The Wall Street Journal has posted a video segment about the Little Bay restaurant chain in London, which is now letting customers choose how much they want to pay for their meal.
It’s a clever way to get people in the door during a down economy, and it will be interesting to see if any other restaurants follow suit. Of course, Salt Lake City’s One World Café has been doing the pay-what-you-like thing since 2005. It also lets customers specify what portions they’d like, which seems like a brilliant idea even for restaurants with a more traditional “pay-what-we-ask” model. And then there’s the Hi-Life in Seattle which pegs the cost of its nightly specials to the closing price of the Dow—which means the more stocks fall, the better the bargain.