FOUNDRY & LUX MARCH 2022 RECAP
ST. PATRICK’S DAY HAPPY HOUR CROWD (patio was packed too)
March was an exciting month with Chandlery’s coffee bar opening for Grab & Go! The hours of operation are 8 am – 2 pm, but we plan to expand services and hours of operation once revenue steadily increases. Foundry & Lux executed a large drop-off catering to Silverlake in Menlo Park the first week of March and captured ~$30k in revenue. The restaurant and bar participated in March Madness festivities by curating a special happy hour menu and launched our own March Madness by creating MULE MADNESS. St Patrick’s week was celebrated with a tenant cocktail class which gathered maximum participation of 30 tenants! Graphite Bio has been thrilled with F&L options and services that they decided to increase their subsidy to 100% for all their employees, both at Chandlery & at Foundry & Lux. Genentech has added a 30% subsidy for their employees, and AbbVie misses the daily deliveries, so they have implemented a 50% subsidy for all AbbVie employees.
FOOD SPECIALS
Shrimp Po Boy: Shredded lettuce, pickles, roasted jalapeno aioli, torpedo roll
Roasted Mushroom Lavash Wrap: Roasted wild mushroom, eggplant hummus, roasted bell pepper, roasted squash, pickled red onion, feta cheese
BEVERAGE SPECIALS Jungle Bird: gosling's dark rum, Campari, pineapple, lime, simple syrup, maraschino cherry Mule Madness: choice of -vodka, tequila, or whiskey -strawberry+raspberry, Watermelon+mint, or lychee
Kiwi Margarita: el jimador tequila, kiwi puree, lime, agave, dehydrated kiwi chip
Shamrock: -house-brewed ice tea, salted cream foam, matcha powder
TENANT COCKTAIL CLASS John Esmane & Pascual Avalos led Foundry’s very first tenant cocktail class! All reservations were “sold out” and had an overflowing waitlist. Over 30 tenants participated in the class! F&L showcased 3 Irish themed cocktails for St. Patrick’s day. The tenants learned how to mix cocktails like a bartender while sampling the special happy hour appetizers from the bar.
ST. PATRICK’S HAPPY HOUR
Corned Beef Sliders with cabbage slaw & a playful twist on deviled eggs ”green eggs & ham”
Irish Nachos with melted cheese, pico de gallo, and sour cream
ONSITE CATERING & EVENTS F&L
Event requests & inquiries significantly increased after the first week of March! Aimmune - 3/1 Stripe – 3/15, 3/22, 3/30 Bridge bio - 3/2 Genentech Cytomx 3/7 & 3/24 AbbVie
Allogene Vaxart Ngmbio Astrazeneca Tempest
OFFSITE EVENTS
F&L utilized Chandlery for multiple event requests for Shore tenants. • • •
Bristol Meyers Squibb hosted 75 people on 3/10 for a retirement party Graphite Bio hosted 40 people on 3/17 for a march madness viewing party Johnson & Johnson hosted 30 people on 3/23 for a happy hour reception
Multiple tenants of the Shore catering deliveries in March! • • • •
Annexon 8/10 & 8/29 Graphite Bio 3/15 & 3/23 Arcus BioSciences purchased 40 gift cards from Chandlery to give to the office. Silverlake catering 2/28, 3/1, 3/2 contribuiting to ~$30k in revenue.
THE REVIEWS ARE IN!
Social media Now at 1435 followers!
new users: 28
The madness is here with Mule Madness! Choose your alcohol AND choose your flavor: strawberry+raspberry, watermelon+mint, or lychee.
Roast me then wrap me: A veggie’s tale. Need a light filling lunch, order our new deli special Roasted Veggie Lavash Wrap! Available from 11am-2pm
Happy Monday! It’s not a lie when they say breakfast is the most important meal of the day, so start your day and week off right with our Breakfast Sandwich and Immunity Boost Juice. Available in The Cafe from 7am-3pm!
Thinking of hosting a dinner party? We have you covered with a show stopping personalized menu that’s sure to wow all your senses. Just go to our website and fill out an event inquiry!
www.foundryandlux.com
CHANDLERY
Chandlery is experiencing a steady increase in traffic since opening. We are receiving positive feedback on the service and variety of options. Chandlery continues to host happy hour events for tenants to introduce the beautiful space, and we plan to use that momentum to present our upcoming happy hour menu!
Sales: Sales for the five-week period totaled ~$271k with a weekly average of ~$54.2k. We had several catering & events cancel due to office outbreaks and missed out on the anticipated revenue. COGS: Cost of goods are at 26.6% for the period ~5% less from February and ~2% less than forecasted. Cost of goods continue to be a moving target. The team is working on cost analysis and researching product lists to reduce COGS percentage below 26%. We will be implementing ”charm” pricing to menu items. A modest increase to mitigate the increase cost of product. Labor: Management monitored labor closely and made as many reductions as possible without impacting service levels. February labor was at 121.6% against revenue, the month of March was significantly reduced to 69% against revenue. Other Expenses: Total other expenses were at 16.6%, a decrease of 8% from February. Expenses included services for the culinary garden, interior plants, computer expenses, catering vehicle expenses, insurance, bank and armored car services, computer and POS expenses, and safety equipment. Total Losses: F&L mitigated losses while improving the tenant experience. Total losses for the period was ~$33.8k.
BUDGET & FORECAST
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Anticipating increased weekly average sales in April & May. June is a 5 week period Cost of wages have inflated and there is an immediate need to stay competitive to retain & hire. Cost of goods are at an all time high ~40% increase. We will be introducing “charm” pricing to remain inline with the surrounding restaurants and eateries.
Earth Week tenant Event Expanded farmer’s market Cinco de Mayo tenant cocktail and cooking class join us as we celebrate Earth Week in The Activities Court starting Monday April 18
farmers markets, coffee tasting, planting event, e-waste & shredding, bike tune ups, food & beverage, outdoor yoga & more!
ROBLOX event Lev’s Kombucha on draft
make sure to check back for the full daily lineup!
MAY catering buyouts