FOUNDRY & LUX JULYRECAP2022
Management focused efforts into marketing to improve lounge sales by revamping the Happy Hour experience. Chef expanded the menu offerings to captivate larger groups by curating craveable small bites. The response has been incredibly positive!
The first two weeks of July were challenging due to the holiday break and COVID, between people taking vacations and office wide shutdowns due to outbreaks. F&L mitigated losses by abbreviating services to reduce labor and cost of goods. Week 3, business started to stabilize and revenue slowly increased to anticipated levels. By week 4, F&L exploded with business and came close to producing the combined sales of the first three weeks of July.
FOOD SPECIALS Bolognese Pasta Heirloom Tomato & Mozzarella Salad F&L BLT Buffalo Cauliflower Wings & Crispy Onion Rings
BEVERAGE SPECIALS Last Drop Cocktail Strawberry Aperol Spritz aperol, strawberry, prosecco, soda, orange peel Gin-U-Wine broker's gin, giffard elderflower, lemon, egg white, red wine float Scofflaw - evan williams bourbon, martini & rossi dry vermouth, grenadine, lemon, orange bitters Angry Mule tito's vodka, ancho reyes chile liqueur, ginger beer, lime, jalapeno
HAPPY HOUR Foundry & Lux revamped happy hour by adding shareable cocktail carafes to the menu. These carafes are ideal for groups of 4 - 6 guests. We sold a total of 25 carafes in the month of July! In addition to this we've added a monthly rotating wine and beer special! Shipwrecked don q rum, strawberry, banana, pineapple, agave, lime, bitters By The Cove st. george vodka, blueberry, agave, prosecco, lemon South City Hospitali-Tea evan williams bourbon, peach, iced tea
ONSITE CATERING & EVENTS Genentech MPL-NGS Team Building Event Denali Bowling Night for Interns AbbVie Intern bowling event AstraZeneca Happy Hour Stripe P&P Mixer Mammoth Biosciences bioMerieux Dinner Sutro Bio Company All Hands Meeting & Lunch Stripe Risk Managers Happy Hour Friends of the Children SF Bay Area Team Building Event Trubeck Construction Team Happy Hour Beckman Coulter Life Sciences Networking Happy Hour Genentech CDMO Team Event
OFFSITE CATERING • CareDx + National Kidney Foundation, Breakfast & Hybrid Meeting • Stripe Controllership, Breakfast & Hybrid Meeting • Graphite Bio, Lunch + All Hands Meeting • Johnson & Johnson, Happy Hour Event ROBLOX WEEK Tuesday 7/26 - Thursday, 7/28 - regular weekly boxed lunch service for 200 + special catered outdoor lunch BBQ for 400 CHANDLERY EVENTS
CareDx Move - in Week Coffee & Boxed Lunches GBT Morning Reception Drop Off AstraZeneca Working Lunch Drop Off
www.foundryandlux.com Social media Happyfoundryandlux#nationalfrenchfryday� ❤ ! Give me french fries any time, any place and for any reason. Which is your favorite @foundryandlux ? Our regular fries, sweet potato fries or truffle fries? Let us know in the comments! #friesonfriesonfries #yummy #potatoesareelife #barfood #snackfood #lunchessential #ssfgoodeats #sfgoodeats #thecovessf #foundryandlux #LoveBonAppetit #sweetpotatofries #trufflefries #nationalfrenchfryday #nationalfrenchfryday� � : @restaurant917's Zero to Sixty with green chartreuse, pineapple juice, falernum syrup, and lime juice� : @elaltolosaltos's Mexican Hibiscus Tea, Holy Water (also with green chartreuse!), and Tequila Ocho Plata. Drink up! Sharingfoundryandluxiscaring and that’s the case even more now @foundryandlux with our new #happyhour sharable cocktail carafes! Whether it’s a #MustHaveMonday or #TGIF , drinking is always better with friends. Wechickeys.oishiiwerehungry after @ujam_fitness class at The Cove so I convinced @estefanya81 we needed to try their margarita pizza � before she moved away. I think� and � dinners should be our new tradition.
COGS: Cost of goods is at 24.3% against 20.5% from the last period. Cost of goods continues to be a moving target due to distribution challenges. The team has been actively targeting to reduce cost of goods to make up for the rising cost of labor.
Labor: Management monitored labor closely and made as many reductions as possible without impacting service levels. July labor is at 55% against revenue, 6.2% less than budgeted and 8.6% less than forecasted. There have been several resignations which has contributed to the lower percentage.
Sales: Sales for the four-week period totaled ~$251k with a weekly average of ~$62.8k. Additionally, F&L has been producing catering three days every week to ROBLOX, totaling an estimated $15k to weekly revenue. ROBLOX has reduced services due to high spikes in office COVID cases. Tenant population at the Cove were reduced to occupancy on major holidays. Additionally, budget reflected an anticipated tenant event that got postponed due to lower population of the Cove. Week four produced half of the revenue ~$125k for the period, thanks to ROBLOX week.
Other Expenses: Total other expenses were at 33.7%. Expenses included services for the culinary garden, interior plants, computer expenses, catering vehicle expenses, insurance, bank and armored car services, computer and POS costs, safety equipment. and a $20k food truck event at ROBLOX. Other expenses were higher than forecasted due to the $25k food truck event at ROBLOX.
Total Losses: Total losses were ~$32.2k against budgeted losses of ~$17.8k. YTD total losses are ~$175k against budgeted losses of ~$179k.
ROLLING 3
AUGUSTASSUMPTIONS:Roblox will continue to get catering from F&L 3x a week. Events will begin to pick up in August.
SEPTEMBER
Five-week period and business is expected to ramp up significantly and should have the best financial result of OCTOBERQ3.
Four-week period. Business is expected to be busy with a large planned tenant event in W4.
CHANDLERY
Chandlery's G&G breakfast and lunch has consistently been getting busier as of June and continuing to stay busy throughout the month of July. Chandlery hosted its first official cooking and cocktail class with Campari as the main ingredient. The Shore is gearing up for Thursday happy hour to start in the first week of August. Additionally, Chandlery will increase "hot" food items for lunch to offer to the growing tenant population. All exciting news for everyone at the Shore!
Monthly farmer's market Rotating monthly food & beverage specials Tenant cooking class & cocktail demo Bristol Myers Squibb reoccurring happy hours at chandlery QR code technology integration for F&L and Chandlery September wedding buyout for Chandlery BMS & J&J subsidy CBRE company party buyout at F&L Chandlery extended menu Chandlery Happy Hours for the Shore every Thursday
