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Grand Central Apple store is boosting other business, officials say
Photo credit: Getty
Having Apple products on sale nearby has been a "super" boost for other stores in Grand Central Terminal, MTA officials said Monday.
Since Apple opened its megastore therel in December, other shops throughout the terminal have seen a bump in profits of about 7.5%, according to Nancy Marshall, the MTA's director of development for Grand Central Terminal.
"We've seen a very nice increase in sales," Marshall said during the agency's committee meetings..
Apple's neighbors "are really, really happy," Marshall said, adding that they've seen a particularly large increase in foot traffic on weekends.
Marshall said the MTA looked at the receipts for all stores between December and March and compared them to the their revenue totals from last year. Last year, stores were earning about $506 per square foot of space, the statistics show. After Apple opened, that jumped to an average of $543 per square foot.
The increased business at the terminal has helped the MTA increase what it makes off rent in recent years, too, from $15 million in net revenue in 2009 to nearly about $20 million last year The agency is also hoping to rent out new space to two restaurants.
Apple did not return calls for comment by press time.
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