“The arrival of the Apple Store – the first outside America – exactly half a decade ago today – has transformed Regent Street into one of Europe’s leading retail shopping destinations with an enviable and growing collection of global brands,” Jonathan Prynn and Mark Prigg report for The Evening Standard.
“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.]