New Owner, New Name for Cup & Saucer

By Tammy DanielsiBerkshires Staff
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Mark Petrino of Williamstown has plans for the Cup & Saucer spot on Main Street.
NORTH ADAMS, Mass. — The Cup & Saucer will open under new management and a new name this spring.

Mark Petrino of Williamstown has been busy cleaning up and revamping the former Boston Store space on the corner of Main and Holden streets this week to create Petrino's Cafe.

On Wednesday, he was moving furniture around in preparation of having the original wood flooring sanded and stained and planning to grab some paint to cover over the coffeehouses bright pink and green bathrooms.

"I see an enormous amount of potential here," said Petrino, surveying the cleared floor in the 3,100-square-foot space.

The opening can't come too soon for some, as several people tried to enter the coffee shop despite the lack of chairs and tables. Petrino said he's had to keep the doors locked because people are coming in.

The key word for the new cafe will be "fresh," he said, as in no processed cold cuts but plenty of "homecooked" sliced meats and fresh baked breads and muffins. Plus, "there'll be no deep-fry but there will be char-grilled."

The small kitchen area will be expanded to make room for convection ovens and the char grill, and opened up into the long narrow room to break it up. Petrino's planning on placing the deli-style, glass-fronted cooler facing the entrance.

"I want people to come in and see all the things we're serving," he said. He's negotiating to purchase all the equipment and furniture in place.

The popular Cup & Saucer closed abruptly just after Christmas and owner Daniel Lester went off the grid, as it were.

The closure happened at the right time for Petrino, who'd spent the last couple months searching for a restaurant opportunity in the area. He decided to chat with David Carver of Scarafoni Associates about possibilities in North Adams — the same day the Cup closed.

"David called me a week later and said the guy's done, are you interested?" said Petrino. He wasn't the only one looking to fill the empty Cup; the owner of Dottie's Coffee Lounge in Pittsfield, Jessica Rufo, told The Berkshire Eagle in January that she'd submitted a proposal. Several others had also reportedly expressed interest.


Petrino thinks he was given the go-ahead because he had the experience and the capital to make it happen.

He's been in the food service business for years, including establishing his own restaurant in his native Philadelphia then as associate director of dining services at Williams College. He's spent the last few years mostly on the road as an accounts executive for AVI Foodsystems in Albany, N.Y.

But after putting more than 130,000 miles on his car traveling to colleges like Sarah Lawrence as Midwest-based AVI has moved into the region, he's ready to go back to his restaurant roots. Especially if keeps him in the Berkshires, his and his wife Jacqueline's adopted home of six years.

"I love it so much here ... that I had a good offer to move back to Philly, I turned it down to stay here in the Berkshires," he said.

The new Petrino's Cafe will open for breakfast and lunch around April 1, offering sandwiches, homemade soups and other items. "Moving forward, we're thinking to open for dinner and try for a beer and wine license," said Petrino

The menu will be lighter, less complicated and displayed on a new digital wall menu. The focus won't be as much on coffee, but it will be organic and Fair Trade. He'll be testing samples from a few coffee sellers this week.

The Cup's closure was the third loss to Main Street this past year after Moulton's General Store moved to Adams and Hudson's Antiques closed in favor of a new store in Williamstown and current location in Massachusetts Museum of Contemporary Art.

"I couldn't be more pleased," said Mayor Richard Alcombright, who'd spoken both with Petrino and Carver recently. "That's an integral part of the corner of this downtown. I think it's wonderful David was able to fill it that quickly."

Petrino's not worried about the closures, nor is he concerned about the competition just around the corner.

"The place I had on Center Street in Philadelphia was a side street that was all restaurants," he said. "If you serve quality food at a fast pace with exceptional service — there's always room for another restaurant."
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Managing Withdrawals Carefully Can Protect Retirement Income

Submitted by Edward Jones

Throughout much of your working life, you contribute to your 401(k), IRA and other investment accounts to help ensure a comfortable retirement. However, once you do retire, you will need to shift your focus somewhat from building these investments to using them – in other words, you will have to start withdrawing from your portfolio to meet the costs of living. How can you be sure you are not taking out so much that you risk outliving your resources?

First of all, you need to establish a proper withdrawal rate – the percentage of your portfolio's value needed for one year's worth of retirement expenses. Ideally, if you were to stick with this rate, your portfolio would last as long as you do. Your withdrawal rate should be based on a number of factors, including your age, amount of assets, portfolio mix and retirement lifestyle. A financial professional can help you determine the rate that's right for you, but it's important to understand that this rate is a starting point since you will want to review your withdrawals each year to ensure they are still appropriate.

If the financial markets performed smoothly and predictably, year in and year out, any adjustments you make would likely be more modest. But, as you know, and as we all have been reminded the last several months, the markets are neither smooth nor predictable. Rather than constantly trying to change your withdrawal rate and spending in response to movements in the markets – which may be challenging if you have grown accustomed to a certain standard of living – you might be better off adopting a more conservative rate at the beginning of your retirement. For example, if you are in your mid-60s, you could start at a withdrawal rate of about 4 percent, which also assumes an increase in withdrawals (a "raise") of approximately 3 percent each year to incorporate inflation.  By starting at a more modest withdrawal rate, you would have some flexibility for those years in which the market drops significantly. And you could increase your chances of extending the lifetime of your portfolio.

But even if you started out with a conservative rate, you may need to review it during periods of extreme market movements. If, for instance, your portfolio were to fall 20 percent in one year, the 4 percent you had planned to withdraw would actually become 5 percent because you’re taking out the amount you had planned, but now it's from a smaller pool of money. If this happens, should you consider making an adjustment?

There's no easy answer. The amount you withdraw from your portfolio has a major impact on how long your money lasts. You will improve your likelihood of success if you are able to be flexible and make some spending adjustments – spending less on some of your discretionary items, for example, or not taking a "raise" until your portfolio recovers. Importantly, your financial advisor can help run different scenarios to determine if adjustments need to be made to ensure you remain on track

In any case, think carefully about your withdrawal rate. By managing it carefully, and reviewing it over time, you can take greater control over your retirement income.

This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 71 Main Street, North Adams, MA 01247, 413-664-9253.. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. For more information, see EdwardJones.com.

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