“The lure of an Apple Store can be so great that local authorities are doing all they can to sweeten the deal for the world’s biggest technology company, waiving rents and taxes in order to have it set up an Apple Store in their area,” Matt Brian reports for TNW. “New York’s Grand Central Terminal wanted Apple so bad it dropped its leasing fees and in Salt Lake City, authorities are rumoured to have dropped rents completely, to incentivise the opening of a new Apple Store.”
“A staggering 71 million customers visited Apple’s retail stores between January and March, an increase of 28 million from a year earlier. Apple’s impressive footfall is proving to be a catalyst for retail spending in the areas in which they are located, pushing the money spent back into the local economy,” Brian reports. “A recent ABC News report states that Apple is going to open a new store in Salt Lake City, located in City Creek… According to ABC’s sources, City Creek has offered a ‘major concession package’ that is thought to include five years free rent.”
Brian reports, “The truth is, realtors and local authorities know that when an Apple Store is opened in an area, tech savvy consumers come from surrounding areas to view products, seek help and spend money on luxury electronics. Put simply, spending will flow into City Creek… In just seven weeks, Apple’s newest New York store [in Grand Central Terminal] helped one restaurant boost sales by 7 percent — impressive as it’s already co-owned by basketball legend Michael Jordan. That restaurant – The Steakhouse — directly attributes its increased footfall to the nearby Apple Store with its other co-owner stating: ‘The jump only happened after Apple opened.'”
Read more in the full article here.
MacDailyNews Take: A rising tide lifts all boats.
And, now for a true classic:
I give [Apple] two years before they’re turning out the lights on a very painful and expensive mistake. – David Goldstein, Channel Marketing Corp. President, commenting on Apple’s opening of retail stores, May 21, 2001
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]