products) went to production, Apple’s capital expenditures ballooned to even more mind-boggling levels. Apple spent $9.5 billion on capital expenditures, the majority of which was earmarked for product tooling and manufacturing processes. By comparison, the company spent $865 million on retail stores. Thus, Apple spent nearly eleven times as much on its factories as on its stores, most of which are in prime (that is, expensive) real estate locations.
