Coca-Cola is… sugar water. And somehow it’s also America, Christmas, summertime, friendship and happiness. Today we tell the story of how The Coca-Cola Company amazingly transmogrified a beverage into emotion in all of our collective psyches, and ALSO built one of the most incredible scale economy businesses of all-time. And oh yeah, there’s also cocaine, WW2, Mad Men, Warren Buffett, James Dean, Bill Cosby, Michael Jackson, Michael Ovitz, Steve Jobs, Bill Gates, McDonald’s and Monsanto. So cozy up to the fire with your favorite images of Santa Claus and Polar Bears and enjoy an ice-cold episode of Acquired — always delicious, always refreshing.

Sponsors:

Many thanks to our fantastic Fall ‘25 Season partners:

• J.P. Morgan Payments
• WorkOS
• Shopify
• Sentry — Link to ACQ Cassette Players, use code “audiophile”

Links:

• Sign up for email updates and vote on future episodes!
• The Hilltop ad / Mad Men finale
• Pepsi Challenge commercials
• Pepsi’s Michael Jackson commercials
• Coke’s Bill Cosby commercials
• Two liter bottles inflating
• Worldly Partners’ Multi-Decade Coca-Cola Study
• For God, Country, and Coca-Cola
• Secret Formula
• All episode sources

Carve Outs:

• SkiErg
• Super Smash Bros. Ultimate
• Claude
• Nike Vomero Plus
• Hermanos Gutiérrez

More Acquired:

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• Join the Slack
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• Check out the latest swag in the ACQ Merch Store!

‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Trader Joe's breaks every rule of modern retail. They don't do e-commerce. They don't do delivery. No sales, coupons, or loyalty programs. They only stock 4,000 SKUs versus 50,000+ at normal supermarkets. Their parking lots are famously terrible and they're constantly out of your favorite items. Shoppers brave long lines and cramped aisles while overly-friendly employees in Hawaiian shirts try to chat them up. Everything about the Trader Joe's experience seems designed to drive modern consumers away. And yet they generate $2,000+ per square foot in sales — double their nearest competitor in Whole Foods and nearly 4x the industry average — and Americans are obsessed with them. How on earth did a company that so steadfastly refuses to participate in the 21st century build the most beloved grocery chain in America?

Today we tell the full story: how “Trader” Joe Coulombe started out cloning 7-Elevens in 1960s Los Angeles, pivoted to slinging hard liquor, discovered the enormous market opportunities for California wine and health food before anyone else, and ultimately built perhaps the most counter-positioned business we’ve ever studied on Acquired by doing almost everything differently than the supermarket-CPG industrial complex. Tune in for a wild voyage on the high seas of grocery retail!

Sponsors:

Many thanks to our fantastic Fall ‘25 Season partners:

• J.P. Morgan Payments (And come see us at AWS re:Invent! Discount code: "ACQUIRED")
• Sentry
• WorkOS
• Shopify

Links:

• Sign up for email updates and vote on future episodes!
• Worldly Partners’ Multi-Decade Trader Joe’s Study
• Becoming Trader Joe
• The Secret Life of Groceries
• Build a Brand Like Trader Joe's
• All episode sources

Carve Outs:

• AirPods Pro 3
• Mario Kart 8

More Acquired:

• Get email updates and vote on future episodes!
• Join the Slack
• Subscribe to ACQ2
• Check out the latest swag in the ACQ Merch Store!

‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.