Economics
In Harvard’s Backyard, Graduations Vanish as Does Business
- College towns across the U.S. are facing hard economic times
- Commencements and reunions usually pack hotels and restaurants
A closed Harvard University store in Cambridge, Massachusetts, U.S.
Photographer: Adam Glanzman/Bloomberg
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The end of May -- when the air is sweet and graduation ceremonies lure alumni back to reminisce about the springtime of their lives -- is typically a bonanza for the shops and restaurants of university towns from Berkeley, California to Charlottesville, Virginia.