“Bars are all about social interaction, that’s what really makes bars work,” Taffer told FOX Business’ David Asman on “Varney & Co.” on Wednesday. “Millennials’ alcohol consumption is going down.”
In Taffer’s opinion, it’s a “powerful trend.”
However, while they are similar to coffee houses because they both allow customers to sit, have a drink and socialize, the big difference is there’s no alcohol available — and “it’s not virgin cocktails or just soft drinks,” he said.
“They’re mixed, shaken fruit drinks and they’re specialty cocktails. They’re things that you can’t get any place else, but you’re still having a social experience,” he explained.