Well, this is certainly interesting. CNN is reporting that the average value of sales per square foot of an Apple store is roughly the worth of the White House.
David Goldman, CNN:
[quote]It’s almost a tie. Apple sells an annual average of $4,709 worth of merchandise per square foot in its hundreds of stores across the world. Meanwhile, the presidential mansion in Washington is valued at $4,752 per square foot, according to real estate website Zillow. Sure, that’s a wildly apples-to-oranges comparison. But it’s also a fun way to spotlight the cash geyser Apple stores have become. [/quote]
What’s more amazing is that the next most valuable US chain of retail stores, Tiffany, only averages $2,974 per square foot. It is absolutely mind-blowing how incredible Apple has done in the retail space. It makes us want to go back and catalog each and every one of the critical articles written about Apple when they announced their entry into the market.
From personal experience, I know that from opening until closing my local Apple Store is busy. Very busy. In fact, they actually had to move the location of the store in my mall to a bigger section of the building just so that they can fit more people. Last week, I happened to be out at 2PM on a Thursday, and the store was filled with people. The anecdotal evidence and the hard sales numbers completely boggle the mind.
Are you surprised at how much money Apple is making from retail? Tell us why by leaving a comment below this post. We’re very interested in hearing from a doubting Thomas.