Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }

The Rolling Stones started up Toronto's economy after all, to the tune of more than $75-million, according to new data from Canada's largest processor of credit- and debit-card transactions.

Nearly all industries associated with tourism saw significant boosts in spending during the days surrounding last week's megaconcert, with the city's restaurants embracing a nearly 60-per-cent jump in business compared to the week before the show.

"Ecstatic, just ecstatic," said concert organizer and Toronto-Danforth MP Dennis Mills, when told of the analysis of the debit and credit transactions. The study of transactions was conducted between July 27 and Aug. 2 by Monteris Solutions, Canada's largest processor of such data, and revealed a $75.2-million increase in spending from the week before.

Story continues below advertisement

"The Toronto economy has really been bumbling along for the past few months because of SARS," said Monteris spokesman Kevin Tait. "And to spike up by about $75-million definitely showed that the Stones have made an impact."

According to the Monteris data, the extra money was spent where it was most needed, with restaurants, the travel and entertainment sector, hotels and retailers -- the industries hit hardest by the decline in tourism brought on by the SARS crisis -- getting the bulk of the influx of cash.

Restaurants, which were hit especially hard by the crisis over severe acute respiratory syndrome, saw spending volumes rise by 59.2 per cent, a nearly $21-million increase from the previous week.

"What was really important for the city, and where we were really happy to see the numbers go up was in the travel and entertainment industry," Mr. Tait said. "Restaurants in particular just blew us away. That number is staggering."

The travel and entertainment industry, which includes spending on things such as taxis and buses, as well as nightclubs, movie theatres and other attractions, rose by 20.6 per cent, an increase of $25-million from the week before.

Doing some quick calculations, Mr. Mills estimated that the federal and provincial governments would recoup about $12-million from the extra spending, more than doubling the $5-million the two governments laid out in funds to bring the Stones and their friends to town.

On the rebound

Story continues below advertisement

A study of debit- and credit-card spending in the GTA during the week of July 27 to Aug 2 found significant increases compared to the previous week.

Restaurants enjoyed the largest increase in business...

Restaurants...........................59.2%

Travel and entertainment sector....20.6%

Photography supply stores...........18.5%

Drug stores and pharmacies.........14.1%

Story continues below advertisement

Hotels...................................7.1%

Car-rental agencies...................5.1%

Retail....................................5.1%

...but the retail sector received the largest share of an estimated $75.2-million in increased revenue.

Other $12.8

Retail $39.6

Story continues below advertisement

Restaurants $20.9-million

Hotels $1.9-million

SOURCE: MONERIS SOLUTIONS

Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies