VillageVines, which combines reservations and daily deals to elite restaurants in major cities, has changed its name of Savored and downplayed the importance of deals in its business model. The company was already in major markets like New York City, Chicago, San Francisco, Los Angeles and Washington DC, but has expanded into Boston, Atlanta, Philadelphia, Miami and Denver.
One of the major changes to the site's model is downplaying the role of daily deals at major restaurants. Savored restaurants are "top-tier establishments" who have not offered daily deals on sites like Groupon and others. On Savored, they select certain times and numbers of tables to release. Customers pay $10 to make a reservation and automatically receive 30% of their meal without the need for a physical coupon. Savored calls this "insider pricing."
According to co-founder Benjamin McKean, 56% of Savored users earn more than $100,000 a year and 25% earn more than $200,000. There are currently more than 500 restaurants participating.
Would you like to participate in Savored?
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