Apple Opens Flagship Fifth Avenue Store

Apple fans had already begun lining up on Thursday morning for Friday's 6 P.M. opening.  Apple will giveaway one MacBook per hour for the first 24 hours.

The store which is located in a sunken retail plaza in the General Motors Building, sports a striking glass cube above ground with a glass staircase leading down to the store which features stark white walls and wood floors.

Apple now has 147 stores mostly in the United States and is adding new ones at the rate of 40 a year.

“We opened our first New York store in SoHo in 2002, and it has been successful beyond our dreams. Now we’re thrilled to open our second New York store on Fifth Avenue,” said Steve Jobs, Apple’s CEO. “With outstanding service and an amazing location open 24 hours a day, we think the Apple Store Fifth Avenue is going to be a favorite destination for New Yorkers and people around the world.”

Revenue for each square foot at Apple stores last year was $2,489, compared with $971 at Best Buy according to Forrester Research.

Growth rate in revenue per store increased 44 percent from 2004 to 2005. Target, Wal-Mart and Best Buy saw growth rates of 3 percent to 6 percent in 2005.

Apple plans to offer more than 100 Macs and nearly 200 iPods arranged sparingly on tabletops, inviting customers to try before they buy.