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This article was published on February 6, 2012


Apple’s new Grand Central neighbour is already seeing a 7% increase in sales

Apple’s new Grand Central neighbour is already seeing a 7% increase in sales
Matt Brian
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Matt Brian

Matt is the former News Editor for The Next Web. You can follow him on Twitter, subscribe to his updates on Facebook and catch up with him Matt is the former News Editor for The Next Web. You can follow him on Twitter, subscribe to his updates on Facebook and catch up with him on Google+.

Apple’s new Grand Central retail store seems to be benefitting neighbouring businesses in the terminal, helping one restaurant boost sales by 7% in just seven weeks, Crains reports.

The Steakhouse, which is owned by basketball legend Michael Jordan, directly attributes its increased footfall to the nearby Apple Store, not the fact it replaced another restaurant, Metrazur, which vacated the spot in July 2011.

“The jump only happened after Apple opened,” said The Steakhouse co-owner Peter Glazier.

Before it opened its new store in the terminal, Apple was said to be subject of a State probe after details of a favourable lease secured by the company caught the attention of authorities. The lease is said to be costing Apple $60 per-square-foot, whereas other retailers are expected to pay $200 for the same area.

Apple is also reported to have escaped having to share any of its revenue with Grand Central’s operator, the Metropolitan Transportation Authority, as its presence would do just what is being reported — increase visitors to the terminal.

With an increase in visitors to the Apple Store, surrounding businesses appear not to be complaining about Apple’s favourable deal, instead welcoming the Cupertino-based giant.

Glazier’s son Matthew adds “we know their customers are coming here, I’m always looking for the little white bags.”