“Retail experts say the arrival of Apple – where takings are a remarkable £60 million a year – acted as a catalyst that allowed Regent Street to throw off its spinsterish image as Oxford Street’s tartan clad maiden aunt,” Prynn and Prigg report. “The glass-fronted 28,000 sq ft store opened on 20 November 2004 by Apple’s chief executive Steve Jobs, now generates sales of £2,000 sq ft, almost three times more than Harrods, making it London’s most profitable store.”
Prynn and Prigg report, “The ‘Apple effect’ has also had a dramatic impact on rents, which have risen around 25 percent since then compared with 0 to 10 percent in the West End as a whole.”
Full article here.
MacDailyNews Take: I give them two years before they’re turning out the lights on a very painful and expensive mistake. – David Goldstein, Channel Marketing Corp. President, remarking on Apple’s launch of retail stores, May 21, 2001
[Attribution: MacNN. Thanks to MacDailyNews Reader "James W." for the heads up.]
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