When the Apple Store opened in Grand Central Terminal, the lease deal between the MTA and Apple came under fire for being of the sweetheart variety. Even though the MTA had managed to significantly boost its revenue stream from the space, the per-square-foot price was still markedly lower than what Apple had paid at other locations throughout the city. Still, the MTA noted that if Apple delivered the traffic gains as predicted, other businesses in the terminal would see a rise in sales, and for every percentage increase in sales through Grand Central, the MTA would enjoy $500,000 more in revenue.
Today, we get the early word that the Michael Jordan Steakhouse enjoyed a seven percent boost in business since the Apple Store opened. Its owners say the bump happened not when Metrazur closed but when the Apple Store finally opened its doors. “We know their customers are coming here,” Matthew Glazier, the owner’s son, said to Crain’s New York. “I’m always looking for the little white bags.”
Of course, Apple’s GCT opening coincided with the busy holiday season, and it remains to be seen if other businesses enjoyed a similar bump in foot traffic and purchases. From my experience, the Apple Store has been perennially crowded, and other businesses appear to be enjoying the success as well. It will be a few months before we know the extent of the economic boost Apple will lend to the Grand Central shopping mecca, but this supposed sweetheart deal may just end up as a good one for the MTA yet.