Welcome to the Arena from ICR – Conversations with Today's Innovators & Business Leaders Dale Schwartz, Founder & CEO, Pinstripes – Holistic Hospitality: Widening market appeal with curated experiences and exceptional quality
Summary:
Driven by pandemic restrictions and changing lifestyles, social isolation is on the rise in America. In response, many people are searching for new ways to connect and share meaningful experiences together. Bars, restaurants, and entertainment spaces have a unique opportunity to help fill this void, but too many venues leave potential markets untapped by prioritizing some aspects of their offering at the expense of others. Today’s guest, however, has come up with a winning formula: a blend of thoughtful design, engaging entertainment, and stand-out dining that appeals to customers across generations and backgrounds.
Today we sit down with Dale Schwartz, the founder and CEO of the bowling and bocce restaurant Pinstripes, which trades under the symbol PNST. Prior to Pinstripes, Dale was co-Founder and co-CEO of natural pharmacy retailer Pharmaca Integrative Pharmacy, CEO of Infigen, Inc., and CFO of Ribozyme Pharmaceuticals, Inc.
Earlier in his career, he was a principal at Odyssey Partners, a private partnership specializing in leveraged buyouts, venture capital, and recapitalizations. He got is start as an analyst in Morgan Stanley's M&A group, attended Colgate University, and holds an MBA from Harvard Business School.
In this episode, Dale talks us through Pinstripes' unique approach to experience curation, their considerations when it comes to real estate, and discusses their plans for domestic growth and international expansion.
Highlights:
- Pinstripes' story and background (3:05)
- How Pinstripes got its name (4:10)
- Dan's outlook on the early days in the dining and entertainment industry (5:02)
- Pinstripes' interior design and the importance of atmosphere (6:33)
- Pinstripes' menu, and finding balance between food and entertainment (8:57)
- How Dale chooses new locations for Pinstripes (10:27)
- Pinstripes economic model for food, drink, and entertainment (12:16)
- Dale's outlook on the private event space (14:17)
- Growth and expansion goals (15:25)
- Dale discusses the influence landlord incentives have on costs and returns (18:08)
- Potential for international expansion (20:00)
- Dale's approach to the current macro environment and rising costs (21:40)
- What future success looks like for Pinstripes (23:46)
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If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.