Yeah, its not like students are going to stop buying, they just won't be buying from the school itself. Shopkeepers in the area must be happy.
One of the jobs I had in my college years, was the campus soda pop machine filler (pepsi products). The school made some decent money from those machines too. Plus, Pepsi paid for all the campus scoreboards on all the fields and gyms, which is a common practice in higher education (coke, rc, do it as well). It was still worth their while at a tiny college like the one I went too. That's why you see their logos on most scoreboards.