“Walton last year paid $370 million for the Apple Store, which at the time was under development, along with 401 N. Michigan Ave., the 35-story office and retail building next door,” Grant reports. “Now the firm is hoping to sell the 20,000-square-foot Apple Store along with 10,000-square-feet of retail space in the office building for as much as $175 million, according to people familiar with the offering.”
“The sale comes at a time when retail real-estate in general is under enormous pressure because of competition from online shopping and the contraction and failure of many big name retailers. Values of many malls and shopping centers have been falling,” Grant reports. “But Apple Stores have long been the gold standard in the retail world because of the high traffic they attract. Not only do they ring up strong sales, but they also boost traffic and sales at neighboring stores.”
Read more in the full article here.
MacDailyNews Take: A coveted property. As we noted back in 2015:
A growing number of malls are actually paying Apple to build a store in theirs.
Overall sales at shopping malls with an Apple Store are 10% higher – March 11, 2015
Why authorities waive rents and taxes to land Apple Retail Stores – May 20, 2012