“Apple users head to their local mall’s Apple Store, owned by Apple Inc., with their iPhone or laptop in tow for service or to take a course,” Michelle Lodge writes for TheStreet. “Then while waiting for repairs or on the way in or out of the mall, they may stop at a Nordstrom and drop $300 on a shirt or look at a loveseat at a Brookstone for about $200.”
“The mall trip could also mean picking up makeup at MAC, owned by Estee Lauder Companies Inc., or maybe even dinner at P.F. Chang’s,” Lodge writes. “$Ka-ching, $ka-ching, $ka-ching.”
“Apple Stores turn out to be very good neighbors, and have become the new mall anchor store, a role once held by department stores, because they draw lots of foot traffic, which also benefits the smaller stores,” Lodge writes. “‘An Apple Store in a mall is equivalent to staying alive at a mall,’ [says Loup Ventures partner Gene Munster]… ‘Apple Stores are a landlord’s dream tenant,’ said Robin Abrams, a commercial real estate executive in New York City. ‘It’s guaranteed that Apple is going to bring traffic.'”
Read more in the full article here.
MacDailyNews Take: As we noted back in 2015:
A growing number of malls are actually paying Apple to build a store in theirs.
Apple by far the No. 1 retailer in sales per square foot, nearly double those of Tiffany & Co. – July 27, 2017
How the Apple Retail Store took over the world – July 22, 2015
Overall sales at shopping malls with an Apple Store are 10% higher – March 11, 2015
Apple Stores dominate retail with double the sales per sq. ft. of nearest rival, Tiffany & Co. – November 13, 2012
Why authorities waive rents and taxes to land Apple Retail Stores – May 20, 2012
Apple Retail Stores challenge department anchor stores – June 10, 2011