Fortune: Apple is best retailer in US
10/04/07 11:02
|
Technology
Apple's
retail efforts have paid off in spades, despite
serious doubts and criticism from prominent industry
figures in the past.
BusinessWeek
challenged the Cupertino-based company's retail
strategy in 2001, writing "Sorry Steve, here's why
Apple stores won't work."
TheStreet.com
said "It's desperation time in Cupertino," and retail
consultant David Goldstein chimed in with "I give
[Apple] two years before they're turning out the
lights on a very painful and expensive mistake." Five
years later Apple opened its flagship store on Fifth
Avenue in New York, and generates $4,032 in sales per
square foot per year. In 2004 Apple reached $1
billion in annual sales faster than any other
retailer in history, according to
Fortune,
and last year the company saw sales reach $1 billion
in a single quarter. "Our stores were conceived and
built for this moment in time - to roll out iPhone,"
said Apple CEO Steve Jobs, who recalled the decision
to move into retail.
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