The Palm Restaurant's Keys to Turning a Profit

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July 31 (Bloomberg) -- Pimm Fox visits The Palm restaurant and speaks with Executive Vice President Restaurant Group Bruce Bozzi Jr. on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

Keeping the family business going has unique challenges.

I will tell you how the national restaurant group the palm has kept its business profitable through four generations.

They have 20 locations and roughly 1500 employees.

To learn more, i visited the palm tribeca for lunch.

My great grandfather started it in 1926 with his buddy.

To a telling guys came over around 1913, 1916 and decided to get into the restaurant business.

When they applied for the business license, the guys at the license office.

Two palm.

They were nervous to say that they wanted it.

They were in the palm of tribeca.

This is in the shadow of the freedom tower.

It was important for it as a new york joint to be part of the rebuild after nine 11. -- after 9/11. businesses needed to get back in the game, let's rebuild downtown.

We were happy that we could do that.

The square footage.

We know we are at about 5500 square feet at the tribeca palm.

You do about 300 meals a day.

So , there are 300 covers.

How do you decide?

What is a good day and what is not a good day?

You open the door and you don't know what will happen.

You look at your year and you know in the fourth quarter of the year it will be busy.

October, november, december.

People are going out and celebrating.

July, august, you will swing down.

It will be a busy january.

The event planners that goldman sachs, american express.

We have a loyalty program at the palm.

We were the first program to start a loyalty program.

This is the original address of the first palm.

We now have a proximally over 100,000 members in that group that we can speak to that are loyalists.

-- we have approximately over 100,000 members.

They are instrumental in keeping our business as healthy as we can be.

We all should offer them special meals, great wine selection.

They are responsible for 43% of sales.

This is like the first social media list.

Exactly.

Putting the caricatures on the walls, how did that start?

It is something that is quirky.

It started in the 30's. the original one was the newspaper.

A lot of the artists would come in.

It was the post-great depression.

My great grandfather and his partner a lot of them to draw on the wall in lieu of paying for their meals.

That was it.

It was that kind of joint.

To get your face on the wall you have to be a great person, a special customer.

We did not do this by random coincidence.

We are sitting here because i have something that we need to show you.

I would like to show you that we have put your caricature on our wall.

In the corner.

Yes, in the corner.

Here you are.

Oh dear.

Thank you very much.

It is lovely.

You have given me more hair than i deserve.

And you have removed the wrinkles.

This is your booth.

I like that i am next to mike tyson.

I feel safer already.

My thanks to bruce, the junior of the palm.

It is 56 minutes past the hour.

It is time for on the markets.

The s&p 500 is basically unchanged.

The dow jones loses 21 points.

The nasdaq gained one quarter of one percent.

Shares of air products rising by about 3%. though ackerman is closing a nearly 10% stake in the industrial gas producer.

That does it for us.

Good night.

.

This text has been automatically generated. It may not be 100% accurate.

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