The store will be Apple's fifth retail location in New York.



NEW YORK (TheStreet) -- Apple(:AAPL) announced Wednesday it plans to open its largest store ever in New York City's Grand Central Station on Friday morning.

The 23,000 square foot store is designed to overlook the main concourse from the East and North East balconies and will include two Genius Bars for free technological customer service and support. More than 315 employees will support the store, Apple said.

The retail outlet is designed for shoppers on the go and features a special station that allows consumers to pick up products they have purchased in advance.

Apple is paying $180 per-square-foot for the space, previously held by Charlie Palmer's Metrazur restaurant. Apple paid the restaurant $5 million to break its lease early and to leave the space. Grand Central is already home to other high-end retailers like Mac Cosmetics, Tumi and Kenneth Cole.

The iPhone maker now has five stores in New York, including its landmark glass cube store on nearby Fifth Avenue.

Apple's more than 300 stores worldwide are instrumental in helping the firm spread its unique culture, educate customers about its products and drive revenue growth.

Revenue from Apple's retail locations during the third quarter rose to $3.5 billion, up 36% from the year prior.

Shares of Apple fell 0.4% to $389.48 in afternoon trading on Wednesday.

--Written by Olivia Oran in New York.



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