The dining event of the summer may involve a bowl and a spoon, if you’re in New York’s Times Square and stop by Kellogg Company (NYSE: K)’s first-ever restaurant.
The concept is to tap into the growing “experience economy,” a term used to describe the popular trend in business to try to create memorable events for customers so that the memory itself is being purchased as much as the product is. Kellogg’s will likely emphasize the transformation diners’ cereal goes through before reaching their table in order to justify the hefty price tags.
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Bowls of Frosted Flakes and Special K will be adorned with sprinkles of lemon zest, fresh thyme, ice cream and strawberries, and will come with a surprise, just like boxes of cereal are prone to do.
Perhaps it isn’t such a far-out idea, however. The Wall Street Journal reported that a 2016 survey by researchers Mintel showed that almost 40 percent of millennials think cereal to be “inconvenient” because they have to wash the bowl after they eat. Chobani yogurt may have proved the model, after its New York cafe doubled in size a year after opening in 2012 and has grown 40 percent each year.