FINANCE

Apple: Most valuable company of all time

BY Staff Writer

New York — Apple Inc. became the most valuable public company of all time on Monday, after its market value climbed beyond $620 billion to surpass a milestone set by Microsoft Corp. more than 10 years ago, Reuters reported.

Apple shares reached a high of $664.74 on Monday morning, giving them a total value of $623.14 billion. This broke past the record of $620.58 billion set by Microsoft back in 1999, according to the report.

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STORE SPACES

Uniqlo to relaunch mall expansion with opening of store in Westfield Garden Plaza

BY Marianne Wilson

New York — Uniqlo will open a location in Westfield Garden State Plaza shopping center, Paramus, N.J., on Sept. 28. The new store will occupy a 43,000-sq.-ft. space with two levels, and feature a separate dedicated entrance and a prominent façade. It will serve as the prototype for Uniqlo’s mall expansion strategy.

Leading up to the opening, beginning Aug. 27 and continuing through Sept. 27, Uniqlo will operate a temporary store at the mall. The pop-up, designed to resemble a futuristic cube, will be located at the food court.

The Westfield Garden State Plaza location will be the company’s second foray into New Jersey, the first being back in 2005, when the brand was still unknown in the United States.

“Following the immense success of the first New York location, we revised our strategy for the U.S. market and decided to close the three small New Jersey locations to launch large scale flagship stores in targeted areas of Manhattan,” explained Uniqlo U.S. CEO Shin Odake The three popular Uniqlo Manhattan locations have built a dedicated fan base in the New York tri-state area making it the perfect time to re-launch the brand’s innovative modern style in shopping malls across the U.S.”

Currently, Uniqlo operates three U.S. stores, all of them freestanding locations in New York City. In addition to the Paramus store, the company is also opening a store in San Francisco this fall. For more on San Francisco, click here.

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FINANCE

Urban Outfitters Q2 profit up 8%; tops Street

BY Marianne Wilson

Philadelphia — Urban Outfitters Inc.’s profit for the second quarter rose 8% to $61.3 million from $56.7 million in the year-ago period, helped by strong sales as its namesake stores.

Total company net sales for the quarter, ended July 31, rose by 11% over the same quarter last year to $676 million. Same-store net sales, which include the direct-to-consumer channel, increased 4% for the quarter, while comparable store net sales decreased 1%.

During the six months ended July 31, 2012, the company opened a total of 28 stores including: 10 Free People stores, 10 Urban Outfitters stores, six Anthropologie stores, one BHLDN store and one Terrain garden center. It closed one Anthropologie store.

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