When New York City–based burger concept 4food opened its first location in August, the media buzz it generated mostly stemmed from its innovative use of technology and social media. Plasma TV screens adorn its walls, including one that scrolls customer tweets. iPads are used to order food. And diners can save their specialized burger orders to an online database, available for anybody to order in the future—an act that credits the customer with 25 cents on later 4food visits.
Setting the right price points is no easy task. In today’s post-recessionary economy, product pricing is particularly tricky because consumers’ perception of value is confounding and seems to shift constantly. People will camp out overnight for the chance to buy a $499 iPad, but you can’t seem to spark any interest in a $4.99 burger combo.
Company acquires Magic Johnson Enterprises’ remaining 50 percent interest in Urban Coffee Opportunities (UCO), a partnership formed 12 years ago to build Starbucks stores in underserved neighborhoods.
Several years ago, Marriott executives determined they were letting revenue walk out the front doors of their Courtyard hotels, which are tailored to frequent business travelers, or “FBTs.” At the time, Courtyard’s breakfast offering was the full-service buffet, familiar to almost anyone who has ever stayed in an American hotel, and their lunch and dinner offerings were negligible.
The midst of the worst recession in decades may seem like a tough time to take the reins of a restaurant company that sells discretionary treats not needed in the everyday diet. However, Nigel Travis, whom Dunkin’ Brands hired to head its Dunkin’ Donuts and Baskin-Robbins brands in January 2009, quickly showed he was up to the task.