Located at the intersection of Fifth Avenue and Fifty-Ninth Street, within Midtown Manhattan's renowned shopping district, Apple's New York City flagship store may be the company's single biggest retail earner. In response to an inquiry by Bloomberg, a spokeswoman at the company, Amy Bessette, said, "Apple doesn’t disclose store-specific revenue." However, their report suggests that that the Fifth Avenue store may be the highest-grossing retail outlet ever to occupy a spot in the famed shopping district on a per-square-foot basis.
In 2009, a piece published by the New York Post revealed that the building's former owner had promoted the venue to prospective purchasers as doing a staggering $440 million in annual sales. A more conservative estimate has been offered by Jeffrey Roseman, executive vice president of New York real-estate broker 'Newmark Knight Frank Retail', who suggested that Apple’s Fifth Avenue emporium probably boasts annual sales of more than $350 million, topping any of the chain’s other outlets . The location is 10,000 square feet, putting its sales per square foot at a minimum of $35,000, based on Roseman’s estimate. That’s the equivalent of selling one Mercedes-Benz C300 sedan per square foot.
By comparison, the sales floor at neighboring 'Tiffany & Co.' sells as much as $18,000 per square foot, and another famous Fifth Avenue jeweler, 'Harry Winston Diamond Corp.', sells between $12,000 and $13,000, said Faith Hope Consolo, chairman of the retail leasing and sales division at Manhattan-based 'Prudential Douglas Elliman Real Estate'. When asked to comment on Consolo’s estimate, a spokesman at New York-based 'Tiffany' said the number was too high, and a company spokesman said that Toronto-based 'Harry Winston' doesn’t provide individual-store performance figures.
Apple’s store layout puts every item for sale on display, which encourages shoppers to sample the gadgetry. A display of iPhones doubles as a free, international calling center. “They create what I call an infectious sort of environment,” said Charlie Wolf, an analyst who covers Apple at 'Needham & Co.' in New York. He credits the success of Apple's stores to their service as much as the products themselves. The Apple Retail Store also hosts high-profile events and offers free workshops on many topics of interest, suited to both beginners and pros: from Getting Started on a Mac to digital photography, music, and moviemaking. For hands-on technical support, free advice, insight, and friendly, and repairs performed in-store, the Genius Bar is the place to go. According to Wolf, all of this post-sale consumer support helps to establish “a community-like” atmosphere.
The Fifth Avenue location, which opened in May 2006, employs about 500 workers. Visitors enter the store through a 32-foot glass cube and descend a translucent spiral staircase into the white-washed subterranean space, which is built under what was once known as 'GM Plaza'. It is the only Apple store that’s open 24 hours a day, seven days a week. Tourists dominate during the day and New Yorkers tend to visit at night, said Apple’s retail chief Ron Johnson, who was an executive at Target Corp. before Apple Chief Executive Officer Steve Jobs hired him in 2000. “The middle of the night is a really interesting time,” said Johnson. “It’s the waiters in the restaurants, it’s the actors on the stage. When they’re off work, they may not want to go off to a club or want to go home.”
Store Information:
767 Fifth Ave. New York City, NY 10153
(212) 336-1440
In 2009, a piece published by the New York Post revealed that the building's former owner had promoted the venue to prospective purchasers as doing a staggering $440 million in annual sales. A more conservative estimate has been offered by Jeffrey Roseman, executive vice president of New York real-estate broker 'Newmark Knight Frank Retail', who suggested that Apple’s Fifth Avenue emporium probably boasts annual sales of more than $350 million, topping any of the chain’s other outlets . The location is 10,000 square feet, putting its sales per square foot at a minimum of $35,000, based on Roseman’s estimate. That’s the equivalent of selling one Mercedes-Benz C300 sedan per square foot.
By comparison, the sales floor at neighboring 'Tiffany & Co.' sells as much as $18,000 per square foot, and another famous Fifth Avenue jeweler, 'Harry Winston Diamond Corp.', sells between $12,000 and $13,000, said Faith Hope Consolo, chairman of the retail leasing and sales division at Manhattan-based 'Prudential Douglas Elliman Real Estate'. When asked to comment on Consolo’s estimate, a spokesman at New York-based 'Tiffany' said the number was too high, and a company spokesman said that Toronto-based 'Harry Winston' doesn’t provide individual-store performance figures.
Apple’s store layout puts every item for sale on display, which encourages shoppers to sample the gadgetry. A display of iPhones doubles as a free, international calling center. “They create what I call an infectious sort of environment,” said Charlie Wolf, an analyst who covers Apple at 'Needham & Co.' in New York. He credits the success of Apple's stores to their service as much as the products themselves. The Apple Retail Store also hosts high-profile events and offers free workshops on many topics of interest, suited to both beginners and pros: from Getting Started on a Mac to digital photography, music, and moviemaking. For hands-on technical support, free advice, insight, and friendly, and repairs performed in-store, the Genius Bar is the place to go. According to Wolf, all of this post-sale consumer support helps to establish “a community-like” atmosphere.
The Fifth Avenue location, which opened in May 2006, employs about 500 workers. Visitors enter the store through a 32-foot glass cube and descend a translucent spiral staircase into the white-washed subterranean space, which is built under what was once known as 'GM Plaza'. It is the only Apple store that’s open 24 hours a day, seven days a week. Tourists dominate during the day and New Yorkers tend to visit at night, said Apple’s retail chief Ron Johnson, who was an executive at Target Corp. before Apple Chief Executive Officer Steve Jobs hired him in 2000. “The middle of the night is a really interesting time,” said Johnson. “It’s the waiters in the restaurants, it’s the actors on the stage. When they’re off work, they may not want to go off to a club or want to go home.”
Store Information:
767 Fifth Ave. New York City, NY 10153
(212) 336-1440
