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Wednesday, June 24, 2021

bank shot
The New York Mets balked at buying a matching nameplate for their stadium’s nearby subway stop in Queens, but the New Jersey Nets are game for it in their (hopeful) new home in Brooklyn. The NBA team will cough up $4 million for naming rights to the Atlantic Avenue, Pacific Street and Flatbush Avenue subway stations.

No, the stops won’t say “Nets” on them, but rather, “Barclays”:

This may seem odd, since Barclays is a bank based in London with offices in Manhattan, and the only Barclay Street on the city map is not even in Brooklyn. (It’s in Manhattan, in the financial district.)

There will, however, soon be a Barclays Center, the sports arena planned as the focal point of the Atlantic Yards project, and the developer, Forest City Ratner, has agreed to pay the transportation authority $200,000 a year for the next 20 years to rename one of the oldest and busiest stations in the borough.

Of course, a soft economy has rendered the Atlantic Yards project very much up in the air now, so there’s a good chance that this deal will dissolve. But that scarcely matters, because the precedent is now set for other companies to plaster their names onto MTA landmarks, for a price.

Not that any of them are rushing forward:

Still, while selling station names could bring the authority revenue it needs, advertising experts say companies may not be as well-served.

“To be effective, the viewer needs to understand the relevance of the ad,” said Allen Adamson of Landor, a branding firm. “To rename the 59th and Lex stop the McDonald’s stop — it ain’t going to work. I don’t think it will stick.”

Indeed, other cities have tried this with little success. Boston, for example, tried auctioning off four historic stations a few years ago and received no bids…

To determine its asking price for the Brooklyn station, the authority studied a few successful efforts, like a monorail in Las Vegas named for Nextel, the communications company, and streetcars in Tampa, Fla., named for a local electric utility. And the popularity of the station — the second-busiest in Brooklyn last year — was taken into account.

I’m not sure I understand the reticence by corporate America. You’re talking about millions of eyeballs seeing, hearing, and talking about your brand every single day — where else can you get that exposure? Diehards are always going to insist on snubbing a name that’s grafted onto an established station, but that’s not going to completely negate the presence. To me, it’s a golden opportunity to grab urban mindshare.

The only way such subway signage rights would be more attractive would be if they were being offered for virgin territory, i.e. the long-planned 2nd Avenue “T Line”. I’m guessing that when/if construction is ever completed on that new branch, every single station on that route will be corporately-monikered, with no arena or other landmark needed for justification.

by Costa Tsiokos, Wed 06/24/2009 02:02 PM
Category: Advert./Mktg., Basketball, New Yorkin', Politics, SportsBiz
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