London – Known for its champagne call button on every table, high-end eatery Bob Bob Ricard is trialling a dynamic pricing system that offers the same dishes for less during off-peak hours. Meals served during Monday lunchtimes, for example, will be discounted by 25%, while mid-peak periods such as dinner on Tuesdays and Sundays will be priced at a 15% discount.
Owner and founder Leonid Shutov explains that the initiative takes its lead from the travel industry. ‘Airlines wouldn't be able to exist, the business model wouldn’t work unless you could balance supply and demand,’ he told Bloomberg.
Restaurants are increasingly facing competition from the home delivery sector, as consumers prioritise convenience above all else. There is still an appetite for eating out, however, as explored in our Eating In and Dining Out Market – provided restaurants can learn to adapt to the evolving needs of their customers.