Call it the Pinstripe payoff. With the Yankees set to face the Philadelphia Phillies in the World Series, the city is prepping for quite a windfall.
And it all starts tomorrow with a pep rally in Times Square. Mayor Michael Bloomberg is hosting the gathering at 12:30 p.m. at the crossroads of the world. He will be joined by Michael Kay of the Yankees' YES network.
The city wants Yankee fans to wear Yankee garb to work and school to show support throughout the Big Apple. But it's not just support for the ball club. Yankee fans are translating into a big economic boost for the city as well.
Each American League Championship Series game played at home in the Bronx brought about $11.9 million dollars to the city, according to the New York City Economic Development Corporation. That figure includes spending in hotels, retail stores, restaurants and other outlets. When you consider how many spectators come in from out of town, not to mention the players and media, the money adds up quick. For World Series games the stakes are even higher.
For each game played at Yankee Stadium, the city is expecting to see about $15.5 million dollars pumped into the area. Extra confidence is pumped into the city, too. Peter Davidson from the Empire State Development Corporation says that jolt in confidence provides a boost for the local economy.
"It's great for the numbers but even more importantly, its great for the psyche of the city," Davidson said.
Plenty of spending spirit can be seen in local sporting good stores. At Modell's in Times Square, Yankee shirts and caps have been flying off the shelves.
"It's like Christmas in October," said Jim Argerakis, head of stores for Modell's. "Everybody's out, you don't feel the economy's problems at all, everybody's out, and wants their Yankee goods."