Apple Megastore at Grand Central Terminal Boosts Sales at Other Businesses by 7.5%
By on June 26th, 2012

Last year, Apple opened a brand new store in New York’s Grand Central, which looks absolutely stunning. The store grand opening  brought in a huge crowd too. It was also speculated that the store is  to generate half-a-billion in sales a year. Now New York Daily News reports that the new megastore in Grand Central Terminal has helped increase sales at other businesses in the terminal. The MTA rents space to about a 100 businesses.

According to the Nancy Marshall, director of Grand Central development at the MTA, sales at nearby restaurants, stores and other outfits increased a whopping 7.5 % between December and March compared to the same time frame ending in March 2011. Retailers located in the terminal brought in $177 million in sales last year, up 2.8 % above 2010. However, officials couldn’t immediately quantify in dollars the 7.5% increase in sales after Apple’s arrival.

The rent the MTA charges and collects from business at the terminal has also seen a steady increase over the year and it is projected to reach approximately $30.3 million this year. Net income after expenses is expected to be $20.3 million this year.

 

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Author: Parth Dhebar
Parth Dhebar is a 18 year-old entrepreneur. He is the founder of Simple Reviews, a blog focused on reviewing iPhone and iPad applications. Parth is a recognized name in the industry, known for covering Apple news. He is an editor at Techie-Buzz covering news on Apple. You can follow him on Twitter @pdparticle.

Parth Dhebar has written and can be contacted at parth@techie-buzz.com.
  • http://www.facebook.com/leetammy.brewer Lee-Tammy Brewer

    Anytime ANY person/professor, etc. tells you capitalism does not work, let them know you are not blinded by politics by saying one word…

    Apple

    Jobs (pun not intended), productivity, advancement, money, re-investment, growth, more jobs, more productivity, etc ad infinitum

    Whether you like their products or not, they are one of (if not the) most successful company in the US (world?), and capitalism is “to blame.”

  • Pingback: Apple store boosts sales of surrounding businesses | The Loop

  • Lord Vader

    Apple refused to sell a 19 year old girl an iPad
    see Video on Youtube

    Who’s The Racist Now ?

 
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