All posts by James Cannon

About James Cannon

James Cannon is an experienced hedge fund analyst. He has served on the advisory boards for various different Fortune 500 companies as well as serving as an adjunct professor of finance. James Cannon has written for a variety of Financial Magazines both on and off line. Contact James at james[at]businessdistrict.com

Record Setting Playoff Tickets in Detroit

The Detroit Lions‘ remarkable Super Bowl journey is generating unprecedented excitement, with playoff ticket prices reaching record highs. According to TickPick, the average cost for a ticket to the Lions’ home game against the Tampa Bay Buccaneers has reached $1,097, setting a new record for Divisional playoff games, and ranking as the second-highest for any non-Super Bowl playoff game. Last year’s Divisional game between the San Francisco 49ers and the Dallas Cowboys held the previous record at $605.

Even standing room-only tickets are selling for nearly $700. The Lions’ unusual success is bringing a significant economic boom to Detroit. Local businesses, including bars, restaurants, casinos, and hotels, are witnessing a spike in demand as fans celebrate the team’s first playoff win in over three decades.

The upcoming playoff game is expected to inject approximately $52 million into the local economy, as estimated by the Anderson Economic Group. This projection includes fan spending in and around the stadium.

The city is experiencing a remarkable turnaround, fueled in part by football fever. Detroit, once hit hard by economic downturns, is now in the national spotlight, showcasing its resilience and revitalization.

Ticket demand for the Lions game is so high that it is compared to the fervor for Taylor Swift concert tickets. With a deep connection to the city’s history, the Lions’ success is more than just a sports triumph; it’s a symbol of Detroit’s ongoing resurgence and an opportunity to reshape its national image.

This sports-fueled boost to the economy and morale is a significant step in Detroit’s journey to rebuild and redefine itself, proving that the city’s spirit and resilience are as strong as ever.

Iconic Gum Discontinued

Fruit Stripe, the long-standing gum brand recognized for its fruit-flavored varieties and zebra-patterned packaging has officially been discontinued.

A spokesperson for Ferrara, the owner of Fruit Stripe, stated on Wednesday, “The decision to discontinue this product was not taken lightly… We considered many factors… including consumer preferences, and purchasing patterns – and overall brand trends for Fruit Strip Gum.”

The renowned gum, available since the 1960s, featured five flavors: Wet n’ Wild Melon, Cherry, Lemon, Orange, and Peach. Each pack included a temporary tattoo of Yipes the Zebra, the famed mascot.

Ferrara, known for producing other popular candy brands like Trolli, Fun Dip, Pixy Stix, and Nerds, acknowledged that discontinuing Fruit Stripe was a “challenging decision.”

Enthusiasts of this classic gum brand may still be able to locate it in certain retailers across the country until it sells out for the last time.

The Transformation of the American Office

The United States is witnessing a transformation in the way office spaces are utilized. Moody’s Analytics marked the highest office vacancy rates since 1979, a change which can be attributed to the monumental shift in work dynamics following the Covid-19 pandemic.  Today’s employees are embracing a new era of hybrid work, blending the best of both worlds from the comfort of their homes.

The report highlights a cultural shift that not only revolutionized the traditional 9-5 office routine but also brought attention to the surplus of office spaces constructed in the 1980s and 1990s. Despite this surplus, the national office vacancy rate skyrocketed to a groundbreaking 19.6% in the fourth quarter of 2023, surpassing records set in the last 40 years.

Amidst the challenges faced by landlords and developers, there is some reason for optimism. The market has shown continued interest in Class A buildings, the latest and most modern structures in prime locations with abundant amenities. These buildings offer flexible configurations that appeal to tenants seeking a physical office presence for branding, purposeful gatherings, training, and collaboration.

While new constructions have slowed to levels not seen since 2012, suburban offices are emerging as a beacon of resilience. Their proximity to communities and, in some cases, shorter commute times for employees, positions them favorably in the evolving landscape. Despite the changes, the office space market remains dynamic, adapting to the needs of a workforce navigating a new era of work-life balance.

First Edible Mascot Delights Fans

The recent Pop-Tarts Bowl in Orlando, Florida, made history by showcasing the first edible mascot in the realm of sports. In a quirky move that captivated the internet, the Kansas State Wildcats triumphed over the NC State Wolfpack with a score of 28-19, culminating in the devouring of a colossal pastry emerging from a larger-than-life toaster.

As part of this creative marketing ploy, the victorious team celebrated by consuming the giant pastry, marking a distinctive trophy presentation that featured two actual Pop-Tarts nestled into slots atop a silver football.

Enthusiastic fans flooded various online platforms, including X (formerly Twitter), expressing their amusement through a plethora of memes.

Heidi Ray, senior director of brand marketing at Pop-Tarts (Kellanova), explained, “Campaigns that earn both coverage and conversation have a disproportionate business impact… We have been blown away by the reaction and engagement, which we are still analyzing. But, at this point, we are looking at success that rivals a major Super Bowl moment.”

Originally named the Blockbuster Bowl, the Pop-Tarts Bowl has a rich history, commencing in Miami back in 1990 and drawing over 74,000 fans. Presently hosted at Orlando’s Camping World Stadium, the event falls under the oversight of Florida Citrus Sports, a nonprofit organization managing regional events.

Various sponsors have graced the game over the years, including a multi-year deal with Florida Citrus Sports. The game underwent a rebranding as the Cheez-It Bowl for the past three seasons, featuring memorable celebrations such as dumping buckets of Cheez-Its on the winning coaches’ heads.

The Plight of the Unused Gift Card

According to the National Retail Federation, Americans were predicted to spend roughly $30 billion on gift cards during the 2023 Christmas season. While these cards to restaurants and retailers make great gifts, more than $10 billion worth will remain unused.

In 2010, a federal law mandated that a gift card cannot expire for at least five years from the purchase date. Certain states have even longer time requirements. And though cards don’t expire quickly, some will accrue fees if they are not used within a year, and cards from stores that go out of business will not be able to be redeemed. So using gift cards soon after receiving them is a good idea. To encourage immediate spending, retailers established National Use Your Gift Card Day, on the third Saturday of January.

What happens to the money on unspent gift cards depends on where you live. Retailers in 19 states are mandated to return the funds to consumers, and money that cannot be returned must be spent on initiatives that benefit the public. According to Misha Werschkul, executive director of the Washington State Budget and Policy Center, finding the owners of unspent gift cards is challenging. Consumers can search for their name on MissingMoney.com to see if they are entitled to money from gift cards.

Companies do benefit from those who lost their gift cards or forget to redeem them. In 2022, Starbucks reported over $200 million in revenue in cards that were not cashed in. Consumers who think that using the cards as intended is far better than seeing the money returned to the public should be sure to participate in National Use Your Gift Card Day.