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.