London Apple Store leads UK retail, triples Harrods' profits
updated 01:30 am EST, Mon November 23, 2009
Company's presence attracting other retailers
Apple's Regent Street store in London reportedly generates sales of approximately £2,000 (~$3,300 USD) per square foot, according to an Evening Standard report. The store's sales numbers make it the most profitable retail outlet in London, beating the high-end retailer Harrods by a factor of three. Apple's presence on Regent street has also been credited with helping to vitalize the area and attract other retailers.
“To be blunt it was rubbish. If you think back five years there was not much more than those old cashmere shops," said Retail Week editor Tim Danaher. "But it's been completely transformed into a world class shopping street. When US retailers are looking at locations in Europe, Regent Street is the first port of call now.”
The Regent Street store, opened in 2004, represented Apple's first brick-and-mortar establishment built outside of the US. The company has since opened another 23 stores in the UK, with more expected to be added in the near future. [via T3]
Fresh-Faced Recruit
Joined: Nov 2008
Where's all this revenue that Apple
is getting disappearing to? Cash reserve only? It's not moving the share price very much, lately. Maybe only two retail stores out of five generate large profits. Is there any information how long it takes to pay back the construction costs of a newly opened store? They say that Apple uses some of the finest materials for construction and that must drive the cost up.