With the help of a new company, restaurants in need of cash flow have been able to increase exposure for delivery. The CoastApp has been able to help the hospitality industry, while creating a unicorn buying frenzy.
Case in point, when Phillip Thomas and Warren Wu at CoastApp.com first found themselves in the midst of the Covid pandemic; their thoughts weren’t to abandon ship, it was to help those who need it in the epicenter and capital of the world-New York City. They shifted from their primary focus of The Coast App to take time and develop #TakeOutCovid, adding it as a central turning point in their company’s mission (See Here). A great product, with owners who care about the industry and their clients. Similar to the slack application in the hospitality industry, CoastApp allows users to communicate with each other on-premise. The user interface is easy and streamlined with tons of add-ons and applicability, including scheduling shifts, reservations, catering, sharing ideas, point of sale, designing menus and collaborating promos from the front and back of the house. Think Microsoft Teams meets Apples user interface specifically designed for hospitality. New York is arguably the greatest on-premise market in the world. The craft movement and adaptation of craft thrived there, the mixology scene is unparalleled and flourishing, and brands are truly tested in the market. But above all else (at least to the users of our site); the luxury wines and spirit selection is unparalleled to say the least.
With over 51,000 on premise licenses (See Here), NYC alone employs more than 350,000 people in the hospitality industry. New York state restaurants had to lay off more than 250,000 people and lost nearly $2 billion in revenue in just the first 22 days of March. The on-premise market has seen a 58 percent drop in sales compared to the same time last year. So, cash flow and any type of revenue generation is crucial at this point.
Enter CoastApp, and the newly born #TakeOutCovid. As the forming booming on-premise sector struggled to generate cash flow, every-day establishments had to justify keeping doors open.
Ultra-premium restaurants and bars spend lifetimes collecting rare wines and whisky in order to build reputation and offer unparalleled selections. In addition, there are two key explanations as to why this scenario would yield the rarest and most sought-after wine and spirit selections on earth. 1. New York’s volume and cachet and visibility warrants suppliers allocating rare bottles in higher volumes than other market. 2. Top restaurants build up deep collections to accommodate super high-end clientele for NYC. How you are getting these superior rare products below retail: Restauranteurs are selling these products at their cost; they are not able to haggle or up-charge because of the time constraints. These bottles are extremely rare to say the least. For the restaurant to be selling the product at their cost, it would be below a standard retail price, as retailers would generally have a margin of 50-200% on rare items (if you could even find them). The more the word spreads, the more exposure restaurants get. Washington DC is next up on the list, and I for one have found two astounding places offering up once in a lifetime buying opportunities, they are: The Whisky Mecca of DC, Jack Rose: 007 18th St NW, Washington, DC 20009, Insta: JackRoseInDc Vitis Fine Wine and Spirits: 1309 5th St NE, Washington, DC 20002, Union Market, Insta: VitisWines thebackofthehouse.com/blog Coastapp.com/takeoutcovid/ #TheBackoftheHouse linkedin.com/in/sonnysinghdc/
References:
(2020), from https://data.ny.gov/Economic-Development/Liquor-Authority-Current-List-of-Active-Licenses/hrvs-fxs2/data App., C. (2020). Takeout Covid. Retrieved 29 April 2020, from https://coastapp.com/takeoutcovid/
