Is Apple Fifth Avenue's Top Destination Retailer?
On New York City's pricey Fifth Avenue forget Tiffany & Co., the Apple store might just be the hottest address. Bloomberg reported this week that Apple's store on the popular shopping street could have annual sales of more than $350 million. It may just be the highest grossing store on Fifth Avenue beating out stores like Tiffany & Co. and Harry Winston.
Sam Gustin, writing for our sister blog Daily Finance, is skeptical of the figure, saying that the idea that Apple sells around $1 million in merchandise in that store every single day might be a bit of an optimistic number. He interviewed a retail analyst who also expressed a bit of disbelief but entertained that it could be possible. New York City stores are rules unto themselves and the store is located in one of Manhattan's most visited areas and is open 24 hours a day. Also any Apple aficionado in the area will tell you that the store is often packed with people. Also while Tiffany and Harry Winston and other luxury retailers may attract a great deal of window shoppers Apple tends to attract those interested in buying more than looking.