Fall is my favorite season. I delight in the changing leaf colors and temperate weather patterns. But what I love most is that it’s the time when the world of spectator sports seems to come into full bloom, cramming in college and NFL football as well as NHL hockey. Furthermore, the baseball world series run is also in full trajectory. And my favorites – the NCAA and NBA basketball seasons – are just around the bend.
Bars and restaurants that have been on a slow cooker during the summer months suddenly become alive with sports enthusiasts from all walks of life, as the dawn of fall sports season arrives. The sound of fans hooting and howling for their favorite team reflects the important role that spectator sport plays in fostering community spirit and economic development.
In this vein, local bars function as ‘third-places’, a concept coined by urban sociologist Ray Oldenburg. These are places where people congregate, other than at work or at home. In his book ‘The Good Great Place’, Oldenburg suggests that locales like community bars are vital to local civic connection and economic vitality.
Hot Wings and a Cold Brew
Back during my undergraduate days at The Ohio State University, a watering hole hangout called Buffalo Wild Wings & Weck (known as BW3) was an off-campus favorite of mine. It was famous for its 3.2% beer selection and blistering hot chicken wings; the hottest batch on the menu was affectionately called Three Alarm Fire.
Fast forward to almost twenty years later when BW3 morphed into what is now known as Buffalo Wild Wings, a franchised series of restaurants and bars that have become an epicenter of activity for rabid sports fans nationwide. In November of 2003, their initial public offering stock price was $8.50 per share. This price skyrocketed 35% in its first day of trading. If you had purchased shares then, you would be sitting pretty on an investment that has today realized an almost 1,600% gain on your initial investment. Just as a comparison, the S&P returned a respectable 135% over that same period.
By the way, I have a friend – a highly successful professional investor – who asked me one day back in 2010 whether I had any recommendations for stock picks. Out of my ass, I mentioned Buffalo Wild Wings. Now whenever I cross paths with her at a local Denver coffeehouse, she frequently offers to buy me a latte… which I request with a couple of espresso shots to jolt me out of the regret that I did not take my own advice and buy that darned stock.
Lest I digress, the point I am trying to make here is that bars and sports are ideal team mates for fueling a free market economy. Let’s take pro basketball as an example. It is said that during his playing days in Chicago, Michael Jordan was worth in excess of $100 million to the Windy City. I conjecture that a sizable chunk of that amount was accrued at local bars and restaurants where foot traffic swelled, both before and after games. The same effect occurred with the Chicago Cubs and the White Sox of baseball lore. “