Small businesses across the region are watching closely to see whether the World Cup will deliver the economic boost many had hoped for, even as FIFA expects to make billions in profits from matches held in the Meadowlands.
Small businesses across the region are watching closely to see whether the World Cup will deliver the economic boost many had hoped for, even as FIFA expects to make billions in profits from matches held in the Meadowlands.
FIFA anticipates $11 billion in profits from the World Cup, with much of that revenue expected to come from the eight games scheduled to be played here. While the global soccer tournament promises massive attention and fan turnout, there is growing concern that the financial windfall may not reach local businesses. State Assemblywoman Katie Brennan said she is already hearing doubts from business owners about the benefits.
In Jersey City, some businesses have been preparing for the world's largest sporting event since the local matches were announced. A local entrepreneur developed a promotional program that offers discounts at participating businesses to encourage spending locally. Felicia Palmer, the entrepreneur behind the TapLocalRewards card, said FIFA has not done enough to help those businesses attract more visitors and take full advantage of the World Cup crowds.
Plans for Jersey City to host a major World Cup-related event at Liberty State Park ultimately fell through, adding to concerns about missed opportunities. Even so, some businesses remain optimistic. Jane Wan, owner of Grand Sichuan, said her restaurant is preparing a special menu for World Cup soccer fans. She said she is keeping her fingers crossed that supporters will stop by before and after matches in the Meadowlands.
Meanwhile, the hotel industry is seeing signs that international travel may be lagging as the tournament approaches. Local business leaders had been counting on the World Cup to be a win-win for both soccer and the host cities, especially those closest to the games. Jim Kirkos, president of the Meadowlands Chamber of Commerce, said the focus now is on helping businesses make the most of the opportunity that still exists.
"My job is to make sure we're putting those businesses in every possible way to capture and leverage the opportunity to do some business, and to grow," Kirkos said. As the opening matches approach, businesses near the Meadowlands remain hopeful that fans drawn by the sport's biggest stage will still spread their spending beyond the stadium gates. Man charged after 3 stabbed outside Queens home in dispute over dog urinating on lawn
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