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No one is required to depant themselves just for going to the bar. Chances are that very, very few women would be willing to display their panties unless they were immaculate and/or a pair they are particularly proud of. Sure you're bound to get one or two who get off on making other people see their period stains, but I can rest easy in the assumption that the people running that bar will judiciously remove or not allow the display of panties that would have a significantly negative impact business.
There is one substantial risk the bar is running though: assuming this catches on, any guy who walks into that bar will be able to tell immediately what kind of women are hanging out that night. Lots of fun, sexy, brand new underwear probably means the women came out with a plan of drinking $50 worth of alcohol. Everyday and unspectacular, but otherwise clean, underwear could mean that there are women who were gonna take it easy that night, but the mood hit them and they don't care that they have work the next morning.
Those are all good outcomes. However, on off-nights, guys on the prowl will be able to assess their prospects and move on without much time investment and therefore less purchasing of booze.
Aside from the fact that piano bars and art openings probably would never have this type of promotion, I don't think this bar deserves so much criticism just for catering to men, but also giving women the option of taking advantage of a pretty sweet deal.
In fact, maybe I'll pass this article on to the manager of the Applebees out by the interstate and start spicing up the family's weekly Sunday dinner out on the town.