Bloomberg Businessweek Bar Rescue EP Jon Taffer Talks New Season, Industry Outlook
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Feb 14, 2025 Jon Taffer, Host and Executive Producer of Bar Rescue, dives into the pressing challenges facing the bar and restaurant industry, particularly rising food costs and their effects on pricing strategies. He explores how automation is impacting small businesses, along with the evolving dynamics of tipping. Taffer also discusses the influence of tariffs on pricing and competition, while emphasizing the vital role immigration plays in the hospitality workforce and the support needed for small businesses to thrive.
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Restaurant Economics
- Restaurant food costs must stay below 30-33% of revenue.
- For every dollar increase in costs, menu prices must rise by three dollars to maintain margins.
Menu Psychology
- Redesign your menu to strategically highlight profitable items.
- Use boxes, shadows, and clever placement to guide customer choices.
Psychological Pricing
- Use psychological pricing, ending prices in ".95" instead of ".50".
- Avoid leaving money on the table with arbitrary price points.
