A recent study done by students at the Fordham University Graduate School of Business to measure the economic impact of Mercedes-Benz Fashion Week (MBFW) on the Lincoln Square neighborhood was released recently.

The report is part of a broader set of initiatives by IMG Fashion andFashion Week Generates Over $40 Million in Local Business City of New York to maximize the positive impact of MBFW on the surrounding community.

The study was inspired by the desire to understand and maximize the positive impact of Fashion Week in the surrounding community

Completed with assistance from the New York City Economic Development Corporation, NYC & Co and the Lincoln Square Business Improvement District, the study specifically measured the impact of staff, crews, and various working constituencies of the event on businesses within the five to ten-block radius of MBFW. It did not include the economic activity of the thousands of general, non-working event attendees, or any activity outside the immediate Lincoln Square neighborhood.

Overall, the study estimates a nearly $40 million annual economic impact in Lincoln Square, generated by Mercedes-Benz Fashion Week staff, crew, designers, and media attendees. This includes over $6 million on hotels, nearly $7 million on retails, $9 million on restaurants, $12 million on venue rental and use, and several more million in spending by event producer IMG and other MBFW sponsors.

To put this in context, Fordham’s findings indicate that over ten percent of Mercedes-Benz Fashion Week’s estimated economic impact on the entire City of New York (~ $233 million per season, according to the New York City Economic Development Corporation), goes directly to local businesses in the immediate Lincoln Square community.

New York City is the fashion capital of the world, and nothing demonstrates this more than Mercedes-Benz Fashion Week, said Seth W. Pinsky, President of the New York City Economic Development Corporation.  Each year Fashion Week provides a major boost to the City’s economy – especially in the Lincoln Square neighborhood.

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