A retail outlet well-placed to become one of the world's busiest and most profitable
More than four months after construction began last summer, Apple (AAPL) is finally set to unveil a new store -- its fifth in New York City -- on the upper balcony of Grand Central Terminal at Lexington Avenue and 42nd Street.
The company announced Thursday that the space will open to the public at 10 a.m. Friday December 9. The media has been invited to a preview two days earlier.
Apple's expenses on the new store were relatively low by New York City standards because of restrictions imposed by the terminal's landmark status. And according to the New York Post, the terms of the lease offered by the Metropolitan Transportation Authority, which owns the building, were unusually favorable -- especially for a location with so much well-heeled foot traffic -- and are being investigated by the state comptroller.
Some 750,000 people pass through Grand Central's marble halls every day, and traffic swells to more than 1 million per day during the holidays. According to the terminal's official website, 50% of its commuters' household incomes are over $100,000, and 20% are over $200,000.
Several press accounts put the size of the new retail space at 23,000 square feet, which is big for an Apple Store but smaller than London's Regent Street (25,000 sq. ft.) and Covent Garden (24,600) outlets. As is its practice, Apple declined to offer square footage numbers.
Thinner, faster, blah, blah, blah – and oh, that'll be $500 more, please. I'm doing more with my iPad, but neither it nor the new one is yet the revolution Steve Jobs is promising.
By Leigh Gallagher, Assistant Managing Editor
Two ounces? The iPad 2 was launched this week with much fanfare and subtle but snazzy upgrades: it's thinner, it's faster, there are front and rear cameras, and we will be MOREMar 4, 2011 2:46 PM ET
Not likely. One is a life-long Democrat. The other runs a right-wing media empire.
The Sunday Guardian, borrowing a phrase and most of its facts from a Woman's Wear Daily piece posted three days earlier, describes Apple (AAPL) CEO Steve Jobs as "a major fan" of Rupert Murdoch.
Could someone who dated Joan Baez and put Al Gore on his board of directors really be a "fan" of the man who MOREPhilip Elmer-DeWitt - Nov 21, 2010 10:31 AM ET
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