Respond To?
6. Holiday Hiring Projected to Be Up Slightly; Clear Shift Toward E-Commerce
7. Thanksgiving Day Shopping Will Remain Popular
8. Black Friday: Could It Be Dethroned?
9. Singles’ Day Will Capture More Early-Bird Online Shoppers in the US
10. More Favorable Holiday Calendar
11. Presidential Election Impact
12. Holiday Shopping Themes
13. Holiday Fashion Trends
14. Hot Holiday Tech Giftables
15. Fung Global Retail & Technology’s Hot Toys for 2016
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Q3 2016 Recap & US 2016 Holiday Preview
1. Q3 2016 RECAP & HOLIDAY PREVIEW
WEBCAST
Evan Gold
Executive Vice President
Global Services
Deborah Weinswig
Managing Director
Head of Global Retail & Technology
3. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
US 2016 HOLIDAY
PREVIEW
3
DEBORAH WEINSWIG
MANAGING DIRECTOR
FUNG GLOBAL RETAIL & TECHNOLOGY
November 9, 2016
4. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
Agenda
1. Favorable Macro Backdrop
2. Overview: Optimistic About Holiday
2016
3. E-Commerce Driving Holiday
Growth
4. A Very Mobile Holiday Season
5. E-Commerce: What Do Consumers
Respond To?
6. Holiday Hiring Projected to Be Up
Slightly; Clear Shift Toward E-
Commerce
7. Thanksgiving Day Shopping Will
Remain Popular
4
8. Black Friday: Could It Be
Dethroned?
9. Singles’ Day Will Capture More
Early-Bird Online Shoppers in the US
10. More Favorable Holiday Calendar
11. Presidential Election Impact
12. Holiday Shopping Themes
13. Holiday Fashion Trends
14. Hot Holiday Tech Giftables
15. Fung Global Retail & Technology’s
Hot Toys for 2016
5. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
1. Favorable Macro Backdrop
Indicator Period 2016 2015
YoY %
Change
Impact on
Consumption
Gas Price (USD per Gallon) Nov $2.23 $2.24 (0.4)% +
Unemployment Rate Oct 4.9% 5.0% (0.1)% +
Average Hourly Earnings Oct $25.92 $25.21 2.8% +
Real Disposable Income
($Bil.)
Sep 12,694.1 12,427.6 2.1% +
S&P CoreLogic Case-Shiller
20-City Composite Home
Price SA Index
Aug 188.2 179.0 5.1% +
University of Michigan Index
of Consumer Sentiment
Oct 87.2 90.0 (3.1)% –
Source: US Bureau of Labor Statistics/US Energy Information Administration/US Bureau of Economic Analysis/S&P Dow Jones/University of Michigan
5
6. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
1. Favorable Macro Backdrop
• Gas prices were down 0.4% year over year in the 1st week of November
• Consumer confidence stood at 87.2 in October, down 3.1% year over year
• The US unemployment rate was 4.9% in October, 0.1% lower than in October
2015
• Private sector wages rose by 2.8% year over year in October
• Real disposable income grew 0.1% month over month in September, after
remaining virtually unchanged in the prior month
• Home prices continued to rise moderately, supported by low mortgage rates
and a shortage of supply
• Inflation/deflation
– Apparel prices are below the average inflationary level
– Food prices fell by 0.1% month over month and by 1.7% year over year in September
6
Source: US Energy Information Administration/International Monetary Fund/Rhodium Group
7. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
1. Favorable Macro Backdrop: Consumers Slightly More
Optimistic as Gas Prices Level Off
• Gas prices were $2.33 per gallon in September, down more than 5% from a
year ago
• Low gas prices continue to curb the inflation rate
Nov 7 2016,
$2.23
$1.00
$1.50
$2.00
$2.50
$3.00
Nov 14 May 15 Nov 15 May 16 Nov 16
Retail Gasoline Prices (USD per Gal.)
7
Source: US Energy Information Administration
8. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
1. Favorable Macro Backdrop: Consumer Sentiment
Slides in October
• The University of Michigan’s Index of Consumer Sentiment stood at 87.2 in
October, down 3.1% year over year and 4.4% month over month.
• Consumer sentiment slid in October due to a temporary bout of uncertainty
caused by the election and less favorable prospects for the national
economy, with half of all consumers anticipating an economic downturn
sometime in the next five years.
87.2
30
50
70
90
110
06 07 08 09 10 11 12 13 14 15 16
University of Michigan Index of Consumer Sentiment
8
Through September 30, 2016
Source: University of Michigan
9. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
1. Favorable Macro Backdrop: The Labor Market Stands Firm
• The US unemployment rate was 4.9% in October, edging down from 5.0% in
September.
– Job gains were seen in professional and technical services, financial activities
and healthcare.
• Average hourly earnings for private-sector workers rose by 2.8% year over
year to $25.92 in October.
4.9%
3%
4%
5%
6%
7%
8%
9%
10%
11%
Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16
US Unemployment Rate
2.8%
1.5%
2.0%
2.5%
3.0%
Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16
Average Hourly Earnings (YoY % Change)
9
Through September 30, 2016; seasonally adjusted
Source: US Bureau of Labor Statistics
10. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
1. Favorable Macro Backdrop: Consumer Savings Rate Falls as
Disposable Income Increases
• Real disposable income was flat month over month in September, but up 2.1%
year over year. The figure stayed flat for the second consecutive month.
• The US personal savings rate remains below levels seen at the start of 2016,
reaching 5.7% in September, suggesting that many consumers are in a good
place and have money to spend
Real Disposable Income (Left Axis) and Personal Savings (Right Axis)
10
Through August 30, 2016; seasonally adjusted
Source: US Bureau of Labor Statistics
12,694.1
797.8
0.0
500.0
1,000.0
1,500.0
11,000.0
11,500.0
12,000.0
12,500.0
13,000.0
Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Sep 16
Real Disposable Income Personal Savings
11. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
1. Favorable Macro Backdrop: Home Price Gains Continue in
August
• The S&P CoreLogic Case-Shiller 20-City Composite Home Price SA Index
increased by 5.1% in August
• Home prices continued to rise moderately, supported by low mortgage rates
and a shortage of supply
– The number of homes for sale has fallen by almost 7% from a year ago in August
S&P CoreLogic Case-Shiller 20-City Composite Home Price SA Index
188.2
100
120
140
160
180
200
Aug 11 Aug 12 Aug 13 Aug 14 Aug 15 Aug 16
11
Source: S&P Dow Jones
12. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
1. Favorable Macro Backdrop: US Consumer Prices Rose
Steadily in September
• The core PCE deflator, which excludes food and energy prices, rose by 0.1%
month over month in September and was up 1.7% from September 2015
• Consumer prices have been driven higher by oil price rebound and rising
housing prices
12
PCE Deflator (YoY % Change)
Source: US Bureau of Economic Analysis
1.2
1.7
0.0
1.0
2.0
3.0
4.0
Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Sep 16
Headline Core
13. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
1. Favorable Macro Backdrop: US Retail Sales Point to Confident
Consumers
• US retail sales excluding autos posted solid growth in September, up 0.5% from
August and up 2.7% from the year-ago period
– Nonstore retailers’ sales rose by 10.6% year over year
– Restaurant and bars’ sales rose by 6.1% year over year
– Department stores declined 6.4%, continuing the recent trend of underperformance
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
12 13 14 15 16
0.0
0.5
1.0
1.5
2.0
2.5
3.0
13
Monthly Retail Sales ex Autos
Jan 2012–Sep 2016 (YoY % Change)
Monthly Retail Sales ex Autos
Oct 2015–Sep 2016 (YoY % Change)
Source: US Census Bureau
2.7%
2.7%
14. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
2. Overview: Optimistic About Holiday 2016
We are optimistic about the prospects for holiday sales this year and believe
there could be upside to projections
• We estimate that holiday sales from November through December will grow by
3% to 4% versus 3.2% last year and an average increase of 2.5% over the last
10 years
• The NRF is projecting holiday sales growth of 3.6%. On average, industry groups
are forecasting growth of roughly 3.7% for the period
• Positive factors include a favorable macro backdrop, calendar and weather
forecast
14
16. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
3. E-Commerce Driving Holiday Growth
• Online sales were up 15.8% in the second quarter, and accounted for 8.1% of
total retail sales
• We expect online sales to increase by 7% to 10% over the holiday season
($91.6B), and to make up 10.7% of total holiday sales
– One in three shoppers (35%) made more than half their holiday purchases online in
2015
15.3%
15.5%
17.4%
15.7%
16.4%
18.2%
17.4%
16.0% 15.5%
15.8% 15.8%
14.2%
14.8%
14.2%
15.2%
15.1%
15.5%
15.8%
US Retail E-Commerce Sales Growth, YoY % Change (1Q12–2Q16)
29%
30%
34%
31%
33%
36%
39% 40%
44%
46%
20%
25%
30%
35%
40%
45%
50%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Percent of US Holiday Shopping Done Online (2006–2015)
16
Seasonally adjusted
Source: US Census Bureau
Seasonally adjusted
Source: NRF
17. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
4. A Very Mobile Holiday Season
• Mobile commerce was up 59% YoY to $5 billion during the 2015 holiday season
(comScore)
– The majority of search is now mobile: 56% of searches that resulted in a click-through to
a top retail site were conducted on a smartphone or tablet during the holiday season
• Spending via mobile devices is expected to increase by 45.2%, to hit $20 billion in
2016 (CTA)
– Smartphone m-commerce growth will exceed tablets’ growth for the first time in 2016
17
Source: Signal
51.7%
40.8% 34.0% 28.7% 24.6% 21.6%
46.6% 58.0% 65.0% 70.5% 74.8% 77.9%
1.70% 1.30% 1.00% 0.80% 0.60% 0.50%
2015 2016E 2017E 2018E 2019E 2020E
Tablet Smartphone Other
$206.5 $267.3 $335.8$80.9 $115.9 $156.4
US Retail M-Commerce Sales: Total (USD Bil.) and Share, by
Device (%)
18. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
5. E-Commerce: What Will We See from Retailers?
• Retailers are offering a variety of online and in-
store ordering and delivery options
– 60% of retailers will provide both free
shipping and free returns (NRF)
– Buy online, pick up in store / Buy online,
return in store
• Save on shipping costs
• Add-on purchases
• The most profitable online promotions last holiday
season
– Online-only sales, limited-time offers and
free shipping (NRF)
18
Source: NRF, Holiday Survey
19. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
6. Holiday Hiring Projected to Be Up Slightly; Clear Shift
Toward E-Commerce
• Retail sector seasonal hiring:
640,000–690,000 versus 675,300 last
year
– Transportation, warehouse and
entertainment sectors will see
increases
• JCPenney plans 33.3% increase in
seasonal workforce
– 2,000 employees to focus on fulfilling
online orders
• Amazon plans 20.1% increase in
seasonal workforce
– 120,000 seasonal jobs for customer
fulfillment and customer service
Number of Seasonal Hires
2015 2016
YoY %
Change
UPS 95,000 95,000 0%
Macy’s 85,000 83,000 (2.4)%
Home Depot 80,000 80,000 0%
Amazon 100,000 120,000 20%
Target 70,000 77,500 10.7%
Kohl’s 79,160 69,000 (12.8)%
FedEx 55,000 50,000 (9.1)%
JCPenney 30,000 40,000 33.3%
Lowe’s 40,000 46,000 15%
Bon-Ton 13,000 13,000 0%
TOTAL 647,160 673,500 4%
19
Source: Company reports
20. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
7. Thanksgiving Day Shopping Will Remain Popular
• The trend to open early on ‘Gray Thursday’ will continue this
year, but at a slower rate than recent years
– 49% of retailers plan to open on Thanksgiving, up 1% from last
year
– 59% of Shopping visits will be on mobile
• Earlier online promotions to stay competitive
– Walmart and Target made majority Black Friday deals available
online the morning of Thanksgiving last year
• Retailers staying home for Thanksgiving to align with
corporate values
– Costco, Home Depot, REI, Office Depot, Mall of America, CBL &
Associates, T.J. Maxx
20
22. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
8. Black Friday: Retailers Open on Thanksgiving Last Year
22
23. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
8. Black Friday: REI With 2nd #OptOutside Campaign
• Generous employee benefit and external display of the brand’s
principles
– Encouraging consumers to spend time outdoors
– Younger consumers are more inclined to support a
company that illustrates social impact with specific actions
• With #OptOutside, REI will ask people to share what they are
doing on Black Friday via social media
23
24. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
8. Black Friday: No Longer the Biggest
Shopping Holiday of the Season
• Black Friday’s significance has
waned in recent years
– Promotional activity has increased
year-round
• Consumers looking for bargains and
spreading out their spending
– Almost half of shoppers will begin
shopping by November 1
• Friday, December 23, is set to be the
biggest shopping day of the season
– That Friday is the day before
Chanukah begins and two days
before Christmas
2016: Top 5 Expected Biggest
Shopping Days (Sales)
2016: Top 5 Expected Busiest
Shopping Days (Shopper Visits)
1. Friday, December 23 1. Saturday, December 17
2. Saturday, December 17 2. Black Friday, November 25
3. Black Friday, November 25 3. Friday, December 23
4. Thursday, December 22 4. Saturday, December 10
5. Wednesday, December 21 5. Monday, December 26
24
Source: RetailNext
25. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
9. Singles’ Day Will Capture More Early-Bird Online
Shoppers in the US
• Singles’ Day (Nov. 11) is China’s equivalent
to Cyber Monday. In 2015, e-commerce
giant Alibaba saw $14.3 billion in
transactions, up 60% from 2014
– Sales in the US reached $1.4 billion in 2015, up
14% from 2014 (Adobe)
– 180 US retailers had exclusive offerings
• Globalization is a top priority
– Expanding international brand offerings
– Katy Perry is a global ambassador
• We expect $20 billion in sales this year, a
40% year-over-year increase
– US sales expected to hit $2.5 billion
25
26. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
10. More Favorable Holiday Calendar
• There are two extra days between Thanksgiving and Christmas this year:
31 days compared with 29 last year
26
Election Day
Singles’ Day
Thanksgiving
Black Friday
Cyber Monday
Giving Tuesday
Green Monday
Chanukah
(Sundown–Sundown,
Dec 24–Jan 1)
Super Saturday
Christmas
27. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
• Super Saturday falls on December 24, one day before Christmas and the day
Chanukah begins. Shoppers are likely to make last-minute gift purchases in
stores rather than online on Super Saturday.
• Shoppers will also take advantage of Free Shipping Day on December 16,
which guarantees delivery by Christmas Eve
27
10. More Favorable Holiday Calendar
28. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
11. Presidential Election Impact: Could Keep the Lid on
Spending Early in the Season
• Political ads driving up the cost of
advertising
– Political advertising spend is up 20% since the
last election, and digital spend is up 700%
– Expect delays in holiday promotions
• Retail store foot traffic and sales are
likely to be negatively impacted in the
weeks leading up to Election Day
– Shoppers are preoccupied with the election
– With uncertainty abounding, consumers tend
to put shopping trips on hold
• Postelection bounce back as shoppers
release pent-up demand after
November 8
– We expect November sales to be as strong
as last year
28
29. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
12. Holiday Shopping Themes
• Gift cards continue to be an attractive option
– Millennials are sensitive to cybersecurity issues
and identity fraud; they look for safer digital
payment methods
– Two-thirds of shoppers (63%) purchased at least
one gift card last year, up 2% from the previous
year (NRF)
• Travel and entertainment
– Almost half of overall holiday spending (42%)
will accrue to travel and entertainment
– Millennials preference for gifts that entail
experience driving growth
• Subscription services as gifts
– 1,450% growth in visits to those websites;
popular gifts include Birchbox and Dollar Shave
Club subscriptions
29
30. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
13. Holiday Fashion Trends
Standout fashion trends for the 2016 holiday
season
• Athleisure is changing shape
– A more refined, multifunctional look
• 70s style and athleisure trend in shoes
– Birkenstocks, Nike Jordan, Chaco
• Accessories
– Backpacks, smart jewelry and watches
• Denim and jeans strengthen, leggings trend
wanes
30
Source: Forever 21
Source: Instagram, @Forever 21
31. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
14. Hot Holiday Tech Giftables
• Tech items will remain popular
– 68% of consumers will buy electronics this
holiday season (CTA)
– Those gifting electronics plan to spend
3.1% more on them than last year
• Personal assistants
– Amazon Echo
– Google Assistant
• Virtual reality
– Sony PlayStation VR
– Google Cardboard
• Wearables
– Apple Watch Series 2
– Fitbit Charge 2
31
32. DEBORAH WEINSWIG
MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY
DEBORAHWEINSWIG@FUNG1937.COM US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016
15. Fung Global Retail & Technology’s Hot Toys for 2016
• US toy sales grew by 6.7% in 2015 to
$19.4 billion (NPD Group)
• Toys that stimulate the mind
– Fisher-Price’s Think & Learn Code-a-pillar
– Cozmo, a robot with artificial
intelligence
• Movie releases to drive sales
– Trolls (November 4)
– Moana (November 23)
– Rogue One: A Star Wars Story
(December 16)
32