Apple Plans Major Retail Real Estate Effort With New Stores, Relocations
Tech giant Apple is shaking up its storefronts with global expansion and relocation plans.
Apple is planning 53 new, relocated or remodeled locations globally, Bloomberg reports. While the bulk of its new locations are destined for the Asia-Pacific region, Apple plans to open four new stores in the U.S. and Canada and find new real estate for some existing stores.
The consumer electronics maker, now 22 years into its brick-and-mortar retail strategy — which is based more on brand-building and the Genius bar than retail sales — is planning to spruce up or relocate 13 stores in North America. Additionally, Apple is looking at six relocations or remodels in Asia and nine in Europe, Bloomberg reported, citing unnamed sources.
New stores currently being discussed could include a new Miami location, a store in London’s Battersea Power Station close to Apple's UK headquarters, and a Shanghai location in Jing’an Temple Plaza. Apple is reportedly also planning to upgrade its Paris location in the Opera shopping district, as well as looking at three development sites in India and the tech giant’s first Malaysian outpost.
Torrance, in Southern California, is one U.S. location where Apple is reportedly considering a new store in 2024, in addition to space at Miami’s Worldcenter development, relocating a store in Ann Arbor, Michigan, and opening a new store in Detroit, per Bloomberg. North Carolina’s Birkdale Village mall may also get an Apple Store, as the tech company considers moving a store from a location in Charlotte.
Apple has reportedly already agreed to leases with landowners and has many of its planned stores under development. Deirdre O’Brien has been in charge of the tech giant’s retail operations since stepping into the role in 2019, while Kristina Raspe is managing store construction and maintenance.
Apple operates more than 520 stores across 26 countries, with approximately half of those in the U.S.
It's been an up-and-down year for retail, which has seen several high-profile bankruptcies including Bed Bath & Beyond, David's Bridal and Party City. This past week, Invicta Stores, a watch retailer with two dozen locations, filed for Chapter 11 restructuring and plans to reduce its footprint, Bisnow first reported. But retail landlords have reported strong rent growth and occupancy as the economy has stayed resilient amid rising interest rates.
