So a review of Merchant is difficult because the spot wears two hats:
Merchant functions as a great restaurant by day. Locally sourced food that is interesting but focused (eg brunch menu is very farmtable oriented). I think this place has the best drinks in town, hands down. It deserves five stars based on that alone. The bartenders are thoughtful and deliberate with each drink they make, and each cocktail is unique and intentional in its flavoring. Big fan.
Late night, Merchant turns into a club. If I were basing off this alone, we'd probably go with 3/5 stars. Gets crowded, loud, and pretty obnoxious with the young professional crowd (I have been a fufiller of this stereotype more than once). But overall a good time; and hey, they still serve those drinks.