New York bar to set menu prices like stocks
PostedbyChris BenjamininBeaglebits, Food, Marketing, New York CityonApr 10th, 2010 | 0 comments
NEW YORK (Reuters) – What’s the value of a pint of beer? Let the market decide, says a new restaurant in Manhattan where prices for food and beverages will fluctuate like stock prices in increments according to demand.
The Exchange Bar & Grill, set amid the bustling shops and pubs of the Grammercy Park neighborhood, is replete with a ticker tape flashing menu prices in red lettering as demand forces them to fluctuate.
Customers can move prices for all beverages and bar snacks such as hot wings ($7 for 6 pieces) or fried calamari ($9). The prices will fluctuate in $.25 cent increments, but will most likely plateau at a $2 change 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.
The Exchange Bar & Grill has a long bar facing the ticker tape — and flat screen televisions — as well as a few tables in the back where patrons can eat in greater comfort.
Restaurants in New York and across America have had a tough year because consumers have slashed discretionary spending in a tough economic climate. New York has about 23,000 restaurants, with about 4,400 opening each year according to the city’s Department of Health, which tracks establishment licenses.
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New York bar to set menu prices like stocks
PostedbyChris BenjamininBeaglebits, Food, Marketing, New York CityonApr 10th, 2010 | 0 comments NEW YORK (Reuters) – What’s the value of a pint of beer? Let the market decide, says a new restaurant in Manhattan where prices for food and beverages will fluctuate like stock prices in increments according to demand.
The Exchange Bar & Grill, set amid the bustling shops and pubs of the Grammercy Park neighborhood, is replete with a ticker tape flashing menu prices in red lettering as demand forces them to fluctuate.
Customers can move prices for all beverages and bar snacks such as hot wings ($7 for 6 pieces) or fried calamari ($9). The prices will fluctuate in $.25 cent increments, but will most likely plateau at a $2 change 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.
The Exchange Bar & Grill has a long bar facing the ticker tape — and flat screen televisions — as well as a few tables in the back where patrons can eat in greater comfort.
Restaurants in New York and across America have had a tough year because consumers have slashed discretionary spending in a tough economic climate. New York has about 23,000 restaurants, with about 4,400 opening each year according to the city’s Department of Health, which tracks establishment licenses.
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