Apple has today confirmed that its new Grand Central Store will now be opening on December 9th, 2011, just in time for the holiday season.
Apple is now advertising the opening date across its new signage, which was caught on camera by Instapaper creator Marco Arment. He then tweeted it, confirming earlier reports that The Apple Store would open next weekend to be true.
The new Apple Store is currently the subject of an inquiry by the State into rumors that Apple may have secured the lease at considerably less than other businesses within Grand Central. It’s thought Apple is paying $60 per-square-foot, whereas other retailers are expected to pay $200 for the same area.
State Inquiry into Lease Agreement
State Comptroller Thomas DiNapoli has launched a probe into whether the MTA gave Apple favorable treatment for its lease:
“The article in the New York Post about the MTA’s contract with Apple in Grand Central Terminal is a cause for concern,” DiNapoli said in a statement yesterday. “This is a prime property, and I intend to make sure that the MTA hasn’t given away the store.”
The inquiry aims to ensure that the Metropolitan Transportation Authority (MTA) has acted in the best interest of the public and has not provided Apple with an unfair advantage over other retailers. The investigation will look into the terms of the lease agreement, comparing it with those of other tenants in the same location. This scrutiny is crucial as it involves a significant public asset, and any preferential treatment could set a concerning precedent.
Impact on Grand Central and Retail Landscape
The opening of the Apple Store in such a historic and high-traffic location as Grand Central Terminal is expected to have a substantial impact on both the terminal and the broader retail landscape. Grand Central Terminal, known for its architectural beauty and bustling environment, attracts millions of visitors each year. The addition of an Apple Store is likely to increase foot traffic even further, benefiting other retailers in the vicinity.
Apple Stores are known for their sleek design, customer service, and the ability to draw large crowds. The Grand Central Store is expected to follow this trend, offering a unique shopping experience that leverages the terminal’s iconic status. This could potentially lead to increased sales for Apple and other businesses within Grand Central, as visitors may be more inclined to explore the area.
However, the disparity in lease agreements raises questions about fairness and competition. If Apple indeed secured a lease at a significantly lower rate, it could create an uneven playing field for other retailers who are paying higher rents. This situation underscores the importance of transparency and fairness in commercial real estate transactions, especially in prime locations like Grand Central Terminal.
As more information comes to light, we will keep you updated on the developments of this story. The outcome of the state inquiry could have lasting implications for how leases are negotiated and managed in high-profile public spaces.
Source: TNW Image Source: Marco Arment
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