Apple CEO Tim Cook told attendees at the Goldman Sachs investor conference that Apple plans to close 20 of its retail locations in order to relocate and enlarge the stores — a move he said was to accommodate the influx of Apple customers shopping at the brand's brick-and-mortar locations.
According to an article on techcrunch.com, Cook said that Apple's 400-plus stores serve the more than 10 million weekly shoppers and generate an average of $50 million each in revenue.
Cook added that Apple stores were a competitive advantage for the company, and that it's becoming clear that its retail model isn't easy for everyone to replicate. "I'm not even sure 'store' is the right word anymore — they're much broader than that," he said. "They are the face of Apple for almost all customers."
Showing a bit of personality, Cook equated the experience of entering an Apple store to taking an antidepressant. "I don't have very many bad days," he said, "but if I ever feel like I'm dropping down from an excited level, I go into a store. It's like a Prozac or something!"
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