Good afternoon. We’re here to help you get ready for the week ahead with this Memorial Day-relevant factoid: Since grill-maker Weber went public last year, its shares have lost nearly 50%. In March retailers saw a significant drop in customer traffic, management said. Sounds as if everyone who needs a new barbecue has already bought one. And speaking of food…
The secret sauce for this Bronx BID is a sauce license
Between Chinatown reaching north and SoHo spreading east, there isn’t much Little Italy left in Manhattan. If you want the city’s best salumerias, pizzerias and gelato joints, head over to Arthur Avenue in the Bronx.
How Italian is the Bronx’s Little Italy? Let me tell you: They use tomato sauce to keep the streets clean.
Seems as if a few years ago Summer Garden Food Manufacturing in Ohio was introducing a new line of pasta sauces. Some sharp business leaders on Arthur Avenue smelled opportunity and in 2018 cut a deal to lend out their neighborhood’s name in exchange for a piece of the action. The Little Italy in the Bronx line of red sauces started showing up on supermarket shelves.
The Arthur Avenue Business Improvement District has collected $130,000 in revenue from sauce sales in the past two years, according to the BID’s audited financial statements. The cash amounts to three-quarters of the cost for keeping the neighborhood streets clean, a key job of BIDS, which are like chambers of commerce that also provide sanitation and security services.
The city’s more than 70 BIDs normally fund themselves by assessing landlords, who pass the cost on to commercial tenants. But the tomato-sauce deal has enabled the Arthur Avenue BID to maintain services without asking hard-hit restaurants and other small businesses to dig deeper into their pockets.
Peter Madonia, whose family has owned an Arthur Avenue bakery since 1918 and is chairman of the Belmont District Management Association, said: “The sauce is as good as anything on the market, if not better.”
We report, you decide.
June 1
GameStop reports earnings. The mother of all meme stocks should come with Dramamine. It peaked at $325 a share in early 2021, and although it has never approached that level since, there have been enough peaks and valleys along the way for the stock to remain a favorite for the WallStreetBets crowd.
The Institute for Supply Management’s index for prices paid by manufacturers comes out. Here’s a pile of tea leaves to sift through for signs inflationary pressures are finally easing.
June 3
The U.S. Labor Department reports monthly unemployment figures. Scores of smaller tech companies are laying off workers, but the impact hasn’t shown up in employment data yet. Maybe this month.
Bryant Park’s Picnic Performances series features contemporary dance with AThomasProject and Ephrat Asherie Dance, a company rooted in African-American and Latino street and social dances. The show starts at 7 and is free.
Only in New York, kids, only in New York.
"Sauce" - Google News
May 30, 2022 at 02:45AM
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Crain's Extra: The secret sauce for this Bronx BID is a sauce license - Crain's New York Business
"Sauce" - Google News
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