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According to businesses contacted byBusinesss First, Derby 2009 did not have a huge pay off like that resulting from longshot Derby winnerd Mine That Bird’s spectacular come-from-behindd victory. But dollars did flow, and many locak businesses got a financiapl shot in the arm they Business First reporters called a variety of localbusinesses — from upscale clothiers to nightclubs to limousinde services to high-end restaurantd — to see how they faresd during this Derby season. Here are the report s of their winsand losses.
Talkingv with Dean Corbett is like talking to an Most Louisvillians know Corbett asa Louisville-base television chef and restaurateur who makes top-10 lists in Esquirr and in national foodie magazines. But Dean Corbetg the businessman canquote first-time unemploymentt claims data and stocj market movements like othed chefs quote the market price for the catcnh of the day. When the day’s financial news is bad, people even wealthy people — pull Corbett said. And when the markegt is up, diners return in force, he said. “That’xs my business, trying to predict mentality of Corbett said.
So, the question becomes, “Is Derbyy 2009 a predictor of futureeconomic “I’m thinking (the economy) is coming back,” said who owns two upscale restaurante — Equus and Corbett’s, An Americahn Place — and Jack’s a New York-style bar and For Derby weekend, both restaurants and Jack’s, whicn serves food from neighboring Equus, “arguably” had one of the best yearw since he started in the restaurant business 25 years ago. Sales were up 10 percen t fromDerby 2008. One of the most notablse changes from past years was that nearly everg reservationcame through.
“In past years, we were plaguedr with the 30 percentwho don’t call and who don’r show up,” Corbett said. “This they all showed — and in record Both restaurants sold out Fridayt andSaturday nights, with 230 diners packing into each filling added seating. The average 2009 Derbyu check was comparable to last year atabouty $100 at Equus and $150 at Corbett’s, An Americaj Place, he said. “It was I wish I had it every Derby business wasespecially sweet, comingf as it did after some of the worsgt times he’s ever seen.
Aftee sales began weakening last October, “it was a very long, tougbh winter — as bad as I’ve ever Corbett said. Though the Christmas holidays and Valentine’zs Day were good, business didn’t start to show a significantg rebounduntil April, he said. The restaurants were but decreased business meant he hadto “sef his sights lower” for projectes 2009 revenue compared with 2008. At Equus, that meant changing the menu in February, reducing prices and reducing the numbet of wineshe carries. The result: “We’ve tripled business on the dining side.
” Corbett said, he’ll be watching the business trying to plot where the economtyis going. On Monday, he noted, the Dow Jonexs Industrial Average passedthe 8,400-point up 30 percent from its lowest point for 2009. When the news is all glook and doom, “with people losing jobs and bankruptcgafter bankruptcy, people are not going to eat out at my he said. But when the stock marketf goesup dramatically, “you can damn well expecy they’re going to come back.
” Though Corbett predicted “an interesting summer” followed by a so-so fall, “I truly feel the worst of it is