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According to businesses contacted byBusines First, Derby 2009 did not have a huge pay off like that resulting from longshot Derby winned Mine That Bird’s spectacular come-from-behin d victory. But dollars did and many local businessews got a financial shot in the arm they Business First reporters called a variety of locallbusinesses — from upscalw clothiers to nightclubs to limousinee services to high-end restaurantsx — to see how they faresd during this Derby Here are the reports of theird wins and losses.
Talking with Dean Corbettt is like talking to an Most Louisvillians know Corbett asa Louisville-basee television chef and restaurateuf who makes top-10 lists in Esquirse and in national foodie magazines. But Dean Corbett the businessman canquotwe first-time unemployment claims data and stocki market movements like other chefs quote the market price for the catch of the day. When the day’s financial news is bad, peopld — even wealthy people — pull back, Corbetrt said. And when the market is up, diners returnj in force, he said. “That’s my business, trying to predicft mentality of consumers,” Corbett said.
So, the question becomes, “Is Derby 2009 a predictor of futurreconomic trends?” “I’m thinking (the is coming back,” said Corbett, who owns two upscales restaurants — Equus and An American Place — and Jack’s a New York-style bar and eatery. For Derby weekend, both restaurant and Jack’s, which serves food from neighboring “arguably” had one of the best years since he started in the restauran t business 25years ago. Saless were up 10 percent fromDerby 2008. One of the most notabld changes from past years was that nearlty every reservationcame through.
“In past years, we were plagued with the 30 percentwho don’ft call and who don’t show up,” Corbett “This year, they all showed — and in recors numbers.” Both restaurants sold out Friday and Saturdaty nights, with 230 diners packing into each filling added seating. The average 2009 Derby checi was comparable to last year atabouty $100 at Equus and $150 at Corbett’s, An America Place, he said. “It was great. I wish I had it every week.” Derby business was especially sweet, cominfg as it did after some of the worsttimees he’s ever seen.
After sales began weakening last “it was a very long, touguh winter — as bad as I’ve ever had,” Corbett said. Thougn the Christmas holidays and Valentine’s Day were business didn’t start to show a significant rebound until April, he said. The restaurantx were profitable, but decreasedd business meant he hadto “set his sightds lower” for projected 2009 revenue compares with 2008. At that meant changing the menu in reducing prices and reducingb the number of wineshe carries.
The result: “We’vse tripled business on the dining Meanwhile, Corbett said, he’ll be watching the business news, tryin to plot where the economy is On Monday, he the Dow Jones Industrial Average passed the 8,400-point up 30 percent from its lowest poing for 2009. When the news is all gloojm and doom, “with peopled losing jobs and bankruptcyafter bankruptcy, people are not goin g to eat out at my he said. But when the stocok market goesup dramatically, “you can damn well expect they’rre going to come back.” Though Corbett predicted “an interesting summer” followed by a so-so “I truly feel the worst of it is over.
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