Market Watch, January 2020

72 MARKET WATCH MARKETWATCHMAG COM JANUARY FEBRUARY 2020the Short Round mixing The Macallan 12 year old Double Cask single malt Scotch Dolin Blanc vermouth and Suze liqueur served alongside a small pot of cherry orange gelée and the Belle made with Ketel One Grapefruit Rose Botan ical vodka St Germain liqueur and clarified lemon juice served in a smoked glass cock tails are 18 158 The indoor outdoor space also offers a variety of California wines 18 28 a glass 42 689 a 750 ml and upscale snacks like lobster corndogs and caviar frites along with a handful of larger dishes from Castaways menu food ranges from 16 165 Green Room is the top cocktail lounge in Los Angeles McKennon says Its like a stage set with smoking cocktails bubbling cocktails and over the top fabulous drinks accompanied by unique bar bites He notes that expanding The Green Room or adding other upscale cocktail lounges isnt part of the Specialty Restaurant Corp s immediate growth plans but says that the company will be opportunistic for more drinks focused venues going forward Specialty Restaurant Corp s focus on future growth is its Whiskey Joes concept which has locations in Tampa Miami and Port Richey Florida and as many as 20 additional units planned Whiskey Joes aims to evoke an island retreat and each venue has private beachfront property and an outdoor Barefoot Bar The flagship Tampa Whiskey Joes offers 14 Mojito vari ations and 30 Margaritas along with more than 50 beers on tap In all Whiskey Joes Tampa lists roughly 80 cocktails on its menu 8 17 Signatures include the Whiskey Joes Punch made with Club Caribe Pineap ple and Sailor Jerry Spiced rums orange and pineapple juices grenadine and lemon lime soda and the Ultimate Pineapple Margarita mixing Sauza Blue Silver Tequila Patrón Citrónge Pineapple liqueur pineapple juice Real Pineapple Purée Infused syrup sweet and sour mix and lime and orange juices served in a fresh pineapple Though cocktails are the focus at Whiskey Joes the venues also offer a variety of approachable wines 8 11 a glass 30 38 a 750 ml and myriad beers 5 8 a draft pour bottle or can In Tampa the draft lines pour big names like Bud Light Coors Light Miller Lite Corona and Heineken alongside local labels like 7venth Sun Brewerys Graffiti Orange wheat beer Cigar City Brewings Florida Cracker Belgian witbier and Brew Hubs Keybilly Island ale All of this joins an island themed food menu with alligator bites grouper tacos pizzas and burgers and larger dishes like jambalaya coco nut rum glazed chicken and a barbecue pork sandwich 8 29 We have big plans for Whiskey Joes Tallichet says Weve created an outside area with access to the ocean with a barefoot beach bar fire pits and a tiki atmosphere Its going to be a big piece going forward Following The ThemeAll but three of Specialty Restaurants Corp s 18 venues are in Florida and California and those states are the companys focus areas for growth Another popular concept is the Rusty Pelican in Miami and Tampa Florida The Miami location serves Latin influenced contemporary fare and drinks as well as classic cocktails while the Tampa unit offers Caribbean influenced cuisine and beverages Destination concepts in California include the companys 60 year old original waterfront venue The Reef in Long Beach serving fresh seafood and beef with innovative Poly nesian twists alongside tropical and classic cocktails and Odyssey in Granada Hills a worldly farm to table concept for both food and drinks with views of the San Fernando Valley Orange Hill in the hills of Orange County is another Southern California hotspot boasting a vibrant bar scene at its O Bar Lounge The venue lists 15 specialty cocktails 12 18 such as the Salary Man mixing Nikka Taketsuru Pure Malt Japanese whisky house made apple shrub Earl Grey tea orgeat syrup and lemon juice served in a salt rimmed glass and the Smoke Honey blending Elijah Craig Small Batch Bourbon Tuaca liqueur house made vanilla citrus liqueur and honey in a glass Specialty Restaurants Group CEO John Tallichet says his fathers values of uniqueness and service continue to guide the 60 year old company SPECIALTY RESTAURANT CORP AT A GLANCE1958CEO John Tallichet COO Jim McKennon and regional director of operations Ryan SmithAnaheim California 18 110 millionBeverage sales comprise 23 of total revenue Spirits and cocktails lead drinks sales at 60 of that total followed by wine at 25 and beer at 11 The remainder is made up of non alcoholic drinks Specialtyrestaurants comPlans are underway to open several addi tional units of the Whiskey Joes brand near Tampa and Jacksonville as well as in the Florida Panhandle in the next few years Specialty Restaurants Corp also plans to convert one of its older spaces in Southern California into a hotel within the next five years FoundedKey ExecutivesHeadquartersNumber of UnitsAnnual RevenueSales BreakdownWebsiteFuture PlansMW0120_