Global Dining Trends

Summary

Bloomberg Businessweek Podcast Summary

Episode: Global Dining Trends
Date: May 18, 2026
Hosts: Carol Massar & Tim Stenovec
Guest: Michael Mina, Chef, Founder & Executive Chairman of the MINA Group

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Episode Overview

This episode dives into the evolving landscape of the restaurant industry with acclaimed chef and restaurateur Michael Mina. The discussion ranges from Mina’s global restaurant footprint to navigating economic and geopolitical turbulence, and even includes a masterclass on cooking the perfect steak at home. With anecdotes and insights, Mina illustrates how adaptability, loyalty, and timing drive success in the highly competitive dining world.

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Key Discussion Points & Insights

1. The Unifying Concept Behind Michael Mina’s Restaurants

• Versatility and Signature Concepts: Michael Mina is known for creativity and innovation across nearly 40 restaurants, but “Bourbon Steak” stands out as his flagship concept.
  • Quote (Michael Mina, 03:02): "The concept that we have the most outlets of is Bourbon Steak… it's probably the one that I'm most known for."
• Origin story: Mina started with “Aqua” (San Francisco, 1991), a seafood restaurant, which served as the launchpad for his career.

2. The Business of Restaurants: Evolving and Surviving

• Industry Realities: Mina acknowledges the difficult economics of the industry—tight margins, high food costs, and unpredictable challenges.
  • Quote (Michael Mina, 04:09): "Anyone that thinks they have all the answers in this industry will wake up one morning and realize that there's a lot. That's what's so great about it, is it's constantly evolving and it's constantly changing."
• Building Loyalty: Repeat customers are crucial for weathering downturns.
  • Quote (Michael Mina, 04:49): "One of the biggest factors of success in this industry is loyalty… we've just had so many great, loyal customers. And that's what gets you through the down times."
• Discipline vs. “Shiny Objects”: Mina admits early career missteps by jumping at tempting business offers, but stresses the importance of sticking to a core business plan.
  • Quote (Michael Mina, 05:28): "Getting really disciplined about what your business plan is going to be and then sticking to it… there's an allure to like, oh, my gosh, look at this beautiful project… but it might be way outside of your scope. And I've made those mistakes."

3. U.S. Regional Dining Trends

• Emerging Markets: Notable growth and popularity in mid-size cities like Nashville, where “Bourbon Steak” is particularly successful.
  • Quote (Michael Mina, 06:32): "Our number one bourbon steak is in Nashville. It's number one in the company and number one by a little waste as well."
• Timing Matters: Success can hinge on entering a market “at the right time” and filling unmet needs in the dining scene.
  • Quote (Michael Mina, 07:15): "A lot of times you get to a city right at the right time… we got there at the right time."

4. Middle East Expansion & Global Events

• Operations in Dubai: Mina shares the challenges of running restaurants in volatile regions; the Four Seasons DIFC closure impacted their operations due to war and uncertainty.
  • Quote (Michael Mina, 08:45): "Uncertainty is never good for our industry… people don’t necessarily want to be out celebrating as much during those type of times."

5. Navigating Food Supply Challenges

• Beef Prices: U.S. beef prices are up, driven by smaller cattle herds and rising fuel costs, compounded by trade/tariff debates.
  • Quote (Michael Mina, 09:19): "Yeah, beef prices have gone up. And also, too, when fuel prices go up, beef prices go up."
• Sourcing Strategy: Mina takes a localist approach, tailoring beef sourcing to regional availability and building relationships with ranchers.
  • Quote (Michael Mina, 09:28): "We buy Japanese beef, we buy American beef… sometimes it’s really enjoyable to get to work with a particular ranch and really get to spend that time with them when they’re localized."

6. Expert Steak-Cooking Tips

• Bourbon Steak Method at Home: Mina’s preferred method involves slow-poaching steak in ghee or clarified butter, then finishing on a grill or hot pan.
  • Step-by-Step (10:18–11:40):
    1. Use a double boiler or a low oven (120°F) to slow-poach steak in clarified butter with herbs/shallots for ~30 min.
    2. After poaching, sear on a very hot grill or pan for crust, which keeps it tender and prevents shrinkage.
    3. Save and reuse the butter for flavor.
    4. Optional: Use a chocolate melter for controlled heating at home.
  • Quote (Michael Mina, 10:39): “The best way to do it is… slow poach the beef for about 30 minutes… then grill it on a really hot grill or sear it in a really hot pan… it keeps it from shrinking.”

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Notable Quotes & Memorable Moments

• On Restaurant Survival:
  • Michael Mina (04:09): "Anyone that thinks they have all the answers in this industry will wake up one morning and realize that there's a lot. That's what's so great about it, is it's constantly evolving and it's constantly changing."
• On Avoiding Distractions:
  • Michael Mina (05:28): "There's an allure to like, oh, my gosh, look at this beautiful project… but it might be way outside of your scope. And I've made those mistakes… I have learned to not chase the shiny objects."
• On Market Success Timing:
  • Michael Mina (07:15): "A lot of times you get to a city right at the right time."
• On Cooking Steak:
  • Michael Mina (10:39): “…slow poach the beef for about 30 minutes… then grill it on a really hot grill or sear it in a really hot pan... it keeps it from shrinking and it doesn't saturate the meat at all."
• On Resilience and Loyalty:
  • Michael Mina (04:49): "One of the biggest factors of success in this industry is loyalty... that's what gets you through the down times."

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Timestamps for Important Segments

• Introduction & Michael Mina’s Portfolio: 02:14–03:02
• Defining the MINA Group’s Core Concepts: 03:02–03:49
• Challenges & Survival in the Restaurant Industry: 04:09–05:28
• The Lure of New Projects vs. Business Discipline: 05:28–06:14
• Regional Trends and Nashville’s Boom: 06:14–07:43
• Middle East Operations & Market Uncertainty: 07:56–08:48
• Beef Sourcing & Food Cost Challenges: 09:00–09:40
• Home Steak-Cooking Masterclass: 10:14–11:54

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Tone and Language

The conversation was candid, energetic, and insightful, with Mina’s warmth and passion for hospitality clear throughout. The hosts maintained a curious and upbeat tone, often punctuating the conversation with humor and references to their own appetites.

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Summary Takeaway

This episode offers a masterclass on how creative vision, adaptability, and customer loyalty shape success in global dining. Michael Mina blends hard truths about the fragility and dynamism of the restaurant world with encouraging anecdotes and actionable advice—whether you’re dining out, building a culinary brand, or experimenting with steak at home.

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Transcript

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[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Bloomberg Audio Studios Podcasts Radio news.

[Sonesta Hotel Announcer]

You're listening to Bloomberg Business Week with Carol Massar and Tim Stanvick on Bloomberg Radio.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Well, speaking of the weekend, might be good to go out to eat.

Yes, yes and yes.

How's that? Well, our next guest is behind nearly 20 different restaurant concepts in cities in nine states in the Middle East. We're talking Dubai and Riyadh in the Middle east, even on a Ritz Carlton yacht. We're talking Bourbon Steak International Smoke in San Francisco, wit and Wisdom in Sonoma and many, many more. We've got Michael Mina with a chef, founder and executive chairman of the MENA Group.

[Michael Mina]

Welcome.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

How are you?

[Michael Mina]

Wonderful. Thank you. Thank you so much for having me.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Nice to have you.

Wow, you didn't bring food, which is okay, but you know, looking at your website, we are just like, okay, we need a steak right now.

[Casual Commentator]

What is the.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

You know, when you have so many different concepts range from seafood to a lot of different variations of steakhouses, what would you say is the concept that ties everything together, that people should know you for?

[Michael Mina]

Well, you know, I mean, I think part of the allure and part of the great part about being a chef is being able to be creative and to be able to work with your team and come up with, you know, great concepts. But the concept that we have the most outlets of is Bourbon Steak. And so we have the most Bourbon Steak restaurants. And so it's probably the one that I'm most known for. And it's also the one here in New York at the Essex House. And so it's probably the one that I'm most known for. But I started out in 1991 with a restaurant called Aqua in San Francisco, and that was a fish restaurant. And that was kind of the, the launching, the. The launch restaurant. And the second one ended up at the Bellagio, when the Bellagio opened. And now that is Michael Mina.

[Insurance Advertiser Narrator]

It's not an easy industry.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

You know this, I don't have to tell you. And yet you have variety, you know,

[Insurance Advertiser Narrator]

in terms of what you offer.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

How do you kind of keep it going? How do you. Again, like, in an industry where margins can be tight, slim costs are high, we talk about higher food costs.

[Insurance Advertiser Narrator]

Like, it's a tough, tough business.

[Michael Mina]

It really is. And you know, I wouldn't sit here and say that I have the answers. I have all the answers. I think that anyone that thinks they have all the answers in this industry will wake up one morning and realize that there's a lot. That's what's so great about it, is it's constantly evolving and it's constantly changing. And you think about it, in our industry, you have to really try to work very hard to stay relevant in this industry. But you also have to work really hard to build loyalty. And I would say that the one, you know, the one. One of the biggest factors of success in this industry is loyalty. And you know, that's where, you know, we're three generations into it. And I have close to 40 restaurants. And I'm very blessed in that, in the fact that we've just had so many great, loyal customers. And that's what gets you through the down times.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Yeah, that's the thing that I thought was really interesting during COVID It's just even, well, like well known restaurants and chefs and groups, how Difficult it was because it is such a kind of slim margin business and it can be really tricky. And it just, I thought, oh, the successful guys will be no problem. But it was. It was amazing.

[Michael Mina]

Well, you also got to remember, I mean, you're in an industry where shiny objects. You got very creative people that love shiny objects and love to chase shiny objects, and I'm one of them. Right. And so. And so getting really disciplined about what your business plan is going to be and then sticking to it. But I would say that's just as hard because there's an allure to like, oh, my gosh, look at this beautiful project that somebody's offering you and everything else. But it might be way outside of your scope. And I've made those mistakes and look back at them and I'm like, okay. I think kind of unfortunately, I have to say, with age now, I kind of have learned to not chase the shiny objects and say, okay, this is our lane. This is what's going to be best for us.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

One of the reasons we wanted to talk to you is because you have this footprint around the U.S. and Washington, D.C. ranging from Hawaii to Arizona to California to New York. Restaurants in Florida, too. I'm wondering about sort of regional strength that you're seeing right now in the US where are the pockets of boom towns right now?

[Michael Mina]

You know, what's interesting is you see cities that I'll tell you, like, I have 14 bourbon steaks. Our number one bourbon steak is in Nashville. It's number one in the company and number one by a little waste as well.

[Michael Mina or Associate (possibly a co-host or interviewer)]

And, you know, you'll see, you know, you.

[Michael Mina]

And obviously, like, you know, if you're going to go compete in a city like New York or a city like San Francisco or Los Angeles, there's a lot of competition.

[Michael Mina or Associate (possibly a co-host or interviewer)]

They're always great cities and they're always going to be. There's always a big upside to being in those cities. They're great for your brand, they're great for. They're great for your clientele.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Why is the Nashville one so successful?

[Michael Mina or Associate (possibly a co-host or interviewer)]

You know, it's really interesting. A lot of times you get to a city right at the right time. And I think we got to Nashville, you know, close 10 years now, and we got there at the right time. It's at the top of the JW Marriott. And it was really interesting because when we opened it, everyone was like, you're coming to Nashville and you're opening a steakhouse. There's a lot of steakhouses in Nashville. I said, but you have to Say,

[Michael Mina]

okay, I believe in what?

[Michael Mina or Associate (possibly a co-host or interviewer)]

And this is how we're going to do our steakhouse, if that's what you're doing. And we happen to really hit, I think, hit a real niche there that was missing in their steakhouses.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Can you tell us, you know, you talk about just, you know, some of the things that you guys have to deal with, and we're thinking about your exposure over in the Middle East, Dubai. What can you tell us about what this war has. Has done?

[Michael Mina or Associate (possibly a co-host or interviewer)]

It's done a lot. I mean, we're at the Four Seasons.

[Michael Mina]

We do all the food and beverage

[Michael Mina or Associate (possibly a co-host or interviewer)]

at the Four Seasons in the difc, which is the financial district of it, and the hotel had to close. And, you know, and so it definitely. There's an impact, obviously, on travel. There's a major impact on travel. But. And I think that, you know, uncertainty is never good for our industry. It's one, you know, it's never good for. I guess it's not good for a lot of industries, but just.

[Michael Mina]

And I know more about mine. And so I would say for.

[Michael Mina or Associate (possibly a co-host or interviewer)]

For ours, uncertainty is. Is not good. And I think that, you know, people don't necessarily want to be out celebrating as much during those type of times.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

You know, what about more domestic challenges like. Like beef prices here in the US and sourcing beef at a time when. When cattle herds over the last couple of years have been smaller, beef has been more expensive. You have this challenge with the president now wanting to import beef and those tariffs not hitting those beef importers.

[Michael Mina]

Yeah, beef prices have gone up. Yeah, beef prices have gone up. And when. And also, too, when. When fuel prices go up, beef prices go up.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Where do you get your beef?

[Michael Mina]

All over? So really depends regionally. So depending on where we are regionally. But we'll buy, you know, we buy Japanese beef, we buy American beef. We buy from many different ranchers. We'll buy regionally, depending on where we are. We'll buy certain cuts from certain farms and certain ranchers. But really, we do not. We don't say, okay, this is what we're going to use across the country. Because I think for us in particular, sometimes it's really enjoyable to get to work with a particular ranch and really get to spend that time with them when they're localized.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

I'm just hungry.

Okay, I got one for you.

Carl, how are you doing?

What's the best way to cook a steak? At home?

[Michael Mina]

At home?

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Yeah, at home.

[Michael Mina]

Well, I'm gonna tell you how we do it at Bourbon Steak.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Can we do it at Home.

[Michael Mina]

You can do it at home.

[Michael Mina or Associate (possibly a co-host or interviewer)]

Okay.

[Michael Mina]

It takes a little bit of a commitment. Okay. It takes a little bit of a commitment.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Okay.

[Michael Mina]

So you can get some ghee or some clarified butter. Okay.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

And we have ghee on the stove all the time.

[Michael Mina]

Okay. But you can freeze it so you don't think you're gonna throw it away.

[Michael Mina or Associate (possibly a co-host or interviewer)]

Okay.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Yeah.

[Michael Mina]

So the best way to do it is to take, make what we call like a, you know, like a double boiler, put it into an oven at 120 degrees in the oven and slow poach the beef for about 30 minutes. Like if it's a steak, you know, slow poach it and it'll stay under rare. It's just it. And you can put some herbs in it, some shallots in it, and then strain that and throw it in the freezer with that butter so you can reuse it. And then after you slow poach it, then grill it on a really hot grill or sear it in a really hot pan. And that'll keep it from shrinking and it doesn't saturate the meat at all. Like, you won't even know that the meat was actually slow poached in the butter. It gives it a great flavor and so it tenderizes, it keeps it from shrinking. Great. With filet, like so double boiler in the oven. You can do it on a double boiler or you can just put it in your oven, but just keep your oven really low and keep a thermometer in the butter and don't let the butter go 130 degrees.

[Michael Mina or Associate (possibly a co-host or interviewer)]

Boom.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

There it is. Not as much of a. Not as difficult as I thought. I think I'm gonna actually try this.

[Michael Mina or Associate (possibly a co-host or interviewer)]

Yeah.

[Michael Mina]

Or you can, like, if you want to make a tiny investment, you can get a, you can go to William Sonoma and get a chocolate melter and

[Michael Mina or Associate (possibly a co-host or interviewer)]

it'll do the same thing.

[Michael Mina]

You just put the butter where the chocolate would go. Yeah.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Oh, my God. Michael. Come back soon.

[Michael Mina]

Oh, thank you so much.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

This is really sweet.

[Michael Mina or Associate (possibly a co-host or interviewer)]

Thank you.

[Michael Mina]

Thank you for having me.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

Sincere and just fun to hear what your world is up to. It sounds busy. I know you're gonna go cook.

[Casual Commentator]

Yeah.

[Michael Mina or Associate (possibly a co-host or interviewer)]

Thank you so much. Thanks for having me.

[Bloomberg Radio Host (possibly Carol Massar or Tim Stanvick)]

You bet. Michael Mina, he's chef, founder and he' executive chairman of the MENA Group, joining us, of course, right here in studio.

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[Casual Commentator]

M M's popped caramel do sound different. Oh no. People are going to be obsessed.

What do you mean?

People hate the sound of chewing. Maybe they won't like the crunch.

Maybe we're saved.

Wait a minute. Yellow. Have you been eating them this whole time?

Mmm, so tasty.

Hands off us.

M&M's popped caramel. It's more fun together.

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