Results tagged “fifthavenuestore”

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.