iretail

hey geniuses,

last week, i introduced you to my “profiTABLE” framework—where success in retail is all about balancing the four essential legs: people, places, products, & processes.

today, we’re taking this framework for a spin by looking at one of the most iconic & profitable retail giants out there.

my retail alma mater, apple.

quick disclaimer: i know apple is the gold standard in retail (with a bank account full of gold to match), so i promise they’ll only make occasional guest appearances in this newsletter. but when you’ve got a brand that’s nailed the balance as well as they have, it’s hard not to take notes.

before we continue... a big thank you to this week's merry partner!

premium products

let’s start with the most straightforward p - products.

apple’s products speak for themselves – innovative, high-quality, & in demand. offering products that resonate with customers & stand out in the market is essential. it's not just about having a wide range of products but ensuring each one meets a high standard of excellence that fulfills a specific need.

you’re likely reading this on an apple product so no additional explanation is necessary.

proof:

• apple #1 in global smartphone market in 2023.

• apple’s white wired headphones are fashion statements.

• apple designed a coffee table book to chronicle 20 years of design.

prime places

next, places.

think of any apple store you've walked into – it’s a vibe. the clean, minimalist design, the interactive product displays, & the welcoming atmosphere. the ambiance plays a crucial role in attracting & retaining customers.

the location is right too. from the beginning, apple prioritized opening where potential customers already were — shopping malls. the first two stores opened in 2001 in tysons corner & glendale galleria.

proof:

• apple store’s design, layout, & tables are trademarked.

• apple draws so many shoppers it lifts overall mall sales by 10%.

• apple has created landmark status stores, like the fifth avenue cube.

passionate people

apple's people are legendary & the most sought after retail talent.

they don't just sell you the latest iPhone - they make you feel like you're the only person in the world who matters & strive to enrich lives.

for people, it's about hiring the right talent, investing in their growth, & ensuring they are aligned with the company's vision. happy employees lead to happy customers & that’s where the magic happens. they’re the ones who bring the brand to life, make memorable interactions, & drive customer loyalty.

employees at apple stores are ambassadors in all the ways.

proof:

• apple store employees are not paid on commissions.

• in 2009, apple retail has a 2% acceptance rate vs 7% at harvard.

• tesla hired more former apple employees than from any other car company.

proficient processes

finally, processes.

this is the behind-the-scenes magic that keeps everything running smoothly. efficient supply chains, inventory management, customer service protocols – all the operational elements that ensure a seamless experience for both employees & customers.

working in cupertino, i saw how much apple’s processes are finely tuned to ensure efficiency, reduce costs, & enhance the overall customer experience.

proof:

• apple’s 5-steps of service is one of the most well-known retail training acronyms: A-P-P-L-E: approach, probe, present solution, listen, end with farewell.

• apple’s newer stores are designed to be less like a store & more like a town square for people to meet.

• apple’s percentage of revenue through direct distribution retail on the rise since 2016, currently sitting around 37%.

🚨 new section alert with links to geek out on 🚨

so, in the wise words of charli xcx, "i guess the apple don’t fall far from the tree" & neither does success when you’ve got the right mix of products, places, people, and processes

whether it’s your business or your life, it’s all about finding that balance. when you get it right, everything flourishes, just like an apple orchard in full bloom. the fruits of your labor—whether it’s in your work, relationships, or personal growth—are always the sweetest when you nurture every part of the whole.

signed while doing the apple dance 🍏 

p.s. one more thing…