The Place 

Protein-centric The Merchants is all about going back to the foundational base of cooking – curing, smoking, fermenting, roasting over open flames and using only natural, ethically-sourced products.

The group found their way to Shanghai via Beijing this past September; a longstanding institution in China’s capital that began as a wine merchant nearly ten years ago – hence the name. 

After the company’s success, it branched out into the restaurant space near The Forbidden City, with co-founder and chef Paulo de Souza providing tasty morsels, ideal for wine pairing connoisseurs. 

But it’s a lot more than fire-licked meats, dry-aged fowl, and house-smoked seafood: there’s a café and bakery section, a full restaurant and wine bar for 60 on the main floor (split into two), and a horseshoe-shaped speakeasy cocktail bar upstairs with a wide Spanish sherry collection.

All this rolled up into one restored building that used to be the writing headquarters of the Shanghai Film Studio on tree- and historic villa-lined Yongfu Lu.

The venue’s focal point is the open kitchen’s mesmerizing Applewood-flame grill – on which the majority of the items are prepared – and a wall-length dry-aging fridge that backlights chunks of rosy-marbled steaks, hook-skewered trout, and noosed chickens of all shapes and sizes. All on display like showgirls in a red-light district window. 

The Food

The Merchants prides itself on sourcing and supporting local, with nearly the entire menu coming from around China – Shandong Wagyu, Xinjiang lamb, Xiamen squid, and even Hunan green adobo dipping sauces, to name but a few.

Portions tend to be on the smaller side – almost tapas-like – made for cruising through even more of the menu. 

While the menu is all about protein and fat, their house-baked M Natural Breads (RMB38) are worth falling out of the ketogenic zone for.

Airy potato focaccia and dried fruit sourdough is crispy with charred edges, a flawless receptacle for a shmear of mini carrot and coconut oil butter. 

The OMG Tuna Belly Carpaccio (RMB288) has earned the acronym in its name – it’s near impossible not to have the same reaction when putting the hefty bite in your mouth.

A toasted brioche-esque Mallorca crouton with spicy tomato compote and a dollop of ricotta, sheathed in a sprawling skirt of Japanese chutoro tuna. Freshly grated wasabi heat lingers on the tongue. 

An homage to Chef’s Peruvian grandma, the grilled Hokkaido Scallops “Lomo Saltado” (RMB228) are served in a Peruvian style beef jus, stewed with tomatoes, onions, Japanese shiso peppers and grilled baby corn, topped with potato foam and crunchy sunchoke crisps. 

The Burnt Cauliflower (RMB78) is anchored to the plate by a cauliflower purée, sprinkled with dukkah seasoning and a lashing of zippy harissa and mojo sauces.  

Smoky Xiamen Spotted Bamboo Prawns (RMB228) rest on a tomato sambal – silky like lobster tails, their treacly undertones complimented by the coconut-forward condiment, a flavor journey that ends with a nip of spice. 

A stretchy sourdough garlic naan acts as the perfect vessel for mopping up every last drop.

The restaurant’s signature dish, the Woodfire Oven Roasted Pigeon (RMB148) hails from Chongming. 

Marinated in oolong tea for a week, then dry-aged for four days, the fowl is next smoked and finally finished in the Josper oven – a lot of steps for such a little bird, but oh-so-worth it for the resulting unctuous flesh encased in expertly caramelized skin.

The meat’s overly rich, liver-like depth is cut by the acidity of a quenelle of sour plum and yellow wine compote. 

The House Smoked Wagyu Beef & Yellowtail Fish (RMB148) encompasses exactly what The Merchants does on one plate.

The yellowtail is first dry-aged for three days, then smoked, resulting in such a concentration of the fish’s mildly sweet flavor, amplified by a firm, buttery texture that melts like – well – butter. 

On the other side of the spectrum, the Shandong Wagyu is dry-aged for a month, resulting in a peppery funk, reminiscent of an aged blue cheese.

It serves up the same flavor contrast of a fruit and cheese plate, but swaps out both for cured and smoked fish and beef, respectively.  

Woodfired Roasted Maitake (RMB88)

The rosy, pink Dongbei Wagyu A4 Beef Chuck Roll (RMB388) is dry-aged 45 days before being grilled over Applewood, resulting in a crackly perimeter crust, expertly rendered fat and juicy, smoke-imbued meat, unelaborate in presentation – lasered in on showcasing the specimen of beef on hand.

The wine program is as diverse as the menu, with over 300 varietals spanning Europe to China, mostly ranging in price from RMB500-1,000 per bottle.

There’s everything from skin contact orange wines to Syrah rosés to an ample selection of natties, with an emphasis on Burgundies.

There are also 12 wines available by the glass for RMB70-160 – including some of their own wines from their Merchants Winery – for those who want to create a pairing menu without committing to a full bottle. 

Upstairs, the horseshoe-shaped bar serves up signature cocktails designed by Shenzhen’s Bar Choice. Cocktails are inventive yet refined, matching the modern Japanese design of the space. 

Creative offerings like the clarified Corn Chowder Soup (RMB118) – puff pastry-infused Botanist gin, corn, carrot, Camellia and a black pepper milk wash – proffer an ingredient list that sounds like it has no business being anywhere near a bar, yet works as a balanced blend of sweet, sour and savory.

The Dealer (RMB128) Sage-infused sherry, pesto rosso cheese-infused Havana Club, orgeat, passion fruit, banana, cookie black tea

Like a booze-forward take on a Cantonese black sesame dessert soup, the Sesame Coco (RMB118) sees Havana Rum 3 Year mixed with Disaronno Velvet – a mellifluous spirit with floral and fruity notes, from almonds and nuances of chocolate and vanilla – plus amaro Montenegro, black cocoa and a creamy black sesame milk wash.

The Vibe 

The space is outfitted in Earth tones – varying shades of natural wood, gray slate, gold accents and warm lighting.

It’s modern and chic, yet approachable.

The south end of the restaurant is more causal, offering coffee and pastries starting from 9am before the other half of the restaurant – the one with the dry-aging meats and grill – opens in time for lunch. 

The whole experience is all very ASMR-centric – the hiss of searing dry-aged meat, the crackle of crisping skin, the smoky perfume of seafood charring.

It’s a performance for the senses, one that justifies the higher ticket price.

It might set you back a fistful of Maos, but you’re paying for ingredient quality and the well-curated prep and cook techniques employed; a value exchange befitting skilled trade merchants that – given the city’s demand for the finest assets – we find seemingly equitable. 

Price: RMB500-800
Who’s Going: Anyone and everyone who tangentially works in the wine industry; sustainably-focused diners; those who own a copy of the book Salt, Fat, Acid, Heat
Good For: Prime cut meat consumption; wine exploration; protein-heavy date nights

The Merchants, 52 Yongfu Lu, by Fuxing Zhong Lu 永福路52号, 近复兴中路.