Apple Store almost worth as much as the White House
There are several different ways to judge the success of a company. You have earnings reports, brand value and market value. For retailers, there's sales-per-square-foot which places a monetary figure on the sales and the size of a store.
CNN calculated Apple's sales-per-square-foot value and determined its flagship Fifth Avenue store in New York City (US$4,709 per square-foot) is worth almost as much as the White House ($4,752 per square-foot). It's also significantly more valuable than #2 Tiffany, which has a sales-per-square-foot value that's 40% less ($2,974 per square-foot) than Apple's.
Apple opened its first retail store eleven years ago, and it's been a rocket-ride to the top of the retail market for the Cupertino company. It now has over 350 stores, which occupy three million square feet and generate $14.1 billion dollars a year. The secret to Apple's success, says analysts, is its flawless retail execution which dictates everything from how the store looks to how its employees interact with customers. Apple products also command a higher than average retail price which helps to boost the company's bottom line.
Subscribe to Newsletter
Software Updatesmore updates
- Fantastical 2.1 for iOS adds new snooze, search and notification features
- ExpanDrive 4, more services and faster sync
- Apple adds iTunes Extras to Apple TV
- Spotify updates with new iPhone controls in time for summer BBQs
- iTunes U update will bring course creation and student discussion to iPad app
- Dropbox for iOS update adds new setup and file management options