Dre Walters, owner of Old Mate’s Place and Old Love’s in Sydney, talks to Sam Bygrave as they conducts a SWOT analysis of his bars and the broader bar industry. Walters attributes the enduring success of his venues to a “timeless” atmosphere and a relentless focus on humble, attentive customer service rather than just cocktail complexity. He discusses significant industry threats, specifically the rising cost of goods and alcohol excise taxes, which forces operators to forecast extreme price increases over the next decade. Finally, he offers advice to aspiring bar owners, emphasising that rent is the most critical factor in site selection and that robust operational systems are essential for survival and scaling.