Apple is closing 20 of its retail stores. No, business hasn't gone belly up. In fact, the opposite is true. Apple's temporary closures are being undertaken solely for Apple to make strategic improvements to the stores - efforts that, in some cases, will require a complete relocation.

The paramount goal is to make the stores larger. Specifically, Apple's 20 stores up for renovation are too small to comfortably accommodate the massive traffic flow they see on a daily basis.

"Last quarter we welcomed 120 million people to our stores," Cook explained this morning during a keynote presentation at the Goldman Sachs investor conference, "and we only have a little over 400. So that’s more than ten million people a week. So this is sort of like the issue around cash. It’s a privilege. So what are we doing? We’re closing twenty stores and re-opening them, making them larger. And we are opening 30 new stores. They will be disproportionately outside the U.S. Our first store in Turkey, and we’re super excited about that."

Cook, however, did not elaborate on which 20 store locations are on target for closure and relocation.

"There's no better place to discover, explore and learn about our products than in retail," Cook concluded. "Our team members there are the most amazing, awesome, incredible people on earth. It's the best retail experience, it's an experience where you walk in and instantly realize it's for the purpose of serving, not selling."

Source: Barron's