Apple Inc. (NASDAQ:AAPL) will build a new retail store in Brooklyn next year which will make it the seventh retail store location in New York City. The tech giant recently signed a long-term lease for 247 Bedford Avenue.
Apple is set to open another retail store in NYC
Apple Inc. (NASDAQ:AAPL) already has five retail stores in Manhattan and one in Staten Island. The current location is going under a remodel which will emerge with arched windows and a brick facade. The exact price Apple will pay for the transformation is still unknown. However the buildings owners expect it to cost $200 million per square foot after acquiring the property for $66 million about two years ago.
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There has been numerous rumors Apple would launch a store in Brooklyn for some time. In fact, seven years ago the company purportedly was in negotiations for a spot at a buildin that is now a condomindium, however the agreement never panned out.
Apple’s expansion in retail
Apple’s retail stores are expanding under new chief Angela Ahrendts. Most of the store expansions are happening overseas. This includes 25 new stores in China. The company’s chief executive officer Tim Cook previously discussed his plans for expansion. He said, “We plan to triple the number of Apple Retail Stores [in China] over the next two years. We’re continuing to expand in online. We’re continuing to build out channels. We’re up to 40,000 points of sales now in iPhone, but we’re not nearly where we need to be on the rest of our product line and even the 40,000 is a low number in considering the broad landmass and the number of folks in China. And so, I feel like there’s still loads of opportunity there, and feel really, really good about how we’re doing.”
One thing Apple Inc. (NASDAQ:AAPL) has done that gives it a strong advantage over competitors like Microsoft is the sheer number of retail store locations.