By George Anderson
A number of restaurants in the U.K. have instituted a new policy that lets patrons decide for themselves how much they will pay for a meal.
These "pay-what-you-like" restaurants, such as those operated by Michael Vasos, the owner of Just Around The Corner, are not only bringing in customers, they're more profitable than establishments with fixed price menus.
Mr. Vasos said that his traditional restaurants make about a 60 percent profit while Just Around the Corner does between 65 and 70 percent.
As for what inspired Mr. Vasos to try this unconventional approach, he told The Telegraph, "If you give very good service and very good food, people leave a lot in tips. So I thought why not just leave the whole bill to customers and they can pay what they think it's worth."
"As long as we gave a good show, I knew it would do well and we've been very successful from the beginning," he added.
The most generous customers to date for Just Around The Corner were four Americans who came in on Christmas Eve, said the owner. They had quite a few bottles of wine, champagne and ate three-course meals. They paid £600 and asked the waitress if it was enough. In a fixed-price restaurant they would have probably paid around £250. This is why the restaurant does better as people are more generous," he said.
Moderator's Comment: What do you think about the "pay-what-you-like" restaurant concept?
Anyone want to open a cafe with us? - George Anderson - Moderator