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The Chicago Marathon will bring a major economic boost to the city, with record numbers of runners
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The Chicago Marathon will bring a major economic boost to the city, with record numbers of runners

We break down complex business news to help you understand how money moves in Chicago and how it affects you.

During Chicago Marathon weekend, tables at Sofi, an Italian restaurant on Printers Row, turn quickly as carb-heavy runners stuff themselves with pasta.

The race increases business by 300%, said owner Maurizio Michi, who expects 600 to 800 customers on Saturday, the eve of the Bank of America Chicago Marathon. In terms of customer traffic, it’s Sofi’s biggest event of the year at 616 S. Dearborn St., not far from the starting line in Grant Park.

Sofi will be serving larger portions this weekend to satisfy runners’ heavy appetites before and after the 26.2-mile race.

Maurizio Michi, owner of Sofi Restaurant, at the restaurant at 616 S. Dearborn St.

Maurizio Michi, owner of Sofi Restaurant, said the Chicago Marathon increased business by 300%. For the restaurant, which is located not far from the starting line in Grant Park, it is the biggest event of the year in terms of customer traffic.

Tyler Pasciak LaRiviere/Sun Times

“Same price but more carbs to make sure they have the best race possible,” Michi said. He also expects hundreds of runners at the restaurant on Friday and Sunday. “Every year we improve and improve.”

This also applies to the marathon – one of the six World Marathon Majors – and its economic impact on the city. More than 50,000 runners are expected to cross the finish line in the largest race of all time. According to the organizer, there were 48,472 finishers in 2023 and 45,932 in 2019.

The runners, their supporters and the estimated 1.7 million spectators are expected to have a tremendous economic impact on Chicago. They fill hotels and restaurants and flock to shops and tourist attractions. The marathon also comes at an important time as Chicago — along with cities across the U.S. — attempts to recover from the pandemic.

According to an independent study by Jones & Associates Economics released last month by Bank of America, the marathon generated a record $547 million in economic impact for the city in 2023, a 42% increase from $386 million US dollars in 2022.

“Marathon weekend is one of the most important dates on the Chicago calendar,” Rich Gamble, interim CEO of Choose Chicago, said in a press release.

By comparison, the NASCAR road race in July generated $128 million in economic impact, according to a report commissioned by Choose Chicago, the city’s tourism agency. Last year, the two-day race generated $108.9 million in economic activity.

Despite being one of the city’s biggest economic drivers, the Chicago Marathon hasn’t sparked controversy like NASCAR or the Democratic National Convention. Other large events raise concerns about disruption such as road closures, noise and security. Whether major events really benefit the greater Chicago area or the organizers’ wallets is also often debated.

Organizers have not estimated the impact of this year’s marathon. But “given the interest and excitement surrounding this year’s event, we expect the economic impact to increase in 2024,” said Carey Pinkowski, executive race director of the Bank of America Chicago Marathon.

Since 2017, the marathon has had a cumulative economic impact of more than $2.3 billion. It directly contributed to 3,694 full-time jobs and $183 million in wages and salaries last year, according to Bank of America’s report.

Over the past marathon weekends, Daniel Briceno has seen a 50-120% increase at his Fons and Taqueria Mexicana restaurants in the Loop and West Loop.

He’s planning a special marathon weekend menu at his new Peruvian restaurant Kayao in the Old City. Brun, his cookie shop in Lincoln Park at the marathon race course, has extended hours on Sunday.

“We definitely see a lot of people on race day,” Briceno said.

Daniel Briceno, owner of Brun Cookies, in front of his store in Lincoln Park, which is along the route of the Chicago Marathon. He sits on a picnic bench and holds an open box of cookies.

Daniel Briceno, owner of Brun Cookies, in front of his store in Lincoln Park, which is along the route of the Chicago Marathon.

The runners come to Chicago from all over the world

The race attracts participants from all 50 states and abroad. Last year, 35% of runners were international runners.

“This is a huge benefit to our local tourism and hospitality industries, as foreign tourists tend to stay twice as long and spend twice as much as domestic visitors,” said a Choose Chicago spokesperson.

This year, organizers expect more than 15,000 international runners from 143 countries, most of them from Mexico, Great Britain, Canada, Brazil and Germany.

Katie Thomspon of London will run the marathon on her first visit to Chicago. She stays for six days to explore the city and plans to take part in the Chicago Architecture Center river cruise and the Chicago Riverwalk.

Thompson is traveling with a marathon runner friend from South Africa. Your downtown hotel is hosting a carb-heavy dinner on Saturday. After the race, they’ll probably go to Soho House “to eat some home cooking,” Thompson said. “We also want to stop by Lula Café in Logan Square and maybe treat ourselves to some deep-dish pizza.”

Runners also represent Chicago; This year they come from all 50 districts. The race also has a big impact as it passes through 29 neighborhoods, from the Loop to Wrigleyville to Pilsen.

“While every major event is important, the Bank of America Chicago Marathon is unique in that it is more inclusive of local residents than other recent major events and also in the way it takes guest runners through some of the most beautiful parts of our city. Choose Chicago said.

Daniel Grajdura, area sales manager for the Godfrey Hotel, stands in front of the River North property at 127 W. Huron St.

Daniel Grajdura, area sales manager for the Godfrey Hotel, stands in front of the River North property at 127 W. Huron St.

Tyler Pasciak LaRiviere/Sun Times

The Godfrey Hotel is located on the marathon route in River North. Its more than 220 rooms are fully booked Friday through Sunday and about 90% are occupied by runners, said Daniel Grajdura, area sales manager at Godfrey. Around 30-40% of these guests are international guests, particularly from Spain and France.

“Returning groups like to stay with us because of our location,” said Grajdura. International runners “want to experience Chicago and see what it has to offer. And the weather is perfect this time of year.”

The Godfrey will host a rooftop brunch on marathon day and offer runners plenty of bananas and bottled water. It will also reward female and male guests with the fastest marathon time with a free stay in the future.

The I | O Lounge on the roof of the Godfrey Hotel. The River North Hotel, 127 W. Huron St., is hosting a marathon brunch for runners in the lounge.

The I | O Lounge on the roof of the Godfrey Hotel. The River North Hotel, 127 W. Huron St., is hosting a marathon brunch for runners in the lounge.

Tyler Pasciak LaRiviere/Sun Times

Donation boost

The marathon is also a major fundraising event, with runners raising millions for local, national and global causes. According to organizers, about 12,300 runners raised $30.4 million in 2023, the highest total in the race’s 47-year history. This year more than 14,000 participants are raising money for charity.

For the animal protection organization PAWS, the Chicago Marathon is one of its largest fundraising events of the year. PAWS is the largest local charity team this year with 553 runners, compared to 483 in 2023. In 2005, when the marathon program began, there were 13 runners. For the first time this year, runners raised $1 million for PAWS.

“The helpless animals we save truly inspire our runners to do their best in the race,” PAWS Chicago CEO Susanna Wickham said in an emailed statement. “During their training, we send them the medical and survival stories of animals rescued thanks to their fundraising efforts so they can share them with friends and families. This event truly creates a community like no other.”

Frankfurt’s Carl Allegretti, 63, is running his 70th marathon, and he swears it will be his last. He has run at least ten Chicago Marathons. Allegretti raised the most money of any runner – $172,000 for PAWS, Lurie Children’s Hospital of Chicago and the Greater Chicago Food Depository.

“I love the city of Chicago. Walking around my hometown is amazing. From beginning to end there are people,” Allegretti said.

He will stay at the Hilton in the Loop on Saturday night and plans to eat at Rosebud Steakhouse.

“I have worked in Chicago for 41 years. I know the city like the back of my hand,” said Allegretti, who recalled running the marathon through Little Italy and Chinatown.

When asked about his favorite part of the race he said, “The 26th mile. I know I can do 0.2, my friend.”

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