“Apple may be disrupting your local mall,” Ben Rooney reports for CNN Money.
“The iPhone and iPad maker is so popular that malls with an Apple store are doing much better than those without one,” Rooney reports. “Overall sales at malls with an Apple store are 10% higher, according to real estate research firm Green Street Advisors.”
“Apple is obviously a huge draw for malls, giving it the power to negotiate big discounts on the rent,” Rooney reports. “Typically, Apple pays no more than 2% of its sales per square foot of the floor space its stores occupy. By contrast, most mall stores pay between 9% and 16%, according to National Real Estate Investor.”
Read more in the full article here.
MacDailyNews Take: A growing number of malls are actually paying Apple to build a store in theirs.
I give [Apple] two years before they’re turning out the lights on a very painful and expensive mistake. – David Goldstein, Channel Marketing Corp. President, commenting on Apple’s opening of retail stores, May 21, 2001
Why authorities waive rents and taxes to land Apple Retail Stores – May 20, 2012