Apple Thriving in Spain Where Pain Rages From Debt Crisis: Tech – Businessweek

English: A ridiculous line of people waiting f...

Feb. 9 Bloomberg — As Spain enters its second recession in as many years, Apple Inc. is flourishing.

Renovation on a 19th-century, seven-floor building with more than 6,000 square meters 64,600 square feet of floor space on Madrid’s central Puerta del Sol square is under way to house Apple’s new Spanish flagship store, according to the city mayor’s office. Apple is in talks with the building’s owner to use three floors as an outlet, said a person with knowledge of the matter, asking not to be named because the discussions are confidential.

The lure of Apple’s products and retail stores helped the world’s largest technology company by market value win consumers even in markets where spending power is declining. With almost half of young people out of work and 18 months of falling retail sales, Apple sold more than 800,000 iPhones in Spain in the first nine months of 2011, up 60 percent from a year earlier, according to researcher Gartner Inc.

“The Apple evangelists will buy these products, with or without an economic crisis,” said Victor Conde, a marketing professor at Universidad Nebrija in Madrid. “They may get by without dining out much or going to the theater for a play as long as they’re able to have the latest iPhone.”

Apple’s Spanish expansion is catching up with other European markets. Its current five stores in Spain compare with 33 in the U.K., nine each in France and Italy, and eight in Germany.

via Apple Thriving in Spain Where Pain Rages From Debt Crisis: Tech – Businessweek.

Strange Random Spain Quote:

“Spain: A whale stranded upon the coast of Europe.” – Edmund Burke (British Statesman and Philosopher, 1729-1797)

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Posted on February 9, 2012, in Article and tagged , , , , , , , , , . Bookmark the permalink. Leave a comment.

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