Apple's Grand Central Neighbor Seeing 7% Increase In Sales

new york city's metropolitan transportation authority (mta)'s sweetheart deal apple's just-opened grand central terminal retail store seems paying dividends mta , neighboring stores. 1 restaurant reporting 7 percent increase in sales since store opened in december.




michael jordan's steak house located across terminal new apple store, grand central , co-owner peter glazier says restaurant has seen 7 percent jump in sales in 7 weeks apple store has been open, reports crains new york. glazier says rise isn't because apple replaced restaurant, metrazur, in terminal. "the jump happened after apple opened," said glazier, not in several months space being renovated store built.

there criticism of deal apple , mta worked out, notably around lack of revenue sharing agreement standard tenants of grand central. apple's $60-per-square-foot lease agreement lower other tenants paying. mta argued flagship apple store bring in significant foot traffic terminal, benefiting both other gct tenants , terminal whole.

mta has previously noted every 1% increase in sales across terminal's retailers, mta gain $500,000 in rent due percentage rent provisions in place on leases of every other tenant exception of apple.

mta's gamble appears paying off, @ least 1 establishment.

(photo via yelp/chris f.)

article link: apple's grand central neighbor seeing 7% increase in sales

 

a nice twist on halo effect.

 

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