Apple Inc. (AAPL) Grand Central Retail Store Results in 7% Increase in Sale for Neighbors

AAPL grandcentral Retail Store image

Apple Inc. (AAPL) opened its fifth retail location in New York City late last year, and experienced many controversies over the amount of rent that the Cupertino company paid to the Metropolitan Transit Authority, roughly $60 per square foot. However, the AAPL  retail store is now turning the tables on those who complained about the rent sharing issue, proving that its presence is in fact, helping the neighboring stores in Grand Central.

One restaurant has reported a 7% increase in sales since the opening of Apple’s newest store. Michael Jordan’s The Steak House is located across the terminal from the new Apple Store, Grand Central and co-owner Peter Glazier has confirmed that their restaurant has experienced a 7% increase.

He also specified that this increase was not due to the fact that the Apple Store replaced another restaurant, Matrazur, which occupied the space prior to the tech giant’s arrival, but because of the Apple brand itself setting up shop in that location. “The jump only happened after Apple opened,” said Glazier but not during the months that the store was being built.

Apple’s $60-per-square-foot lease agreement is significantly lower than what most tenants pay at Grand Central, however, Apple’s brand presence increases foot traffic to a place that otherwise, experiences the same amount of traffic each day. Apple’s Grand Central Store brings in far more people, who are likely to sit down at a restaurant such as Michael Jordan’s The Steak House after visiting the Apple Store.

{via Mac Rumors}

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Kaled AliApple Inc. (AAPL) Grand Central Retail Store Results in 7% Increase in Sale for Neighbors