Market Watch, January 2020

60 MARKET WATCH MARKETWATCHMAG COM JANUARY FEBRUARY 2020PHOTO BY MIA JACOBSInnovation AboundsMomofuku Group delights in pushing boundaries with its food offerings and the company is taking a similar approach with cocktails Drinks menus vary widely by location and aim to honor each venues food theme incorporating similar ingre dients so that the bar complements the kitchen This is espe cially true for concepts that are rooted in cuisines from Korea Japan Singapore and Colombia The bars in these venues highlight unique culinary ingredients within the cocktail menus creating continuity between drinks and food and an opportunity for guests to learn about special items at the bar before they tackle the food menu We tie our drinks to the culinary part of our restaurants Lewis says We use food ingredients and raid the pantry to build our beverages It adds innovation and new flavor combinations We really try to push what can be done in restaurant bars Lewis bar teams experiment with high level mixology tech niques that are often more prevalent in top notch cocktail bars from fat washing to clarification While they employ advanced bar practices he wants the venues to be open and welcoming and not so specialized that theyre off putting to more casual drinkers Its a mindset that starts with the bartenders he says adding that the corporate approach is a relentless pursuit for excellence to improve each venue I push my team to always do better and not settle Lewis says The drinks business is becoming a bigger part of the plan and it carries throughout the entire restaurant Its becoming more advanced as we learn how to build better bars and incorporate more effective mixology techniques Bar Wayō Momofuku Groups first drinks focused venue opened in July 2019 in New York Citys South Street Seaport The space boasts waterfront views and a seasonal drinks program with a variety of classic and specialty cocktails as well as wine sake and beer The cocktail list offers a Cimar rón Reposado Tequila based Spicy Margarita and a Plantation 3 Stars White rum based Daiquiri alongside creative concoc tions like the Harvest Moon mixing Rittenhouse rye Xila Licor de Agave 7 Notas liqueur house made charred carrot maple shrub lemon juice and egg white and the Red Cap Speedo comprising Barr Hill Tom Cat Reserve gin Lustau Blanco vermouth and Campari and Lillet Rouge liqueurs cocktails are 12 18 Cocktails are the focus at Bar Wayō but the venue also offers a few wines 12 15 a glass 48 60 a 750 ml and sakes 10 14 a glass 28 98 a bottle including Akitabares Momo fuku Honjozo a specialty proprietary label available at venues company wide These join beers like Tiger lager and locally made Threes Brewings Slowly We Learn saison 7 12 a draft pour or can Craft beers especially labels local to each venue are highlighted across Momofuku Group concepts and Tiger is poured at every location Bar Wayō serves a range of upscale snacks and sandwiches to accompany its drinks from Wagyu chorizo to roasted bone marrow to a lobster roll 8 52 Bar Wayō is a destination bar says Lucas Swallows Momofuku Groups director of bar operations It has a high level bar program with specialty glassware In a market MOMOFUKU RESTAURANT GROUP AT A GLANCE2004 with the opening of Momofuku Noodle Bar in New York CityChef and founder David Chang CEO Marguerite Mariscal beverage director Jake Lewis and director of bar operations Lucas SwallowsNew York City12 restaurants in the U S in New York City Los Angeles Las Vegas and Washington D C and three international units in Canada and Australia Momofuku Group also has a quick service food counter and a chicken sandwich shop with several units and the company serves as a co owner of Milk Bar bakery UndisclosedMost of the companys venues boast 30 40 beverage sales and some are close to an even 50 50 food to drinks split Cocktails and spirits comprise 45 of beverage sales Wine is an equal contributor at 45 and sake beer and non alcoholic drinks make up the remainder Momofuku comThe company opened five venues within 13 months and will add one more in the first half of this year a Noodle Bar in Vancouver No additional restaurants or bars are in the works now but more may be added in the future FoundedKey ExecutivesHeadquartersNumber of UnitsAnnual RevenueSales BreakdownWebsiteFuture PlansMomofuku Groups Kāwi cocktail ensemble pictured opened last spring in New York Citys Hudson Yards offering Korean fare