rent

“The TAM is not the advertising budget. The TAM is the whole thing, you know. Now, the counter to that is, of course, it works both ways, because your advertising spend is competing with rent, not just the other way around.”

“There's another point, which is one I've made in a different context, which is, yes, but as a brand or retailer, now you're looking at your ad budget as interchangeable with your rent. So you're asking the question, should we rent more stores, or should we run…”