But most of its growth came from an uncommon strategy, buying a competitor quadruple its size and converting all its locations into Kavas.

但它的大部分增長來自於一個不尋常的戰略，那就是收購一家規模比它大四倍的競爭對手，並將其所有分店都改建成卡瓦斯。

I like to say I went to bed running about 70 restaurants and woke up running over 250 restaurants.

我想說，我睡前經營著大約 70 家餐廳，醒來時經營著 250 多家餐廳。

The strategy turned Kava into the country's biggest Mediterranean restaurant chain, leaving many to compare it to where Chipotle was a decade ago.

這一戰略使卡瓦成為全國最大的地中海連鎖餐廳，許多人將其與十年前的 Chipotle 相提並論。

Its success depends on how long the Mediterranean diet can remain popular.

它的成功取決於地中海飲食能流行多久。

The company says it's using lots of customer data to strategize where to open new locations.

該公司表示，它正在利用大量客戶數據來制定在哪裡開設新店的戰略。

But now that Kava can no longer rely on an acquisition to scale up, how can it continue to grow at such an ambitious pace?

但現在，卡瓦已無法再依靠收購來擴大規模，如何才能繼續以如此雄心勃勃的速度發展呢？

Growth takes time, it's expensive, it's variable, and I think that's a little bit of coming down to reality.

增長需要時間，成本高昂，變化不定，我想這就是現實。

This is the economics of Kava.

這就是卡瓦經濟學。

Kava has been rapidly expanding for years.

多年來，卡瓦一直在迅速發展。

Kava really likes the suburbs.

卡瓦非常喜歡郊區。

They really see potential there.

他們真的看到了那裡的潛力。

And some of those communities probably don't have other Mediterranean food options or readily, you know, marketed to them options that they might seek out.

其中一些社區可能沒有其他地中海食品可供選擇，也沒有隨時向他們推銷的、他們可能會尋找的選擇。

We've built a really robust real estate model that includes demographic and psychographic analysis.

我們建立了一個非常強大的房地產模型，其中包括人口和心理分析。

And we then use mobile analytics to understand where our guests are coming from, where they're going, and then kind of create a DNA of our guest base.

然後，我們利用移動分析來了解我們的客人從哪裡來，要去哪裡，然後創建一個客人群體的 DNA。

And then heat map that DNA across the country to then show us where we have the highest likelihood of success.

然後在全國範圍內繪製 DNA 熱圖，向我們展示哪些地方最有可能取得成功。

In 2018, Kava bought Zoe's Kitchen, another chain of fast-casual Mediterranean restaurants for $300 million.

2018 年，卡瓦以 3 億美元收購了另一家地中海快餐連鎖店 Zoe's Kitchen。

At the time, Zoe's Kitchen had 261 locations, compared to Kava's more than 70.

當時，Zoe's Kitchen 有 261 家分店，而 Kava 只有 70 多家。

But Zoe's Kitchen was burning through cash.

但佐伊廚房的現金卻在不斷流失。

It was a melting ice cube, and we didn't want it to turn into a puddle.

那是一塊正在融化的冰塊，我們可不想讓它變成一灘水。

Zoe's Kitchen, Shillman said, had lost its identity, serving as a cautionary tale for Kava.

Shillman 說，Zoe's Kitchen 已經失去了自己的特色，這對 Kava 來說是一個警示。

I think over time, Zoe's had lost its focus.

我認為隨著時間的推移，Zoe's 已經失去了重心。

It had added many menu items.

它增加了許多菜單項目。

I think the consumer was kind of confused as to what the brand really stood for and what their core competency is, versus at Kava, we're really about these modern Mediterranean flavors.

我認為消費者有點搞不清楚這個品牌真正代表什麼，他們的核心競爭力是什麼，而在卡瓦，我們真正做的是現代地中海風味。

38 ingredients, very simple, focused operation.

38 種配料，操作簡單，重點突出。

Most of the new restaurants Kava opened from 2019 to 2023 came from converting existing Zoe's Kitchen locations.

從 2019 年到 2023 年，卡瓦新開的大部分餐廳都是由現有的佐伊廚房（Zoe's Kitchen）店面改建而來。

This meant Kava could scale faster, and at half the cost of building new restaurants from scratch.

這意味著 Kava 可以更快地擴大規模，而且成本只有從零開始建造新餐廳的一半。

When we looked at Zoe's real estate portfolio, we saw many sites across the portfolio that we would love as a Kava site that we felt was really underperforming its potential.

當我們審視佐伊的房地產投資組合時，我們發現投資組合中的許多地塊都是我們非常喜歡的卡瓦地塊，但我們認為這些地塊的潛力確實沒有得到充分發揮。

So we felt like this would be a way to rapidly expand our brand in a part of the country we were trying to enter into, and we could do it in a much faster way than if we were trying to source these deals one by one.

是以，我們認為這將是在我們正試圖進入的國家地區迅速擴大我們品牌的一種方式，而且我們可以比逐一尋找這些交易的方式更快地實現這一目標。

Kava converted its last Zoe's Kitchen in October 2023, which means that now it has to build new locations from the ground up.

卡瓦公司於 2023 年 10 月將最後一家 Zoe's Kitchen 改建，這意味著現在它必須從頭開始建立新的分店。

Kava is currently in 24 states, plus Washington, D.C., and it went public in June 2023.

卡瓦公司目前在 24 個州和華盛頓特區開展業務，並於 2023 年 6 月上市。

As it looks to grow, it hopes to capitalize on the rising popularity of the Mediterranean diet, which it hopes to appeal to a broad range of customers across the country.

在尋求發展的過程中，該公司希望利用地中海飲食日益流行的契機，吸引全國各地的廣大顧客。

Right now, only 1.4% of U.S. restaurants primarily serve Mediterranean cuisine.

目前，只有 1.4% 的美國餐館主要供應地中海菜餚。

In its last quarterly report, Kava Group reported a net income of $6.8 million, with a restaurant-level profit margin of 25.1%.

在上一份季報中，卡瓦集團的淨收入為 680 萬美元，餐廳一級的利潤率為 25.1%。

Kava is now the largest Mediterranean-style restaurant chain in the country.

卡瓦現在是全國最大的地中海風格連鎖餐廳。

But is it the next Chipotle?

但它會是下一個 Chipotle 嗎？

Chipotle was really taking Mexican nationwide in a very unique way.

Chipotle 真的以一種非常獨特的方式將墨西哥菜推向了全國。

That's an assembly-line style of creating burritos and bowls.

這是一種流水線式的捲餅和碗製作方式。

And Kava is seeking to take Mediterranean food nationwide with also kind of more of an assembly-line, fast-casual style of service.

卡瓦正在尋求在全國範圍內推廣地中海美食，並提供更多流水線式的快餐服務。

But Chipotle was getting going when fast-casual really was barely a blip.

但是，Chipotle 在快餐業剛剛嶄露頭角的時候就已經開始發展了。

So there was a lot less competition then.

是以，那時的競爭要少得多。

Kava has a lot more competition now.

現在，卡瓦的競爭對手更多了。

Whether the restaurant succeeds may largely depend on whether customers continue to seek Mediterranean food.

餐廳能否成功，在很大程度上取決於顧客是否繼續追捧地中海美食。

Mediterranean has gotten a lot of good buzz, right?

地中海地區有很多好的口碑，不是嗎？

It's seen as healthier.

人們認為這樣更健康。

It's good for the heart and overall body.

這對心臟和整個身體都有好處。

That said, it's still new.

儘管如此，它仍然是新的。

Harissa, tahini, falafel.

辣椒醬、塔希尼醬、沙拉三明治

For a lot of communities, these are still new kinds of foods.

對於許多社區來說，這些食品還是新的種類。

And that's still a question mark.

這還是個問號。

Do people want to eat this day in and day out as opposed to just trying it?

人們是否願意日復一日地食用這種食物，而不是僅僅嘗試一下？

As of October 2023,

截至 2023 年 10 月、

Kava finished converting all Zoe's Kitchen locations into Kava's.

卡瓦完成了將所有 Zoe's Kitchen 分店改建為卡瓦餐廳的工作。

But it's told investors that it will continue growing its number of locations by at least 15% each year.

但它告訴投資者，它將繼續增加網點數量，每年至少增加 15%。

I think the biggest question is, can they grow in the way that they've said that they're going to for their investors and do it organically?

我認為最大的問題是，他們能否按照他們所說的方式，為投資者實現有機增長？

Now they have to open their own sites, find their own sites, make sure the sites are good, be able to afford paying for this real estate and construction costs and other costs.

現在，他們必須開設自己的網站，找到自己的網站，確保網站的品質，能夠支付得起房地產和建築成本以及其他費用。

It plans to open at least three restaurants in Chicago, which will be its first major foray into the Midwest.

它計劃在芝加哥開設至少三家餐廳，這將是它首次大規模進軍中西部地區。

It's targeting 47 to 50 new restaurants in 2024, with locations based on a significant amount of customer data.

該公司的目標是在 2024 年新開 47 至 50 家餐廳，這些餐廳的選址將基於大量的客戶數據。

I think restaurants are a blend of art and science.

我認為餐廳是藝術與科學的結合。

And so we love the science part and understanding how do we use data to inform our decisions.

是以，我們喜歡科學部分，喜歡瞭解如何利用數據為我們的決策提供依據。

So it gives us great visibility into being able to take this brand to the 26 states we're not in today and to go broader and deeper in the 24 states we already currently operate in.

是以，這為我們提供了巨大的視野，使我們能夠將這一品牌推廣到我們目前尚未進入的 26 個州，並在我們目前已進入的 24 個州開展更廣泛、更深入的業務。

But it's a difficult time to be expanding a fast casual restaurant.

但是，現在是擴張快餐店的困難時期。

The economic slowdown has led to many restaurants struggling.

經濟放緩導致許多餐館陷入困境。

And while chain establishments are better positioned than independent ones, the market is saturated.

雖然連鎖店比獨立店更有優勢，但市場已經飽和。

Despite this, Kava is planning for 15% growth in store numbers next year.

儘管如此，卡瓦計劃明年的門店數量增長 15%。

If you look at where U.S.-based restaurant chains are now,

如果你看看美國的連鎖餐廳現在的情況、

Wingstop, which is mentioned as the big growth engine, is at something like 11%.

被稱為增長引擎的 Wingstop 的增長率約為 11%。

And I believe Kava is projecting even more.

我相信卡瓦的推測更加準確。

So they have grown very quickly, and they've really promised more growth at a very high rate.

是以，他們的發展速度非常快，而且他們確實承諾將以非常高的速度繼續發展。

And so investors are going to be looking for those numbers every year.

是以，投資者每年都會關注這些數字。