“In an interview with Sunday Business newspaper, Pascal Cagni, Apple’s vice president and general manager of Europe, Middle East and Africa, revealed that the company is planning aggressive expansion into the consumer retail market. Cagni told Sunday Business reporter Tony Glover that Apple hopes to develop its own retail chain in key western European locations such as London and Paris along the lines of the model rolled out last year in the US, where it opened 50 stores in 250 days.
Although no date has been set for the first opening, Apple has revealed that it hopes to have a European retail chain within six to 18 months. Despite its US retail division not yet returning a profit, Apple says it is “acting as a powerful tool for invigorating interest in our products”. Retail revenues increased from $63 million in the third quarter of 2002 to $102 million in the fourth. Losses for running retail fell to $3 million from $6 million. Apple’s retail outlets are on course to attract an annual revenue rate of almost $12 million per store,” reports Macworld UK. Full story here.