DESPITE projections by many analysts of a weaker peso this year, Wolfgang’s Steakhouse will keep the prices of its steaks the same.
This was revealed by Wolfgang Steakhouse’s local partner Raymund Magdaluyo at a media luncheon for the opening of the restaurant’s second branch in the Philippines at the new Podium mall. He said meat imports are charged about 26 percent in import tax and, although the peso is projected to drop to about P52 to P53 to the greenback in 2018, he said “there are many advantages that help keep our costs manageable, such as the lower wages and rent, than, say, compared to Singapore and Hong Kong.”
According to Peter Zwiener, president of the New York-based steak restaurant, a 16-ounce porterhouse steak costs about $50 (roughly P2,550) in New York, while in Manila, the same cut is P3,100. But he assured that eating at Wolfgang’s in Manila “is the same as eating in New York,” underscoring the high-quality beef they use in all their branches.
“We have one supplier of our Angus beef, which other steak restaurants don’t even have access to,” he said. The highest-priced steak cut is a Porterhouse Steak (1 kilogram) for two persons, which sells for about P6,000 (119.34 at current exchange rates).
While he declined to say whether the company has already recouped its initial investment in Manila, Zwiener said, “We are doing well enough to put up a second and third branch.”
The first branch was opened in 2016 in Resorts World Manila, and the third branch will open sometime in June at the One Bonifacio High Street Stock Exchange Building in Bonifacio Global City, Taguig. Magdaluyo said they are also considering opening in Cebu, but this isn’t cast in stone yet.
Magdaluyo said the opening of the new restaurant at the Podium is strategic because of the wide market of residential areas and company offices in the neighborhood. The Podium market is fed by residents from gated communities like Corinthian Village and Valle Verde, even as far as Greenhills, while being surrounded by major offices like San Miguel Corp., Banco de Oro, Meralco and the Asian Development Bank, to name a few.
He added the worsening traffic situation in Metro Manila also called for the opening of another steakhouse in a major hub like the Ortigas Central Business District (CBD).
“So, I talked to Peter and told him, maybe it’s time to open a smaller restaurant here in Ortigas,” Magdaluyo said. Compared to the 120-seat restaurant at Resorts World, the Podium branch can accommodate up to 70 persons.
Other than 22 Prime at the Discovery Suites, there are no other high-end steak restaurants in the Ortigas CBD. Even then, Zwiener stressed that what sets Wolfgang’s apart from the other steak restaurants in Metro Manila is “we serve USDA prime beef from Angus or Black Angus steers…that are dry-aged for 28-days, which makes them tender and flavorful.”
Other than the Philippines, Wolfgang’s has branches in Japan (4), South Korea (1), Hong Kong (1), Singapore (1) and China (1). Zwiener said he is flying to Jakarta this week to see about possibly opening a branch in Indonesia, adding that accessing halal beef “isn’t a problem for us; we have a supplier.” In fact, Wolfgang is actively pursuing plans to open restaurants in the Middle East, as well as Europe.
“Over the next 12 months, we will be opening our first location in Europe (Cyprus, May 2018), our sixth location in New York (June 2018), and we are currently looking to expand further in Asia (Shanghai, Shenzhen, Taiwan and Jakarta), the Middle East (Dubai), Latin America (Mexico and Panama) and Europe (the United Kingdom, Germany and Switzerland) in 2018 and 2019,” he added.
He disclosed that Wolfgang will be opening a separate stand-alone burger restaurant in New York soon. On the possibility of opening the same in Manila, Zwiener said, “stay tuned.” Gourmet burger restaurants have been sprouting in Metro Manila, as well as low- to high-end steak restaurants. Wolfgang’s Steakhouse, rated one of the best steak restaurants in New York, was founded in 2004 by Zwiener, a retired investment banker, and his father Wolfgang, who had worked at the legendary Peter Luger’s steakhouse as head waiter for more than 40 years.