I run a coffee shop in Sun Valley. An exclusive conference hosts big executives each year but it's been bad for my business.
Allen & Company's Sun Valley Conference has been around since I was a kid. When I was a teenager, I remember some of my friends getting hired as nannies or to develop photos, and I was jealous of their opportunity to make an easy chunk of money. Now, though, my perspective on the whole thing is a little different.
We have an incredible local following at Maude's, but this whole area is a visitor's economy. Practically everyone in the retail and service industries relies on tourists. When the billionaires fly into the area every July, they go straight to the Sun Valley Lodge just outside the heart of Ketchum to have a catered experience. Most of their dollars don't flow back into town, unless they're booking out a restaurant.
This is usually the busiest time of year for my business. But when the conference comes, guests rent out tons of rooms and book all the fishing guides, outdoor adventures, and restaurants. Other tourists can't really visit the area that week. The Sun Valley Lodge is big; that's hundreds of people who aren't there and aren't circulating their dollars in local stores.
It's not a zero-sum game, but my number of sales drops at least a bit every year. The billionaires at the conference throw a weird wrench in the cog of the summer economy, stepping on the brakes for regular people during what should be a very, very, very busy time.
That's not to say it's all bad. I'm sure the conference is great if you're directly involved, but many localsI know aren't. I've gotten to know some members of the billionaire entourage, like dancers and bodyguards, who come each year. They're great, and I actually always look forward to seeing them.
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