Monday June 17, 2019

Warning: Use of undefined constant sfire_topic_count_text - assumed 'sfire_topic_count_text' (this will throw an Error in a future version of PHP) in /nas/content/live/nyconvergence/wp-content/themes/nyconvergence-3/functions.php on line 188

Grand Central Retailers Reap Apple Store Benefits

English: Grand Central terminal in New York, N...

English: Grand Central terminal in New York, . (Photo credit: Wikipedia)

MTA officials reported on Monday that the Apple Store in Grand Central Terminal has boosted the sales of other stores in the station. According to AM New York, since the Apple store opened in December, other stores have seen an approximate 7.5% increase in profits. Nancy Marshall, the MTA director for development for Grand Central Terminal told AMNY that the MTA reviewed all terminal shop receipts from December to March. They concluded that before Apple opened last year, stores were earning about $506 per square foot, and after the opening stores averaged about $543 per square foot.

This increase in business has allowed to MTA to increase what it makes off of rent from $15 million (net revenue in 2009) to $20 million last year.

AM New York