OpenTable (OPEN) Dips as Groupon (GRPN) Turns Up the Heat
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Groupon (Nasdaq: GRPN) is up about 1.8 percent Monday after announcing its new "Groupon Reserve" initiative.
Lower today on the news is OpenTable (Nasdaq: OPEN), which is down 1.2 percent, but paring an earlier loss.
Reserve "lets customers book tables at some of the best restaurants in their city at discounts of up to 40 percent," according to the release. Reserve reservations are live in 10 markets: Atlanta, Boston, Chicago, Denver, Los Angeles, Miami, New York City, Philadelphia, San Francisco and Washington, D.C., with plans to expand to more cities in the United States and in key international markets by the end of 2013.
The move could directly impact OpenTable, which works with 28,000 restaurants right now. Getting a discount with your reservation is an alluring prospect which most consumers would jump on the chance to get. This could also cause restaurants to switch over from OpenTable if enough customers are requesting it.
Lower today on the news is OpenTable (Nasdaq: OPEN), which is down 1.2 percent, but paring an earlier loss.
Reserve "lets customers book tables at some of the best restaurants in their city at discounts of up to 40 percent," according to the release. Reserve reservations are live in 10 markets: Atlanta, Boston, Chicago, Denver, Los Angeles, Miami, New York City, Philadelphia, San Francisco and Washington, D.C., with plans to expand to more cities in the United States and in key international markets by the end of 2013.
The move could directly impact OpenTable, which works with 28,000 restaurants right now. Getting a discount with your reservation is an alluring prospect which most consumers would jump on the chance to get. This could also cause restaurants to switch over from OpenTable if enough customers are requesting it.
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