Market Watch July/August 2018

Tequila has come a long way in a fairly short period of time. Sure, Mexico’s signature spirit has been a fixture in the U.S. for decades, but its rebirth as a luxury product is a journey still very much in its infancy. Patrón, of course, is the exception to that statement, having created the luxury Tequila tier. Launched a generation ago, Patrón today accounts for nearly two-thirds of all Tequila retailing above $40 in the United States. To give an idea of Patrón’s value, consider this: The brand joined the Bacardi portfolio early this year in a deal valued at $5.1 billion, and instantly became the most profitable player in the vaunted Bacardi lineup. As Bacardi North America regional president Pete Carr noted recently, Patrón now accounts for 27% of…

The Macallan Unveils New Distillery, Revamps Core Lineup….Macallan opened its new $255 million distillery and visitor experience in June. Located on the Easter Elchies estate in Speyside, just 400 meters from the previous distillery, the new facility will increase Macallan’s annual production capacity by one-third to an estimated 15 million liters of pure alcohol. The new distillery is part of a $674 million investment in Macallan by Edrington, which also includes outlays in whisky, warehousing, and casks. The distillery—which has a striking contemporary design that mimics the landscape—houses stills that are exact replicas of the original Macallan stills, and will host an interactive visitor experience as well. Macallan has also restructured its core portfolio. Under the revamp, the Fine Oak range—launched in 2004—will be renamed the Triple Cask Matured range,…

More than 600 guests gathered in May in Sonoma County for the grand opening of the Wine Spectator Learning Center at Sonoma State University. The $11 million, 15,000-square-foot facility is the new heart of the University’s Wine Business Institute, a one-of-a-kind program working to train tomorrow’s leaders of the wine industry. “Get crackin’,” was Wine Spectator editor and publisher Marvin R. Shanken’s advice to the students in the crowd. The Wine Business Institute, founded in 1996, was the first academic program in the United States to offer degrees focused exclusively on the business aspects of the wine industry. The Wine Spectator Scholarship Foundation anchored the financing of the new building, contributing $3 million. Other core contributors to the new center include president and owner of Korbel Gary Heck; Tom Klein,…

Palms Casino Resort Reopens With Several New Venues As part of its massive $620 million renovation and reimagination project, Palms Casino Resort in Las Vegas debuted several new drinks concepts in May, including casino floor bar Unknown, which features a 13-foot shark divided into three parts on view above the central bar. Artist Damien Hirst created the shark art and many other design elements for the bar. Unknown features an upscale ice program and several specialty cocktails ($17-$18), including seasonal offerings like the Blood Orange Screwdriver, made with Born and Bred vodka and blood orange juice. Meanwhile, mixology takes center stage at the Palms’ Camden Cocktail Lounge, which highlights craft cocktails ($16-$30) and over-the-top presentations. Standouts include the Magic Show, mixing pea flower-infused Grey Goose Le Melon, St-Germain elderflower liqueur,…

• An ode to tiki, The Polynesian opened in late May in New York City’s Pod Times Square Hotel. Operated by Major Food Group, the bar features a menu of 20 specialty cocktails, including several new tiki-themed creations and large-format punches. Beer, wine, and island-inspired snacks are also available. • London-based Flight Club made its U.S. debut in May, opening a location in Chicago’s Loop district. The bi-level space houses several areas for playing darts on both of its floors. Upstairs, the lounge offers a large specialty cocktail and beer menu, while downstairs houses a dining area that serves snacks and a few larger dishes. • Seattle mixologist Kacy Fitch opened Corner Spot in the city’s Ballard neighborhood in May. The bar offers a variety of specialty cocktails and Pacific…

Venezuelan Chef Moves Stateside With Miami Venue Well-known Venezuelan chef Carlos Garcia unveiled his first U.S. restaurant in May, opening Obra Kitchen Table in Miami’s Brickell neighborhood. The Latin American venue encourages interaction between its chef, culinary team, and guests via a large counter seating area that’s based around the open kitchen. A charcoal oven grill sits at the center of the kitchen and is used to prepare a large portion of the restaurat’s fare. Obra’s menu includes starters like sea urchin, foie gras, and Vuelve a la Vida seafood cocktail ($7-$25), alongside such larger dishes as squid and artichoke paella, grouper confit, and Venezuelan-style roasted pork leg ($18- $40). With roots in Latin America, the restaurant’s cocktail program lists specialties like the Criollo, mixing Santa Teresa 1796 solera rum,…