Forbes spotlights Greek American restaurateur Costas Spiliadis and his expanding empire
Forbes magazine features an in-depth profile of Costas Spiliadis, the 78-year-old Greek American restaurateur behind the renowned Estiatorio Milos chain. Known for its fresh seafood and elegant Greek cuisine, Milos has grown from its origins in Montreal in the late 1970s to become a global dining icon, with locations spanning from New York to Dubai.
In the report, Spiliadis, who left Patra, a western port city in Greece, in 1965 for New York with two suitcases filled with clothes and some vinyl records, shares his philosophy of perseverance and authenticity, stating, “People give up earlier than necessary. Give it that extra effort.”
After graduating with a degree in sociology, Spiliadis helped launch a local radio station and hosted a daily news show aimed primarily at recent immigrants. Despite his efforts, the financial returns were modest. After six years, he decided to open a restaurant where his radio guests could dine and even perform live. In 1979, he took out a $30,000 loan from a local bank and became a restaurateur. Although he had no professional cooking experience, he drew on his mother’s cherished recipes to guide him.
“I had nothing. I had no money. I had no experience. I had no knowledge of cooking. All I knew was how I enjoyed food at home. I had to learn how to run a restaurant the hard way, in an unforgiving market. It meant dedication. It meant persistence. It meant hard work and learning at the same time.”
‘Using cash flow to build new restaurants is a slower process, but it’s more solid’
His commitment to a family-run business model has allowed Milos to thrive independently, with annual revenues exceeding $100 million. “Using cash flow to build new restaurants is a slower process, but it’s more solid,” Spiliadis explains. “We control the character of our restaurants. That would be my biggest nightmare: to go to one of my restaurants and not recognize my soul there.”
Spiliadis discusses his resistance to external funding in favor of organic growth, noting, “We had a choice of either going the corporate way of growth, where we create a very strong corporate central office. Or, what I chose instead – the family model of growth, with all the pain that comes with it. Although it may put some limit to the pace of growth, at least you grow with less dangers of losing your identity, losing your character, and losing all you’re trying to build.”
Beyond his restaurant ventures, Spiliadis is expanding his luxury portfolio with a boutique hotel in Athens and a small fleet of yachts offering premium Mediterranean experiences. His vision includes future projects in Tokyo, Paris and Mexico City, as well as potential additions like a luxury cooking school on the Greek island of Kythera.
