Apple’s Grand Central Retail Store, a 10-Year Deal

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Apple has been rumored for quite some time to eye the Grand Central station in New York for its next retail store opening in the city and it seems that Cupertino and the MTA have just signed a 10-year contract that will bring in huge profits for both parts.

Apple announced earlier this week a new record high quarter, with most of the earnings based on the impressive sales performance of the iPhone, iPad and Mac. An important pillar of Apple’s market domination is Apple’s retail store chain. With over 320 stores opened last quarter, Apple cashed in $3.5 billion, or over $10 million per store, with more than 73 million visitors entering one of its stores.

In other words, Apple’s retail business is flourishing, as expected, and it’s helping Apple bring in extra moola quarter after quarter. Apple plans to open over 30 stores during this quarter (who knows how many fake Apple stores will be opened as well) and while we have no idea when the Grand Central store in New York City will start selling iPads to the public we can only assume it will surely play its part in Apple’s quest to sell more and more products.

The Grand Central store will not only bring in huge revenue for Apple, but it will prove to be a profitable venture for the MTA too. Apple will initially pay $800,000 per year in rent, with that number getting closer and closer to $1 million in the following years. The MTA expects at least $5 million in profits, while Apple will make a lot more than that each quarter.

The deal is suppose to be approved on Monday by MTA’s financial committee and then on Wednesday by the board of directors. Once it goes through, Apple will get to refurbish the new 23,000-square-foot space and turn it into another iconic store. The Apple’s Grand Central store will be located in the north and northeast balconies and it will replace Charlie Palmer’s Metrazur Restaurant.