Good morning. I’m Dawn Calleja, editor of Report on Business Magazine, wishing a Happy Taylor Swift Week to all who celebrate – and if you live in Toronto, you’re along for the ride whether you like it or not. Chris usually does takeaways from the week on Friday. So let’s call this Friday’s takeaways . But first:today, after the national postal service and the Canadian Union of Postal Workers failed to reach a deal for a new collective agreement.
It’s no wonder cities are salivating. The typical concertgoer generates about US$300 in ancillary spending per US$100 spent on the ticket itself. But according to a Time magazine report from last fall, Swifties are spending roughly five times that, and the figure could be as much as US$1,500 per attendee.
Much to Mayor Olivia Chow’s chagrin, however, almost none of that will go into the city’s coffers. As she toldthis past spring: “We don’t get a penny of it. It’s great for the economy, but in terms of revenue, we actually end up paying out instead of getting any of that benefit.”as it braces to move around the 500,000 fans expected to descend on already gridlocked streets. Then there’s the hundreds of extra transit workers and police who will be deployed to help manage the crowds.
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