In the vibrant and ever-evolving culinary landscape of Dubai, success is a journey marked by innovation, authenticity, and resilience.
Fay co-founded M Management Company, a hospitality and F&B firm in Dubai with her brother Alex. The company launched with their homegrown brands Mythos Kouzina and Grill and Nola Eatery and Social House. These concepts have enhanced the offering of Greek cuisine in the region as well as elevated the status of Jumeirah Lake Towers as an F&B destination. Fay’s career spans 20 years with a background in banking, private equity and transaction services before moving to Dubai and entering the hospitality industry in 2005.
In this exclusive podcast interview, we explore the strategic decisions, challenges, and triumphs that have shaped her ventures. From the authentic Greek experience at Elia to the laid-back vibe of Nola, Fay’s story is a testament to the power of vision, collaboration, and embracing one’s true self in the world of entrepreneurship.
Can you share a bit about your journey into the world of hospitality, especially how it all started with Elia in Bur Dubai?
Fay Economides: Certainly. Elia was our first venture into the hospitality industry. My brother and I started it within the Majestic Hotel in Bur Dubai in 2007. We aimed to bring an authentic and modern Greek dining experience to a market unfamiliar with the nuances of our cuisine.
You mentioned that Elia was treated as a standalone restaurant within the hotel, with its own branding and identity. What motivated this decision, and how did it contribute to Elia’s success?
Fay Economides: Treating Elia as a standalone restaurant was a strategic decision. We wanted it to have its own character and appeal to local residents rather than just hotel guests. This approach helped us gauge its success independently and laid the foundation for the branding philosophy we carry forward.
Moving forward from Elia, you introduced Mythos, known for its authentic Greek food experience. Can you share the inspiration behind Mythos and what sets it apart in the culinary landscape of Dubai?
Fay Economides: Mythos was born from our desire to showcase the real Greek dining experience. We wanted to break away from stereotypical representations and present the modern, authentic side of Greek cuisine. It emphasizes the importance of creating a memorable and unique identity for each restaurant.
Dubai’s restaurant scene is known for its dynamism and rapid changes. How have you managed to not only survive but thrive in a market where longevity can be challenging?
Fay Economides: Dubai indeed poses unique challenges for restaurateurs. Our key has been a commitment to authenticity, adapting to evolving tastes, and consistently delivering quality. Building a loyal customer base and staying true to our brand identity have been crucial factors in our longevity. Securing a partnership with Chef Yannis Baxevanis, a well-known Greek chef, played a pivotal role. His expertise not only contributed to the menu but also helped in addressing staffing challenges. Collaborations like these have been essential in maintaining the authenticity and quality of our offerings. It’s a delicate balance.
With the success of Mythos, you expanded into the fun and chill concept with Nola. How do you balance maintaining the essence of the brand while exploring diverse concepts?
Fay Economides: Balancing different concepts requires a keen understanding of each brand’s identity. While Mythos focuses on authenticity and tradition, Nola brings a more relaxed and vibrant atmosphere. The key is to stay true to the core values while adapting to the unique personality of each brand.
Considering the fast-paced and competitive nature of the Dubai market, how do you resist the fear of missing out (FOMO) and avoid succumbing to the pressure of rapid expansion?
Fay Economides: FOMO hasn’t been a significant factor for us. Both Alex and I share a philosophy of prioritizing life choices over aggressive scaling. We believe in organic growth, making decisions based on the right elements falling into place rather than succumbing to external pressures or market trends. While maintaining brand consistency is crucial, we also recognize the need for periodic refreshment. We actively engage with a core group of customers, seeking their feedback on potential changes and updates. Striking this balance ensures we stay relevant without compromising the essence of our brands.
Collaboration with your brother Alex seems to be integral to your success. How does the dynamic work between both of you, especially considering your complementary skill sets?
Fay Economides: Working with Alex has been amazing. We share a similar temperament, with a blend of grit, easygoing communication, and mutual respect. Our skill sets complement each other well, with him excelling in technical aspects, and my focus on finance and public relations. We believe in a collaborative leadership style, where everyone in the team has a say in the company’s direction. This fosters a warm and open culture, ensuring that every team member feels valued and contributes to the decision-making process.
You highlighted the role of entrepreneurs as firemen, consistently putting out fires. How has your hands-on approach and entrepreneurial grit helped you navigate challenges in the restaurant business?
Fay Economides: Being hands-on and proactive is essential in the restaurant business. The more you get things right from the beginning, the fewer fires you have to put out later. Entrepreneurial grit helps in finding creative solutions and steering the ship through challenges, ensuring the business’s resilience. There have been numerous instances where our intervention, whether in finance, design, or operations, has proven correct. Entrepreneurial intuition, combined with a deep understanding of our business, enables us to make informed decisions that positively impact the overall success of our ventures.
Your children have been actively involved in the restaurant business from a young age. Can you share how their experiences growing up around the industry influenced their perspective?
Fay Economides: Certainly. My kids, aged 17 and 14, have been immersed in the restaurant environment since they were born. They’ve been through food tastings, attended meetings, and even worked in the kitchen for a few hours. It’s been a journey for them, and they’ve developed a unique perspective on the industry. They take pride in being part of the restaurant world. They actively share their experiences with friends and parents, acting as strong word-of-mouth advocates. While their current focus is on music, they have inadvertently picked up valuable skills along the way.
What keeps the fire burning for you in this culinary journey? What excites you daily, weekly, or monthly, and how does that passion translate into your work?
Fay Economides: I find immense joy in interacting with my team. The dynamic discussions, planning sessions, and constant innovation within the company bring me fulfillment. Whether it’s brainstorming with the chef, collaborating with the director of operations, or engaging with support function teams, that human interaction is what fuels my passion. Waking up with a purpose every day, ensuring our vision is delivered, and hearing positive feedback from patrons who genuinely enjoy our restaurants – that’s the driving force.
Why do you think entrepreneurs, especially in their early years, tend to question their intuition? How has your growth in this aspect affected your decision-making and stress management?
Fay Economides: Initially, skepticism towards intuition stems from a lack of a proven track record. With time, experience, and successes, confidence grows. The battle between external feedback and intuition becomes easier to navigate as you recognize the reliability of your own instincts. The intensity of stress has reduced over time, a combination of growth, maturity, and the ability to handle challenges more calmly.
You mentioned a shift towards embracing vulnerability and authenticity later in life. What triggered this change, and how has it impacted your personal and professional relationships?
Fay Economides: The shift came with a realization that portraying a facade of strength and perfection was draining. As I entered my late thirties, I started accepting and presenting myself as I am, realizing that authenticity fosters genuine connections. This vulnerability has allowed me to form deeper connections and establish real friendships within the community.
How do you nourish your mind and soul? Are there specific routines or practices you follow for personal well-being?
Fay Economides: Regular exercise, embracing moments of doing nothing, and spending time in nature are crucial for my well-being. Exercise brings clarity, while allowing myself to do nothing has been a recent but important shift. Sitting on the grass, listening to birds, and appreciating the simplicity of life have become essential elements of my self-care routine.
In the dynamic world of Dubai’s culinary scene, Fay Economides stands as a beacon of creativity, authenticity, and resilience. From Elia to Nola, her journey reflects the evolution of an entrepreneur who values connection, innovation, and staying true to one’s roots. As the fire of passion continues to burn brightly, Fay’s story inspires us to embrace the diverse flavors of life and business, savoring each moment along the way.
