Here’s How Apple Is Pushing Profits at America’s Top Malls
What do the top-grossing malls have in common? Apple. According to a recent Goldman Sachs report, only 14% of all malls have an Apple store. Yet 75% of the Top 100 malls house an Apple store and surrounding stores see revenue jumps, as well.
While mall traffic has dropped 13% over the past three years, sales are up, proving that brick-and-mortar still has shelf life.
"The average sales per square foot at the top 100 locations also increased, to $792 from $773," the report found.
With the improved sales figures—as well as the perk of being close to Apple—retail competition for space at the best malls has been fierce, allowing landlords to charge higher rents.
"Though discretionary spending has been shifting online, select malls have retained traffic as consumers are still attracted to specific locations, offerings and experiences," the report says.
Goldman's analysts ranked malls based on eight factors, including mall sales per SF, population and tourism volumes. [CNBC]