"We estimate that the stores, which collectively represent just 2.5 per cent of the Mac's global distribution points, drove more than one third of its market share gain during the year," Bernstein Senior Analyst Toni Sacconaghi said.
Bernstein's report says that the average Apple retail space grew its Mac sales by 26 percent year-over-year. Additionally, the report says that iPod sales in retail outlets have fallen by about half in the last year. The research says that the cost of delivering Apple's designed customer experience in stores is climbing faster than in-store profit margins.
"We ultimately believe investors should look to maintain a market-weight in Apple, as we see explosive, yet balanced, risk on both sides," says Sacconaghi.
Bernstein's report also notes that Apple is one of the most efficient retail store. Apple's retail space earned an average of approximately US$4,500 per square foot for fiscal 2007.
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