Restaurant to Let "Market" Set its Prices
March 25, 2010
Hats off (yet again) to Prof. Mark Perry of Carpe Diem for telling us about a New York City restaurant that plans to let "Market" demand set its prices for food and beverages. While we doubt that The Exchange Bar & Grill's pricing is going to go mainstream, the concept certainly is interesting.
Food and beverages at the Grammercy Park, Manhattan restaurant will have starting prices that will fluctuate in $.25 cent increments based on demand, or lack thereof; however, the rise or fall in price will likely peak at $2 in either direction.
"A glass of Guinness starts at $6 but could be pushed to a high of $8 or a low of $4, depending on popularity.
"So if one drink is in heavy demand, its price will rise, causing the cost of other equivalent drinks to drop. A rush on a particular beer would increase its price, and cause other beers to drop."
A large ticker tape flashing menu will display menu prices in red lettering as demand forces the prices to fluctuate. The owners admit that the stock exchange theme and pricing is a bit of a gimmick, but say that good prices and location should be enough to make their project work. Add a "dash of speculation and you've got a winning recipe," they said.
We think the restaurant should allow customers to make bids for their food and drinks. After all, the bids will inevitably rise as the customers get hungrier and thirstier.
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