Will the New World Trade Center Get an Apple Store?
Apple (NASDAQ:AAPL) may be one company in a select group of premium retailers that will have a store located in the new World Trade Center. According to a report from the New York Post, Apple is close to inking a deal with shopping-mall owner Westfield Group.
Westfield Group is paying $612 million to the Port Authority for a controlling interest in all of the retail space at the World Trade Center. Rents for this exclusive area run approximately $500 to $600 a square foot, reports the New York Post.
Although the shopping-mall owner is already closing deals with retailers, it should be noted that the retail area is not expected to be opened until 2015, or possibly even later. However, Westfield has already signed a lease with Victoria’s Secret and is rumored to be close to having deals with other luxury retailers such as Abercrombie & Fitch, J. Lindberg, Tory Burch, Theory, Michael Kors, and Swatch.
If Apple did secure a retail location at the rebuilt World Trade Center, it would fit right in with the other high-end shops. Apple Stores are well-known as the most successful retail stores in the U.S. based on sales per square foot. Apple’s retail locations make an estimated $4,542 per square foot according to Customer Growth Partners’ data cited by the Wall Street Journal.
Apple most recently opened a store in Northern California where it unveiled its new architectural design style that features a “floating” roof. CFO Peter Oppenheimer noted in Apple’s fiscal third quarter earnings call that Apple’s retail stores made 4.1 billion in revenue in the June quarter.
Here’s how Apple has traded the past 5 trading sessions:
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