INTRODUCTION INTRODUCTION Michael Auger g C0 founder / Managing - - PowerPoint PPT Presentation
INTRODUCTION INTRODUCTION Michael Auger g C0 founder / Managing Partner Executive VP of Operations at GameWorks E i VP f O i G W k 23 years of restaurant and entertainment experience Opened 30 entertainment venues in US
Michael Auger g
C0 ‐ founder / Managing Partner E i VP f O i G W k Executive VP of Operations at GameWorks 23 years of restaurant and entertainment experience Opened 30 entertainment venues in US and abroad Concept development for over 15 different restaurant / entertainment venues since starting TMG
Trifecta Management Group (TMG) provides innovative concepts, efficient operations and value added solutions/systems to the restaurant and retail entertainment industries. TMG is built around two simple, yet focused, ideas: d ll d
restaurant and entertainment concepts tailored on the specific needs of the marketplace
focusing on product enhancement, sales, management and
(New and existing concepts) ( g p ) TMG Perspective
The success of every project is predicated upon having a The success of every project is predicated upon having a compelling restaurant and bar concept. Based upon the market, they may have a variety of entertainment options All experiences within the venue must be executed at a high All experiences within the venue must be executed at a high level Product must be right for the market Pricing must be right for the market Pricing must be right for the market Market must have a need for the concept
Understand the market demographics Age and % breakdown Income levels – must have over 90% of target with discretionary spending power spending power Competition – identify you competitive sustainable advantage Build to your audience plus + (aspirational audience) y p ( p ) Create concept targeting your core user, not everyone in your marketplace Exceed consumers expectation on the environment and quality Exceed consumers expectation on the environment and quality Fill a void that exists in the marketplace Build a compelling experience Build a compelling experience
Low cost leader model (Wal Mart)
Low prices / no frills
Middle model (Sears)
Moderate prices / some differentiation
Differentiating model (Nordstrom’s)
Quality is paramount / differentiation
There are only 160 FEC’s in the US y What are you going to build? We shape the industry Conceptual components – Combine the right elements
Full service restaurant Full service restaurant Fast casual
d
Environment
Spatial relationships
Execution
The ability to execute is your only sustainable advantage over time
FOCUS: How do you maximize top line sales?
Revenue drivers (conceptual components)
alone alone
Product differentiation What do your target customers want?
C t t bl i
Select and package core products to increase frequency of visitation Do not build a theme park experience – 1 time a year visit
Capture all discretionary entertainment AND dining dollars whenever possible
Transient
discretionary income d sc et o a y co e
Socially active adults Families with children A id th t t ti t b i thi t Avoid the temptation to being everything to everyone
80% of dining decisions are made by the women of the 80% of dining decisions are made by the women of the household Consider this when making all menu, environmental and conceptual decisions conceptual decisions
Event ‐ Contracted
Day parts
Build a model where you can drive traffic in all day parts
ppy
l d d l ti k already do several times a week
events and other F&B dependent or complimentary functions such as live events and other F&B dependent or complimentary functions such as live music.
The weekend entertainment user is dining out already, so capture discretionary entertainment and dining dollar
parts
The past 50 years p 5 y
High end or low end models
S i d d US Restaurant industry today
Average person dining out 2‐3 times a week Average active adult dining out 4‐5 times a week Cost of dining continues to drop while quality continues to rise
It is estimated that in the next 3‐5 years, it will be less expensive to dine out ti t h verses eating at home Groceries cost are rising at 6% annually, a rate of 2.5 times that of meals in a restaurant
Complicated Business Model p
Extremely competitive
# 1 failure rate of any new business in US # 1 failure rate of any new business in US
Complicated operation
Real time manufacturing of a custom product Real time manufacturing of a custom product Real time customer service Vast majority of work force are transient in nature
Everyone is a food expert
Every person has their own preferences on what flavors they like and don’t like
TRADITIONAL
L.B.E.
BOUTIQUE HYBRID
Think about your favorite restaurant and what makes it your y y favorite?
Dining is a very personal choice Understand what resonates with your target audience Understand what resonates with your target audience Menu items, flavor profiles, price points and theme are all critical decisions when creating a restaurant concept Pricing is critical and must not exceed core audience discretionary spending capabilities Target casual dining price points $8‐14 core menu pricing Highly competitive so don’t take it for granted…it is not a build it and they will come. All t ft F&B i t t i t ft th ht d All too often, F&B in entertainment venues are after thoughts and
Commit to being in the food and beverage business
Entertainment venues have to break an established paradigm of poor food quality Great food and service is now the basic standard in the restaurant industry and a must for entry. If you don't have a compelling and competitive F&B product, don't y p g p p , be in the business COGS target 29‐31% A strong value perception is important...balance between portion, quality and price Labor target 29‐31% Labor target 29 31% Labor intensive business, so understand the investment upfront
Theater of the Senses
Ensure the environment and food stimulates all 5 senses Exposition style kitchens, proper lighting, finishes etc….all contribute to a dining experience Comfortable and cool bar environments Understand how lighting music and video caters to your Understand how lighting, music and video caters to your audience
Done correctly this will assist in creating unique environments based upon day part
Identify what is missing in your market or identify a niche you can fill
environment
Create a compelling menu with food that people will crave
Look and feel of menu should promote the food and does not have to tie into bowling or other conceptual elements
Role of Bars in an entertainment venue
Bar programs
Look and feel of menus Specialty drinks – be creative and let cocktails sell itself p y Handcrafted beers
Floor plan and layouts
# of seats Bars Spatial relationships
y
Locate to create energy and tie spaces together Heart of the venue Island bars to promote socialization E i t
Theater of the senses
Building repeat visitation is essential for a successful restaurant and bar
positive word of mouth is a must positive word of mouth is a must
restaurant and bar business
p g
h Hire the right person How much time and effort is placed into hiring the right person in your business?
d b h h Most operators spend time reacting to issues created by hiring the wrong person
Hire what you can’t train, manage what you don’t hire It is all about the personalities in the service industry p y
g g p
100% of the guest experience is delivered by the hourly staff Don’t set it and forget it! ‐ If people are your number one asset, how much g p p y , time do you spend on ensuring they are developed and trained?
Hire smart, train hard and work easy , y
Hire the right person and and personality
Provide comprehensive t i i t l training tools
Provide continual learning programs for all team members all team members
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CHICKEN TENDERS
INGREDIENTS:Kit h
40 Tong 3 Days p 40 Portioned 3 Days 40 Slice 1 Day 165 2 oz Ladle 7 Days 40 Tsp 2 Days Mix 40 Tong 2 Days 40 Tong 3 Days 40 Tong 3 Days 165 2 oz Ladle 3 Days 165 Bag 3 Days 40 Tsp 3 Days 165 8 oz Ladle 3 Days 165 8 oz Ladle 2 Days 40 5 oz Bag 3 Days e 40 Blt 7 Days 165 2 oz Ladle 1 Day 40 Tong 3 Days 165 8 oz Ladle 3 Days ed 40 G Hand 2 Days 165 2 oz. Ladle 2 Days 40 Tsp 3 Days RM Blt 30 DaysKitchen administration tools will assist in i
g a 40 Tsp 2 Days t HCS Towel 2 Hrs ur RM Tong 1 Day Pie 165 8 oz Ladle 2 Days 20 G Hand 3 Days1. Place tenders in a basket @ 9:00, steak fries @ 3:00 and dressing bullet @ 6:00.
consistency
COLD TABLE / STEAM TABLE LUNCH
ken gs Red & Green Pepper Mix Sauer kraut Grill On. Grill Mush Stew Micro wave 4 oz. Ham Portion Leaf Sliced Red Onion Cole Slaw Chili Marina ra ed Sliced 4 oz. Turkey Portion 5 oz. Corn Beef Gravy Gravy Colcan
Sheppard Pie Cottage Pieed
Sliced Cheeses Portion Gravy Gravy Colcan.
Pie PieREFRIGERATOR UNDER COLD TABLE TABLE UNDER STEAM TABLE
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Boxty Cod Cooked Chix Brsts Cooked Burger Browning Wochest. Sauce Sauce Must. Seasoned Flour