Apple: Yes, We are King of This Too
Apple’s (NASDAQ:AAPL) Retail Stores have become something of an iconic establishment among the company’s fans, but they’re also winning at business. According a new research, Apple’s retail outlets generate more cash per square foot than any other top store in the U.S. The iPhone maker first topped the list from Retail Sails, which ranks chain stores by retail space productivity, last year and has managed to hold on to its No.1 spot. In fact, it now generates sales twice as efficiently as second-placed jeweler Tiffany’s (NYSE:TIF).
Apple recorded $6,050 in sales per square foot in the year ended June, while Tiffany came in at $3,017 and Lululemon Athletica (NASDAQ:LULU), which sells yoga clothes, managed $1,936 in third place.
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Coach (NYS:COH), a handbag maker, was fourth with sales per square foot of $1,871, and Michael Kors (NYSE:KORS), a fashion group, was next at $1,431. Select Comfort (NASDAQ:SCSS), which sells high-end mattresses, denim specialist True Religion (NASDAQ:TRLG), bag maker Vera Bradley (NASDQ:VRA), jeweler Birks & Mayors, and upscale supermarket Fairway completed the list.
More than half of Apple’s 72,800 full-time employees worked in its retail stores and the company’s average revenue per store increased 19 percent last year to get to $51.5 million. But the company also uses its stores to build a service-oriented, people-first brand.
“Consumers get excited about the product,” said Robin Lewis, chief executive of The Robin Report, said to Financial Times about Apple’s USP. “Attached to that is also a learning process. You’ve got these young, attractive [store staff] and they’re all addicted to the brand themselves.”
Apple recently announced the departure of its retail chief John Browett, just months after he started at the company.
Shares of Apple (NASDAQ:AAPL) finished the week at $527.68.
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