from Page 36


ney concert isn’t even remotely close to the demand for a sold-outMiley Cyrus concert in the same arena. The free market should be what


establishes the demand, but you still have to manage that demand. Shoup’s theories offer a means to do that; albeit, they are not the absolute and only answer.To simply say that the free market should be the guideline without providing a means of managing the end result is like selling asmany tickets as you can to a football game without giving any consideration to how many people the stadium can hold.


JVH responds: We have apples and oranges here.


Mark is talking about market-based parking, and the examples he uses are off-street. Although Shoup addresses off-street and his concerns about parking requirements, his market- basedmodel is focused, I think, on on- street parking. Certainly,MileyCyrus and staffing


levels are important when considering pricing for a facility supporting a venue or an office building, but on-street pric- ing can, I think, be accurately and liter- ally driven by themarket. Isn’t Miley the “driver” in a


venue’s parking market?When little is going on in a neighborhood, say at 10 a.m. or 4 p.m. in Hollywood, prices can be down.However, when the clubs open at 9 p.m. and the neighborhood is jammed, prices can go up.The same is true based on day of the week, or the weather. I would suggest that parking costs


less at a facility after 5 p.m.,whenmost of the businesses in the building it sup- ports are closed, than they cost at noon.Monthly rates are less than daily rates based on market demand. Early-bird rates are market-dri-


ven.We see this in NewYork when the rates change hourly on small lots as they fill during the day. Up until recently, it was not possi-


ble to “adjust” rates quickly based on the facility’s (or street’s) current occu- pancy. However, technology has caught up, and we can now do it rea- sonably and quickly. Of course, conditions change, but


aren’t they mostly due to the market? Miley is playing Saturday. It is


snowing. “Star Wars” is opening at the theater across the street. Most of your staff calls in sick. All these are factors that affect the market. And if you are quick on your feet, your pric- ing can be adjusted to accommodate them all. If you want more cars, lower the rate; if you are overwhelmed (by Miley), raise them. I know a fellow here in LA who runs


a surface lot across the street from Sta- ples Center, where the Lakers play. He can tell – based on how well the team is doing, how many cars are in his lot at a certain time, and whether it’s raining or not – exactly when to raise or lower his prices in the middle of the influx for an event. His lot is almost never empty. That’s market pricing at its best.


PT BLOG Continued on Page 47


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