IN A crowded marketplace, having a unique concept sets a business apart from its competitors.
This was what a team of young business professionals did for their startup business Coffiquor in Il Corso Mall in South Road Properties. Instead of only offering a variety of coffee flavors and liquors, they decided to inject a speakeasy concept to help them stand out in a saturated coffee market since customers are more likely to choose a business that offers something distinct.
“This was actually pitched by one of the investors. To have a John Wick-style speakeasy bar,” said Ralph Mangune, one of the business owners of Coffiquor Inc.
A speakeasy concept in bars refers to a style and atmosphere that mimics the secret and hidden bars from the Prohibition era (1920-1933) in the United States. During that time, alcohol was banned, but people still wanted to drink, so they went to secret, underground bars called “speakeasies.” These modern speakeasies are legal and open to the public, but they try to recreate the secretive and exclusive vibe of the past.
Mangune believes that this concept holds significant promise for the business, considering the trend these days that modern coffee shops and cafes have expanded their offerings beyond just coffee.
In his 2019 market research, he observed a significant drop in customer traffic at coffee shops worldwide. This led many owners to respond by converting these spaces into vibrant bars and restaurants in the evenings.
“This is what we are doing for our flagship store here in Il Corso.” he said.
He added that injecting a new concept into the business would allow them to capture new market segments, especially those that are also looking for new things to experience.
Mangune said providing something unique can lead to greater customer engagement.
He noted that customers are more likely to be interested, excited and involved with a business that offers a fresh and distinctive experience.
Coffiquor was scheduled to open in 2020, but the Covid-19 pandemic delayed the group’s business venture.
“We opened it this year because we felt this is the right time to go back in business,” he said. Coffiquor also had a kiosk in Cebu IT Park, selling only coffee-based drinks.
The 30-square-meter coffee shop has a 12-seat capacity with a private room that can seat up to 15 people, making it ideal for intimate gatherings or meetings. It offers specialty coffee and pastries, including a combination of coffee mixed with a little bit of liquor.
The speakeasy bar, accessed through an exclusive minted coin, boasts a discreet entrance for an added element of exclusivity and intrigue.
The coin is sold via a referral system with perks that include discounts on top-class alcoholic beverages, table reservations and invitations to exclusive events. The company is targeting to produce only 100 of these minted coins. / KOC
Mangune said they want to use the speakeasy concept to build community engagement as they plan to mount various activities such as wine tasting, among others.