“Apple Inc., the world’s largest company by market value, plans to replace its store on Santa Monica, California’s Third Street Promenade retail district with a bigger location, according to landlord Jordache Enterprises,” Nadja Brandt reports for Bloomberg.
“Nakash Holdings, the real estate investment unit of the New York-based company that gained fame with its designer jeans in the 1970s, today completed the purchase of the store’s land and building, which is under construction, said Jonathan Bennett, director of real estate for Jordache. It bought the property from Los Angeles-based Blatteis & Schnur Inc. and Bethesda, Maryland-based ASB Capital Management LLC,” Brandt reports. “‘The deal was contingent on Apple being the tenant,’ Bennett said in a telephone interview today. ‘The Promenade is just a fantastic location and we love Apple.'”
Brandt reports, “The store will have about 17,500 square feet (1,625 square meters) of space on three floors and is scheduled to open by the end of the year, Bennett said. A former Borders Group Inc. bookstore was torn down to make room for the new building. An existing, 6,000-square-foot Apple location on Third Street Promenade will close when the new outlet opens, Bennett said.”
Read more in the full article here.
Not a bad idea. Everytime I go there it’s like the New York subways at rush hour.
Ah, the memories at that old Borders. Sitting, reading, and Starbucks coffee- Farewell!
When Apple move out from its current Santa Monica location, I have a gut feeling that Microsoft will be moving in to take the old place.
Third Street Promenade is nice. Great place for a large Apple Store.
Maybe Apple will install a coffee bar next to the Genius Bar as an homage to Borders. Probably a bad idea. The only thing I know for sure is that the current Apple Store there is too small. Good news for the west side.
I remember when it wasn’t too small. Apple has grown stupidly fast, far faster than they can expand through their retail stores. It will be interesting to see how long they can keep this growth rate up.
They are in uncharted territory.
Apple is finally moving a few stores over and creating a much bigger Apple Store at the Carousel Mall (soon to be called Destiny USA) in Syracuse NY. You could hardly get in that original small store, it was crammed to the brim with people any evening or weekend. Crowds always outside the store too. Looks like a special event going on every day.
I sure would love even a too small Apple store. Come on Apple aren’t you ever going to open a store here in Northwest Indiana?