The Economics of Everyday Things
59. Restaurant Reservations
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.
18:51
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Quick takeaways
- The evolution of restaurant reservation methods from letters to online platforms has improved efficiency and revenue management for restaurants.
- No-shows constitute a significant challenge for restaurants, prompting discussions on legislation to counteract the unauthorized resale of reservations.
Deep dives
Evolution of Restaurant Reservations
Historically, booking a table at a restaurant involved methods such as letters and word of mouth, as exemplified by Antoine's, a New Orleans establishment that has been serving customers since 1840. As technology evolved, so did reservation practices, transitioning from written requests to telephone bookings. Eventually, computerized systems were introduced, which further streamlined the process, significantly improving efficiency. The transition to online reservation platforms like OpenTable has allowed restaurants to better manage their capacity and resources, leading to increased reservations and revenue.
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