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Landlord of Apple’s New Flagship Chicago Store Puts it Up for Sale

The Chicago landlord that owns the building where Apple's new flagship Michigan Avenue Store is located has put it up for sale, according to The Wall Street Journal.

Walton Street Capital purchased the 20,000-square-foot Apple Store, a 35-story office building, and a retail building next door for $370 million in 2017, and is now planning to sell the store and 10,000 square feet of retail space for $175 million while holding on to the office building.

Demand for retail space is declining due to the decreasing value of malls and shopping centers as consumers turn to online shopping, but according to The Wall Street Journal, Apple Stores are the "gold standard in the retail world" because of the high foot traffic they attract to nearby locations.
A report by Green Street Advisors in 2016 found that average sales for 220 malls with Apple Stores came to $710 per square foot, compared with $630 per square foot for malls without Apple Stores. The study was based on a database that covered about 1,400 properties.
When the Apple Store sells to a new buyer, Apple doesn't have to worry about rent. Apple is well aware that its stores attract a high number of customers and it uses that as leverage to get lower rent rates. Apple is paying rent that's "well below" the average $400 to $500 charged per square foot for nearby Michigan Avenue retail space.

Apple's Michigan Avenue store is located right alongside the Chicago River, and its construction was an ambitious project for the company. It includes 32-foot glass facades and an enormous 111-by-98 foot carbon fiber roof. Like most of Apple's modern stores, it includes indoor trees, a dedicated seating area for Today at Apple sessions, a Genius Grove for getting help with products, and an area where customers can view and try Apple devices and related accesories.

Designed by longtime partner Foster + Partners, the store is meant to pay homage to Chicago's iconic Prairie Style homes designed by architect Frank Lloyd Wright.

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Apple Announces Shinjuku Store Opening in Tokyo on April 7, Natick Mall Store Closing for Renovations April 22

Apple updated its website recently with the announcement of a new retail location's grand opening in Tokyo, Japan, along with renovation news for its store in Natick, Massachusetts.

In Japan, Apple will open its new Apple Shinjuku location on April 7, 2018 at 10:00 a.m. local time. The store will be located in the Shinjuku Marui main building -- a department store in Tokyo -- and mark the eighth location for Apple in Japan. Apple previously launched one of its high-end Apple Watch shops at the Isetan Department Store in Shinjuku, allowing customers to browse the original $10,000+ Apple Watch Edition and other models.

In the United States, the company announced that it will close Apple Natick Collection for renovations starting Sunday, April 22. The store is located in Massachusetts' Natick Mall, which is the largest shopping mall in New England by number of tenants, reaching 250 as of 2018. Apple notes on its page for the store that customers can visit to find the next store closest to them while the Natick mall location is closed.

More of the latest Apple Store openings in 2018 include Apple Kärntner Straße in Austria and Apple Garosugil in South Korea. In terms of the overall tally of Apple retail locations around the world, Apple Garosugil was the company's 500th store opening on January 27, 2018, following seventeen years after Apple's first two stores opened in May 2001.

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Apple’s Southlake Town Square Store In Texas Will Close For Remodeling


Apple will close the Southlake Town Square store in Texas for renovation on March 4th, the store will receive Apple’s signature design update.

Apple’s list of retail stores that are getting a face-lift are continually growing, starting March 4th, Apple will close the doors temporally to bring about a redesign updated look.

The store is expected to have that Apple design signature look with floor to ceiling glass facade, combination of indoor and outdoor trees, sequoia wood tables and shelves for displaying Apple products, 6K resolution video screen for hosting community events and marketing products, light boxes across the span of the ceiling, and lots of open space.

The company has also scheduled more Apple stores for remodeling this year, one upcoming store is Apple’s Walnut Creek store in California, this store will remain open for business during remodeling. Stay tuned for future updates when Apple will announce the grand opening date for the Southlake Town Square store.

Source: 9to5mac

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Apple shows off its gorgeous new Vienna store ahead of grand opening this Saturday

Apple’s first store in Austria will open this coming Saturday at 9:30 am in the heart of Vienna.... Read the rest of this post here

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Apple’s first Austrian store is opening in Vienna on February 24

Apple announced today that it will be opening its first retail store in Vienna, Austria.... Read the rest of this post here

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