Times Square – New York
When it comes to holiday celebrations, no where in New York seems to gather more revelers than Times Square. Whether it be at the commencement of the New Calendar year, or even when couples want a glitzy color filled extravaganza, Times Square is the destination of choice.
Times Square – When Did It Get It’s Name?
The area now known as Times Square was originally known as Longacre Square. This area was already a busy, thriving region prior to it’s renaming, which occurred in 1904. The reason for the name change? It all had to do with the press. The New York Times moved into a new office known as Times Building. This is today known as One Times Square.
Now, it may be that you know number one Times Square for another reason other than the long held head quarters of the The New York Times. Can you recall what other purpose that address serves? Ever since the 31st December 1907, another famous New York highlight has occurred yearly there. Well, if you just can’t remember what that is, it is the annual New Years Eve Ball Drop. It alone attracts over a million visitors every year and is a key contributor to the local economy.
Times Square – Is It A Square?
Yes and No…Times Square does operate as a ‘Town Square’, so, in that sense it is right to call it a square. However, in terms of it’s shape, it is not a square at all, it is more of a ‘bow tie’ shape. What does a bow tie shape look like? In real terms, Times Square has two triangles which converge at Seventh Avenue and Broadway. Those two emanating triangles spread out to form the Bow Tie shape.
Despite this, the area is renowned the world over as Times Square, so I guess that Times Bow Tie probably wouldn’t do much to improve the tourist industry.
Effect On The Economy
As mentioned before, Times Square contributes in a big way to the local economy. In the spring of 2017 alone, 18.69 million people visited Times Square. It is estimated that the economic output of Times Square is $53 billion dollars annually! This means that the Square beats the annual GDP of Bolivia and Panama together! Wow!!
In addition, if we break it down a little further, 2 billion dollars a year alone are spent on shops and restaurants, and, 1.2 billion is spent on entertainment venues such as Broadway.
The financial windfall is not limited to business owners, the city is able to gather 1.1 billion each year in taxes. One wonders how this integration of NYC tourist hot spots would affect the city if even one of them were to close.
And, clearly there are reasons as to why so many people visit Times Square, and, spend so much money. The reason has to be that it is a fascinating and vibrant highlight on any tourists’ visit to the Big Apple.
Therefore, if and when you visit New York, the city that never sleeps, make sure that you pencil in a visit to the Times Bow Tie(Times Square)! We at SEO for London certainly intend to visit it, next time that we are there.