As we ride through these rough economic times, I like to find examples of business people who adapt to market conditions, rather than complain and wait for someone else to “solve” their problem.
Take San Francisco restaurant The Fifth Floor. The Wall Street Journal reports in its story about how restaurants are coping with a down economy, that The Fifth Floor is taking a rather unique action:
In markets where labor costs are high, discounts are less common and proprietors are trying other tactics. At San Francisco’s the Fifth Floor, there is an “Honor Bar” where patrons stuff money into a box on the honor system and pour themselves wine from an unstaffed bar.
It reminds me of what I saw when I first moved to the Triangle. On my first time through Raleigh-Durham airport, I noticed an “honor system” book store. You simply chose a book and deposited the money in a container that sat unattended in the alcove.
