<p>The food and beverages (F&amp;B) industry and small and medium enterprises (SMEs) face increasing pressure to adjust prices across hybrid retail–service channels (dine-in, takeaway, delivery) while navigating cost shocks and platform fees. This study explores the mechanisms by which firms set and adjust their prices by developing a hybrid retail–service pricing (HRSP) process, derived from multiple Malaysian cases. Using semi-structured interviews with six owners/managers and artefact triangulation (menus, price histories), Braun and Clarke’s reflexive thematic analysis was conducted. The study revealed seven themes that map to a three-stage process: sensing (item-level margins, traffic mix, competitor moves), seizing (channel-specific mark-ups, bundle/anchor tactics, portion-first adjustments), and transforming (structured price reviews, SKU pruning, resource reconfiguration). Firms anchor on cost-plus pricing while systematically modulating to customer value, brand positioning, and local willingness-to-pay; break-even thresholds trigger action, while loyalty mechanics replace broad discounting. Three testable propositions were proposed regarding the conditions under which firms (1) prefer contribution-margin repricing over menu pruning, (2) substitute discounts with anchor/bundle designs, and (3) overcome structural readiness barriers to implement personalisation on delivery platforms. Additionally, this paper provides a managerial playbook with 14/30-day diagnostics to institutionalize price reviews. The findings advance pricing as a capability-intensive process in retail–service settings and provide a foundation for analytical generalizability to comparable emerging-market settings.</p>