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Weathering the Economic Storm It's no secret that our industry has experienced a veritable economic hurricane this past year. According to many experts, we're still in the eye of the storm, and won't see any distinct clear skies until sometime in 2011. All is not doom and gloom, however. Many operators are thriving right now, due to smart business acumen, the ability to adjust to the current economic climate, advantageous use of reduced construction and rental costs and other strategies that appear in this story and others in this issue. by Mary Daggett During the last half of the 19th century and first half of the 20th, Michigan’s Upper Peninsula was a bustling, lucrative copper mining center. The Calumet and Hecla Mining Company was one of the major companies in the entire nation, run by Boston mining barons. Its competitor, the Quincy Mine, was founded with investments also coming from Massachusetts, hence the name “Quincy”, after the Massachusetts city of the same name. In 1908, Robert Grasseschi’s great-grandfather died in the Quincy Mine. “He was electrocuted far underground,” said Grasseschi. “The Michigan mines cut as far as two miles down into the earth. The temperatures reached as high as 93 degrees at the bottom of the mineshafts.” When Grasseschi bought a restaurant in 2000, he named it Quincy’s Restaurant & Lounge, in honor of the mine, which was on the South Shore of Lake Superior near today’s town of Hancock. The restaurant is in nearby Dollar Bay, about five miles away.
unique ways to recession-proof your operation It is no secret that we are all enduring some of the leanest economic times in recent memory. Our industry is one of the first to feel a recessionary slide as disposable income shrinks, belts tighten, and folks eat more and more meals at home. by Mary Daggett This is not the time for operators to wring their hands, hide their heads in the sand and wait for the storm to blow over. It is the time to do everything you can to “recession-proof” your operation with some unique ways to build your business. Give your patrons a better alternative to eating at home with fine quality food at a good value. Ensure that your waitstaff is top-notch, offer enticing promotions and events, step up your marketing efforts and give back to the community to enhance your reputation. Read on to learn some of the tactics employed by expert operators who continue to build their business during these unique and challenging times.
The Keys to Creating a Hometown Favorite by Mary Daggett Those remarkable “hometown favorite” eating and drinking establishments are the envy of every other place in the neighborhood. How does an operation reach that storied status that so few attain? Ask ten different operators and you’ll likely receive ten different answers, including: long-standing tradition; award-winning food; exemplary service; festive and fun atmosphere; great location; Wine Spectator-ranked wine cellar; weekly dinner specials; half-price happy hour; 20 giant screen TVs carrying every game in the nation . . . and on and on.