Apple Owns Fifth Avenue

It's a good time to work for Apple. The company has beaten the recession thanks to the iPhone, Bloomberg reports, despite the fact that at $99 to $299, the gadget isn't exactly recession-friendly. During the first six months of this year, Apple stores posted a 2.5 increase in revenue compared with an overall sales drop of 9.2 percent for American retailers. One real-estate broker estimates that the Fifth Avenue Apple store has annual sales of $350 million—about $35,000 per square foot—and an expert at Prudential Douglas Elliman Real Estate in Manhattan suggests that Apple might be the highest grossing Fifth Avenue retailer ever.