Restaurants and bars are seeing a boost in business, thanks to two coinciding events: March Madness and the COVID-19 vaccination drive.
Sports bars and restaurants across the country are seeing full seats again as basketball fans return to watch the NCAA tournament amid a partial reopening, many local news outlets are reporting:
- WTOL in Ohio said the return of the NCAA tournament has brought increased business to local restaurants and bars and that March Madness has drawn more attention this year.
- Fox59.com reported that March Madness has brought a major economic boost for restaurants and bars in downtown Indianapolis, which was badly hit during the pandemic. And Indystar.com said restaurants are witnessing full occupancy and are on a hiring spree.
- Spectrum News 1 said restaurants in Texas also are seeing a boost in business because of this year's March Madness.
- According to the Charlotte Business Journal, restaurants in Charlotte, North Carolina, have welcomed the return of the March Madness tournament. One establishment, Fox & Hound, has seen a sales jump beating levels in 2019, the last year March Madness was held.
- Nbcconnecticut.com reported that Connecticut saw growth in terms of restaurant business for the first day of the men’s NCAA college basketball tournament.
- KNWA reports bar-and-grills have seen a peak in business due to March Madness.
- Restaurants in Las Vegas have seen increased visitors and business with the beginning of March Madness, the Las Vegas Review-Journal reported.
With that in mind, head to Benzinga's Biggest Restaurant Stock Movers of the Day listings to see stocks with exposure to the sector.
On the ETF front, there is also the Invesco Dynamic Food & Beverage ETF PBJ, the Invesco Dynamic Leisure and Entertainment ETF PEJ, and Consumer Discretionary Select Sector SPDR Fund (NYSE: XLY).
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