New Times Square with New Economy
New Times Square with New Economy
By Madhuri Podugu
After a long time, we all made it to our new year, 2017! But if we rewind our memories to New Year’s Eve weekend, we should be realizing that we spent most of the day by counting hours and minutes. In fact, it could be the only day of the year when we take the time to count!. It was also the day when New York City became host to the world’s premiere New Year’s Eve celebrations, with festive ways, including the Rockin Eve’ performances and the iconic ball drop in Times Square. Each place like New Year’s Eve Wishing Wall and Madame Tussauds, showed their uniqueness to impress the expectant visitors and New Yorkers. So altogether, Times Square is a dynamic place, filled with fantasies, but is it true for retailers at Times Square? Of course, many companies gain a lot of profits but are they gaining in a right way?
Even though Times Square comprises only 0.1% of New York City’s total land area, its Alliance reports shows that it is responsible for generating $110 billion revenue for the city. Tim Tompkins, President of the Times Square Alliance, said that, “ While finance, insurance, and banking markets contracted, slowing the City’s economy overall, the growth in areas like entertainment, hospitality and tourism reminds us of the value of investing in the travel and tourism sectors”. Time Square supports a total of 385,000 jobs and during New Year's Eve, it gives a great opportunity for companies to hire more jobs, so that they could expand their capacity for customers. On the other side, companies and restaurants take the advantage of this opportunity and price discriminate their products. It can be seen through a regular weeknight restaurant, Olive Garden, charged $400 per person for a buffet and a DJ. Hotel Marriott charged a small guest room starting from $999 and charged the New Year’s Eve seating for $3000. Retailers like Olive Garden, intentionally modified their original product and convinced many consumers on the fact that their product/deal is the best one. There would be no decrease in demand for these companies because they know that many people are willing to pay their high price. In addition, Times Square retailers start to derive popularity before New Year’s Eve, through hundreds of daily advertisements on pedestrians passing through the square. These advertisements not only evoke consumers to attend the New Year’s Eve but they indirectly generate revenue for the city and the retailers.
Since, we know what really the Times Square looks like. If you are planning to attend next New Year’s Eve, think about how much money you are going to save and how much you are going to give up to enjoy the bustling celebration?
Happy New Year!
Works Cited
"NYC & COMPANY INVITES VISITORS TO RING IN THE NEW YEAR IN NEW YORK CITY." Nycgo.com. Web. 26 Dec. 2016.
Network, Mary Bowerman. "Olive Garden in Times Square Charging $400 for New Year's Eve Tickets." USA Today. Gannett Satellite Information Network, 29 Dec. 2015. Web. 26 Dec. 2016.
"New Report on Economic Impact of Times Square Finds District a Steady Growth Engine for NYC." Times Square Alliance : New Report on Economic Impact of Times Square Finds District a Steady Growth Engine for NYC. Web. 26 Dec. 2016.
"New York Marriott Marquis." Hotels In Times Square For New Year's Eve | Marriott. Web. 26 Dec. 2016.
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