Is there a price to pay for too much success? Sometimes, but in the case of Lisa and Luis Toro, the price was just right. After around five years of running the Liquor Store on Broad Avenue, the Toro’s popular brunch and craft cocktail spot finds itself under new ownership.
“We saw tremendous growth in the Broad Arts District coming out of the pandemic,” says Lisa Toro. “We saw all these different parts converging and had to consider how Luis and I could handle both the Liquor Store, and our other business, City & State. We acknowledged that in order for both of these businesses to grow, we might have to consider selling.”
The whole process, according to the Toros, happened very naturally. Luis Toro and SOB (South of Beale) owner Ed Cabigao have known each other for a long time, and as the two talked over the last year, the idea to sell the Liquor Store grew organically.
“We shared the different ideas that we had for our businesses, and the challenges we were facing. Ed had always been keen on the Liquor Store brand, and held an appreciation for the space, so I think this whole process happened naturally. Once he made an offer, and told us his vision for the restaurant, we thought it was a great opportunity to sell at a profit and focus on City & State.”
The Cabigaos have jumped right in as the new owners, but don’t expect any radical changes to the restaurant. Ed and Brittany Cabigao have retained the full Liquor Store team, simplifying the ownership transition. “Luis has been a great resource throughout, and the staff and the regulars have been very welcoming,” says Brittany, who is overseeing the restaurant’s transition into the SOB Hospitality Group ecosystem.
“The Liquor Store reminded us of our original SOB location,” adds Ed. “The brand is super unique, and a hip concept, and Luis and I had that previous relationship that made this organic. We like the idea of acquiring restaurants that match up with our mission and our values in the future if it makes sense, but The Liquor Store, and our Collierville SOB location, are the priorities right now.”
In terms of the menu and atmosphere, the Cabigaos don’t plan to make any changes. Any deviations they do pursue will be more in the background, according to Ed. “We’re looking at improving the patio, which will probably be one of our first investments,” he says. “We might increase hours in the future, but that’s still just an idea that we're batting around to see if it makes sense for us and the staff."
For the Toros, their focus pivots fully to City & State, which has seen double-digit revenue growth over the last year. “We’re going to do some much needed TLC to the space itself, and elevate the experience that people have grown fond of,” says Lisa. “We’ll also place a renewed focus on our online experience; we do now have an e-commerce platform which carries some of the items we have in our store, and we’re seeing interest from all parts of the country. So let’s see what that brand is capable of.”
