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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along

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Speaker 1: with my co host of Bonnie Quinn. Every business day

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Speaker 1: we bring you interviews from CEOs, market pros, and Bloomberg experts,

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Speaker 1: along with essential market moving news. Find the Bloomberg Markets

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Speaker 1: Podcast on Apple podcast or wherever you listen to podcasts,

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Speaker 1: and on Bloomberg dot com. This is Bloomberg Markets. I'm

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Speaker 1: Carol Master in for Bonnie and Paul on this Wednesday.

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Speaker 1: One of the industries we've covered a lot, and understandably so,

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Speaker 1: throughout the pandemic is the hospitality industry, anything connected with

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Speaker 1: traveling and tourism. Um. The airlines of course have been

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Speaker 1: just shut down or closed dramatically. Uh. Their business is

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Speaker 1: really just dropped as a result of the pandemic, and

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Speaker 1: understandably so well. Our next guest and his company certainly

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Speaker 1: plays into this. We're talking about the Express SPA Group

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Speaker 1: tickers x sp A. They trade publicly. Uh. It's about

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Speaker 1: a hundred and twelve million dollar market cap company. It

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Speaker 1: is the world largest airport spat company. I've used them

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Speaker 1: at an airport while traveling, and I'm sure you have two. Um,

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Speaker 1: so let's get into what their business has been like

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Speaker 1: and how they are dealing with the pandemic and what

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Speaker 1: the future looks like. Doug Satsman is CEO of Express Spot,

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Speaker 1: joining us on the phone in New York City. Doug,

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Speaker 1: nice to have you here on Bloomberg. How are you,

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Speaker 1: um great, good morning. Thanks care for having us on. Well,

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Speaker 1: it's great to have you here. Tell me a little

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Speaker 1: bit about what your world has been like. Take me

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Speaker 1: back to March and what it's been like since then.

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Speaker 1: So in March we all know what happened across our

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Speaker 1: community and communities around the world. UM our core business

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Speaker 1: has been airports. Spas were the largest global UH SPA

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Speaker 1: operator in airports and we were deemed a non essential

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Speaker 1: use appropriately so you know, by the end of March

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Speaker 1: closed all of our spas down globally UH And then

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Speaker 1: we had an idea from our chairman, Bruce Bernstein, could

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Speaker 1: we offer COVID testing during this time and leverage the

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Speaker 1: real estate we have in the spas. So we started

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Speaker 1: a down and dirty project with a small group of

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Speaker 1: people and in seventy five days we went from idea

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Speaker 1: to concept to pilot and got our first one open

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Speaker 1: in June and JFK Terminal four. And since then, we've

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Speaker 1: been continuing to roll out express check clinics, which offer

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Speaker 1: COVID testing for airport employees, T s A, agents and

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Speaker 1: UH anyone who works for the airport as well as

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Speaker 1: travelers UM, and we have been expanding around the country.

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Speaker 1: We're focusing domestically first and then we can look broader, right,

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Speaker 1: So like we're so what's your expectation moving forward? And

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Speaker 1: and as you continue to I'm assuming branched out out.

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Speaker 1: I know there was a headline, was it just yesterday

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Speaker 1: or on Monday that you guys are going to start

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Speaker 1: offering on site testing from select cities four NonStop flights.

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Speaker 1: I think this was for Hawaii specifically. But how do

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Speaker 1: you continue to kind of embrace the environment we are

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Speaker 1: and kind of help your company as well as the

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Speaker 1: airline industry kind of get back to normal. So what

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Speaker 1: we're finding is it's the private companies that are leading

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Speaker 1: the way trying to figure out the the best path

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Speaker 1: for UM safe travel and returning consumer confidence. So it's

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Speaker 1: the airlines, it's testing companies like US and some health

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Speaker 1: app companies UM like the Common Paths, who we're partnering

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Speaker 1: with to develop a process to partner with the airlines

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Speaker 1: and destination cities or states UM and and to connect

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Speaker 1: travelers through getting tested and then being able to convey

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Speaker 1: their negative results and satisfy getting out of quarantine requirements

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Speaker 1: or other requirements to be admitted into you know, a

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Speaker 1: country or a state. We started with Hawaii becoming one

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Speaker 1: of their trust to testing partners, and then we've had

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Speaker 1: several recent announcements with United and with jet Blue and

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Speaker 1: with Hawaiian Airlines where we have partnerships now with the

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Speaker 1: three airlines to partner with them on select cities. Often

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Speaker 1: we're focusing on Hawaii right now, but we're looking to

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Speaker 1: Transatlantic destinations and and other destinations around the world. Um so.

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Speaker 1: In fact, with jet Blue as an example, UM we

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Speaker 1: are opening a second unit in Boston where we already

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Speaker 1: have one express check, but we're opening a second one

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Speaker 1: in their terminal UH to help facilitate Boston is being

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Speaker 1: a hub for them to help open up more travel

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Speaker 1: to more destinations and UH and there's other airlines we're

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Speaker 1: speaking with as well. But these are the groups that

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Speaker 1: are fueling the way. And then we're partnering with the

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Speaker 1: airports to get either leverage existing real estate that we

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Speaker 1: have from our SPA business, but more often than not,

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Speaker 1: we're being offered new spaces that are more more convenient

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Speaker 1: for travelers, like presecurity. I have to say the Investment

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Speaker 1: Space has written that this has kind of created a

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Speaker 1: resurgence and reincarnation for you guys as a company, and

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Speaker 1: I do wonder, you know, how does this kind of

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Speaker 1: factor into future longer term strategy at this point or

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Speaker 1: is this just kind of a stop gap to get through. Uh? Well,

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Speaker 1: it started as a stop gap to get through. You know,

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Speaker 1: our our business was closed and this was a pivot

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Speaker 1: that allowed us to serve the airport community, which where

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Speaker 1: we've worked. But what's happened as we've learned through the

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Speaker 1: medical side, we are we are developing a new concept

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Speaker 1: UM that takes what we've learned from health and wellness,

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Speaker 1: our history, what we've learned from medical and are developing

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Speaker 1: it to launch next year, which will you know, continue

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Speaker 1: with things like testing. It will run alongside Express check UM,

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Speaker 1: it could run alongside Express spas, but in a post

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Speaker 1: COVID world UM, things have definitely changed, and what travelers

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Speaker 1: and employees are looking for are our new services that

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Speaker 1: aren't offered at airports, and we're uniquely positioned to deliver

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Speaker 1: that with our experience operating in the environment and what

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Speaker 1: we've learned now working with doctors in our medical side right.

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Speaker 1: And my understanding is you guys doing testing for things

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Speaker 1: like the regular flu and mono and offering flu vaccines

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Speaker 1: to which is which is pretty fat fascinating How quickly

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Speaker 1: just got about twenty seconds here? Twenty five seconds? How quickly? Though?

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Speaker 1: Do you you're not abaniting of the SPA business or

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Speaker 1: are you? We haven't abandoned the SPA business, but we're

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Speaker 1: watching traffic to continue up, and we've been successful in

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Speaker 1: raising funds to help fuel future growth expansions um and

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Speaker 1: to have a very solid balance sheet for investors to

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Speaker 1: to stay in with us. We'll be fascinated to check

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Speaker 1: in with you throughout one to uh see how it's

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Speaker 1: all going, especially as you guys have pivoted dog. Doug Satsman,

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Speaker 1: he is CEO of Express Spa on the phone in

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Speaker 1: New York. That's stock by the way down in and

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Speaker 1: I'm just going to put that out there, so we've

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Speaker 1: got the perfect guest to talk about that. Specifically when

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Speaker 1: it comes to investing in wine. He's got an interesting

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Speaker 1: platform out there. Orv Goldman is with us CEO at

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Speaker 1: Acker and he joins us on the phone in New York,

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Speaker 1: or nice to have you here. Uh, you know, tell

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Speaker 1: us a little bit about UM, because I've covered what

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Speaker 1: you guys are up to over the last couple of years.

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Speaker 1: Tell us about because you've got a new wine markets

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Speaker 1: an analytics platform. Tell us a little bit about what

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Speaker 1: you're doing. Okay, So what we wanted to do was

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Speaker 1: we wanted to create a digital data and analytical platform

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Speaker 1: to give people invested interested investing in wine, uh, a

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Speaker 1: sophisticated tool to really analyze the wine market that does really,

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Speaker 1: up to this point, has never existed. There have been

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Speaker 1: just some generic wine indexes. But we created the most

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Speaker 1: comprehensive wine indexing an analytical tool UM in the market.

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Speaker 1: And it's kind of like a Bloomberg for wine. It

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Speaker 1: almost sounds like it is hoping. Even that I had

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Speaker 1: a thirty five years in financial markets that was very

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Speaker 1: friendly with Michael at the beginning of my career. Yes,

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Speaker 1: we we we did do it. We created a Bloomberg

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Speaker 1: for wine. So before we get into exactly the analytics

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Speaker 1: to involved in it, because I am curious about that

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Speaker 1: and how it works. Tell me why wine is a

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Speaker 1: good investment, So why it's very interesting. Wine is actually

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Speaker 1: outside of the SMP. If you take all the asset classes,

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Speaker 1: the second best performing asset class over time, and more importantly,

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Speaker 1: it is about seven timeless volatile in terms of its

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Speaker 1: annual returns than all the equity markets, So it is

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Speaker 1: a relatively uh, nonvolatile, high performing asset. The average return

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Speaker 1: of wine over fifteen years is almos almost nine and

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Speaker 1: a half percent, and um, it's uh, you know for

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Speaker 1: people looking to diversify, Uh, it's been a really well

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Speaker 1: performing asset class and if you can there's a lot

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Speaker 1: of smart money that's involved. And what we've been doing

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Speaker 1: is providing a platform for the average consumer to take

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Speaker 1: advantage of it. Tell me how it works, because if

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Speaker 1: I go to acro wines dot Com, I can certainly

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Speaker 1: shop and I can buy wine. But it's a lot

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Speaker 1: more than that, is what you're saying. Correct, Yes, So

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Speaker 1: it's a basically there's two things. Um, you can take

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Speaker 1: any one of our two hundreds uh proprietary wine industries

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Speaker 1: to analyze either the broad market or we've broken it

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Speaker 1: down to looking at regions looking advantages, looking at specific

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Speaker 1: producers and actually looking at any specific wine and you

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Speaker 1: can literally compare their its performance against any other wine index,

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Speaker 1: any other financial asset, and you could really get into

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Speaker 1: the minutia if you will, uh in a very discrete

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Speaker 1: way of analyzing uh a particular wine. So just like

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Speaker 1: you can on a Bloomberg monel to do with equities,

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Speaker 1: you can look at the broader markets, you can look

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Speaker 1: at you know, sectors, and then you can look at

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Speaker 1: specific stocks and you can compare them. And that's what

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Speaker 1: you can now do with wine, which is interesting. So

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Speaker 1: you know, when somebody invests in wine, do they actually

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Speaker 1: you know, take possession of the bottles? Can they take

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Speaker 1: possession of the bottles, do they own them? Can they

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Speaker 1: drink them? Or can they sell them? Or they can

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Speaker 1: do kind of all of that. They can do all

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Speaker 1: of it. So a lot of so uh. You know,

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Speaker 1: when you look at the market, there are uh, there

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Speaker 1: is a large segment of the market where they from

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Speaker 1: investment standpoint, people will buy wine and then have them

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Speaker 1: professionally stored and over a period of time of five

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Speaker 1: or ten years, and those people then ultimately sell them

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Speaker 1: and pick up their capital gate right, and then there

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Speaker 1: are those people that like to do that but also

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Speaker 1: drink part of their seller and they can just access

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Speaker 1: at any time they want from these professional storage of

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Speaker 1: facilities and you just call up and say I want

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Speaker 1: to drink this wine this week, and you pull it

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Speaker 1: and send it to me. And that's that's really how

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Speaker 1: it works. It's a combination of all so the data. Obviously,

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Speaker 1: the analytics are only as good as the data. It's

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Speaker 1: based on where is the data coming from at this

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Speaker 1: point and how reliable, I mean, what kind of back

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Speaker 1: testing can you do? Because wine can be so fickle.

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Speaker 1: You can have a great brand, a great region, but

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Speaker 1: you can have an off year and unfortunately, um or

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Speaker 1: if I've only got about forty five seconds left, okay,

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Speaker 1: so um, you can basically go through and look at

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Speaker 1: that specific level of detail on the platform, right, so

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Speaker 1: you're you're able to analyze that where you haven't been

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Speaker 1: able to do that before. Interesting, But where are you

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Speaker 1: getting all the data from? Just quickly, so the data

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Speaker 1: I'm sorry, the data, uh comes for all the data

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Speaker 1: and we did this specifically and rushing is that we

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Speaker 1: have twenty years of actors all data, okay, and we

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Speaker 1: represent this year, we were thirty of the global market historically,

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Speaker 1: we're so we think it's very representative. We cleaned twenty

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Speaker 1: years worth of data, got it, and we got it

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Speaker 1: to we have uh, discrete parts of information about the

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Speaker 1: data that has my apologies, we've got to run, but

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Speaker 1: you've got to come back and do more because I

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Speaker 1: find it fascinating. Irv Goldman he CEO at Acker check

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Speaker 1: him out at acker wines dot com. So we've definitely

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Speaker 1: covered the equity markets on this Wednesday, but let's get

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Speaker 1: another check on what's going on when it comes to

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Speaker 1: fixed income. Perfect guests to do that. Stephen Kane is

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Speaker 1: Group Managing Director portfolio manager at tc W. They've got

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Speaker 1: roughly two five billion dollars in assets under management that

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Speaker 1: as of the end of the second quarter. He joins

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Speaker 1: us on the phone in l A. Stephen, good to

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Speaker 1: have you here with us. So getting ready just a

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Speaker 1: few more days here in the trading, actually just today

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Speaker 1: and tomorrow to wrap up what a year it's been.

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Speaker 1: To say the least. When you look at the fixed

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Speaker 1: income trade, do you anticipate that there will still be

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Speaker 1: a very low rate environment and a lot of easy

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Speaker 1: money slashing around? Uh? Well, first of all, thank you

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Speaker 1: and good morning, thanks for having me on. And and um, yeah,

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Speaker 1: I think the uh it is uh a good time

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Speaker 1: to put in the rearview mirror. I uh was reading

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Speaker 1: an article this morning actually that summed up pretty well

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Speaker 1: that it's been a bowl market for risk assets and

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Speaker 1: a bear market for humans. So it's our story. It's

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Speaker 1: I've been quoting that story left and right because it

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Speaker 1: has stayed with me. I think it ran last week. Um,

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Speaker 1: that is that is right in a headline. Yeah, so

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Speaker 1: we can we can certainly hope that ends the bear

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Speaker 1: market for humans at a minimum. Um. But in terms

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Speaker 1: of the financial markets and what we expect going forward,

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Speaker 1: I think that um, certainly with rates, UM, I think

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Speaker 1: the FAT is very committed to keeping the front end

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Speaker 1: of the curve anchored and purchasing assets at a high rate.

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Speaker 1: In so I think that certainly volatility and the treasury

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Speaker 1: market is likely to be muted, though we do expect

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Speaker 1: some upward drift at the long end of the curve

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Speaker 1: as inflation pressures begin to build throughout the year. In

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Speaker 1: terms of the credit markets, UM, you know, we've pretty

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Speaker 1: much round tripped in terms of spreads from where we

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Speaker 1: were a year ago. So investment grade spreads are abound

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Speaker 1: ninety basis points, high yield spreads around fifty basis points.

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Speaker 1: Is you know, if you if you went to sleep

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Speaker 1: at the end of last year and woke up today,

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Speaker 1: you'd think it was a very quiet year in as

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Speaker 1: we know as anything but um is likely to be

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Speaker 1: uh certainly less volatile, but we think they're still going

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Speaker 1: to be quite a bit of turmoil and winners and

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Speaker 1: losers um, you know, in the corporate sector, you know,

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Speaker 1: leading to disparate returns. So we do think there's gonna

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Speaker 1: be a lot of opportunity for active managers, though the

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Speaker 1: overall markets like likely to be a lot less of volatile.

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Speaker 1: It's like you were reading into Bloomberg this morning, I'm

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Speaker 1: like so impressed, what's interesting, And just to give props

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Speaker 1: where it's due. Michael Reagan of Bloomberg Business Week gets

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Speaker 1: the story he did. It's been a great year for

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Speaker 1: stocks in a bear market for humans. It's just has

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Speaker 1: stayed with me since I've read it. And this whole

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Speaker 1: idea of you know, investors just again and again ignoring

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Speaker 1: the pain of the pandemic and betting on a future

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Speaker 1: where companies rely less on labor. And that's something we

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Speaker 1: just talked about with Sarah pons Act. Just this kind

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Speaker 1: of human capital, it's just not as valuable, uh, and

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Speaker 1: companies aren't valuing it as much. And you know the

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Speaker 1: expectation that as a result, we might not have as

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Speaker 1: much hiring and labors coming back to the workforce next year.

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Speaker 1: And I do wonder what that could potentially mean in

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Speaker 1: terms of economic momentum. Steve come Well, I think what

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Speaker 1: it means is that while you may see the overall

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Speaker 1: economy grow at a reasonable pace, you know, it may

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Speaker 1: grow low single digits in aggregate, you're going to see

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Speaker 1: certain sectors of the economy doing much better than others.

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Speaker 1: And I think you're going to see some areas of

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Speaker 1: the economy that are under stress right now. Travel, leisure,

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Speaker 1: retail continue to face pressure, you know, even though the

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Speaker 1: vaccines can to allow them to open up. So we

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Speaker 1: think that's going to mean that credit work is going

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Speaker 1: to be extremely important. It's going to be important to

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Speaker 1: be in the right sectors of the fixed income market

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Speaker 1: and the right credits as well. And we think another

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Speaker 1: area of the fixed income markets and economy, they're going

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Speaker 1: to be affected is commercial real estate? Um, what is

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Speaker 1: that going to happen? I mean, I walk up and

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Speaker 1: down and I know New York City is maybe a

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Speaker 1: city unlike you know, no other, but man, the amount

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Speaker 1: of empty space, especially retail space, um, is pretty remarkable.

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Speaker 1: And is it Amazon is just gonna eat it all

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Speaker 1: up and do distribution centers everywhere? I think not? But

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Speaker 1: how do you see it? Well? We think, I mean

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Speaker 1: the trail addition away from retail has been going on

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Speaker 1: for some period of time and accelerated the trend to

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Speaker 1: e commerce. And we're seeing, um, you know, the retail

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Speaker 1: sector under quite a bit of stress and a lot

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Speaker 1: of retailers, um, you know, going bankrupt, and we think

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Speaker 1: that is going to lead to defaults and bankruptcies, you

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Speaker 1: know in retail malls, particularly the B and C ones.

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Speaker 1: I think the you know, the A class retail properties

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Speaker 1: will find a way to repurpose their space and and

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Speaker 1: uh stay uh, stay relevant if you will. But there

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Speaker 1: is going to be quite a bit of stress in

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Speaker 1: the in the retail area. And we also think in

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Speaker 1: in the office area. The world from home friend, we

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Speaker 1: think is one that's here to stay. And um, you're

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Speaker 1: already beginning to see vacancies uh increase in some urban

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Speaker 1: business districts, and we think that is also going to

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Speaker 1: lead to some pressure and commercial real estates. I'm going

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Speaker 1: to put out another story on Twitter that I think

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Speaker 1: you might kind of interesting, and it talks about the

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Speaker 1: big COVID changes in the world economy or only just beginning,

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Speaker 1: and just kind of goes through some of them and

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Speaker 1: the impact it will be by our and UH Curry

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Speaker 1: and UH some of the other members of the Bloomberg team,

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Speaker 1: which is I think again another must read. Steve Kane,

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Speaker 1: thank you so much, Group Managing director of at TCW.

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Speaker 1: Joining us on the phone from Los Angeles, and we're

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Speaker 1: just getting ready to wrap up here on Bloomberg Markets.

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Speaker 1: Carol Masser in for Paul and Vonnie, but we have

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Speaker 1: a great guest to wrap up our program on this Wednesday,

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Speaker 1: and it has to do with something known as offsite dining.

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Speaker 1: I hadn't heard about this, but apparently it is a

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Speaker 1: new thing. So let's talk about this because it's a

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Speaker 1: growing thing and it's impacting certainly a market that we

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Speaker 1: know has been really impacted by the pandemic specifically, So

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Speaker 1: let's get into it with Michael montag montagon No excuse me,

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Speaker 1: Michael montagon O. He is CEO of Kitchens United and

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Speaker 1: he joins us on the phone in Los Angeles. Michael,

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Speaker 1: it's nice to have you here with us. UM tell

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Speaker 1: us remind our audience a little bit of what you

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Speaker 1: are doing, because we've definitely talked about it here at Bloomberg,

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Speaker 1: but remind our audience what you guys are off to

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Speaker 1: and when it comes to this whole growing world of

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Speaker 1: off premise dining. Thank you, Carol, and it's great to

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Speaker 1: be here. Thank you for having me on UM. Yeah.

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Speaker 1: Look are our business is focused on a tool to

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Speaker 1: enable existing restaurant brands to capture what is a changing

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Speaker 1: consumer preference towards off premise UM that entails for us

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Speaker 1: UH providing a CAPEX lightway for restaurant brands to expand

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Speaker 1: into new trade areas, which in our centers we have

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Speaker 1: kitchen centers that generally have ten to fifteen restaurant brands

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Speaker 1: that operate within them in their own four wall units.

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Speaker 1: And part of that value proposition that we offer is

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Speaker 1: not only a way to stand up a restaurant in

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Speaker 1: a new trade area and in a fraction of the

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Speaker 1: capex investment in time, but also while they cook their

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Speaker 1: own food to ensure there is consistency and the quality

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Speaker 1: of the cuisine. We handle most everything else, from cleaning

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Speaker 1: and sanitization to management at the front of the house.

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Speaker 1: And then we have a consumer marketing channel that enables

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Speaker 1: consumers to order from more than one concept. So if

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Speaker 1: you have different taste preferences within your household, whether that's

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Speaker 1: you know, my son wanting pizza for the night, but

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Speaker 1: my wife wanting sushi and and I wanting salad, you

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Speaker 1: can order that under one ticket. And so we deliver

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Speaker 1: a fair amount of volume to our restaurant partners that

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Speaker 1: occupy our premises as well. Um. So that's the general

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Speaker 1: business model and how what we're doing through this time

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Speaker 1: to help enable restaurants to navigate these very challenging times.

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Speaker 1: You know, and I know you have been raising capital

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Speaker 1: as well in terms of, uh, you know, supporting your

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Speaker 1: expansion plans. Tell us about the growth that you have

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Speaker 1: been seeing, and I am curious about, particularly in the pandemic,

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Speaker 1: what kind of growth you've seen. Yeah, Look, we're very

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Speaker 1: fortunate that our facilities are full. Um, we have great

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Speaker 1: restaurant nurs um that we operate hand in hand with

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Speaker 1: and and they're doing quite well through this. Through this

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Speaker 1: time period as well, we've been laser focused on our

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Speaker 1: own unit economics and building a foundational business that can

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Speaker 1: scale UM. At the same time, critical to that is

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Speaker 1: making sure that our restaurant partners operate profitably within our

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Speaker 1: sites as well. We are very fortunate that Google Ventures

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Speaker 1: g V is the largest shareholder in the company, alongside

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Speaker 1: you know, great blue chip investors like Fidelity Investments and

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Speaker 1: large real estate funds like ours, our Reality and Difico

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Speaker 1: West UM. And you know, as we continue to grow

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Speaker 1: and scale our business, uh, you know, we intend to

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Speaker 1: continue to lean on the capital markets to help fund

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Speaker 1: our expansion as we enter into our serious ce rays

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Speaker 1: in the middle part of the next year. So you're

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Speaker 1: in Chicago, Pasadena, Scottsdale, Austin. If I'm looking at your

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Speaker 1: website and reading it correctly, and to me it almost

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Speaker 1: sounds like kind of a new hey, new version and

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Speaker 1: innovative take on food courts. Yeah, exactly right. You know,

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Speaker 1: our focus, you know, through our our existing facilities has

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Speaker 1: been driving consumer preference UM to our restaurant brands UM

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Speaker 1: in the way that consumers wanted and you know, this

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Speaker 1: whole idea of off premise certainly has accelerated through COVID,

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Speaker 1: but there's really nothing new. We are consider ourselves to

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Speaker 1: be a pioneer in the industry being founded. Uh and

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Speaker 1: you know part of that when we got into this,

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Speaker 1: we saw the trends, the trends Worth Calgary every year

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Speaker 1: for delivery for the years leading up to COVID. And

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Speaker 1: you look at the trends elsewhere around the world, whether

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Speaker 1: it's the Middle East or Asia, parts of Europe that

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Speaker 1: have seen delivery penetration to the tune of plus, while

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Speaker 1: we in the US have seen that, you know, not

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Speaker 1: including drive around seven to and so there was there

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Speaker 1: we were lagging the rest of the world. And clearly

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Speaker 1: with the trends that we saw from retail over the

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Speaker 1: past decade, that consumer preference for convenience and nomini channel,

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Speaker 1: with the market power and growing strength of millennials and

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Speaker 1: gen z um that there would be new ways that

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Speaker 1: consumers would and new areas where consumers would like to

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Speaker 1: consume their food that proved to be accelerated through COVID.

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Speaker 1: UM it was definitely jarring uh too many UM. I

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Speaker 1: think uh that as adoption curve stays the same. We're

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Speaker 1: on a very steep slope of it, but you know,

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Speaker 1: we have been a tool in that process where like

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Speaker 1: you said on on what is more of a traditional

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Speaker 1: food corp but one in a virtual nature that allows

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Speaker 1: consumers to have choice and allows restaurant brands to drive

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Speaker 1: the same volume through smaller flipmrints. Hey, listen, I do

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Speaker 1: wonder Michael, and we've just got about a minute and

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Speaker 1: a half left here. I mean, will you say yes

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Speaker 1: to anybody in terms of restaurants or do you think

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Speaker 1: about kind of the mix that you are offering at

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Speaker 1: a specific location. You know, it's an excellent question, Carol.

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Speaker 1: We're very data focused as a company, is not surprising

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Speaker 1: when you're largist shareholders Google Ventures UM we we we

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Speaker 1: we you know, tailor or curate our facilities in a

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Speaker 1: way that we're providing ultimate choice to our end consumer,

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Speaker 1: but also work with brands that we know can be

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Speaker 1: successful in that particular trade area. And so yes, we

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Speaker 1: are looking for a cohesive group of brands UM that

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Speaker 1: are synergistic to each other and provide the end consumer,

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Speaker 1: you know, ultimate choice and not to be cliche to

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Speaker 1: our brand of Kitsch United mix, but you know a

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Speaker 1: healthy mix of different options. That's really cool. Um, I

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Speaker 1: don't see New York on it. It just quickly thirty seconds.

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Speaker 1: Is New York something you guys would consider? Is that

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Speaker 1: kind of just a tough market to come into very

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Speaker 1: very quickly if you could. We absolutely are coming to

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Speaker 1: New York City. We're under construction at a site in

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Speaker 1: man h Anhattan and it's you. We're excited to serve

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Speaker 1: the people in New York City very very soon. All right,

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Speaker 1: very cool? Um, Michael, come back because I'd love to

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Speaker 1: hear more on what you guys are doing in and

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Speaker 1: hear more as you continue to grow. Michael Montagan. Oh,

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Speaker 1: he is CEO at Kitchen's United. Really interesting take in

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Speaker 1: terms of what they are doing and bringing different restaurant

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Speaker 1: brands together under one roof. Joining us on the phone

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Speaker 1: from Los Angeles. All right, that'll do it for this

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Speaker 1: edition of Bloomberg Markets. Carol Masser in for Paul Sweeney

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Speaker 1: and Bonnie Quinn. Thanks for listening to Bloomberg Markets podcast.

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Speaker 1: You can subscribe and listen to interviews at Apple Podcasts

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Speaker 1: or whatever a podcast platform you prefer. I'm Bonnie Quinn

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Speaker 1: I'm on Twitter at Bonnie Quinn and Paul Sweeney. I'm

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00:25:42,600 --> 00:25:45,239
Speaker 1: on Twitter at pt Sweeney. Before the podcast, you can

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Speaker 1: always catch us worldwide at Bloomberg Radio