Memphis in May lost $1.79 million this year. But it will try for a 2021 comeback| Evanoff
Despite the pandemic, Memphis in May has rescheduled for 2021, hoping to reverse this spring's pandemic-related closure, which drove $1.79 million in losses, the worst showing ever for the city's signature festival.
Ted Evanoff
Memphis in May International, a tourism giant for the city, just put a figure on 2020.
It's $1.79 million.
That's how much the festival organizer lost this year with its riverside extravaganzas closed by the pandemic.
Year after year, hundreds of thousands of people attend the Beale Street Music Festival, the World Championship Barbecue Cooking Contest and other events meant to highlight Memphis and its attractions.
But not this year.
"For the first time in 44 years, the unimaginable occurred; the Memphis in May International Festival did not happen, and Tom Lee Park sat empty during May,'' Memphis in May chief executive James Holt says in the annual report released Thursday by the organization.
"We quickly rallied to reset the festival in the Fall, but the ongoing pandemic forced us to abandon those plans. Without our events in 2020 there was virtually no organizational revenue for the year and Memphis in May suffered a devastating $1.795 million financial loss for FY2020," Holt says.
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What happens next? No one is giving in. Says Charles Ewing, chairman of the Memphis in May board of directors: "I along with my fellow board members, our staff and community volunteers are committed to bring Memphis in May back in 2021. Despite the devastating financial loss that occurred due to the coronavirus in 2020, our board of directors are steadfast in this commitment."
Without ticket sales and event revenue from patrons, Holt resorted to cost cutting, employee furloughs and federal loans provided through the Paycheck Protection Program.
While the month-long festival usually ushers in the summer's heavy load of tourists and visitors, the pandemic-caused shutdowns contributed to the mass layoffs across the hospitality industry. Into August, the unemployment rate measured 11.8% in metropolitan Memphis. Layoffs were particularly severe among hotels, restaurants, bars, museums and entertainment areas including the Beale Street Historic District.
Losses this year surpassed the 1998 setback, when Memphis in May lost $595,000. The 2020 debacle cost the city $4.6 million in local tax revenue and canceled out the regular $149 million economic impact on the hospitality industry.
Despite the pandemic, Holt and his group went ahead and rescheduled Memphis in May for 2021. Here are anticipated dates for events next year:
- Beale Street Music Festival: April 30-May 2
- Salute to Ghana: May 1-31
- World Championship Barbecue Cooking Contest: May 12-15
- Great American River Run: May 29.
Are we really going to have it? Hopefully, yes, we'll have a remedy available for the virus. Keep your fingers crossed.
It's just doesn't feel like good old Memphis without Memphis in May.
Ted Evanoff, business columnist of The Commercial Appeal, can be reached at evanoff@commercialappeal.com and (901) 529-2292.