Fashion Week's Economic Boon
While some residents gripe about the unfavorable ramifications of having Fashion Week in their backyard, there are benefits to the community for hosting the event. In August 2011, the Fordham Consulting Group and Fordham University Graduate School of Business released an economic impact study outlining the effects of Fashion Week on the immediate surrounding areas within a 10-block radius of Lincoln Center.
The study estimated that the total economic impact is $20,902,193, taking into account spending by staff, crew, vendors, visitors, designers and sponsors. It also found that the twice-yearly event brings in an annual $9 million to area restaurants, $6 million to local hotels, $6.8 million in retail revenue and $11 million to venues.
The Lincoln Square BID works with IMG World to develop programs to boost the event's positive economic impact. "From our perspective, this continues to be great for the businesses," said Monica Blum, president of the BID. "We do two promotions, one that's aimed at the crews, and it's just amazing to me that we've now lined up 23 quick-serve places to offer discounts to the crews."
The other program, Fashion Plate Prix Fixe, is a sort of Restaurant Week for the Lincoln Center area, with restaurants establishing set menus at discounted prices. Popular spots like Telepan and Boulud Sud offer special lunch menus, making their normally pricey fare a bit more accessible.
Blum said she hasn't heard complaints from residents over Fashion Week.
"Obviously there are some inconveniences," she said. "They've tried to work with the community to minimize to the extent possible the inconveniences. On balance, it's a really positive thing for the neighborhood."