Franchise News
Chain Restaurants Charging A Pretty Penny For NYE
Restaurants in Times Square are charging a lot for New Year's Eve plan.
New York City is the unofficial New Year's Eve capital. Seeing the ball drop in Times Square is witnessed by millions of people around the country, even if they aren’t in the same time zone. Attending a New Year's Eve party can cost a pretty penny anywhere, but it is especially expensive in Times Square.
Many New Year’s goers sit down at a nice restaurant to have a delicious meal to close the book on the year. Others choose to attend a party with a champagne toast. There are plenty of those options in Times Square, including the Michelin-starred Gabriel Kreuther, which is charging participants $175 to attend the restaurants festivities. It’s a high tab to spend for a meal, but it is nowhere near the amount some of the chain restaurants are charging people to be seated in their properties.
A few chain restaurants are charging a king's ransom for their New Year’s celebration. Both of Applebee’s Times Square location will be charging $375 a person and T.G.I. Friday’s “Couples Champagne VIP Package” is priced at $899. This may be expected from a Michelin-starred restaurant you have to book months in advance, but peculiar for chain restaurants.
The idea behind the pricey dinner tabs is basically to accrue as much profit as possible. The Wall Street Journal said the two Applebee’s locations can hold about 400 people, which translates to $250,000. And factoring in the food and drinks the restaurants will be spending—Applebee’s estimates they will be shelling out $20,000 on alcohol—the restaurants hope to not take a loss.
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About the Author
Nick Powills
FollowNick Powills, CFE, founded No Limit Agency in 2008 and serves as Chief Brand Strategist for the Chicago-based firm. No Limit is a full-service communications agency that establishes and elevates brands by bridging Public Relations, Social Media, Marketing, Advertising, Digital, and a lot of creativity, to best strategize well-rounded and successful campaigns for 50+ global franchise brands. By presenting visionary ideas and building real relationships, No Limit is able to create effective media branding strategies to help companies grow. Nick currently leads a staff of writers, media strategists, designers, social media experts and digital producers in an office think-tank where brands are humanized for strong, compelling media stories. Prior to starting No Limit at the age of 27, Nick spent four years working at a franchise PR agency where he mastered the art of building rapport with media outlets and creating newsworthy pitches for earned media placements. He holds a Bachelor of Journalism from Drake University in Iowa.
