Rock group Radiohead tried it online with its most recent studio album. Now a London restaurateur is doing it: letting his customers decide what his product is worth. No menu prices. Diners pay what they think is a fair price.
During the entire month of February, owner Peter Ilic is letting his customers decide what the menu items at his Little Bay restaurant should cost. As reported by Elizabeth Rigby in London’s “Financial Times”:http://www.ft.com/cms/s/8ded90c0-f194-11dd-8790-0000779fd2ac,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F8ded90c0-f194-11dd-8790-0000779fd2ac.html%3Fnclick_check%3D1&_i_referer=http%3A%2F%2Fneemee.com%2Fcollections%2F1171%2Fthoughts%2F43907&nclick_check=1, Ilic decided to make this offer to cheer up cash-strapped consumers coping with the tough economy.
â€˜It just seemed the right thing to do with everyone under the cosh and feeling pretty miserable,â€™ Ilic is quoted in the article. Customers do have to pay menu prices for drinks, but what they pay for food items is completely up to them. So far, Ilic says, the new policy is paying off. â€˜On the first day we started we got at least 20 percent more than if we had priced it ourselves,â€™ he says.
We have to wonder whether this idea would ever catch on in the U.S., which, of course, is dealing with its own economic woes. How would Americans respond to such an offer? It would be an intriguing experiment.
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