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Why restaurants are embracing Uber-style surge pricing



A growing number of restaurants across the U.S have quietly adopted surge pricing strategies, reaping substantial profits from the controversial practice.

Among those implementing fluctuating menu prices during peak hours are barbecue chain Tony Roma’s and nearly 100 other small restaurants, following the lead of fast-food giant Wendy’s, which plans to introduce similar pricing models next year.

Sauce Pricing, a Los Angeles-based startup backed by industry heavyweights including founding members of Sweetgreen, Uber, and Airbnb, provides the software specialising in dynamic pricing.

According to the company, restaurants can increase item prices by 10% to 20% during busy periods, resulting in customers potentially paying an additional $1 to $2 for a $10 item.

Reports suggest that some establishments have seen their profit margins double as a result of surge pricing.

Annual profit

One example cited is Las Vegas-based casual eatery Rachel’s Kitchen, which reportedly earned an additional $64,000 in annual profit across its three stores.

The company’s CEO, Debbie Roxarzade, confirmed the use of Sauce Pricing’s software, stating that price fluctuations are capped at 15% and apply only to delivery orders from platforms like Doordash, UberEats, and Grubhub.

While Tony Roma’s did not respond to requests for comment, ice cream chain Carvel, listed as a Sauce Pricing customer, denied any affiliation with the startup when contacted by reporters.

The surge pricing model, reminiscent of the “Uber-style” dynamic pricing, allows businesses to adjust prices based on demand.

However, it has sparked criticism from some consumers, particularly in light of rising inflation and food prices. Wendy’s recent announcement of plans to pilot dynamic pricing drew ire from customers on social media platforms.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Workers rush back to their desks over job fears



Workers across Australia are rushing back to their desks, driving office utilisation rates to their highest levels since February 2020.

Tuesdays, Wednesdays, and Thursdays emerge as the busiest in-office days, contrasting with the continued reluctance to return on Fridays.

This insight, drawn from XY Sense data based on 18 enterprise customers in Australia employing approximately 68,000 individuals across 127 buildings, reflects a significant shift in workplace dynamics.

The surge in office attendance coincides with a resurgence in workplace attendance mandates and policies linking physical presence to bonuses and performance reviews.

However, co-founder of XY Sense, Alex Birch, suggests that rising job insecurity, rather than these policies, primarily drives this behavioral shift.

“The pendulum has moved towards the employer, and therefore people feel more obliged to go back into work,” commented Mr. Birch.

Job market

Danielle Wood, chairwoman of the Productivity Commission, anticipates this trend to persist as the job market softens.

She notes a disparity between employer and worker perceptions regarding the productivity benefits of hybrid work arrangements, hinting at potential shifts in the employment landscape.

Meanwhile, economists at the e61 Institute observe a partial reversal of the pandemic-induced “escape to the country” trend.

Rent differentials between regional and capital city dwellings, which narrowed during the pandemic, are now widening again.

This trend suggests a diminishing appeal of remote work options and a return to urban commuting.

Aaron Wong, senior research economist at e61, said the emergence of a “new normal,” characterised by a hybrid lifestyle that blends access to office spaces with proximity to lifestyle amenities such as natural landscapes.

While regional rents decline, rents for homes on the urban fringe surge, reflecting evolving preferences shaped by remote work opportunities.

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Why resilient economy is fuelling demand for Australian property



Despite inflationary pressures, Australian house prices have surged to a record high for the fifth month in a row, as indicated by CoreLogic data.

Australian house prices have not only weathered inflation but have also soared to unprecedented levels, marking the fifth consecutive month of record highs, according to data from CoreLogic.

This resilience reflects the enduring demand for property in the country, showcasing the sustained interest of buyers despite challenging economic conditions.

VentureCrowd’s Head of Property, David Whitting, talks how investors can access alternative ways of property investing.

Presented by VentureCrowd #funding futures #housing #economy

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Three reasons why you don’t need to panic about inflation



Inflation in the US has exceeded expectations for the third consecutive month, driven by increases in essential commodities such as oil, electricity, takeaway food, and medical costs.

  1. Despite a 3.8% year-on-year rise in CPI, it’s notable that this figure has decreased from its previous 9% high.
  2. The robust CPI and economic growth numbers suggest a positive outlook for US corporate earnings.
  3. The S&P500 has seen five 1% drops this year, all of which were met with investors buying the dip.

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