Long story short, big events like March Madness are extremely good for both the overall and local economies.
For the first time in 15 years, the first and seconds round of the NCAA tournament will be played in Legacy Arena in Birmingham, AL. This nationwide event brings an influx of people into the city bringing revenue in terms of: restaurants, hotels, etc. One restaurant said they are expecting a 50- to 75% growth that week and another believes that all restaurants in the area will get a 25- to 30% boost that week.
Many cities hope to be able to host events like these because of the present growth and future expose for both the town and the businesses.
https://www.cbs42.com/news/local/preparations-beginning-for-march-madness-2023-in-birmingham/
Big sporting events are always a good thing for the economy and businesses. For businesses trying to increase their success, march madness is always a good investment to go into. If you have the resources and the opportunity, a business should definitely look into hosting and being apart of march madness. I'm happy for Birmingham Alabama. Hopefully this will have a very positive up tick in their city.
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ReplyDeleteHow much money does the tournament generate for the city in general?
ReplyDeleteIt is amazing the effect big events have on local businesses. You almost wish that these events would change locations to help other businesses. It is great to see the publicity and revenue these business encounter when sporting events like this come around.
ReplyDeleteI think this is so interesting how much resturants can see such positive growth in their business and service during this specific time. I bet also raises a lot of cometition between businesses in the hosting city.
ReplyDeleteWhat does revenue for Birmingham usually look like from "tourists"?
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