In a tÃªte-Ã -tÃªte with Restaurant India, Mihir Desai, Co-Owner TBSE, shares the experience of using the Stock Exchange App at their pub.
How did the idea of starting a stock market pub initiate?
The idea first germinated on my visit to New York last year. I came across a brewery trading in beer like a stock exchange trades in stocks, and I was fascinated by the innovation of the concept. It was there and then, that I planned to open one in Mumbai with more categories of spirits, beers and wines. We’ve been in the bar business for over a decade now, and our desire to try something out of the box led to planning such a concept in India – which we are sure will be a phenomenon to behold not only in Mumbai, but in all the other cities that we plan to expand to.
How did you decide on the pricing of the drinks served at your pub?
TBSE will trade in alcohol whilst making sure you have a great exchange (of conversation, of course). Starting with all prices (30 ml / 60 ml / full bottle) at MRP, prices of your favourite drink rise in direct proportion to its consumption over a period of time at the bar.
We have invested greatly in the development of this software and in creating adequate back-end support. Hence, there is no need to do any calculations as everything is managed by software, and the staff can concentrate on enhancing the experience with great service. The algorithm is fairly simple– all spirits starts at MRP and is governed by the basic laws of demand and supply. Based on frequency of order and the time periods within which different customers’ place orders, the demand of a particular spirit, wine or beer grows or declines and the prices accordingly go up or down.
In recent years, we have seen Mumbai turning into a restro-pub zone. Why so?
Mumbai has seen a great growth of the employment aged personnel who love to work hard and party harder. Yet, it has been starved for a good nightlife.
You have been touted as one of the most technology advanced bars in India. What are some of the technologies that make you different from others in the same race?
We are the first pub chain in India to own a proprietary bar stock exchange software using a comprehensive algorithm to determine and change the price of the drink for the next customer based on demand. Being touted as the most technologically advanced bar in India, customers can also place an order via a specially developed app (Android and iOS) that lets you monitor prices and order in real time. Customers can compete with each other and the system to score the best prices on their choice of drinks.
We also have unique Stock exchange elements like LED screens and a back-end software that mans all our MIS and POS. The BKC outlet is swanked with a private 30-seater state-of-the-art mini theater for private screenings, movie launches and match showcases for a greater viewing experience.
You are serving a mix of global and regional cuisine. How is the response so far? Which cuisine contributes to your revenue the most?
The response has been great! We have just appointed Chef Kshama Prabhu as our Executive Chef for the Group. With respect to biggest contributors, Chinese and Indian is crown favourites, our starters really fly off the shelves as well. Continental is also really popular.
What are the elements you have kept in mind while designing your pub?
We have ensured we are people-friendly, and we have elements of stock exchanges and a huge alfresco section across our outlets. These days we also see many cafes and retro-pubs turning out to be a social and corporate café. Do you offer such things at your outlet?
All TBSE’s are in corporate areas where we get a lot of such crowd. We believe in offering value for money options for our guests. In fact, we have special Express Lunches now at all the outlets of The Bar Stock Exchange, Monday to Friday, starting 12 noon onwards till 4PM at Rs 300 only. You can devour two platefuls of Starters of the day as well as a stately Main Course and alongside enjoy a Beer or Sangria. Further, we top it up with a heavenly Mini Dessert – perfect for a Queen’s plate!