Episode summary
Global Dining Trends | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 10 min · Hosts: Carol Massar, Tim Stenovec · Guests: Michael Mina
Summary
Michael Mina said the Mina Group has built its business around scale and flexibility, with nearly 20 restaurant concepts across the U.S. and the Middle East and a portfolio that includes Bourbon Steak, International Smoke and Wit & Wisdom. He argued that the thread connecting the brands is creativity within a disciplined business plan, and he said Bourbon Steak is the concept he is most known for and the one with the most outlets.
Mina described the restaurant industry as a tough, low-margin business that depends on loyalty, timing and staying relevant. He said the company’s success has come from avoiding the temptation to chase too many “shiny objects,” while adapting concepts to each market. Nashville stood out as Bourbon Steak’s top performer because the group entered at the right time and filled a niche in the city’s steakhouse scene.
He also said the war in the Middle East has had a direct impact on operations through travel disruption and a hotel closure at Four Seasons DIFC in Dubai. On costs, he said beef prices have risen and the company sources regionally, using American beef, Japanese beef and ranch-specific suppliers depending on location. He closed with a detailed home steak method, recommending slow-poaching in butter before grilling for tenderness and less shrinkage.
Key takeaways
- Mina said Bourbon Steak is the company’s largest concept and the one he is best known for.
- He said Nashville is the top-performing Bourbon Steak because the team entered at the right time and found a niche.
- Mina said uncertainty from the Middle East war has hurt travel and closed the Four Seasons DIFC in Dubai.
- He said beef prices have risen and that the group buys regionally rather than using one national sourcing model.
- Mina’s home-cooking tip was to slow-poach steak in butter at low heat before searing it hot.
Notable quotes
“the concept that we have the most outlets of is Bourbon Steak”
“one of the biggest factors of success in this industry is loyalty”
“Our number one Bourbon Steak is in Nashville. It's number one in the company and number one by a little ways as well”
“uncertainty is never good for our our industry”
How the episode opens
Bloomberg Audio Studios. Podcasts, radio, news. You're listening to Bloomberg Business Week with Carol Massar and Tim Stenovec on Bloomberg Radio. Well, speaking of the weekend, might be good to go out to eat. — Uh yes, yes, and yes.
How's that? Well, our next guest is behind nearly 20 different restaurant concepts in cities in nine states in the Middle East. We're talking Dubai and Riyadh in the Middle East.
Uh even on a Ritz-Carlton yacht. We're talking Bourbon Steak, International Smoke in San Francisco, Wit & Wisdom in Sonoma, and many, many more. We've got Michael Mina with us, chef, founder, and executive chairman of the Mina Group.
Welcome. How are you? Wonderful.
Thank you. Thank you so much for having me.
Nice to have you. Wow. You didn't bring food, which is okay.
Um but I you know, I looking at your website, we were just like, okay, we need a steak right now. What is the you know, when you you have so many different concepts range from seafood to uh uh to a lot of different variations of steakhouses. What would you say is the the concept that ties everything together that people should know you for?
Um well, you know, I mean, I think part of the part of the allure and part of the uh great part about being a chef is being able to be creative and to be able to um work with your team and come up with, you know, great concepts. But the concept that we have the most outlets of is Bourbon Steak. And so, we have the most Bourbon Steak restaurants.
Um and so, it's probably the one that I'm most known for. And it's also the one here in New York at the Essex House.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- global dining trends
- hospitality expansion
- hotel f&b partnerships
- site-specific restaurant concepts
- michael mina
Companies and tickers mentioned
- MAR
- MGM
- The MINA Group
- Four Seasons Hotels and Resorts
- Marriott International
- MGM Resorts International
Watch the episode
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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