Future of Retail: Experience-Centric Restaurant Sells Tickets, Not Dishes
The Next Restaurant has been inspired by performance and travel experiences to develop an interesting business model.
Next Restaurant is a soon-to-launch establishment that will serve from four themed menus per year, each inspired by a particular geographical cuisine associated with an era of time in the past (or future). The business model calls not for prices per dish but for a tiered, ticket-based model instead.
The Next team explains below:
Instead of reservations our bookings will be made more like a theater or a sporting event. Your tickets will be fully inclusive of all charges, including service. Ticket price will depend on which seating you buy – Saturday at 8 PM will be more expensive than Wednesday at 9:30 PM. This will allow us to offer an amazing experience at a very reasonable price. We will also offer an annual subscription to all four menus at a discount with preferred seating.
The business model is inspired by performance and travel experiences, so while the lateral thinking has manifested itself in restaurant form in this case, we expect to see retail businesses adopting more experience-focused models of pricing products for consumers.