“‘I give them two years before they’re turning out the lights on a very painful and expensive mistake,’ David Goldstein, president of researcher Channel Marketing Corp., told Businessweek in the May 20, 2001, article famously titled ‘Sorry Steve, Here’s Why Apple Stores Won’t Work,'” Philip Elmer-DeWitt reports for Fortune.

“Thirteen years later to the day, those Apple Stores don’t just work, they’ve become the world’s most profitable retail operations — by far — generating $5,626 per square foot, according to a 2011 RetailSails report,” P.E.D. reports. “Tiffany & Co. came in a distant second with sales of $2,949 per square foot.”

P.E.D. reports, “The anniversary of the opening on May 19, 2001 of the first store in McLean, VA, and the arrival two weeks ago of Burberry CEO Angela Ahrendts have focused attention once again on the company’s retail empire, now 424-stores strong.”

Read more in the full article here.

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