Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along
Speaker 1: with my co host of Bonnie Quinn. Every business day
Speaker 1: we bring you interviews from CEOs, market pros, and Bloomberg experts,
Speaker 1: along with essential market moving news. Find the Bloomberg Markets
Speaker 1: Podcast on Apple podcast or wherever you listen to podcasts,
Speaker 1: and on Bloomberg dot com. This is Bloomberg Markets. I'm
Speaker 1: Carol Master in for Bonnie and Paul on this Wednesday.
Speaker 1: One of the industries we've covered a lot, and understandably so,
Speaker 1: throughout the pandemic is the hospitality industry, anything connected with
Speaker 1: traveling and tourism. Um. The airlines of course have been
Speaker 1: just shut down or closed dramatically. Uh. Their business is
Speaker 1: really just dropped as a result of the pandemic, and
Speaker 1: understandably so well. Our next guest and his company certainly
Speaker 1: plays into this. We're talking about the Express SPA Group
Speaker 1: tickers x sp A. They trade publicly. Uh. It's about
Speaker 1: a hundred and twelve million dollar market cap company. It
Speaker 1: is the world largest airport spat company. I've used them
Speaker 1: at an airport while traveling, and I'm sure you have two. Um,
Speaker 1: so let's get into what their business has been like
Speaker 1: and how they are dealing with the pandemic and what
Speaker 1: the future looks like. Doug Satsman is CEO of Express Spot,
Speaker 1: joining us on the phone in New York City. Doug,
Speaker 1: nice to have you here on Bloomberg. How are you,
Speaker 1: um great, good morning. Thanks care for having us on. Well,
Speaker 1: it's great to have you here. Tell me a little
Speaker 1: bit about what your world has been like. Take me
Speaker 1: back to March and what it's been like since then.
Speaker 1: So in March we all know what happened across our
Speaker 1: community and communities around the world. UM our core business
Speaker 1: has been airports. Spas were the largest global UH SPA
Speaker 1: operator in airports and we were deemed a non essential
Speaker 1: use appropriately so you know, by the end of March
Speaker 1: closed all of our spas down globally UH And then
Speaker 1: we had an idea from our chairman, Bruce Bernstein, could
Speaker 1: we offer COVID testing during this time and leverage the
Speaker 1: real estate we have in the spas. So we started
Speaker 1: a down and dirty project with a small group of
Speaker 1: people and in seventy five days we went from idea
Speaker 1: to concept to pilot and got our first one open
Speaker 1: in June and JFK Terminal four. And since then, we've
Speaker 1: been continuing to roll out express check clinics, which offer
Speaker 1: COVID testing for airport employees, T s A, agents and
Speaker 1: UH anyone who works for the airport as well as
Speaker 1: travelers UM, and we have been expanding around the country.
Speaker 1: We're focusing domestically first and then we can look broader, right,
Speaker 1: So like we're so what's your expectation moving forward? And
Speaker 1: and as you continue to I'm assuming branched out out.
Speaker 1: I know there was a headline, was it just yesterday
Speaker 1: or on Monday that you guys are going to start
Speaker 1: offering on site testing from select cities four NonStop flights.
Speaker 1: I think this was for Hawaii specifically. But how do
Speaker 1: you continue to kind of embrace the environment we are
Speaker 1: and kind of help your company as well as the
Speaker 1: airline industry kind of get back to normal. So what
Speaker 1: we're finding is it's the private companies that are leading
Speaker 1: the way trying to figure out the the best path
Speaker 1: for UM safe travel and returning consumer confidence. So it's
Speaker 1: the airlines, it's testing companies like US and some health
Speaker 1: app companies UM like the Common Paths, who we're partnering
Speaker 1: with to develop a process to partner with the airlines
Speaker 1: and destination cities or states UM and and to connect
Speaker 1: travelers through getting tested and then being able to convey
Speaker 1: their negative results and satisfy getting out of quarantine requirements
Speaker 1: or other requirements to be admitted into you know, a
Speaker 1: country or a state. We started with Hawaii becoming one
Speaker 1: of their trust to testing partners, and then we've had
Speaker 1: several recent announcements with United and with jet Blue and
Speaker 1: with Hawaiian Airlines where we have partnerships now with the
Speaker 1: three airlines to partner with them on select cities. Often
Speaker 1: we're focusing on Hawaii right now, but we're looking to
Speaker 1: Transatlantic destinations and and other destinations around the world. Um so.
Speaker 1: In fact, with jet Blue as an example, UM we
Speaker 1: are opening a second unit in Boston where we already
Speaker 1: have one express check, but we're opening a second one
Speaker 1: in their terminal UH to help facilitate Boston is being
Speaker 1: a hub for them to help open up more travel
Speaker 1: to more destinations and UH and there's other airlines we're
Speaker 1: speaking with as well. But these are the groups that
Speaker 1: are fueling the way. And then we're partnering with the
Speaker 1: airports to get either leverage existing real estate that we
Speaker 1: have from our SPA business, but more often than not,
Speaker 1: we're being offered new spaces that are more more convenient
Speaker 1: for travelers, like presecurity. I have to say the Investment
Speaker 1: Space has written that this has kind of created a
Speaker 1: resurgence and reincarnation for you guys as a company, and
Speaker 1: I do wonder, you know, how does this kind of
Speaker 1: factor into future longer term strategy at this point or
Speaker 1: is this just kind of a stop gap to get through. Uh? Well,
Speaker 1: it started as a stop gap to get through. You know,
Speaker 1: our our business was closed and this was a pivot
Speaker 1: that allowed us to serve the airport community, which where
Speaker 1: we've worked. But what's happened as we've learned through the
Speaker 1: medical side, we are we are developing a new concept
Speaker 1: UM that takes what we've learned from health and wellness,
Speaker 1: our history, what we've learned from medical and are developing
Speaker 1: it to launch next year, which will you know, continue
Speaker 1: with things like testing. It will run alongside Express check UM,
Speaker 1: it could run alongside Express spas, but in a post
Speaker 1: COVID world UM, things have definitely changed, and what travelers
Speaker 1: and employees are looking for are our new services that
Speaker 1: aren't offered at airports, and we're uniquely positioned to deliver
Speaker 1: that with our experience operating in the environment and what
Speaker 1: we've learned now working with doctors in our medical side right.
Speaker 1: And my understanding is you guys doing testing for things
Speaker 1: like the regular flu and mono and offering flu vaccines
Speaker 1: to which is which is pretty fat fascinating How quickly
Speaker 1: just got about twenty seconds here? Twenty five seconds? How quickly? Though?
Speaker 1: Do you you're not abaniting of the SPA business or
Speaker 1: are you? We haven't abandoned the SPA business, but we're
Speaker 1: watching traffic to continue up, and we've been successful in
Speaker 1: raising funds to help fuel future growth expansions um and
Speaker 1: to have a very solid balance sheet for investors to
Speaker 1: to stay in with us. We'll be fascinated to check
Speaker 1: in with you throughout one to uh see how it's
Speaker 1: all going, especially as you guys have pivoted dog. Doug Satsman,
Speaker 1: he is CEO of Express Spa on the phone in
Speaker 1: New York. That's stock by the way down in and
Speaker 1: I'm just going to put that out there, so we've
Speaker 1: got the perfect guest to talk about that. Specifically when
Speaker 1: it comes to investing in wine. He's got an interesting
Speaker 1: platform out there. Orv Goldman is with us CEO at
Speaker 1: Acker and he joins us on the phone in New York,
Speaker 1: or nice to have you here. Uh, you know, tell
Speaker 1: us a little bit about UM, because I've covered what
Speaker 1: you guys are up to over the last couple of years.
Speaker 1: Tell us about because you've got a new wine markets
Speaker 1: an analytics platform. Tell us a little bit about what
Speaker 1: you're doing. Okay, So what we wanted to do was
Speaker 1: we wanted to create a digital data and analytical platform
Speaker 1: to give people invested interested investing in wine, uh, a
Speaker 1: sophisticated tool to really analyze the wine market that does really,
Speaker 1: up to this point, has never existed. There have been
Speaker 1: just some generic wine indexes. But we created the most
Speaker 1: comprehensive wine indexing an analytical tool UM in the market.
Speaker 1: And it's kind of like a Bloomberg for wine. It
Speaker 1: almost sounds like it is hoping. Even that I had
Speaker 1: a thirty five years in financial markets that was very
Speaker 1: friendly with Michael at the beginning of my career. Yes,
Speaker 1: we we we did do it. We created a Bloomberg
Speaker 1: for wine. So before we get into exactly the analytics
Speaker 1: to involved in it, because I am curious about that
Speaker 1: and how it works. Tell me why wine is a
Speaker 1: good investment, So why it's very interesting. Wine is actually
Speaker 1: outside of the SMP. If you take all the asset classes,
Speaker 1: the second best performing asset class over time, and more importantly,
Speaker 1: it is about seven timeless volatile in terms of its
Speaker 1: annual returns than all the equity markets, So it is
Speaker 1: a relatively uh, nonvolatile, high performing asset. The average return
Speaker 1: of wine over fifteen years is almos almost nine and
Speaker 1: a half percent, and um, it's uh, you know for
Speaker 1: people looking to diversify, Uh, it's been a really well
Speaker 1: performing asset class and if you can there's a lot
Speaker 1: of smart money that's involved. And what we've been doing
Speaker 1: is providing a platform for the average consumer to take
Speaker 1: advantage of it. Tell me how it works, because if
Speaker 1: I go to acro wines dot Com, I can certainly
Speaker 1: shop and I can buy wine. But it's a lot
Speaker 1: more than that, is what you're saying. Correct, Yes, So
Speaker 1: it's a basically there's two things. Um, you can take
Speaker 1: any one of our two hundreds uh proprietary wine industries
Speaker 1: to analyze either the broad market or we've broken it
Speaker 1: down to looking at regions looking advantages, looking at specific
Speaker 1: producers and actually looking at any specific wine and you
Speaker 1: can literally compare their its performance against any other wine index,
Speaker 1: any other financial asset, and you could really get into
Speaker 1: the minutia if you will, uh in a very discrete
Speaker 1: way of analyzing uh a particular wine. So just like
Speaker 1: you can on a Bloomberg monel to do with equities,
Speaker 1: you can look at the broader markets, you can look
Speaker 1: at you know, sectors, and then you can look at
Speaker 1: specific stocks and you can compare them. And that's what
Speaker 1: you can now do with wine, which is interesting. So
Speaker 1: you know, when somebody invests in wine, do they actually
Speaker 1: you know, take possession of the bottles? Can they take
Speaker 1: possession of the bottles, do they own them? Can they
Speaker 1: drink them? Or can they sell them? Or they can
Speaker 1: do kind of all of that. They can do all
Speaker 1: of it. So a lot of so uh. You know,
Speaker 1: when you look at the market, there are uh, there
Speaker 1: is a large segment of the market where they from
Speaker 1: investment standpoint, people will buy wine and then have them
Speaker 1: professionally stored and over a period of time of five
Speaker 1: or ten years, and those people then ultimately sell them
Speaker 1: and pick up their capital gate right, and then there
Speaker 1: are those people that like to do that but also
Speaker 1: drink part of their seller and they can just access
Speaker 1: at any time they want from these professional storage of
Speaker 1: facilities and you just call up and say I want
Speaker 1: to drink this wine this week, and you pull it
Speaker 1: and send it to me. And that's that's really how
Speaker 1: it works. It's a combination of all so the data. Obviously,
Speaker 1: the analytics are only as good as the data. It's
Speaker 1: based on where is the data coming from at this
Speaker 1: point and how reliable, I mean, what kind of back
Speaker 1: testing can you do? Because wine can be so fickle.
Speaker 1: You can have a great brand, a great region, but
Speaker 1: you can have an off year and unfortunately, um or
Speaker 1: if I've only got about forty five seconds left, okay,
Speaker 1: so um, you can basically go through and look at
Speaker 1: that specific level of detail on the platform, right, so
Speaker 1: you're you're able to analyze that where you haven't been
Speaker 1: able to do that before. Interesting, But where are you
Speaker 1: getting all the data from? Just quickly, so the data
Speaker 1: I'm sorry, the data, uh comes for all the data
Speaker 1: and we did this specifically and rushing is that we
Speaker 1: have twenty years of actors all data, okay, and we
Speaker 1: represent this year, we were thirty of the global market historically,
Speaker 1: we're so we think it's very representative. We cleaned twenty
Speaker 1: years worth of data, got it, and we got it
Speaker 1: to we have uh, discrete parts of information about the
Speaker 1: data that has my apologies, we've got to run, but
Speaker 1: you've got to come back and do more because I
Speaker 1: find it fascinating. Irv Goldman he CEO at Acker check
Speaker 1: him out at acker wines dot com. So we've definitely
Speaker 1: covered the equity markets on this Wednesday, but let's get
Speaker 1: another check on what's going on when it comes to
Speaker 1: fixed income. Perfect guests to do that. Stephen Kane is
Speaker 1: Group Managing Director portfolio manager at tc W. They've got
Speaker 1: roughly two five billion dollars in assets under management that
Speaker 1: as of the end of the second quarter. He joins
Speaker 1: us on the phone in l A. Stephen, good to
Speaker 1: have you here with us. So getting ready just a
Speaker 1: few more days here in the trading, actually just today
Speaker 1: and tomorrow to wrap up what a year it's been.
Speaker 1: To say the least. When you look at the fixed
Speaker 1: income trade, do you anticipate that there will still be
Speaker 1: a very low rate environment and a lot of easy
Speaker 1: money slashing around? Uh? Well, first of all, thank you
Speaker 1: and good morning, thanks for having me on. And and um, yeah,
Speaker 1: I think the uh it is uh a good time
Speaker 1: to put in the rearview mirror. I uh was reading
Speaker 1: an article this morning actually that summed up pretty well
Speaker 1: that it's been a bowl market for risk assets and
Speaker 1: a bear market for humans. So it's our story. It's
Speaker 1: I've been quoting that story left and right because it
Speaker 1: has stayed with me. I think it ran last week. Um,
Speaker 1: that is that is right in a headline. Yeah, so
Speaker 1: we can we can certainly hope that ends the bear
Speaker 1: market for humans at a minimum. Um. But in terms
Speaker 1: of the financial markets and what we expect going forward,
Speaker 1: I think that um, certainly with rates, UM, I think
Speaker 1: the FAT is very committed to keeping the front end
Speaker 1: of the curve anchored and purchasing assets at a high rate.
Speaker 1: In so I think that certainly volatility and the treasury
Speaker 1: market is likely to be muted, though we do expect
Speaker 1: some upward drift at the long end of the curve
Speaker 1: as inflation pressures begin to build throughout the year. In
Speaker 1: terms of the credit markets, UM, you know, we've pretty
Speaker 1: much round tripped in terms of spreads from where we
Speaker 1: were a year ago. So investment grade spreads are abound
Speaker 1: ninety basis points, high yield spreads around fifty basis points.
Speaker 1: Is you know, if you if you went to sleep
Speaker 1: at the end of last year and woke up today,
Speaker 1: you'd think it was a very quiet year in as
Speaker 1: we know as anything but um is likely to be
Speaker 1: uh certainly less volatile, but we think they're still going
Speaker 1: to be quite a bit of turmoil and winners and
Speaker 1: losers um, you know, in the corporate sector, you know,
Speaker 1: leading to disparate returns. So we do think there's gonna
Speaker 1: be a lot of opportunity for active managers, though the
Speaker 1: overall markets like likely to be a lot less of volatile.
Speaker 1: It's like you were reading into Bloomberg this morning, I'm
Speaker 1: like so impressed, what's interesting, And just to give props
Speaker 1: where it's due. Michael Reagan of Bloomberg Business Week gets
Speaker 1: the story he did. It's been a great year for
Speaker 1: stocks in a bear market for humans. It's just has
Speaker 1: stayed with me since I've read it. And this whole
Speaker 1: idea of you know, investors just again and again ignoring
Speaker 1: the pain of the pandemic and betting on a future
Speaker 1: where companies rely less on labor. And that's something we
Speaker 1: just talked about with Sarah pons Act. Just this kind
Speaker 1: of human capital, it's just not as valuable, uh, and
Speaker 1: companies aren't valuing it as much. And you know the
Speaker 1: expectation that as a result, we might not have as
Speaker 1: much hiring and labors coming back to the workforce next year.
Speaker 1: And I do wonder what that could potentially mean in
Speaker 1: terms of economic momentum. Steve come Well, I think what
Speaker 1: it means is that while you may see the overall
Speaker 1: economy grow at a reasonable pace, you know, it may
Speaker 1: grow low single digits in aggregate, you're going to see
Speaker 1: certain sectors of the economy doing much better than others.
Speaker 1: And I think you're going to see some areas of
Speaker 1: the economy that are under stress right now. Travel, leisure,
Speaker 1: retail continue to face pressure, you know, even though the
Speaker 1: vaccines can to allow them to open up. So we
Speaker 1: think that's going to mean that credit work is going
Speaker 1: to be extremely important. It's going to be important to
Speaker 1: be in the right sectors of the fixed income market
Speaker 1: and the right credits as well. And we think another
Speaker 1: area of the fixed income markets and economy, they're going
Speaker 1: to be affected is commercial real estate? Um, what is
Speaker 1: that going to happen? I mean, I walk up and
Speaker 1: down and I know New York City is maybe a
Speaker 1: city unlike you know, no other, but man, the amount
Speaker 1: of empty space, especially retail space, um, is pretty remarkable.
Speaker 1: And is it Amazon is just gonna eat it all
Speaker 1: up and do distribution centers everywhere? I think not? But
Speaker 1: how do you see it? Well? We think, I mean
Speaker 1: the trail addition away from retail has been going on
Speaker 1: for some period of time and accelerated the trend to
Speaker 1: e commerce. And we're seeing, um, you know, the retail
Speaker 1: sector under quite a bit of stress and a lot
Speaker 1: of retailers, um, you know, going bankrupt, and we think
Speaker 1: that is going to lead to defaults and bankruptcies, you
Speaker 1: know in retail malls, particularly the B and C ones.
Speaker 1: I think the you know, the A class retail properties
Speaker 1: will find a way to repurpose their space and and
Speaker 1: uh stay uh, stay relevant if you will. But there
Speaker 1: is going to be quite a bit of stress in
Speaker 1: the in the retail area. And we also think in
Speaker 1: in the office area. The world from home friend, we
Speaker 1: think is one that's here to stay. And um, you're
Speaker 1: already beginning to see vacancies uh increase in some urban
Speaker 1: business districts, and we think that is also going to
Speaker 1: lead to some pressure and commercial real estates. I'm going
Speaker 1: to put out another story on Twitter that I think
Speaker 1: you might kind of interesting, and it talks about the
Speaker 1: big COVID changes in the world economy or only just beginning,
Speaker 1: and just kind of goes through some of them and
Speaker 1: the impact it will be by our and UH Curry
Speaker 1: and UH some of the other members of the Bloomberg team,
Speaker 1: which is I think again another must read. Steve Kane,
Speaker 1: thank you so much, Group Managing director of at TCW.
Speaker 1: Joining us on the phone from Los Angeles, and we're
Speaker 1: just getting ready to wrap up here on Bloomberg Markets.
Speaker 1: Carol Masser in for Paul and Vonnie, but we have
Speaker 1: a great guest to wrap up our program on this Wednesday,
Speaker 1: and it has to do with something known as offsite dining.
Speaker 1: I hadn't heard about this, but apparently it is a
Speaker 1: new thing. So let's talk about this because it's a
Speaker 1: growing thing and it's impacting certainly a market that we
Speaker 1: know has been really impacted by the pandemic specifically, So
Speaker 1: let's get into it with Michael montag montagon No excuse me,
Speaker 1: Michael montagon O. He is CEO of Kitchens United and
Speaker 1: he joins us on the phone in Los Angeles. Michael,
Speaker 1: it's nice to have you here with us. UM tell
Speaker 1: us remind our audience a little bit of what you
Speaker 1: are doing, because we've definitely talked about it here at Bloomberg,
Speaker 1: but remind our audience what you guys are off to
Speaker 1: and when it comes to this whole growing world of
Speaker 1: off premise dining. Thank you, Carol, and it's great to
Speaker 1: be here. Thank you for having me on UM. Yeah.
Speaker 1: Look are our business is focused on a tool to
Speaker 1: enable existing restaurant brands to capture what is a changing
Speaker 1: consumer preference towards off premise UM that entails for us
Speaker 1: UH providing a CAPEX lightway for restaurant brands to expand
Speaker 1: into new trade areas, which in our centers we have
Speaker 1: kitchen centers that generally have ten to fifteen restaurant brands
Speaker 1: that operate within them in their own four wall units.
Speaker 1: And part of that value proposition that we offer is
Speaker 1: not only a way to stand up a restaurant in
Speaker 1: a new trade area and in a fraction of the
Speaker 1: capex investment in time, but also while they cook their
Speaker 1: own food to ensure there is consistency and the quality
Speaker 1: of the cuisine. We handle most everything else, from cleaning
Speaker 1: and sanitization to management at the front of the house.
Speaker 1: And then we have a consumer marketing channel that enables
Speaker 1: consumers to order from more than one concept. So if
Speaker 1: you have different taste preferences within your household, whether that's
Speaker 1: you know, my son wanting pizza for the night, but
Speaker 1: my wife wanting sushi and and I wanting salad, you
Speaker 1: can order that under one ticket. And so we deliver
Speaker 1: a fair amount of volume to our restaurant partners that
Speaker 1: occupy our premises as well. Um. So that's the general
Speaker 1: business model and how what we're doing through this time
Speaker 1: to help enable restaurants to navigate these very challenging times.
Speaker 1: You know, and I know you have been raising capital
Speaker 1: as well in terms of, uh, you know, supporting your
Speaker 1: expansion plans. Tell us about the growth that you have
Speaker 1: been seeing, and I am curious about, particularly in the pandemic,
Speaker 1: what kind of growth you've seen. Yeah, Look, we're very
Speaker 1: fortunate that our facilities are full. Um, we have great
Speaker 1: restaurant nurs um that we operate hand in hand with
Speaker 1: and and they're doing quite well through this. Through this
Speaker 1: time period as well, we've been laser focused on our
Speaker 1: own unit economics and building a foundational business that can
Speaker 1: scale UM. At the same time, critical to that is
Speaker 1: making sure that our restaurant partners operate profitably within our
Speaker 1: sites as well. We are very fortunate that Google Ventures
Speaker 1: g V is the largest shareholder in the company, alongside
Speaker 1: you know, great blue chip investors like Fidelity Investments and
Speaker 1: large real estate funds like ours, our Reality and Difico
Speaker 1: West UM. And you know, as we continue to grow
Speaker 1: and scale our business, uh, you know, we intend to
Speaker 1: continue to lean on the capital markets to help fund
Speaker 1: our expansion as we enter into our serious ce rays
Speaker 1: in the middle part of the next year. So you're
Speaker 1: in Chicago, Pasadena, Scottsdale, Austin. If I'm looking at your
Speaker 1: website and reading it correctly, and to me it almost
Speaker 1: sounds like kind of a new hey, new version and
Speaker 1: innovative take on food courts. Yeah, exactly right. You know,
Speaker 1: our focus, you know, through our our existing facilities has
Speaker 1: been driving consumer preference UM to our restaurant brands UM
Speaker 1: in the way that consumers wanted and you know, this
Speaker 1: whole idea of off premise certainly has accelerated through COVID,
Speaker 1: but there's really nothing new. We are consider ourselves to
Speaker 1: be a pioneer in the industry being founded. Uh and
Speaker 1: you know part of that when we got into this,
Speaker 1: we saw the trends, the trends Worth Calgary every year
Speaker 1: for delivery for the years leading up to COVID. And
Speaker 1: you look at the trends elsewhere around the world, whether
Speaker 1: it's the Middle East or Asia, parts of Europe that
Speaker 1: have seen delivery penetration to the tune of plus, while
Speaker 1: we in the US have seen that, you know, not
Speaker 1: including drive around seven to and so there was there
Speaker 1: we were lagging the rest of the world. And clearly
Speaker 1: with the trends that we saw from retail over the
Speaker 1: past decade, that consumer preference for convenience and nomini channel,
Speaker 1: with the market power and growing strength of millennials and
Speaker 1: gen z um that there would be new ways that
Speaker 1: consumers would and new areas where consumers would like to
Speaker 1: consume their food that proved to be accelerated through COVID.
Speaker 1: UM it was definitely jarring uh too many UM. I
Speaker 1: think uh that as adoption curve stays the same. We're
Speaker 1: on a very steep slope of it, but you know,
Speaker 1: we have been a tool in that process where like
Speaker 1: you said on on what is more of a traditional
Speaker 1: food corp but one in a virtual nature that allows
Speaker 1: consumers to have choice and allows restaurant brands to drive
Speaker 1: the same volume through smaller flipmrints. Hey, listen, I do
Speaker 1: wonder Michael, and we've just got about a minute and
Speaker 1: a half left here. I mean, will you say yes
Speaker 1: to anybody in terms of restaurants or do you think
Speaker 1: about kind of the mix that you are offering at
Speaker 1: a specific location. You know, it's an excellent question, Carol.
Speaker 1: We're very data focused as a company, is not surprising
Speaker 1: when you're largist shareholders Google Ventures UM we we we
Speaker 1: we you know, tailor or curate our facilities in a
Speaker 1: way that we're providing ultimate choice to our end consumer,
Speaker 1: but also work with brands that we know can be
Speaker 1: successful in that particular trade area. And so yes, we
Speaker 1: are looking for a cohesive group of brands UM that
Speaker 1: are synergistic to each other and provide the end consumer,
Speaker 1: you know, ultimate choice and not to be cliche to
Speaker 1: our brand of Kitsch United mix, but you know a
Speaker 1: healthy mix of different options. That's really cool. Um, I
Speaker 1: don't see New York on it. It just quickly thirty seconds.
Speaker 1: Is New York something you guys would consider? Is that
Speaker 1: kind of just a tough market to come into very
Speaker 1: very quickly if you could. We absolutely are coming to
Speaker 1: New York City. We're under construction at a site in
Speaker 1: man h Anhattan and it's you. We're excited to serve
Speaker 1: the people in New York City very very soon. All right,
Speaker 1: very cool? Um, Michael, come back because I'd love to
Speaker 1: hear more on what you guys are doing in and
Speaker 1: hear more as you continue to grow. Michael Montagan. Oh,
Speaker 1: he is CEO at Kitchen's United. Really interesting take in
Speaker 1: terms of what they are doing and bringing different restaurant
Speaker 1: brands together under one roof. Joining us on the phone
Speaker 1: from Los Angeles. All right, that'll do it for this
Speaker 1: edition of Bloomberg Markets. Carol Masser in for Paul Sweeney
Speaker 1: and Bonnie Quinn. Thanks for listening to Bloomberg Markets podcast.
Speaker 1: You can subscribe and listen to interviews at Apple Podcasts
Speaker 1: or whatever a podcast platform you prefer. I'm Bonnie Quinn
Speaker 1: I'm on Twitter at Bonnie Quinn and Paul Sweeney. I'm
Speaker 1: on Twitter at pt Sweeney. Before the podcast, you can
Speaker 1: always catch us worldwide at Bloomberg Radio