Revenue Management

💸 In June 2024, inflation stood at 3.6% with a significant month-on-month rise of 1.3%, the largest increase in 12 months. The foodservice sector sees this as a return to levels seen five months prior. Shaun Allen of Prestige Purchasing and Reuben Pullan of CGA by NIQ acknowledge the volatility of the market, urging vigilance. Vegetables, particularly potatoes due to poor weather conditions impacting 2023 crops, face double-digit inflation, while two other categories show year-on-year deflation, bringing some relief amidst ongoing cost challenges.

📱 Breezeway's study found property managers using 'Gap Night Messaging' book an extra 6.6 nights monthly, earning $3,682.43 more in revenue. The platform surveyed 350 clients worldwide, addressing the issue of unbooked 'gap nights' to optimize occupancy and revenue. Jeremy Gall, Breezeway's CEO, highlights the synergy of technology and hospitality in reducing operational burdens and increasing bookings.

```html 📰 Setting effective room rates in the hotel industry involves targeting key metrics such as RevPAR, occupancy, and ADR. Utilizing historical data from a property management system (PMS) helps hotels understand booking patterns and optimize distribution. Monitoring booking windows and market segments informs strategic discounting and promotions. RMS tools automate tracking of demand, pricing fluctuations, and market positioning. Regular reviews of pricing strategies are recommended, with frequency depending on property size and resources; larger hotels may require more frequent reviews, while smaller properties can rely on RMS for 3-4 strategic checks per month. Implementing RMS reduces manual workload and helps hotels stay competitive by adjusting prices in line with market demand. ```

🍺 Chidensee Watthanawongwat, Kitiya Mokkarat, and Supatta Banklouy formed Sawasdee Hospitality Management in April to introduce less familiar Thai dishes to the U.S. They operate Soothr in East Village and Sappe in West Village, New York City. Sawasdee plans to expand across the country, including Los Angeles and Miami. They aim for an upscale Thai dining experience, diverging from typical takeout menus. Sappe offers skewers from $20, dook fu salad at $29, and Crying Tiger for $22, while Soothr features dishes from $14 to $28, including dry Sukhothai noodles for $18 and massaman curry at $28. Sawasdee's next venture is introducing Thai barbecue hot pot in Manhattan.

📖 Dan Frommer collaborates with Coefficient Capital to release a 75-slide Consumer Trends Report, covering Gen. Z beauty, cannabis, nicotine habits, GLP-1 weight-loss drugs, and YouTube’s entertainment future. Surveying over 3,000 US consumers with Toluna, the report is freely accessible for New Consumer members, with deeper analysis in newsletters and podcasts. Membership options include an annual subscription for $200/year or a monthly subscription for $20/month.

🐶 A Jack Russell requires substantial exercise and is prone to hunt and chase with a sense of smell 100,000 times better than humans. Dogs can have 125 to 250 million smell receptors, compared to a human's five million. The author's daily routine includes three walks with their dog, Olive, which has taught them the value of a slower pace for better decision-making. The idea is parallel to the business of hotels and strategic thinking, emphasizing the benefits of an unhurried, deliberate approach.