Implementing Revenue Management in Your Restaurants: A Case Study with Fairmont Raffles Hotels International
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In 2015, Fairmont Raffles Hotels International implemented a system-wide revenue management program in its restaurants. Starting with an analysis of baseline data, Fairmont applied a five-step revenue management process to highlight potential revenue-enhancement opportunities. Restaurant managers and employees were invited to suggest tactics and strategies drawn from three categories: (1) all-purpose strategies, (2) strategies to use when a restaurant is busy (hot), and (3) strategies to use when a restaurant is not busy (cold). Appropriately chosen strategies were simple to implement in most cases, and guests often were pleased with the operational and menu changes. Within a year of implementation, Fairmont restaurants that implemented revenue management had generated five times more revenue growth than those not applying the program.
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restaurants; revenue management
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