Grant Achatz Has Created A System Where People Willingly Pay More Money For NEXT Tickets
Well, hello there interesting market economics. Ryan Sutton from Bloomberg News brings us both good and fascinating news about the economic dynamics of trying to book a table at Grant Achatz’s NEXT, using the new reservations system put into place by him and Nick Kokonas.
First: Tables aren’t selling out as quickly! Okay, granted, that means that the tables aren’t selling out after twenty minutes, but still! Yay!
Second: That’s probably because they began pricing the tables using a “dynamic pricing system,” meaning that the more desirable, prime-time tables at 7:30 PM will go for much, much more than a table at, say, 5:15 PM. As Sutton explains:
Previously, the 18-course tasting was fixed at $210. A few tables at $185 sold quickly as a “thank you” price point, though Kokonas wrote on Twitter that 7:30 premium tables sold before the $185s.
The new, higher prices were therefore a victory of sorts, and not just for the restaurant, but also for the guests. After all, some prospective diners found more value in choosing the pricier, prime-time menus over the cheaper, tickets.Many of the tables being re-released, incidentally, were for the lower $210 and $220 price points.
Head over to Sutton’s blog to help yourself plan ways to Game The System.