These are captive channels. A $26,000 Cartier Ballon Bleu watch or a $5,000 suede Burberry trench coat would lose their luster on shelves at Macy’s. But stores operated by the brands become temples to the brand. Apple stores sell nearly $5,000 per square foot. Number 2 is a convenience store, which lags by 50 percent.33 It wasn’t the iPhone, but the Apple Store, that defined Apple’s success.

