RECAP
F&L
OCTOBER 2022
Foundry & Lux was bursting with business in October as we started ramping up for the holiday season. Busy happy hours, an increase in events, and Covetober-fest made for an exciting month. F&L hosted the largest tenant event to date by engaging several local vendors. Tenants could enjoy food and beverage offerings and participate in face painting, pumpkin decorating, and a photo booth.
BEVERAGE SPECIALS To Chai For st.george vodka, tipus chai, coffee liqueur, oatmilk, honey, star anise Queen's Apple gosling's dark rum, apple brandy, cinnamon, lemon F&L got festive this fall season with a couple of spooky cocktail specials for the Covetober tenant event. These specials included F&L's twist on a corpse reviver cocktail and a poison apple punch.
ONSITE
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F&L
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CATERING & EVENTS
hosted Frontier Medicines' 100th employee celebration this month. Genentech, Stripe, and ZS associates also returned to host multiple events.
10/10 Genentech Inc.
10/24 ZS Associates
10/3 Veracyte Inc.
10/13 BioPoint Inc.
10/20 Leading Women in Tech.
10/20 Synthego
10/27 Alector
10/27 Genentech Inc.
10/6 Global Blood Therapeutics
10/11 Asher Biotherapeutics
10/11 Stripe Design Team
10/18 Harpoon Therapeutics
10/25 Wilson Sonsini Law Firm
10/4 McCarthy Building Companies Wed. 10/12 Genentech Meeting Wed. 10/12 Genentech Happy Hour
10/19 Frontier Medicines
10/26 Silicon Valley Bank Wed. 10/5 Amplify Bio Wed. 10/5 Wuxi Biortus Biosciences
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OFFSITE & DROP OFF CATERING
In October, the F&L team coordinated and executed the fall tenant event, outside on the amenities court, with over 700 in attendance. We also continued weekly boxed lunch service at Roblox, every Tuesday Thursday.
COVETOBER FEST
This year's Covetober-fest had the greatest turnout yet! F&L partnered with a variety of vendors to help bring together this celebration for the tenants of the Cove. Approximately 700 guests participated in this year's fall festivities. Tenants enjoyed vendors such as Almanac brewing, Balcones distillery, Frozen Khustard, Kiss My Boba, Mexican street corn, Progeny coffee, as well as F&L cocktails and food!
COVETOBER ACTIVITIES
Pumpkin Decorating
Photo Flipbook
DJ Booth Face Painting
COVETOBER FOOD Frozen Khusterd Butterscotch Pot de Creme F&L Mummy Dogs Junior's Roaster Roasted Corn
COVETOBER BEVERAGE Almanac Beer Co. F&L Specialty Cocktails Kiss My Boba Balcones Distilling
www.foundryandlux.com Social media foundryandlux It’s your favorite time of monthly farmers market! Held in the dinning room from 10:30 am new produce and products to be had! #farmersmarket #theleavesarechangin #localfamersmarket #locall foundryandlux #spic foundryandlux Espresso martini’s are all the rage right now, but they don’t hold a candle to our“To CHAI for” @stgeorgespirits vodka, coffee liqueur, chai, oat milk, honey, and garnish with a star anise. #coffeeliqueur #martini #esspressomartini #chaimartini #happyhourcof fee #cafe #chai #oatmilk #fiveoclocksomewhere #jitters #tochaifor #chaime #fortheloveofchai # chaifun #sfdrinks #ssfdrinks #thecovessf #foundryandlux #LoveBonAppetit foundryandlux Hook, line, and sinker! Sesame Seared Tuna is the catch of the day @foundryandlux served with butternut squash purée, sautéed baby kale, braised beans, and olive tapenade. #catchoftheday #tunasteak #bayfood #seafood #searedtuna #f ishy #sesameseeds #thecovessf #goodeats #opensesame #foundryandlux #LoveBonAppetit
FOUNDRY & LUX
Sales: Sales for the four week period totaled ~$314.5k with a weekly average of ~$28.6k. Additionally, F&L has been producing catering three days every week to ROBLOX, totaling an estimated $10k to weekly revenue. ROBLOX has reduced services due to an encouraged hybrid work model.
COGS: Cost of goods is at 20.9% against budgeted 30% and 2% less than the previous period. Cost of goods continues to be a moving target due to distribution and vendor 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. October labor is at 54% against revenue. There have been several resignations and employees out on leave, which has increased the need for temporary labor. Temp labor from an agency has become the industry ‘norm’ for food services and typically have a higher hourly rate to account for fees and the absence of taxes and benefits.
Other Expenses: Total other expenses were at ~26.6%, which is higher than budgeted due to the outside vendors for the tenant event. Expenses included services for the culinary garden, smallware replacements, computer expenses, catering vehicle expenses, insurance, bank and armored car services, computer and POS costs, and safety equipment.
Total Losses: Total losses were ~$4.5k against budgeted losses of ~$18k. YTD total losses are ~$257.3k against budgeted losses of ~$250.6k, Q4 is forecasted to beat budgeted losses and forecasting to finish the year at ~$235.6 in losses against budgeted ~274.2k in losses.
FOUNDRY & LUX ROLLING 3
ASSUMPTIONS FOR FOUNDRY & LUX:
NOVEMBER- Four-week period, F&L will be closed 1 day to execute a client event. Business is expected to be busy but are forecasting to be extremely slow W3 & W4 due to holiday season, the operation is planning to run abbreviated services from 11/21 to 11/28 to mitigate losses.
DECEMBER Five week period and business is expected to ramp up. Tenant population at the Cove will reduce significantly the last two weeks of the period , F&L will abbreviate services for those two weeks to minimize operating costs. Additionally, there will be a large tenant event for December which will most likely result in higher percentage for “other expenses” to pay for vendors. ROBLOX will not have any catering delivered after December 16.
JANUARY: Four week period and business is expected to be slow and currently has no major events for P1.
CHANDLERY RECAP OCTOBER
2022
Chandlery has been steadily increasing business and is meeting demand by expanding lunch offerings with newly added salads and entrees. Our online order platforms are now live, and tenants can order breakfast and lunch ahead of time for easy pickup. We hosted our first tenant class featuring a newly added cocktail to our happy hour menu. We have also seen an increase in the number of onsite events, with multiple tenants booking the back room for meeting and hosting happy hours throughout the week
FOOD SPECIALS •
Chicken
1 lb of fried chicken wings served with
bleu cheese dressing • Cookie Gelato Sandwich: choice of chocolate chip or double fudge cookie and choice of caramel sea salt, vanilla, caramel cold brew espresso • Farro & Golden Beet Salad: farro | beets | spiced pecans | herbs | feta cheese | chive sage vinaigrette • Brussel Salad & Walnut Salad: brussels sprout | baby arugula | walnuts | pomegranate seeds | pecorino cheese | lemon vinaigrette
Buffalo
Wings:
chandlery's
BEVERAGE SPECIALS Bloody Mary and Michelada drink specials were a hit for the month of October. Chandlery’s bloody recipe consists of freshly ground black peppercorn, horseradish, celery salt, Worcestershire, and clamato juice. Michelada served with a double shot of Chandlery’s bloody mix and topped of KSA Kolsch beer. A perfect pairing with a Chandlery burger.
ONSITE CATERING & EVENTS Ultragenyx Pharmaceuticals • Wed. 10/05 Networking Breakfast Graphite Bio • Wed. 10/12 Lunch & Meeting • Thur. 10/27 All Day Meeting XL Construction • Thur. 10/13 Quarterly Meeting • Wed. 10/26 Partnering Session Sangamo Therapeutics • Tues. 10/25 Training
CHANDLERY
Sales: Sales for the five-week period totaled ~$71.1k with a weekly average of ~$17.8k. This has been the highest revenue period at Chandlery to date!
COGS: Cost of goods is at 31.2% against budgeted 28%. Cost of goods continues to be a moving target due to distribution challenges and the rising cost of goods. Paper goods are higher than anticipated due to the new law that requires all single use options to be certified compostable. Additionally, J&J tenants have a $15 stipend and are asking Chandlery for lower priced menu items. Management is diligently working on this request to increase tenant satisfaction.
Labor: Labor is high because of the hourly temp labor. Finding qualified employees for the budgeted payrates is more challenging than ever with additional competing businesses in the area. Currently, Chandlery has one chef and one manager dedicated to the unit to minimize cost. Because this unit is lacking salaried labor, management has activated F&L’s management to help move the program forward.
Other Expenses: Total other expenses were at 22.2% against revenue, 10% lower than the previous period. Other expenses include POS equipment, software, licenses, insurance, culinary garden maintenance, and smallwares.
Total Losses: Total losses were ~$36.2 k against budgeted losses of ~$33k. Total losses YTD is at ~$198.4k against budgeted losses of ~$197.8k.
CHANDLERY ROLLING 3
ASSUMPTIONS FOR CHANDLERY:
Four-week period. Business is expected to be busy but will be closed 7 operating days to accommodate for holidays and construction.
NOVEMBER
Five week period and business is expected to ramp up. Tenant population at the Shore will significantly reduce occupancy weeks 4 and 5, Chandlery will be running an abbreviated service week of 12/19 and 12/26. Chandlery will be closed 2 days in week 4 and closed 2 days week 5, resulting is a 3 day work week, to minimize operating losses. Bon Appetit and CBRE will be hosting the Shores firs tenant event!
DECEMBER
Four week period and beginning of Q4. Business is expected to be slow but management is actively targeting marketing opportunities to increase revenue for the anticipated slow season, and is expecting to produce better results than budgeted.
JANUARY
• Rotating seasonal food & beverage specials • Holiday turkey & cocktail kits • Patio QR code ordering • Holiday buyouts • Cove -ville • Chandlery on demand mobile ordering • The Shore holiday tenant event
