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There may be a recession, but Apple products might be nearly recession-proof. According to Bloomberg News, the company's Fifth Avenue store at 59th Street is the highest grossing store along that ritzy part of the street, which includes Tiffany & Co., Harry Winston, and Abercrombie & Fitch. While Apple doesn't disclose store specific data, given that Apple's overall store revenue has increased by 2.5% and other neighboring stores' company revenue has declined 22-30%, the guess is that the Fifth Avenue Apple store has $350 million in annual sales or $35,000 of sales per square foot (per square foot, Tiffany does less than half). Native New Yorkers and tourists alike flock there, and one analyst explained, "Even if [people] are not spending money elsewhere, people are still spending money on technology gadgets. It’s both a need and a want. It fulfills that retail-therapy component." Apple's retail chief Ron Johnson pointed out that the location is open 24/7: "The middle of the night is a really interesting time. 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." He also confirmed that the Upper West Side location will open later this year.
Cha-Ching: Apple Of Fifth Avenue's Eye
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I prefer their Soho store, especially for the workshops with that comfy theater upstairs.
word. apple soho. apple 5th literally smells like horseshit cause it's near the horse carriage track for central park. but maybe that's a selling point?
now if we can get a google voice app to go with their flashy Iphones...
I seem to remember jen chung saying how home prices were "recession proof" in manhattan.
I think it's stupid to say things like that. Particularly when online sales are slowly but surely eating into retail sales.
I don't remember saying that, and I don't think it would unless it was in a quote like this. Besides, in this post, notice how I wrote, "might be nearly recession-proof."
Maybe near-potentially possibly recession-proof, perchance.
It's all about the euro-tourists who want to buy Apple stuff cheaply. When I stroll in there during lunch half the people in there have to be tourists from Europe. Another small portion are asian tourists. The rest are either gawking domestic tourists or office rats like me who are killing time during lunch.
LOL, all those cheap tourists don't want to pay for internet services and they spend hours surfing safari.
It's true about it being a 'hangout' place, the times I've been around that area at night (close around to 10pm when most of midtown sans Times Square is dead) and people hangout there like it was Union Square or something.
I understand hanging out say at the Starbucks in the East Village, but the Apple Store? Maybe it's the seating or the fact that it looks like a small plaza?
$350 million a year in sales? That's nearly $1,000,000 in sales per day at the store. Dang. Rock on!
Years ago I worked at a CVS that was open 24 hours and it made roughly a million dollars every couple of days.
I've always been frustrated by stores in the "city that never sleeps" that close so damn early. It seems that only Barnes and Noble, Whole Foods and Apple get the fact that a lot of people in NYC don't keep "regular" hours. Whether by design or circumstance, just having one of your stores open until at least 11pm (midnight would be ideal) is a smart thing to try.
I had my imac died a saturday night while working for something due Monday, so I ended buying a new one there. Saved my life...
Apple is all about the hip and cool factor. Go online and avoid the sales tax.
That would make sense if Apple didn't charge sales tax on online purchases, but as it stands they must and they do charge you if you reside in a state that they have a presence in and that state has a sales tax.
The only way to avoid paying the sales tax is through certain tax breaks for non-profits, etc. and possibly by buying through an out of state 3rd party online retailer.
I mean like using Newegg for the ipods and even buying a laptop or desktop from Amazon. Yes, amazon does charge sales tax in NY, but at least you aren't paying retail price for the item.
Why would anyone want to shop at the apple store? All the accessories are overprice and being sold at retail price. Go online and it's much cheaper.