In this latest “Power On” newsletter, Bloomberg’s Mark Gurman says Apple is preparing a big retail store expansion in China, Japan, South Korea and India, in addition to overhauling stores in the US and Europe. It’s also planning its first outpost in Malaysia and will relocate a key location in Australia.
Gurman says here are some of the most significant new stores that the company is proposing or preparing to open:
- A store in Kuala Lumpur in the first half of 2024.
- New sites in downtown Detroit and the Worldcenter development in Miami.
- A major flagship location at the Jing’an Temple Plaza in Shanghai.
- A remodeled store in the Opera shopping area in France.
- Two new locations in Mumbai and a second store in New Delhi.
- A location at the Al Jimi mall in Abu Dhabi.
- A remodel of its first store in Japan, the Ginza location in Chuo.
Gurman reports that Apple uses one of four descriptors for its retail locations: standard Apple Stores, an Apple Store+, Flagship and Flagship+. The standard versions are typically within indoor malls, while Apple Store+ locations are either large sites in outdoor developments or on city streets. The Flagships are major outlets in big cities, while Flagship+ stores are Apple’s most extensive locations in key or historical areas.
Gurman adds that he’s told that the average Apple Store within a mall makes about $40 million in revenue per year, while outdoor stores generate more than $45 million annually. Flagship stores, on average, could top $75 million in yearly revenue, while the Flagship+ locations can bring in more than $100 million.