Key West Olive Oil & Gourmet is at 714 Duval Street.
Key West has been on the business radar of one couple since their honeymoon trip 25 years earlier. The island proved to stand out for avid travelers Laura and Phil Wayland.
The couple owns retail stores in North Carolina, including Outer Banks Olive Oil, Chip’s Wine and Beer, and cafes and coffee shops. The Outer Banks’ seasonal element prepared the pair for many of the dynamics of running a business in a tourist-driven town, even if there were no immediate plans to expand to Florida’s farthest city.
“Interestingly enough,” Laura Wayland explains, “Key West seems to be the place that we continuously go back to and we don’t go back to a lot of places. It’s actually funny, we’ve been down there and run into people in the Outer Banks. A lot of people have homes in both places, so it has that fishing, drinking vibe.”
Now, their newest venture, “Key West Olive Oil & Gourmet,” at 714 Duval, is steadily finding an audience that appreciates its assortment of fine wines, craft beers, home goods, and options for just about any dinner party. Plus, as the name suggests, premium olive oils and vinegar.
“Olive Oil & Gourmet” uses containers called fustis that allow for all of the oils and vinegars to be tasted beforehand.
While the couple first visited the island without any commercial intentions, the quirkiness and vibrancy of the area eventually changed all of that. As the Waylands explored the idea of expanding their pre-existing businesses, Key West gradually felt like a good fit, with subsequent trips revealing more and more opportunities.
The final push came when they spotted a “for lease” sign on Duval Street and could envision “Olive Oil & Gourmet” thriving in this community.
This came around the same time that both business partners noticed a gap in the market for high-quality olive oil and vinegars. Their research indicated that while the island offered some niche products, there was room for specialty stores focused on gourmet selections. Experiences from their olive oil stores in the Outer Banks further showed that there could be strong demand for such products. So far, the Waylands have been proven right, with a stream of business on the main strip.
Home goods are featured at Key West Olive Oil & Gourmet.
The couple has set about transforming the Key West store with their own designs and inspirations from travel that retain the feel and atmosphere of their previous locations. So much so that in one instance, a customer looked around and remarked that this store reminded them of another shop in the Outer Banks, which, of course, turned out to be one they owned.
According to Laura Wayland, olive oil persists in popularity partly due to its associated health benefits and versatility. As she explained, whether you are cooking, frying, or just drizzling it on a salad, it works in so many dishes. Also, as the store’s marketing emphasizes, artisanal olive oil can be much more sustainable than other options. Even though it is pricier, customers feel it is worth it for the enhanced flavors and ease of incorporation across different diets.
Phil and Laura Wayland first visited Key West on their honeymoon 25 years ago.
“Olive Oil & Gourmet” uses containers called fustis that allow for all of the oils and vinegars to be tasted beforehand, including the lime olive oil and Sicilian lemon white balsamic, which serve as popular marinades for local seafood. The peach white balsamic is another purchase that is interestingly seen in demand at the Florida and North Carolina shops.
Given the abundance of confectionary stores downtown, handmade truffle chocolates have been a somewhat surprising hit. They sell pretty fast. In fact, the business has been able to include more higher-priced and quality products that are not carried at the Outer Banks locations.
“Olive Oil & Gourmet” additionally hosts monthly wine tastings aimed at locals. The couple, who are also big coffee fans, has not ruled out the idea of adding a small coffee bar—something they have done in one of their other stores.
As of now, the Waylands continue to look for inspiration, which sometimes comes from their travels or observations of trends in the area. Laura Wayland reckons it will be beneficial to continuously ask what other places are doing well with, where there is room to do things better, and how she and her husband can incorporate more ideas for Key West Olive Oil & Gourmet. ¦
In the KNOW
Key West Olive Oil & Gourmet
· Where: 714 Duval Street
· Info: KeyWestOlive.com