Agreed. I was expecting more around 4%. Let's see once the "Let's Check out the New Apple Store" wears off.
Even settling around 5% would be sweet for the MTA.
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Apple's Grand Central Neighbor Seeing 7% Increase In Sales
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Agreed. I was expecting more around 4%. Let's see once the "Let's Check out the New Apple Store" wears off.
Even settling around 5% would be sweet for the MTA.
i sometimes wonder for what audience the stories posted by macrumors are targeted.
knowing that a restaurant had an increase in sales because of an apple store nearby is news i really care about. no, really. we get it, apple stores are very popular nowadays.
knowing that a restaurant had an increase in sales because of an apple store nearby is news i really care about. no, really. we get it, apple stores are very popular nowadays.
wait, so you close down a restaurant and the one that remains next door gets 7% more sales
Why do we assume the Apple store foot traffic has anything to do with this?
not saying it doesn't, but closing down the restaurant next door seems more likely to increase the foot traffic
Why do we assume the Apple store foot traffic has anything to do with this?
not saying it doesn't, but closing down the restaurant next door seems more likely to increase the foot traffic
If the Zaro's bakeries on the main level experienced extra sales, I could believe it because there's presumably a lot more foot traffic than before and it's not necessarily people rushing for a train. If the food shops on the lower level experienced extra sales, I might believe that. But I find it hard to believe that the average person who visits an Apple store who wouldn't be in the terminal for other purposes would suddenly decide to have a $60 steak at Michael Jordan's just as I would find it hard to believe that someone visiting the Apple store would suddenly decide to drop several hundred dollars at Tumi (although I suppose that if one wanted a very fancy computer case....). The only exception would be foreign tourists with money to burn. I could see them going for the computer, the case and the steak (although there are far better steak houses in NYC than Jordan's) but if they're paying in Euros or Pounds, they're not getting as good a deal as they got some months ago. However with a 36% drop in the dollar against the Yen over the last five years, Japanese tourists would do great.
My bet is that this has as much to do with the improving economy, the improving stock market and the very warm winter we've been having in NYC as much as, if not more than, the presence of the Apple store.
My bet is that this has as much to do with the improving economy, the improving stock market and the very warm winter we've been having in NYC as much as, if not more than, the presence of the Apple store.
How many other stores are benefiting, and by how much?
How much more is that over the previous tenant?
What is the payoff of being associated with the most talked about brand in the US, possibly the world?
This report is likely the first of many reports to analyze the impact a store can make to the local ecosystem.
IOW, its likely premature to fully quantify the impact to GCT
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According to the article, the restaurant did not see increased sales after the closing of the competition or the time the space was empty.
Sales increased AFTER the Apple store opened.
Wouldn't that be a net loss of business for the area then? Assuming the closed shop did more than 7% of the still open shop that is.
Are you saying if that 7% will make up for the 100% loss of the existing store?
Maybe.
You need to see the sales results of ALL the stores in GCT, not just one.
What was the daily foot traffic to the old restaurant?
What is the foot traffic to other store before Apple store opened?
Now what is the foot traffic to all the stores in GCT after Apple opened?
That 7% could translate to a sizable over all increase of patronage to GCT, or maybe be less then the loss of that single restaurant.
Its all in those (damm) statistics!
I've ate at MJ's before. You're lucky if you get out of there for under $100 a person, let alone a table.
However, there is no way they flip 10 tables a day there.
I was at the Apple store a few weeks ago. It looks to me like the Apple store is also using much more space. It is hard to say as I don't know how much kitchen space the old place had.
I will say, this Apple store is a bit claustrophobic. The open part is good, however, once you get in, you go from little room to little room.
I will say, this Apple store is a bit claustrophobic. The open part is good, however, once you get in, you go from little room to little room.
7 percent increase based on what benchmark? YOY or month over month since Apple opened. And 7 percent if what, people, sales??? And what about the economy improving and the fact that Apple replaced or displaced a high end restaurant and as such it's usual customers would go where......why across the hall to Jordans! Frankly 7 percent isn't all that big considering an entire restaurant was eliminated. To me that sounds like a lot of people who used to dine in the old place now go outside.
Halo effect not! This is the MTA putting a positive numbers spin on a sweetheart deal they gave Apple as the MTA has a rep for such things.
Halo effect not! This is the MTA putting a positive numbers spin on a sweetheart deal they gave Apple as the MTA has a rep for such things.