When it comes to real estate, bigger is usually better & that is a stance Apple intends on showcasing if they get their way. For months on end, the never ending saga of whether Apple was coming to Grand Central Terminal or not has taken on a life of its own.
It all started back in February when a rumor leaked about the company potentially opening a store in GCT. However only weeks into March, the rumor lost steam as it seemed Apple would not be working with the MTA. Then in May, word came out that the company was interested in becoming a tenant.
Fast forward to later today where the MTA Finance Committee will vote on the company’s proposal which calls for a store of over 23,000 square feet which would make it the company’s biggest store in the world. Samantha Stamler of CNN has more:
Apple Inc. has submitted plans to New York’s Metropolitan Transportation Authority Board to open a new store in Grand Central Terminal, potentially bringing in $5 million in revenue for the MTA, officials said.
“Our four stores in Manhattan are incredibly popular with customers and we are excited to bring the Apple retail experience to this incredible location,” said Apple spokesman Nick Leahy.
The submitted proposal would allow the use of more than 23,000 square feet, and the takeover of both the north and northeast balconies, making it Apple’s largest store worldwide.
According to MTA documents, if the proposal is passed Apple will pay an initial $800,000 in rent. However, after 10 years, the annual rent will exceed $1 million.
“We have received a proposal from Apple that has the potential to bring a great new shopping destination to iconic Grand Central Terminal and significantly increase revenues for the MTA’s transportation system,” said Julie Glave, MTA spokeswoman.
The MTA finance committee will review the terms of lease and vote on the proposal Monday, according to MTA spokesman Aaron Donovan. If it passes, the MTA board will vote to authorize the proposal Wednesday.
As I mentioned in May, I could care less if the company opens a store there. While I have an I-Phone, I am not one of the millions of fan boys who swear by anything & everything Apple.
My biggest concerns are will the agency get fair market rent from the company & will they correctly handle crowding which will happen when it first opens & especially for products first going on sale. If they can properly take care of these issues, welcome aboard. If not, the agency needs to kick them to the curb & find retailers who will meet all requirements.
xoxo Transit Blogger