Apple’s newest NYC retail store opens this Saturday on Manhattan’s Upper West Side.
It’s hard to get excited about most new stores, but this one — from the outside, at least — looks gorgeous.
The company held a preview event for press this morning. Fox Business’ Shibani Joshi did a nice job covering the event on Twitter.
Interesting nuggets from Joshi and Gizmodo’s Matt Buchanan:
- Apple retail boss Ron Johnson says that its super-fancy flagship stores — think Fifth Ave. location in NYC — generate the most profit. (This is not surprising.)
- He also says Apple has learned that its stores are too small, and that all new stores will be slightly bigger.
- “Sales per store—$26 million, which is just below what Macy’s, Target and Best Buy make per store. But, if you look at the real estate, it’s a slightly different picture. Apple Stores do sales of $4,300 per square foot which is 5x the $872 per square foot Best Buy does.”
- “Wow—over 100,000 applicants on file for jobs at the Apple Store worldwide. 10,000 people submitted applications for the new Upper West Side store. Just over 200 got a job.”
Last quarter, Apple’s retail stores generated $1.87 billion of revenue, or almost 20% of the company’s total sales. Average sales per store dropped 7% year-over-year to $7.1 million. But margins were 22%, up from 17.5% the year-ago quarter.