Apple Stores ‘Aren’t Big Enough,’ Says CEO

Apple, Inc.(SAN FRANCISCO) -- Apple CEO Tim Cook made an appearance Tuesday at the Goldman Sachs Technology and Internet Conference in San Francisco, emphasizing the importance of Apple's retail stores.

"Some of our stores aren't big enough," Cook said according to the Los Angeles Times. "It's a privilege to have this kind of issue."

Cook told those in attendance that Apple is shutting down 20 stores and moving them elsewhere so that they can be expanded. The company will also open 30 stores in new locations, most of which will be located outside the United States.

Apple's 400 stores see almost 10 million people per week with an average of $50 million in annual revenue.

Copyright 2013 ABC News Radio

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