Apple’s store on Regent St bears fruit
APPLE’S flagship store in London is so successful that it rakes in more than double the amount of cash per square foot than most of its rivals.
The Regent Street store took £60m for the year ending September 2008, giving it a sales density of £2,000 per square foot.
In comparison, the average Currys store took in just £555 per square foot, while an average Comet store fetched £611 per square foot and John Lewis’s sales density was £687.
Supermarket giant Tesco is the only retailer which gave the Apple store a run for its money, clocking up average sales of £1,217 per square foot.
The flagship store accounted for almost half of the £143.2m worth of sales that were generated through Apple’s UKstores in 2008.
Apple’s two-storey shop, which spans 28,000 square feet, has been luring in shoppers with its space-age layout since it opened in 2004.
The phenomenal success of the iPhone, which costs up to £538, and the iPod touch, priced around £283, has ensured continued interest in the cult gadget maker.
Analysts are waiting with bated breath for Apple’s next product, expected to be a tablet computer that will compete with e-book readers like Amazon’s Kindle.
The store operates a policy of displaying every Apple product available and allows visitors to use its Macs to browse the internet.
Verdict analyst Neil Saunders said: “The Apple store has the benefit of being slick, polished and displaying everything, which will tempt more shoppers.
“It also tends to have more stock than any of its rivals, which allows it to sell more of its in-demand products”
Apple products also have the advantage of not being prone to discounting, meaning prices are similar in most outlets and consumers are less likely to shop around.
Curry’s owner DSG will today update the market and many analysts hope the group will outline plans to see off competition from its rivals.