Wall Street drowns its sorrows

[mawilson 2,133]

The titans of Wall Street have taken a battering in the financial markets recently, but they

are eating well and drinking more, according to the people who run Manhattan’s "power"

dining spots.

At the 21 Club, a longtime redoubt of corporate chieftains and big names, alcohol sales

are up 9 per cent from last year, and businessmen can be seen drinking $14-a-glass

cocktails as early as 3pm on a weekday.

"Where people used to have one vodka on the rocks, now it’s a second one or maybe a

third," says Roger Rice, the floor manager. "I don’t know what to attribute it to. Maybe it’s

the last year of the expense account."

Others say their customers are drinking more to drown their sorrows. "People want to feel

a little numb because it’s numbing out there," says Steve Millington, general manager at

Michael’s, the restaurant of choice for publishing and media executives.

He reports that alcohol sales are up a fifth from last year. "At dinner, hard liquor sales are

up, cocktails and martinis. It’s less so at lunch. People are drinking wine at lunch, less the

high-end wines and more medium-priced wines."

The increase in alcohol sales is clear, says Mr Millington, because overall customer levels

are on a par with last year. "There’s a scent of fear," he says.

Times are good at Delmonico’s, the 181-year-old fine dining restaurant, says Dennis

Turcinovic, managing partner.

"It’s scary to say, but our business is up 6 to 7 per cent," he says. "Alcohol sales... help a

lot, they’re about 15 per cent up this year. The bar’s busy all day. I’ve had to hire extra

barmaids."

There are few signs that people are saving money on food either. At San Pietro, an

upmarket Italian restaurant, business remains brisk. Gerardo Bruno, president, says

overall business is up 12 per cent from last year.

In spite of the turmoil in the markets, one rule has held firm at San Pietro. "Americans,

they never drink at lunch," Mr Bruno says. As for dinner, hard liquor sales are down, but

after-dinner drinks, particularly grappa and cognac, are up, he adds.

Wine sales remain strong, especially at dinner, except for one noticeable change. "When

times are fantastic, the host does not lead, he lets his guests lead in choosing the wine,"

says Mr Bruno. However, in the current climate, dinner hosts are turning to him to ask for

wine recommendations, a clear sign that restraint is in order, according to Mr Bruno.

Yet not everyone has suffered in the economic downturn. Mr Bruno produced two empty

bottles of 1947 Petrus, consumed recently by a Chinese customer who called ahead to

order the wines. The price? A mere $12,000 each.

FT

[rocks 494]

why doesn't this surprise me?

[w¡n9Nµ7 §£@¥€r 123]

Yet not everyone has suffered in the economic downturn. Mr Bruno produced two empty bottles of 1947 Petrus, consumed recently by a Chinese customer who called ahead to order the wines. The price? A mere $12,000 each.

And this is how we will take our money back from the Chinese!

[rocks 494]

Yet not everyone has suffered in the economic downturn. Mr Bruno produced two empty bottles of 1947 Petrus, consumed recently by a Chinese customer who called ahead to order the wines. The price? A mere $12,000 each.

And this is how we will take our money back from the Chinese!