The Economics of Everyday Things 59. Restaurant Reservations
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Aug 12, 2024 
Lisa Blount, director of marketing and public relations at Antoine's Restaurant, shares insights from the oldest family-run restaurant in America. They explore the evolution of restaurant reservations, from letter requests in 1840 to today's online platforms. Blount discusses the challenges restaurants face, like no-shows, and how some tables are saved for VIPs. The conversation also touches on the rise of secondary markets for reservations and the surprising impact of cancellation fees, shedding light on the industry's shift toward monetization.
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Antoine's OpenTable Adoption
- Lisa Blunt's husband, Rick, initially resisted OpenTable at Antoine's, the oldest family-run restaurant in the U.S.
- After adopting it, reservations increased 25% within six months, demonstrating its impact.
Restaurant Industry Challenges
- The restaurant industry has a high failure rate (80% within five years).
- Attracting customers, aided by reservation systems, is crucial for survival.
Antoine's Reservation History
- Antoine's, founded in 1840, initially used letters for reservations.
- The transition to phone reservations was met with resistance, highlighting the adaptation to new technologies.