Many restaurant operators are taking advantage of dynamic pricing, but is it the right move for your brand?
A few restaurants have been successful in executing dynamic pricing as a core part of their strategy, with the most well-known being Chicago restaurant Next, which opened in 2010. The restaurant is consistently rated one of the top 10 in Chicago, and sells reservations in advance online with prices that vary depending on the day and time. For example, a Friday 5 p.m. reservation might tie to a $185 charge per person, while a 5:45 p.m. reservation on the same day may be $195. As the night moves into the most popular timeframes, the reservation price increases.
We provide operators with three things to think when considering a pricing strategy.
Read the full article in Modern Restaurant Management here.
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