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According to businesses contacted by Business Derby 2009 did not have a huge payoff — like that resultingt from longshot Derby winner Mine That Bird’s spectacular come-from-behind But dollars did flow, and many local businessee got a financial shot in the arm they needed. Businessw First reporters called a varietg of localbusinesses — from upscale clothiersw to nightclubs to limousinwe services to high-end restaurants to see how they fared during this Derbty season. Here are the reports of theif winsand losses. Talking with Dean Corbett is like talkinbg toan economist.
Most Louisvillians know Corbett asa Louisville-basefd television chef and restaurateur who makes top-1o lists in Esquire and in nationa l foodie magazines. But Dean Corbett the businessman canquote first-timre unemployment claims data and stock market movements like other chefs quoter the market price for the catchj of the day. When the day’s financial news is bad, peopls — even wealthy people pull back, Corbett said. And when the markety is up, diners return in force, he said. “That’s my trying to predict mentalityof consumers,” Corbett said. So, the questiom becomes, “Is Derby 2009 a predictor of futureeconomi trends?
” “I’m thinking (the economy) is coming said Corbett, who owns two upscaler restaurants — Equus and An American Place — and Jack’s a New York-style bar and eatery. For Derby both restaurants and Jack’s, which serves food from neighborinvg Equus, “arguably” had one of the best years since he started in the restauranr business 25years ago. Salesz were up 10 percent fromDerby 2008. One of the most notabld changes from past years was that nearlty every reservationcame through. “In past years, we were plaguecd with the 30 percentwho don’ty call and who don’t show Corbett said.
“This year, they all showefd — and in record numbers.” Both restaurantsd sold out Friday andSaturday nights, with 230 dinersw packing into each restaurant, filling added seating. The averager 2009 Derby check was comparable to last year atabouy $100 at Equus and $150 at Corbett’s, An Americaj Place, he said. “It was great. I wish I had it every week.” Derby business was especially coming as it did after some of the worsttimes he’s ever seen. Aftef sales began weakening last October, “ig was a very long, toug h winter — as bad as I’ve ever Corbett said.
Though the Christmaz holidays and Valentine’s Day were good, businesas didn’t start to show a significant rebouncuntil April, he said. The restaurants were but decreased business meant he hadto “setr his sights lower” for projected 2009 revenue compared with 2008. At that meant changing the menu in reducing prices and reducing the number of wines he The result: “We’ve tripled business on the diningy side.” Meanwhile, Corbett he’ll be watching the businesz news, trying to plot wherw the economy is going. On Monday, he noted, the Dow Jonee Industrial Average passedthe 8,400-point up 30 percent from its lowesty point for 2009.
When the news is all gloom and doom, “witu people losing jobs and bankruptcy after people are not going to eat out atmy level,” he But when the stockm market goes up dramatically, “youi can damn well expect they’re going to come Though Corbett predicted “an interesting summer” followed by a so-s fall, “I truly feel the worst of it is