Wall Street Journal published the following number on June 15 -- annual retail sales per square foot:
Apple Store: $5,914
Best Buy: $880
This explains why Apple is highly valued by Wall Street. But why such discrepancy between Apple Store and Best Buy even though Best Buy tried to copy everything from Apple's in-house tech support to store layout for years?
Let me share with you two additional data points:
1) Apple store staffers are paid $9-$15/hr at the sales level and up to ~$30/hr as Geniuses, comparable to other retailers.
2) Yet Apple store staffers bring a lot more energy and positive attitude to their customers.
Good deal for Steve Jobs -- you don't overpay your employees yet get the best service in the world in return.
In the same WSJ article, there is a picture titled "when a new product is launched, such as the 2nd generation iPad in March, employees cheer customers a sthey enter and exit the store". I usually only see this level of cheering and enthusiastic faces during a birthday party.
CEOs across the world have to think about it, why Steve Jobs can do it?
I have to say it is the PASSION and CULTURE of the company that makes the difference!