Recession? What Recession? Where?

This is what Apple executives are saying all the way to the bank. According to an article on CNET News, Apple reported second quarter earnings of $1.47 billion for its 252 stores worldwide. When other retail stores are making swift exits and retail centers are turning into ghost towns, Apple stores are posting remarkable sales, considering.  The New York Post reports that Apple’s 24-hour Fifth Avenue store generates $440 million dollars in annual sales.

However, Apple is an anomaly. Most US retailers are just staying afloat while foreign retailers are benefiting from the weak dollar and low rents in key American tourist districts. Brooks Brothers, a staple in American fashion retail, recently vacated a 30,000 square-foot shop on Fifth Avenue. The prime location is being eyed by Japan’s Uniqlo, Britain’s Topshop and Spain’s Zara. Topshop and Uniqlo have already found New York homes in SoHo and Lower Broadway, respectively.  Is it time for American retailers to consider setting up shop in emerging markets, consolidating operations or joining forces with stronger global retailers?

Walmart recently entered the Indian market by partnering with Bharti Group, owner of India’s largest telecom company run by businessman Sunil Mittal.  Bharti Walmart, called Best Price, opened its first store in Amritsar with plans to open 15 additional locations over three years. So far it’s a totally new concept to Indians who are used to buying from small, independent merchants. This venture and others like it could provide the balance necessary to wait out the effects of the recession.

This recession has proven that the economy is truly global. Businesses cannot merely consider what’s happening in their home states but must stay aware of international opportunities. That said, should other US retailers follow the trend of crossing seas?