Biz Buzz: Restaurant Week Serves Fiscal Success

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The 2015 Newport Beach Restaurant Week held in January was an overwhelming hit with diners and restaurateurs, according to information presented at the Newport Beach Restaurant Association meeting held March 25 at the Back Bay Bistro at Newport Dunes Resort.

Restaurant participation fees and funding from the city increased over 2014 figures, in-kind sponsorships topped $30,000, and advertising and operational expenses decreased from $82,826 in 2014 to $49,500 in 2015.

PR placement of Restaurant Week information, including articles and calendar listings, topped 200, for a total media value of $562,750.

Restaurant booking for Restaurant Week on the Open Table website were double that of last year.

Consumer behavior also showed positive trends, according to surveys of diners. Around 68 percent of diners said they tried a new restaurant, 91 percent said they would participate again next year, and 98 percent would recommend Restaurant Week to a friend or colleague.

About 94 percent of diners said the overall value was either excellent, very good or good, while 82 percent said they ordered items in addition to the Restaurant Week menu. Overall spending during Restaurant Week was $4.67 million.

Dine Newport Beach, a partnership between the Restaurant Association and Newport Beach & Co., helped promote Restaurant Week.

At the meeting, Polly Peak of Dine Newport Beach announced that Dine Newport Beach was launching a Happy Hour guide that includes listings of restaurants along with happy hour details and times.

Peak also shared statistics that showed Dine Newport Beach had exceeded its social media goals for the 2014-2015 fiscal year, including reaching 163 percent of goal on Instagram. Website visits and page views were also on track to hit goal.

During the meeting, the Restaurant Association board voted to approve the 2014-2015 annual report, the 2015-2016 annual plan, and the 2015-2016 budget, and submit them to the City Council for review at a future City Council meeting.

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