political economy

Purchased by Elvis Presley for $100,000 in 1957, Graceland, a faux Georgian revival manor located in the suburban sprawl of Memphis, Tennessee, was estimated to be worth in excess of $100 million in 1993 (1). Visitors to the home that Elvis resided at for the last 20 years of his life can choose from five different tours of the estate: The mansion tour, the automobile museum, the airplane tour, “Sincerely Elvis”—a tour featuring Elvis’ personal effects, and the all-inclusive “Platinum Tour.” The complex has museums, a restaurant, a small movie theater, several concessions, and of course, a gift shop. An idea first conceived by Elvis Presley’s ex-wife Priscilla Presley and her lawyer Jack Soden, Graceland has helped resurrect Elvis’ image as well as launch an astonishingly successful business, Elvis Presley Enterprises. Highly successful from its inception, Graceland was opened following a $500,000 investment by Ms. Presley in 1982. This investment was returned in 38 days.

Beginning at his arrival at Graceland, Elvis showed great pride for his home city of Memphis. Decorating his mansion, he insisted on everything Memphis-made of Memphis-bought: Crystal chandeliers, gilded mirrors, stained glass, porcelain nudes, heavy draperies to block out sunlight. However, regardless of Elvis’ previous contributions to and pride for Memphis, as well as Graceland’s present success, any contribution is more than what was expected of Elvis’ home by Memphis at the time of Elvis’ death. Burdened by the cost of keeping Graceland, Elvis’ executors tried to sell it to the city of Memphis for only $3 million—only two thirds of its estimated 1977 worth. The city refused the offer, thinking that interest in Elvis would soon fade (2). By 1992, however, upwards of 700,000 visitors per year were visiting Memphis to see the home and burial place.

Despite drawing hundreds of thousands of visitors each year to Memphis, a city that has undergone massive urban renewal projects to improve its decaying infrastructure, Graceland does not contribute all it can to the city’s economy. The aforementioned restaurant and concessions, like those of all themed spaces, detract from the potential profits of local businesses. And due to its location in the suburban sprawl of Memphis, it does not do much to help the situation downtown. The type ofcontribution Graceland does make to Memphis can be seen on Elvis Presley Boulevard—the road that Graceland’s tours depart from. The boulevard is a four lane suburban highway dominated by fast food franchises and car dealerships (1)—a contribution hardly worthwhile to the city as a whole.

Although the increase in commerce of the surrounding sprawl can be seen as better than nothing to Memphis, Graceland’s popularity is poorly utilized. Like the restaurants and concessions located on the main estate, the Elvis Presley Enterprises owned Elvis Presley’s Heartbreak Hotel, featuring the Hollywood Suite, the Gold & Platinum Suite, and the Burning Love Suite, also draws potential business away from the surrounding area. However, this is not too much of a loss considering the other hotels that this business draws customers from—Days Inn at Graceland, Comfort Inn Airport-Graceland, and Ramada Inn Airport-Graceland—all owned by corporations that are have little to no inherent interest in the fate of the city of Memphis.

When urban cores became popular destinations for shopping in themed spaces in the 1990s, Memphis capitalized on Graceland’s existence and the mark that Elvis left on the city as much as it could. Beale Street, a district that was predominantly African American and the center of Memphis’ music community in the 1950s, and was considered a combat zone during the tumultuous sixties and seventies, has been “urban renewed and urban removed”(4) and restored to represent a sterilized version of Beale Street during its heyday for predominantly white tourists. Located on Beale Street are a Hard Rock Café, B.B. King’s Blues Club, the Blues City Café, and various other blues and rock and roll related businesses. The development of Beale Street by the Memphis growth machine was undoubtedly helped substantially by the legacy of Elvis, whose first music was recorded at Beale Street’s Sun Studios—a location that has been transformed into a themed space all its own (3). Also located on Beale Street is “Elvis Presley’s Memphis,” a restaurant and nightclub. The restaurant serves meals made from Elvis’ mother’s recipes and includes many of his favorite dishes on the menu. The 300-seat facility uses state-of-the-art sound, lighting, and video to highlight the musical performances live on stage as well as special videos produced especially for the club (5). These locations, which are undoubtedly frequented by visitors to Graceland seeking entertainment outside of the King’s 23-room mansion, play pivotal roles in ensuring the success of Beale Street.

According to the Memphis Convention and Visitors Bureau, 4.2 million visitors came to Beale Street last year, making it the number one tourist attraction in this community. In fact, Beale Street was ranked ahead of all tourist attractions in West Tennessee, including Graceland.
Despite the fact that Elvis died a quarter of a century ago, his home and burial place continue to draw hundreds of thousands of tourists to Memphis each year. Although Graceland is located in the sterile suburban sprawl outside of the central city, its presence as of late has contributed greatly to the development of inner city entertainment districts.

1. Reed, J.D. “The mansion music made; there’s still good rockin’ at Elvis Presley’s Graceland.” Time Magazine, 19 December 1998, p 10.
2. “Sellvis.” The Economist, 10 April 1993, p 66.
3. Stetson, Fred. “Going to Graceland.” Montreal Gazette, 3 August 2002, p I1.
4. Worley, Bill. “Beale Street—a multicultural tourist destination with a twist.” Lies Magazine, http://www.cent.com/abetting/L14Beale.html “Elvis in Memphis” Elvis Presley Enterprises, 2002. http://www.elvis.com/epmemphis.