Bloomberg Businessweek has just published my story on the papal conclave’s hoped for business boom.
In 2005, during the funeral of Pope John Paul II, the cobblestone streets near St. Peter’s Basilica flowed with the faithful. They had come to pay their respects to a charismatic pontiff who had defined the papacy for a generation. But they also needed to eat. “We were working 24 hours a day, making pizzas as fast as we could,” says Andrea Marotta, 23, who along with his father sells pizzas for €5 ($6.55) each at Pizza Panini San Pietro, a small storefront near the Vatican.
Today, the papacy is vacant once again. At the end of February, Pope Benedict XVI, who as a cardinal picked up parmesan and Coca-Cola (KO) at Marotta’s store, resigned, citing health reasons. The 115 cardinals who will choose the next pope have arrived. But not the masses. The last big event at the Vatican, the beatification of John Paul II in 2011, brought in an estimated €190 million in revenue for the city’s hotels and restaurants, another €30 million for public services such as the bus and the subway, and €15 million for its retail outlets, according to a study by the Monza and Brianza Chamber of Commerce.
Read the rest.